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
consolidated financial results for the first quarter ended March 31,
2014 for its group, which consists of voxeljet AG and Voxeljet of
America Inc. voxeljet AG holds 100% of the issued and outstanding shares
of Voxeljet of America Inc.
Highlights – First Quarter 2014
-
Revenues increased 14.7% to kEUR 2,739 from kEUR 2,387
-
Services revenues increased 20.7% to kEUR 1,427 from kEUR 1,182
-
Gross profit margin of 39.4% compares to 38.2% in the prior year
quarter
-
Completed the relocation of our German service center
-
Announced the establishment of our first U.S. 3D printing service
center, located near Detroit, Michigan
-
Reaffirm full year 2014 revenue guidance
Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented, “I am
pleased with our first quarter results which reflect the increased
adoption of 3D printing in industrial and commercial applications.
Demand for both our systems and on-demand printed parts remains robust,
and we are well positioned to benefit from our technology. We are
executing our key growth initiatives, including the recent completion
and relocation of our European on-demand service center in Germany, the
opening of our first North American service center located near Detroit,
Michigan, which is expected in the third quarter of 2014, and the
ongoing funding of investments in research and development for the
future. We are confident in the trajectory of our business and reaffirm
our financial guidance for the year ended December 31, 2014.”
First Quarter 2014 Results
Revenues for the first quarter of 2014 increased by 14.7% to kEUR 2,739
compared to kEUR 2,387 in the first quarter of 2013.
Revenues from our Systems segment, which focuses on the development,
production and sale of 3D printers, increased 8.9% to kEUR 1,312 in the
first quarter of 2014 from kEUR 1,205 in last year’s first quarter. The
Company sold two new machines in the first quarter of 2014 compared to
one new and one used machine in last year’s first quarter. Systems
revenues also includes all revenues from consumables, spare parts and
maintenance. Systems revenues represented 47.9% of total revenue in the
first quarter of 2014 compared to 50.5% in last year’s first quarter.
Revenues from our Services segment, which focuses on the printing of
on-demand parts for our customers, increased 20.7%, to kEUR 1,427 in the
first quarter of 2014 from kEUR 1,182 for the same quarter last year.
The increase was achieved primarily from a favorable product mix in the
first quarter of 2014 compared to the first quarter of 2013. We
experienced very little disruption in the quarter from the relocation of
our service center in Germany, which was substantially completed in the
first week of April 2014.
Gross profit was kEUR 1,079 in the first quarter of 2014 compared to
kEUR 913 in the first quarter of 2013. The gross profit margin increased
to 39.4% in the first quarter of 2014 from 38.2% in the first quarter of
2013. Cost of sales was kEUR 1,660 for the first quarter of 2014
compared to kEUR 1,474 for the first quarter of 2013. Embedded in the
cost of sales were expenses of kEUR 56 related to our Long Term Cash
Incentive Plan (“LTCIP”), which was initiated in October 2013.
Gross profit for our Systems segment decreased to kEUR 397 in the first
quarter 2014 from kEUR 428 in the first quarter of 2013. The gross
profit margin for this segment decreased to 30.3% in the first quarter
of 2014 from 35.5% in the first quarter of 2013. One of the 3D printers
sold in the first quarter of 2014 was to a research institution which
received a discount to the listed price, which contributed to the
decrease in gross margin for the Systems segment in the quarter. The
second 3D printer sold in the quarter was to an industrial customer at
the printer’s listed price. In the first quarter of 2014, the cost of
sales related to the LTCIP was kEUR 32.
Gross profit for our Services segment increased to kEUR 682 in the first
quarter 2014 from kEUR 485 in the first quarter of 2013. The gross
profit margin for this segment increased to 47.8% in the first quarter
of 2014 from 41.0% in the first quarter of 2013. The increase in gross
profit was primarily related to higher revenues resulting from a
favorable product mix in the first quarter of 2014 compared to the same
period in 2013. In the first quarter of 2014, cost of sales related to
the LTCIP was kEUR 24.
Selling expenses were kEUR 693 for the first quarter of 2014 compared to
kEUR 357 in the first quarter of 2013. This increase of kEUR 336
resulted from expanded sales efforts as we attended more trade shows and
fairs compared to the prior year period.
