FRIEDBERG, Germany--(BUSINESS WIRE)--voxeljet AG (NYSE:VJET) (the “Company” or “voxeljet”), a leading
provider of high-speed, large-format 3D printers and on-demand parts
services to industrial and commercial customers, today announced its
unaudited financial results for the third quarter and nine months ended
September 30, 2013.
Highlights — Third Quarter 2013
-
Revenues for the third quarter of 2013 increased by 77% to kEUR 3,517
from kEUR 1,987 in the third quarter of 2012.Gross profit for the
third quarter increased to kEUR 1,604 from kEUR 760 in the third
quarter of 2012.
-
Gross margin improved to 45.6% from 38.2% in the prior year period.
-
Third quarter earnings per share were EUR 0.11 compared to a loss per
share of EUR 0.03 in the prior year period.
Third Quarter 2013 Results
Revenues for the third quarter of 2013 increased by 77% to kEUR 3,517
compared to kEUR 1,987 in the third quarter of 2012. This increase was
driven primarily by an increase in the number of 3D printers sold in our
Systems segment.
Revenues from our Systems segment, which focuses on the development,
production and sale of 3D printers, were kEUR 1,836 in the third quarter
of 2013 compared to kEUR 491 in the year ago period. The Company sold
three new 3D printers in the third quarter of 2013 compared to two used
3D printers in last year’s third quarter. Systems revenues represented
52.2% of total revenues in the third quarter of 2013 compared to 24.7%
in last year’s third quarter. Revenues from our Services segment, which
focuses on the printing of on-demand custom parts for our customers,
were kEUR 1,681 for the third quarter of 2013 compared to kEUR 1,496 for
the same quarter last year.
Cost of sales for the third quarter of 2013 were kEUR 1,913, an increase
of kEUR 685, or 55.8%, over cost of sales of kEUR 1,227 for the third
quarter of 2012.
Gross profit and gross margin for the third quarter of 2013 were
kEUR 1,604 and 45.6%, respectively, compared to kEUR 760 and 38.2% in
the third quarter of 2012.
Selling expenses were kEUR 507 for the third quarter of 2013 compared to
kEUR 392 in the third quarter of 2012, an increase of kEUR 115, or
29.3%, which is significantly lower than the 77% increase in the
Company’s revenues. Research and development expenses increased to kEUR
447 in the third quarter of 2013 from kEUR 381 in the prior year period,
an increase of kEUR 66, or 17.3%.
Profit for the third quarter of 2013 was kEUR 211, or EUR 0.11 per
share, as compared to a loss of kEUR 63, or EUR 0.03 per share, in the
third quarter of 2012.
Nine Months Ended September 30, 2013 Results
Revenues for the nine months ended September 30, 2013 increased by kEUR
1,364, or 20.6%, to kEUR 7,995 from kEUR 6,631 in the prior year period.
Systems revenues were kEUR 3,885 for the first nine months of 2013
compared to kEUR 2,532 in last year’s period. The Company sold six 3D
printers (one used and five new printers) in the first nine months of
2013 compared to five 3D printers (two used and three new printers) in
the prior year period. Systems revenues represented approximately 48.6%
of total revenues for the nine months ended September 30, 2013 compared
to 38.2% for the same period in the prior year. Services revenues were
kEUR 4,110 for the first nine months of 2013 compared to kEUR 4,099 for
the same period a year ago.
Cost of sales for the first nine months of 2013 were kEUR 4,877, an
increase of kEUR 1,170, or 31.6%, over cost of sales of kEUR 3,707 for
the first nine months of 2012.
Gross profit and gross margin for the nine months ended September 30,
2013 were kEUR 3,118 and 39.0%, respectively, compared to kEUR 2,924 and
44.1% in the prior year period.
Selling expenses were kEUR 1,337 for the first nine months of 2013
compared to kEUR 1,234 in the same period in 2012, an increase of kEUR
103, or 8.3%. Administrative expenses increased by kEUR 39, or 6.6%, to
kEUR 626 for the first nine months of 2013 from kEUR 587 in the prior
year period. The increases in selling and administrative expenses were
in line with our efforts to grow our business. Research and development
expenses increased to kEUR 1,368 for the nine months ended September 30,
2013 from kEUR 1,008 in the same period in 2012, an increase of kEUR
360, or 35.7%. The increase in research and development expenses in the
first nine months of 2013 reflects our emphasis on developing new 3D
printing technology and improving our existing 3D printing technology.
