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,
2016.
Highlights — Second Quarter 2016
-
Total revenues increased 14.8% to kEUR 6,296 from kEUR 5,484
-
Gross margin was 36.6% compared to 33.5% in the prior year quarter
-
Systems revenues increased 97.4% to kEUR 3,815 from kEUR 1,933
-
Services revenues decreased 30.1% to kEUR 2,481 from kEUR 3,551
-
First inclusion into our consolidated accounts of our Chinese
subsidiary, located in Suzhou, near Shanghai
-
Lowered full year 2016 revenue guidance to between kEUR 24,000 and
kEUR 25,000
Dr. Ingo Ederer, Chief Executive Officer of voxeljet,
commented, “We are in the middle of executing on our Vision 2020 and we
are making good progress. Our subsidiaries perform well and we start to
take advantage of our global reach, although the ramp up is delayed. Our
new production facility and research center at our headquarters in
Friedberg are beginning to take shape. Regarding general business, we
continue to operate in a complex economic environment with lower than
anticipated customer adoption rates. With cash and short-term financial
assets of around kEUR 28,000 at the end of the quarter, we are well
prepared to execute on our Vision 2020 and to deliver long-term value to
our shareholders.” Dr. Ederer continued, “Due to the current market
demand, we change our full year 2016 guidance of revenues from between
kEUR 28,000 and kEUR 30,000 to kEUR 24,000 and kEUR 25,000 for the
Group.”
Second Quarter 2016 Results
Revenues for the second quarter of 2016 increased by 14.8% to kEUR 6,296
compared to kEUR 5,484 in the second quarter of 2015.
Revenues from our Systems segment, which focuses on the development,
production and sale of 3D printers, increased 97.4% to kEUR 3,815 in the
second quarter of 2016 from kEUR 1,933 in last year’s second quarter.
The Company delivered six printers (three new and three used) in the
second quarter of 2016, compared to three new printers delivered in last
year’s second quarter. Systems revenues also include all revenues from
consumables, spare parts and maintenance. Systems revenues represented
60.6% of total revenues in the second quarter of 2016 compared to 35.2%
in last year’s second quarter.
Revenues from our Services segment, which focuses on the printing of
on-demand parts for our customers, decreased 30.1%, to kEUR 2,481 in the
second quarter of 2016 from kEUR 3,551 for the same quarter last year.
This was mainly due to lower revenue contribution from our subsidiary
voxeljet UK Ltd. (“voxeljet UK”), which was successfully restructured in
late 2015. The revenue contribution of voxeljet UK was kEUR 244 compared
to kEUR 1,360 in last year’s second quarter. Moreover, revenue
contribution from the German operation for the second quarter of 2016
was slightly lower than in the last year’s same period, due to a lower
number of orders. This was partially offset by a higher revenue
contribution from our subsidiary voxeljet America Inc. (“voxeljet
America”).
Cost of sales was kEUR 3,993 for the second quarter of 2016 compared to
kEUR 3,650 for the second quarter of 2015.
Gross profit was kEUR 2,303 in the second quarter of 2016 compared to
kEUR 1,834 in the second quarter of 2015. This was due to higher gross
profit contributions from our German entity from both Systems and
Services segments. Additionally gross profit contribution from voxeljet
America improved significantly, whereas voxeljet UK, provided negative
gross profit contributions. The lower gross margin contribution from
voxeljet UK is due to a lower utilization ratio. Gross profit margin
increased to 36.6% in the second quarter of 2016 from 33.5% in the
second quarter of 2015. A main driver of the increase of gross margin
was the release of certain accruals regarding the third tranche of the
Long Term Cash Incentive Plan (“LTCIP”) as well as bonus, which improved
gross margin by kEUR 311, whereas we recorded accruals for LTCIP and
bonus of kEUR 147 in the last year’s same period. The release of
accruals for LTCIP and bonus was due to the expectation, that the
achievement of the underlying targets is no longer probable, based on
our current 2016 forecasts.
Gross profit for our Systems segment increased to kEUR 1,112 in the
second quarter of 2016 from kEUR 632 in the second quarter of 2015. The
gross profit margin for this segment decreased to 29.1% in the second
quarter of 2016 compared to 32.7% in the second quarter of 2015. The
decrease resulted mainly from three of the six 3D printers sold in the
second quarter of 2016 being equipped with new processes. Products
incorporating new processes typically contribute lower gross profit at
the beginning of the product life cycle. In addition to that, two
systems were sold to an educational institution. Those customers usually
receive a higher discount compared to the list price. Furthermore,
higher headcount costs related to our growth strategy led to lower gross
profit. As of June 30, 2016, 75 people were employed in the Systems
segment, compared to 49 as of June 30, 2015. This was partially offset
by the release of accruals related to the LTCIP as well as bonus
amounting to kEUR 183. In contrast to that, we recorded accruals for
LTCIP and bonus of kEUR 92 in the last year’s same period.
