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
consolidated financial results for the second quarter ended June 30,
2015.
Highlights – Second Quarter 2015
-
Total revenues increased 100.9% to kEUR 5,484 from kEUR 2,730
-
Systems revenues increased 56.6% to kEUR 1,933 from kEUR 1,234
-
Services revenues increased 137.4% to kEUR 3,551 from kEUR 1,496
-
Gross margin was 33.5% compared to 31.5% in the prior year quarter
-
Reaffirm full year 2015 revenue guidance
Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented, “I am
pleased with our second 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.
Total revenues more than doubled with significant increases in both
segments. Furthermore we are on target with our strategic initiatives
which will drive our future growth.”
Dr. Ederer continued, “Our first half 2015 results are in line with our
expectations and we reaffirm our full year 2015 guidance of revenue
between kEUR 23,000 and kEUR 24,000 for the Company, which represents
approximately 50% growth over last year’s revenues.”
Second Quarter 2015 Results
Revenues for the second quarter of 2015 increased by 100.9% to
kEUR 5,484 compared to kEUR 2,730 in the second quarter of 2014.
Revenues from our Systems segment, which focuses on the development,
production and sale of 3D printers, increased 56.6% to kEUR 1,933 in the
second quarter of 2015 from kEUR 1,234 in last year’s second quarter.
The Company delivered three new printers in the second quarter of 2015,
compared to two new printers in last year’s second quarter. Systems
revenues also include all revenues from consumables, spare parts and
maintenance. Systems revenues represented 35.2% of total revenues in the
second quarter of 2015 compared to 45.2% in last year’s second quarter.
Revenues from our Services segment, which focuses on the printing of
on-demand parts for our customers, increased 137.4%, to kEUR 3,551 in
the second quarter of 2015 from kEUR 1,496 for the same quarter last
year. This was mainly due to the revenue contribution from our
subsidiaries voxeljet UK Ltd. (“voxeljet UK”, acquired in the fourth
quarter 2014) and Voxeljet of America, Inc. (“Voxeljet of America”,
which began printing on-demand parts in the first quarter of 2015). We
also continued to benefit from the expansion of our service center in
Germany (completed in April 2014).
Cost of sales was kEUR 3,650 for the second quarter of 2015 compared to
kEUR 1,870 for the second quarter of 2014.
Gross profit was kEUR 1,834 in the second quarter of 2015 compared to
kEUR 860 in the second quarter of 2014. The gross profit margin
increased to 33.5% in the second quarter of 2015 from 31.5% in the
second quarter of 2014.
Gross profit for our Systems segment increased to kEUR 632 in the second
quarter of 2015 from kEUR 294 in the second quarter of 2014. The gross
profit margin for this segment increased to 32.7% in the second quarter
of 2015 compared to 23.8% in the second quarter of 2014. Systems sales
in the second quarter of 2015 included three new printers. Higher
headcount costs related to our growth strategy also affected the cost of
sales in the Systems segment, which negatively impacted gross profit and
margin. As of June 30, 2015, 49 people were employed in the Systems
segment, compared to 29 as of June 30, 2014.
Gross profit for our Services segment increased to kEUR 1,202 in the
second quarter of 2015 from kEUR 566 in the second quarter of 2014. The
gross profit margin for this segment decreased to 33.8% in the second
quarter of 2015 from 37.8% in the second quarter of 2014. As of June 30,
2015, 35 people were employed in the Services segment compared to 18 as
of June 30, 2014. Gross profit for the group was mixed. The gross margin
for Services at our facility in Germany was very strong, as demand for
both sand and plastic (PMMA) parts remain robust. This was offset in
part by the operating results of our subsidiaries in the United States
and the United Kingdom. Voxeljet of America began printing on demand
parts in the first quarter of 2015, but is ramping-up its production and
will be adding capacity throughout the second half of the year. voxeljet
UK, which prints on-demand parts for the film and entertainment industry
generally generates a lower gross margin due to more costly finishing
and post-printing process requirements.