Loss for the nine months ended September 30, 2013 was kEUR 167, or
EUR 0.08 per share, as compared to a profit of kEUR 255, or EUR 0.13 per
share, for the nine months ended September 30, 2012.
Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented, “We are
pleased with our revenue growth which reflects the increased adoption of
3D printing in industrial and commercial applications. The proceeds from
our initial public offering which was completed in October will enable
us to continue with our primary growth strategies, which include
expanding our European on-demand parts service center, opening new
service centers in both North America and Asia, and continuing to invest
in research and development projects for the future.”
Business Outlook
With respect to the fourth quarter and year ending December 31, 2013,
voxeljet anticipates revenue to exceed EUR 3 million and EUR 11 million,
respectively.
The Company’s total backlog of 3D printer orders at September 30, 2013
was EUR 5.5 million, which represents seven 3D printers. We estimate
that four of the 3D printers in our backlog will ship prior to
December 31, 2013, with the remainder expected to ship prior to
September 30, 2014. As production and delivery of our printers is
generally not characterized by long lead times, backlog is more
dependent on the timing of customers’ requested deliveries.
Reorganization
On July 2, 2013, the shareholders of Voxeljet Technology GmbH, the
Company’s legal predecessor, formed a new entity named VXLT 2013 AG with
a nominal share capital of EUR 50,000. Voxeljet Technology GmbH then was
merged into VXLT 2013 AG effective September 12, 2013, with retroactive
effect as of January 1, 2013. As part of the merger, VXLT 2013 AG
changed its name to voxeljet AG. As a result of the merger, voxeljet AG
increased its share capital by EUR 1,950,000, from EUR 50,000 to EUR
2,000,000 by issuing ordinary shares to the shareholders of the
contributing entity, Voxeljet Technology GmbH, as compensation for the
transfer and merger of Voxeljet Technology GmbH into voxeljet AG.
Successful Completion of IPO
On October 23, 2013, voxeljet completed its initial public offering
(“IPO”) of 7,475,000 American Depositary Shares (“ADSs”) at a public
offering price of USD 13.00 per ADS. Of the 7,475,000 ADSs sold in the
public offering, 5,600,000 were sold by the Company and 1,875,000 were
sold by its shareholders (the “Selling Shareholders”). Net proceeds from
the IPO to the Company were approximately USD 64.5 million, or
approximately EUR 47.7 million. The Company intends to use the net
proceeds from the offering for the expansion of its on-demand parts
service center in Europe and the establishment of new on-demand parts
service centers in North America and Asia; research and development and
sales and marketing initiatives; and for general corporate purposes,
including, without limitation, potential acquisitions. The net proceeds
from the IPO to the Selling Shareholders were approximately USD 22.5
million, or approximately EUR 16.6 million. The Company did not receive
any proceeds from the sale of ADSs by the Selling Shareholders. voxeljet
incurred approximately EUR 1.8 million of expenses related to the IPO in
the nine months ended September 30, 2013, most of which will be offset
against the proceeds from the IPO in the fourth quarter of 2013.
Webcast and Conference Call Details
The Company will host a conference call and webcast to review its third
quarter and nine months ended September 30, 2013 financial results on
Friday, November 15th at 8:30 a.m. Eastern Time.
Interested parties may access the live audio broadcast by dialing
877-705-6003 in the United States/Canada, or +1 201-493-6725 for
international, Conference ID number 13572773. Investors are requested to
access the call at least five minutes before the scheduled start time in
order to complete a brief registration. An audio replay will be
available approximately two hours after the completion of the call at
877-870-5176 or +1 858-384-5517, Replay Conference ID number 13572773.
The recording will be available for replay through November 29, 2013.
A live webcast of the call will also be available on the investor
relations section of the Company’s website. Please go to the website (http://www.voxeljet.de/en/)
at least fifteen minutes prior to the start of the call to register,
download and install any necessary audio software. A replay will also be
available as a webcast on the investor relations section of the
Company’s website.
Exchange Rate
This press release contains translations of certain U.S. dollar amounts
into euros at specified rates solely for the convenience of readers.
Unless otherwise noted, all translations from U.S. dollars to euros in
this press release were made at a rate of USD 1.3535 to EUR 1.00, the
noon buying rate of the Federal Reserve Bank of New York for the euro on
September 30, 2013.
