Document and entity information
Document and entity information | 12 Months Ended |
Dec. 31, 2020shares | |
Document and entity information [abstract] | |
Document type | 20-F |
Amendment flag | false |
Document period end date | Dec. 31, 2020 |
Document fiscal year focus | 2020 |
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 | false |
Entity shell company | false |
Entity common stock shares outstanding | 54,169,257 |
Entity Voluntary Filers | No |
Entity interactive data current | Yes |
Document annual report | true |
Document transition report | false |
Document shell company report | false |
Title of 12(b) security | Ordinary shares |
Icfr auditor attestation flag | true |
Consolidated income statements
Consolidated income statements - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Consolidated income statements [line item] | ||||
Revenue | € 170,449 | € 196,679 | [1] | € 184,721 |
Cost of sales | (76,446) | (87,052) | [1] | (82,299) |
Gross profit | 94,003 | 109,627 | [1] | 102,422 |
Research and development expenses | (27,104) | (23,348) | [1] | (22,416) |
Sales and marketing expenses | (44,636) | (52,989) | [1] | (46,303) |
General and administrative expenses | (29,337) | (31,786) | [1] | (32,310) |
Net other operating income / (expenses) | 2,436 | 5,432 | 3,771 | |
Operating profit (loss) | (4,639) | 6,936 | [1] | 5,164 |
Financial expenses | (5,995) | (3,682) | [1] | (4,864) |
Financial income | 2,452 | 1,377 | [1] | 3,627 |
Share in loss of joint venture | (39) | (392) | [1] | (475) |
(Loss) profit before taxes | (8,221) | 4,239 | [1] | 3,452 |
Income taxes | 949 | (2,595) | [1] | (425) |
Net (loss) profit for the year | (7,272) | 1,644 | [1] | 3,027 |
Net (loss) profit attributable to: | ||||
The owners of the parent | (7,124) | 1,586 | [1] | 3,027 |
Non-controlling interest | € (148) | € 58 | [1] | € 0 |
[1] | * The year 2019 has been restated to reflect the final accounting of the business combination with Engimplan. See additional information in Notes 2 and 4. |
Consolidated income statements
Consolidated income statements (Parenthetical) - € / shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | [1] | Dec. 31, 2018 | |
Earnings per share attributable to ordinary owners of the parent [line items] | ||||
Basic | € (0.133498) | € 0.029973 | € 0.060776 | |
Diluted | € (0.133498) | € 0.030304 | € 0.060694 | |
[1] | * The year 2019 has been restated to reflect the final accounting of the business combination with Engimplan. See additional information in Notes 2 and 4. |
Consolidated statements of comp
Consolidated statements of comprehensive income - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | [1] | Dec. 31, 2018 | |
Consolidated statements of comprehensive income [line items] | ||||
Net (loss) profit for the year | € (7,272) | € 1,644 | € 3,027 | |
Recycling [Abstract] | ||||
Exchange differences on translation of foreign operations | (6,176) | 244 | (47) | |
Non-recycling [Abstract] | ||||
Fair value adjustment through OCI - Equity instruments | 489 | 0 | 0 | |
Other comprehensive (loss) income | (5,687) | 244 | (47) | |
Total comprehensive income (loss) | (12,959) | 1,888 | 2,980 | |
Total comprehensive (loss) income attributable to: | ||||
The owners of the parent | (11,896) | 2,041 | 2,980 | |
Non-controlling interest | € (1,063) | € (153) | € 0 | |
[1] | * The year 2019 has been restated to reflect the final accounting of the business combination with Engimplan. See additional information in Notes 2 and 4. |
Consolidated statement of finan
Consolidated statement of financial position - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | [1] | Dec. 31, 2018 |
Non-current Assets [Abstract] | ||||
Goodwill | € 20,342 | € 19,607 | € 17,491 | |
Intangible assets | 32,981 | 27,395 | 26,326 | |
Property, plant and equipment | 88,267 | 91,006 | 92,537 | |
Right-of-use assets | 10,996 | 10,586 | 0 | |
Investments in joint ventures | 0 | 39 | 0 | |
Deferred tax assets | 201 | 192 | 315 | |
Investments in convertible loans | 6,203 | 2,750 | 0 | |
Investments in non-listed equity instruments | 3,842 | 3,046 | 2,701 | |
Other non-current assets | 4,093 | 3,594 | 4,536 | |
Total non-current assets | 166,925 | 158,215 | 143,906 | |
Current assets [Abstract] | ||||
Inventories and contracts in progress | 10,043 | 12,696 | 9,986 | |
Trade receivables | 30,871 | 40,977 | 36,891 | |
Other current assets | 8,290 | 8,616 | 6,936 | |
Cash and cash equivalents | 111,538 | 128,897 | 115,506 | |
Total current assets | 160,742 | 191,186 | 169,319 | |
Total assets | 327,667 | 349,401 | 313,225 | |
Equity [Abstract] | ||||
Share capital | 4,096 | 3,066 | 3,050 | |
Share premium | 141,274 | 138,090 | 136,637 | |
Retained earnings | (7,395) | (272) | (1,857) | |
Other reserves | (4,871) | (1,378) | (1,841) | |
Equity attributable to the owners of the parent | 133,104 | 139,506 | 135,989 | |
Non-controlling interest | 0 | 3,276 | 0 | |
Total equity | 133,104 | 142,782 | 135,989 | |
Non-current liabilities [Abstract] | ||||
Loans and borrowings | 90,502 | 104,673 | 92,440 | |
Lease liabilities | 7,086 | 6,427 | 0 | |
Deferred tax liabilities | 6,805 | 5,747 | 6,226 | |
Deferred income | 5,327 | 5,031 | 4,587 | |
Other non-current liabilities | 398 | 696 | 868 | |
Total non-current liabilities | 110,118 | 122,574 | 104,121 | |
Current liabilities [Abstract] | ||||
Loans and borrowings | 13,984 | 13,389 | 13,598 | |
Lease liabilities | 3,539 | 3,449 | 0 | |
Trade payables | 17,698 | 18,517 | 18,667 | |
Tax payables | 974 | 3,363 | 2,313 | |
Deferred income | 29,555 | 27,641 | 23,195 | |
Other current liabilities | 18,695 | 17,686 | 15,342 | |
Total current liabilities | 84,445 | 84,045 | 73,115 | |
Total equity and liabilities | € 327,667 | € 349,401 | € 313,225 | |
[1] | * The year 2019 has been restated to reflect the final accounting of the business combination with Engimplan. See additional information in Notes 2 and 4. |
Consolidated statement of chang
Consolidated statement of changes in equity - EUR (€) € in Thousands | Share capital [Member] | Share premium [Member] | Retained earnings [Member] | Other reserves [Member] | Total [Member] | Non-controlling interest [Member] | Total equity [Member] | |
At beginnig of the period at Dec. 31, 2017 | € 2,729 | € 79,839 | € (4,884) | € (1,803) | € 75,881 | € 0 | € 75,881 | |
Net profit (loss) for the year | 0 | 0 | 3,027 | 0 | 3,027 | 0 | 3,027 | |
Total comprehensive income (loss) | 0 | 0 | 3,027 | (47) | 2,980 | 0 | 2,980 | |
Capital increase in cash | 312 | 59,575 | 0 | 0 | 59,887 | 0 | 59,887 | |
Capital increase through excercise of warrants | 9 | 593 | 0 | 0 | 602 | 0 | 602 | |
Capital increase Rapidfit+ | 0 | (4,003) | 0 | 0 | (4,003) | 0 | (4,003) | |
Equity-settled share-based payment expense | 0 | 633 | 0 | 9 | 642 | 0 | 642 | |
At end of the period at Dec. 31, 2018 | 3,050 | 136,637 | (1,857) | (1,841) | 135,989 | 0 | 57,128 | |
Other comprehensive income/ (loss) | 0 | 0 | 0 | (47) | (47) | 0 | (47) | |
Net profit (loss) for the year | 0 | 0 | 1,646 | 0 | 1,646 | 78 | 1,724 | |
Total comprehensive income (loss) | 0 | 0 | 1,646 | 456 | 2,102 | (133) | 1,969 | |
Capital increase through excercise of warrants | 16 | 1,252 | 0 | 0 | 1,268 | 0 | 1,268 | |
Acquisition NCI Engimplan | 0 | 0 | 0 | 0 | 0 | 3,240 | 3,240 | |
Equity-settled share-based payment expense | 0 | 201 | 0 | 7 | 208 | 0 | 208 | |
At end of the period at Dec. 31, 2019 | 3,066 | 138,090 | (211) | (1,378) | 139,567 | 3,107 | 142,675 | |
Other comprehensive income/ (loss) | 0 | 0 | 0 | 456 | 456 | (211) | 245 | |
Restatement 2019 - Engimplan PPA | 0 | 0 | 61 | 0 | 61 | 168 | 106 | |
At Januari 1, 2020 Restated | 3,066 | 138,090 | (272) | (1,378) | 139,506 | 3,275 | 142,781 | [1] |
Net profit (loss) for the year | 0 | 0 | (7,124) | 0 | (7,124) | (148) | (7,272) | |
Total comprehensive income (loss) | 0 | 0 | (7,124) | (4,772) | (11,896) | (1,063) | (12,959) | |
Capital increase through conversion of convertible bonds | 1,000 | 0 | 0 | 0 | 1,000 | 0 | 1,000 | |
Capital increase through excercise of warrants | 30 | 3,082 | 0 | 0 | 3,112 | 0 | 3,112 | |
Acquisition NCI Engimplan | 0 | 0 | 0 | 1,279 | 1,279 | (2,213) | (934) | |
Equity-settled share-based payment expense | 0 | 103 | 0 | 0 | 103 | 0 | 103 | |
At end of the period at Dec. 31, 2020 | 4,096 | 141,274 | (7,395) | (4,871) | 133,104 | 0 | 133,103 | |
Other comprehensive income/ (loss) | € 0 | € 0 | € 0 | € (4,772) | € (4,772) | € (915) | € (5,687) | |
[1] | * The year 2019 has been restated to reflect the final accounting of the business combination with Engimplan. See additional information in Notes 2 and 4. |
Consolidated cash flow statemen
Consolidated cash flow statements - Consolidated entity [member] - EUR (€) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Operating activities | |||||
Net (loss) profit for the year | € (7,272) | € 1,644 | [1] | € 3,027 | |
Non-cash and operational adjustments | |||||
Depreciation of property, plant and equipment | 14,932 | 14,419 | [1] | 12,223 | |
Amortization of intangible assets | 4,742 | 4,859 | [1] | 5,064 | |
Impairment of goodwill adn intangible assets | 4,606 | 0 | [1] | 0 | |
Share-based payment expense | 752 | 302 | [1] | 1,075 | |
Loss (gain) on disposal of property, plant and equipment | 10 | 165 | [1] | (83) | |
Movement in provisions | 137 | 138 | [1] | 5 | |
Movement reserve for bad debt and slow moving inventory | 516 | 121 | [1] | 1,293 | |
Financial income | (2,300) | (1,377) | [1] | (581) | |
Finance expense | 5,821 | 3,682 | [1] | 2,172 | |
Impact of foreign currencies | 61 | (176) | [1] | (299) | |
Share in loss of a joint venture (equity method) | 39 | 392 | [1] | 475 | |
Income taxes and deferred taxes | (970) | 2,595 | [1] | 425 | |
Fair value adjustment | (1,093) | 0 | [1] | (192) | |
Other | 0 | (245) | [1] | 87 | |
Working capital adjustment and income tax paid | |||||
Decrease (increase) in trade receivables and other receivables | 9,205 | 216 | [1] | (3,156) | |
Decrease (increase) in inventories and contracts in progress | 2,724 | (745) | [1] | 812 | |
Increase (decrease) in trade payables and other payables | 583 | 4,196 | [1] | 7,341 | |
Income tax paid | (2,618) | (2,139) | [1] | (1,368) | |
Interest received | 103 | 355 | [1] | 0 | |
Net cash flow from operating activities | 29,978 | 28,402 | [1] | 28,320 | |
Investing activities | |||||
Purchase of property, plant and equipment | (11,032) | (13,472) | [1] | (18,270) | |
Purchase of intangible assets | (6,618) | (2,193) | [1] | (1,836) | |
Proceeds from the sale of property, plant and equipment and intangibles (net) | 552 | 278 | [1] | 281 | |
Acquisition of subsidiary (net of cash) | (8,031) | (6,331) | [1] | 0 | |
Investments in joint-ventures/ shares | 0 | (875) | [1] | 0 | |
Convertible loan granted | (2,836) | (2,743) | [1] | 0 | |
Other equity investments in non-listed entities | (300) | (281) | [1] | (2,671) | |
Interest received | 0 | 0 | [1] | 363 | |
Net cash flow used in investing activities | (28,265) | (25,617) | [1] | (22,133) | |
Financing activities | |||||
Proceeds from loans and borrowings | 0 | 29,000 | [1] | 32,554 | |
Repayment of loans and borrowings | (13,736) | (12,126) | [1] | (18,820) | |
Repayment leases | (3,640) | (5,283) | [1] | (3,102) | |
Capital increase in parent company | 4,112 | 1,268 | [1] | 60,489 | |
Direct attributable expense capital increase | 0 | 0 | [1] | (4,003) | |
Interest paid | (2,268) | (2,286) | [1] | (1,733) | |
Other financial income (expense), net | (1,356) | 208 | [1] | (150) | |
Net cash flow from (used in) financing activities | (16,888) | 10,781 | [1] | 65,235 | |
Net increase of cash and cash equivalents | (15,175) | 13,566 | [1] | 71,422 | |
Cash and cash equivalents at beginning of the year | 128,897 | [1] | 115,506 | 43,175 | |
Exchange rate differences on cash and cash equivalents | (2,184) | (175) | [1] | 908 | |
Cash and cash equivalents at end of the year | € 111,538 | € 128,897 | [1] | € 115,506 | |
[1] | * The year 2019 has been restated to reflect the final accounting of the business combination with Engimplan. See additional information in Notes 2 and 4. |
Corporate information
Corporate information | 12 Months Ended |
Dec. 31, 2020 | |
Corporate information [abstract] | |
Disclosure of notes and other explanatory information [text block] | Notes to the consolidated financial statements 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 or we, us and our). 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, 2020 were approved and authorized for issue on April 28, 2021 in accordance with a resolution of the Parents Board of Directors. |
Basis of preparation
Basis of preparation | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019 and 2018 were prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and as adopted by the EU (collectively 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 assets such as the non-listed equity instruments and the convertible loan receivable which are both included in the other non-current assets, the share appreciation rights, and the written put option of Rapidfit which are measured at fair value. The financial statements are prepared on a going concern basis. 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 IFRS requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Groups 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. Impacts of COVID-19 on our Business The current challenges as a result of the COVID-19 outbreak have impacted our operations. We have been taking, and continue to take, the necessary measures in terms of safety and sanitary health provisions, diverse related risk mitigations, and financial measures to manage the challenges that this Covid-period is imposing on running a business. The coronavirus global health crisis adversely impacted our business and results of operations in 2020 and may have a material adverse impact on our business, results of operations, financial condition, cash flows or liquidity during 2021 and beyond. During 2020, the coronavirus pandemic negatively affected each of our Materialise Software, Materialise Medical and Materialise Manufacturing segments, and had a major impact on our consolidated results of operations COVID-19 impact on 2020 results. The economic downturn related to the coronavirus pandemic has caused significant reduction in demand for services, production and investments, and has affected our global operations negatively. With respect to each our market segments, for example: Materialise Software: A significant portion of the sales of this segment comes from parties that either sell or use 3D printing systems. During 2020, 3D printing manufacturers suffered from canceled orders due to reduced investments from their customers. In addition, our direct sales suffered from a similar negative customer investment climate. Materialise Medical: A significant percentage of this segments revenue stems, directly or indirectly, from elective surgeries. During the second quarter of 2020 in particular, non-elective surgeries were delayed in order to prioritize COVID-19 treatments. In addition, certain of our customers investments were delayed or canceled. Materialise Manufacturing: This segment operates as part of the overall manufacturing sector in Europe. The manufacturing sector has been severely impacted generally by the pandemic, including the automotive and the aerospace industries in particular. There have been far less co-creation initiatives, as well as lower levels of demand for 3D printing service bureaus. As a result of the negative effect on all of our segments, the coronavirus pandemic had a major impact on our consolidated results of operations. We were not impacted in 2020 by an increase of bad trade debt, or major delays in trade payments. New standards, interpretations and amendments adopted by the Group The following amendments and interpretations issued by the IASB and IFRIC apply for the first time in 2020, but do not have a significant impact on the consolidated financial statements of the Group. Amendments to IAS 1 and IAS 8 Definition of Material Amendments to IFRS 3 Business Combinations: Definition of a Business Amendments to IFRS 9, IAS 39 and IFRS 7 Interest Rate Benchmark Reform Phase 1 Amendments to references to the Conceptual Framework in IFRS standards The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective. Restatements in the reporting year 2019 The Group has restated the reporting year 2019 for the following impacts: Our consolidated financial statements for the year ended December 31, 2019 appearing in our Annual Report on Form 20-F, as filed with the U.S. Securities and Exchange Commission on April 30, 2020 (the FY 201 9 Form 20-F), included provisional accounting for the Engimplan 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 July 16 th , 2020, we completed the fair value analysis of the Engimplan business combination, with corresponding adjustments to goodwill, property, plant and equipment and non-controlling interest 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, 2019 and our consolidated income statement for the year ended December 31, 2019. Furthermore it includes an additional depreciation charge resulting from a higher adjustment to PP&E as at December 31, 2019, with a total impact on the consolidated reserves and non-controlling interest for the year ended December 31, 2019 amounting to K (61) and K169 respectively. We refer to Note 4 for a detailed discussion of the Engimplan business combination. The impact of the restatements on the consolidated statement of financial position as of December 31, 2019 and the consolidated income statement for the year ended December 31, 2019 is as follows: As of December 31, 2019 Restatement impact on statement of financial position in 000 As previously reported IFRS 3 Engimplan As restated Assets Non-current assets Goodwill 20,174 (567) 19,607 Intangible assets 27,395 − 27,395 Property, plant & equipment 90,331 674 91,005 Right-of-use assets 10,586 − 10,586 Investments in joint ventures 39 − 39 Deferred tax assets 192 − 192 Other non-current assets 9,391 − 9,391 Total non-current assets 158,108 107 158,215 Current assets Inventories and contracts in progress 12,696 − 12,696 Trade receivables 40,977 − 40,977 Other current assets 8,616 − 8,616 Cash and cash equivalents 128,897 − 128,897 Total current assets 191,186 − 191,186 Total assets 349,294 107 349,401 Equity and liabilities Equity Share capital 3,066 − 3,066 Share premium 138,090 − 138,090 Consolidated reserves (195) (61) (256) Other comprehensive loss (1,394) (1) (1,395) Equity attributable to the owners of the parent 139,567 (62) 139,506 Non-controlling interest 3,107 169 3,276 Total equity 142,674 107 142,782 Non-current liabilities Loans & borrowings 104,673 − 104,673 Lease liabilities 6,427 − 6,427 Deferred tax liabilities 5,747 − 5,747 Deferred income 5,031 − 5,031 Other non-current liabilities 697 − 697 Total non-current liabilities 122,575 − 122,575 Current liabilities Loans & borrowings 13,389 − 13,389 Lease liabilities 3,449 − 3,449 Trade payables 18,517 − 18,517 Tax payables 3,363 − 3,363 Deferred income 27,641 − 27,641 Other current liabilities 17,686 − 17,686 Total current liabilities 84,045 − 84,045 Total equity and liabilities 349,294 107 349,402 For the year ended December 31, 2019 Restatement impact on income statement in 000 Notes As previously reported IFRS 3 Engimplan As restated Revenue 196,679 196,679 Cost of sales (86,972) (80) (87,052) Gross profit 109,707 (80) 109,627 Research and development expenses (23,348) − (23,348) Sales and marketing expenses (52,989) − (52,989) General and administrative expenses (31,786) − (31,786) Net other operating income / (expenses) 5,432 − 5,432 Operating profit (loss) 7,016 (80) 6,936 Financial expenses (3,682) − (3,682) Financial income 1,377 − 1,377 Share in loss of joint venture (392) − (392) Loss before taxes 4,319 (80) 4,239 Income taxes (2,595) − (2,595) Net loss for the year 1,724 (80) 1,644 Net loss attributable to: The owners of the parent 1,646 (60) 1,586 Non-controlling interest 78 (20) 58 |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2020 | |
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. As of 9 November 2020, the Group acquired full control over RS Sprint and RS Sprint entered into fully consolidated scope after having been accounted for as a joint venture under the equity method up to 8 November 2020 see Note 8. 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 entitys 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 acquirees 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. Currently the only non-controlling interest resulting from business combinations resulted from Engimplan up to December 1, 2020 at which date the Group acquired the remaining 25% stake in Engimplan Engenharia de Implante Industria & Comércio Ltda. See also note 4. Foreign currency translation The Groups consolidated financial statements are presented in euros, which is also the parent companys 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 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 in profit or loss. If the contingent consideration is classified as equity, it is not 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 carried investment in a joint venture (RS Print NV) up to 8 November 2020, afterwards the Group acquired full control over RS Sprint as of 9 November 2020. We refer to Note 8 on applied accounting treatment in the Groups consolidated financial statements and to Note 4 regarding the accounting treatment applied in acquiring RS Print NV via a business combination in stages. The Groups investments in its joint venture are accounted for using the equity method up to the moment the Group acquired control. Under the equity method, the investment in the joint venture was initially recognized at cost. The carrying amount of the investment was adjusted to recognize changes in the Groups share of net assets of the joint venture since the acquisition date up to the moment control was obtained after which RS Print NV was fully consolidated.. Goodwill relating to the joint venture was included in the carrying amount of the investment and was not tested for impairment individually. The income statement reflects the Groups 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 Groups 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. If the Groups share of the results in the joint venture equals or exceeds its interest in the joint venture, the Group discontinues recognising its share of further losses. The interest in the joint venture is the carrying amount of the investment in the joint venture together with any long-term interests that in substance form part of the Groups net investment in the joint venture. 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. A liability is recognized to the extent that the Group has an obligation to fund the investees operations or has made payments on behalf of the investee. After applying equity accounting, the investment is tested for impairment when there is an indication of a possible impairment. At each reporting date, the Group determines whether there is objective evidence that an investment in a 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 Groups 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 Machinery: 5-12 years IT assets: 3-5 years Fixtures & Furniture: 10-15 years Vehicles: 2-4 years Leasehold Building Improvements: 10 years Land is not depreciated. 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. Right-of-use assets and related liabilities Right-of-use assets: The Company recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, the estimated cost of any asset retirement obligation and lease payments made at or before the commencement date less any lease incentives received. Unless the Company is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term: Property leased Assets: Lease terms up to 10 years or useful life of 10-15 years when reasonable certain ownership will be obtained at the end of the lease Leased machines: Lease terms up to 10 years or useful life of 5-10 years when reasonable certain ownership will be obtained at the end of the lease Leased vehicles: Lease terms up to 4 years or useful life of 4 years when reasonable certain ownership will be obtained at the end of the lease Right-of-use assets are subject to impairment. Lease liabilities: At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating a lease, if the lease term reflects the Company exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expense in the period on which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is measured at amortized cost using the effective interest rate method. In addition, the carrying amount of lease liabilities is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Groups estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment.When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Short-term leases and leases of low-value assets: The Company applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option) however this exemption is not applied for property leases. It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value (i.e., below k 5). Lease payments on short-term leases and low-value assets are recognized in the income statement when incurred. 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 lives, 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 amortization and accumulated impairment losses. Amortization of the asset begins when development is complete and the asset is available for use. It is amortized over the period of expected future benefit, which is determined on a project-by-project basis. Amortization is recorded in cost of sales. During the period of development, the asset is tested for impairment at least annually or whenever there is an indication of impairment. Intangible assets other than goodwill and capitalized development expenditures Intangible assets comprise acquired technology and customer portfolio, patents and licenses 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; Perpetual licences for ERP & front end software : 10 years; Software with subscription license : subscription term Patents and licenses: 10 years; Acquired customers and Technology: 5-20 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 acquired through business combination 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, assets under construction 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 Groups 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 Groups 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 Trade receivables and debt instruments issued are initially recognized when they are originated. All other financial assets are initially recognized when the Group become a party of the contractual provisions of the instrument. Financial assets are classified at initial recognition, and subsequently measured either at amortized cost, either 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 assets contractual cash flow characteristics and the Groups 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 transaction costs, in the case of a financial asset not at fair value through profit or loss. 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, financial assets are classified in four categories: Financial assets at amorti z e 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 amortized 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 amortized cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, 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 equity investments in the non-listed companies Essentium Inc and AM-Flow BV, as disclosed in Note 10 and Note 20, as financial assets designated at fair value through OCI as this measurement is most representative of the business model for these assets. Gain and losses on these financial assets are never recycled to profit and loss. 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 have the following financial assets classified as financial assets at fair value through profit or loss: derivatives, convertible loans granted to companies Fluidda and Ditto as disclosed in Note 10;. Those financial assets 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. The Group has a factoring agreement in place with one subsidiary whereby its rights to receive the cash flows from the trade receivables are transferred to the factor on a non-recourse basis. The related trade receivables are derecognized at the moment that the cash is received from the factor. 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 recognizes 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 difference between the contractual cash 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 recognized 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). When determining whether the credit risk has increased significantly since initial recognition, the group considers reasonable and supportable information that is relevant and available with undue cost or effort, including both quantitative and qualitative information and analysis, based on the Groups historical experience and informed credit assessments, that includes forward-looking information. The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due. An event of default takes place when the debtor is unlikely to pay its credit obligations to the Group in full or when the financial asset is more than one year past due. Financial liabilities All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Groups financial liabilities include trade and other payables, loans and borrowings 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. Directly attributable transaction costs are apportioned between the liability and equity components of the convertible debt instrument, based on the allocation of proceeds to the liability and equity components when the instruments are initially recognized. Subsequent to initial recognition, the liability component of a compound financial instrument,is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not remeasured. 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 Groups ordinary shares are classified as equity instruments. Provisions Provisions are recognized when the Group has a present obligati |
Disclosure of accounting judgements and estimates [text block] | Significant accounting judgments, estimates and assumptions The preparation of the Groups 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, provisions for expected credit losses, convertible loans, equity instruments, useful lives of certain assets and leases. 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. The 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 collaboration 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. 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, 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. 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, the availability of adequate technical, financial and other resources to complete the development, the ability to measure reliably the expenditure attributable to the intangible asset during its 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. The Group has capitalized a total of K1,135 of internal development expenses during 2020 of which: K702 was related to Tracheal Splint. The total amount capitalized at the end of September 2020 had accumulated to K2,090 related to the US-market for the Tracheal Splint development project since 2017, based on a positive assessment of all recognition criteria. In September 2020, the FDA however has disapproved the IDE-submission (Investigational Device Exemption submission). An amended IDE submission has been disapproved again on December 17, 2020. Management confirms that the fundamentals of technical feasibility, the IDE approval, successful outcome of the clinical trial and obtaining the FDAs Premarket Approval (PMA), remains clearly positive , but will cause a delay of the start of commercialization of approximately 2 years compared to our previous assumptions until commercialization. As a result, the headroom defined as the difference between the development expenses capitalized and to be incurred until PMA and the present value of the expected cash flows until 2030 (the year after which the patent expires) has become negative. The Group concluded that a full impairment of the capitalized expenditures is appropriate for the total amount of K2,090 . K363 relate to capitalized internal development expenses of our digital transformation program for which in total K2,185 was registered as assets under construction. The balance of K1,822 consisted of related software arrangements (cloud) for internal use under the form of a perpetual license or subscription agreement. The development expenses related to the implementation of the software meet the criteria for recognition. K70 related to other development programs . 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, 2020, the Group had current and non-current receivables related to tax credits for an amount of K4,647 (2019: K3,723; 2018: K3,191) As at December 31, 2020, the Group ha d K50,538 (2019: K37,440; 2018: K25,285) of tax losses carried forward and Innovation Income Deductions, of which K27,878 related to Materialise NV (2019: K25,172; 2018: K15,592). These losses relate to the parent and subsidiaries that have a history of losses, in countries where these losses do not expire 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 2020, 2019 and 2018, 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 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 basis. Based on its analysis in 2018, 2019 and 2020 the Company has assessed that no deferred tax asset should be accounted for with respect to its unused tax losses and unused Innovation Income Deductions carried forward in Belgium. With respect to the unused tax losses of the other entities, no deferred tax assets have been recognized in 2020 and 2019. The Group has not recognized deferred tax assets on unused tax losses totalling K22,661 in 2020 (2019: K10,737; 2018: K11,906) 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, the net result would have improved by K8,705 in 2020 through a deferred tax gain. This would represent the planned recovery of K36,154 carry forward tax losses in future periods. Further details on taxes are disclosed in Note 22.10. Impairment of goodwill, intangible assets and property, plant & equipment and determination of the cash-generating-unit. The Group has goodwill for a total amount of K20,342 as at December 31, 2020 (2019: K19,607*; 2018: K17,491) 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. Also, as part of the impairment analysis, the Group needs to determine the different CGUs at the lowest non-aggregated level which requires the Group to make judgments about application of the criteria to determine the CGUs based on the facts and circumstances how the entities and business units within the CGU and within the Group operate and are monitored. The level of CGU may also have an impact on certain assumptions to make with regard to transfer pricing. 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 in 2020 for a total amount K4,541 (2019: K1,328; 2018: K682), including external acquired licences, which as of December 31, 2020 were not yet 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. During 2020 impairment charges have been recorded for K4,606 (2019: K0; 2018: K0) of which K2,090 related to capitalized development expenses for the Tracheal Splint and; K2,516 related to goodwill and intangible assets of the Engimplan CGU. 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 period and requires judgement from management 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 Groups 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 forward-looking estimates are analyzed. 