Administrative expenses were kEUR 614 for the first quarter of 2014
compared to kEUR 177 in the first quarter of 2013. This increase of kEUR
437 was primarily due to increased headcount related to the pursuit of
our growth strategy and costs associated with being a publicly-traded
company.
Research and development (“R&D”) expenses increased to kEUR 848 in the
first quarter of 2014 from kEUR 431 in the prior year period, as we
continued to invest heavily in R&D with a number of active projects in
various stages of development.
Our operating expenses for the first quarter of 2014 were affected by
the LTCIP. Selling expenses, administrative expenses and R&D expenses
related to the LTCIP were kEUR 35, kEUR 17 and kEUR 47, respectively.
Other operating expenses in the first quarter of 2014 were kEUR 78,
substantially all of which reflect costs related to our follow-on public
offering.
Other operating income was kEUR 551 for the first quarter of 2014
compared to kEUR 277 in the first quarter 2013. The increase is mainly
due to the recognition of kEUR 401 of deferred income as a result of the
early termination of three sale and leaseback transactions.
Operating loss was kEUR 603 in the first quarter of 2014, compared to an
operating profit of kEUR 209 in the prior year period. Operating
expenses increased in the first quarter of 2014 due in part to increased
headcount related to the pursuit of our growth strategy and costs
related to being a publicly-traded company, including compensation
expenses related to the LTCIP of kEUR 156.
Total comprehensive loss for the first quarter of 2014 was kEUR 675, or
EUR 0.22 per share, as compared to total comprehensive income of kEUR
102, or EUR 0.05 per share, in the first quarter of 2013.
At March 31, 2014, the Company had cash and equivalents of kEUR 7,772
and held kEUR 20,035 of shares of a bond fund which are included in
current financial assets on our consolidated statement of financial
position.
Long Term Cash Incentive Plan (LTCIP)
On October 2, 2013, we announced that we would be implementing,
effective on January 1, 2013, a long-term cash incentive plan (the
“LTCIP”) for senior management and other key personnel. An initial grant
of the awards under the LTCIP was made to participants on October 2,
2013. Personnel expenses incurred in the first quarter of 2014 related
to the LTCIP amounted to kEUR 156. The first tranche of payments under
the LTCIP is scheduled to be made in May 2014.
Incorporation of Voxeljet of America Inc. and Lease of Canton,
Michigan Facility
On February 5, 2014, we incorporated our subsidiary, Voxeljet of America
Inc., in Delaware. Voxeljet of America Inc. will be headquartered in our
new facility near Detroit, Michigan and will conduct our North American
operations. voxeljet AG holds 100% of the issued and outstanding shares
of Voxeljet of America Inc. On March 14, 2014, we signed a five-year
lease for a facility located near Detroit, Michigan that will house our
U.S. 3D printing service center. Our U.S. service center is expected to
commence printing parts in the third quarter of 2014. The facility is
approximately 50,000 square feet and will allow us to print on-demand
parts, molds, cores and models for automotive and other industrial
customers.
Successful Completion of Follow-on Offering
On April 16, 2014, we completed a follow-on offering of 3,000,000
American Depositary Shares (“ADSs”) at a public offering price of
USD 15.00 per ADS. Net proceeds from the follow-on offering to the
Company were approximately USD 41.4 million, or approximately
EUR 30.1 million. On April 24, 2014, the underwriters in the follow-on
offering purchased 450,000 ADSs from certain of the Company’s
shareholders (the “Selling Shareholders”) pursuant to the overallotment
option they were granted in the follow-on offering. The net proceeds to
the Selling Shareholders were approximately USD 6.4 million, or
approximately EUR 4.6 million. The Company did not receive any proceeds
from the sale of ADSs by the Selling Shareholders.
Business Outlook
The Company reaffirms its previous guidance for the year ending
December 31, 2014 and continues to expect revenues to exceed kEUR
18,000, with revenue growth in excess of 50%.
The Company’s total backlog of 3D printer orders at March 31, 2014 was
kEUR 3,770, which represents six 3D printers. This compares to backlog
of kEUR 2,300, representing four 3D printers, at December 31, 2013. We
estimate that most of the 3D printers in our backlog will ship prior to
December 31, 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.
Webcast and Conference Call Details
The Company will host a conference call and webcast to review the
results for the first quarter of 2014 on Friday, May 16th at 8:30 a.m.