Selling expenses were kEUR 1,743 for the second quarter of 2015 compared
to kEUR 845 in the second quarter of 2014. The increase of kEUR 898 was
the result of our expanded global sales effort as we increased our
international presence and attended more trade shows and fairs compared
to the prior year period. In addition, commissions for sales agents
increased, which was in line with our higher sales. Headcount (for
employees performing sales and marketing functions) increased at the end
of the second quarter of 2015 by 12 to 35 employees compared to 23 at
the end of the second quarter 2014.
Administrative expenses were kEUR 1,097 for the second quarter of 2015
compared to kEUR 952 in the second quarter of 2014. This increase of
kEUR 145 was primarily due to increased headcount related to the pursuit
of our growth strategy. Headcount (for employees performing
administrative functions) increased at the end of the second quarter of
2015 by 23 to 46 employees compared to 23 at the end of the second
quarter 2014. The company incurred transaction costs for the follow-on
public offering in the amount of kEUR 157 during the second quarter of
2014.
Research and development (“R&D”) expenses increased to kEUR 1,417 in the
second quarter of 2015 from kEUR 831 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. Those investments are intended to
strengthen our leadership in technology.
Operating loss was kEUR 2,095 in the second quarter of 2015, compared to
an operating loss of kEUR 1,379 in the prior year period. Our increased
operating loss in the second quarter of 2015 was the result of an
increase in our operating expenses caused by higher selling as well as
research and development expenses and increased headcount related to the
pursuit of our growth strategy.
Net loss for the second quarter of 2015 was kEUR 2,136, or EUR 0.57 per
share, as compared to net loss of kEUR 1,405, or EUR 0.38 per share, in
the second quarter of 2014. This is based on a weighted average number
of ordinary shares outstanding of 3.720 million for the second quarter
of 2015 compared to 3.660 million in the second quarter of 2014.
Based on a conversion rate of five American Depositary Shares (“ADSs”)
per ordinary share, net loss was EUR 0.11 per ADS for the second quarter
of 2015 compared to net loss of EUR 0.08 per ADS in the second quarter
of 2014.
Six Months Ended June 30, 2015 Results
Revenues for the six months ended June 30, 2015 increased by 102.5% to
kEUR 11,073 compared to kEUR 5,469 in the prior year period.
Systems revenues were kEUR 4,750 for the first six months of 2015
compared to kEUR 2,546 in last year’s period. The Company sold five new
and two used and refurbished 3D printers during the first six months of
2015 compared to four new 3D printers in the prior year period. Systems
revenues represented 42.9% of total revenue for the six months ended
June 30, 2015 compared to 46.6% for the same period a year ago.
Services revenues were kEUR 6,323 for the six months ended June 30, 2015
compared to kEUR 2,923 for the same period last year. This was mainly
due to the revenue contribution from our subsidiaries voxeljet UK Ltd.
(“voxeljet UK”, acquired in the fourth quarter 2014) and Voxeljet of
America, Inc. (“Voxeljet of America”, which began printing on-demand
parts in the first quarter of 2015). We also continued to benefit from
the expansion of our service center in Germany (completed in April 2014).
Cost of sales for the six months ended June 30, 2015 was kEUR 7,360, an
increase of kEUR 3,830, or 108.5%, over cost of sales of kEUR 3,530 for
the same period in 2014. For the six months ended June 30, 2015, the
cost of sales related to our Long Term Cash Incentive Plan (“LTCIP”),
implemented effective January 1, 2013 was kEUR 295 compared to kEUR 112
for the same period last year.
Gross profit and gross margin for the six months ended June 30, 2015
were kEUR 3,713 and 33.5%, respectively, compared to kEUR 1,939 and
35.4% in the prior year period.
Gross profit for our Systems segment increased to kEUR 1,404 for the six
months ended June 30, 2015 from kEUR 691 in the same period of 2014. The
gross profit margin for this segment increased to 29.6% compared to
27.1% for the prior period primarily due to more favorable printer mix.
In the first half of 2015, cost of sales related to the LTCIP was
kEUR 165 compared to kEUR 64 for the same period last year.