About voxeljet
voxeljet is a leading provider of high-speed, large-format 3D printers
and on-demand parts services to industrial and commercial customers. The
Company’s 3D printers employ a powder binding, additive manufacturing
technology to produce parts using various material sets, which consist
of particulate materials and proprietary chemical binding agents. The
Company provides its 3D printers and on-demand parts services to
industrial and commercial customers serving the automotive, aerospace,
film and entertainment, art and architecture, engineering and consumer
product end markets. For more information, visit http://www.voxeljet.de/en/.
Cautionary Statement on Forward-Looking Statements
This press release contains forward-looking statements concerning our
business, operations and financial performance. Any statements that are
not of historical facts may be deemed to be forward-looking statements.
You can identify these forward-looking statements by words such as
‘‘believes,’’ ‘‘estimates,’’ ‘‘anticipates,’’ ‘‘expects,’’ ‘‘plans,’’
‘‘intends,’’ ‘‘may,’’ ‘‘could,’’ ‘‘might,’’ ‘‘will,’’ ‘‘should,’’
‘‘aims,’’ or other similar expressions that convey uncertainty of future
events or outcomes. Forward-looking statements include statements
regarding our intentions, beliefs, assumptions, projections, outlook,
analyses or current expectations concerning, among other things, our
results of operations, financial condition, business outlook, the
industry in which we operate and the trends that may affect the industry
or us. Although we believe that we have a reasonable basis for each
forward-looking statement contained in this press release, we caution
you that forward-looking statements are not guarantees of future
performance. All of our forward-looking statements are subject to known
and unknown risks, uncertainties and other factors that are in some
cases beyond our control and that may cause our actual results to differ
materially from our expectations, including those risks identified under
the caption “Risk Factors” in the Company’s Registration Statement on
Form F-1 and in other reports the Company files with the U.S. Securities
and Exchange Commission. Except as required by law, the Company
undertakes no obligation to publicly update any forward-looking
statements for any reason after the date of this press release whether
as a result of new information, future events or otherwise.
voxeljet AG
|
STATEMENT OF FINANCIAL POSITION
|
|
|
|
|
|
|
|
|
Thousands of Euros
|
|
Notes
|
|
09/30/2013
|
|
12/31/2012
|
|
|
|
|
|
(unaudited)
|
|
|
|
Current assets
|
|
|
|
7,934
|
|
4,104
|
|
Cash and cash equivalents
|
|
7
|
|
142
|
|
301
|
|
Financial assets
|
|
3,7
|
|
679
|
|
108
|
|
Trade receivables
|
|
8
|
|
908
|
|
625
|
|
Inventories
|
|
|
|
3,632
|
|
2,806
|
|
Other assets
|
|
4
|
|
2,573
|
|
264
|
|
Non-current assets
|
|
|
|
7,551
|
|
6,634
|
|
Financial assets
|
|
3,7
|
|
1,192
|
|
925
|
|
Intangible assets
|
|
|
|
66
|
|
52
|
|
Property, plant and equipment
|
|
5
|
|
5,879
|
|
5,299
|
|
Deferred tax assets
|
|
|
|
414
|
|
358
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
15,485
|
|
10,738
|
|
|
|
|
|
|
|
|
|
Thousands of Euros
|
|
Notes
|
|
09/30/2013
|
|
12/31/2012
|
|
Current liabilities
|
|
|
|
8,133
|
|
4,322
|
|
Deferred income
|
|
|
|
681
|
|
533
|
|
Trade payables
|
|
|
|
1,080
|
|
560
|
|
Income tax payable
|
|
|
|
14
|
|
17
|
|
Financial liabilities
|
|
7
|
|
3,155
|
|
2,366
|
|
Other liabilities and provisions
|
|
6
|
|
3,203
|
|
846
|
|
Non-current liabilities
|
|
|
|
6,251
|
|
5,198
|
|
Deferred income
|
|
|
|
1,486
|
|
1,063