Eastern Time. Participants from voxeljet will include its Chief
Executive Officer, Dr. Ingo Ederer, and its Chief Financial Officer,
Rudolf Franz, who will provide a general business update and respond to
investor questions.
Interested parties may access the live audio broadcast by dialing
1-877-705-6003 in the United States/Canada, or +1-201-493-6725 for
international, Conference Title “voxeljet AG First Quarter 2014
Financial Results Conference Call.” 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
1-877-870-5176 or +1-858-384-5517, Replay Conference ID number 13581624.
The recording will be available for replay through May 23, 2014.
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 1.3777 to EUR 1.00, the
noon buying rate of the Federal Reserve Bank of New York for the euro on
March 31, 2014.
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 Annual Report on Form 20-F
and in other reports the Company files with the U.S. Securities and
Exchange Commission, as well as the risk that our revenues may fall
short of the guidance we have provided in this press release. 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 CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
03/31/2014
|
|
|
12/31/2013
|
Thousands of Euros
|
|
|
Notes
|
|
unaudited
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
35,948
|
|
|
|
|
39,977
|
|
|
|
Cash and cash equivalents
|
|
|
6
|
|
|
7,772
|
|
|
|
|
33,459
|
|
|
|
Financial assets
|
|
|
3, 6
|
|
20,824
|
|
|
|
|
744
|
|
|
|
Trade receivables
|
|
|
6
|
|
|
1,639
|
|
|
|
|
1,003
|
|
|
|
Inventories
|
|
|
|
|
|
|
4,048
|
|
|
|
|
3,641
|
|
|
|
Income tax receivables
|
|
|
|
64
|
|
|
|
|
129
|
|
|
|
Other assets
|
|
|
|
4
|
|
|
1,601
|
|
|
|
|
1,001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
18,484
|
|
|
|
|
17,939
|
|
|
|
Financial assets
|
|
|
3, 6
|
|
1,488
|
|
|
|
|
1,561
|
|
|
|
Intangible assets
|
|
|
|
69
|
|
|
|
|
62
|
|
|
|
Property, plant and equipment
|
|
|
5
|
|
|
16,927
|
|
|
|
|
16,316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
|
|
|
54,432
|
|
|
|
|
57,916
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
03/31/2014
|
|
|
12/31/2013
|
Thousands of Euros
|
|
|
Notes
|
|
unaudited
|
|
|
|
|
Current liabilities
|
|
|
|
6,074
|
|
|
|
|
7,090
|
|
|
|
Deferred income
|
|
|
|
368
|
|
|
|
|
622
|
|
|
|
Trade payables
|
|
|
|
|
2,082
|
|
|
|
|
1,502
|
|
|
|
Income tax payable
|
|
|
|
13
|
|
|
|
|
14
|
|
|
|
Financial liabilities
|
|
|
6
|
|
|
1,351
|
|
|
|
|
1,922
|
|
|
|
Other liabilities and provisions
|
|
|
7
|
|
|
2,260
|
|
|
|
|
3,030
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
3,633
|
|
|
|
|
5,426
|
|
|
|
Deferred income
|
|
|
|
1,038
|
|
|
|
|
1,337
|
|
|
|
Financial liabilites
|
|
|
6
|
|
|
2,153
|
|
|
|
|
3,863
|
|
|
|
Other liabilities and provisions
|
|
|
7
|
|
|
442
|
|
|
|
|
226
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
44,725
|
|
|
|
|
45,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscribed Capital
|
|
|
|
3,120
|
|
|
|
|
3,120
|
|
|
|
Capital reserves
|
|
|
|
46,038
|
|
|
|
|
46,038
|
|
|
|
Accumulated deficit
|
|
|
|
(4,469
|
)
|
|
|
|
(3,758
|
)
|
|
|
Accumulated other comprehensive income
|
|
|
|
36
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity and liabilities
|
|
|
|
54,432
|
|
|
|
|
57,916
|
|
voxeljet AG CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(LOSS) (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended 03/31/2014
|
|
|
Three months ended 03/31/2013
|
Thousands of Euros
|
|
Notes
|
|
|
|
|
|
|
Revenues
|
|
8,9
|
|
|
|
2,739
|
|
|
|
|
2,387
|
|
|
|
Cost of sales
|
|
|
|
|
|
(1,660
|
)
|
|
|
|
(1,474
|
)
|
|
|
Gross profit