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 Groups historical credit loss experience and forecast of economic conditions may also not be representative of customers actual default in the future. Convertible debt instruments The Group holds convertible debt instruments issued by Fluidda, Ditto and AM Flow which are measured at fair value through profit & loss. In determining the fair value of those convertible debt instruments, the Group considers different contractual parameters such as the repayment and conversion scenarios and dates. In addition, the Group needs to make significant estimates such as (i) the discount rate, (ii) the probabilities for each repayment and conversion scenario, (iii) the amount of a qualified capital increase that will determine the conversion factor and (iv) the timing for each repayment and conversion scenario. The Group has the following convertible debt instruments: Fluidda: The convertible loan granted to Fluidda in January 2019 has a notional amount of K2,500 . The carrying value of the convertible loan as at December 31, 2020 amounts to K3,310 which includes a fair value adjustment of K316 recorded in financial income during 2020 . Fluidda is a private start-up company which delivers CRO services for drug development and develops medical devices which require EMA/FDA approvals . Fluidda is currently loss-making. The convertible loan has a duration of 7 years with a 10.0% annual interest rate which are capitalized. The Group has applied a discount factor of 14.44% that is based on the estimated WACC of Fluidda reflecting the uncertainty in relation to the success of the company and the applied estimates by the Group. Ditto: The convertible loan granted to Ditto in August 2020 has a notional amount up to K$9,000 , which is called-up in periodic tranches when certain milestones are reached or otherwise decided. The carrying value of the portions that were called up as at December 31, 2020 amounts to K2,892 . No fair value adjustment has been recorded as the fair value equals the loans carrying amount. Ditto is a private technology company which has a software solution for the eyeware industry with iPad app, frame recommendation and virtual try-on technology platform. Ditto is currently loss-making. The convertible loan has a duration of 5 years with a capitalized interest determined at a 8% annual interest rate. AM Flow: The Group granted a convertible loan to AM Flow in January 2020 with a notional amount of K300 . The loan was converted into shares of AM Flow in September 2020 at a fair value of K307 . Equity investment held in Essentium The Group acquired an equity investment of K$3,300 in Essentium, a non-listed US company during 2018 and 2019. The Group has elected to measure the equity investment at fair value with changes in fair value recognized in OCI. The fair value is estimated based on available information on recent capital increases by Essentium. Based on the valuation of the recent Series B capital round, the Group has estimated that the fair value at December 31, 2020 amounts to K3,535 with a fair value adjustment recognized in OCI of K489. No fair value adjustments were recorded in 2019 and 2018. Fair value measurement of the existing equity interest in RS Print re-measured at the acquisition date 9 November 2020 As explained further in Note 4, the Group entered into a share purchase agreement dated November 9, 2020 and acquired the remaining 50% of the shares of RS Print Powered By Materialise (referred to as RS Print). Before this transaction, Materialise NV already had a 50% interest in RS Print. As foreseen by IFRS 3, as part of this step acquisition, the Group remeasured its previously held equity interest to fair value of 9 November 2020, resulting in a fair value of K770. The fair value was determined based on the consideration paid for the 50% of the shares of the existing shareholders adjusted for certain discounts such as a strategic discount, minority discount and discount for lack of marketability. The strategic discount was estimated based on the synergies expected to be realized by the Group, the Partnership Agreement entered into with Superfeet Inc., the ultimate parent company of the Groups former joint venture partner, and the underlying business plan. The minority discount and discount for lack of marketability were estimated based on available company specific datasets and benchmarks. Changes in useful life for certain assets We review the useful life of our definite lived intangible assets and property, plant and equipment on an annual basis considering the current facts and circumstances available. This review resulted in 2019 in a re-assessment of the useful life for certain specific assets in the categories buildings, fixtures, vehicles and machinery. We refer to Note 7 for the impact of the change in useful lives during the year 2019. The intangibles with indefinite useful lives are reviewed each annual reporting to determine whether events and circumstances continue to support an indefinite useful life. Leases IFRS 16 estimating the discount rate and probability of exercising extension options/termination options and purchase options The Group cannot always determine the interest rate implicit in the lease contract and therefore, the Group has to estimate the incremental borrowing rate to measure certain lease liabilities such as buildings. The Group uses for buildings the property yield as reference to determine the incremental borrowing rate. For other assets, the Group generally uses the interest rate implicit in the lease contract or applies the incremental borrowing rate for a portfolio of similar assets. The incremental borrowing rate reflects what the Group would have to pay, which requires estimation when no observable rates are available or when they need to be adjusted to reflect the terms and conditions of the lease. In addition, certain lease contracts may have extension options, termination options in case of property leases and/or purchase options in case of leases. The Group estimates whether it is reasonable certain or not, whether those options will be exercised or not, which impact the lease term in case of extension options and termination options and the period over which the lease assets are depreciated in case of purchase options. |
Business combinations
Business combinations | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about business combination [abstract] | |
Disclosure of business combinations [text block] | 4 Business Combinations Acquisitions in 2020 RS Print The Group executed a share purchase agreement dated November 9, 2020 and acquired the remaining 50% of the shares of RS Print Powered By Materialise (referred to as RS Print) for a total purchase consideration in cash of K5,220. The debt of previous owner of K655 related to the called unpaid capital is transferred to the Group. Before this transaction, the Group already had a 50% interest in RS Print. The fair value of the previously held equity method investment was valued at K770. The corresponding gain is presented within net other operating income (Note 22.6). In determining the fair value of the previously held equity method investment, a strategic discount, a minority discount and a discount for lack of marketability has been considered in relation to the consideration paid for this transaction. Simultaneously with the share purchase agreement, RS Print and RS Scan International NV (RS Scan), the former co-shareholder of RS Print, entered into an asset purchase agreement regarding the acquisition by RS Print of certain assets of RS Scan with closing date on 9 November 2020 for a total purchase consideration in cash of K3,000. RS Print is a Belgian-based company that specializes in manufacturing of orthopaedic and medical insoles and the development and commercialization of hardware and software for foot pressure measurement. The preliminary fair value of the identifiable assets and liabilities at the date of acquisition was assessed at: in 000 Carrying value at acquisition date Fair value adjust- ments Fair value at acquisi- tion date Assets Developed technology − 4,820 4,820 Customer relations − 248 248 Other intangible assets 86 2,862 2,948 Property, plant & equipment 220 − 220 Right-of-use assets 24 − 24 Other non-current financial assets 64 − 64 Inventory 794 265 1,059 Trade receivables 1,096 − 1,096 Other current assets 1,001 − 1,001 Cash & cash equivalents 189 − 189 Total Assets 3,474 8,195 11,669 Liabilities Deferred tax liabilities − (2,049) (2,049) Loans & borrowings (1,877) − (1,877) Lease liabilities (24) − (24) Trade payables (645) − (645) Payroll related payables (85) − (85) Other liabilities (262) − (262) Total Liabilities (2,893) (2,049) (4,942) Total identified assets and liabilities 581 6,146 6,727 Goodwill − 2,918 2,918 Acquisition price − − 9,645 The cash flow from the business combination is as follows: Cash & cash equivalents acquired (189) Acquisition price in cash RS Print shares 5,220 Acquisition price in cash RS Scan assets 3,000 Total cash flow 8,031 The preliminary fair value of the identifiable assets and liabilities are included in our consolidated financial statements as per December 31, 2020. We have performed a preliminary fair value analysis of the business combination, with corresponding adjustments to the intangible assets and inventories. The items with the highest likelihood of changing upon the completion of the valuation process include developed technology , customer relationships , contracts and goodwill.. The accounting for the business combination resulted in fair values at date of acquisition of K4,820 for developed technology based on the relief-from-royalty valuation method with royalty rates between 8.00% and 10.00% (remaining useful life of 7 years) , K248 for customer relationships based on the multi-period excess earnings method (remaining useful life of 15 years) and K2,862 for contracts based on the multi-period excess earnings method (remaining useful life of 7 years) . A fair value adjustment was identified of K265 for the inventory. At the same time, a deferred tax liability was recognized of K (2,049) on these adjusted fair values. The discount rate (post-tax WACC) used for the valuation was set at 15.80%. The carrying value of the acquired receivables, the trade and other receivables approximate their fair value due to the short term character of these instruments. There are no contingent considerations payable. The goodwill recognized is primarily attributable to the trained and knowledgeable workforce and to the expected synergies that will be realized at level of development, 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 K63. The contribution of the acquired business to the revenue and net profit (loss) of the Group for the year ended December 31, 2020 were, respectively, K664 and K (520). The pro forma revenue and the pro forma net profit of the acquired business would have been K1,250 and K (1,332), respectively, if the business would have been acquired on January 1, 2020, nevertheless in that case no loss of share in the associate would have been presented of K (392). With this business combination, the Group acquired K1,140 of trade receivables, of which K44 is estimated not to be collectible. Acquisitions in 2019 Engimplan The Group executed a share purchase agreement dated August 6, 2019 and acquired 40% of the shares and voting interest of Engimplan Engenharia de Implante Indústria e Comércio Ltda (referred to as Engimplan) for a total purchase consideration in cash of K6,647. As part of this transaction, the Group increased its shareholding in Engimplan to 75% with a capital increase of K5,750 in cash in Engimplan. The Brazilian-based company is specialist in manufacturing of orthopaedic and cranio-maxillofacial (CMF) implants and instruments. Engimplan will be part of the Medical 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 Software 214 − 214 Customer relations − 2,530 2,530 Trademarks − 556 556 Other intangible assets 9 − 9 Property, plant & equipment 2,268 838 3,106 Right-of-use assets 633 − 633 Other non-current financial assets 3 − 3 Inventory 2,084 96 2,180 Trade receivables 1,802 − 1,802 Other current assets 391 − 391 Cash from capital increase 5,750 − 5,750 Cash & cash equivalents 316 − 316 Total Assets 13,470 4,020 17,490 Liabilities Deferred income (83) − (83) Loans & borrowings (1,443) − (1,443) Lease liabilities (633) − (633) Trade payables (271) − (271) Tax payables (100) − (100) Payroll related payables (298) − (298) Other liabilities (914) − (914) Total Liabilities (3,742) − (3,742) Total identified assets and liabilities 9,728 4,020 13,748 Goodwill − − 2,071 Non-controlling interest − − (3,422) Acquisition price − − 12,397 The cash flow from the business combination is as follows: Cash & cash equivalents acquired (316) Cash from capital increase (5,750) Acquisition price in cash 12,397 Total cash flow 6,331 The fair value of the identifiable assets and liabilities included in our consolidated financial statements per December 31, 2019 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 directors. As of July 16th, 2020, we completed the fair value analysis of the Engimplan business combination, which resulted in corresponding adjustments to the goodwill, property, plant and equipment,. The fair value of the identified assets and liabilities were K736 higher than the provisional value at date of acquisition, with a corresponding reduction in goodwill of K567 and increase of non-controlling interest of K169. We refer to Note 2 for the detailed impact of the restatement resulting from the final accounting of the Engimplan business combination. The accounting for the business combination resulted in fair values at date of acquisition of K2,530 for customer relationships, K556 for trademarks; to property, plant and equipment a final fair value of K3,106 was attributed. A fair value adjustment was identified of K96 for the inventory. The carrying value of the acquired receivables, the trade and other receivables approximate their fair value due to the short term character of these instruments There are no contingent considerations payable. The goodwill recognized is primarily attributable to the trained and knowledgeable workforce and to the expected synergies that will be realized at level of manufacturing and existing customer base. The goodwill is not deductible for income tax purposes. Acquisitions in 2018 The Group did not complete any Business Combinations during the year 2018. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
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 2020 2019* 2018 CGU: MAT Software 3,241 3,241 3,241 CGU: e-Prototypy 749 800 794 CGU: ACTech 8,812 8,812 8,812 CGU: OrthoView 4,445 4,683 4,467 CGU: MAT NV Manufacturing (Metal) 177 177 177 CGU: Engimplan − 1,894 − CGU: RS Print 2,918 − − Total 20,342 19,607 17,491 * The year 2019 has been restated to reflect the final accounting of the business combination with Engimplan. See additional information in Notes 2 and 4. The changes in the carrying value of the goodwill can be presented as follows for the years 2020, 2019 and 2018: in 000 Gross Impair- ment Total At January 1, 2018 17,656 (104) 17,552 Additions − − − Impairment − − − Currency translation (61) − (61) At December 31, 2018 17,595 (104) 17,491 Additions 1,864 − 1,864 Currency translation 252 − 252 At December 31, 2019* 19,711 (104) 19,607 Additions 2,918 − 2,918 Impairment − (1,367) (1,367) Currency translation (816) − (816) At December 31, 2020 21,813 (1,471) 20,342 The goodwill of Orthoview (UK), e-Prototypy (PL) and Engimplan (BR) include respectively K (238), K (51) and K (527) impact of currency translation in 2020. The Group has performed an impairment test for all CGUs except RS Print, estimating the Value-in-Use 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. Given the recent acquisition of RS Print prior to year-end 31 December 2020, the acquisition price was considered to be representative for the fair value of the CGU RS Print. The MAT NV SAM BE and Cenat are included in the reportable segment Materialise Software. The CGUs ACTech, e-Prototypy (PL), MAT NV Manufacturing (Metal) and RS Print are included in the reportable segment Materialise Manufacturing. The CGU Orthoview (UK) and Engimplan (BR) are included in the reportable segment Materialise Medical. CGU: MAT Software The goodwill allocated to the CGU MAT software 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 Software, considering a period of five years. The main assumptions for goodwill impairment testing include a discount rate (based on WACC) of 9.86% (11.97% pre-tax) and 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. It was concluded that the value in use is higher than the carrying value of the cash generating unit of K33,625 There are no reasonably possible 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 CGU e-Prototypy is based on the projected discounted cash flows considering a period of five years. The main assumptions include a discount rate (based on WACC) of 11.45% (14.96% pre-tax) and a perpetual growth rate of 2.0%. 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 K5,231. Based on the sensitivity analysis where discount rate would increase with 1.0%, 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 CGU Orthoview is based on the projected discounted cash flows considering a period of 5 years.The main assumptions include a discount rate (based on WACC) of 10.25% (13.81% pre-tax) and a perpetual growth rate of 1.00%. 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 K9,672. 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. No perpetual growth would 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 2020. 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 discount rate (based on WACC) of 8.20% (11.46% pre-tax) and a perpetual growth rate of 1.0%. 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 K24,656. Based on the sensitivity analysis where discount rate would increase with 1.0% or other reasonably possible changes in the 5-year projected cash flows (such as lower EBITDA) and perpetual growth rate, the value in use would be 2.1 million lower than the carrying value of the cash generating unit. CGU ENGIMPLAN The impairment test on the CGU Engimplan is based on the projected discounted cash flows, considering a period of 5 years. The main assumptions include a discount rate (based on WACC) of 17.22% (23.43% pre-tax) and a perpetual growth rate of 7.0%, supported by an expected long term inflation rate of 3.50%, continued growth opportunities from the increase of the standard of living in Brazil (including access to medical and health care insurances), a growing population in Brazil and export opportunities in Latin America. Other assumptions include the year-on-year growth rate of the revenue, gross margin and the operating costs which have been determined by local & new management based on past experience. It was concluded that the value in use is lower than the carrying value of the cash generating unit of K9,292 which has resulted in a full impairment of the goodwill for an amount of K (1,367) as well as a partial impairment on intangible assets customer lists and trade marks for respectively K (942) and K (207) as shown in Note 6. The full impairment charge was recognized in the Consolidated income statement under Net other operating income and are included in the reportable segment Materialise Medical. The key events that led to the impairment loss for the CGU Engimplan were 1. A loss of business resulting from the Covid 19 pandemic and a slower recovery from this than expected; 2. Delay and less advantages of synergies than initially foreseen. A sensitivity analysis was performed to assess the impact of changes in the key assumptions used on the current estimated value-in-use and can be summarized as follows: Sensitivity analysis Engimplan impairment As of December 31,2020 Relevant assumption Change applied Evolution of the value-in-use in 000 WACC 1% 630 WACC -1% (510) Perpetual Growth 3.5% 1,340 Perpetual Growth -3.5% (655) Revenue & gross profit growth 5% 1,960 Revenue & gross profit growth -5% (1,960) CGU RS Print Given the recent acquisition of RS Print prior to year-end 31 December 2020, the acquisition price was considered to be representative for the fair value of the CGU RS Print. As such, the Group considers that no indications existed at 31 December 2020 that the carrying value of the CGU exceeded its fair value. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2020 | |
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 2020, 2019 and 2018: in 000 Patents and licenses Software Acquired customers, technology Developed technology and software under construction Total Acquisition value At January 1, 2018 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 Additions 209 656 − 1,328 2,193 Acquisition of a subsidiary 38 214 3,048 9 3,309 Disposals − (45) (32) − (77) Transfer between accounts (109) 1,601 − (988) 504 Currency translation 1 (10) 86 20 97 Other 3 10 − (32) (19) At December 31, 2019 4,436 10,667 28,681 1,652 45,436 Additions 378 3,072 − 3,168 6,618 Acquisition of a subsidiary − − 7,931 86 8,017 Disposals (226) (2,227) − (68) (2,521) Transfer between accounts 75 47 − (180) (58) Currency translation (1) (65) (1,128) − (1,194) Other − − − − − At December 31, 2020 4,662 11,494 35,484 4,658 56,298 in 000 Patents and licenses Software Acquired customers, technology and backlogs Developed technology and software under construction Total Amortization & Impairments At January 1, 2018 (2,766) (2,985) (3,379) (9,130) Amortization 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) Amortization charge for the year (246) (2,582) (2,031) − (4,859) Disposals − 23 − − 23 Transfer between accounts 109 (96) − − 13 Currency translation − (25) (126) − (151) Other − 20 16 − 36 At December 31, 2019 (2,798) (7,740) (7,503) − (18,041) Amortization charge for the year (465) (2,223) (2,021) − (4,709) Impairments − − (1,149) (2,090) (3,239) Disposals 211 2,119 − (22) 2,308 Transfer between accounts − 109 − − 109 Currency translation 1 14 240 − 255 Other − − − − At December 31, 2020 (3,051) (7,721) (10,433) (2,112) (23,317) Net carrying value At December 31, 2020 1,611 3,773 25,051 2,546 32,981 At December 31, 2019 1,638 2,927 21,178 1,652 27,395 At December 31, 2018 1,633 3,161 20,217 1,315 26,326 At January 1, 2018 1,731 4,653 22,216 28,600 Patent and licenses include only the directly 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. The remaining amortization period is 1.8 years for the main software purchases and 6.4 years for the main patents and licenses. The Acquired customers and technology have been recognized as part of the acquisition of RS Print, Engimplan, ACTech, E-Prototypy, OrthoView, and Cenat (see Note 4). At December 31, 2020, the remaining amortization period for the acquired customers is 14.67 years for RS Print, 8.58 years for Engimplan, 16.75 years for ACTech, 3.75 years for OrthoView, fully amortized for E-Prototypy and 4.25 years for Cenat (2019:9.58 for Engimplan, 17.75 for ACTech, 4.75 years for OrthoView and 5.25 years for Cenat). At December 31, 2020, the remaining amortization period for the acquired technology and contracts is 6.67 years for RS Print. The net book value of developed technology and software under construction at 31 December 2020 relates primarily to the internal digitalization program. At 31 December 2020, there were no other significant capitalized costs in respect of development activities, following the impairment in the fourth quarter of the year of previously capitalized costs in respect of the Tracheal Splint project. See also Note 3: significant accounting judgments, estimates and assumptions. The total amortization charge for 2020 is K4,709 (2019: K4,859; 2018: K5,064). 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. |
Property, plant & equipment
Property, plant & equipment | 12 Months Ended |
Dec. 31, 2020 | |
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 2020 and 2019: in 000 Land and buildings Plant and equipment Right-of-use assets Construc- tion in progress Total Acquisition value At January 1, 2019 45,777 77,557 14,327 3,002 140,663 Impact of adoption of IFRS 16 − − 4,984 − 4,984 Additions 302 7,363 3,429 5,807 16,901 Acquired from business combinations* 61 3,046 633 17 3,757 Disposals (37) (6,091) (753) − (6,881) Transfers (3,360) 7,077 117 (4,338) (504) Currency Translation 150 199 8 6 363 Other** − (73) (1,099) (80) (1,252) At December 31, 2019* 42,893 89,078 21,646 4,414 158,031 Additions 256 2,600 4,567 8,175 15,598 Acquired from business combinations − 220 24 − 244 Disposals − (2,953) (1,657) (38) (4,648) Transfers (15) 7,961 (4,010) (3,886) 50 Currency Translation (717) (2,486) (423) (26) (3,652) At December 31, 2020 42,417 94,420 20,147 8,639 165,623 Depreciation At January 1, 2019 (6,071) (33,307) (8,441) (307) (48,126) Depreciation charge for the year * (1,199) (9,162) (4,058) − (14,419) Disposals 36 5,704 359 − 6,099 Transfers 200 (1,551) 1,031 307 (13) Currency Translation (25) (190) (2) − (217) Other 220 (34) 51 − 237 At December 31, 2019* (6,839) (38,540) (11,060) − (56,439) Depreciation charge for the year (1,223) (10,205) (3,504) − (14,932) Disposals − 2,632 1,518 − 4,150 Impairment − − − − − Transfers (11) (3,961) 3,810 − (162) Currency Translation 66 872 85 − 1,023 At December 31, 2020 (8,007) (49,202) (9,151) − (66,360) Net book value At December 31, 2020 34,410 45,218 10,996 8,639 99,263 At December 31, 2019* 36,054 50,538 10,586 4,414 101,592 At January 1, 2019 39,706 44,250 5,886 2,695 92,537 * The year 2019 has been restated to reflect the final accounting of the business combination with Engimplan. See additional information in Notes 2 and 4. ** Other includes modification of Right-of-use assets for an amount of K (554). The changes in the carrying value of the property, plant and equipment can be presented as follows for the year 2018: in 000 Land and buildings Plant and equipment Finance leases Construc- tion in progress Total Acquisition value At January 1, 2018 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, 2018 (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 January 1, 2018 35,680 39,951 7,680 3,754 87,065 The investments in property, plant & equipment and right-of-use assets in 2020 amounted to K15,598 (2019: K16,901; 2018: K18,557). They are mainly related to new machines and installations (K5,011), land and buildings (K7,580), IT equipment (K1,056) and leased vehicles (K1,714). The investments in 2019 related to new machines and installations (K7,757), land and buildings (K4,865), IT equipment (K1,268) and lease vehicles (K1,119). The investments in 2018 related to new machines and installations in Belgium and Germany (K10,747), land and buildings in Germany (K2,491), IT equipment (K1,781) and lease vehicles (K792). The Group realized a net loss on disposal of property, plant and equipment of K10 in 2020 (2019: a net loss of K165; 2018: a net loss of K83). No impairment of property, plant and equipment was recorded. The transfers in 2020 within property, plant and equipment are mainly related to the transfers from assets under construction towards plant and equipment of K3,886 , mainly related to the Green Machine project ; the transfer from R ight-of- U se of assets to P lant and E quipment due to the obtaining of the ownership for a net book value of K200 ; Assets under construction Per end of 2020 the main assets under construction are related to our Green Machine project for an amount of K1,998 located in Belgium and buildings located in Germany for an amount of K6,302. Changes in useful life for certain assets in 2019 The Group reviews the useful life for the intangible assets and property, plant and equipment on an annual basis considering the current facts and circumstances available. This review resulted in 2019 in a re-assessment of the useful life for certain specific assets in the categories buildings, fixtures, vehicles and machinery. The impact of the change in useful life during the year 2019 resulted in a decrease of the depreciation charges by K1,147. In 2020 and 2021 the depreciation charge will be less for respectively K478 and K276. The effect will be neutralized in 2028 for machines, in 2033 for fixtures and in 2048 for buildings. The right of use assets can be presented as follows: The carrying value of Right-of-Use assets at December 31, 2020 was K10,996 (2019: K10,586; 2018: K5,886). Right-of-Use assets are mainly related to 3D printing machines with a carrying value of K1,480 at December 31, 2020 (2019: K3,048; 2018: K4,608) and for which depreciation of K528 was recorded in 2020 (2019:K1,045; 2018:K1,745). New leases in 2020 amount to K4,567 of which K1,714 relate to leased motor vehicles (2019:K1,119; 2018:K792). in 000 Buildings Vehicles Equipment Total Acquisition value At January 1, 2020 6,488 4,275 10,883 21,646 Additions 2,397 1,738 433 4,568 Acquired from business combinations − − 24 24 Modifications − − − − Disposals (1,214) (291) (152) (1,657) Currency Translation (372) (10) (41) (423) Transfers 275 (1,157) (3,129) (4,011) Other − − − − At December 31, 2020 7,574 4,555 8,018 20,147 Depreciation At January 1, 2020 (2,705) (2,030) (6,325) (11,060) Depreciation charge for the year (1,620) (1,129) (755) (3,504) Acquired from business combinations − − − − Modifications − − − − Disposals 1,175 272 71 1,518 Currency Translation 47 4 33 84 Transfers 446 992 2,373 3,811 Other At December 31, 2020 (2,657) (1,891) (4,603) (9,151) Net book value At December 31, 2020 4,917 2,664 3,415 10,996 At January 1, 2020 3,783 2,245 4,558 10,586 The following amounts related to leases are recognized in profit & loss (in 000) 2020 Depreciation expense (3,504) Interest expense on lease liabilities (142) Expenses related to short-term leases/ low-value assets/ variable lease payments (554) The Group has negotiated several contracts with extension and termination options because of common practice in the country or for the asset. Management has exercised significant judgments in determining whether these extension and termination options are reasonably certain to be exercised. The potential future cash flows beyond the period following the exercise of the extension and termination option that are not included in the lease term are presented in the following table: (in 000) 2020 Potential (non-discounted) cash flows for terminations options that are not reasonably certain to be exercised: 8 Potential (non-discounted) cash flows for extensions options that are reasonably certain to be exercised 1,293 Pledges Land and buildings (including buildings under construction) with a carrying amount of K25,364 (2019: K26,270; 2018: K27,319) are subject to pledges to secure several of the Groups bank loans. In addition, pledges have been given on machines with a total carrying amount of K2,274 (2019: K2,884; 2018: K3,533) (Note 24). |
Investments in joint ventures
Investments in joint ventures | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of joint ventures [abstract] | |
Disclosure of joint ventures [text block] | 8 Investments in joint ventures The Group has no investments in joint ventures anymore per December 31, 2020. The Group executed a share purchase agreement dated November 9, 2020 and acquired the remaining 50% of the shares of RS Print Powered By Materialise (referred to as RS Print). Before this transaction, Materialise NV had a 50% interest in RS Print. The fair value of the previously held equity method investment was remeasured to fair value at the date of the aforementioned step acquisition, at K770. The summarized financial information of RS Print NV of years 2019 and 2018 can be presented as follows: in 000 2020 2019 2018 Joint ventures statement of financial position Current assets − 1,546 850 Non-current assets − 93 114 Goodwill − − − Current liabilities − (1,114) (756) Non-current liabilities − (448) (1,096) Shareholders deficit (surplus) − (77) 888 The joint venture income (loss) Revenue − 1,736 1,186 Profit (loss) − (785) (876) The Groups share in the loss of the joint venture for 2020 up to the full acquisition as of November 9, 2020 amounted to K (39). The movement of the carrying value of the joint venture is as follows: in 000 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 − Additional investment 875 Transfer from receivables (444) Share in loss (392) Carrying value as of December 31, 2019 39 Additional investment − Transfer to receivables − Share in loss of the Joint venture (39) Gain from remeasurement previously held equity method investment at fair value 770 Accounted for as Business Combination (770) Carrying value as of December 31, 2020 − |
Inventory and contracts in prog
Inventory and contracts in progress | 12 Months Ended |
Dec. 31, 2020 | |
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 2020 2019 2018 Raw materials 4,974 7,400 5,616 Work in progress 1,766 2,806 2,151 Finished goods 2,554 1,995 1,390 Contracts in progress 749 495 829 Total inventories and contracts in progress 10,043 12,696 9,986 The amount of the inventory written-off as an expense is K567 (2019: K526; 2018: K229). The expenses are booked in Cost of Sales. The Group has contracts in progress and advances from customers. The total costs incurred is K490 and the profit recognized is K259 as per December 31, 2020. Advances were received for the amount of K146 with respect to contracts in progress per end of 2020 ( 2019 : K22; 2018 : K370) . |
Other assets
Other assets | 12 Months Ended |
Dec. 31, 2020 | |
Other assets [abstract] | |
Disclosure of other non-current assets [text block] | Other non-current assets Other non-current assets include the following: Investments in convertible loans As of December 31, in 000 2020 2019 2018 Convertible loan 6,203 2,750 Total non-current assets 6,203 2,750 − The Group has granted a convertible loan to Fluidda in January 2019, with a notional amount of K2,500. The convertible loan is accounted for as a financial asset measured at fair value with changes in fair value through the income statement. The carrying value of the convertible loan amounts to K3,310 at 31 December 2020. The convertible loan has a duration of 7 years with a 10.0% annual interest rate which is capitalized. We refer to Note 3 and Note 20. The convertible loan granted to Ditto in August 2020 has a notional amount up to K$9,000 that will be periodically called-up when certain milestones are reached or otherwise decided. The carrying value of the amount called up as at December 31, 2020 amounts to K2,892. No fair value adjustment has been recorded as at 31 December 2020, as the fair value equals its carrying amount. We refer to Note 3 and Note 20. The applicable interest rate is 8.0% per annum. Investments in non-listed equity instruments As of December 31, in 000 2020 2019 2018 Non-listed equity investments 3,842 3,046 2,701 Total non-current assets 3,842 3,046 2,701 The non-listed equity investments mainly consist of the investment of K$3,300 in shares of the non-listed company Essentium Inc in 2018 and 2019. The Group holds a non-controlling interest of 5% in this company. The investment in Essentium Inc. is initially recognized at cost and subsequently measured at fair value through OCI. The Group has estimated that the fair value at December 31, 2020 amounts to K3,535 and consequently, has recognized a fair value adjustment in OCI of K489. We refer to Note 3 and Note 20. In addition, the convertible loan granted to AM Flow Holding BV (formerly Borges 3D BV) in January 2020, with a notional amount of K300, was converted in shares of AM Danube BV ( 41.70% shares held by Materialise NV) in September 2020 at a fair value of K307. As such, the Group holds an indirect stake of 8.42% in AM Flow BV (100% owned by AM Flow Holding BV) indirectly through AM Danube BV ( 41.70% stake held by Materialise NV) and AM Flow Holding BV ( 20.20% stake held by AM Danube BV). We also refer to Note 3 and Note 20. Other non-current assets As of December 31, in 000 2020 2019 2018 Tax credits 3,381 3,015 3,006 Guarantees and deposits 528 415 405 Non-current receivable on joint venture − 138 1,096 Other 184 27 29 Total non-current assets 4,093 3,595 4,536 The non-current tax credits relate to tax credits that are not expected to be realized within one year.. |
Disclosure of other current assets [text block] | Other current assets Other current assets include the following: As of December 31, in 000 2020 2019 2018 Deferred charges 2,841 2,632 2,046 Tax credits 1,243 695 185 Accrued income 260 486 958 Other tax receivables 1,125 3,127 2,286 Grants 1,181 754 687 Other non-trade receivables 1,640 922 774 Total other current assets 8,290 8,616 6,936 The other tax receivables include Value Added Tax (VAT) receivables and corporate tax receivables. The non-trade receivables as at December 31, 2020 include an indemnification asset, related to the AcTech acquisition in 2017, for the amount of K222. |