|
|
Financial liabilities
|
|
7
|
|
4,758
|
|
4,128
|
|
Other liabilities and provisions
|
|
6
|
|
7
|
|
7
|
|
Equity
|
|
|
|
1,101
|
|
1,218
|
|
Subscribed capital
|
|
10
|
|
2,000
|
|
1,000
|
|
Capital reserves
|
|
10
|
|
312
|
|
1,262
|
|
Accumulated deficit
|
|
|
|
(1,211
|
)
|
(1,044
|
)
|
|
|
|
|
|
|
|
|
Total equity and liabilities
|
|
|
|
15,485
|
|
10,738
|
|
|
|
|
|
|
|
|
|
voxeljet AG
|
STATEMENT OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
|
|
|
Three
|
|
|
|
|
|
|
|
|
|
|
|
months
|
|
|
months
|
|
|
Nine months
|
|
|
Nine months
|
|
Thousands of Euros (except share and
|
|
|
|
ended
|
|
|
ended
|
|
|
ended
|
|
|
ended
|
|
per share data)
|
|
Notes
|
|
09/30/2013
|
|
|
09/30/2012
|
|
|
09/30/2013
|
|
|
09/30/2012
|
|
Revenues
|
|
8,9
|
|
3,517
|
|
|
1,987
|
|
|
7,995
|
|
|
6,631
|
|
Cost of sales
|
|
|
|
(1,913
|
)
|
|
(1,227
|
)
|
|
(4,877
|
)
|
|
(3,707
|
)
|
Gross profit
|
|
8
|
|
1,604
|
|
|
760
|
|
|
3,118
|
|
|
2,924
|
|
Selling expenses
|
|
|
|
(507
|
)
|
|
(392
|
)
|
|
(1,337
|
)
|
|
(1,234
|
)
|
Administrative expenses
|
|
|
|
(149
|
)
|
|
(232
|
)
|
|
(626
|
)
|
|
(587
|
)
|
Research and development expenses
|
|
|
|
(447
|
)
|
|
(381
|
)
|
|
(1,368
|
)
|
|
(1,008
|
)
|
Other operating expenses
|
|
|
|
(308
|
)
|
|
1
|
|
|
(478
|
)
|
|
(45
|
)
|
Other operating income
|
|
|
|
207
|
|
|
206
|
|
|
737
|
|
|
578
|
|
Operating profit (loss)
|
|
|
|
400
|
|
|
(38
|
)
|
|
46
|
|
|
628
|
|
Financial result
|
|
|
|
(90
|
)
|
|
(92
|
)
|
|
(269
|
)
|
|
(270
|
)
|
Profit (loss) before income taxes
|
|
|
|
310
|
|
|
(130
|
)
|
|
(223
|
)
|
|
358
|
|
Income taxes
|
|
|
|
(99
|
)
|
|
67
|
|
|
56
|
|
|
(103
|
)
|
Profit (loss)
|
|
|
|
211
|
|
|
(63
|
)
|
|
(167
|
)
|
|
255
|
|
Comprehensive income (loss)
|
|
|
|
211
|
|
|
(63
|
)
|
|
(167
|
)
|
|
255
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares outstanding
|
|
10
|
|
2,000,000
|
|
|
2,000,000
|
|
|
2,000,000
|
|
|
2,000,000
|
|
Earnings per share - basic/ diluted (EUR)
|
|
|
|
0.11
|
|
|
(0.03
|
)
|
|
(0.08
|
)
|
|
0.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
voxeljet AG
|
STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscribed
|
|
Capital
|
|
|
Accumulated
|
|
|
|
|
Thousands of Euros
|
|
capital
|
|
reserves
|
|
|
deficit
|
|
|
Total equity
|
|
Balance at January 1, 2012
|
|
1,000
|
|
1,262
|
|
|
(1,256
|
)
|
|
1,006
|
|
Profit for the period
|
|
—
|
|
—
|
|
|
255
|
|
|
255
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at September 30, 2012
|
|
1,000
|
|
1,262
|
|
|
(1,001
|
)
|
|
1,261
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thousands of Euros
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2013
|
|
1,000
|
|
1,262
|
|
|
(1,044
|
)
|
|
1,218
|
|
Loss for the period
|
|
—
|
|
—
|
|
|
(167
|
)
|
|
(167
|
)
|
Reorganization (see note 10)
|
|
1,000
|
|
(950
|
)
|
|
—
|
|
|
50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at September 30, 2013
|
|
2,000
|
|
312
|
|
|
(1,211
|
)
|
|
1,101
|
|
|
|
|
|
|
|
|
|
|
|
|
|
voxeljet AG
|
STATEMENT OF CASH FLOWS (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
Nine months ended
|
|
|
Nine months ended
|
|
Thousands of Euros
|
|
09/30/2013
|
|
|
09/30/2012
|
|
|
|
|
|
|
|
|
Cash flow from operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss)
|
|
(167
|
)
|
|
255
|
|
|
|
|
|
|
|
|
Depreciation
|
|
1,119
|
|
|
971
|
|
Noncash sale to customer in exchange for customer loans
|
|
(678
|
)
|
|
(250
|
)
|
Proceeds from customer loans
|
|
57
|
|
|
18
|
|
Changes in deferred income taxes
|
|
(55
|
)
|
|
(67
|
)
|
Deferred income
|
|
(478
|
)
|
|
(231
|
)
|
|
|
|
|
|
|
|