|
|
8
|
|
|
|
1,079
|
|
|
|
|
913
|
|
|
|
Selling expenses
|
|
|
|
|
|
(693
|
)
|
|
|
|
(357
|
)
|
|
|
Administrative expenses
|
|
|
|
|
|
(614
|
)
|
|
|
|
(177
|
)
|
|
|
Research and development expenses
|
|
|
(848
|
)
|
|
|
|
(431
|
)
|
|
|
Other operating expenses
|
|
|
|
|
|
(78
|
)
|
|
|
|
(16
|
)
|
|
|
Other operating income
|
|
|
|
|
|
551
|
|
|
|
|
277
|
|
|
|
Operating profit (loss)
|
|
|
|
|
|
(603
|
)
|
|
|
|
209
|
|
|
|
Finance expense
|
|
|
|
|
|
(125
|
)
|
|
|
|
(97
|
)
|
|
|
Finance income
|
|
|
|
|
|
17
|
|
|
|
|
3
|
|
|
|
Financial result
|
|
|
|
|
|
(108
|
)
|
|
|
|
(94
|
)
|
|
|
Profit (loss) before income taxes
|
|
|
|
|
|
(711
|
)
|
|
|
|
115
|
|
|
|
Income taxes
|
|
|
|
|
|
-
|
|
|
|
|
(13
|
)
|
|
|
Profit (loss)
|
|
|
|
|
|
(711
|
)
|
|
|
|
102
|
|
|
|
Other comprehensive income
|
|
|
|
|
|
36
|
|
|
|
|
-
|
|
|
|
Total comprehensive income (loss)
|
|
|
|
(675
|
)
|
|
|
|
102
|
|
|
|
Weighted average number of ordinary shares outstanding
|
|
3,120,000
|
|
|
|
|
2,000,000
|
|
|
|
Earnings (loss) per share - basic/ diluted (EUR)
|
|
|
(0.22
|
)
|
|
|
|
0.05
|
|
|
|
Comprehensive earnings (loss) per share - basic/ diluted (EUR)
|
|
|
(0.22
|
)
|
|
|
|
0.05
|
|
voxeljet AG CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(UNAUDITED)
|
|
|
|
|
|
|
|
Subscribed capital
|
|
Capital
reserves
|
|
Accumulated
deficit
|
|
Accumulated
other comprehensive income
|
|
Total equity
|
Thousands of Euros
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2013
|
|
1,000
|
|
1,262
|
|
(1,044
|
)
|
|
-
|
|
1,218
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period
|
|
-
|
|
-
|
|
102
|
|
|
-
|
|
102
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2013
|
|
1,000
|
|
1,262
|
|
(942
|
)
|
|
-
|
|
1,320
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thousands of Euros
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2014
|
|
3,120
|
|
46,038
|
|
(3,758
|
)
|
|
-
|
|
45,400
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period
|
|
-
|
|
-
|
|
(711
|
)
|
|
-
|
|
(711
|
)
|
Net changes in fair value of available for sale financial assets
|
-
|
|
-
|
|
-
|
|
|
36
|
|
36
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2014
|
|
3,120
|
|
46,038
|
|
(4,469
|
)
|
|
36
|
|
44,725
|
|
voxeljet AG CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended 03/31/2014
|
|
|
Three months ended 03/31/2013
|
Thousands of Euros
|
|
|
|
|
|
|
|
|
|
|
Cash Flow from operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the period
|
|
|
|
|
(711
|
)
|
|
|
102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
407
|
|
|
|
358
|
|
|
|
Proceeds from customer loans
|
|
|
|
|
40
|
|
|
|
7
|
|
|
|
Changes in deferred income taxes
|
|
|
|
|
-
|
|
|
|
(62
|
)
|
|
|
Deferred income
|
|
|
|
|
(553
|
)
|
|
|
(187
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in working capital
|
|
|
|
|
(1,034
|
)
|
|
|
(472
|
)
|
|
|
Trade and other receivables and current assets
|
|
(717
|
)
|
|
|
(243
|
)
|
|
|
Inventories
|
|
|
|
|
(407
|
)
|
|
|
(237
|
)
|
|
|
Trade payables
|
|
|
|
|
580
|
|
|
|
142
|
|
|
|
Other liabilities and provisions
|
|
|
|
|
(554
|
)
|
|
|
(178
|
)
|
|
|
Income tax payable/receivables
|
|
|
|
|
64
|
|
|
|
44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
(1,851
|
)
|
|
|
(254
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to acquire property, plant and equipment and intangible
assets
|
|
(1,024
|
)
|
|
|
(49
|
)
|
|
|
Payments to acquire financial assets
|
|
|
|
|
(20,010
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
(21,034
|
)
|
|
|
(49
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds (repayment) from bank overdrafts and lines of credit