Trade receivables
Trade receivables | 12 Months Ended |
Dec. 31, 2020 | |
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 2020 2019 2018 Trade receivables 32,346 42,509 38,764 Allowance for doubtful accounts (1,475) (1,532) (1,873) Total 30,871 40,977 36,891 Trade receivables are non-interest bearing and are generally on payment terms of 30 to 90 days. As at December 31, 2020 , trade receivables of an initial value of K1,475 (2019: K1,532 ; 2018: K1,873 ) were impaired as part of the expected credit losses analysis. Impairment is accounted for under the other operating expenses. See below for changes in the impairment of receivables. in 000 At January 1, 2018 (990) Addition (1,284) Usage 182 Reversal 219 At December 31, 2018 (1,873) At January 1, 2019 (1,873) Addition (141) Usage 131 Reversal 351 At December 31, 2019 (1,532) Addition (852) Usage 301 Reversal 608 At December 31, 2020 (1,475) |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2020 | |
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 2020 2019 2018 Cash at bank 108,399 123,337 105,846 Cash equivalents 3,139 5,560 9,660 Total 111,538 128,897 115,506 Cash at banks earns interest at floating rates based on daily bank deposit rates. Cash equivalents include short-term deposits which 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 payments have been received in 2018 from employees for a total amount of K209, not converted into shares before year-end. In line with regulations the amount of K209 was posted on a restricted bank account per December 31, 2018. There were no restrictions on cash at December 31, 2020 or 2019. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2020 | |
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 54,169,257 ordinary nominative shares at December 31, 2020 (2019:53,172,513; 2018:52,890,761) with no nominal but par value of 0.076 in 2020 (2019:0.058; 2018: 0.058) for a total amount of K4,096 at December 31, 2020 (2019:K3,066; 2018:K3,050). in 000, except share data Total number of ordinary shares Total share- holders' capital Total share- premium Outstanding at January 1, 2018 47,325,438 2,729 79,839 Capital increase in cash - public offering 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 at January 1, 2019 52,890,761 3,050 136,637 Capital increase via exercise of warrants 281,752 16 1,252 Equity settled share-based payments expense − − 201 Outstanding at January 1, 2020 53,172,513 3,066 138,090 Capital increase via exercise of warrants 487,840 30 3,082 Capital increase via exercise of convertible bonds 508,904 1,000 − Equity settled share-based payments expense − − 103 Merger with Ailanthus NV 13,428,688 1,862 − Cancellation treasury shares (Ailanthus NV) (13,428,688) (1,862) − Outstanding on December 31, 2020 54,169,257 4,096 141,275 The shareholders capital increased by K30in 2020 as a result of the exercise of warrants outstanding and fully vested. The number of new shares issued was 487,840 at an average price of 6.4 per share, including share premium. The shareholders capital increased by K1,000 in 2020 as a result of the exercise of convertible bonds. The number of new shares issued was 508,904 at an average price of 1.97 per share, including share premium. On December 31, 2020, the Group has acquired 13,428,688 treasury shares via the merger with the company Ailanthus NV. Ailanthus NV held those shares in the Group. Immediately subsequent the merger, the Group has cancelled all the treasury shares with a corresponding credit to share capital. As part of the merger transaction, the Group issued an equal number of shares to the former shareholders of Ailanthus NV . 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 K141,275 at December 31, 2020 (2019: K138,090; 2018: K136,637). The change in 2020 is the result of: The capital increase via exercise of warrants of K3,082 ; and th e share-based payment expense of K103 . The change in 2019 is the result of the share-based payment K201 and the capital increase via exercise of warrants of K1,252. The change in 2018 is the result of the share-based payment expense of K633, the capital increase via exercise of warrants of K593 and the capital increase in cash-public offering and private placement of K59,575 minus K4,003 expenses directly attributable to public offering and private placement. Other reserves The nature and purpose of the other reserves is as follows: As of December 31, in 000 2020 2019* 2018 Legal reserve 279 279 279 Other reserves 2,574 (335) (335) Equity-settled-based payment expense 72 72 65 Other Comprehensive Income (loss) (7,796) (1,394) (1,850) Other reserves (4,871) (1,378) (1,841) 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 2020, 2019 and 2018. Other comprehensive loss Other comprehensive loss consists of the following: in '000 Currency Translation Differences & Other Fair value adjustment equity investments Total OCI attributable to the shareholder At January 1, 2018 (1,803) − (1,803) Currency translation impact (47) − (47) At December 31, 2018 (1,850) − (1,850) Currency translation impact 456 − 456 At December 31, 2019 (1,394) − (1,394) Currency translation impact (6,025) − (6,025) Fair value adjustment − 489 489 Acquisition non-controlling interest - OCI (866) − (866) At December 31, 2020 (8,285) 489 (7,796) Non-controlling interest In 2018 there were no non-controlling interests. In 2019, a non-controlling interest has been recognized for 25% held by third party in Engimplan for an amount of K3,107 (changed to K 3,276*) per end of 2019. As of December 1, 2020, the Group acquired the remaining 25% non-controlling interest held by a third party in Engimplan in return for the Spine Business. The non-controlling interest with a carrying amount of K2,213 was derecognized. The gain on the transaction of K1,279 was recognized within other reserves within equity. No non-controlling interest is recognized for the 17% held by a third party in RapidFit+ as the amount is presented as 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 was 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 remained out of the money at 31 December 2018 and 31 December 2019, and has expired at 31 December 2020. The call option was exercisable between June 30, 2015 and June 27, 2020. The written put option has been recognized as a financial liability and measured at the fair value of the redemption amount and amounts to K875 at December 31, 2020 (2019: K875; 2018 K845). The undiscounted estimated redemption amount totals K875 at December 31, 2020 (2019: K875; 2018: K875). 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 K264 from non-controlling interest and K64 from consolidated reserves. The written put option is exercisable between June 27, 2019 and June 27, 2021 and it is managements 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 K10 dilution warrants to the non-controlling interest which are exercisable upon occurrence of certain specified events. The fair value of the dilution warrants is K0 per end of 2020 (2019: K0; 2018:K0). |
Share-based payment plans
Share-based payment plans | 12 Months Ended |
Dec. 31, 2020 | |
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: 2020 2019 2018 Outstanding at January 1* 965,052 1,318,049 1,458,360 Granted − − 2,000 Forfeited / Cancelled (41,443) (42,952) (69,104) Exercised (515,887) (310,045) (73,207) Outstanding at December 31* 407,722 965,052 1,318,049 Exercisable at December 31 123,305 296,859 252,793 *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 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. 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 7.86 to 8.54. The status of the 2013 warrant plan at December 31 is as follows: 2020 2019 2018 Outstanding at January 1 118,376 300,040 320,640 Granted Forfeited / Cancelled (1,875) (3,500) (1,500) Exercised (116,501) (178,164) (19,100) Outstanding at December 31 118,376 300,040 Exercisable at December 31 15,300 89,892 With respect to the warrants exercised in 2020, a total of 29,125 warrants representing 116,501 shares were exercised in the last quarter . The share price at exercise date was $40.21. The 2013 warrant plan prescribes that each warrant gives right to four shares , and the table above presents the impact on the number of shares. 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 8.81 (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: 2020 2019 2018 Outstanding at January 1 465,212 589,052 671,503 Granted Forfeited / Cancelled (27,247) (20,252) (42,209) Exercised (201,239) (103,588) (40,242) Outstanding at December 31 236,726 465,212 589,052 Exercisable at December 31 95,575 169,071 114,012 With respect to the warrants exercised in 2020, a total of 201,239 warrants representing 201,239 shares were exercised in the last quarter . The share price at exercise date was $ 40.21. 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 6.45. The Group granted 2,000 warrants to an employee in May 2018 with an exercise price of 10.08. The status of the 2015 warrant plan at December 31 is as follows: 2020 2019 2018 Outstanding at January 1 310,400 325,200 329,000 Granted − − 2,000 Forfeited / Cancelled (6,400) (14,800) (5,800) Exercised (170,100) − − Outstanding at December 31 133,900 310,400 325,200 Exercisable at December 31 15,100 96,500 32,700 With respect to the warrants exercised in 2020, a total of 170,100 warrants representing 170,100 shares were exercised . The weighted average share price at exercise date was $ 37.60. 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 ) 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 (*) 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 payments of the Group. Currently, this is estimated to be zero as no dividends have been paid since inception; Expected volatility is estimated based on the average annualized volatility of the volatility of the Groups stock (until September 2016: of a number of quoted peers in the 3D printing industry and the volatility of the Groups 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 warrant plans mentioned above was K102 (2019: K401; 2018: K640) The weighted average remaining estimated life of the warrants outstanding as of December 31, 2020 is 4.31 years (2019: 5.20 years; 2018: 5.95 years). The weighted average fair value for the warrants outstanding at the end of 2020 was 3.29 (2019: 4.48; 2018: 5.62). The weighted average exercise price for the warrants outstanding at the end of 2020 was 7.92 (2019: 7.88; 2018: 7.99). 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 8.81. The status of this plan is as follows: 2020 2019 2018 Outstanding at January 1 71,064 103,757 137,217 Granted − Forfeited / Cancelled (5,921) (4,400) (19,595) Exercised (28,047) (28,293) (13,865) Outstanding at December 31 37,096 71,064 103,757 Exercisable at December 31 12,630 15,988 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 share based payment and is as such recorded as a liability (see Note 16). The SARs 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. SARs 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: 2020 2019 2018 Return dividend 0% 0% 0% Expected volatility 84% 49% 49% Risk-free interest rate -0.34% 0.10% 0.77% Expected life 0.25 0.25 1.25 Exercise price (in ) 8.81 8.81 8.81 Stock price (in ) 44.20 16.32 17.49 Fair value SAR (in ) 35.38 7.52 9.09 The expense arising from share-based payment transactions for the SARs plan was K1,242 in 2020 (2019: K (11); 2018: K435). The carrying value of the liability at December 31, 2020 amounts to K1,223 (2019: K574; 2018: K786). The total intrinsic value of the liability for warrants currently exercisable at December 31, 2020 amounts K447 (2019: K120; 2018: K141). 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 553.92. 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: 2020 2019 2018 Outstanding at January 1 186 199 199 Granted − − − Forfeited / Cancelled − (13) − Exercised − − − Outstanding at December 31 186 186 199 Exercisable at December 31 186 184 − 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 K2 in 2020 (2019: K2; 2018: K7) |
Loans and borrowings
Loans and borrowings | 12 Months Ended |
Dec. 31, 2020 | |
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 2020 2019 2018 K35,000 EIB bank loan 35,000 35,000 10,000 K28,000 acquisition bank loan 18,621 21,612 24,576 K18,000 secured bank loans 17,013 17,429 17,739 K12,300 bank loans ACTech 10,470 11,850 12,300 K9,050 other facility loans 2,910 3,599 4,299 Bank investment loans - top 20 outstanding 17,280 22,132 23,801 Bank investment loans - other 2,681 4,429 3,808 Lease liabilities (2018: Finance leases) 10,624 9,876 6,809 Institutional loan 353 824 1,492 Convertible bonds − 1,000 1,000 Related party loan 158 187 214 Total loans and borrowings 115,110 127,938 106,038 Current 17,523 16,838 13,598 Non-Current 97,588 111,100 92,440 K35,000 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 K10,000 was drawn in the course of 2018. The agreement foresees a first two-year period without loan reimbursements. 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 interest rate for this loan is 2.40%. The contract contains customary security, covenants and undertakings. A second tranche of K25,000 was drawn in the course of 2019 with an interest rate of 2.72%. On June 29, 2020, the European Investment Bank has temporarily waived the compliance obligation of the covenants Total gross Debt to Adjusted EBITDA (until 31 December 2022), and Adjusted EBITDA to Net financial charges (until 31 December 2020) under the condition that the covenant Total net debt to Adjusted EBITDA will be met for the period. In addition, the European Investment Bank agreed not to recalculate the interest rate until 3 January 2022 for the first tranche and until 17 January 2022 for the second tranche. Finally, the European Investment Bank waived the subsidiary financial indebtedness for the calculation period ending on 30 June 2020. For the periods thereafter this covenant has been eased. These covenants have been waived in order to allow the Group to continue investing in its growth programs, even under stressed COVID-19 scenarios, without breaching the covenants. K28,000 Acquisition loan This bank loan has been concluded in October 2017 to finance the acquisition of ACTech. The loan includes a portion of K18,000 reimbursable monthly during seven years, and a bullet portion of K10,000, 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. K18,000 secured bank loans The K18,000 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 K12,000; drawn per end 2020: K11,739 (drawn per end 2019: K11,739; per end 2018 K11,739), and with reimbursements only starting in December 2022. The agreement for the Polish facility financing amounts to K6,000 (fully drawn per end of 2017), and reimbursements have started 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. K12,300 bank loans In March 2018, three bank loans originating from the acquired ACTech Group were refinanced entirely for the amount of K9,300, with adjusted maturity to May 2025 and first reimbursements in August 2020. The interest rate has been fixed at approximately 1.6%, and pledges including a K4,650 mortgage on ACTechs facilities and a guarantee of Materialise NV. In addition, a new investment credit of K3,000 was obtained in June 2018, repayable as from January 2019 and with a fixed interest rate of 1.5%. K9,050 - Other facility loans Three facility loans were contracted in 2005, 2006 and 2012 for the construction of Leuven office and production facilities (K2,000, K300 and K5,000, respectively) and another loan for the Czech Republic offices in 2008 (K1,750). The balance of the four loans amounts to K2,910 per December 31, 2020. All loans have a repayment schedule of K15 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 as at December 31, 2020 amount to a balance of K17,280. They have been agreed in 2020 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%. K10,624 Lease liabilities included lease with related party The Group has several 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. As at December 31, 2020 the balance of these lease agreements amounts to K10,624, and are mostly at fixed interest rates with weighted average below 2%. The subsidiary Engimplan rents the office and production building from a related party for an initial term of 10 years, with an extension option for an additional 10 years (assessed not to be reasonably certain to be exercised). The lease has been accounted for under IFRS 16 resulting in a lease liability at December 31, 2020 of K414. The total cash outflow from the lease liabilities amounts to K3,640 in 2020, K5,283 in 2019 and K3,102 in 2018. K2,000 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 K2,000. 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. As at December 31, 2020 K2,000 has been drawn with an outstanding balance of K353. K1,000 convertible bond with related party On October 9, 2020, 1,000 convertible bonds with a related party for a total amount of K1,000 were converted to 509,904 shares. Related party loan Lunebeke NV, a related party of the Group as discussed in Note 26, has granted the Group a 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 amount outstanding as of December 31, 2020 is K158 (2019: K187; 2018: K214). The interest expense for the year ended December 31, 2020 is K7 (2019:K9; 2018: K10). 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 2020 2019 2018 At January 1, 127,938 106,038 94,557 Proceeds from loans & borrowings − 29,000 32,554 Repayment of loans & borrowings (13,736) (12,126) (18,820) New leases 4,626 8,326 792 Repayment of leases (3,640) (5,283) (3,102) Loans acquired from business combination − 2,076 − Net foreign exchange movements (78) (92) 57 At December 31, 115,110 127,938 106,038 |
Other non-current liabilities
Other non-current liabilities | 12 Months Ended |
Dec. 31, 2020 | |
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 2020 2019 2018 Provisions 318 122 82 Other 80 574 786 Total 398 696 868 The increase of the provision relates to a provision of royalties payable to APHP (Assistance Publique Hôpitaux de Paris), one of the Groups business partners in the Medical segment, for K220. The other item doesnt include anymore per December 31, 2020 a long term liability related to the cash settled shared based payment plan as referred to in Note 14 (2019: K574; 2018: K786). The amount of K1,223 is booked on short term. The impact of the accounting treatment of the Belgian contribution plans with a minimal guarantee are not material as only a limited number of people can benefit. No provisions have been recognized as of December 31, 2020, 2019 and 2018. As such, no further disclosures have been provided. |
Tax payables
Tax payables | 12 Months Ended |
Dec. 31, 2020 | |
Tax payables [abstract] | |
Disclosure of tax payables [text block] | 17 Tax payables The tax payables amount to K974as per December 31, 2020 (2019:K3,363; 2018:K2,313) and are mainly related to the tax payables of the entities located in Germany. In Germany a tax unity was set-up in 2018 between Materialise Germany and ACTech. |
Deferred income
Deferred income | 12 Months Ended |
Dec. 31, 2020 | |
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 2020 2019 2018 Deferred maintenance & license 30,242 27,667 22,606 Deferred (project) fees 4,555 4,647 4,838 Deferred government grants 85 358 338 Total 34,882 32,672 27,782 current 29,555 27,641 23,195 non-current 5,327 5,031 4,587 The deferred maintenance and license revenue consist of maintenance and license fees paid up-front which are deferred and recognized in earnings over either the maintenance period or the duration of the license. 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, 2020 | |
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 2020 2019 2018 Payroll-related liabilities 11,152 10,281 10,111 Non-income tax payables 3,018 2,262 2,175 Accrued charges 995 1,080 789 Advances received 404 715 713 RapidFit+ amounts payable to former shareholders 875 875 845 CENAT amounts payable to former shareholders − − 450 Derivatives 140 478 − Cash settled share-based payment plan 1,223 − − Other current liabilities 888 1,995 259 Total 18,695 17,686 15,342 The non-income tax payables mainly relate to VAT payables and payroll taxes. |
Fair value
Fair value | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019 and 2018 are as follows: Carrying value Fair value in 000 2020 2019 2018 2020 2019 2018 Financial assets Debt instruments measured at amortized cost Trade receivables (current) 30,871 40,977 36,891 30,871 40,977 36,891 Other financial assets (non-current) 712 580 1,530 712 580 1,530 Other current non-trade receivables 1,618 1,676 1,461 1,618 1,676 1,461 Cash & cash equivalents 111,538 128,897 115,506 111,538 128,897 115,506 Total debt instruments 144,739 172,130 155,388 144,739 172,130 155,388 Financial assets at fair value through profit or loss Derivatives 23 9 117 Convertible loan 6,203 2,750 − − − Total financial assets measured at fair value 6,226 2,759 117 − − − Equity instruments designated at fair value through OCI Non-listed equity investments 3,842 3,046 2,701 − − − Total Equity instruments designated at fair value through OCI 3,842 3,046 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, 2020 , 2019 and 2018 The non-listed equity investments, mainly representing the investment in Essentium Inc for K3,535 and AM Flow (via an investment in AM Danube, one of the shareholders of AM Flow) for K307 , are measured at fair value. For Essentium, as of December 31, 2020 , the Group has estimated that the fair value at December 31, 2020 amounts to K3,535 with a fair value adjustment recognized in OCI of K489 . The fair value of the investment (based upon level 2 inputs) as at December 31, 2020 was based on a recent capital B round in which third parties participated, but the Group not. Furthermore, the followings matters were considered: 1.1.1. Essentium is a non-listed entity; 1.1.2. The Group only has an insignificant interest in Essentium Inc ( 5.00% of the shares); 1.1.3. The Group has no representatives in the Board of Directors of Essentium Inc . For AM-flow, as of December 31, 2020 , management considers that currently the cost is an appropriate estimate of fair value (level 2 input) because a recent capital increase indicated that the market valuation of AM Flow has not changed and because of the followings reasons: 1.1.4. AM Flow is a non-listed entity; 1.1.5. The Group only has an insignificant interest in AM Flow BV ( 8.42% of the shares indirectly); 1.1.6. The Group has no representatives in the Board of Directors of AM Flow BV; and 1.1.7. Insufficient more recent information is available to measure fair value; The convertible loans granted to Fluidda and Ditto are measured at fair value. As of December 31, 2020, management considered the fair value based upon level 3 inputs as follows: Fluidda: The Group assessed the fair value of the convertible loan as at December 31, 2020 amounts to K3,310 which include s a fair value adjustment of K316 recorded in financial income during 2020 . Fluidda is a private start-up company which delivers CRO services for drug development and develops medical devices which require EMA/FDA approvals. Fluidda is currently loss-making. The convertible loan has a duration of 7 years with a 10.0% annual interest rate which are capitalized. The Group has applied a discount factor of 14.44% that is based on the estimated WACC of Fluidda reflecting the uncertainty in relation to the success of the company and the applied estimates by the Group. Ditto: The convertible loan granted to Ditto in August 2020 has a notional amount up to K$9,000 that will be called-up when certain milestones are reached. The Group estimated the fair value of the convertible loan to K2,892 as of 31 December 2020 . No fair value adjustment has been recorded yet as the Group considers fair value equals the loans c arrying amount as at December 31, 2020. Ditto is a private technolo gy company which has a software solution for the eyeware industr y with iPad app, frame recommendation and virtual try-on technology platform. Ditto is currently loss-making. The convertible loan has a duration of 5 years with a 8% annual interest rate which are capitalized. In assessing the fair value, the Group has made significant estimates with regard to the discount rate, the probability of each repayment and conversion scenario and related timing, the amount of the qualified capital increase. Changes in the significant assumptions may lead to a significant increase/decrease in the fair value of the convertible loan. A increase/decrease in the applied discount rate for Fluidda by 1% would lead to a change in fair value by K31 / K -31. Financial liabilities: The carrying value and fair value of the financial liabilities as of December 31, 2020, 2019 and 2018 can be presented as follows: Carrying value Fair value in 000 2020 2019 2018 2020 2019 2018 Financial liabilities measured at amortized cost Loans & Borrowings including lease liabilities 115,110 127,939 106,037 116,843 128,930 105,026 Trade payables 17,698 18,517 18,667 17,698 18,517 18,667 Other liabilities excl. written put option on NCI 1,275 3,187 778 1,275 3,187 778 Total financial liabilities measured at amortized cost 134,083 149,643 125,482 135,816 150,634 124,471 Financial liabilities measured at fair value Contingent consideration − − 450 − − − Cash settled share based payments 1,223 − 786 − − − Written put option on NCI 875 875 845 − − − Derivatives 140 478 194 − − − Total financial liability measured at fair value 2,238 1,353 2,275 − − − Total non-current 98,543 112,549 94,521 − − − Total current 37,778 38,447 33,236 − − − 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. Their carrying value approximates their fair value; The fair value of the derivatives has been determined based on a mark-to-market analysis prepared by the bank based on observab le market inputs (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); The fair value of the cash-settled share based payments has been determined based on a Black-Scholes model using inputs that are level 1 (stock-price and risk-free interest rate) as well as level 2 (e.g. volatility). We refer to Note 14. 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 3 evolution Convertible Loans Ditto & Fluidda Fair Value Evolution in 000 2020 2019 2018 As at 1 January 2,750 − − Addition 2,830 2,500 − Remeasurement 316 − − Capitalized interests 307 250 − As at 31 December 6,203 2,750 − Written Put Option on NCI RapdFit+ Fair Value Evolution in 000 2020 2019 2018 As at 1 January 875 845 788 Remeasurement − 30 57 As at 31 December 875 875 845 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, 2020, 2019 and 2018: the derivatives related to interest 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. |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of operating segments [abstract] | |
Disclosure of operating segments [text block] | 21 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 Groups revenue and adjusted EBITDA. 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 managements 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 (1) Consolidated For the year ended December 31, 2020 Revenues 39,054 61,729 69,635 170,418 31 170,449 Segment Adjusted EBITDA 13,383 13,915 2,548 29,847 (9,468) 20,378 Segment Adjusted EBITDA % 34.3% 22.5% 3.7% 17.5% − 12.0% For the year ended December 31, 2019 Revenues 41,654 60,808 94,156 196,618 61 196,679 Segment Adjusted EBITDA 13,812 10,774 12,154 36,740 (10,084) 26,656 Segment Adjusted EBITDA % 33.2% 17.7% 12.9% 18.7% − 13.6% For the year ended December 31, 2018 Revenues 37,374 52,252 94,956 184,582 139 184,721 Segment Adjusted EBITDA 11,536 10,252 10,785 32,573 (9,047) 23,526 Segment Adjusted EBITDA % 30.9% 19.6% 11.4% 17.6% − 12.7% The segment Adjusted EBITDA is reconciled with the consolidated net profit (loss) for the year as follows: For the year ended December 31, in 000 2020 2019* 2018 Segment Adjusted EBITDA 29,847 36,740 32,573 Depreciation, amortization and impairment (19,775) (19,278) (17,287) Corporate research and development (2,824) (1,859) (1,913) Corporate headquarter costs (11,719) (11,077) (10,358) Other operating income (expense) 3,668 2,410 2,149 Fair value adjustment 50% RS Print 770 − − Impairments (4,606) − − Operating (loss)/ profit (4,639) 6,936 5,164 Financial expenses (5,995) (3,682) (4,864) Financial income 2,452 1,377 3,627 Income taxes 949 (2,595) (425) Share in loss of joint venture (39) (392) (475) Net profit (loss) for the year (7,272) 1,644 3,027 The Group has no customers with individual sales larger than 10% of the total revenue in 2020 (2019: 0%; 2018: 0%). Entity-wide disclosures The revenue by geographical area is as follows: As of December 31, in 000 2020 2019 2018 United States of America 47,266 56,235 42,217 Americas other than USA 5,297 3,395 1,700 Belgium 7,048 7,917 9,350 Germany 17,087 31,185 30,436 France 11,586 20,110 22,282 Switzerland 12,587 14,907 13,135 United Kingdom 7,725 13,804 11,946 Italy 5,876 6,707 4,392 Netherlands 6,943 5,825 7,382 Other Europe 31,518 17,329 21,455 Asia Pacific 17,516 19,265 20,426 Total 170,449 196,679 184,721 The total revenue realized in the country of domicile (Belgium) in 2020 amounts to K7,048 (2019:K7,917; 2018:K9,350). The total non-current assets, other than financial instruments, deferred tax assets, by geographical area are as follows: As of December 31, in 000 2020 2019 2018 United States of America (USA) 3,441 4,194 3,953 Americas other than USA 3,454 8,374 62 Belgium 62,810 49,426 48,873 Germany 58,305 57,918 56,096 Poland 13,437 15,506 16,206 Rest of Europe 9,087 10,410 10,125 Asia-Pacific 2,052 2,658 1,039 Total 152,586 148,486 136,354 The totals of the above table include goodwill, intangible assets and property, plant & equipment and Right-of-Use Assets as disclosed in the consolidated statements of financial position. |
Income and expenses
Income and expenses | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of income and expenses [abstract] | |
Disclosure of income and expenses [text block] | le22 Income and expenses 22.1 Revenue 22.1.1 Disaggregated revenue information For the year ended December 31, 2020 in 000 Materialise Software Materialise Medical Materialise Manufacturing Total segments Unallocated Consolidated Geographical markets United States of America (USA) 11,939 28,173 7,153 47,265 − 47,265 Americas other than USA 533 4,504 260 5,297 − 5,297 Europe (without Belgium) & Africa 15,702 20,781 56,840 93,323 − 93,323 Belgium 112 2,335 4,570 7,017 31 7,048 Asia Pacific 10,768 5,936 812 17,516 − 17,516 Total revenue from contracts with customers 39,054 61,729 69,635 170,418 31 170,449 Type of goods or service Software revenue (non-medical) 39,054 − − 39,054 − 39,054 Software revenue (medical) − 19,808 − 19,808 − 19,808 Medical devices and services − 41,921 − 41,921 − 41,921 Manufacturing − − 69,635 69,635 − 69,635 Other − − − − 31 31 Total revenue from contracts with customers 39,054 − 61,729 − 69,635 170,418 − 31 − 170,449 Timing of revenue recognition Goods/Services transferred at a point in time 15,536 46,286 66,824 128,646 31 128,677 Goods/Services transferred over time 23,518 15,443 2,811 41,772 − 41,772 Total revenue from contracts with customers 39,054 61,729 69,635 170,418 31 170,449 For the year ended December 31, 2019 in 000 Materialise Software Materialise Medical Materialise Manufacturing Total segments Unallocated Consolidated Geographical markets United States of America (USA) 11,188 29,100 15,947 56,235 − 56,235 Americas other than USA 487 2,071 837 3,395 − 3,395 Europe (without Belgium) & Africa 18,767 21,356 69,744 109,867 − 109,867 Belgium 183 2,101 5,572 7,856 61 7,917 Asia Pacific 11,029 6,180 2,056 19,265 − 19,265 Total revenue from contracts with customers 41,654 60,808 94,156 196,618 61 196,679 Type of goods or service Software revenue (non-medical) 41,654 − − 41,654 − 41,654 Software revenue (medical) − 19,407 − 19,407 − 19,407 Medical devices and services − 41,401 41,401 41,401 Manufacturing 94,156 94,156 94,156 Other − − − − 61 61 Total revenue from contracts with customers 41,654 60,808 94,156 196,618 61 196,679 Timing of revenue recognition Goods/Services transferred at a point in time 21,190 45,730 88,988 155,908 61 155,969 Goods/Services transferred over time 20,464 15,078 5,168 40,710 − 40,710 Total revenue from contracts with customers 41,654 60,808 94,156 196,618 61 196,679 The revenue per type of good or service including the previous years is as follows: For the year ended December 31 in 000 2020 2019 2018 Software revenue (non-medical) 39,054 41,654 37,374 Software revenue (medical) 19,808 19,407 17,045 Medical devices and services 41,921 41,401 35,207 Manufacturing 69,635 94,156 94,956 Other 31 61 139 Total 170,449 196,679 184,721 22.1.2 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 2020 2019 Trade receivables, included in 'trade and other receivables' 32,345 42,509 Contract assets / contracts in progress 749 495 Contract liabilities / deferred income 34,797 32,314 We refer to note 18 for a detail of the deferred income. Note 18 includes 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. Total revenue recognized during 2020 that was included in the contract liability at the beginning of the year amounts to K32,314. There is no revenue recognized during 2020 from performance obligations that were satisfied in the previous 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 or time-based software licenses may have been billed up-front 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. 22.2 Cost of sales Cost of sales includes the following selected information: For the year ended December 31 in 000 2020 2019* 2018 Purchase of goods and services (31,725) (37,870) (39,114) Amortization and depreciation (11,788) (10,917) (9,910) Payroll expenses (32,438) (37,715) (33,036) Other expenses (495) (550) (239) Total (76,446) (87,052) (82,299) 22.3 Research and development expenses Research and development expenses include the following selected information: For the year ended December 31 in 000 2020 2019 2018 Purchase of goods and services (2,788) (2,583) (3,590) Amortization and depreciation (1,746) (1,483) (830) Payroll expenses (20,368) (19,219) (17,935) Other (2,202) (63) (61) Total (27,104) (23,348) (22,416) 22.4 Sales and marketing expenses Sales and marketing expenses include the following selected information: For the year ended December 31 in 000 2020 2019 2018 Purchase of goods and services (5,960) (9,228) (9,775) Amortization and depreciation (1,946) (1,346) (725) Payroll expenses (36,521) (42,055) (35,585) Other (209) (360) (218) Total (44,636) (52,989) (46,303) 22.5 General and administrative expenses General and administrative expenses include the following selected information: For the year ended December 31 in 000 2020 2019 2018 Purchase of goods and services (8,933) (9,856) (9,892) Amortization and depreciation (2,437) (3,630) (3,828) Payroll expenses (18,104) (18,078) (18,442) Other 137 (222) (148) Total (29,337) (31,786) (32,310) 22.6 Net other operating income The net other operating income can be detailed as follows: For the year ended December 31 in 000 2020 2019* 2018 Government grants 4,473 5,263 4,658 Amortization intangibles purchase price allocation (1,857) (2,013) (1,994) Allowance for doubtful debtors (244) 210 (1,065) Capitalized expenses (asset construction) 316 166 16 Net foreign currency exchange gains / (losses) − − 246 Tax Credits 1,198 665 706 Fair value adjustment Cenat liability − − 192 Personnel related income − 37 168 Fair value adjustment RS Print 770 − − Impairment Engimplan (2,516) − − Other 296 1,104 844 Total 2,436 5,432 3,771 * The year 2019 has been restated to reflect the final accounting of the business combination with Engimplan. 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. 22.7 Payroll expenses The following table shows the breakdown of payroll expenses for 2020, 2019 and 2018: For the year ended December 31 in 000 2020 2019 2018 Short-term employee benefits (82,135) (87,775) (76,023) Social security expenses (15,691) (15,647) (14,139) Expenses defined contribution plans (1,150) (1,033) (936) Other employee expenses (8,455) (12,612) (13,900) Total (107,431) (117,067) (104,998) Total registered employees at the end of the period 2,162 2,177 2,009 22.8 Financial expenses Financial expenses includes the following selected information: For the year ended December 31 in 000 2020 2019 2018 Interest expense (2,299) (2,146) (1,747) Foreign currency losses (2,999) (832) (2,748) Other financial expenses (697) (704) (369) Total (5,995) (3,682) (4,864) 22.9 Financial income Financial income includes the following selected information: For the year ended December 31 in 000 2020 2019 2018 Foreign currency exchange gains 1,668 955 3,047 Other finance income 784 422 580 Total 2,452 1,377 3,627 |