Gross profit for our Services segment increased to kEUR 2,309 for the
six months ended June 30, 2015 from kEUR 1,248 in the same period of
2014. The gross profit margin for this segment decreased to 36.5% from
42.7%. The decrease in gross margin was primarily related to lower gross
margin contributions from our two subsidiaries in the United States and
the United Kingdom for the six months ended June 30, 2015. In the first
half of 2015, cost of sales related to the LTCIP was kEUR 130 compared
to kEUR 48 for the same period last year.
Selling expenses were kEUR 3,159 for the six months ended June 30, 2015
compared to kEUR 1,538 in the same period in 2014, an increase of kEUR
1,621, or 105.4%. Administrative expenses increased by kEUR 1,150, to
kEUR 2,716 for the first six months of 2015 from kEUR 1,566 in the prior
year period. The increases in selling and administrative expenses were
in line with our efforts to grow our business. R&D expenses increased to
kEUR 2,977 for the six months ended June 30, 2015 from kEUR 1,679 in the
same period in 2014, an increase of kEUR 1,298, or 77.3%. The increase
in R&D expenses in the first six months of 2015 reflects our emphasis on
developing new 3D printing technology and improving our existing 3D
printing technology.
Our operating expenses for the six months ended June 30, 2015 were
affected by the LTCIP. Selling expenses, administrative expenses and R&D
expenses related to the LTCIP were kEUR 154, kEUR 98 and kEUR 263,
respectively. This compares to kEUR 70, kEUR 35 and kEUR 95,
respectively for the same period last year. Regarding the LTCIP,
management adjusted its judgement of the probability of achieving the
targets for the second performance period. This led to a change in
estimate resulting in higher personnel expenses through cost of sales
and other operating expenses. The change in estimate recognized in the
six months ended June 30, 2015 amounted to kEUR 337.
Other operating expenses for the six months ended June 30, 2015 were
kEUR 268 compared to kEUR 86 in the prior year period. This was mainly
due to higher losses from foreign currency transactions.
Other operating income was kEUR 1,846 for the six months ended June 30,
2015 compared to kEUR 948 in the prior year period. The increase was
mainly due to higher gains from foreign exchange transactions and the
recognition of kEUR 377 of deferred income which includes kEUR 230
resulting from the early termination of one sale and leaseback
transaction during the first quarter in 2015.
Net loss for the six months ended June 30, 2015 was kEUR 3,766, or EUR
1.01 per share, as compared to net loss of kEUR 2,116, or EUR 0.62 per
share, in the prior year period. This is based on a weighted average
number of ordinary shares outstanding of 3.720 million for the first six
months period of 2015 compared to 3.388 million in the prior year period.
Based on a conversion rate of five American Depositary Shares (“ADSs”)
per ordinary share, net loss was EUR 0.20 per ADS for the six months
ended June 30, 2015 compared to net loss of EUR 0.12 per ADS in the
prior year period.
Business Outlook
We reaffirm our revenue guidance in a range of between kEUR 23,000 and
kEUR 24,000 for the year ending December 31, 2015, representing
approximately 50% growth over last year’s results.
The primary drivers of the Company’s anticipated revenue growth for the
year ending December 31, 2015 are expected to be: (1) increased global
Systems sales; (2) continued Services revenue growth at its facility in
Friedberg, Germany; (3) contribution from Voxeljet of America Inc., the
Company’s Services facility in Canton, Michigan, which began operating
in January 2015; and (4) a full year’s contribution from voxeljet UK,
the Company’s Services facility outside London, England. Based on these
factors, the Company expects Services revenue growth to outpace Systems
revenue growth in 2015.
Our total backlog of 3D printer orders at June 30, 2015 was kEUR 2,598,
which represents six 3D printers. This compares to backlog of kEUR
4,178, representing seven 3D printers, at 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.
At June 30, 2015, we had cash and cash equivalents of kEUR 3,757 and
held kEUR 38,091 of investments in five bond funds which are included in
current financial assets on our consolidated statement of financial
position.
Webcast and Conference Call Details
The Company will host a conference call and webcast to review the
results for the second quarter of 2015 on Friday, August 14th 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 Second Quarter 2015
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 10064077.
The recording will be available for replay through August 21, 2015.
