Zortrax announced its financial results for 2015

Last Friday Zortrax published its financial results for 2015. They look fantastic – the company set threefold increase of income and profit. EBIT margin increased and a  level of debts was reduced. However, this situation raises doubts, when you start to analyse this information in context of one huge, media occurrence from January 2014. In this case unexpected aren’t coherent anymore.

Let’s start with official data. In 2015 Zortrax achieved 37,6 mln PLN income from sales and its nett profit amounted 8 mln PLN. In total, over 5500 3D printers were sold, so it makes about 460 devices per month. Only 10% of goods turn up on Polish market – the rest is generated abroad – 38% from EU and  52% from the other countries. Even bigger share in income and profit of Zortrax have its filaments – a dynamics of increase of their sales was bigger than a dynamics of sale of 3D printers last year.

The other indexes also increased (with the exception of the mentioned debts, which were reduced), so they can be glad with it, that “the next technological giant was born by Vistula”. But there’s a snag in it… When you compare the Zortrax’s results from 2015 with the information, that one year ago it realised an order for 5000 3D printers to Dell, something is not right…

Look…

• End of December 2014, during our phone call, Rafał Tomasiak told me about a transaction which he had negotiated with an American computer giant – Dell.
• One month later, on 21 January 2014, during my visit in the headquarters of the company in Olsztyn I carried out an interview with Rafał and I received a consent to publish this information, next day the world went crazy and Zortrax triumphed on the market on low-budged 3D printers.
• The information about the transaction with Dell was published in prospects of obligations, thanks to that Zortrax gained 6 mln PLN from capital market.
• later – altought the information about Dell was removed from their website and article on Wikipedia, but the information about the order for Dell was several times mentioned in different media – recently in Forbes.

That is why we can assume, that the transaction with Dell was realised. Let’s look at the case, in context of the financial data for the last year.

• Income in 2015 = 37,6 mln PLN
• Income in 2014 = około 12 mln PLN

• Profit in 2015 = 8 mln PLN
• Profit in 2014 = 2,8 mln PLN

• Sale of 3D printers in  2015 = 5500 devices
• Sale of 3D printers in 2014 = 5000 devices from the contract for Dell + sale for the other customers (additional 2000-3000 devices?)

To sum up, theoretically Zortrax sold less 3D printers in 2015, than one year before, but it achieved a threefold increase of income and profit, although the price of the device was still the same.

Interesting, isn’t it?

Source: www.stooq.pl