Disclosure of income tax and deferred tax [text block] | 22.10 Income taxes and deferred taxes Current income tax The following table shows the breakdown of the tax expense for 2020, 2019 and 2018: As of December 31, in 000 2020 2019 2018 Estimated tax liability for the year 4 (2,926) (1,216) Tax adjustments to the previous year Deferred income taxes 945 331 791 Total income tax benefit (expense) for the period 949 (2,595) (425) 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. The estimated tax liability is mainly due in Germany. 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 assets, deferred tax liabilities and the deferred tax expense for 2020, 2019 and 2018: Asset/(liability) Income/(expense) in 000 2020 2019 2018 2020 2019 2018 Tax losses, notional interest deduction and other tax benefits − − 26 − − − Amortization development assets and other intangible assets 75 38 224 − − − Depreciation property, plant & equipment 125 70 30 − − − Other items 1 84 35 − − − Total deferred tax assets 201 192 315 9 (124) 11 Property, plant & equipment (209) (403) (694) − − − Intangible assets (6,414) (4,937) (5,370) − − − Investment grants (227) (301) (312) − − − Inventory valuation (31) (89) 141 − − − Other items 76 (17) 9 − − − Total deferred tax liabilities (6,805) (5,747) (6,226) (1,058) 455 780 Total deferred tax income (expense) − − − (1,049) 331 791 Deferred tax expense recognized in the current year Income statement was K945 and the remaining movement of K104 is related to currency translation adjustments. The Group has unused tax losses and tax credits in an amount of K69,031 for 2020 (2019: K37,440; 2018: K25,285) of which K44,600 for 2020 (2019: K25,172; 2018: K15,592) relating to Materialise NV. With respect to the unused tax losses of Materialise NV, no deferred tax assets have been recognized 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 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 basis. Based on its analysis, in 2020 the Company has assessed that no deferred tax asset and unused Innovation Income Deduction should be accounted for with respect to its unused tax losses and unused Innovation Income Deduction in Belgium. With respect to the net tax losses of the other entities in the Group no deferred taxes have been recognized in 2020 (2019: K0; 2018: K0). The deferred tax liability of K6,805 as at December 31, 2020 mainly relates to the intangibles that have been recognized in connection with business combinations (ACTech and RSPrint). Relationship between Tax Expense and Accounting Profit For the year ended December 31 in 000 2020 2019* 2018 Profit (loss) before taxes (8,221) 4,239 3,452 Income tax at statutory rate of 25% (2019-2018: 29.58%) 2,045 (1,254) (1,021) Effect of different local tax rate 529 63 166 Tax adjustments to the previous period (231) (367) 80 Non-deductible expenses (584) (554) (1,141) Research and development tax credits & patent income deduction 375 179 337 Non recognition of deferred tax asset (723) (1,579) (546) Recognition of deferred tax assets on previous year's tax losses 119 653 Non-taxable income 503 925 606 Use of previous year's tax losses and tax credits for which no deferred tax assets was recognized 135 Taxes on other basis (993) 280 Other (107) (127) 161 Income tax benefit (expense) as reported in the consolidated income statement 949 (2,595) (425) * The year 2019 has been restated to reflect the final accounting of the business combination with Engimplan. See additional information in Notes 2 and 4. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings per share [abstract] | |
Disclosure of earnings per share [text block] | 23 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 and the weighted average number of ordinary shares that would be issued on conversion of the convertible debt. If there is a net loss after taxes, the number of diluted shares is equal to the basic shares. 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 2020 2019* 2018 Net profit (loss) attributable to ordinary equity holders of the parent for basic earnings (7,124) 1,586 3,027 Interest on convertible bonds − 50 50 Net profit (loss) attributable to ordinary equity holders of the parent adjusted for the effect of dilution (7,124) 1,636 3,077 * The year 2019 has been restated to reflect the final accounting of the business combination with Engimplan. See additional information in Notes 2 and 4. The warrants are anti-dilutive as per December 31, 2020 given the net loss for the year. The convertible bond has been converted in shares as per October 9, 2020. We refer to Note 13. The convertible bonds and the warrants are dilutive as per December 31, 2019 and 2018. 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 2020 2019 2018 Weighted average number of ordinary shares for basic earnings per share 53,364 52,915 49,806 Effect of dilution: Share options − 563 382 Convertible loan − 509 509 Weighted average number of ordinary shares adjusted for effect of dilution 53,364 53,987 50,697 The earnings per share are as follows: For the year ended December 31 2020 2019 2018 Earnings per share attributable to the owners of the parent Basic (0.13) 0.03 0.06 Diluted (0.13) 0.03 0.06 |
Commitments and contingent liab
Commitments and contingent liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Capital commitments [abstract] | |
Disclosure of commitments [text block] | 24 Commitments and contingent liabilities Operating lease commitments The Group had operating lease commitments mainly related to cars and equipment until 2018 which were recognized on the balance sheet as of January 1, 2019 following the adoption of IFRS 16. As of December 31, in 000 2020 2019 2018 Within one year − 2,053 Between one and three years − − 2,302 Between four and five years − − 785 More than five years − − 302 Total 5,442 The total lease payments, which relate to low-value and short term lease as per IFRS 16 for which the exemption was applied as of January 1 st , 2019, recognized in the consolidated income statement are K554 in 2020 (2019: K725). The total lease payments for 2018 amounted to K2,956, prior to the adoption of IFRS 16 as from January 1, 2019. Finance lease commitments (only applicable to 2018) 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, 2020 December 31, 2019 December 31, 2018 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 Between one and three years − − − − 3,398 3,236 Between four and five years − − − − 655 604 More than five years − − − − 149 140 Total 7,078 6,809 Less finance charges − − (269) − Present value of minimum lease payments − − − − 6,809 6,809 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 K27,638 (2019: K29,154; 2018: K30,853). The total outstanding mortgages and pledges are K105,610 in 2020 (2019: K77,849; 2018: K21,142). Included in the above, the Group also has pledges on the business goodwill (fonds de commerce) of the Company for a total amount of K69,300 in 2020 (2019: K36,992; 2018: K70,300) and pledges on other fixed assets for a total amount of K3,290 (2019: K3,301; 2018: K21,142). Other commitments The Group has outstanding non-cancellable contracts with a future commitment of K6,384 at December 31, 2020 (2019: K11,640; 2018: K6,383), mainly related to purchase commitment for raw materials. For property, plant & equipment, we have no committed expenditures as per December 31, 2020 (2019: K0; 2018: K0). Contingent liabilities The Group is currently involved in a legal proceeding with Dentsply Implants NV regarding the alleged wrongful termination of a supply agreement we entered into with Dentsply Implants NV in 2010. The court of first instance ruled in favor of Dentsply Implants NV that Materialise has wrongfully terminated the relationship. Materialise has appealed this decision before the court pronounced on the monetary damages. The amount of damages which Dentsply Implants NV is claiming is 2.7 million. While Materialise is confident that the first instance decision will be overruled, Materialise believes that, in the event that the first instance decision would be confirmed, the amount of monetary damages that Materialise would be exposed to will not have a material adverse effect on our business, financial position or results of operations. Apart from the case set out below, the Group is currently not a party to any other legal or arbitration proceedings, which, in the opinion of the management, is likely to have or could reasonably possibly have a material adverse effect on the business, financial position or results of operations. As a result management concluded that no provision is required. In addition, on May 6, 2020, we received a written notice and request for indemnification from Zimmer Biomet, which had been named as a defendant in a patent infringement suit filed by Osteoplastics, LLC on March 20, 2020 in the United States District Court for the District of Delaware. Zimmer Biomet based its request for indemnification on the terms of its license and distribution agreement with us. The complaint alleges infringement by Zimmer Biomet of four U.S. patents. The allegedly infringing products include certain instruments allegedly manufactured with certain of our software. The litigation is currently in the early stages of discovery and the case is scheduled for trial in October 2022. We have entered into a cost-sharing agreement with Zimmer Biomet pursuant to which we have exercised our right to assume and control the defense of the action related to the products covered by our indemnity obligations. We have also filed petitions requesting a review of the patents asserted by Osteoplastics by the U.S. Patent and Trademark Office, as well as other patents asserted by Osteoplastics in certain other actions brought against third party defendants. We believe there are meritorious defenses to the complaint and intend to contest it vigorously. However, an adverse resolution of this litigation could have an adverse effect on our results of operations, financial condition or cash flows in the period in which the litigation is resolved. No amounts have been accrued for this loss contingency. |
Risks
Risks | 12 Months Ended |
Dec. 31, 2020 | |
Risks [abstract] | |
Disclosure of financial risk management [text block] | 25 Risks The Group is mainly exposed to liquidity risk, interest rate risk and credit risk. Foreign exchange risk The Group transacts business globally and is subject to risks associated with fluctuating foreign exchange rates. The geographic areas outside of the Eurozone to which it sells its products and services are generally not considered to be highly inflationary. In the years ended December 31, 2020, 2019 and 2018, 35%, 29% and 30% of our revenue, respectively, were derived from sales in a currency different from the euro. Receivables denominated in a foreign currency are initially recorded at the exchange rate at the transaction date and subsequently re-measured in euro based on period-end exchange rates. Transaction gains and losses that arise from exchange rate fluctuations are charged to income. The Group has primarily exposure to the USD, GBP, BRL, PLN and JPY as foreign currency. The exposure on MYR and CZK is limited. There is only a limited portion of turnover in local currency If the USD (rate for K0 EUR) would have appreciated by 10%, the net result would have been K1,854 higher, excluding the effect of the cash and term accounts held in USD. If the USD (rate for K0 EUR) would have depreciated by 10%, the net result would have been K1,686 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. As of December 31, 2020 the Group had hedge agreements in place for KGBP700 and million JPY 75 . We refer to note 20 for the related fair value of these derivatives. 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. The Group has no longer undrawn lines of credit at December 31, 2020 (2019: K0; 2018: K26,040). On December 20, 2017, the European Investment Bank (EIB) and Materialise entered into a finance contract to support Materialises 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 of 25.0 million was drawn in July 2019. 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 interest rate for the first tranche is initially equal to 2.4% . The interest rate for the second tranche is initially 2.72% 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 (incl. interests) : in 000 Less than 1 year 2 to 3 years 4-5 years More than 5 years Total At December 31, 2020 Loans & borrowings 15,335 36,819 34,928 23,565 110,647 Lease liabilities 3,831 4,850 1,570 1,420 11,671 Trade payables 17,698 − − − 17,698 Other current liabilities and advances received 3,798 − − − 3,798 Total 40,662 41,669 36,498 24,985 143,814 Less than 1 year 2 to 3 years 4-5 years More than 5 years Total At December 31, 2019 Loans & borrowings 14,300 33,034 41,672 34,447 123,453 Lease liabilities 3,685 4,907 1,040 720 10,352 Trade payables 18,517 − − − 18,517 Other current liabilities 4,063 − − − 4,063 Total 40,565 37,941 42,712 35,167 156,385 Less than 1 year 2 to 3 years 4-5 years More than 5 years Total At December 31, 2018 Loans & 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 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 subject to the Groups established policy, procedures and controls 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 at amortized cost or fair value through OCI as disclosed in Note 20. 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 Groups 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, 2020 30,871 25,707 3,176 858 423 327 380 December 31, 2019 40,977 31,528 4,924 2,094 733 981 717 December 31, 2018 36,891 26,208 5,395 1,479 931 1,512 1,366 Capital management The primary objective of the Groups 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 shareholders 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, 2020, 2019 and 2018. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related party transactions [abstract] | |
Disclosure of related party [text block] | 26 Related party transactions The compensation of key management personnel of the Group is as follows: For the year ended December 31 in 000 2020 2019 2018 Short-term employee benefits 2,302 2,394 2,334 Post-employment benefits 93 85 80 Total 2,395 2,479 2,414 Warrants granted − Warrants outstanding 108,905 359,266 557,935 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, 2020 the compensation to key management by means of share based payments amounts to K37. 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 Depreciation Interest expense Right-of-Use Assets Receivables Lease liabilities Other liabilities Non-executive directors of the Group 2020 85 28 − 2019 − 128 − 37 − − − 1,053 2018 − 123 − 51 − − − 1,038 Shareholders of the Group 2020 − 2 − 7 − 29 − 158 2019 − 113 − 9 − − − 131 2018 − 123 10 261 Joint ventures 2020 419 − − − − − − − 2019 1,431 − − − − 1,279 − − 2018 1,156 241 1,281 22 Non-controlling interests 2020 − − − − − − − − 2019 − − 26 9 617 − 652 − 2018 − − − − − − − − Related party Lunebeke NV / Ailanthus NV Lunebeke NV is owned by a shareholder and director of the Group and was established on December 29, 2020 following a partial demerger of Ailanthus NV (a former related party of the Group that merged with Materialise NV subsequent to the partial demerger as explained in Note 13). The activities taken over by Lunebeke NV through the partial demerger of Ailanthus NV were taken over from Ailanthus NV with retro-active effect as of October 1 st , 2020. The Group rents apartments on a regular basis from Lunebeke NV (Ailanthus NV up to September 30 th, 2020) in order to host our employees from foreign subsidiaries who are visiting our headquarters in Leuven. Due to Covid, the total amount paid to Lunebeke NV (Ailanthus up to September 30 th , 2020) for rent in 2020 was K0 (2019: K113; 2018: K123). Related party Ex-shareholders of Engimplan (non-controlling interest) The subsidiary Engimplan rents the office and production building from its ex-shareholders for an initial term of 10 years, with an extension option for an additional 10 years (assessed not to be reasonably certain to be exercised). The monthly lease payment amount to K7. The lease has been accounted for under IFRS 16 resulting in a lease liability at December 31, 2020 of K414. Related party Convertible debt The Group has issued on October 28, 2013 1,000 convertible bonds for a total amount of K1,000. The bonds have been fully subscribed by a member of our senior management. On October 9, 2020, all these convertible bonds were converted in 509,904 shares as explained in Note 13. Joint ventures As explained in Note 4, the Group executed a share purchase agreement dated November 9, 2020 and acquired the remaining 50% of the shares of RS Print Powered By Materialise (referred to as RS Print). Before this transaction, Materialise NV already had a 50% interest in RS Print. |
Events subsequent to the statem
Events subsequent to the statement of financial position date | 12 Months Ended |
Dec. 31, 2020 | |
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 Impact of coronavirus As of the date of this report, we are unable to predict the duration and severity of the spread of the coronavirus and the political and economic responses thereto and, as a result, we are unable to assess with certainty its impact on our business and operations, results of operations, financial condition, cash flows and liquidity during 2021 and beyond. Link3D On April 9, 2021 Materialise entered into a call option agreement to acquire 100% of equity interests of US based Link3D Inc., an additive workflow and manufacturing execution systems (MES) company. An acquisition would extend Materialises ability to help companies gain control of their manufacturing floor as they scale up their additive manufacturing (AM) capability into volume production and would allow Materialise to accelerate its roadmap to offer cloud-based access to its integrated software platform. An acquisition would also broaden Materialises industrial customer base across North America, Europe and Asia Pacific, and offer Link3D customers a seamless connection to Materialises Magics 3D print suite. Under the terms of the agreement, the call option purchase price amounts to US$ 2 million. The call option can be exercised during the month of November of 2021. The call option exercise price in exchange for the 100% of the Link3D equity interests, equals the maximum amount of US$ 33.50 million against which the call option purchase price of US$ 2 million will be credited. In case Materialise elects not to exercise the call option, the option purchase price is not reimbursable. On February 4, 2021 Materialise and Link3D entered into a Working Capital Loan Agreement pursuant to which Materialise loaned an aggregated amount of US$ 0.7 million to Link3D in the first quarter of 2021. Simultaneously, to the call option agreement, Materialise and Link3D entered in an interim loan agreement, allowing Link3D to borrow additional funds up to US$ 1.8 million. Ditto Materialise holds convertible note receivables versus Ditto, a US based developer of virtual eyewear try-on platforms, which was announced in September 2020. We collaborate with Ditto to advance the digital transformation in the eyewear industry. In the frame of this collaboration, we have granted a convertible loan facility, carrying a capitalizing interest of 8%, to Ditto as disclosed under Note 10, of which Ditto drew K 2,892 as of December 31, 2020. Because the business objectives that were defined as a condition for Ditto to continue to draw under the facility were no longer met in 2021, we decided in April 2021 to only extend a portion of the remaining amount that was available under the credit facility to Ditto. We estimate that, as a result of the combination of the lower than forecasted revenues and the unavailability of the remaining credit facility, Ditto may need additional funding to finance its operations and we currently have no clear visibility as to whether Ditto will be able to access suchadditional financing. As a result, uncertainty has arisen about Dittos capacity to reimburse the loan according to the terms of our agreement with them. Therefore, an impairment has been accounted for in the course of 2021 on our outstanding loan to Ditto including capitalized interest and 2021 fundings for a total amount of K3,790. The amount includes the traches granted as per April 8, 2021. This impairment from an accounting perspective does not impact our continuing belief in the technology platform that Ditto has built and in the potential of the collaboration between Ditto and Materialise. |
Overview of consolidated entiti
Overview of consolidated entities | 12 Months Ended |
Dec. 31, 2020 | |
Overview of consolidated entites [abstract] | |
Disclosure of interests in subsidiaries [text block] | 28 Overview of consolidated entities Name Country of incorporation % equity interest* 2020 2019 2018 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% Meridian Technique Limited United Kingdom 100% 100% 100% OrthoView Holdings Limited United Kingdom 100% 100% 100% Materialise SA Poland 100% 100% 100% Materialise Colombia SAS Colombia 100% 100% 100% RSPRINT powered by Materialise NV Belgium 100% 50% 50% Materialise Shanghai Co.Ltd China 100% 100% 100% Engimplan Engenharia de Implante Industria & Comércio Ltda Brazil 100% 75% Engimplan Holding Ltda Brazil 100% 100% Materialise Limited South-Korea 100% Materialise Australia PTY Ltd Australia 100% 100% 100% Materialise S.R.L. Italy 100% 100% 100% ACTech GmbH Germany 100% 100% 100% ACTech Holding GmbH Germany 100% 100% 100% ACTech, Inc United States 100% 100% 100% |
Non GAAP measures
Non GAAP measures | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of non GAAP measures [abstract] | |
Disclosure of non GAAP measures [text block] | 29 Non-GAAP Measures EBITDA and Adjusted EBITDA is used in the Note 21 Segments as one of the basis of the Segments performance measurement. We calculate EBITDA as net profit plus income taxes, financial expenses (less financial income), depreciation and amortization, and share in loss of joint venture. Adjusted EBITDA is determined by adding back share-based compensation expenses, acquisition-related expenses of business combinations, impairments and fair value remeasurements due to business combinations to EBITDA. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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. As of 9 November 2020, the Group acquired full control over RS Sprint and RS Sprint entered into fully consolidated scope after having been accounted for as a joint venture under the equity method up to 8 November 2020 see Note 8. |
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 entitys 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 acquirees 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. Currently the only non-controlling interest resulting from business combinations resulted from Engimplan up to December 1, 2020 at which date the Group acquired the remaining 25% stake in Engimplan Engenharia de Implante Industria & Comércio Ltda. See also note 4. |
Description of accounting policy for foreign currency translation [text block] | Foreign currency translation The Groups consolidated financial statements are presented in euros, which is also the parent companys 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 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 in profit or loss. If the contingent consideration is classified as equity, it is not 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 carried investment in a joint venture (RS Print NV) up to 8 November 2020, afterwards the Group acquired full control over RS Sprint as of 9 November 2020. We refer to Note 8 on applied accounting treatment in the Groups consolidated financial statements and to Note 4 regarding the accounting treatment applied in acquiring RS Print NV via a business combination in stages. The Groups investments in its joint venture are accounted for using the equity method up to the moment the Group acquired control. Under the equity method, the investment in the joint venture was initially recognized at cost. The carrying amount of the investment was adjusted to recognize changes in the Groups share of net assets of the joint venture since the acquisition date up to the moment control was obtained after which RS Print NV was fully consolidated.. Goodwill relating to the joint venture was included in the carrying amount of the investment and was not tested for impairment individually. The income statement reflects the Groups 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 Groups 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. If the Groups share of the results in the joint venture equals or exceeds its interest in the joint venture, the Group discontinues recognising its share of further losses. The interest in the joint venture is the carrying amount of the investment in the joint venture together with any long-term interests that in substance form part of the Groups net investment in the joint venture. 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. A liability is recognized to the extent that the Group has an obligation to fund the investees operations or has made payments on behalf of the investee. After applying equity accounting, the investment is tested for impairment when there is an indication of a possible impairment. At each reporting date, the Group determines whether there is objective evidence that an investment in a 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 Groups 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 Machinery: 5-12 years IT assets: 3-5 years Fixtures & Furniture: 10-15 years Vehicles: 2-4 years Leasehold Building Improvements: 10 years Land is not depreciated. 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] | Right-of-use assets and related liabilities Right-of-use assets: The Company recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, the estimated cost of any asset retirement obligation and lease payments made at or before the commencement date less any lease incentives received. Unless the Company is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term: Property leased Assets: Lease terms up to 10 years or useful life of 10-15 years when reasonable certain ownership will be obtained at the end of the lease Leased machines: Lease terms up to 10 years or useful life of 5-10 years when reasonable certain ownership will be obtained at the end of the lease Leased vehicles: Lease terms up to 4 years or useful life of 4 years when reasonable certain ownership will be obtained at the end of the lease Right-of-use assets are subject to impairment. Lease liabilities: At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating a lease, if the lease term reflects the Company exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expense in the period on which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is measured at amortized cost using the effective interest rate method. In addition, the carrying amount of lease liabilities is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Groups estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment.When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Short-term leases and leases of low-value assets: The Company applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option) however this exemption is not applied for property leases. It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value (i.e., below k 5). Lease payments on short-term leases and low-value assets are recognized in the income statement when incurred. |
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 lives, 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 amortization and accumulated impairment losses. Amortization of the asset begins when development is complete and the asset is available for use. It is amortized over the period of expected future benefit, which is determined on a project-by-project basis. Amortization is recorded in cost of sales. During the period of development, the asset is tested for impairment at least annually or whenever there is an indication of impairment. |
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 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; Perpetual licences for ERP & front end software : 10 years; Software with subscription license : subscription term Patents and licenses: 10 years; Acquired customers and Technology: 5-20 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 acquired through business combination 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, assets under construction 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 Groups 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 Groups 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 Trade receivables and debt instruments issued are initially recognized when they are originated. All other financial assets are initially recognized when the Group become a party of the contractual provisions of the instrument. Financial assets are classified at initial recognition, and subsequently measured either at amortized cost, either 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 assets contractual cash flow characteristics and the Groups 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 transaction costs, in the case of a financial asset not at fair value through profit or loss. 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, financial assets are classified in four categories: Financial assets at amorti z e 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 amortized 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 amortized cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, 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 equity investments in the non-listed companies Essentium Inc and AM-Flow BV, as disclosed in Note 10 and Note 20, as financial assets designated at fair value through OCI as this measurement is most representative of the business model for these assets. Gain and losses on these financial assets are never recycled to profit and loss. 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 have the following financial assets classified as financial assets at fair value through profit or loss: derivatives, convertible loans granted to companies Fluidda and Ditto as disclosed in Note 10;. Those financial assets 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. The Group has a factoring agreement in place with one subsidiary whereby its rights to receive the cash flows from the trade receivables are transferred to the factor on a non-recourse basis. The related trade receivables are derecognized at the moment that the cash is received from the factor. 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 recognizes 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 difference between the contractual cash 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 recognized 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). When determining whether the credit risk has increased significantly since initial recognition, the group considers reasonable and supportable information that is relevant and available with undue cost or effort, including both quantitative and qualitative information and analysis, based on the Groups historical experience and informed credit assessments, that includes forward-looking information. The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due. An event of default takes place when the debtor is unlikely to pay its credit obligations to the Group in full or when the financial asset is more than one year past due. |
Description of accounting policy for financial liabilities [text block] | Financial liabilities All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Groups financial liabilities include trade and other payables, loans and borrowings 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. Directly attributable transaction costs are apportioned between the liability and equity components of the convertible debt instrument, based on the allocation of proceeds to the liability and equity components when the instruments are initially recognized. Subsequent to initial recognition, the liability component of a compound financial instrument,is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not remeasured. 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 Groups 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 not accounted for as a defined benefit plan as they are considered to be 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 Groups 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 Groups 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 prototypes and end products involving 3D printing technology is derived from our network of production centers and may include support and services such as pre-production collaboration prior 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. 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 recognized 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. Prototypes 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, the 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 Companys 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 multiple 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 maintenance 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 managements 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 services 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 distinct performance obligation ("PO") based on 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 recognized 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 recognized when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the Group 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. |
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] | 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 deferred 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. |
Description of accounting policy for taxes other than income tax [text block] | 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. |
Explanation of not applied new standards or interpretations [text block] | New and revised standards not yet adopted The 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 Groups future consolidated financial statements: IFRS 17 Insurance Contracts (applicable for annual periods beginning on or after 1 January 2023, but not yet endorsed in the EU) . Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (applicable for annual periods beginning on or after 1 January 2023, but not yet endorsed in the EU) . Amendments to IAS 16 Property, Plant and Equipment: Proceeds before Intended Use (applicable for annual periods beginning on or after 1 January 2022, but not yet endorsed in the EU) . Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets: Onerous Contracts Cost of Fulfilling a Contract (applicable for annual periods beginning on or after 1 January 2022, but not yet endorsed in the EU) . Amendments to IFRS 3 Business Combinations: Reference to the Conceptual Framework (applicable for annual periods beginning on or after 1 January 2022, but not yet endorsed in the EU) . Amendment to IFRS 4 Insurance Contracts deferral of IFRS 9 (applicable for annual periods beginning on or after 1 January 2021 ). Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest Rate Benchmark Reform Phase 2 (applicable for annual periods beginning on or after 1 January 2021) . Annual Improvements to IFRS Standards 20182020 (applicable for annual periods beginning on or after 1 January 2022, but not yet endorsed in the EU) . |
Basis of preparation (Tables)
Basis of preparation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Basis of preparation | |