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 1.1154 to EUR 1.00, the
noon buying rate of the Federal Reserve Bank of New York for the Euro on
June 30, 2015.
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 STATEMENTS OF FINANCIAL POSITION
|
|
|
|
|
|
|
|
|
Notes
|
|
06/30/2015
|
|
12/31/2014
|
|
|
|
|
(€ in thousands)
|
|
|
|
|
unaudited
|
|
|
Current assets
|
|
|
|
53,769
|
|
58,509
|
Cash and cash equivalents
|
|
7
|
|
3,757
|
|
8,031
|
Financial assets
|
|
3, 7
|
|
38,353
|
|
41,142
|
Trade receivables
|
|
|
|
2,602
|
|
3,148
|
Inventories
|
|
|
|
7,716
|
|
5,247
|
Income tax receivables
|
|
|
|
89
|
|
65
|
Other assets
|
|
4
|
|
1,252
|
|
876
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
24,866
|
|
22,586
|
Financial assets
|
|
3, 7
|
|
206
|
|
247
|
Intangible assets
|
|
|
|
1,351
|
|
1,315
|
Goodwill
|
|
|
|
1,413
|
|
1,558
|
Property, plant and equipment
|
|
6
|
|
21,816
|
|
19,466
|
Other assets
|
|
4
|
|
80
|
|
−
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
78,635
|
|
81,095
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes
|
|
06/30/2015
|
|
12/31/2014
|
|
|
|
|
(€ in thousands)
|
Current liabilities
|
|
|
|
8,560
|
|
5,567
|
Deferred income
|
|
|
|
688
|
|
469
|
Trade payables
|
|
|
|
3,084
|
|
2,326
|
Financial liabilities
|
|
7
|
|
1,290
|
|
1,241
|
Other liabilities and provisions
|
|
8
|
|
3,498
|
|
1,531
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
2,808
|
|
4,228
|
Deferred income
|
|
|
|
580
|
|
826
|
Deferred tax liabilities
|
|
|
|
−
|
|
213
|
Financial liabilites
|
|
7
|
|
1,809
|
|
2,263
|
Other liabilities and provisions
|
|
8
|
|
419
|
|
926
|
|
|
|
|
|
|
|
Equity
|
|
|
|
67,267
|
|
71,300
|
Subscribed capital
|
|
|
|
3,720
|
|
3,720
|
Capital reserves
|
|
|
|
75,671
|
|
75,671
|
Accumulated deficit
|
|
|
|
(11,856)
|
|
(8,090)
|
Accumulated other comprehensive income (loss)
|
|
|
|
(268)
|
|
(1)
|
Total equity and liabilities
|
|
|
|
78,635
|
|
81,095
|
voxeljet AG
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30,
|
Six months ended June 30,
|
|
|
|
Notes
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
(€ in thousands except share and share data) unaudited
|
|
Revenues
|
|
9, 10
|
|
5,484
|
|
2,730
|
|
11,073
|
|
5,469
|
|
Cost of sales
|
|
|
|
(3,650)
|
|
(1,870)
|
|
(7,360)
|
|
(3,530)
|
|
Gross profit
|
|
9
|
|
1,834
|
|
860
|
|
3,713
|
|
1,939
|
|
Selling expenses
|
|
|
|
(1,743)
|
|
(845)
|
|
(3,159)
|
|
(1,538)
|
|
Administrative expenses
|
|
|
|
(1,097)
|
|
(952)
|
|
(2,716)
|
|
(1,566)
|
|
Research and development expenses
|
|
|
|
(1,417)
|
|
(831)
|
|
(2,977)
|
|
(1,679)
|
|
Other operating expenses
|
|
|
|
(62)
|
|
(8)
|
|
(268)
|
|
(86)
|
|
Other operating income
|
|
|
|
390
|
|
397
|
|
1,846
|
|
948
|
|
Operating loss
|
|
|
|
(2,095)
|
|
(1,379)
|
|
(3,561)
|
|
(1,982)
|
|
Finance expense
|
|
|
|
(47)
|
|
(41)
|
|
(150)
|
|
(166)
|
|
Finance income
|
|
|
|
6
|
|
15
|
|
10
|
|
32
|
|
Financial result
|
|
|
|
(41)
|
|
(26)
|
|
(140)
|
|
(134)
|
|
Loss before income taxes
|
|
|
|
(2,136)
|
|
(1,405)
|
|
(3,701)
|
|
(2,116)
|
|
Income taxes
|