|
|
(59
|
)
|
|
|
(202
|
)
|
|
|
Proceeds from sale and leaseback
|
|
|
|
|
-
|
|
|
|
870
|
|
|
|
Repayment of finance lease obligations
|
|
|
|
(992
|
)
|
|
|
(423
|
)
|
|
|
Repayment of long-term debt
|
|
|
|
|
(1,232
|
)
|
|
|
(36
|
)
|
|
|
Payment of share issuance costs
|
|
|
|
|
(519
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
(2,802
|
)
|
|
|
209
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
(25,687
|
)
|
|
|
(94
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period
|
|
33,459
|
|
|
|
301
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
7,772
|
|
|
|
207
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Cash Flow Information
|
|
|
|
|
|
|
|
|
|
|
Interest paid net
|
|
|
|
|
99
|
|
|
|
93
|
|
|
|
Income taxes paid net
|
|
|
|
|
-
|
|
|
|
32
|
|
|
|
Non-cash items:
|
|
|
|
|
|
|
|
|
|
|
Additions to property, plant and equipment through lease
|
|
-
|
|
|
|
870
|
|
voxeljet AG
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. Preparation of financial statements
Our consolidated interim financial statements include the accounts of
voxeljet AG, which is listed on the New York Stock Exchange, and its
wholly-owned subsidiary Voxeljet of America Inc., which are collectively
referred to herein as the ‘Group’ or the ‘Company.’
Our consolidated interim financial statements were prepared in
compliance with all applicable 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, 2014.
Amendments IAS 32
|
|
01/2014
|
|
Offsetting Financial Assets and Financial Liabilities
|
Various Standards
|
|
01/2014
|
|
Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27)
|
IAS 36
|
|
01/2014
|
|
Amendment Recoverable Amount Disclosure for Non-Financial Assets
|
IAS 39
|
|
01/2014
|
|
Amendment Novation of Derivatives and Continuation of Hedge
Accounting
|
IFRIC 21
|
|
01/2014
|
|
Levies
|
IAS 19
|
|
07/2014
|
|
Amendment Defined Benefit Plans: Employee Contributions
|
IFRS 14
|
|
01/2016
|
|
Regulatory Deferral Accounts
|
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 three months ended
March 31, 2014 and 2013 were authorized for issue by the Management
Board on May 14, 2014.
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, 2013, which can be found in the Company’s Annual Report
on Form 20-F 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 March 31, 2014 primarily consisted of shares
of a bond fund (kEUR 20,035) and three customer loans (kEUR 1,514). The
shares of the bond fund are measured at fair value, and any gain or loss
in the value of such shares is recorded as other comprehensive income on
our consolidated statement of comprehensive income (loss).
4. Other assets
The other assets at March 31, 2014 included kEUR 519 of deferred
expenditures related to our follow-on public offering which will be
offset against the proceeds from the offering completed on April 10,
2014.
5. Property, plant and equipment
PROPERTY, PLANT AND EQUIPMENT
|
|
|
|
|
|
|
|
|
|
|
|
03/31/2014
|
|
12/31/2013
|
Thousands of Euros
|
|
|
|
|
Land, buildings and leasehold improvements
|
|
10,971
|
|
7,566
|
Plant and machinery (includes assets under finance lease)
|
|
4,860
|
|
5,158
|
Other facilities, factory and office equipment
|
|
770
|
|
650
|
Assets under construction
|
|
326
|
|
2,942
|
|
|
|
|
|
Total
|
|
16,927
|
|
16,316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leased assets included in Property, Plant and Equipment:
|
|
2,643
|
|
3,717
|
Printing machines
|
|
2,592
|
|
3,664
|
Other factory equipment
|
|
51
|
|
53
|
No impairment of non-financial assets was recorded in the three-month
period ended March 31, 2014.
