SLM Solutions: Strong start to FY 2015
Luebeck, Germany, May 13, 2015 – SLM Solutions Group AG, a leading provider of metal-based additive manufacturing technology ("3D printing"), looks back on a successful first quarter of 2015. Consolidated revenue grew 130 % to EUR 8.5 million (previous year: EUR 3.7 million) At 3.2 %, the adjusted EBITDA margin is almost ten percentage points above the prior-year quarter recorded at -6.3 %.
Uwe Bögershausen, CFO of SLM Solutions Group AG, places the results in context: "The January to March months have already given us a strong following wind for the current fiscal year. We lifted our first-quarter revenue by 130 % year-on-year, further boosting our already high growth pace. Our new order intake also performed positively in every aspect."
By March 31, SLM Solutions had already received orders valued at EUR 14.4 million – a quadrupling compared with the previous year's quarter's EUR 3.6 million. This new order intake comprises 17 machines (previous year: 7 machines), including 7 units of the top performing product, the SLM 500HL (previous year: 0), 7 units of the SLM 280HL (previous year: 5) and 3 units of the SLM 125HL (previous year: 2).
This trend has continued since the end of the first quarter, as CEO Dr. Markus Rechlin explains: "Our new order intake has reached a total of EUR 18.5 million as of May 11 – compared with EUR 7.4 million in the previous year. In the context of industrial manufacturing, plant and machine builders are focusing increasingly on metal-based 3D printing to produce complex components with outstanding properties. Our customers across the whole world are discovering an ever increasing number of new application possibilities for selective laser melting – such as in the automotive area, or in toolmaking. In the 2015 fiscal year we aim to implement further important future-oriented measures in our strategic areas of research and development, as well as in sales and service, in order to remain at the cutting edge of this trend. And we want to take a decisive step forward in our consumables business."
Due to this strong new order intake, total operating revenue (sum of revenue, inventories of finished goods and work-in-progress, and work performed by the enterprise and capitalised) of EUR 11.7 million was up by 111.4 % (previous year: EUR 5.5 million). The cost of materials ratio (as % of total operating revenue) rose to 57.4 % in line with inventory growth (previous year: 54.4 %). The adjusted personnel cost ratio (adjusted for the retention bonus, as % of total operating revenue) remained at 25.0 %, despite further hiring (previous year: 24.8 %). The retention bonus entails a three-year employee loyalty programme. Other operating expenses of TEUR 2,304 remained at the previous year's level (previous year: TEUR 2,354).
In the first quarter of 2015, SLM Solutions Group AG lifted its adjusted EBITDA (earnings before interest, tax, depreciation and amortisation, adjusted for the retention bonus) to EUR 0.3 million (previous year: EUR -0.2 million), with the adjusted EBITDA margin (in relation to consolidated revenue) rising by 9.5 percentage points to 3.2% (previous year: -6.3%). Amortisation, depreciation and impairment losses amounted to EUR 0.6 million (previous year: EUR 0.5 million), and interest expenses were reduced significantly to EUR 0.1 million (previous year: EUR 0.3 million). The consolidated net result after tax stood at EUR -0.8 million (previous year: EUR -1.4 million), equivalent to EUR -0.05 of basic earnings per share (previous year: EUR -0.10). SLM Solutions' equity ratio remains at a high level of 84.7 % (December 31, 2014: 86.5 %).
For the 2015 fiscal year, SLM Solutions continues to anticipate new order intake of more than 100 machines, significant growth in consolidated revenue to between EUR 55 million and EUR 60 million, and an adjusted EBITDA margin between 12 and 13 %.
The SLM Solutions 2015 Q1 report is available from today in both German and English at www.slm- solutions.com under the "Investor Relations" menu option.
About the company
SLM Solutions Group AG, headquartered in Luebeck, Germany, is a leading provider of metal-based additive manufacturing technology (also commonly referred to as “3D printing”). The company's shares are traded in the Prime Standard of the Frankfurt Stock Exchange. SLM Solutions focuses on the development, assembly and sales of machines and integrated system solutions in the field of selective laser melting, vacuum and metal casting. SLM Solutions currently employs over 150 members of staff in Germany, the USA and Singapore. The products are utilised worldwide by customers in particular from the aerospace, energy, healthcare and automotive industries. SLM Solutions stands for technologically advanced, innovative and highly efficient integrated system solutions.