|
|
|
−
|
|
−
|
|
(65)
|
|
−
|
|
Net loss
|
|
|
|
(2,136)
|
|
(1,405)
|
|
(3,766)
|
|
(2,116)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss)
|
|
|
|
(89)
|
|
44
|
|
(267)
|
|
80
|
|
Total comprehensive loss
|
|
|
|
(2,225)
|
|
(1,361)
|
|
(4,033)
|
|
(2,036)
|
|
Weighted average number of ordinary shares outstanding
|
|
3,720,000
|
|
3,660,659
|
|
3,720,000
|
|
3,388,508
|
|
Loss per share - basic/ diluted (EUR)
|
|
|
|
(0.57)
|
|
(0.38)
|
|
(1.01)
|
|
(0.62)
|
voxeljet AG
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
(€ in thousands)
|
|
Subscribed capital
|
Capital
reserves
|
Accumulated
deficit
|
Accumulated other comprehensive income
(loss)
|
|
Total equity
|
Balance at January 1, 2014
|
|
3,120
|
|
46,038
|
|
(3,758)
|
|
--
|
|
|
45,400
|
Loss for the period
|
|
--
|
|
--
|
|
(2,116)
|
|
--
|
|
|
(2,116)
|
Follow-on public offering
|
|
600
|
|
29,633
|
|
--
|
|
--
|
|
|
30,233
|
Net changes in fair value of available for sale financial
assets
|
--
|
|
--
|
|
--
|
|
71
|
|
|
71
|
Foreign currency translations
|
|
--
|
|
--
|
|
--
|
|
9
|
|
|
9
|
Balance at June 30, 2014
|
|
3,720
|
|
75,671
|
|
(5,874)
|
|
80
|
|
|
73,597
|
|
|
|
|
|
|
|
|
|
|
|
|
(€ in thousands)
|
|
Subscribed capital
|
Capital
reserves
|
Accumulated
deficit
|
Accumulated other comprehensive income
(loss)
|
|
Total equity
|
Balance at January 1, 2015
|
|
3,720
|
|
75,671
|
|
(8,090)
|
|
(1)
|
|
|
71,300
|
Loss for the period
|
|
--
|
|
--
|
|
(3,766)
|
|
--
|
|
|
(3,766)
|
Net changes in fair value of available for sale financial
assets
|
--
|
|
--
|
|
--
|
|
(101)
|
|
|
(101)
|
Foreign currency translations
|
|
--
|
|
--
|
|
--
|
|
(166)
|
|
|
(166)
|
Balance at June 30, 2015
|
|
3,720
|
|
75,671
|
|
(11,856)
|
|
(268)
|
|
|
67,267
|
voxeljet AG
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
|
|
|
|
|
|
|
Six months ended June 30,
|
|
|
2015
|
|
2014
|
|
|
(€ in thousands)
|
Cash Flow from operating activities
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the period
|
|
(3,766)
|
|
(2,116)
|
|
|
|
|
|
Depreciation and amortisation
|
|
1,495
|
|
830
|
Proceeds from customer loans
|
|
836
|
|
143
|
Changes in deferred income taxes
|
|
(213)
|
|
−
|
Loss on disposal of assets
|
|
−
|
|
188
|
Deferred income
|
|
(27)
|
|
(629)
|
|
|
|
|
|
Change in working capital
|
|
183
|
|
(2,556)
|
Trade and other receivables and current assets
|
|
90
|
|
(638)
|
Inventories
|
|
(2,469)
|
|
(1,001)
|
Trade payables
|
|
758
|
|
255
|
Other liabilities and provisions
|
|
1,828
|
|
(1,158)
|
Income tax payable/receivables
|
|
(24)
|
|
(14)
|
|
|
|
|
|
Total
|
|
(1,492)
|
|
(4,140)
|
|
|
|
|
|
Cash Flow from investing activities
|
|
|
|
|
|
|
|
|
|
Proceeds from disposal of property, plant, equipment and intangible
assets
|
|
1
|
|
−
|
Payments to acquire property, plant, equipment and intangible assets
|
|
(3,737)
|
|
(1,366)
|
Payments to acquire/ proceeds from sale of financial assets
|
|
1,939
|
|
(34,577)
|
|
|
|
|
|
Total
|
|
(1,797)
|
|
(35,943)
|
|
|
|
|
|
Cash Flow from financing activities
|
|
|
|
|
|
|
|
|
|