Change in working capital
|
|
(861
|
)
|
|
243
|
|
|
|
|
|
|
|
|
Total
|
|
(1,063
|
)
|
|
939
|
|
|
|
|
|
|
|
|
Cash flow from investing activities
|
|
|
|
|
|
|
Payments to acquire property, plant and equipment and intangible
assets
|
|
(113
|
)
|
|
(364
|
)
|
Payments to acquire financial assets
|
|
(512
|
)
|
|
(87
|
)
|
|
|
|
|
|
|
|
Total
|
|
(625
|
)
|
|
(451
|
)
|
|
|
|
|
|
|
|
Cash flow from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds (repayment) from bank overdrafts and lines of credit
|
|
843
|
|
|
316
|
|
Proceeds from sale and leaseback
|
|
1,900
|
|
|
776
|
|
Repayment of finance lease obligations
|
|
(1,064
|
)
|
|
(753
|
)
|
Repayment of long-term debt
|
|
(200
|
)
|
|
(766
|
)
|
Reorganization (see note 10)
|
|
50
|
|
|
0
|
|
|
|
|
|
|
|
|
Total
|
|
1,529
|
|
|
(427
|
)
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
(159
|
)
|
|
61
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period
|
|
301
|
|
|
498
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
142
|
|
|
559
|
|
|
|
|
|
|
|
|
Supplemental cash flow information
|
|
|
|
|
|
|
Interest paid net
|
|
90
|
|
|
114
|
|
Income taxes paid net
|
|
90
|
|
|
40
|
|
Non-cash items:
|
|
|
|
|
|
|
Additions to property, plant and equipment through lease
|
|
1,900
|
|
|
776
|
|
|
|
|
|
|
|
|
voxeljet AG
NOTES TO THE INTERIM FINANCIAL STATEMENTS
(UNAUDITED)
1. Preparation of financial statements
The interim financial statements of voxeljet AG, (formerly Voxeljet
Technology GmbH; ‘the Company’) were prepared in compliance with all of
the measurement and presentation rules contained in International
Financial Reporting Standards (‘IFRS’) as set forth by the International
Accounting Standards Board (‘IASB’) and Interpretations of the IFRS
Interpretations Committee (‘IFRIC’). The designation IFRS also includes
all valid International Accounting Standards (‘IAS’); the designation
IFRIC also includes all valid interpretations of the Standing
Interpretations Committee (‘SIC’). Specifically, these financial
statements were prepared in accordance with the disclosure requirements
and the measurement principles for interim financial reporting purposes
specified by IAS 34.
The IASB issued a number of new IFRS standards which became effective
for the Company’s financial year beginning on January 1, 2013.
IFRS 1
|
|
|
Amendment Government Loans
|
IFRS 7
|
|
|
Amendment Disclosures — Offsetting Financial Assets and Financial
Liabilities
|
IFRS 13
|
|
|
Fair Value Measurement
|
|
|
|
|
The Company applied the new standards and amendments and determined that
they have no impact on the interim financial statements.
The interim financial statements as of and for the nine months ended
September 30, 2013 and 2012 were authorized for issue by the Chief
Financial Officer on November 14, 2013.
2. Summary of significant accounting policies
The principal accounting policies applied in the preparation of these
interim financial statements are set out in the financial statements as
of December 31, 2012, which can be found in the Company’s Registration
Statement on Form F-1 that was filed with the U.S. Securities and
Exchange Commission. These policies have been applied to all financial
periods presented.
3. Financial assets
The financial assets as of September 30, 2013 consisted of two customer
loans and restricted cash.
A loan in the amount of kEUR 250 was granted to a customer in 2012 for
the purpose of financing their acquisition of a 3D printer. In
September 2013 another loan was granted to a customer for the purpose of
financing their acquisition of a 3D printer in the amount of kEUR 678.