Restatements impact statement of financial position [text block] | As of December 31, 2019 Restatement impact on statement of financial position in 000 As previously reported IFRS 3 Engimplan As restated Assets Non-current assets Goodwill 20,174 (567) 19,607 Intangible assets 27,395 27,395 Property, plant & equipment 90,331 674 91,005 Right-of-use assets 10,586 − 10,586 Investments in joint ventures 39 − 39 Deferred tax assets 192 − 192 Other non-current assets 9,391 − 9,391 Total non-current assets 158,108 107 158,215 Current assets Inventories and contracts in progress 12,696 − 12,696 Trade receivables 40,977 − 40,977 Other current assets 8,616 − 8,616 Cash and cash equivalents 128,897 − 128,897 Total current assets 191,186 − 191,186 Total assets 349,294 107 349,401 Equity and liabilities Equity Share capital 3,066 − 3,066 Share premium 138,090 − 138,090 Consolidated reserves (195) (61) (256) Other comprehensive loss (1,394) (1) (1,395) Equity attributable to the owners of the parent 139,567 (62) 139,506 Non-controlling interest 3,107 169 3,276 Total equity 142,674 107 142,782 Non-current liabilities Loans & borrowings 104,673 − 104,673 Lease liabilities 6,427 − 6,427 Deferred tax liabilities 5,747 − 5,747 Deferred income 5,031 − 5,031 Other non-current liabilities 697 − 697 Total non-current liabilities 122,575 − 122,575 Current liabilities Loans & borrowings 13,389 − 13,389 Lease liabilities 3,449 − 3,449 Trade payables 18,517 − 18,517 Tax payables 3,363 − 3,363 Deferred income 27,641 − 27,641 Other current liabilities 17,686 − 17,686 Total current liabilities 84,045 − 84,045 Total equity and liabilities 349,294 107 349,402 |
Restatements impact income statement [text block] | For the year ended December 31, 2019 Restatement impact on income statement in 000 Notes As previously reported IFRS 3 Engimplan As restated Revenue 196,679 196,679 Cost of sales (86,972) (80) (87,052) Gross profit 109,707 (80) 109,627 Research and development expenses (23,348) − (23,348) Sales and marketing expenses (52,989) − (52,989) General and administrative expenses (31,786) − (31,786) Net other operating income / (expenses) 5,432 − 5,432 Operating profit (loss) 7,016 (80) 6,936 Financial expenses (3,682) − (3,682) Financial income 1,377 − 1,377 Share in loss of joint venture (392) − (392) Loss before taxes 4,319 (80) 4,239 Income taxes (2,595) − (2,595) Net loss for the year 1,724 (80) 1,644 Net loss attributable to: The owners of the parent 1,646 (60) 1,586 Non-controlling interest 78 (20) 58 |
Business combinations (Tables)
Business combinations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about business combination [abstract] | |
Acquisition of Engimplan [text block] | in 000 Carrying value at acquisition date Fair value adjust- ments Fair value at acquisi- tion date Assets Software 214 214 Customer relations − 2,530 2,530 Trademarks − 556 556 Other intangible assets 9 − 9 Property, plant & equipment 2,268 838 3,106 Right-of-use assets 633 − 633 Other non-current financial assets 3 − 3 Inventory 2,084 96 2,180 Trade receivables 1,802 − 1,802 Other current assets 391 − 391 Cash from capital increase 5,750 − 5,750 Cash & cash equivalents 316 − 316 Total Assets 13,470 4,020 17,490 Liabilities Deferred income (83) − (83) Loans & borrowings (1,443) − (1,443) Lease liabilities (633) − (633) Trade payables (271) − (271) Tax payables (100) − (100) Payroll related payables (298) − (298) Other liabilities (914) − (914) Total Liabilities (3,742) − (3,742) Total identified assets and liabilities 9,728 4,020 13,748 Goodwill − − 2,071 Non-controlling interest − − (3,422) Acquisition price − − 12,397 Cash & cash equivalents acquired (316) Cash from capital increase (5,750) Acquisition price in cash 12,397 Total cash flow 6,331 |
Acquisition of RS Print [text block] | in 000 Carrying value at acquisition date Fair value adjust- ments Fair value at acquisi- tion date Assets Developed technology − 4,820 4,820 Customer relations − 248 248 Other intangible assets 86 2,862 2,948 Property, plant & equipment 220 − 220 Right-of-use assets 24 − 24 Other non-current financial assets 64 − 64 Inventory 794 265 1,059 Trade receivables 1,096 − 1,096 Other current assets 1,001 − 1,001 Cash & cash equivalents 189 − 189 Total Assets 3,474 8,195 11,669 Liabilities Deferred tax liabilities − (2,049) (2,049) Loans & borrowings (1,877) − (1,877) Lease liabilities (24) − (24) Trade payables (645) − (645) Payroll related payables (85) − (85) Other liabilities (262) − (262) Total Liabilities (2,893) (2,049) (4,942) Total identified assets and liabilities 581 6,146 6,727 Goodwill − 2,918 2,918 Acquisition price − − 9,645 Cash & cash equivalents acquired (189) Acquisition price in cash RS Print shares 5,220 Acquisition price in cash RS Scan assets 3,000 Total cash flow 8,031 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Non-current Assets [Abstract] | |
Disclosure of information for cash-generating units [text block] | As of December 31, in 000 2020 2019* 2018 CGU: MAT Software 3,241 3,241 3,241 CGU: e-Prototypy 749 800 794 CGU: ACTech 8,812 8,812 8,812 CGU: OrthoView 4,445 4,683 4,467 CGU: MAT NV Manufacturing (Metal) 177 177 177 CGU: Engimplan − 1,894 − CGU: RS Print 2,918 − − Total 20,342 19,607 17,491 * The year 2019 has been restated to reflect the final accounting of the business combination with Engimplan. See additional information in Notes 2 and 4. |
Disclosure of reconciliation of changes in goodwill [text block] | in 000 Gross Impair- ment Total At January 1, 2018 17,656 (104) 17,552 Additions − − − Impairment − − − Currency translation (61) − (61) At December 31, 2018 17,595 (104) 17,491 Additions 1,864 − 1,864 Currency translation 252 − 252 At December 31, 2019* 19,711 (104) 19,607 Additions 2,918 − 2,918 Impairment − (1,367) (1,367) Currency translation (816) − (816) At December 31, 2020 21,813 (1,471) 20,342 |
Disclosure of sensitivity analysis Engimplan impairment [text block] | Sensitivity analysis Engimplan impairment As of December 31,2020 Relevant assumption Change applied Evolution of the value-in-use in 000 WACC 1% 630 WACC -1% (510) Perpetual Growth 3.5% 1,340 Perpetual Growth -3.5% (655) Revenue & gross profit growth 5% 1,960 Revenue & gross profit growth -5% (1,960) |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 Developed technology and software under construction Total Acquisition value At January 1, 2018 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 Additions 209 656 − 1,328 2,193 Acquisition of a subsidiary 38 214 3,048 9 3,309 Disposals − (45) (32) − (77) Transfer between accounts (109) 1,601 − (988) 504 Currency translation 1 (10) 86 20 97 Other 3 10 − (32) (19) At December 31, 2019 4,436 10,667 28,681 1,652 45,436 Additions 378 3,072 − 3,168 6,618 Acquisition of a subsidiary − − 7,931 86 8,017 Disposals (226) (2,227) − (68) (2,521) Transfer between accounts 75 47 − (180) (58) Currency translation (1) (65) (1,128) − (1,194) Other − − − − − At December 31, 2020 4,662 11,494 35,484 4,658 56,298 in 000 Patents and licenses Software Acquired customers, technology and backlogs Developed technology and software under construction Total Amortization & Impairments At January 1, 2018 (2,766) (2,985) (3,379) − (9,130) Amortization 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) Amortization charge for the year (246) (2,582) (2,031) − (4,859) Disposals − 23 − − 23 Transfer between accounts 109 (96) − − 13 Currency translation − (25) (126) − (151) Other − 20 16 − 36 At December 31, 2019 (2,798) (7,740) (7,503) − (18,041) Amortization charge for the year (465) (2,223) (2,021) − (4,709) Impairments − − (1,149) (2,090) (3,239) Disposals 211 2,119 − (22) 2,308 Transfer between accounts − 109 − − 109 Currency translation 1 14 240 − 255 Other − − − − − At December 31, 2020 (3,051) (7,721) (10,433) (2,112) (23,317) Net carrying value At December 31, 2020 1,611 3,773 25,051 2,546 32,981 At December 31, 2019 1,638 2,927 21,178 1,652 27,395 At December 31, 2018 1,633 3,161 20,217 1,315 26,326 At January 1, 2018 1,731 4,653 22,216 − 28,600 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 Right-of-use assets Construc- tion in progress Total Acquisition value At January 1, 2019 45,777 77,557 14,327 3,002 140,663 Impact of adoption of IFRS 16 − − 4,984 − 4,984 Additions 302 7,363 3,429 5,807 16,901 Acquired from business combinations* 61 3,046 633 17 3,757 Disposals (37) (6,091) (753) − (6,881) Transfers (3,360) 7,077 117 (4,338) (504) Currency Translation 150 199 8 6 363 Other** − (73) (1,099) (80) (1,252) At December 31, 2019* 42,893 89,078 21,646 4,414 158,031 Additions 256 2,600 4,567 8,175 15,598 Acquired from business combinations − 220 24 − 244 Disposals − (2,953) (1,657) (38) (4,648) Transfers (15) 7,961 (4,010) (3,886) 50 Currency Translation (717) (2,486) (423) (26) (3,652) At December 31, 2020 42,417 94,420 20,147 8,639 165,623 Depreciation At January 1, 2019 (6,071) (33,307) (8,441) (307) (48,126) Depreciation charge for the year * (1,199) (9,162) (4,058) − (14,419) Disposals 36 5,704 359 − 6,099 Transfers 200 (1,551) 1,031 307 (13) Currency Translation (25) (190) (2) − (217) Other 220 (34) 51 − 237 At December 31, 2019* (6,839) (38,540) (11,060) − (56,439) Depreciation charge for the year (1,223) (10,205) (3,504) − (14,932) Disposals − 2,632 1,518 − 4,150 Impairment − − − − − Transfers (11) (3,961) 3,810 − (162) Currency Translation 66 872 85 − 1,023 At December 31, 2020 (8,007) (49,202) (9,151) − (66,360) Net book value At December 31, 2020 34,410 45,218 10,996 8,639 99,263 At December 31, 2019* 36,054 50,538 10,586 4,414 101,592 At January 1, 2019 39,706 44,250 5,886 2,695 92,537 in 000 Land and buildings Plant and equipment Finance leases Construc- tion in progress Total Acquisition value At January 1, 2018 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, 2018 (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 January 1, 2018 35,680 39,951 7,680 3,754 87,065 |
Disclosure of quantitative information about right-of-use assets [text Block] | in 000 Buildings Vehicles Equipment Total Acquisition value At January 1, 2020 6,488 4,275 10,883 21,646 Additions 2,397 1,738 433 4,568 Acquired from business combinations − − 24 24 Modifications − − − − Disposals (1,214) (291) (152) (1,657) Currency Translation (372) (10) (41) (423) Transfers 275 (1,157) (3,129) (4,011) Other − − − − At December 31, 2020 7,574 4,555 8,018 20,147 Depreciation At January 1, 2020 (2,705) (2,030) (6,325) (11,060) Depreciation charge for the year (1,620) (1,129) (755) (3,504) Acquired from business combinations − − − − Modifications − − − − Disposals 1,175 272 71 1,518 Currency Translation 47 4 33 84 Transfers 446 992 2,373 3,811 Other − − − − At December 31, 2020 (2,657) (1,891) (4,603) (9,151) Net book value At December 31, 2020 4,917 2,664 3,415 10,996 At January 1, 2020 3,783 2,245 4,558 10,586 |
Disclosure of Property, plant and equipment - Income statement impact [text block] | (in 000) 2020 Depreciation expense (3,504) Interest expense on lease liabilities (142) Expenses related to short-term leases/ low-value assets/ variable lease payments (554) |
Disclosure of Property, plant and equipment - Potential future cashflows following the extensions [text block] | (in 000) 2020 Potential (non-discounted) cash flows for terminations options that are not reasonably certain to be exercised: 8 Potential (non-discounted) cash flows for extensions options that are reasonably certain to be exercised 1,293 |
Investments in joint ventures (
Investments in joint ventures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of joint ventures [abstract] | |
Disclosure of joint ventures table [Text block] | in 000 2020 2019 2018 Joint ventures statement of financial position Current assets − 1,546 850 Non-current assets − 93 114 Goodwill − − − Current liabilities − (1,114) (756) Non-current liabilities − (448) (1,096) Shareholders deficit (surplus) − (77) 888 The joint venture income (loss) Revenue − 1,736 1,186 Profit (loss) − (785) (876) |
Disclosure of movement carrying value of joint venture [text block] | in 000 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 Additional investment 875 Transfer from receivables (444) Share in loss (392) Carrying value as of December 31, 2019 39 Additional investment − Transfer to receivables − Share in loss of the Joint venture (39) Gain from remeasurement previously held equity method investment at fair value 770 Accounted for as Business Combination (770) Carrying value as of December 31, 2020 − |
Inventories and contracts in pr
Inventories and contracts in progress (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory and contract in progress [abstract] | |
Disclosure of inventories and contracts in progress [text block] | As of December 31, in 000 2020 2019 2018 Raw materials 4,974 7,400 5,616 Work in progress 1,766 2,806 2,151 Finished goods 2,554 1,995 1,390 Contracts in progress 749 495 829 Total inventories and contracts in progress 10,043 12,696 9,986 |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other assets [abstract] | |
Disclosure of other non-current assets table [text block] | Other non-current assets As of December 31, in 000 2020 2019 2018 Tax credits 3,381 3,015 3,006 Guarantees and deposits 528 415 405 Non-current receivable on joint venture 138 1,096 Other 184 27 29 Total non-current assets 4,093 3,595 4,536 |
Disclosure of investments in convertible loans [text block] | Investments in convertible loans As of December 31, in 000 2020 2019 2018 Convertible loan 6,203 2,750 Total non-current assets 6,203 2,750 − |
Disclosure of investments in non-listed equity instruments [text block] | Investments in non-listed equity instruments As of December 31, in 000 2020 2019 2018 Non-listed equity investments 3,842 3,046 2,701 Total non-current assets 3,842 3,046 2,701 |
Disclosure of other current assets table [text block] | As of December 31, in 000 2020 2019 2018 Deferred charges 2,841 2,632 2,046 Tax credits 1,243 695 185 Accrued income 260 486 958 Other tax receivables 1,125 3,127 2,286 Grants 1,181 754 687 Other non-trade receivables 1,640 922 774 Total other current assets 8,290 8,616 6,936 |
Trade receivables (Tables)
Trade receivables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Trade and other receivables [abstract] | |
Disclosure of trade receivables [text block] | As of December 31, in 000 2020 2019 2018 Trade receivables 32,346 42,509 38,764 Allowance for doubtful accounts (1,475) (1,532) (1,873) Total 30,871 40,977 36,891 |
Disclosure of impairment loss (reversal of impairment loss) on trade receivables [text block] | in 000 At January 1, 2018 (990) Addition (1,284) Usage 182 Reversal 219 At December 31, 2018 (1,873) At January 1, 2019 (1,873) Addition (141) Usage 131 Reversal 351 At December 31, 2019 (1,532) Addition (852) Usage 301 Reversal 608 At December 31, 2020 (1,475) |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Cash and cash equivalents [abstract] | |
Disclosure of cash and cash equivalents tables [text block] | As of December 31, in 000 2020 2019 2018 Cash at bank 108,399 123,337 105,846 Cash equivalents 3,139 5,560 9,660 Total 111,538 128,897 115,506 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Disclosure of classes of share capital [text block] | in 000, except share data Total number of ordinary shares Total share- holders' capital Total share- premium Outstanding at January 1, 2018 47,325,438 2,729 79,839 Capital increase in cash - public offering 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 at January 1, 2019 52,890,761 3,050 136,637 Capital increase via exercise of warrants 281,752 16 1,252 Equity settled share-based payments expense − − 201 Outstanding at January 1, 2020 53,172,513 3,066 138,090 Capital increase via exercise of warrants 487,840 30 3,082 Capital increase via exercise of convertible bonds 508,904 1,000 − Equity settled share-based payments expense − − 103 Merger with Ailanthus NV 13,428,688 1,862 − Cancellation treasury shares (Ailanthus NV) (13,428,688) (1,862) − Outstanding on December 31, 2020 54,169,257 4,096 141,275 |
Disclosure of reserves within equity [text block] | As of December 31, in 000 2020 2019* 2018 Legal reserve 279 279 279 Other reserves 2,574 (335) (335) Equity-settled-based payment expense 72 72 65 Other Comprehensive Income (loss) (7,796) (1,394) (1,850) Other reserves (4,871) (1,378) (1,841) |
Disclosure of analysis of other comprehensive income [text block] | in '000 Currency Translation Differences & Other Fair value adjustment equity investments Total OCI attributable to the shareholder At January 1, 2018 (1,803) (1,803) Currency translation impact (47) − (47) At December 31, 2018 (1,850) − (1,850) Currency translation impact 456 − 456 At December 31, 2019 (1,394) − (1,394) Currency translation impact (6,025) − (6,025) Fair value adjustment − 489 489 Acquisition non-controlling interest - OCI (866) − (866) At December 31, 2020 (8,285) 489 (7,796) |
Share based payment plans (Tabl
Share based payment plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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] | 2020 2019 2018 Outstanding at January 1* 965,052 1,318,049 1,458,360 Granted 2,000 Forfeited / Cancelled (41,443) (42,952) (69,104) Exercised (515,887) (310,045) (73,207) Outstanding at December 31* 407,722 965,052 1,318,049 Exercisable at December 31 123,305 296,859 252,793 |
Disclosure of terms and conditions of share-based payment plan arrangements of the 2013 warrant plan [text block] | 2020 2019 2018 Outstanding at January 1 118,376 300,040 320,640 Granted − Forfeited / Cancelled (1,875) (3,500) (1,500) Exercised (116,501) (178,164) (19,100) Outstanding at December 31 − 118,376 300,040 Exercisable at December 31 − 15,300 89,892 |
Disclosure of terms and conditions of share-based payment plan arrangements of the IPO warrant plan [text block] | 2020 2019 2018 Outstanding at January 1 465,212 589,052 671,503 Granted − Forfeited / Cancelled (27,247) (20,252) (42,209) Exercised (201,239) (103,588) (40,242) Outstanding at December 31 236,726 465,212 589,052 Exercisable at December 31 95,575 169,071 114,012 |
Disclosure of terms and conditions of share-based payment plan arrangements of the 2015 warrant plan [text block] | 2020 2019 2018 Outstanding at January 1 310,400 325,200 329,000 Granted 2,000 Forfeited / Cancelled (6,400) (14,800) (5,800) Exercised (170,100) − − Outstanding at December 31 133,900 310,400 325,200 Exercisable at December 31 15,100 96,500 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] | 2020 2019 2018 Outstanding at January 1 71,064 103,757 137,217 Granted − Forfeited / Cancelled (5,921) (4,400) (19,595) Exercised (28,047) (28,293) (13,865) Outstanding at December 31 37,096 71,064 103,757 Exercisable at December 31 12,630 15,988 16,189 |
Disclosure of inputs into the model of cash settled share-based payment plans [text block] | 2020 2019 2018 Return dividend 0% 0% 0% Expected volatility 84% 49% 49% Risk-free interest rate -0.34% 0.10% 0.77% Expected life 0.25 0.25 1.25 Exercise price (in ) 8.81 8.81 8.81 Stock price (in ) 44.20 16.32 17.49 Fair value SAR (in ) 35.38 7.52 9.09 |
Disclosure of terms and conditions of share-based payment plan arrangements of the Rapidfit+ plan [text block] | 2020 2019 2018 Outstanding at January 1 186 199 199 Granted − Forfeited / Cancelled − (13) − Exercised − − − Outstanding at December 31 186 186 199 Exercisable at December 31 186 184 − |
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, 2020 | |
Debt instruments held [abstract] | |
Disclosure of detailed information about borrowings [text block] | As of December 31 in 000 2020 2019 2018 K35,000 EIB bank loan 35,000 35,000 10,000 K28,000 acquisition bank loan 18,621 21,612 24,576 K18,000 secured bank loans 17,013 17,429 17,739 K12,300 bank loans ACTech 10,470 11,850 12,300 K9,050 other facility loans 2,910 3,599 4,299 Bank investment loans - top 20 outstanding 17,280 22,132 23,801 Bank investment loans - other 2,681 4,429 3,808 Lease liabilities (2018: Finance leases) 10,624 9,876 6,809 Institutional loan 353 824 1,492 Convertible bonds − 1,000 1,000 Related party loan 158 187 214 Total loans and borrowings 115,110 127,938 106,038 Current 17,523 16,838 13,598 Non-Current 97,588 111,100 92,440 |
Disclosure of reconciliation of liabilities arising from financing activities [text block] | For the year ended December 31 in 000 2020 2019 2018 At January 1, 127,938 106,038 94,557 Proceeds from loans & borrowings − 29,000 32,554 Repayment of loans & borrowings (13,736) (12,126) (18,820) New leases 4,626 8,326 792 Repayment of leases (3,640) (5,283) (3,102) Loans acquired from business combination − 2,076 − Net foreign exchange movements (78) (92) 57 At December 31, 115,110 127,938 106,038 |
Other non-current liabilities (
Other non-current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Miscellaneous non-current liabilities [abstract] | |
Disclosure other non-current liabilities [text block] | As of December 31, in 000 2020 2019 2018 Provisions 318 122 82 Other 80 574 786 Total 398 696 868 |
Deferred income (Tables)
Deferred income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accruals and deferred income [abstract] | |
Disclosure of information about deferred income [text block] | As of December 31 in 000 2020 2019 2018 Deferred maintenance & license 30,242 27,667 22,606 Deferred (project) fees 4,555 4,647 4,838 Deferred government grants 85 358 338 Total 34,882 32,672 27,782 current 29,555 27,641 23,195 non-current 5,327 5,031 4,587 |
Other current liabilities (Tabl
Other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Miscellaneous current liabilities [abstract] | |
Disclosure of detailed information of other current liabilities [text block] | As of December 31 in 000 2020 2019 2018 Payroll-related liabilities 11,152 10,281 10,111 Non-income tax payables 3,018 2,262 2,175 Accrued charges 995 1,080 789 Advances received 404 715 713 RapidFit+ amounts payable to former shareholders 875 875 845 CENAT amounts payable to former shareholders − − 450 Derivatives 140 478 − Cash settled share-based payment plan 1,223 − − Other current liabilities 888 1,995 259 Total 18,695 17,686 15,342 |
Fair value (Tables)
Fair value (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 2020 2019 2018 2020 2019 2018 Financial assets Debt instruments measured at amortized cost Trade receivables (current) 30,871 40,977 36,891 30,871 40,977 36,891 Other financial assets (non-current) 712 580 1,530 712 580 1,530 Other current non-trade receivables 1,618 1,676 1,461 1,618 1,676 1,461 Cash & cash equivalents 111,538 128,897 115,506 111,538 128,897 115,506 Total debt instruments 144,739 172,130 155,388 144,739 172,130 155,388 Financial assets at fair value through profit or loss Derivatives 23 9 117 Convertible loan 6,203 2,750 Total financial assets measured at fair value 6,226 2,759 117 Equity instruments designated at fair value through OCI Non-listed equity investments 3,842 3,046 2,701 − − − Total Equity instruments designated at fair value through OCI 3,842 3,046 2,701 − − − |
Disclosure of fair value measurement of liabilities [text block] | Carrying value Fair value in 000 2020 2019 2018 2020 2019 2018 Financial liabilities measured at amortized cost Loans & Borrowings including lease liabilities 115,110 127,939 106,037 116,843 128,930 105,026 Trade payables 17,698 18,517 18,667 17,698 18,517 18,667 Other liabilities excl. written put option on NCI 1,275 3,187 778 1,275 3,187 778 Total financial liabilities measured at amortized cost 134,083 149,643 125,482 135,816 150,634 124,471 Financial liabilities measured at fair value Contingent consideration − − 450 − − − Cash settled share based payments 1,223 − 786 − − − Written put option on NCI 875 875 845 − − − Derivatives 140 478 194 − − − Total financial liability measured at fair value 2,238 1,353 2,275 − − − Total non-current 98,543 112,549 94,521 − − − Total current 37,778 38,447 33,236 − − − |
Disclosure of financial assets at fair value through profit or loss [text block] | Convertible Loans Ditto & Fluidda Fair Value Evolution in 000 2020 2019 2018 As at 1 January 2,750 Addition 2,830 2,500 − Remeasurement 316 − − Capitalized interests 307 250 − As at 31 December 6,203 2,750 − |
Disclosure of financial liabilities at fair value through profit or loss [text block] | Written Put Option on NCI RapdFit+ Fair Value Evolution in 000 2020 2019 2018 As at 1 January 875 845 788 Remeasurement − 30 57 As at 31 December 875 875 845 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of operating segments [abstract] | |
Disclosure segment information [text block] | in 000 Materialise Software Materialise Medical Materialise Manufacturing Total segments Unallocated (1) Consolidated For the year ended December 31, 2020 Revenues 39,054 61,729 69,635 170,418 31 170,449 Segment Adjusted EBITDA 13,383 13,915 2,548 29,847 (9,468) 20,378 Segment Adjusted EBITDA % 34.3% 22.5% 3.7% 17.5% − 12.0% For the year ended December 31, 2019 Revenues 41,654 60,808 94,156 196,618 61 196,679 Segment Adjusted EBITDA 13,812 10,774 12,154 36,740 (10,084) 26,656 Segment Adjusted EBITDA % 33.2% 17.7% 12.9% 18.7% − 13.6% For the year ended December 31, 2018 Revenues 37,374 52,252 94,956 184,582 139 184,721 Segment Adjusted EBITDA 11,536 10,252 10,785 32,573 (9,047) 23,526 Segment Adjusted EBITDA % 30.9% 19.6% 11.4% 17.6% − 12.7% |
Disclosure of segment EBITDA [text block] | For the year ended December 31, in 000 2020 2019* 2018 Segment Adjusted EBITDA 29,847 36,740 32,573 Depreciation, amortization and impairment (19,775) (19,278) (17,287) Corporate research and development (2,824) (1,859) (1,913) Corporate headquarter costs (11,719) (11,077) (10,358) Other operating income (expense) 3,668 2,410 2,149 Fair value adjustment 50% RS Print 770 − − Impairments (4,606) − − Operating (loss)/ profit (4,639) 6,936 5,164 Financial expenses (5,995) (3,682) (4,864) Financial income 2,452 1,377 3,627 Income taxes 949 (2,595) (425) Share in loss of joint venture (39) (392) (475) Net profit (loss) for the year (7,272) 1,644 3,027 |
Disclosure of revenue by geographical areas [text block] | As of December 31, in 000 2020 2019 2018 United States of America 47,266 56,235 42,217 Americas other than USA 5,297 3,395 1,700 Belgium 7,048 7,917 9,350 Germany 17,087 31,185 30,436 France 11,586 20,110 22,282 Switzerland 12,587 14,907 13,135 United Kingdom 7,725 13,804 11,946 Italy 5,876 6,707 4,392 Netherlands 6,943 5,825 7,382 Other Europe 31,518 17,329 21,455 Asia Pacific 17,516 19,265 20,426 Total 170,449 196,679 184,721 |
Disclosure of non-current assets by geographical areas [text block] | As of December 31, in 000 2020 2019 2018 United States of America (USA) 3,441 4,194 3,953 Americas other than USA 3,454 8,374 62 Belgium 62,810 49,426 48,873 Germany 58,305 57,918 56,096 Poland 13,437 15,506 16,206 Rest of Europe 9,087 10,410 10,125 Asia-Pacific 2,052 2,658 1,039 Total 152,586 148,486 136,354 |
Income and expenses (Tables)
Income and expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of income and expenses [abstract] | |
Disclosure of revenue from contracts with customers [text block] | For the year ended December 31, 2019 in 000 Materialise Software Materialise Medical Materialise Manufacturing Total segments Unallocated Consolidated Geographical markets United States of America (USA) 11,188 29,100 15,947 56,235 − 56,235 Americas other than USA 487 2,071 837 3,395 − 3,395 Europe (without Belgium) & Africa 18,767 21,356 69,744 109,867 − 109,867 Belgium 183 2,101 5,572 7,856 61 7,917 Asia Pacific 11,029 6,180 2,056 19,265 19,265 Total revenue from contracts with customers 41,654 60,808 94,156 196,618 61 196,679 Type of goods or service Software revenue (non-medical) 41,654 − − 41,654 − 41,654 Software revenue (medical) − 19,407 − 19,407 − 19,407 Medical devices and services − 41,401 − 41,401 − 41,401 Manufacturing − − 94,156 94,156 − 94,156 Other − − − − 61 61 Total revenue from contracts with customers 41,654 60,808 94,156 196,618 61 196,679 Timing of revenue recognition Goods/Services transferred at a point in time 21,190 45,730 88,988 155,908 61 155,969 Goods/Services transferred over time 20,464 15,078 5,168 40,710 − 40,710 Total revenue from contracts with customers 41,654 60,808 94,156 196,618 61 196,679 For the year ended December 31, 2020 in 000 Materialise Software Materialise Medical Materialise Manufacturing Total segments Unallocated Consolidated Geographical markets United States of America (USA) 11,939 28,173 7,153 47,265 − 47,265 Americas other than USA 533 4,504 260 5,297 − 5,297 Europe (without Belgium) & Africa 15,702 20,781 56,840 93,323 − 93,323 Belgium 112 2,335 4,570 7,017 31 7,048 Asia Pacific 10,768 5,936 812 17,516 − 17,516 Total revenue from contracts with customers 39,054 61,729 69,635 170,418 31 170,449 Type of goods or service Software revenue (non-medical) 39,054 − − 39,054 − 39,054 Software revenue (medical) − 19,808 − 19,808 − 19,808 Medical devices and services − 41,921 − 41,921 − 41,921 Manufacturing − − 69,635 69,635 − 69,635 Other − − − − 31 31 Total revenue from contracts with customers 39,054 61,729 69,635 170,418 31 170,449 Timing of revenue recognition Goods/Services transferred at a point in time 15,536 46,286 66,824 128,646 31 128,677 Goods/Services transferred over time 23,518 15,443 2,811 41,772 − 41,772 Total revenue from contracts with customers 39,054 61,729 69,635 170,418 31 170,449 |
Disclosure of revenue by category [text block] | For the year ended December 31 in 000 2020 2019 2018 Software revenue (non-medical) 39,054 41,654 37,374 Software revenue (medical) 19,808 19,407 17,045 Medical devices and services 41,921 41,401 35,207 Manufacturing 69,635 94,156 94,956 Other 31 61 139 Total 170,449 196,679 184,721 |
Disclosure of contract balances [text block] | As of December 31, in 000 2020 2019 Trade receivables, included in 'trade and other receivables' 32,345 42,509 Contract assets / contracts in progress 749 495 Contract liabilities / deferred income 34,797 32,314 |
Disclosure of Cost of sales [text block] | For the year ended December 31 in 000 2020 2019* 2018 Purchase of goods and services (31,725) (37,870) (39,114) Amortization and depreciation (11,788) (10,917) (9,910) Payroll expenses (32,438) (37,715) (33,036) Other expenses (495) (550) (239) Total (76,446) (87,052) (82,299) |
Disclosure of Research and Development Expense [text block] | For the year ended December 31 in 000 2020 2019 2018 Purchase of goods and services (2,788) (2,583) (3,590) Amortization and depreciation (1,746) (1,483) (830) Payroll expenses (20,368) (19,219) (17,935) Other (2,202) (63) (61) Total (27,104) (23,348) (22,416) |
Disclosure of Sales and marketing expenses [text block] | For the year ended December 31 in 000 2020 2019 2018 Purchase of goods and services (5,960) (9,228) (9,775) Amortization and depreciation (1,946) (1,346) (725) Payroll expenses (36,521) (42,055) (35,585) Other (209) (360) (218) Total (44,636) (52,989) (46,303) |
Disclosure of General and Administrative Expenses [text block] | For the year ended December 31 in 000 2020 2019 2018 Purchase of goods and services (8,933) (9,856) (9,892) Amortization and depreciation (2,437) (3,630) (3,828) Payroll expenses (18,104) (18,078) (18,442) Other 137 (222) (148) Total (29,337) (31,786) (32,310) |
Disclosure of net other operating incomes expenses [text block] | For the year ended December 31 in 000 2020 2019* 2018 Government grants 4,473 5,263 4,658 Amortization intangibles purchase price allocation (1,857) (2,013) (1,994) Allowance for doubtful debtors (244) 210 (1,065) Capitalized expenses (asset construction) 316 166 16 Net foreign currency exchange gains / (losses) − − 246 Tax Credits 1,198 665 706 Fair value adjustment Cenat liability − − 192 Personnel related income − 37 168 Fair value adjustment RS Print 770 − − Impairment Engimplan (2,516) − − Other 296 1,104 844 Total 2,436 5,432 3,771 |
Disclosure of Payroll Expenses [text block] | For the year ended December 31 in 000 2020 2019 2018 Short-term employee benefits (82,135) (87,775) (76,023) Social security expenses (15,691) (15,647) (14,139) Expenses defined contribution plans (1,150) (1,033) (936) Other employee expenses (8,455) (12,612) (13,900) Total (107,431) (117,067) (104,998) Total registered employees at the end of the period 2,162 2,177 2,009 |
Disclosure of financial expenses [text block] | For the year ended December 31 in 000 2020 2019 2018 Interest expense (2,299) (2,146) (1,747) Foreign currency losses (2,999) (832) (2,748) Other financial expenses (697) (704) (369) Total (5,995) (3,682) (4,864) |
Disclosure of financial income [text block] | For the year ended December 31 in 000 2020 2019 2018 Foreign currency exchange gains 1,668 955 3,047 Other finance income 784 422 580 Total 2,452 1,377 3,627 |
Income tax and deferred tax (Ta
Income tax and deferred tax (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income tax and deferred tax [abstract] | |
Disclosure of income tax [text block] | As of December 31, in 000 2020 2019 2018 Estimated tax liability for the year 4 (2,926) (1,216) Tax adjustments to the previous year − − − Deferred income taxes 945 331 791 Total income tax benefit (expense) for the period 949 (2,595) (425) |
Disclosure of deferred taxes [text block] | Asset/(liability) Income/(expense) in 000 2020 2019 2018 2020 2019 2018 Tax losses, notional interest deduction and other tax benefits − − 26 − − − Amortization development assets and other intangible assets 75 38 224 − − − Depreciation property, plant & equipment 125 70 30 − − − Other items 1 84 35 − − − Total deferred tax assets 201 192 315 9 (124) 11 Property, plant & equipment (209) (403) (694) − − − Intangible assets (6,414) (4,937) (5,370) − − − Investment grants (227) (301) (312) − − − Inventory valuation (31) (89) 141 Other items 76 (17) 9 Total deferred tax liabilities (6,805) (5,747) (6,226) (1,058) 455 780 Total deferred tax income (expense) − − − (1,049) 331 791 |
Disclosure of relationship between tax expense and accounting profit [text block] | For the year ended December 31 in 000 2020 2019* 2018 Profit (loss) before taxes (8,221) 4,239 3,452 Income tax at statutory rate of 25% (2019-2018: 29.58%) 2,045 (1,254) (1,021) Effect of different local tax rate 529 63 166 Tax adjustments to the previous period (231) (367) 80 Non-deductible expenses (584) (554) (1,141) Research and development tax credits & patent income deduction 375 179 337 Non recognition of deferred tax asset (723) (1,579) (546) Recognition of deferred tax assets on previous year's tax losses − 119 653 Non-taxable income 503 925 606 Use of previous year's tax losses and tax credits for which no deferred tax assets was recognized 135 − − Taxes on other basis (993) − 280 Other (107) (127) 161 Income tax benefit (expense) as reported in the consolidated income statement 949 (2,595) (425) * The year 2019 has been restated to reflect the final accounting of the business combination with Engimplan. See additional information in Notes 2 and 4. |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings per share [abstract] | |
Net profit (loss) used for the earnings per share calculation [text block] | For the year ended December 31 in 000 2020 2019* 2018 Net profit (loss) attributable to ordinary equity holders of the parent for basic earnings (7,124) 1,586 3,027 Interest on convertible bonds − 50 50 Net profit (loss) attributable to ordinary equity holders of the parent adjusted for the effect of dilution (7,124) 1,636 3,077 * The year 2019 has been restated to reflect the final accounting of the business combination with Engimplan. See additional information in Notes 2 and 4. |
Share data used for the earnings per share calculation [text block] | For the year ended December 31 in 000 2020 2019 2018 Weighted average number of ordinary shares for basic earnings per share 53,364 52,915 49,806 Effect of dilution: Share options − 563 382 Convertible loan − 509 509 Weighted average number of ordinary shares adjusted for effect of dilution 53,364 53,987 50,697 |
Earnings per share [text block] | For the year ended December 31 2020 2019 2018 Earnings per share attributable to the owners of the parent Basic (0.13) 0.03 0.06 Diluted (0.13) 0.03 0.06 |
Commitments and contingent li_2
Commitments and contingent liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Capital commitments [abstract] | |
Disclosure of Operational lease commitments [Text Block] | As of December 31, in 000 2020 2019 2018 Within one year 2,053 Between one and three years − − 2,302 Between four and five years − − 785 More than five years − − 302 Total − − 5,442 |