Proceeds (repayment) from bank overdrafts and lines of credit
|
|
(23)
|
|
(254)
|
Repayment of sale and leaseback
|
|
(323)
|
|
−
|
Repayment of finance lease obligations
|
|
(326)
|
|
(1,132)
|
Repayment of long-term debt
|
|
(101)
|
|
(1,252)
|
Proceeds from borrowings
|
|
−
|
|
800
|
Proceeds from issuance of shares
|
|
−
|
|
30,233
|
|
|
|
|
|
Total
|
|
(773)
|
|
28,395
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
(4,062)
|
|
(11,688)
|
|
|
|
|
|
Cash and cash equivalents at beginning of period
|
|
8,031
|
|
33,459
|
|
|
|
|
|
Changes to cash and equivalents due to foreign exchanges rates
|
|
(212)
|
|
9
|
Cash and cash equivalents at end of period
|
|
3,757
|
|
21,780
|
|
|
|
|
|
Supplemental Cash Flow Information
|
|
|
|
|
Interest paid net
|
|
147
|
|
110
|
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 subsidiaries Voxeljet of America Inc. and voxeljet UK Ltd.,
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’); and 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 will become
effective for the Company’s financial year beginning on January 1, 2016.
|
|
|
|
|
|
|
|
Standard
|
|
Effective date
|
|
Descriptions
|
|
IFRS 10, IAS 28
|
|
01/2016
|
|
|
|
Amendment Sale or Contribution of Assets between Investor and its
Associate or Joint Venture
|
|
IFRS 10,12, IAS 28
|
|
01/2016
|
|
|
|
Amendments Investment Entities
|
|
IFRS 14
|
|
01/2016
|
|
|
|
Regulatory Deferral Accounts
|
|
IAS 1
|
|
01/2016
|
|
|
|
Amendment Disclosure Initiative
|
|
IAS 16, IAS 38
|
|
01/2016
|
|
|
|
Property, Plant and Equipment
|
|
IFRS 11
|
|
01/2016
|
|
|
|
Amendment Accouting for Acquisitions of Interests in Joint Operations
|
|
IAS 27
|
|
01/2016
|
|
|
|
Amendment Equity Method in Separate Financial Statements
|
|
IAS 16, IAS 41
|
|
01/2016
|
|
|
|
Amendment Agriculture: Bearer Plants
|
|
Improvements to IFRS (2012- 2014)
|
|
01/2016
|
|
|
|
IFRS 5, 7, IAS 19, 34
|
|
IAS 38
|
|
01/2016
|
|
|
|
Amendments Clarification of Acceptable Methods of Depreciation and
Amortisation
|
|
The IASB issued a number of new IFRS standards which will become
effective for the Company’s financial year beginning on January 1, 2017
and January 1, 2018, respectively.
|
|
|
|
|
|
|
|
Standard
|
|
Effective date
|
|
|
|
Descriptions
|
|
IFRS 15
|
|
01/2017
|
|
|
|
Revenue from Contracts with Customers
|
|
IFRS 9
|
|
01/2018
|
|
|
|
Financial Instruments
|
|
Company has not yet determined what impact the new standards, amendments
or interpretations will have on the financial statements.
The interim financial statements as of and for the six months ended June
30, 2015 and 2014 were authorized for issue by the Management Board on
August 13, 2015.
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, 2014, 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 June 30, 2015 primarily consisted of shares
of five bond funds (kEUR 38,091) and one customer loan (kEUR 262). The
investments in the bond funds are measured at fair value, and any
unrealized gain or loss in the value of such shares is recorded as other
comprehensive income on our consolidated statements of comprehensive
loss.