In February 2013, the Company repurchased a 3D printer that it had sold
subject to a loan in 2010 and waived the unamortized balance on this
loan, which was kEUR 294, in a non-cash transaction. This printer was
then sold and leased back in a transaction with a bank and concurrently
subleased to a different customer pursuant to an operating lease.
4. Other assets
The other assets increased by kEUR 2,309 due to the deferral of
expenditures related to the initial public offering of kEUR 1,705, which
will be offset against the proceeds from the offering in the fourth
quarter of 2013. The remaining amount is mainly due to prepaid expenses
and value added tax to be claimed.
5. Property, plant and equipment
Thousands of Euros
|
|
09/30/2013
|
|
12/31/2012
|
Leasehold improvements
|
|
14
|
|
17
|
Plant and machinery (includes assets under finance lease)
|
|
5,196
|
|
4,578
|
Other facilities, factory and office equipment
|
|
669
|
|
704
|
|
|
|
|
|
Total
|
|
5,879
|
|
5,299
|
|
|
|
|
|
Thereof leased assets included in Property, Plant and Equipment:
|
|
4,135
|
|
3,244
|
Printing machines
|
|
4,057
|
|
3,166
|
Other factory equipment
|
|
78
|
|
78
|
|
|
|
|
|
No impairment of non-financial assets was recorded in the nine-month
period ended September 30, 2013 or 2012.
In the first nine months of 2013, the Company entered into sale and
leaseback transactions for four self-produced 3D printers with a total
value of kEUR 1,900. In connection with these transactions, the Company
sold 3D printers with manufacturing costs of kEUR 851. The gain from the
sale of kEUR 1,049 was deferred and is amortized over the respective
lease term. Three of the 3D printers are used in the Services segment
and one was leased to a customer under an operating lease.
In the comparative first nine months of 2012, two sale and leaseback
transactions occurred with a total value of kEUR 776. Related
manufacturing costs were kEUR 266. The gain of kEUR 510 was deferred and
is amortized over the respective lease term.
Leases of 3D printers are non-cash transactions for purposes of the cash
flow statement.
6. Other liabilities and provisions
The increase in other liabilities and provisions is primarily due to
invoices accrued in connection with the initial public offering of
approximately kEUR 1,833 and customer prepayments of kEUR 1,002 as of
September 30, 2013.
7. Financial instruments
The fair value is the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between market
participants at the measurement date.
The Company has no financial instruments that are measured at fair value
on a recurring basis.
The fair values and carrying amounts of financial liabilities for the
considered reporting periods were as follows:
|
|
09/30/2013
|
|
12/31/2012
|
|
|
Carrying
|
|
|
|
Carrying
|
|
|
Thousands of Euros
|
|
amount
|
|
Fair value
|
|
amount
|
|
Fair value
|
Bank overdrafts and lines of credit
|
|
2,308
|
|
2,308
|
|
1,465
|
|
1,465
|
Long-term debt
|
|
1,646
|
|
1,688
|
|
1,846
|
|
1,988
|
Finance lease obligations
|
|
3,959
|
|
4,385
|
|
3,183
|
|
3,186
|
|
|
|
|
|
|
|
|
|
Total
|
|
7,913
|
|
8,381
|
|
6,494
|
|
6,639
|
|
|
|
|
|
|
|
|
|
The fair value of long-term debt was determined using discounted cash
flow models based on the relevant forward interest rate yield curves.
The fair value of finance lease obligations was determined using
discounted cash flow models on market interest rates available to the
Company for similar transactions at the relevant date.
The fair values and carrying amounts of financial assets categorized as
loans and receivables for the considered reporting periods were as
follows:
|
|
09/30/2013
|
|
12/31/2012
|
|
|
Carrying
|
|
|
|
Carrying
|
|
|
Thousands of Euros
|
|
amount
|
|
Fair value
|
|
amount
|
|
Fair value
|
Cash and cash equivalents
|
|
142
|
|
142
|
|
301
|
|
301
|
Trade receivables
|
|
908
|
|
908
|
|
625
|
|
625
|
Financial assets
|
|
1,871
|
|
1,871
|
|
1,033
|
|
1,049
|
|
|
|
|
|
|
|
|
|
Total
|
|
2,921
|
|
2,921
|
|
1,959
|
|
1,975
|
|
|
|
|
|
|
|
|
|
The fair value of customer loans included in financial assets was
determined using a discounted cash flow model based on observable inputs
from the relevant forward interest rate yield curve plus an appropriate
risk premium.