Disclosure of future minimum lease payments [text block] | December 31, 2020 December 31, 2019 December 31, 2018 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 Between one and three years − 3,398 3,236 Between four and five years − − − − 655 604 More than five years − − − − 149 140 Total − − − − 7,078 6,809 Less finance charges − − − − (269) − Present value of minimum lease payments − − − − 6,809 6,809 |
Risks (Tables)
Risks (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 Loans & borrowings 15,335 36,819 34,928 23,565 110,647 Lease liabilities 3,831 4,850 1,570 1,420 11,671 Trade payables 17,698 − − − 17,698 Other current liabilities and advances received 3,798 − − − 3,798 Total 40,662 41,669 36,498 24,985 143,814 Less than 1 year 2 to 3 years 4-5 years More than 5 years Total At December 31, 2019 Loans & borrowings 14,300 33,034 41,672 34,447 123,453 Lease liabilities 3,685 4,907 1,040 720 10,352 Trade payables 18,517 18,517 Other current liabilities 4,063 − 4,063 Total 40,565 37,941 42,712 35,167 156,385 Less than 1 year 2 to 3 years 4-5 years More than 5 years Total At December 31, 2018 Loans & 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 |
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, 2020 30,871 25,707 3,176 858 423 327 380 December 31, 2019 40,977 31,528 4,924 2,094 733 981 717 December 31, 2018 36,891 26,208 5,395 1,479 931 1,512 1,366 |
Overview of consolidated enti_2
Overview of consolidated entities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Overview of consolidated entites [abstract] | |
Disclosure of interests in subsidiaries [Text block] | 28 Overview of consolidated entities Name Country of incorporation % equity interest* 2020 2019 2018 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% Meridian Technique Limited United Kingdom 100% 100% 100% OrthoView Holdings Limited United Kingdom 100% 100% 100% Materialise SA Poland 100% 100% 100% Materialise Colombia SAS Colombia 100% 100% 100% RSPRINT powered by Materialise NV Belgium 100% 50% 50% Materialise Shanghai Co.Ltd China 100% 100% 100% Engimplan Engenharia de Implante Industria & Comércio Ltda Brazil 100% 75% Engimplan Holding Ltda Brazil 100% 100% Materialise Limited South-Korea 100% Materialise Australia PTY Ltd Australia 100% 100% 100% Materialise S.R.L. Italy 100% 100% 100% ACTech GmbH Germany 100% 100% 100% ACTech Holding GmbH Germany 100% 100% 100% ACTech, Inc United States 100% 100% 100% |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 2020 2019 2018 Short-term employee benefits 2,302 2,394 2,334 Post-employment benefits 93 85 80 Total 2,395 2,479 2,414 Warrants granted Warrants outstanding 108,905 359,266 557,935 |
Disclosure of transactions between related parties [text block] | in 000 Sale of goods to Purchases from Depreciation Interest expense Right-of-Use Assets Receivables Lease liabilities Other liabilities Non-executive directors of the Group 2020 − 85 − 28 − − − − 2019 − 128 − 37 1,053 2018 123 51 − 1,038 Shareholders of the Group 2020 − 2 − 7 − 29 − 158 2019 − 113 − 9 − − − 131 2018 − 123 − 10 − − − 261 Joint ventures 2020 419 − − − − − − − 2019 1,431 − − − − 1,279 − − 2018 1,156 241 − − − 1,281 − 22 Non-controlling interests 2020 − − − − − − − − 2019 − − 26 9 617 − 652 − 2018 − − − − − − − − |
Basis of preparation - Restatem
Basis of preparation - Restatements impact statement of financial position December 31, 2019 (Detail) € in Thousands | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
As restated [Member] | |
Non-current Assets [Abstract] | |
Goodwill | € 19,607 |
Intangible assets | 27,395 |
Property, plant and equipment | 91,005 |
Right-of-use assets | 10,586 |
Investments in joint ventures | 39 |
Deferred tax assets | 192 |
Other non-current assets | 9,391 |
Total non-current assets | 158,215 |
Current assets [Abstract] | |
Inventories and contracts in progress | 12,696 |
Other current assets | 8,616 |
Cash and cash equivalents | 128,897 |
Total current assets | 191,186 |
Total assets | 349,401 |
Equity [Abstract] | |
Share capital | 3,066 |
Share premium | 138,090 |
Consolidated reserves | (256) |
Other comprehensive income (loss) | (1,395) |
Equity attributable to the owners of the parent | 139,505 |
Total equity | 142,782 |
Non-current liabilities [Abstract] | |
Loans and borrowings | 104,673 |
Lease liabilities | 6,427 |
Deferred tax liabilities | 5,747 |
Deferred income | 5,031 |
Other non-current liabilities | 697 |
Total non-current liabilities | 122,575 |
Current liabilities [Abstract] | |
Loans and borrowings | 13,389 |
Lease liabilities | 3,449 |
Trade payables | 18,517 |
Tax payables | 3,363 |
Deferred income | 27,641 |
Other current liabilities | 17,686 |
Total current liabilities | 84,045 |
Total equity and liabilities | 349,401 |
IFRS 3 Engimplan [Member] | |
Non-current Assets [Abstract] | |
Goodwill | (567) |
Intangible assets | 0 |
Property, plant and equipment | 674 |
Right-of-use assets | 0 |
Investments in joint ventures | 0 |
Deferred tax assets | 0 |
Other non-current assets | 0 |
Total non-current assets | 107 |
Current assets [Abstract] | |
Inventories and contracts in progress | 0 |
Other current assets | 0 |
Cash and cash equivalents | 0 |
Total current assets | 0 |
Total assets | 107 |
Equity [Abstract] | |
Share capital | 0 |
Share premium | 0 |
Consolidated reserves | (61) |
Other comprehensive income (loss) | (1) |
Equity attributable to the owners of the parent | (62) |
Non-controlling interest | 169 |
Total equity | 107 |
Non-current liabilities [Abstract] | |
Loans and borrowings | 0 |
Lease liabilities | 0 |
Deferred tax liabilities | 0 |
Deferred income | 0 |
Other non-current liabilities | 0 |
Total non-current liabilities | 0 |
Current liabilities [Abstract] | |
Loans and borrowings | 0 |
Lease liabilities | 0 |
Trade payables | 0 |
Tax payables | 0 |
Deferred income | 0 |
Other current liabilities | 0 |
Total current liabilities | 0 |
Total equity and liabilities | 107 |
As previously reported [Member] | |
Non-current Assets [Abstract] | |
Goodwill | 20,174 |
Intangible assets | 27,395 |
Property, plant and equipment | 90,331 |
Right-of-use assets | 10,586 |
Investments in joint ventures | 39 |
Deferred tax assets | 192 |
Other non-current assets | 9,391 |
Total non-current assets | 158,108 |
Current assets [Abstract] | |
Inventories and contracts in progress | 12,696 |
Other current assets | 8,616 |
Cash and cash equivalents | 128,897 |
Total current assets | 191,186 |
Total assets | 349,294 |
Equity [Abstract] | |
Share capital | 3,066 |
Share premium | 138,090 |
Consolidated reserves | (195) |
Other comprehensive income (loss) | (1,394) |
Equity attributable to the owners of the parent | 139,567 |
Total equity | 142,674 |
Non-current liabilities [Abstract] | |
Loans and borrowings | 104,673 |
Lease liabilities | 6,427 |
Deferred tax liabilities | 5,747 |
Deferred income | 5,031 |
Other non-current liabilities | 697 |
Total non-current liabilities | 122,575 |
Current liabilities [Abstract] | |
Loans and borrowings | 13,389 |
Lease liabilities | 3,449 |
Trade payables | 18,517 |
Tax payables | 3,363 |
Deferred income | 27,641 |
Other current liabilities | 17,686 |
Total current liabilities | 84,045 |
Total equity and liabilities | € 349,294 |
Basis of preparation - Restat_2
Basis of preparation - Restatements impact income statement 2019 (Detail) € in Thousands | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
As restated [Member] | |
Disclosure of restatements impact income statement [line items] | |
Revenue | € 196,679 |
Cost of sales | (87,052) |
Gross profit | 109,627 |
Research and development expenses | (23,348) |
Sales and marketing expenses | (52,989) |
General and administrative expenses | (31,786) |
Net other operating income / (expenses) | 5,432 |
Operating profit (loss) | 6,936 |
Financial expenses | (3,682) |
Financial income | 1,377 |
Share in loss of joint venture | (392) |
(Loss) profit before taxes | 4,239 |
Income taxes | (2,595) |
Net (loss) profit for the year | 1,644 |
Net (loss) profit attributable to: | |
The owners of the parent | 1,586 |
Non-controlling interest | 58 |
IFRS 3 Engimplan [Member] | |
Disclosure of restatements impact income statement [line items] | |
Revenue | 0 |
Cost of sales | (80) |
Gross profit | (80) |
Research and development expenses | 0 |
Sales and marketing expenses | 0 |
General and administrative expenses | 0 |
Net other operating income / (expenses) | 0 |
Operating profit (loss) | (80) |
Financial expenses | 0 |
Financial income | 0 |
Share in loss of joint venture | 0 |
(Loss) profit before taxes | (80) |
Income taxes | 0 |
Net (loss) profit for the year | (80) |
Net (loss) profit attributable to: | |
The owners of the parent | (60) |
Non-controlling interest | (20) |
As previously reported [Member] | |
Disclosure of restatements impact income statement [line items] | |
Revenue | 196,679 |
Cost of sales | (86,972) |
Gross profit | 109,707 |
Research and development expenses | (23,348) |
Sales and marketing expenses | (52,989) |
General and administrative expenses | (31,786) |
Net other operating income / (expenses) | 5,432 |
Operating profit (loss) | 7,016 |
Financial expenses | (3,682) |
Financial income | 1,377 |
Share in loss of joint venture | (392) |
(Loss) profit before taxes | 4,319 |
Income taxes | (2,595) |
Net (loss) profit for the year | 1,724 |
Net (loss) profit attributable to: | |
The owners of the parent | 1,646 |
Non-controlling interest | € 78 |
Basis of preparation - Restat_3
Basis of preparation - Restatements impact Narrative (Detail) - IFRS 3 Engimplan [Member] € in Thousands | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Disclosure of restatements impact statement of financial position [line items] | |
Consolidated reserves | € (61) |
Non-controlling interest | € 169 |
Summary of significant accoun_3
Summary of significant accounting policies Narrative (Detail) | Dec. 31, 2020 |
Contributions paid as from 2016 [abstract] | |
Minimum guaranteed return | 1.75% |
Contributions paid until 2015 [abstract] | |
Minimum guaranteed return employer contributions | 3.25% |
Minimum guaranteed return employee contributions | 3.75% |
Maximum guaranteed return | 3.75% |
Significant accounting judgemen
Significant accounting judgements, estimates and assumptions Narrative (Detail) - EUR (€) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Significant accounting judgements, estimates and assumptions | ||||
AM Flow fair value | € 307,000 | |||
AMFlowNotionalAmount | € 300,000 | |||
Belgian Patent Income Deduction in percentage | 80.00% | |||
Capitalized 3D printed product medical | € 2,090,000 | |||
Capitalized Internal Digitalization | 363,000 | |||
Capitalized Internal Digitalization Capex | 2,185,000 | |||
Capitalized Other | 266,000 | |||
Capitalized Tracheal Splint | 702,000 | |||
Capitalized software development new planner | 0 | |||
Change useful life - impact | 0 | |||
Deferred tax assets recognized | € 0 | € 0 | € 0 | |
Ditto - Maturity years | 5 | |||
DittoCarryingValue | € 2,892,000 | |||
DittoInterestRate | 8.00% | |||
DittoNotionalAmount | € 9,000,000 | |||
Essentium - initial invested amount in Dollar | 3,300,000 | |||
Essentium - initial invested amount in Euro | 3,353,000 | |||
Essentium fair value | 3,535,000 | |||
Essentium fair value adjustment period | 489,000 | |||
Fluidda - Carrying value | € 3,310,000 | |||
Fluidda - Discount rate | 14.44% | |||
Fluidda - Interest rate | 10.00% | |||
Fluidda - Maturity years | 7 | |||
Fluidda - Notional amount | € 2,500,000 | |||
Fluidda - Sensitivity WACC | 1.00% | |||
Fluidda - Sensitivity WACC + | € (31,000) | |||
Fluidda - Sensitivity WACC - | 31,000 | |||
FluiddaFairValueAdjustment | 316,000 | |||
Goodwill | 20,342,000 | 19,607,000 | [1] | 17,491,000 |
Greenmachine - carrying value | € 0 | |||
Greenmachine - discount rate | 0.00% | |||
Impairment charges on goodwill | € 4,606,000 | 0 | 0 | |
Impairment Charges Engimplan | 2,516,000 | |||
Impairment Charges Tracheal Splint | € 2,090,000 | |||
Innovation Income Deduction | 85.00% | |||
Net profit would have increased by | € 8,705,000 | |||
Notional interest deduction | 4,647,000 | 3,723,000 | 3,191,000 | |
Other development programs | 70,000 | |||
Other tax credits Materialize NV | € 27,878,000 | 25,172,000 | 15,592,000 | |
Percentage of interests in RS Print | 50.00% | |||
Probability Of Possible Scenarios | € 500 | |||
Related software arrangements (cloud) for internal use | € 1,822,000 | |||
Remaining Percentage Of Shares RS Print acquired | 50.00% | |||
Tax losses carried forward | € 50,538,000 | 37,440,000 | 25,285,000 | |
Tax losses utilized | 36,154,000 | |||
Total capitalized development expenses | 4,541,000 | 1,328,000 | 682,000 | |
Unrecognized deferred tax assets | 22,661,000 | € 10,737,000 | € 11,906,000 | |
Capitalized Internal Development Expenses | 1,135,000 | |||
Previously Held Equity Interest To Fair Value RS Print | € 770,000 | |||
[1] | * The year 2019 has been restated to reflect the final accounting of the business combination with Engimplan. See additional information in Notes 2 and 4. |
Business combinations - RSPRINT
Business combinations - RSPRINT (Detail) - RS print [member] € in Thousands | Dec. 31, 2020EUR (€) |
Fair value at acquisition date [member] | |
Assets [Abstract] | |
Developed technology | € 4,820 |
Customer relations | 248 |
Other intangible assets | 2,948 |
Property, plant and equipment | 220 |
Right-of-use assets | 24 |
Other non-current financial assets | 64 |
Inventory | 1,059 |
Trade receivables | 1,096 |
Other current assets | 1,001 |
Cash and cash equivalents | 189 |
Total Assets | 11,669 |
Liabilities [Abstract] | |
Deferred tax liabilities | (2,049) |
Loans and borrowings | (1,877) |
Lease liabilities | (24) |
Trade payables | (645) |
Payroll related payables | (85) |
Other liabilities | (262) |
Total Liabilities | (4,942) |
Total identified assets and liabilities | 6,727 |
Goodwill | 2,918 |
Acquisition price | 9,645 |
Cash and cash equivalents acquired | (189) |
Acquisition price in cash RS Print shares | 5,220 |
Acquisition price in cash RS Scan assets | 3,000 |
Total cash flow | 8,031 |
Carrying value at acquisition date [member] | |
Assets [Abstract] | |
Developed technology | 0 |
Customer relations | 0 |
Other intangible assets | 86 |
Property, plant and equipment | 220 |
Right-of-use assets | 24 |
Other non-current financial assets | 64 |
Inventory | 794 |
Trade receivables | 1,096 |
Other current assets | 1,001 |
Cash and cash equivalents | 189 |
Total Assets | 3,474 |
Liabilities [Abstract] | |
Deferred tax liabilities | 0 |
Loans and borrowings | (1,877) |
Lease liabilities | (24) |
Trade payables | (645) |
Payroll related payables | (85) |
Other liabilities | (262) |
Total Liabilities | (2,893) |
Total identified assets and liabilities | 581 |
Goodwill | 0 |
Acquisition price | 0 |
Fair value adjustments [member] | |
Assets [Abstract] | |
Developed technology | 4,820 |
Customer relations | 248 |
Other intangible assets | 2,862 |
Property, plant and equipment | 0 |
Right-of-use assets | 0 |
Other non-current financial assets | 0 |
Inventory | 265 |
Trade receivables | 0 |
Other current assets | 0 |
Cash and cash equivalents | 0 |
Total Assets | 8,195 |
Liabilities [Abstract] | |
Deferred tax liabilities | (2,049) |
Loans and borrowings | 0 |
Lease liabilities | 0 |
Trade payables | 0 |
Payroll related payables | 0 |
Other liabilities | 0 |
Total Liabilities | (2,049) |
Total identified assets and liabilities | 6,146 |
Goodwill | 2,918 |
Acquisition price | € 0 |
Business combinations - RSPRI_2
Business combinations - RSPRINT Narrative (Detail) - RS print [member] - Fair value at acquisition date [member] € in Thousands | 12 Months Ended |
Dec. 31, 2020EUR (€) | |
Disclosure of detailed information about business combination [line items] | |
Fair value developed technology | € 4,820 |
Fair value customer relationship | 248 |
Fair value contracts | 2,862 |
RS Print capital called not yet paid | 655 |
Fair value of the previously held equity | 770 |
Contribution to net profit | (520) |
Contribution of revenue | 664 |
Acquisition costs | € 63 |
Minimum royalty rate | 8.00% |
Maximum Royalty Rate | 10.00% |
Wacc PPA | 16.00% |
Gross acquired accounts receivable | € 1,140 |
Fair value adjustment inventory | 265 |
Deferred tax liabilities | (2,049) |
Acquisition price in cash assets | 3,000 |
Acquisition price in cash shares | € 5,220 |
Remaining Percentage Of Shares RS Print acquired | 50.00% |
Percentage of interest RS print | 50.00% |
Loss of share if acquisition on January 1, 2020 | € (392) |
Pro forma revenue RS Print | 1,250 |
Pro forma net profit RS Print | (1,332) |
Not collectible trade receivables | 44 |
Remaining Useful Life Customers | 15 |
Remaining Usefu lLife Contracts And Technology | € 7 |
Business combinations - Engimpl
Business combinations - Engimplan (Detail) - Engimplan [member] € in Thousands | 12 Months Ended |
Dec. 31, 2020EUR (€) | |
Fair value at acquisition date [member] | |
Assets [Abstract] | |
Software | € 214 |
Customer relations | 2,530 |
Trademarks | 556 |
Other intangible assets | 9 |
Property, plant and equipment | 3,106 |
Right-of-use assets | 633 |
Other non-current financial assets | 3 |
Inventory | 2,180 |
Trade receivables | 1,802 |
Other current assets | 391 |
Cash from capital increase | (5,750) |
Cash and cash equivalents | 316 |
Total Assets | 17,490 |
Liabilities [Abstract] | |
Deferred income | 83 |
Loans and borrowings | 1,443 |
Lease liabilities | 633 |
Trade payables | 271 |
Tax payables | 100 |
Payroll related payables | 298 |
Other liabilities | 914 |
Total Liabilities | 3,742 |
Total identified assets and liabilities | 13,748 |
Goodwill | 2,071 |
Non-controlling interest | (3,422) |
Acquisition price | 12,397 |
Cash and cash equivalents acquired | 316 |
Cash from capital increase | 5,750 |
Acquisition price in cash | 12,397 |
Total cash flow | 6,331 |
Carrying value at acquisition date [member] | |
Assets [Abstract] | |
Software | 214 |
Customer relations | 0 |
Trademarks | 0 |
Other intangible assets | 9 |
Property, plant and equipment | 2,268 |
Right-of-use assets | 633 |
Other non-current financial assets | 3 |
Inventory | 2,084 |
Trade receivables | 1,802 |
Other current assets | 391 |
Cash from capital increase | (5,750) |
Cash and cash equivalents | 316 |
Total Assets | 13,470 |
Liabilities [Abstract] | |
Deferred income | (83) |
Loans and borrowings | (1,443) |
Lease liabilities | (633) |
Trade payables | (271) |
Tax payables | (100) |
Payroll related payables | (298) |
Other liabilities | (914) |
Total Liabilities | 3,742 |
Total identified assets and liabilities | 9,728 |
Goodwill | 0 |
Non-controlling interest | 0 |
Acquisition price | 0 |
Fair value adjustments [member] | |
Assets [Abstract] | |
Software | 0 |
Customer relations | 2,530 |
Trademarks | 556 |
Other intangible assets | 0 |
Property, plant and equipment | 838 |
Right-of-use assets | 0 |
Other non-current financial assets | 0 |
Inventory | 96 |
Trade receivables | 0 |
Other current assets | 0 |
Cash from capital increase | 0 |
Cash and cash equivalents | 0 |
Total Assets | 4,020 |
Liabilities [Abstract] | |
Deferred income | 0 |
Loans and borrowings | 0 |
Lease liabilities | 0 |
Trade payables | 0 |
Tax payables | 0 |
Payroll related payables | 0 |
Other liabilities | 0 |
Total Liabilities | 0 |
Total identified assets and liabilities | 4,020 |
Goodwill | 0 |
Non-controlling interest | 0 |
Acquisition price | € 0 |
Business combinations - Engim_2
Business combinations - Engimplan Narrative (Detail) - Engimplan [member] - Fair value at acquisition date [member] € in Thousands | 12 Months Ended |
Dec. 31, 2020EUR (€) | |
Disclosure of detailed information about business combination [line items] | |
Fair value customer relationship | € 2,530 |
Fair value trademarks | 556 |
Consideration paid for 40% of the shares | € 6,647 |
Voting interest before capital increase | 40.00% |
Capital increase | € 5,750 |
Voting interest after capital increase | 75.00% |
Increase In Non-Controlling Assets Value | € 169 |
Reduction Of Goodwill | 567 |
Difference Provision Value At Acquisition Date | 736 |
Fair value PPE | 3,106 |
Fair value adjustment inventory | € 96 |
Goodwill (Detail)
Goodwill (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | [1] | Dec. 31, 2018 |
Goodwill [line items] | ||||
CGU: MAT NV SAM BE | € 3,241 | € 3,241 | € 3,241 | |
CGU: e-Prototype | 749 | 800 | 794 | |
CGU: Actech | 8,812 | 8,812 | 8,812 | |
CGU: OrthoView | 4,445 | 4,683 | 4,467 | |
CGU: MAT NV Manufacturing (Metal) | 177 | 177 | 177 | |
CGU: Engimplan | 0 | 1,894 | 0 | |
CGU: RS Print | 2,918 | 0 | 0 | |
Total Goodwill | € 20,342 | € 19,607 | € 17,491 | |
[1] | * The year 2019 has been restated to reflect the final accounting of the business combination with Engimplan. See additional information in Notes 2 and 4. |
Goodwill - Movement table (Deta
Goodwill - Movement table (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Carrying amount [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Goodwill, beginning balance | € 19,607 | € 17,491 | € 17,552 |
Additions | 2,918 | 1,864 | 0 |
Impairment | (1,367) | 0 | |
Currency translation | (816) | 252 | (61) |
Goodwill, ending balance | 20,342 | 19,607 | 17,491 |
Gross carrying amount [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Goodwill, beginning balance | 19,711 | 17,595 | 17,656 |
Additions | 2,918 | 1,864 | 0 |
Impairment | 0 | 0 | |
Currency translation | (816) | 252 | (61) |
Goodwill, ending balance | 21,813 | 19,711 | 17,595 |
Accumulated impairment [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Goodwill, beginning balance | (104) | (104) | (104) |
Additions | 0 | 0 | 0 |
Impairment | (1,367) | 0 | |
Currency translation | 0 | 0 | 0 |
Goodwill, ending balance | € (1,471) | € (104) | € (104) |
Goodwill - Sensitivity analysis
Goodwill - Sensitivity analysis Engimplan impairment (Detail) - Engimplan [member] € in Thousands | Dec. 31, 2020EUR (€) |
Change applied [member] | |
Disclosure of information for cash-generating units [line items] | |
WACC | (1.00%) |
WACC | 1.00% |
Perpetual Growth | (4.00%) |
Perpetual Growth | 4.00% |
Revenue & gross grofit growth | 5.00% |
Revenue & gross grofit growth | (5.00%) |
Evolution of the value in use [member] | |
Disclosure of information for cash-generating units [line items] | |
WACC | € 630 |
WACC | (510) |
Perpetual Growth | 1,340 |
Perpetual Growth | (655) |
Revenue & gross grofit growth | 1,960 |
Revenue & gross grofit growth | € (1,960) |
Goodwill Narrative (Detail)
Goodwill Narrative (Detail) | 12 Months Ended |
Dec. 31, 2020EUR (€) | |
e-Prototypy [member] | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
Increase (decrease) through net exchange differences, goodwill | € (51,000) |
Perpetual growth rate | 2.00% |
Carrying value | € 5,231,000 |
Discount rate increase | € 10 |
Discount Rate pre-tax | 14.96% |
Discount Rate post-tax | 11.45% |
Orthoview [member] | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
Increase (decrease) through net exchange differences, goodwill | € (238,000) |
Perpetual growth rate | 1.00% |
Carrying value | € 9,672,000 |
Discount rate increase | € 10 |
Five year projection decrease | 5 |
Discount Rate pre-tax | 13.81% |
Discount Rate post-tax | 10.25% |
ACTech [member] | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
Perpetual growth rate | 1.00% |
Carrying value | € 24,656,000 |
Discount rate increase | € 10 |
Five year projection decrease | 5 |
Discount Rate pre-tax | 11.46% |
Discount Rate post-tax | 8.20% |
Engimplan [member] | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
Increase (decrease) through net exchange differences, goodwill | € (527,000) |
Impairment Loss Customer Lists | 942,000 |
Impairment Loss Trademarks | 207,000 |
Impairment | € 1,367,000 |
Perpetual growth rate | 7.00% |
Carrying value | € 9,292,000 |
Discount rate increase | € 10 |
Five year projection decrease | 5 |
Discount Rate pre-tax | 23.43% |
Discount Rate post-tax | 17.22% |
Long term inflation rate | 3.50% |
MAT NV SAM BE | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
Perpetual growth rate | 5.00% |
Carrying value | € 33,625,000 |
Discount rate increase | € 10 |
Five year projection decrease | 5 |
Discount Rate pre-tax | 11.97% |
Discount Rate post-tax | 9.86% |
Intangible assets (Detail)
Intangible assets (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total | Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets at beginning of period | € 45,436 | € 39,429 | € 37,730 |
Additions | 6,618 | 2,193 | 2,344 |
Acquisition of a subsidiary | 8,017 | 3,309 | 0 |
Disposals | (2,521) | (77) | (980) |
Transfer between accounts | (58) | 504 | 366 |
Currency translation | (1,194) | 97 | (48) |
Other | 0 | (19) | 17 |
Intangible assets at end of period | 56,298 | 45,436 | 39,429 |
Total | Accumulated depreciation and amortization [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets at beginning of period | (18,041) | (13,103) | (9,130) |
Depreciation charge for the year | (4,709) | (4,859) | (5,064) |
Impairments | 3,239 | ||
Disposals | 2,308 | 23 | 1,060 |
Transfer between accounts | 109 | 13 | 0 |
Currency translation | 255 | (151) | 23 |
Other | 0 | 36 | 8 |
Intangible assets at end of period | (23,317) | (18,041) | (13,103) |
Total | Carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets at beginning of period | 27,395 | 26,326 | 28,600 |
Intangible assets at end of period | 32,981 | 27,395 | 26,326 |
Patents and licenses [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets at beginning of period | 4,436 | 4,294 | 4,497 |
Additions | 378 | 209 | 554 |
Acquisition of a subsidiary | 0 | 38 | 0 |
Disposals | (226) | 0 | (759) |
Transfer between accounts | 75 | (109) | 2 |
Currency translation | (1) | 1 | 0 |
Other | 0 | 3 | 0 |
Intangible assets at end of period | 4,662 | 4,436 | 4,294 |
Patents and licenses [member] | Accumulated depreciation and amortization [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets at beginning of period | (2,798) | (2,661) | (2,766) |
Depreciation charge for the year | (465) | (246) | (749) |
Impairments | 0 | ||
Disposals | 211 | 0 | 854 |
Transfer between accounts | 0 | 109 | 0 |
Currency translation | 1 | 0 | 0 |
Other | 0 | 0 | 0 |
Intangible assets at end of period | (3,051) | (2,798) | (2,661) |
Patents and licenses [member] | Carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets at beginning of period | 1,638 | 1,633 | 1,731 |
Intangible assets at end of period | 1,611 | 1,638 | 1,633 |
Software [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets at beginning of period | 10,667 | 8,241 | 7,638 |
Additions | 3,072 | 656 | 807 |
Acquisition of a subsidiary | 0 | 214 | 0 |
Disposals | (2,227) | (45) | (221) |
Transfer between accounts | 47 | 1,601 | 0 |
Currency translation | (65) | (10) | 0 |
Other | 0 | 10 | 17 |
Intangible assets at end of period | 11,494 | 10,667 | 8,241 |
Software [member] | Accumulated depreciation and amortization [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets at beginning of period | (7,740) | (5,080) | (2,985) |
Depreciation charge for the year | (2,223) | (2,582) | (2,310) |
Impairments | 0 | ||
Disposals | 2,119 | 23 | 206 |
Transfer between accounts | 109 | (96) | 0 |
Currency translation | 14 | (25) | 1 |
Other | 0 | 20 | 8 |
Intangible assets at end of period | (7,721) | (7,740) | (5,080) |
Software [member] | Carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets at beginning of period | 2,927 | 3,161 | 4,653 |
Intangible assets at end of period | 3,773 | 2,927 | 3,161 |
Acquired customers and technology [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets at beginning of period | 28,681 | 25,579 | 25,595 |
Additions | 0 | 0 | 32 |
Acquisition of a subsidiary | 7,931 | 3,048 | 0 |
Disposals | 0 | (32) | 0 |
Transfer between accounts | 0 | 0 | 0 |
Currency translation | (1,128) | 86 | (48) |
Other | 0 | 0 | 0 |
Intangible assets at end of period | 35,484 | 28,681 | 25,579 |
Acquired customers and technology [member] | Accumulated depreciation and amortization [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets at beginning of period | (7,503) | (5,362) | (3,379) |
Depreciation charge for the year | (2,021) | (2,031) | (2,005) |
Impairments | 1,149 | ||
Disposals | 0 | 0 | 0 |
Transfer between accounts | 0 | 0 | 0 |
Currency translation | 240 | (126) | 22 |
Other | 0 | 16 | 0 |
Intangible assets at end of period | (10,433) | (7,503) | (5,362) |
Acquired customers and technology [member] | Carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets at beginning of period | 21,178 | 20,217 | 22,216 |
Intangible assets at end of period | 25,051 | 21,178 | 20,217 |
Developed technology and software under construction [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets at beginning of period | 1,652 | 1,315 | 0 |
Additions | 3,168 | 1,328 | 951 |
Acquisition of a subsidiary | 86 | 9 | 0 |
Disposals | (68) | 0 | 0 |
Transfer between accounts | (180) | (988) | 364 |
Currency translation | 0 | 20 | 0 |
Other | 0 | (32) | 0 |
Intangible assets at end of period | 4,658 | 1,652 | 1,315 |
Developed technology and software under construction [member] | Accumulated depreciation and amortization [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets at beginning of period | 0 | 0 | 0 |
Depreciation charge for the year | 0 | 0 | 0 |
Impairments | 2,090 | ||
Disposals | (22) | 0 | 0 |
Transfer between accounts | 0 | 0 | 0 |
Currency translation | 0 | 0 | 0 |
Other | 0 | 0 | 0 |
Intangible assets at end of period | (2,112) | 0 | 0 |
Developed technology and software under construction [member] | Carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets at beginning of period | 1,652 | 1,315 | 0 |
Intangible assets at end of period | € 2,546 | € 1,652 | € 1,315 |
Remaining amortization period o
Remaining amortization period on intangibles resulting from business combinations (Detail) | 12 Months Ended | ||
Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
RS print [member] | Acquired customers and technology [member] | |||
Remaining amortization method [line items] | |||
Remaining amortization period customer related intangible assets acquisition | 14.67 | ||
Remaining amortization period technology related intangible assets acquisition | 6.67 | ||
Orthoview [member] | Acquired customers and technology [member] | |||
Remaining amortization method [line items] | |||
Remaining amortization period customer related intangible assets acquisition | 3.75 | 4.75 | |
ACTech [member] | Acquired customers and technology [member] | |||
Remaining amortization method [line items] | |||
Remaining amortization period customer related intangible assets acquisition | 16.75 | 17.75 | |
Cenat [member] | Acquired customers and technology [member] | |||
Remaining amortization method [line items] | |||
Remaining amortization period customer related intangible assets acquisition | 4.25 | 5.25 | |
Engimplan [member] | Acquired customers and technology [member] | |||
Remaining amortization method [line items] | |||
Remaining amortization period customer related intangible assets acquisition | 8.58 | 9.58 | |
General [member] | Intangible assets other than goodwill [member] | |||
Remaining amortization method [line items] | |||
Amortization of intangible assets | € (4,709,000) | € 4,859,000 | € 5,064,000 |
General [member] | Patents and licenses [member] | |||
Remaining amortization method [line items] | |||
Remaining amortization period technology related intangible assets acquisition | 6.38 | ||
General [member] | Software [member] | |||
Remaining amortization method [line items] | |||
Remaining amortization period technology related intangible assets acquisition | 1.78 |
Property, plant and equipment_2
Property, plant and equipment (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Total | Gross carrying amount [member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Property, plant and equipment beginning of period | € 158,031 | [1],[2] | € 140,663 | [1],[2] | € 125,358 | |
Impact of adoption IFRS16 | 0 | 4,984 | [1],[2] | |||
Additions | 15,598 | 16,901 | [1],[2] | 18,557 | ||
Acquired from business combinations | 244 | 3,757 | [1],[2] | 0 | ||
Disposals | (4,648) | (6,881) | [1],[2] | (2,385) | ||
Transfers | 50 | (504) | [1],[2] | (598) | ||
Currency Translation | (3,652) | 363 | [1],[2] | (189) | ||
Other | 0 | (1,252) | [1],[2] | (80) | ||
Property, plant and equipment end of period | 165,623 | 158,031 | [1],[2] | 140,663 | [1],[2] | |
Total | Accumulated depreciation and amortization [member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Property, plant and equipment beginning of period | (56,439) | [1],[2] | (48,126) | (38,293) | ||
Depreciation charge for the year | (14,932) | (14,419) | [1],[2] | (12,223) | ||
Disposals | 4,150 | 6,099 | [1],[2] | 2,134 | ||
Transfers | (162) | (13) | [1],[2] | 243 | ||
Currency Translation | 1,023 | (217) | [1],[2] | (60) | ||
Other | 0 | 237 | [1],[2] | 73 | ||
Property, plant and equipment end of period | (66,360) | (56,439) | [1],[2] | (48,126) | ||
Total | Carrying amount [member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Property, plant and equipment beginning of period | 101,592 | [1],[2] | 92,537 | 87,065 | ||
Property, plant and equipment end of period | 99,263 | 101,592 | [1],[2] | 92,537 | ||
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 | 42,893 | 45,777 | 40,184 | |||
Impact of adoption IFRS16 | 0 | 0 | ||||
Additions | 256 | 302 | 3,079 | |||
Acquired from business combinations | 0 | 61 | 0 | |||
Disposals | 0 | (37) | (99) | |||
Transfers | (15) | (3,360) | 2,728 | |||
Currency Translation | (717) | 150 | (119) | |||
Other | 0 | 0 | 4 | |||
Property, plant and equipment end of period | 42,417 | 42,893 | 45,777 | |||
Land and buildings | Accumulated depreciation and amortization [member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Property, plant and equipment beginning of period | (6,839) | (6,071) | (4,504) | |||
Depreciation charge for the year | (1,223) | (1,199) | (1,560) | |||
Disposals | 0 | 36 | 26 | |||
Transfers | (11) | 200 | (18) | |||
Currency Translation | 66 | (25) | (15) | |||
Other | 0 | 220 | 0 | |||
Property, plant and equipment end of period | (8,007) | (6,839) | (6,071) | |||
Land and buildings | Carrying amount [member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Property, plant and equipment beginning of period | 36,054 | 39,706 | 35,680 | |||
Property, plant and equipment end of period | 34,410 | 36,054 | 39,706 | |||
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 | 89,078 | 77,557 | 67,117 | |||
Impact of adoption IFRS16 | 0 | 0 | ||||
Additions | 2,600 | 7,363 | 9,476 | |||
Acquired from business combinations | 220 | 3,046 | 0 | |||
Disposals | (2,953) | (6,091) | (1,882) | |||
Transfers | 7,961 | 7,077 | 2,953 | |||
Currency Translation | (2,486) | 199 | (25) | |||
Other | 0 | (73) | (82) | |||
Property, plant and equipment end of period | 94,420 | 89,078 | 77,557 | |||
Plant and equipment | Accumulated depreciation and amortization [member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Property, plant and equipment beginning of period | (38,540) | (33,307) | (27,166) | |||
Depreciation charge for the year | (10,205) | (9,162) | (8,010) | |||
Disposals | 2,632 | 5,704 | 2,102 | |||
Transfers | 3,961 | (1,551) | (253) | |||
Currency Translation | 872 | (190) | (53) | |||
Other | 0 | (34) | 73 | |||
Property, plant and equipment end of period | (49,202) | (38,540) | (33,307) | |||
Plant and equipment | Carrying amount [member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Property, plant and equipment beginning of period | 50,538 | 44,250 | 39,951 | |||
Property, plant and equipment end of period | 45,218 | 50,538 | 44,250 | |||
Leased assets | Gross carrying amount [member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Property, plant and equipment beginning of period | 21,646 | 14,327 | 14,303 | |||
Impact of adoption IFRS16 | 0 | 4,984 | ||||
Additions | 4,567 | 3,429 | 792 | |||
Acquired from business combinations | 24 | 633 | 0 | |||
Disposals | (1,657) | (753) | (17) | |||
Transfers | 4,010 | 117 | (732) | |||
Currency Translation | (423) | 8 | (19) | |||
Other | 0 | (1,099) | 0 | |||
Property, plant and equipment end of period | 20,147 | 21,646 | 14,327 | |||
Leased assets | Accumulated depreciation and amortization [member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Property, plant and equipment beginning of period | (11,060) | (8,441) | (6,623) | |||
Depreciation charge for the year | (3,504) | (4,058) | (2,346) | |||
Disposals | 1,518 | 359 | 6 | |||