4. Other assets
The other assets at June 30, 2015 primarily included kEUR 562 of prepaid
expenses (December 31, 2014: kEUR 453), thereof kEUR 418 related to
insurances (December 31, 2014: kEUR 396), and kEUR 349 VAT refund claim
(December 31, 2014: kEUR 135).
5. Business Combination Propshop
On October 1, 2014, voxeljet AG acquired 100% of the outstanding shares
of Propshop (Model Makers) Limited (“Propshop”, which we renamed
voxeljet UK Ltd. (“voxeljet UK”)) for €1.0 million in cash. voxeljet UK
mainly renders 3D printing services for the film and entertainment
industry in the UK. In addition, the Company entered into an earn out
agreement with revenue and earnings targets for each of the years 2015,
2016 and 2017 with the former owner of Propshop; payments under the earn
out agreement could total up to €1.5 million in the aggregate and would
be recorded as compensation.
voxeljet performed a preliminary purchase price allocation as of
December 31, 2014 with respect to certain separately identified
intangible assets. As of March 31, 2015, the Company adjusted the
purchase price allocation according to the fair values of the intangible
assets and deferred taxes. Intangible assets have been reduced by kEUR
118 with a corresponding increase of the goodwill and deferred tax
adjustments decreased goodwill by kEUR 263. The acquired assets and
liabilities comprise the following items based on the adjusted purchase
price allocation:
|
|
October 1, 2014
|
|
|
|
(€ in thousands)
|
|
|
|
Fair value
|
|
Current assets
|
|
514
|
|
Cash and cash equivalents
|
|
2
|
|
Trade receivables
|
|
211
|
|
Inventories
|
|
301
|
|
Non-current assets
|
|
3,936
|
|
Intangible assets
|
|
1,134
|
|
Property, plant and equipment
|
|
2,802
|
|
Total assets
|
|
4,450
|
|
|
|
|
|
Current liabilities
|
|
3,466
|
|
Financial liabilities
|
|
1,542
|
|
Trade liabilities
|
|
1,126
|
|
Accruals
|
|
200
|
|
Bank overdraft
|
|
71
|
|
Other liabilties
|
|
527
|
|
Non-current liabilities
|
|
1,430
|
|
Financial liabilities
|
|
1,430
|
|
Total liabilities
|
|
4,896
|
|
|
|
|
|
Net assets (liabilities) acquired
|
|
(446)
|
|
|
|
|
|
Purchase price
|
|
967
|
|
|
|
|
|
Goodwill
|
|
1,413
|
|
The intangible assets acquired in the business combination consist of
order backlog (kEUR 48), customer list (kEUR 622) and digital library
(kEUR 464).
The order backlog was amortized until December 31, 2014. The customer
relations and digital library are amortized over a period of three years.
The excess of the purchase price over the assets acquired and
liabilities assumed is reported as goodwill of €1.4 million. The
goodwill results from synergies which relate to the expanded
competencies obtained by voxeljet in the UK market and the skills of the
voxeljet UK workforce.
6. Property, plant and equipment
|
|
|
|
|
(€ in thousands)
|
|
06/30/2015
|
|
12/31/2014
|
|
|
(€ in thousands)
|
Land, buildings and leasehold improvements
|
|
11,136
|
|
11,212
|
Plant and machinery (includes assets under finance lease)
|
|
7,900
|
|
6,486
|
Other facilities, factory and office equipment
|
|
1,566
|
|
1,240
|
Assets under construction and prepayments made
|
|
1,214
|
|
528
|
|
|
|
|
|
Total
|
|
21,816
|
|
19,466
|
|
|
|
|
|
Leased assets included in Property, Plant and Equipment:
|
|
2,009
|
|
2,282
|
Printing machines
|
|
1,682
|
|
2,246
|
Other factory equipment
|
|
327
|
|
36
|
No impairment of non-financial assets was recorded in the six-month
period ended June 30, 2015.