8. Segment reporting
The following table summarizes segment reporting for the two reporting
periods. The sum of the amounts of the two segments equals the total for
the Company in each of the periods.
|
|
Three months ended
|
|
|
Three months ended
|
|
|
09/30/2013
|
|
|
09/30/2012
|
Thousands of Euros
|
|
SYSTEMS
|
|
|
SERVICES
|
|
|
SYSTEMS
|
|
|
SERVICES
|
Revenues
|
|
1,836
|
|
|
1,681
|
|
|
491
|
|
|
1,496
|
Gross profit
|
|
712
|
|
|
892
|
|
|
163
|
|
|
597
|
Gross profit in %
|
|
38.8
|
%
|
|
53.1
|
%
|
|
33.2
|
%
|
|
39.9
|
Trade receivables
|
|
175
|
|
|
733
|
|
|
75
|
|
|
680
|
|
|
|
|
|
|
|
|
Nine months ended
|
|
|
Nine months ended
|
|
|
09/30/2013
|
|
|
09/30/2012
|
Thousands of Euros
|
|
SYSTEMS
|
|
|
SERVICES
|
|
|
SYSTEMS
|
|
|
SERVICES
|
Revenues
|
|
3,885
|
|
|
4,110
|
|
|
2,532
|
|
|
4,099
|
Gross profit
|
|
1,320
|
|
|
1,798
|
|
|
1,163
|
|
|
1,761
|
Gross profit in %
|
|
34.0
|
%
|
|
43.7
|
%
|
|
45.9
|
%
|
|
43.0
|
Trade receivables
|
|
175
|
|
|
733
|
|
|
75
|
|
|
680
|
|
|
|
|
|
|
|
|
|
|
|
|
9. Revenues
In September 2013, the Company recognized revenue of kEUR 868 on the
sale of two new 3D printers to a customer in exchange for consideration
consisting of kEUR 630 cash and kEUR 238 in research services to be
received. The revenue recognized represents the fair value of the 3D
printers sold determined by reference to the average discount off list
price for such printers.
The revenues by geographical region were as follows:
|
|
Three months
|
|
Three months
|
|
Nine months
|
|
Nine months
|
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
Thousands of Euros
|
|
09/30/2013
|
|
09/30/2012
|
|
09/30/2013
|
|
09/30/2012
|
EMEA
|
|
3,421
|
|
1,690
|
|
7,753
|
|
5,360
|
Asia Pacific
|
|
19
|
|
24
|
|
94
|
|
919
|
Americas
|
|
77
|
|
273
|
|
148
|
|
352
|
|
|
|
|
|
|
|
|
|
Total
|
|
3,517
|
|
1,987
|
|
7,995
|
|
6,631
|
|
|
|
|
|
|
|
|
|
10. Reorganization and earnings (loss) per share
On July 2, 2013, the shareholders of Voxeljet Technology GmbH formed a
new entity named VXLT 2013 AG with a nominal share capital of kEUR 50.
Upon formation, the new entity’s equity consisted of 50,000 ordinary
shares with no par value and a stated value of one Euro (EUR 1) and each
shareholder owned the same proportionate interest as in Voxeljet
Technology GmbH.
Effective September 12, 2013, Voxeljet Technology GmbH was merged into
VXLT 2013 AG upon registration of the merger in the commercial register
of the surviving entity, VXLT 2013 AG. Concurrent with the effectiveness
of the merger, VXLT 2013 AG changed its name to voxeljet AG.
In connection with the merger, 1,950,000 ordinary shares of voxeljet AG
were issued in exchange for the contribution of Voxeljet Technology
GmbH. Combined with the previously issued 50,000 ordinary shares, the
post-merger share capital of voxeljet AG consists of 2,000,000 ordinary
shares.
The merger is considered a transaction under common control and is
reflected in the financial statements of voxeljet AG using the carrying
amounts of the assets and liabilities of Voxeljet Technology GmbH, the
predecessor to voxeljet AG. For the period ended September 30, 2012 the
calculation of earnings (loss) per share is adjusted retrospectively to
reflect the number of voxeljet AG shares issued and outstanding after
the merger.
Basic earnings per share amounts are calculated by dividing profit
(loss) by the weighted average number of two million ordinary shares of
voxeljet AG. There are no dilutive instruments issued and outstanding;
both basic and diluted earnings (loss) per share are calculated based on
the amount of ordinary shares of voxeljet AG.
On October 23, 2013, voxeljet AG completed its initial public offering.