Transfers | 3,810 | 1,031 | 514 | |||
Currency Translation | 85 | (2) | 8 | |||
Other | 0 | 51 | 0 | |||
Property, plant and equipment end of period | (9,151) | (11,060) | (8,441) | |||
Leased assets | Carrying amount [member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Property, plant and equipment beginning of period | 10,586 | 5,886 | 7,680 | |||
Property, plant and equipment end of period | 10,996 | 10,586 | 5,886 | |||
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 | 4,414 | 3,002 | 3,754 | |||
Impact of adoption IFRS16 | 0 | 0 | ||||
Additions | 8,175 | 5,807 | 5,210 | |||
Acquired from business combinations | 0 | 17 | 0 | |||
Disposals | (38) | 0 | (387) | |||
Transfers | (3,886) | (4,338) | (5,547) | |||
Currency Translation | (26) | 6 | (26) | |||
Other | 0 | (80) | (2) | |||
Property, plant and equipment end of period | 8,639 | 4,414 | 3,002 | |||
Construction in progress | Accumulated depreciation and amortization [member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Property, plant and equipment beginning of period | 0 | (307) | 0 | |||
Depreciation charge for the year | 0 | 0 | (307) | |||
Disposals | 0 | 0 | 0 | |||
Transfers | 0 | 307 | 0 | |||
Currency Translation | 0 | 0 | 0 | |||
Other | 0 | 0 | 0 | |||
Property, plant and equipment end of period | 0 | 0 | (307) | |||
Construction in progress | Carrying amount [member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Property, plant and equipment beginning of period | 4,414 | 2,695 | 3,754 | |||
Property, plant and equipment end of period | € 8,639 | € 4,414 | € 2,695 | |||
[1] | * The year 2019 has been restated to reflect the final accounting of the business combination with Engimplan. See additional information in Notes 2 and 4. | |||||
[2] | ** Other includes modification of Right-of-use assets for an amount of KEUR (554). |
Property, Plant and equipment N
Property, Plant and equipment Narrative (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, plant and equipment [member] | |||
Capital expenditures [line items] | |||
New machines and installations acquired and leased | € 5,011 | € 7,757 | € 10,747 |
Computer and IT infrastructure | 1,056 | 1,268 | 1,781 |
Acquired to Poland | 1,118 | 792 | |
New building constructions | 7,580 | 4,865 | 2,491 |
Finance leases - total, net | 1,480 | 3,048 | 4,608 |
New finance leases | 4,567 | ||
Increase through leased motor vehicles | 1,714 | 1,119 | 792 |
Net loss on disposal of PPE | 10 | 165 | 83 |
Total accumulated depreciation finance leases machinery property, plant and equipment | 528 | 1,045 | 1,745 |
Land and buildings pledges as security | 25,364 | 26,270 | 27,319 |
Other fixed assets pledges - carrying value | 2,274 | 2,884 | 3,533 |
Transfers from assets under construction to PP&E | 3,886 | ||
Excercising purchase option | 200 | ||
Green Machine Project | 1,998 | ||
Buidlings Germany | 6,302 | ||
Decrease of depreciation charges 2019 | 1,147 | ||
Depreciation charge 2020 | 478 | ||
Depreciation charge 2021 | 276 | ||
Additions | 15,598 | 16,901 | 18,557 |
Leased assets [member] | |||
Capital expenditures [line items] | |||
Property, plant and equipment | € 10,996 | € 10,586 | € 5,886 |
Property, plant and equipment -
Property, plant and equipment - Income Statement Impact (Detail) € in Thousands | 12 Months Ended |
Dec. 31, 2020EUR (€) | |
Income statement impact [Line items] | |
Depreciation expense | € (3,504) |
Interest expense on lease liabilities | (142) |
Expenses related to short-term leases/low-value assets/variable lease payments | € (554) |
Property, plant and equipment_3
Property, plant and equipment - Potential future cash flows following the extension (Detail) € in Thousands | Dec. 31, 2020EUR (€) |
Disclosure of potential future cash flows following the extension [abstract] | |
Potential cash flows for extension options that are not reasonably certain to be exercised | € 8 |
Potential cash flows for termination options that are reasonably cetain to be exercised | € 1,293 |
Property, plant and equipment_4
Property, plant and equipment - Right-of-use assets (Detail) € in Thousands | 12 Months Ended |
Dec. 31, 2020EUR (€) | |
Classes of assets [member] | Gross carrying amount [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Right-of-use assets, beginning of period | € 21,646 |
Additions | 4,568 |
Acquired from business combinations | 24 |
Modifications right-of-use assets | 0 |
Disposals | (1,657) |
Currency Translation | (423) |
Transfers | (4,011) |
Other | 0 |
Right-of-use assets, end of period | 20,147 |
Classes of assets [member] | Accumulated depreciation and amortization [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Right-of-use assets, beginning of period | 11,060 |
Depreciation charge for the year | (3,504) |
Modifications right-of-use assets | 0 |
Disposals | 1,518 |
Currency Translation | 84 |
Transfers | 3,811 |
Other | 0 |
Right-of-use assets, end of period | (9,151) |
Classes of assets [member] | Carrying amount [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Right-of-use assets, beginning of period | 10,586 |
Right-of-use assets, end of period | 10,996 |
Land and buildings [member] | Gross carrying amount [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Right-of-use assets, beginning of period | 6,488 |
Additions | 2,397 |
Acquired from business combinations | 0 |
Modifications right-of-use assets | 0 |
Disposals | (1,214) |
Currency Translation | (372) |
Transfers | 275 |
Other | 0 |
Right-of-use assets, end of period | 7,574 |
Land and buildings [member] | Accumulated depreciation and amortization [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Right-of-use assets, beginning of period | (2,705) |
Depreciation charge for the year | (1,620) |
Modifications right-of-use assets | 0 |
Disposals | 1,175 |
Currency Translation | 47 |
Transfers | 446 |
Other | 0 |
Right-of-use assets, end of period | (2,657) |
Land and buildings [member] | Carrying amount [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Right-of-use assets, beginning of period | 3,783 |
Right-of-use assets, end of period | 4,917 |
Vehicles [member] | Gross carrying amount [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Right-of-use assets, beginning of period | 4,275 |
Additions | 1,738 |
Acquired from business combinations | 0 |
Modifications right-of-use assets | 0 |
Disposals | (291) |
Currency Translation | (10) |
Transfers | (1,157) |
Other | 0 |
Right-of-use assets, end of period | 4,555 |
Vehicles [member] | Accumulated depreciation and amortization [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Right-of-use assets, beginning of period | 2,030 |
Depreciation charge for the year | (1,129) |
Modifications right-of-use assets | 0 |
Disposals | 272 |
Currency Translation | 4 |
Transfers | 992 |
Other | 0 |
Right-of-use assets, end of period | (1,891) |
Vehicles [member] | Carrying amount [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Right-of-use assets, beginning of period | 2,245 |
Right-of-use assets, end of period | 2,664 |
Equipement [member] | Gross carrying amount [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Right-of-use assets, beginning of period | 10,883 |
Additions | 433 |
Acquired from business combinations | 24 |
Modifications right-of-use assets | 0 |
Disposals | (152) |
Currency Translation | (41) |
Transfers | (3,129) |
Other | 0 |
Right-of-use assets, end of period | 8,018 |
Equipement [member] | Accumulated depreciation and amortization [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Right-of-use assets, beginning of period | 6,325 |
Depreciation charge for the year | (755) |
Modifications right-of-use assets | 0 |
Disposals | 71 |
Currency Translation | 33 |
Transfers | 2,373 |
Other | 0 |
Right-of-use assets, end of period | (4,603) |
Equipement [member] | Carrying amount [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Right-of-use assets, beginning of period | 4,558 |
Right-of-use assets, end of period | € 3,415 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Joint venture's statement of financial position [abstract] | |||
Current assets | € 0 | € 1,546 | € 850 |
Non-current assets | 0 | 93 | 114 |
Goodwill | 0 | 0 | 0 |
Current liabilities | 0 | (1,114) | (756) |
Non-current liabilities | 0 | (448) | (1,096) |
Shareholders' deficit (surplus) | 0 | (77) | 888 |
The joint venture income (loss) [abstract] | |||
Revenue | 0 | 1,736 | 1,186 |
Profit (loss) | € 0 | € (785) | € (876) |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of joint ventures [line items] | |||
Percentage of Participation In JV RS PRINT | 50.00% | 50.00% | |
Share in loss of joint venture | € (39) | ||
Fair value of the previously held equity | € 770 | ||
Remaining Percentage Of Shares RS Print | 50.00% |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Detail movement [line items] | |||
Investments in joint ventures, beginning balance | € 39 | € 0 | € 31 |
Additional investment | 0 | 875 | 0 |
Transfer from receivables | (444) | 444 | |
Transfer to receivebles | 0 | ||
Share in loss of joint venture | (39) | (392) | (475) |
Investments in joint ventures, ending balance | 0 | € 39 | € 0 |
Gain From Remeasurement Previously Held | 770 | ||
Accounted For As Business Combination | € (770) |
Inventory and Contracts in Pr_2
Inventory and Contracts in Progress (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory and contracts in progress [abstract] | |||
Raw materials | € 4,974 | € 7,400 | € 5,616 |
Work in progress | 1,766 | 2,806 | 2,151 |
Finished goods | 2,554 | 1,995 | 1,390 |
Contracts in progress | 749 | 495 | 829 |
Total inventories and contracts in progress | € 10,043 | € 12,696 | € 9,986 |
Inventory and Contracts in Pr_3
Inventory and Contracts in Progress Narrative (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Inventory and contracts in progress [abstract] | |||
Total costs incurred contract in progress | € 490 | ||
Total profit recognized contracts in progress | 259 | ||
Total amount inventory written off as an expense | 567 | € 526 | € 229 |
Advances received | € 146 | € 22 | € 370 |
Other non-current assets - Inve
Other non-current assets - Investments in convertible loans (Detail) - Convertible loans [member] - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Other non current assets investments in convertible loans [line items] | |||
Convertible loan | € 6,203 | € 2,750 | € 0 |
Total non-current assets | € 6,203 | € 2,750 | € 0 |
Other non-current assets - In_2
Other non-current assets - Investments in non-listed equity instruments (Detail) - Investments in non-listed equity instruments [member] - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Other non current assets investments in non-listed equity instruments [line items] | |||
Non-listed equity investments | € 3,842 | € 3,046 | € 2,701 |
Total non-current assets | € 3,842 | € 3,046 | € 2,701 |
Other non-current assets (Detai
Other non-current assets (Detail) - Other non current assets [member] - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Other non current assets [line items] | |||
Tax credits | € 3,381 | € 3,015 | € 3,006 |
Guarantees and deposits | 528 | 415 | 405 |
Non-current receivable on joint venture | 0 | 138 | 1,096 |
Other | 184 | 27 | 29 |
Total non-current assets | € 4,093 | € 3,595 | € 4,536 |
Ohter non-current assets narrat
Ohter non-current assets narrative (Detail) | Dec. 31, 2020EUR (€) |
Other non-current assets narratvive [abstract] | |
Fluidda - Notional amount | € 2,500,000 |
Fluidda - Interest rate | 10.00% |
Fluidda - Maturity years | 7 |
DittoInterestRate | 8.00% |
Essentium - initial invested amount in Dollar | € 3,300,000 |
DittoNotionalAmount | 9,000,000 |
DittoCarryingValue | 2,892,000 |
AMFlowNotionalAmount | 300,000 |
AM Flow fair value | 307,000 |
Fluidda - Carrying value | 3,310,000 |
Essentium fair value adjustment period | € 489,000 |
% ownership of AM Flow Holding BV in AM Flow BV | 100.00% |
% ownership of AM Danube BV in AM Flow Holding BV | 20.20% |
% ownership of Materialise NV in AM Danube BV | 41.70% |
Indirect % of ownership Materialise NV in Essentium Inc | 5.00% |
Indirect % of ownership Materialise NV in AM Flow BV | 8.42% |
Essentium fair value | € 3,535,000 |
Other current assets (Detail)
Other current assets (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Miscellaneous current assets [abstract] | ||||
Deferred charges | € 2,841 | € 2,632 | € 2,046 | |
Tax credits | 1,243 | 695 | 185 | |
Accrued income | 260 | 486 | 958 | |
Other tax receivables | 1,125 | 3,127 | 2,286 | |
Grants | 1,181 | 754 | 687 | |
Other non-trade receivables | 1,640 | 922 | 774 | |
Total current assets | € 8,290 | € 8,616 | [1] | € 6,936 |
[1] | * The year 2019 has been restated to reflect the final accounting of the business combination with Engimplan. See additional information in Notes 2 and 4. |
Other current assets Narrative
Other current assets Narrative (Detail) € in Thousands | Dec. 31, 2020EUR (€) |
Miscellaneous current assets narrative [member] | |
Other non current assets [line items] | |
Indemnification assets | € 222 |
Trade receivables (Detail)
Trade receivables (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Trade receivables [line items] | ||||
Trade receivables | € 32,346 | € 42,509 | € 38,764 | |
Allowance for doubtful accounts | (1,475) | (1,532) | (1,873) | |
Total | € 30,871 | € 40,977 | [1] | € 36,891 |
[1] | * The year 2019 has been restated to reflect the final accounting of the business combination with Engimplan. See additional information in Notes 2 and 4. |
Trade receivables Narrative (De
Trade receivables Narrative (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Trade and other current receivables [abstract] | |||
Impairment loss reversal of impairment loss recognised in profit or loss trade receivables beginning of period | € 1,475 | € 1,532 | € 1,873 |
Trade receivebles - Movement ta
Trade receivebles - Movement table bad debt reserve (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Overview of impairment changes to receivables [abstract] | |||
Beginning of period | € (1,532) | € (1,873) | € (990) |
Addition | (852) | (141) | (1,284) |
Usage | 301 | 131 | 182 |
Reversal | 608 | 351 | 219 |
End of period | € (1,475) | € (1,532) | € (1,873) |
Cash and cash equivalents (Deta
Cash and cash equivalents (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash and cash equivalents [line items] | ||||
Cash at bank | € 108,399 | € 123,337 | € 105,846 | |
Cash equivalents | 3,139 | 5,560 | 9,660 | |
Total | € 111,538 | € 128,897 | [1] | € 115,506 |
[1] | * The year 2019 has been restated to reflect the final accounting of the business combination with Engimplan. See additional information in Notes 2 and 4. |
Cash and cash equivalents Narra
Cash and cash equivalents Narrative (Detail) € in Thousands | Dec. 31, 2018EUR (€) |
Cash and cash equivalents [abstract] | |
Amounts from exercise of warrants not executed | € 209 |
Equity (Detail)
Equity (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total number of ordinary shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Outstanding, beginning of period | € 53,172,513 | € 52,890,761 | € 47,325,438 |
Capital increase in cash - public offering | 5,403,125 | ||
Expenses directly attributable to public offering | 0 | ||
Capital increase via exercise warrants | 487,840 | 281,752 | 162,198 |
Capital Increase Via Exercise of Convertible Bonds | 508,904 | ||
Equity-settled share-based payment expense | € 0 | 0 | 0 |
Merger With Ailanthus NV | 13,428,688 | ||
Cancellation Treasury Shares Ailanthus NV | € (13,428,688) | ||
Outstanding, end of period | 54,169,257 | 53,172,513 | 52,890,761 |
Total shareholders' capital [member] | |||
Disclosure of classes of share capital [line items] | |||
Outstanding, beginning of period | 3,066 | 3,050 | 2,729 |
Capital increase in cash - public offering | 312 | ||
Expenses directly attributable to public offering | 0 | ||
Capital increase via exercise warrants | 30 | 16 | 9 |
Capital Increase Via Exercise of Convertible Bonds | 1,000 | ||
Equity-settled share-based payment expense | € 0 | 0 | 0 |
Merger With Ailanthus NV | 1,862 | ||
Cancellation Treasury Shares Ailanthus NV | € (1,862) | ||
Outstanding, end of period | 4,096 | 3,066 | 3,050 |
Total share-premium [member] | |||
Disclosure of classes of share capital [line items] | |||
Outstanding, beginning of period | 138,090 | 136,637 | 79,839 |
Capital increase in cash - public offering | 59,575 | ||
Expenses directly attributable to public offering | (4,003) | ||
Capital increase via exercise warrants | 3,082 | 1,252 | 593 |
Capital Increase Via Exercise of Convertible Bonds | 0 | ||
Equity-settled share-based payment expense | € 103 | 201 | 633 |
Merger With Ailanthus NV | 0 | ||
Cancellation Treasury Shares Ailanthus NV | € 0 | ||
Outstanding, end of period | € 141,275 | € 138,090 | € 136,637 |
Equity Narrative (Detail)
Equity Narrative (Detail) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share capital [member] | |||
Equity narrative [line items] | |||
Par value per share | € 0.076 | € 0.058 | € 0.058 |
Average price per share, capital increase via exerciese of warrants | € 6.4 | ||
Merger With Ailanthus NV | 13,428,688 | ||
Outstanding shares | 54,169,257 | 53,172,513 | 52,890,761 |
Total shareholders capital | € 4,096 | € 3,066 | € 3,050 |
Increase shareholder's capital through convertible bonds | € 1,000 | ||
Number of new shares through convertible bonds | 508,904 | ||
Capital increase via exercise warrants | € 30 | ||
Number of new shares warrants | 487,840 | ||
Average price per share, capital increase via exerciese of convertible bonds | € 1.97 | ||
Reserves [member] | |||
Equity narrative [line items] | |||
Legal reserve max percent of capital | 5.00% | ||
Non-controlling interest [Member] | |||
Equity narrative [line items] | |||
Non-controlling interest percent in Engimplan | 25.00% | ||
Retained earnings impact NCI-acquisition Engimplan | € 2,213 | ||
Aquisition NCI Engimplan other reserves | € 1,279 | ||
Remaining interest Engimplan acquired | 25.00% | ||
RapidFit+ [member] | |||
Equity narrative [line items] | |||
Non-controlling interest percent in rapdit fit | 10.00% | ||
Non-controlling interest amount Engimplan | € 3,107 | ||
Written put option Rapid Fit Plus | € 875 | 875 | 845 |
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 | ||
Issued dilution warrants to non-controlling interest | 10 | ||
Share premium [Member] | |||
Equity narrative [line items] | |||
Total share premium | € 141,275 | 138,090 | 136,637 |
Equity-settled share-based payment expense | 103 | 201 | 633 |
Capital increase via exercise warrants | € 3,082 | € 1,252 | |
Capital increase in cash - public offering | 59,575 | ||
Expenses directly attributable to public offering | (4,003) | ||
Capital increase through excercise of warrants | € 593 |
Equity - Reserve table (Detail)
Equity - Reserve table (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Other reserves [line items] | ||||
Legal reserve | € 279 | € 279 | € 279 | |
Other reserves | 2,574 | (335) | (335) | |
Equity-settled-based payment expense | 72 | 72 | 65 | |
Other comprehensive income | (7,796) | (1,394) | (1,850) | |
Other reserves | € (4,871) | € (1,378) | [1] | € (1,841) |
[1] | * The year 2019 has been restated to reflect the final accounting of the business combination with Engimplan. See additional information in Notes 2 and 4. |
Equity - Other comprehensive in
Equity - Other comprehensive income (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total OCI attributable to shareholder [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Other comprehensive (loss) income at beginning of period | € (1,394) | € (1,850) | € (1,803) |
Currency translation impact | (6,025) | 456 | (47) |
Fair value adjustment | 489 | ||
Aquuisition non-controlling interest - OCI | (866) | ||
Other comprehensive (loss) income at end of period | (7,796) | (1,394) | (1,850) |
Currency translation differences & Other | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Other comprehensive (loss) income at beginning of period | (1,394) | (1,850) | (1,803) |
Currency translation impact | (6,025) | 456 | (47) |
Fair value adjustment | 0 | ||
Aquuisition non-controlling interest - OCI | (866) | ||
Other comprehensive (loss) income at end of period | (8,285) | (1,394) | (1,850) |
Fair value adjustment equity investments | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Other comprehensive (loss) income at beginning of period | 0 | 0 | 0 |
Currency translation impact | 0 | 0 | 0 |
Fair value adjustment | 489 | ||
Aquuisition non-controlling interest - OCI | 0 | ||
Other comprehensive (loss) income at end of period | € 489 | € 0 | € 0 |
Share-based payment plan (Detai
Share-based payment plan (Detail) - shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
All plans Materialise [member] | ||||
Disclosure of share-based payment plan [line items] | ||||
Outstanding at beginning of period | [1] | 965,052 | 1,318,049 | 1,458,360 |
Granted | [1] | 0 | 0 | 2,000 |
Forfeited / Cancelled | [1] | (41,443) | (42,952) | (69,104) |
Exercised | [1] | (515,887) | (310,045) | (73,207) |
Outstanding at end of period | [1] | 407,722 | 965,052 | 1,318,049 |
Exercisable at the end of period | [1] | 123,305 | 296,859 | 252,793 |
2007-2013 plan [member] | ||||
Disclosure of share-based payment plan [line items] | ||||
Outstanding at beginning of period | 118,376 | 300,040 | 320,640 | |
Granted | 0 | 0 | 0 | |
Forfeited / Cancelled | (1,875) | (3,500) | (1,500) | |
Exercised | (116,501) | (178,164) | (19,100) | |
Outstanding at end of period | 0 | 118,376 | 300,040 | |
Exercisable at the end of period | 0 | 15,300 | 89,892 | |
IPO plan [member] | ||||
Disclosure of share-based payment plan [line items] | ||||
Outstanding at beginning of period | 465,212 | 589,052 | 671,503 | |
Granted | 0 | 0 | 0 | |
Forfeited / Cancelled | (27,247) | (20,252) | (42,209) | |
Exercised | (201,239) | (103,588) | (40,242) | |
Outstanding at end of period | 236,726 | 465,212 | 589,052 | |
Exercisable at the end of period | 95,575 | 169,071 | 114,012 | |
2015 plan [member] | ||||
Disclosure of share-based payment plan [line items] | ||||
Outstanding at beginning of period | 310,400 | 325,200 | 329,000 | |
Granted | 0 | 0 | 2,000 | |
Forfeited / Cancelled | (6,400) | (14,800) | (5,800) | |
Exercised | (170,100) | 0 | 0 | |
Outstanding at end of period | 133,900 | 310,400 | 325,200 | |
Exercisable at the end of period | 15,100 | 96,500 | 32,700 | |
IPO plan cash settled [member] | ||||
Disclosure of share-based payment plan [line items] | ||||
Outstanding at beginning of period | 71,064 | 103,757 | 137,217 | |
Granted | 0 | 0 | 0 | |
Forfeited / Cancelled | (5,921) | (4,400) | (19,595) | |
Exercised | (28,047) | (28,293) | (13,865) | |
Outstanding at end of period | 37,096 | 71,064 | 103,757 | |
Exercisable at the end of period | 12,630 | 15,988 | 16,189 | |
[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 stock appreciation rights (SARs) issued under cash-settled share-based payment plans. |
Share-based payments - Details
Share-based payments - Details grants Materialise (Detail) | 12 Months Ended | |
Dec. 31, 2020EUR (€)€ / shares | ||
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 (in EUR) | € 6.45 | |
Stock price (in EUR) | 6.42 | |
Fair value SAR | € 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 (in EUR) | € 8.81 | |
Stock price (in EUR) | 8.08 | |
Fair value SAR | € 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 (in EUR) | € 8.81 | |
Stock price (in EUR) | 8.67 | |
Fair value SAR | € 3.94 | |
IPO 2014 (June) [member] | ||
Disclosure of details grants Materialise [line items] | ||
Return dividend | 0.00% | [1] |
Expected volatility | 46.00% | [1] |
Risk-free interest rate | 1.70% | [1] |
Expected life | € | 5.5 | [1] |
Exercise price (in EUR) | € 8.81 | [1] |
Stock price (in EUR) | 8.81 | [1] |
Fair value SAR | € 3.83 | [1] |
2013 (Dec) [member] | ||
Disclosure of details grants Materialise [line items] | ||
Return dividend | 0.00% | |
Expected volatility | 50.00% | |
Risk-free interest rate | 2.56% | |
Expected life | € | 5.5 | |
Exercise price (in EUR) | € 8.54 | |
Stock price (in EUR) | 18.09 | |
Fair value SAR | € 12.23 | |
2013 (Oct) [member] | ||
Disclosure of details grants Materialise [line items] | ||
Return dividend | 0.00% | |
Expected volatility | 53.00% | |
Risk-free interest rate | 2.43% | |
Expected life | € | 5.5 | |
Exercise price (in EUR) | € 7.86 | |
Stock price (in EUR) | 18.09 | |
Fair value SAR | € 12.77 | |
[1] | (*) Exercise price, stock price and fair value are not adjusted for the 1 to 4 stock-split completed in June 2014. |
Share-based payments - Detail_2
Share-based payments - Details share-based payment arrangements Materialise (Details) | 12 Months Ended |
Dec. 31, 2020EUR (€)€ / sharesshares | |
2007-2013 plan [member] | |
Disclosure of details share-based payment arrangements Materialise [line items] | |
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 |
Number of warrants exercised | 29,125.25 |
Weighted average share price at exercise date | € / shares | € 40.21 |
Number of shares issued - exercised warrants | shares | 116,501 |
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 | 201,239 |
Weighted average share price at exercise date | € / shares | € 40.21 |
Number of shares issued - exercised warrants | shares | 201,239 |
2015 plan [member] | |
Disclosure of details share-based payment arrangements Materialise [line items] | |
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 | shares | 1,400,000 |
Number of warrants exercised | 170,100 |
Weighted average share price at exercise date | € / shares | € 37.6 |
Number of shares issued - exercised warrants | shares | 170,100 |
SAR [member] | |
Disclosure of details share-based payment arrangements Materialise [line items] | |
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 | 215,688 |
Exercise price range 1 | € / shares | € 8.81 |
Share-based payments - Expense
Share-based payments - Expense and weighted average narrative (Detail) - Details expense and weighted average [domain member] | 12 Months Ended | ||
Dec. 31, 2020EUR (€)€ / shares | Dec. 31, 2019EUR (€)€ / shares | Dec. 31, 2018EUR (€)€ / shares | |
Details expense and weighted average [line items] | |||
Expense for equity-settled share-based payment Materialise | € 101,753 | € 401,000 | € 640,000 |
Expense for cash-settled shared-based payment Materialise | € 1,241,775 | € (11,000) | € 435,000 |
Weighted-average remaining estimated life | 4 | 5 | 6 |
Weighted-average fair value of warrants outstanding | € / shares | € 3 | € 4 | € 6 |
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement at end of period | € / shares | € 8 | € 8 | € 8 |
Cash settled liability share options granted | € 1,223,000 | € 574,000 | € 786,000 |
Intrinsic-value cash-settled warrants | € 446,976 | € 120,070 | € 140,521 |
Share-based payments - Detail_3
Share-based payments - Details grants Materialise cash settled (Detail) - Materialise cash settled share based payment plan [member] | 12 Months Ended | ||
Dec. 31, 2020EUR (€)€ / shares | Dec. 31, 2019EUR (€)€ / shares | Dec. 31, 2018EUR (€)€ / shares | |
Disclosure of details grants materialise cash settled [line items] | |||
Return dividend | 0.00% | 0.00% | 0.00% |
Expected volatility | 84.00% | 49.00% | 49.00% |
Risk-free interest rate | (0.34%) | 0.10% | 0.77% |
Expected life | € | 0.25 | 0.25 | 1.25 |
Exercise price (in EUR) | € 8.81 | € 8.81 | € 8.81 |
Stock price (in EUR) | 44.2 | 16.32 | 17.49 |
Fair value SAR | € 35.38 | € 7.52 | € 9.09 |
Share-based payments - Detail_4
Share-based payments - Details grants Rapidfit (Detail) - Rapidfit+ plan [member] - EUR (€) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of Rapidfit+ details grants [line items] | |||
Outstanding at beginning of period | 186 | 199 | 199 |
Granted | 0 | 0 | 0 |
Forfeited / Cancelled | 0 | (13) | 0 |
Exercised | 0 | 0 | 0 |
Outstanding at end of period | 186 | 186 | 199 |
Exercisable at the end of period | 186 | 184 | 0 |
Share-based payments - Detail_5
Share-based payments - Details grants Rapidfit cash settled (Detail) - Rapidfit+ plan [member] | 12 Months Ended |
Dec. 31, 2020EUR (€)€ / shares | |
Disclosure of Rapidfit+ details grants cash settled [line items] | |
Return dividend | 0.00% |
Expected volatility | 50.00% |
Risk-free interest rate | 2.29% |
Expected life | € | 5.5 |
Exercise price (in EUR) | € 553.92 |
Fair value SAR | € 262.7 |
Share-based payments - Detail_6
Share-based payments - Details grants Rapidfit narrative (Detail) - Rapidfit+ plan [member] - EUR (€) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of Rapidfit+ details grants narrative [line items] | |||
Maximum number of warrants | 300 | ||
Number of warrants granted | 199 | ||
Share-based payment expense | € 2,000 | € 2,000 | € 7,000 |
Exercise price (in EUR) | € 553.92 |
Loans and borrowings (Detail)
Loans and borrowings (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Details loans and borrowings [line items] | |||
K EUR 35,000 EIB bank loan | € 35,000 | € 35,000 | € 10,000 |
K EUR 28,000 acquisition bank loan | 18,621 | 21,612 | 24,576 |
K EUR 18,000 secured bank loans | 17,013 | 17,429 | 17,739 |
K EUR 12,300 bank loans ACTech | 10,470 | 11,850 | 12,300 |
K EUR 9,050 other facility loans | 2,910 | 3,599 | 4,299 |
Bank investment loans - top 20 outstanding | 17,280 | 22,132 | 23,801 |
Bank investment loans - other | 2,681 | 4,429 | 3,808 |
Lease liabilities (2018: Finance leases) | 10,624 | 9,876 | 6,809 |
Institutional loan | 353 | 824 | 1,492 |
Convertible bond | 0 | 1,000 | 1,000 |
Related party loan | 158 | 187 | 214 |
Total loans and borrowings | 115,110 | 127,938 | 106,038 |
Current | 17,523 | 16,838 | 13,598 |
Non-current | € 97,588 | € 111,100 | € 92,440 |
Loans and borrowings Narrative
Loans and borrowings Narrative (Detail) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Details loans and borrowings Narrative [line items] | |||
Loan Principal K EUR 28,000 | € 28,000,000 | ||
Monthly reimbursable portion | 18,000,000 | ||
Bullet portion | € 10,000,000 | ||
Interest percentage | 1.10% | ||
Loan principal K EUR 18,000 | € 18,000,000 | ||
Belgian facility financing | 12,000,000 | ||
Drawn | 11,739,000 | ||
Polish facility financing | € 6,000,000 | ||
Interest percentage | 1.20% | ||
First tranche | € 10,000,000 | ||
Margin interest percentage first tranche | 2.40% | ||
Second tranche | € 25,000,000 | ||
Margin interest percentage second tranche | 2.72% | ||
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% | ||
Loan principal K EUR 9,050 | € 9,050,000 | ||
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 | € 2,910,000 | ||
Repayment schedule | 15 | ||
Interest rate lower range | 4.30% | ||
Interest rate upper range | 5.40% | ||
Weighted average interest rate | 1.00% | ||
Bank investment loans - top 20 outstanding gross | € 17,280,000 | ||
Institutional loan K EUR 2,000 | 2,000,000 | ||
K EUR 2,000 institutional loan - max credit limit | € 2,000,000 | ||
Interest rate | 0.25% | ||
Amount drawn | € 2,000,000 | ||
Outstanding balance | 353,000 | ||
Convertible bond K EUR 1,000 | € 1,000,000 | ||
Convertible number of bonds | 1,000 | ||
Nominal value per bond | € 1,000 | ||
K EUR 1,000 convertible bond - max number of shares to be issued | 509,904 | ||
Cash outflow from lease liabilities | € 3,640,000 | € 5,283,000 | € 3,102,000 |
Related party loan | € 158,000 | 187,000 | 214,000 |
Interest rate | 4.23% | ||
Related party loan - interest expense | € 7,000 | € 9,000 | € 10,000 |
Lease liabilities inculded with related party | 10,624,000 | ||
Lease liability related party | € 414,000 | ||
Lease liabilities interest rate | 2.00% | ||
K EUR 35,000 EIB bank loan gross | € 35,000,000 |
Loans and borrowings - Movement
Loans and borrowings - Movement table (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Detail movement table [line items] | |||
Balance at beginning of period | € 127,938 | € 106,038 | € 94,557 |
Proceeds from loans and borrowings | 0 | 29,000 | 32,554 |
Repayment of loans and borrowings | (13,736) | (12,126) | (18,820) |
New leases | 4,626 | 8,326 | 792 |
Repayment leases | (3,640) | (5,283) | (3,102) |
Loans acquired from business combination | 0 | 2,076 | 0 |
Net foreign exchange movements | (78) | (92) | 57 |
Balance at end of period | € 115,110 | € 127,938 | € 106,038 |
Other non-current liabilities_2
Other non-current liabilities (Detail) - Miscellaneous non-current liabilities [member] - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Miscellaneous non-current liabilities [line items] | |||
Provisions | € 318 | € 122 | € 82 |
Other | 80 | 574 | 786 |
Total | € 398 | € 696 | € 868 |
Other non-current liabilities N
Other non-current liabilities Narrative (Detail) - Miscellaneous non-current liabilities [member] - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Other non-current liabilities [line items] | |||
Contingent Consideration from Business Combinations Classified as Current | € 1,223 | ||
Cash settled share based payment plan | € 574 | € 786 | |
Provision of royalties payable to APHP | € 220 |
Tax Payables Narrative (Detail)
Tax Payables Narrative (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of tax payables [abstract] | ||||
Tax payables | € 974 | € 3,363 | [1] | € 2,313 |
[1] | * The year 2019 has been restated to reflect the final accounting of the business combination with Engimplan. See additional information in Notes 2 and 4. |
Deferred income (Detail)
Deferred income (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accruals and deferred income [abstract] | ||||
Deferred maintenance and license | € 30,242 | € 27,667 | € 22,606 | |
Deferred (project) fees | 4,555 | 4,647 | 4,838 | |
Deferred government grants | 85 | 358 | 338 | |
Total | 34,882 | 32,672 | 27,782 | |
Deferred income classified as current | 29,555 | 27,641 | [1] | 23,195 |
Deferred income classified as non-current | € 5,327 | € 5,031 | [1] | € 4,587 |
[1] | * The year 2019 has been restated to reflect the final accounting of the business combination with Engimplan. See additional information in Notes 2 and 4. |
Other current liabilities (Deta
Other current liabilities (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Miscellaneous current liabilities [line items] | ||||
Payroll-related liabilities | € 11,152 | € 10,281 | € 10,111 | |
Non-income tax payables | 3,018 | 2,262 | 2,175 | |
Accrued charges | 995 | 1,080 | 789 | |
Advances received | 404 | 715 | 713 | |
RapidFit+ amounts payable to former shareholders | 875 | 875 | 845 | |
CENAT amounts payable to former shareholders | 0 | 0 | 450 | |
Derivatives | 140 | 478 | 0 | |
Cash settled share-based payment plan | 1,223 | 0 | 0 | |
Other current liabilities | 888 | 1,995 | 259 | |
Total | € 18,695 | € 17,686 | [1] | € 15,342 |
[1] | * The year 2019 has been restated to reflect the final accounting of the business combination with Engimplan. See additional information in Notes 2 and 4. |
Fair value of financial assets
Fair value of financial assets (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
At carrying value [member] | |||
Debt instruments measured at amortized cost [abstract] | |||
Trade receivables (current) | € 30,871 | € 40,977 | € 36,891 |
Other financial assets (non-current) | 712 | 580 | 1,530 |
Other current non-trade receivables | 1,618 | 1,676 | 1,461 |
Cash and cash equivalents | 111,538 | 128,897 | 115,506 |
Total debt instruments | 144,739 | 172,130 | 155,388 |
Financial assets at fair value through profit or loss [abstract] | |||
Derivatives | 23 | 9 | 117 |
Convertible loan | 6,203 | 2,750 | 0 |
Total financial assets measured at fair value | 6,226 | 2,759 | 117 |
Equity instruments designated at fair value through OCI [abstract] | |||
Non-listed equity investments | 3,842 | 3,046 | 2,701 |
Total equity instruments designated at fair value through OCI | 3,842 | 3,046 | 2,701 |
At fair value [member] | |||
Debt instruments measured at amortized cost [abstract] | |||
Trade receivables (current) | 30,871 | 40,977 | 36,891 |
Other financial assets (non-current) | 712 | 580 | 1,530 |
Other current non-trade receivables | 1,618 | 1,676 | 1,461 |
Cash and cash equivalents | 111,538 | 128,897 | 115,506 |
Total debt instruments | 144,739 | 172,130 | 155,388 |
Financial assets at fair value through profit or loss [abstract] | |||
Derivatives | 0 | 0 | 0 |
Convertible loan | 0 | 0 | 0 |
Total financial assets measured at fair value | 0 | 0 | 0 |
Equity instruments designated at fair value through OCI [abstract] | |||