7. 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 assets according to
fair value hierarchy as of the reporting periods were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
06/30/2015
|
|
|
|
12/31/2014
|
|
|
|
|
|
|
|
(€ in thousands)
|
|
|
|
|
|
carrying
amount
|
fair value
|
|
carrying
amount
|
fair value
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets (restricted cash)
|
|
206
|
|
206
|
|
247
|
|
247
|
|
Level 1
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets (customer loan)
|
|
262
|
|
262
|
|
1,074
|
|
1,079
|
|
Level 2
|
|
Financial assets (bond funds)
|
|
38,091
|
|
38,091
|
|
40,068
|
|
40,068
|
|
Level 1
|
|
Cash and cash equivalents
|
|
3,757
|
|
3,757
|
|
8,031
|
|
8,031
|
|
Level 1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
42,316
|
|
42,316
|
|
49,420
|
|
49,425
|
|
|
|
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. The fair value of available for sale financial assets
represents the quoted price.
The fair values of carrying amounts of financial liabilities according
to fair value hierarchy as of the reporting periods were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
06/30/2015
|
|
|
|
12/31/2014
|
|
|
|
|
|
|
|
(€ in thousands)
|
|
|
|
|
|
carrying
amount
|
fair value
|
|
carrying
amount
|
fair value
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
financial liabilities (long-term debt)
|
|
648
|
|
638
|
|
752
|
|
750
|
|
Level 2
|
|
financial liabilities (finance lease obligation)
|
|
1,161
|
|
1,113
|
|
1,511
|
|
1,515
|
|
Level 2
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
financial liabilities (bank overdraft)
|
|
425
|
|
425
|
|
448
|
|
448
|
|
Level 1
|
|
financial liabilities (long-term debt)
|
|
205
|
|
231
|
|
203
|
|
198
|
|
Level 2
|
|
financial liabilities (finance lease obligation)
|
|
660
|
|
641
|
|
590
|
|
593
|
|
Level 2
|
|
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.
8. Other liabilities and provisions
Other liabilities and provisions comprise of advance payments received,
amounting to kEUR 576 at June 30, 2015 (December 31, 2014: kEUR 294). In
addition, as of June 30, 2015, the amount related to the LTCIP included
in other liabilities and provisions on our consolidated statements of
financial position was kEUR 1,566 compared to kEUR 751 as of December
31, 2014
9. 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.
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30,
|
|
|
2015
|
|
|
|
|
2014
|
|
|
|
|
(€ in thousands)
|
|
|
SYSTEMS
|
|
SERVICES
|
|
|
SYSTEMS
|
|
SERVICES
|
Revenues
|
|
1,933
|
|
3,551
|
|
|
1,234
|
|
1,496
|
Gross profit
|
|
632
|
|
1,202
|
|
|
294
|
|
566
|
Gross profit in %
|
|
32.7%
|
|
33.8%
|
|
|
23.8%
|
|
37.8%
|
|
|
Six months ended June 30,
|
|
|
2015
|
|
|
|
|
2014
|
|
|
|
|
(€ in thousands)
|
|
|
SYSTEMS
|
|
SERVICES
|
|
|
SYSTEMS
|
|
SERVICES
|
Revenues
|
|
4,750
|
|
6,323
|
|
|
2,546
|
|
2,923
|
Gross profit
|
|
1,404
|
|
2,309
|
|
|
691
|
|
1,248
|
Gross profit in %
|
|
29.6%
|
|
36.5%
|
|
|
27.1%
|
|
42.7%
|
10. Revenues
The Group’s revenues by geographic region were as follows:
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
(€ in thousands)
|
unaudited
|
|
(€ in thousands)
|
unaudited
|
EMEA
|
|
4,293
|
|
2,021
|
|
9,422
|
|
4,306
|
Americas
|
|
258
|
|
28
|
|
513
|
|
743
|
Asia Pacific
|
|
933
|
|
681
|
|
1,138
|
|
420
|
Total
|
|
5,484
|
|
2,730
|
|
11,073
|
|
5,469
|
CONTACT:
voxeljet AG
Investors and Media
Anthony Gerstein
Director, Investor Relations and Business Development
+1-646-484-1086
anthony.gerstein@voxeljet.com