In the first three months of 2013, the Group entered into sale and
leaseback transactions for two self-produced 3D printers with a total
value of kEUR 870. Related manufacturing costs were kEUR 467. The gain
of kEUR 403 was deferred and is amortized over the respective lease
term. No sale and leaseback transactions occurred in the first quarter
of 2014.
In the first quarter of 2014, the Group early terminated three sale and
leaseback transactions. As a result of the early terminations, kEUR 694
of liabilities were extinguished, kEUR 401 of deferred income was
recognized as other operating income, and kEUR 47 of extinguishment loss
was recognized.
Leases of 3D printers are non-cash transactions for purposes of the
consolidated statement of cash flows.
6. Financial instruments
The fair value of a financial instrument 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 fair values and carrying amounts of financial liabilities for the
considered reporting periods were as follows:
|
|
03/31/2014
|
|
12/31/2013
|
|
|
carrying
amount
|
|
|
fair value
|
|
carrying
amount
|
|
|
fair value
|
Thousands of Euros
|
|
|
|
|
|
|
|
|
|
|
Bank overdrafts and lines of credit
|
|
700
|
|
|
700
|
|
758
|
|
|
758
|
Long-term debt
|
|
275
|
|
|
291
|
|
1,507
|
|
|
1,573
|
Finance lease obligations
|
|
2,529
|
|
|
2,554
|
|
3,520
|
|
|
3,549
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
3,504
|
|
|
3,545
|
|
5,785
|
|
|
5,880
|
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.
Due to their short maturity and the current low level of interest rates,
the carrying amounts of credit lines and bank overdrafts approximate
fair value.
The fair values and carrying amounts of financial assets categorized as
loans and receivables and available for sale securities for the
considered reporting periods were as follows:
|
|
03/31/2014
|
|
12/31/2013
|
|
|
carrying
amount
|
|
|
fair value
|
|
carrying
amount
|
|
|
fair value
|
Thousands of Euros
|
|
|
|
|
|
|
|
|
|
|
Loans and receivables
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
7,772
|
|
|
7,772
|
|
33,459
|
|
|
33,459
|
Trade receivables
|
|
1,639
|
|
|
1,639
|
|
1,003
|
|
|
1,003
|
Financial assets
|
|
2,277
|
|
|
2,255
|
|
2,305
|
|
|
2,287
|
Available for sale
|
|
|
|
|
|
|
|
|
|
|
Financial assets
|
|
20,035
|
|
|
20,035
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
31,723
|
|
|
31,701
|
|
36,767
|
|
|
36,749
|
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.
7. Other liabilities and provisions
As of March 31, 2014, the amount related to the LTCIP included in other
liabilities and provisions on our consolidated statement of financial
position was kEUR 1,045, of which kEUR 735 was a current liability and
kEUR 310 was a non-current liability.
8. Segment reporting
The following table summarizes segment reporting. The sum of the amounts
of the two segments equals the total for the Group in each of the
periods.
SEGMENT REPORTING
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
03/31/2014
|
|
03/31/2013
|
Thousands of Euros
|
|
SYSTEMS
|
|
SERVICES
|
|
SYSTEMS
|
|
SERVICES
|
Revenues
|
|
1,312
|
|
|
1,427
|
|
|
1,205
|
|
|
1,182
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
397
|
|
|
682
|
|
|
428
|
|
|
485
|
|
Gross profit in %
|
|
30.3
|
%
|
|
47.8
|
%
|
|
35.5
|
%
|
|
41.0
|
%
|
9. Revenues
The Group’s revenues by geographic region were as follows:
REVENUES BY GEOGRAPHICAL REGION
|
|
|
|
|
|
|
|
|
|
|
|
03/31/2014
|
|
03/31/2013
|
Thousands of Euros
|
|
|
|
|
EMEA
|
|
2,286
|
|
2,305
|
Asia Pacific
|
|
62
|
|
37
|
Americas
|
|
391
|
|
45
|
Total
|
|
2,739
|
|
2,387
|