Non-listed equity investments | 0 | 0 | 0 |
Total equity instruments designated at fair value through OCI | € 0 | € 0 | € 0 |
Fair value of financial liabili
Fair value of financial liabilities (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
At carrying value [member] | |||
Financial liabilities measured at amortized cost [abstract] | |||
Loans and borrowings including lease liabilities | € 115,110 | € 127,939 | € 106,037 |
Trade payables | 17,698 | 18,517 | 18,667 |
Other liabilities excl. written put option on NCI | 1,275 | 3,187 | 778 |
Total financial liabilities measured at amortized cost | 134,083 | 149,643 | 125,482 |
Financial liabilities measured at fair value [abstract] | |||
Contingent consideration | 0 | 0 | 450 |
Cash settled share based payments | 1,223 | 0 | 786 |
Written put option on NCI | 875 | 875 | 845 |
Derivatives | 140 | 478 | 194 |
Total financial liability measured at fair value | 2,238 | 1,353 | 2,275 |
Total non-current | 98,543 | 112,549 | 94,521 |
Total current | 37,778 | 38,447 | 33,236 |
At fair value [member] | |||
Financial liabilities measured at amortized cost [abstract] | |||
Loans and borrowings including lease liabilities | 116,843 | 128,930 | 105,026 |
Trade payables | 17,698 | 18,517 | 18,667 |
Other liabilities excl. written put option on NCI | 1,275 | 3,187 | 778 |
Total financial liabilities measured at amortized cost | 135,816 | 150,634 | 124,471 |
Financial liabilities measured at fair value [abstract] | |||
Contingent consideration | 0 | 0 | 0 |
Cash settled share based payments | 0 | 0 | 0 |
Written put option on NCI | 0 | 0 | 0 |
Derivatives | 0 | 0 | 0 |
Total financial liability measured at fair value | 0 | 0 | 0 |
Total non-current | 0 | 0 | 0 |
Total current | € 0 | € 0 | € 0 |
Fair value evolution assets (De
Fair value evolution assets (Detail) - Convertible loans Ditto & Fluidda - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of gains losses fair value financial assets [line items] | |||
Financial assets, at fair value, beginning of period | € 2,750 | € 0 | € 0 |
Additions | 2,830 | 2,500 | 0 |
Remeasurement | 316 | 0 | 0 |
Capitalized interests | 307 | 250 | 0 |
Financial assets, at fair value, end of period | € 6,203 | € 2,750 | € 0 |
Fair value evolution liabilitie
Fair value evolution liabilities (Detail) - Written put option on NCI RapidFit+ - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of gains losses fair value financial liabilities [line items] | |||
Financial liabilities, at fair value, beginning of period | € 875 | € 845 | € 788 |
Remeasurement | 0 | 30 | 57 |
Financial liabilities, at fair value, end of period | € 875 | € 875 | € 845 |
Fair value Narrative (Detail)
Fair value Narrative (Detail) | Dec. 31, 2020EUR (€) |
Fair value Narrative [abstract] | |
AM Flow fair value | € 307,000 |
Ditto - Maturity years | 5 |
DittoCarryingValue | € 2,892,000 |
DittoInterestRate | 8.00% |
DittoNotionalAmount | € 9,000,000 |
Essentium fair value adjustment period | 489,000 |
Fluidda - Carrying value | € 3,310,000 |
Fluidda - Discount rate | 14.44% |
Fluidda - Interest rate | 10.00% |
Fluidda - Maturity years | 7 |
Fluidda - Sensitivity WACC | 1.00% |
Fluidda - Sensitivity WACC + | € (31,000) |
Fluidda - Sensitivity WACC - | 31,000 |
FluiddaFairValueAdjustment | € 316,000 |
Indirect % of ownership Materialise NV in AM Flow BV | 8.42% |
Essentium - initial invested amount in Euro | € 3,353,000 |
Segment information (Detail)
Segment information (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total segments | |||
Disclosure of operating segments [line items] | |||
Revenue | € 170,418 | € 196,618 | € 184,582 |
Segment adjusted EBITDA | € 29,847 | € 36,740 | € 32,573 |
Segment adjusted EBITDA % | 17.514% | 18.686% | 17.6469% |
Materialise Software [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | € 39,054 | € 41,654 | € 37,374 |
Segment adjusted EBITDA | € 13,383 | € 13,812 | € 11,536 |
Segment adjusted EBITDA % | 34.2679% | 33.1589% | 30.8664% |
Materialise Medical [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | € 61,729 | € 60,808 | € 52,252 |
Segment adjusted EBITDA | € 13,915 | € 10,774 | € 10,252 |
Segment adjusted EBITDA % | 22.5421% | 17.7181% | 19.6203% |
Materialise Manufacturing [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | € 69,635 | € 94,156 | € 94,956 |
Segment adjusted EBITDA | € 2,548 | € 12,154 | € 10,785 |
Segment adjusted EBITDA % | 3.6591% | 12.9084% | 11.3579% |
Unallocated amounts [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | € 31 | € 61 | € 139 |
Segment adjusted EBITDA | € (9,468) | € (10,084) | € (9,047) |
Segment adjusted EBITDA % | 0.00% | 0.00% | 0.00% |
Consolidated Segments [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | € 170,449 | € 196,679 | € 184,721 |
Segment adjusted EBITDA | € 20,378 | € 26,656 | € 23,526 |
Segment adjusted EBITDA % | 11.9555% | 13.553% | 12.736% |
Segment information narrative (
Segment information narrative (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of operating segments narrative [abstract] | |||
Total revenue realized in the country of domicile | € 7,048 | € 7,917 | € 9,350 |
Customers with individuals sales less then 10% | € 0 | € 0 | € 0 |
Segment reconciliation (Detail)
Segment reconciliation (Detail) - Consolidated entity [member] - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of operating segments [line items] | |||
Segment adjusted EBITDA | € 29,847 | € 36,740 | € 32,573 |
Depreciation, amortization and impairment | (19,775) | (19,278) | (17,287) |
Corporate research and development | (2,824) | (1,859) | (1,913) |
Corporate headquarter costs | (11,719) | (11,077) | (10,358) |
Other operating income (expense) | 3,668 | 2,410 | 2,149 |
Fair value adjustment 50% RS Print | 770 | 0 | 0 |
Impairments | (4,606) | 0 | 0 |
Operating profit (loss) | (4,639) | 6,936 | 5,164 |
Financial expenses | (5,995) | (3,682) | (4,864) |
Financial income | 2,452 | 1,377 | 3,627 |
Income taxes | 949 | (2,595) | (425) |
Share in loss of joint venture | (39) | (392) | (475) |
Net (loss) profit for the year | € (7,272) | € 1,644 | € 3,027 |
Segment reconciliation - Revenu
Segment reconciliation - Revenue by geographical area (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
United States of America (USA) [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | € 47,266 | € 56,235 | € 42,217 |
Americas other than USA [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 5,297 | 3,395 | 1,700 |
Belgium [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 7,048 | 7,917 | 9,350 |
Germany [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 17,087 | 31,185 | 30,436 |
France [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 11,586 | 20,110 | 22,282 |
Switserland [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 12,587 | 14,907 | 13,135 |
United Kingdom [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 7,725 | 13,804 | 11,946 |
Italy [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 5,876 | 6,707 | 4,392 |
Netherlands [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 6,943 | 5,825 | 7,382 |
Other Europe [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 31,518 | 17,329 | 21,455 |
Asia-Pacific [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 17,516 | 19,265 | 20,426 |
All countries [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | € 170,449 | € 196,679 | € 184,721 |
Segment reconciliation - Non-cu
Segment reconciliation - Non-current assets by geographical area (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
United States of America (USA) [member] | |||
Disclosure of non-current assets by geographical areas [Line items] | |||
Non-current assets other than financial instruments, deferred tax assets | € 3,441 | € 4,194 | € 3,953 |
Americas other than USA [member] | |||
Disclosure of non-current assets by geographical areas [Line items] | |||
Non-current assets other than financial instruments, deferred tax assets | 3,454 | 8,374 | 62 |
Belgium [member] | |||
Disclosure of non-current assets by geographical areas [Line items] | |||
Non-current assets other than financial instruments, deferred tax assets | 62,810 | 49,426 | 48,873 |
Germany [member] | |||
Disclosure of non-current assets by geographical areas [Line items] | |||
Non-current assets other than financial instruments, deferred tax assets | 58,305 | 57,918 | 56,096 |
Poland [member] | |||
Disclosure of non-current assets by geographical areas [Line items] | |||
Non-current assets other than financial instruments, deferred tax assets | 13,437 | 15,506 | 16,206 |
Rest of Europe [member] | |||
Disclosure of non-current assets by geographical areas [Line items] | |||
Non-current assets other than financial instruments, deferred tax assets | 9,087 | 10,410 | 10,125 |
Asia-Pacific [member] | |||
Disclosure of non-current assets by geographical areas [Line items] | |||
Non-current assets other than financial instruments, deferred tax assets | 2,052 | 2,658 | 1,039 |
All countries [member] | |||
Disclosure of non-current assets by geographical areas [Line items] | |||
Non-current assets other than financial instruments, deferred tax assets | € 152,586 | € 148,486 | € 136,354 |
Income and expenses - Revenue p
Income and expenses - Revenue per type of good or service (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
All categories [member] | |||
Disclosure of revenue by category [line items] | |||
Revenue | € 170,449 | € 196,679 | € 184,721 |
Software (non-medical) [member] | |||
Disclosure of revenue by category [line items] | |||
Revenue | 39,054 | 41,654 | 37,374 |
Software (medical) [member] | |||
Disclosure of revenue by category [line items] | |||
Revenue | 19,808 | 19,407 | 17,045 |
Medical devices and services [member] | |||
Disclosure of revenue by category [line items] | |||
Revenue | 41,921 | 41,401 | 35,207 |
Manufacturing [member] | |||
Disclosure of revenue by category [line items] | |||
Revenue | 69,635 | 94,156 | 94,956 |
Other category [member] | |||
Disclosure of revenue by category [line items] | |||
Revenue | € 31 | € 61 | € 139 |
Income and expenses - Disaggreg
Income and expenses - Disaggregated revenue information (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Total segments | ||
Disclosure of geographical areas [abstract] | ||
United States of America (USA) | € 47,265 | € 56,235 |
Americas other than USA | 5,297 | 3,395 |
Europe (without Belgium) & Africa | 93,323 | 109,867 |
Belgium | 7,017 | 7,856 |
Asia Pacific | 17,516 | 19,265 |
Total revenue from contracts with customers | 170,418 | 196,618 |
Type of goods or services [abstract] | ||
Software revenue (non-medical) | 39,054 | 41,654 |
Software revenue (medical) | 19,808 | 19,407 |
Medical devices and services | 41,921 | 41,401 |
Manufacturing | 69,635 | 94,156 |
Other | 0 | 0 |
Total revenue from contracts with customers | 170,418 | 196,618 |
Timing of revenue recognition [abstract] | ||
Goods/Services transferred at point in time | 128,646 | 155,908 |
Goods/Services transferred over time | 41,772 | 40,710 |
Total revenue from contracts with customers | 170,418 | 196,618 |
Materialise Software [Member] | ||
Disclosure of geographical areas [abstract] | ||
United States of America (USA) | 11,939 | 11,188 |
Americas other than USA | 533 | 487 |
Europe (without Belgium) & Africa | 15,702 | 18,767 |
Belgium | 112 | 183 |
Asia Pacific | 10,768 | 11,029 |
Total revenue from contracts with customers | 39,054 | 41,654 |
Type of goods or services [abstract] | ||
Software revenue (non-medical) | 39,054 | 41,654 |
Software revenue (medical) | 0 | 0 |
Medical devices and services | 0 | 0 |
Manufacturing | 0 | 0 |
Other | 0 | 0 |
Total revenue from contracts with customers | 39,054 | 41,654 |
Timing of revenue recognition [abstract] | ||
Goods/Services transferred at point in time | 15,536 | 21,190 |
Goods/Services transferred over time | 23,518 | 20,464 |
Total revenue from contracts with customers | 39,054 | 41,654 |
Materialise Medical [Member] | ||
Disclosure of geographical areas [abstract] | ||
United States of America (USA) | 28,173 | 29,100 |
Americas other than USA | 4,504 | 2,071 |
Europe (without Belgium) & Africa | 20,781 | 21,356 |
Belgium | 2,335 | 2,101 |
Asia Pacific | 5,936 | 6,180 |
Total revenue from contracts with customers | 61,729 | 60,808 |
Type of goods or services [abstract] | ||
Software revenue (non-medical) | 0 | 0 |
Software revenue (medical) | 19,808 | 19,407 |
Medical devices and services | 41,921 | 41,401 |
Manufacturing | 0 | 0 |
Other | 0 | 0 |
Total revenue from contracts with customers | 61,729 | 60,808 |
Timing of revenue recognition [abstract] | ||
Goods/Services transferred at point in time | 46,286 | 45,730 |
Goods/Services transferred over time | 15,443 | 15,078 |
Total revenue from contracts with customers | 61,729 | 60,808 |
Materialise Manufacturing [Member] | ||
Disclosure of geographical areas [abstract] | ||
United States of America (USA) | 7,153 | 15,947 |
Americas other than USA | 260 | 837 |
Europe (without Belgium) & Africa | 56,840 | 69,744 |
Belgium | 4,570 | 5,572 |
Asia Pacific | 812 | 2,056 |
Total revenue from contracts with customers | 69,635 | 94,156 |
Type of goods or services [abstract] | ||
Software revenue (non-medical) | 0 | 0 |
Software revenue (medical) | 0 | 0 |
Medical devices and services | 0 | 0 |
Manufacturing | 69,635 | 94,156 |
Other | 0 | 0 |
Total revenue from contracts with customers | 69,635 | 94,156 |
Timing of revenue recognition [abstract] | ||
Goods/Services transferred at point in time | 66,824 | 88,988 |
Goods/Services transferred over time | 2,811 | 5,168 |
Total revenue from contracts with customers | 69,635 | 94,156 |
Unallocated amounts [Member] | ||
Disclosure of geographical areas [abstract] | ||
United States of America (USA) | 0 | 0 |
Americas other than USA | 0 | 0 |
Europe (without Belgium) & Africa | 0 | 0 |
Belgium | 31 | 61 |
Asia Pacific | 0 | 0 |
Total revenue from contracts with customers | 31 | 61 |
Type of goods or services [abstract] | ||
Software revenue (non-medical) | 0 | 0 |
Software revenue (medical) | 0 | 0 |
Medical devices and services | 0 | 0 |
Manufacturing | 0 | 0 |
Other | 31 | 61 |
Total revenue from contracts with customers | 31 | 61 |
Timing of revenue recognition [abstract] | ||
Goods/Services transferred at point in time | 31 | 61 |
Goods/Services transferred over time | 0 | 0 |
Total revenue from contracts with customers | 31 | 61 |
Consolidated Segments [Member] | ||
Disclosure of geographical areas [abstract] | ||
United States of America (USA) | 47,265 | 56,235 |
Americas other than USA | 5,297 | 3,395 |
Europe (without Belgium) & Africa | 93,323 | 109,867 |
Belgium | 7,048 | 7,917 |
Asia Pacific | 17,516 | 19,265 |
Total revenue from contracts with customers | 170,449 | 196,679 |
Type of goods or services [abstract] | ||
Software revenue (non-medical) | 39,054 | 41,654 |
Software revenue (medical) | 19,808 | 19,407 |
Medical devices and services | 41,921 | 41,401 |
Manufacturing | 69,635 | 94,156 |
Other | 31 | 61 |
Total revenue from contracts with customers | 170,449 | 196,679 |
Timing of revenue recognition [abstract] | ||
Goods/Services transferred at point in time | 128,677 | 155,969 |
Goods/Services transferred over time | 41,772 | 40,710 |
Total revenue from contracts with customers | € 170,449 | € 196,679 |
Income and expenses - Contract
Income and expenses - Contract balances (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Contract Balances [Line Items] | ||
Trade receivables, included in 'trade and other receivables' | € 32,345 | € 42,509 |
Contract assets / Contracts in progress | 749 | 495 |
Contract liabilities / Deferred income | € 34,797 | € 32,314 |
Income and expenses - Contrac_2
Income and expenses - Contract Balance Narrative (Detail) € in Thousands | 12 Months Ended |
Dec. 31, 2020EUR (€) | |
Contract balances narrative | |
Revenue that was included in contract liability at beginning of period | € 32,314 |
Income and expenses - Cost of s
Income and expenses - Cost of sales (Detail) - Total cost of sales [member] - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cost of sales [line items] | |||
Purchase of goods and services | € (31,725) | € (37,870) | € (39,114) |
Amortization and depreciation | (11,788) | (10,917) | (9,910) |
Payroll expenses | (32,438) | (37,715) | (33,036) |
Other | (495) | (550) | (239) |
Total | € (76,446) | € (87,052) | € (82,299) |
Income and expenses - Research
Income and expenses - Research and development expenses (Detail) - Research and development expenses [member] - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Research and development expenses [line items] | |||
Purchase of goods and services | € (2,788) | € (2,583) | € (3,590) |
Amortization and depreciation | (1,746) | (1,483) | (830) |
Payroll expenses | (20,368) | (19,219) | (17,935) |
Other | (2,202) | (63) | (61) |
Total | € (27,104) | € (23,348) | € (22,416) |
Income and expenses - Sales and
Income and expenses - Sales and marketing expenses (Detail) - Sales and marketing expenses [member] - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Sales and marketing expenses [line items] | |||
Purchase of goods and services | € (5,960) | € (9,228) | € (9,775) |
Amortization and depreciation | (1,946) | (1,346) | (725) |
Payroll expenses | (36,521) | (42,055) | (35,585) |
Other | (209) | (360) | (218) |
Total | € (44,636) | € (52,989) | € (46,303) |
Income and expenses - General a
Income and expenses - General and administrative expenses (Detail) - General and administrative expenses [member] - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
General and administrative expenses [line items] | |||
Purchase of goods and services | € (8,933) | € (9,856) | € (9,892) |
Amortization and depreciation | (2,437) | (3,630) | (3,828) |
Payroll expenses | (18,104) | (18,078) | (18,442) |
Other | 137 | (222) | (148) |
Total | € (29,337) | € (31,786) | € (32,310) |
Income and expenses - Net other
Income and expenses - Net other operating income (expense) (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Analysis of income and expense [line items] | ||||
Government grants | € 4,473 | € 5,263 | [1] | € 4,658 |
Amortization intangibles purchase price allocation | (1,857) | (2,013) | [1] | (1,994) |
Allowance for doubtful debtors | (244) | 210 | [1] | (1,065) |
Capitalized expenses (asset construction) | 316 | 166 | [1] | 16 |
Net foreign currency exchange gains / (losses) | 0 | 0 | [1] | 246 |
Tax Credits | 1,198 | 665 | [1] | 706 |
Fair value adjustment Cenat liability | 0 | 0 | [1] | 192 |
Personnel related income | 0 | 37 | [1] | 168 |
Fair value adjustment RS Print | 770 | 0 | [1] | 0 |
Impairment Engimplan | (2,516) | 0 | [1] | 0 |
Other | 296 | 1,104 | [1] | 844 |
Total | € 2,436 | € 5,432 | € 3,771 | |
[1] | * The year 2019 has been restated to reflect the final accounting of the business combination with Engimplan. |
Income and expenses - Payroll e
Income and expenses - Payroll expenses (Detail) - Payroll expenses [domain member] | 12 Months Ended | ||
Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
Payroll expenses [line items] | |||
Short-term employee benefits | € (82,135,000) | € (87,775,000) | € (76,023,000) |
Social security expenses | (15,691,000) | (15,647,000) | (14,139,000) |
Expenses defined contribution plans | (1,150,000) | (1,033,000) | (936,000) |
Other employee expenses | (8,455,000) | (12,612,000) | (13,900,000) |
Total | € (107,431,000) | € (117,067,000) | € (104,998,000) |
Total registered employees at the end of the period | 2,162 | 2,177 | 2,009 |
Income and expenses - Financial
Income and expenses - Financial expense (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Financial expense [line items] | ||||
Interest expense | € (2,299) | € (2,146) | € (1,747) | |
Foreign currency losses | (2,999) | (832) | (2,748) | |
Other financial expenses | (697) | (704) | (369) | |
Total | € (5,995) | € (3,682) | [1] | € (4,864) |
[1] | * The year 2019 has been restated to reflect the final accounting of the business combination with Engimplan. See additional information in Notes 2 and 4. |
Income and expenses - Financi_2
Income and expenses - Financial income (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Financial income [line items] | ||||
Foreign currency exchange gains | € 1,668 | € 955 | € 3,047 | |
Other finance income | 784 | 422 | 580 | |
Total | € 2,452 | € 1,377 | [1] | € 3,627 |
[1] | * The year 2019 has been restated to reflect the final accounting of the business combination with Engimplan. See additional information in Notes 2 and 4. |
Income and expenses - Income ta
Income and expenses - Income taxes - Current income taxes (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Current income taxes [abstract] | ||||
Estimated tax liability for the year | € 4 | € (2,926) | € (1,216) | |
Tax adjustments to the previous year | 0 | 0 | 0 | |
Deferred income taxes | 945 | 331 | 791 | |
Total income tax benefit (expense) for the period | € 949 | € (2,595) | [1] | € (425) |
[1] | * The year 2019 has been restated to reflect the final accounting of the business combination with Engimplan. See additional information in Notes 2 and 4. |
Income and expenses - Income _2
Income and expenses - Income taxes - Deferred tax (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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 | € 0 | € 0 | € 26 |
Amortization development assets and other intangible assets | 75 | 38 | 224 |
Depreciation property, plant and equipment | 125 | 70 | 30 |
Other items | 1 | 84 | 35 |
Total deferred tax assets | 201 | 192 | 315 |
Property, plant and equipment | (209) | (403) | (694) |
Intangible assets | (6,414) | (4,937) | (5,370) |
Investment grants | (227) | (301) | (312) |
Inventory valuation | (31) | (89) | 141 |
Other items | 76 | (17) | 9 |
Total deferred tax liabilities | (6,805) | (5,747) | (6,226) |
Total deferred tax income (loss) | 0 | 0 | 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 | 0 |
Amortization development assets and other intangible assets | 0 | 0 | 0 |
Depreciation property, plant and equipment | 0 | 0 | 0 |
Other items | 0 | 0 | 0 |
Income expense from total defered tax assets | 9 | (124) | 11 |
Property, plant and equipment | 0 | 0 | 0 |
Intangible assets | 0 | 0 | 0 |
Investment grants | 0 | 0 | 0 |
Inventory valuation | 0 | 0 | 0 |
Other items | 0 | 0 | 0 |
Income expense from total deferred tax liabilities | (1,058) | 455 | 780 |
Total deferred tax income (loss) | € (1,049) | € 331 | € 791 |
Income and expenses - Income _3
Income and expenses - Income taxes - Deferred tax Narrative (Detail) - Increase decrease deferred tax and unused tax losses [member] - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Belgian Patent Income Deduction percentage | 80.00% | ||
Innovation income deduction % | 85.00% | ||
Unused tax loss carry-forward, tax credits and other | € 69,031 | € 37,440 | € 25,285 |
Unused tax loss carry-forward, tax credits and other (MAT NV) | 44,600 | 25,172 | 15,592 |
Tax losses, notional interest deduction and other tax benefits | € 0 | € 0 | |
Deferred tax liabilities | 6,805 | ||
Deferred tax in OCI | 104 | ||
Deferred tax in P&L | € 945 |
Income and expenses - Income _4
Income and expenses - Income taxes - Relationship tax Expense and accounting profit (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | [1] | Dec. 31, 2018 | |
Relationship tax expense and accounting profit [line items] | ||||
Profit (loss) before tax | € (8,221) | € 4,239 | € 3,452 | |
Income tax at statutory rate of 25% (2019-2018: 29.59%) | 2,045 | (1,254) | (1,021) | |
Effect of different local tax rate | 529 | 63 | 166 | |
Tax adjustments to the previous period | (231) | (367) | 80 | |
Non-deductible expenses | (584) | (554) | (1,141) | |
Research and development tax credits and patent income deduction | 375 | 179 | 337 | |
Non recognition of deferred tax asset | (723) | (1,579) | (546) | |
Recognition of deferred tax assets on previous years tax losses | 0 | 119 | 653 | |
Non-taxable income | 503 | 925 | 606 | |
Use of previous years tax losses and tax credits for which no deferred tax assets was recognized | 135 | 0 | 0 | |
Taxes on other basis | (993) | 0 | 280 | |
Other | (107) | (127) | 161 | |
Income tax expenses as reported in the consolidated income statement | € 949 | € (2,595) | € (425) | |
[1] | * The year 2019 has been restated to reflect the final accounting of the business combination with Engimplan. See additional information in Notes 2 and 4. |
Earnings per share attributable
Earnings per share attributable to ordinary owners of the parent (Detail) - € / shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | [1] | Dec. 31, 2018 | |
Earnings per share attributable to ordinary owners of the parent [line items] | ||||
Basic | € (0.133498) | € 0.029973 | € 0.060776 | |
Diluted | € (0.133498) | € 0.030304 | € 0.060694 | |
[1] | * The year 2019 has been restated to reflect the final accounting of the business combination with Engimplan. See additional information in Notes 2 and 4. |
Weighted average number of ordi
Weighted average number of ordinary shares for basic earnings per share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted average ordinary shares and adjusted weighted average ordinary shares [abstract] | |||
Weighted average number of ordinary shares for basic earnings per share | 53,364 | 52,915 | 49,806 |
Effect of dilution: | |||
Share options | 0 | 563 | 382 |
Convertible loan | 0 | 509 | 509 |
Weighted average number of ordinary shares adjusted for effect of dilution | 53,364 | 53,987 | 50,697 |
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, 2020 | Dec. 31, 2019 | [1] | Dec. 31, 2018 | |
Profit (loss), attributable to ordinary equity holders of parent entity [abstract] | ||||
Net profit attributable to ordinary equity holders of the parent for basic earnings | € (7,124) | € 1,586 | € 3,027 | |
Interest on convertible bonds | 0 | 50 | 50 | |
Net profit attributable to ordinary equity holders of the parent adjusted for the effect of dilution | € (7,124) | € 1,636 | € 3,077 | |
[1] | * The year 2019 has been restated to reflect the final accounting of the business combination with Engimplan. See additional information in Notes 2 and 4. |
Commitment and contingent liabi
Commitment and contingent liabilities - Operational lease commitments (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Total aggregated time bands [member] | |||
Disclosure of operating lease commitments [line items] | |||
Operating lease commitments | € 0 | € 0 | € 5,442 |
Within one year [member] | |||
Disclosure of operating lease commitments [line items] | |||
Operating lease commitments | 0 | 0 | 2,053 |
Between one and three years [member] | |||
Disclosure of operating lease commitments [line items] | |||
Operating lease commitments | 0 | 0 | 2,302 |
Between four and five years [member] | |||
Disclosure of operating lease commitments [line items] | |||
Operating lease commitments | 0 | 0 | 785 |
More than five years [member] | |||
Disclosure of operating lease commitments [line items] | |||
Operating lease commitments | € 0 | € 0 | € 302 |
Commitment and contingent lia_2
Commitment and contingent liabilities - Operational lease commitments Narrative (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Operational lease commitments narrative [abstract] | |||
Total lease payments recognised in income statement | € 554 | € 725 | € 2,956 |
Commitment and contingent lia_3
Commitment and contingent liabilities - Capital lease commitments (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Total aggregated time bands [member] | |||
Disclosure of capital lease commitments [line items] | |||
Minimum lease payments | € 0 | € 0 | € 7,078 |
Present value of payments | 0 | 0 | 6,809 |
Within one year [member] | |||
Disclosure of capital lease commitments [line items] | |||
Minimum lease payments | 0 | 0 | 2,876 |
Present value of payments | 0 | 0 | 2,829 |
Between one and three years [member] | |||
Disclosure of capital lease commitments [line items] | |||
Minimum lease payments | 0 | 0 | 3,398 |
Present value of payments | 0 | 0 | 3,236 |
Between four and five years [member] | |||
Disclosure of capital lease commitments [line items] | |||
Minimum lease payments | 0 | 0 | 655 |
Present value of payments | 0 | 0 | 604 |
More than five years [member] | |||
Disclosure of capital lease commitments [line items] | |||
Minimum lease payments | 0 | 0 | 149 |
Present value of payments | 0 | 0 | 140 |
Less finance charges [member] | |||
Disclosure of capital lease commitments [line items] | |||
Minimum lease payments | 0 | 0 | (269) |
Present value of payments | 0 | 0 | 0 |
Present value of minimum lease payments [member] | |||
Disclosure of capital lease commitments [line items] | |||
Minimum lease payments | 0 | 0 | 6,809 |
Present value of payments | € 0 | € 0 | € 6,809 |
Commitment and contingent lia_4
Commitment and contingent liabilities - Mortgages and pledges Narrative (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Mortages and pledges narrative [abstract] | |||
Carrying value property, plant and equipment related to mortgages and loans | € 27,638 | € 29,154 | € 30,853 |
Total outstanding mortgages and pledges | 105,610 | 77,849 | 21,142 |
Pledges on business goodwill | 69,300 | 36,992 | 70,300 |
Current and other fixed assets pledges as security | € 3,290 | € 3,301 | € 21,142 |
Commitment and contingent lia_5
Commitment and contingent liabilities - Other commitments Narrative (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Other commitments narrative [abstract] | |||
Outstanding non-cancellable contracts with future commitment | € 6,384 | € 11,640 | € 6,383 |
Committed expenditures in property, plant and equipment | € 0 | € 0 |
Commitment and contingent lia_6
Commitment and contingent liabilities - Contingent Liabilities Narrative (Detail) € in Thousands | Dec. 31, 2020EUR (€) |
Contingent Liabilities Narrative [Abstract] | |
Estimated financial effect of contingent liabilities | € 2,700 |
Risks - Foreign Currency Sensit
Risks - Foreign Currency Sensitivity Narrative (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Foreign currency narrative [line items] | |||
Revenue derived from sales in currency different from euro | 35.00% | 29.00% | 30.00% |
Decrease in net result with change in USD rate | 10.00% | ||
Rate for amount in EUR | € 0 | ||
USD rate increase/decrease by | 10.00% | ||
Net result would be higher | € 1,854 | ||
Net result would be lower | 1,686 | ||
Hedges in GBP | 700 | ||
Hedges in JPY | € 75,000 |
Risks - Liquidity risk (Detail)
Risks - Liquidity risk (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Total aggregated time bands [member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Loan and borrowings | € 110,647 | € 123,453 | € 114,097 |
Lease liabilities | 11,671 | 10,352 | |
Trade payables | 17,698 | 18,517 | 18,667 |
Other current liabilities | 3,798 | 4,063 | 2,267 |
Total | 143,814 | 156,385 | 135,031 |
Within one year [member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Loan and borrowings | 15,335 | 14,300 | 14,491 |
Lease liabilities | 3,831 | 3,685 | |
Trade payables | 17,698 | 18,517 | 18,667 |
Other current liabilities | 3,798 | 4,063 | 2,267 |
Total | 40,662 | 40,565 | 35,425 |
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 | 36,819 | 33,034 | 42,100 |
Lease liabilities | 4,850 | 4,907 | |
Trade payables | 0 | 0 | 0 |
Other current liabilities | 0 | 0 | 0 |
Total | 41,669 | 37,941 | 42,100 |
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 | 34,928 | 41,672 | 33,636 |
Lease liabilities | 1,570 | 1,040 | |
Trade payables | 0 | 0 | 0 |
Other current liabilities | 0 | 0 | 0 |
Total | 36,498 | 42,712 | 33,636 |
More than five years [member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Loan and borrowings | 23,565 | 34,447 | 23,870 |
Lease liabilities | 1,420 | 720 | |
Trade payables | 0 | 0 | 0 |
Other current liabilities | 0 | 0 | 0 |
Total | € 24,985 | € 35,167 | € 23,870 |
Risks - Liquidity risk Narrativ
Risks - Liquidity risk Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Undrawn lines of credit | € 0 | € 26,040 | |
EIB Finance contract | € 35,000 | ||
EIB finance contract max. draw first tranche | 25,000 | ||
EIB finance contract draw first tranche | € 10,000 | ||
EIB finance contract draw second tranche | € 25,000 | ||
EIB finance contract interest rate first tranche | 2.40% | ||
EIB finance contract interest rate second tranche | 2.72% |
Risks - Credit risk (Detail)
Risks - Credit risk (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Total [member] | |||
Credit risk [line items] | |||
At end of period | € 30,871 | € 40,977 | € 36,891 |
Non-due [member] | |||
Credit risk [line items] | |||
At end of period | 25,707 | 31,528 | 26,208 |
Up to 30 days [member] | |||
Credit risk [line items] | |||
At end of period | 3,176 | 4,924 | 5,395 |
31-60 days [member] | |||
Credit risk [line items] | |||
At end of period | 858 | 2,094 | 1,479 |
61-90 days [member] | |||
Credit risk [line items] | |||
At end of period | 423 | 733 | 931 |
91-180 days [member] | |||
Credit risk [line items] | |||
At end of period | 327 | 981 | 1,512 |
More than 180 days [member] | |||
Credit risk [line items] | |||
At end of period | € 380 | € 717 | € 1,366 |
Related party transactions (Det
Related party transactions (Detail) | 12 Months Ended | ||
Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
Related party transactions [abstract] | |||
Short-term employee benefits | € 2,302,000 | € 2,394,000 | € 2,334,000 |
Post-employment benefits | 93,000 | 85,000 | 80,000 |
Total | € 2,395,000 | € 2,479,000 | € 2,414,000 |
Warrants granted | 0 | 0 | 0 |
Warrants outstanding | 108,905 | 359,266 | 557,935 |
Related party transactions Narr
Related party transactions Narrative (Detail) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Details related party transactions Narrative [line items] | |||
Share based payment expense related to key management | € 37,000 | ||
Rent paid to Ailanthus (related party) | 0 | € 113,000 | € 123,000 |
Convertible bond K EUR 1,000 | € 1,000,000 | ||
Convertible number of bonds | 1,000 | ||
K EUR 1,000 convertible bond - max number of shares to be issued | 509,904 | ||
Lease liabilities | € 414,000 | ||
Lease payment office and production building Engimplan | € 7,000 | ||
Percentage of Participation In JV RS PRINT | 50.00% | ||
Remaining shares RS Print | 50.00% |
Transactions (Detail)
Transactions (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Non-executive directors of the group [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sale of goods to | € 0 | € 0 | € 0 |
Purchases from | 85 | 128 | 123 |
Depreciation | 0 | 0 | 0 |
Interest expense | 28 | 37 | 51 |
Right-of-use assets | 0 | 0 | 0 |
Receivables | 0 | 0 | 0 |
Lease liabilities | 0 | 0 | 0 |
Other liabilities | 0 | 1,053 | 1,038 |
Shareholders of the group [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sale of goods to | 0 | 0 | 0 |
Purchases from | 2 | 113 | 123 |
Depreciation | 0 | 0 | 0 |
Interest expense | 7 | 9 | 10 |
Right-of-use assets | 0 | 0 | 0 |
Receivables | 29 | 0 | 0 |
Lease liabilities | 0 | 0 | 0 |
Other liabilities | 158 | 131 | 261 |
Joint ventures [member] | |||
Disclosure of transactions between related parties [line items] | |||
Sale of goods to | 419 | 1,431 | 1,156 |
Purchases from | 0 | 0 | 241 |
Depreciation | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Right-of-use assets | 0 | 0 | 0 |
Receivables | 0 | 1,279 | 1,281 |
Lease liabilities | 0 | 0 | 0 |
Other liabilities | 0 | 0 | 22 |
Non-controlling interest [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Sale of goods to | 0 | 0 | 0 |
Purchases from | 0 | 0 | 0 |
Depreciation | 0 | 26 | 0 |
Interest expense | 0 | 9 | 0 |
Right-of-use assets | 0 | 617 | 0 |
Receivables | 0 | 0 | 0 |
Lease liabilities | 0 | 652 | 0 |
Other liabilities | € 0 | € 0 | € 0 |
Events subsequent to the stat_2
Events subsequent to the statement of financial position date narrative (Detail) - 12 months ended Dec. 31, 2020 € in Thousands, $ in Thousands | EUR (€) | USD ($) |
Disclosure of events subsequent to the statement of financial position date [abstract] | ||
Equity interests of US based Link3D Inc | 100.00% | |
Call Option Purchase Price | $ 2,000 | |
Maximum Amount | 33,500 | |
Interim Loan Agreement | 1,800 | |
Working Capital loan agreement | $ 700 | |
Capitalizing interest | 0.00% | |
Convertible Loan Ditto Drawn | € | € 2,892 | |
Impairment Outstanding Loan | € | € 3,790 |