Gross profit for our Services segment decreased to kEUR 1,191 in the
second quarter of 2016 from kEUR 1,202 in the second quarter of 2015.
The gross profit margin for this segment increased to 48.0% in the
second quarter of 2016 from 33.8% in the second quarter of 2015. This
was mainly related to higher gross profit margin contributions from the
German entity as well as from voxeljet America. This was partially
offset by negative gross profit contributions from voxeljet UK due to a
lower utilization ratio. Gross profit margin highly depends on the
degree of capacity utilization. A ramp-up in Services revenues would
lead to a stronger gross profit margin. Gross margin was also impacted
by the release of accruals for the LTCIP as well as bonus amounting to
kEUR 128, compared to an accrual of kEUR 55 in the last year’s same
period. As of June 30, 2016, 44 people were employed in the Services
segment, compared to 35 as of June 30, 2015.
Selling expenses were kEUR 1,265 for the second quarter of 2016 compared
to kEUR 1,743 in the second quarter of 2015. The decrease of kEUR 478
was a result of the release of accruals on LTCIP and bonus amounting to
kEUR 132, whereas we recorded accruals for LTCIP and bonus of kEUR 92 in
the last year’s same period. In addition to that, the commissions to
third-party sales agents decreased to kEUR 42 in the second quarter of
2016 compared to kEUR 294 in the second quarter of 2015. As of June 30,
2016, 40 people were employed in the sales function, compared to 35 as
of June 30, 2015.
Administrative expenses were kEUR 1,106 for the second quarter of 2016
compared to kEUR 1,097 in the second quarter of 2015. This slight
increase of kEUR 9 was a result of higher consulting fees, due to
ongoing IT projects, partially offset by the release of accruals for the
LTCIP and bonus of kEUR 114. In the last year’s same period, we recorded
accruals for LTCIP and bonus of kEUR 82. As of June 30, 2016, voxeljet
employed 46 people performing administrative functions, and the number
remained unchanged compared to June 30, 2015.
Research and development (“R&D”) expenses decreased to kEUR 1,049 in the
second quarter of 2016 from kEUR 1,417. The decrease of kEUR 368 was
mainly due to the restructuring of voxeljet UK, which resulted in the
cancellation of research and development activities in UK. Moreover,
accruals regarding the LTCIP and bonus of kEUR 261 were released,
whereas we recorded accruals for LTCIP and bonus of kEUR 137 in the
comparative period last year. Headcount in this function decreased at
the end of the second quarter of 2016 by five to 50 employees compared
to 55 at the end of the second quarter of 2015.
Other operating expenses in the second quarter of 2016 were kEUR 818
compared to kEUR 62 in the prior year period. This was mainly due to
foreign currency losses amounting to kEUR 474 (Q2 2015: kEUR 19).
Other operating income was kEUR 327 for the second quarter of 2016
compared to kEUR 390 in the second quarter of 2015. This was mainly due
to foreign currency gains of kEUR 95 in the second quarter of 2016
compared to kEUR 46 in the comparative period.
The changes in foreign currency losses and gains were primarily driven
by the valuation of the intercompany loans granted by the parent company
to our UK and U.S. subsidiaries. The loans are denominated in GBP and
USD, respectively. The financial impact primarily reflects the weakening
of the GBP in the second quarter of 2016 following the Brexit vote,
compared to gains in the comparative period.
Operating loss was kEUR 1,608 in the second quarter of 2016, compared to
an operating loss of kEUR 2,095 in the prior year period. Our operating
loss in the second quarter of 2016 was a result of lower gross profit
contribution from the Systems segment as well as a negative net impact
from foreign exchange valuation amounting to kEUR 379 compared to a
positive net impact of kEUR 27 in last year’s same period. This was
partially offset by lower operating expenses incurred in R&D and sales
and marketing. The operating loss was significantly impacted by the
release of accruals regarding the LTCIP as well as bonus amounting to
kEUR 818 in total, compared to accruals for LTCIP and bonus amounting to
kEUR 459 in last year’s same period.
Financial result was negative kEUR 95 in the second quarter of 2016,
compared to a financial result of negative kEUR 41 in the prior year
period. The increase was mainly related to the release of other
comprehensive income to finance expense due to the selling of portions
of the bond funds.
Net loss for the second quarter of 2016 was kEUR 1,705 or EUR 0.46 per
share, as compared to net loss of kEUR 2,136, or EUR 0.57 per share, in
the second quarter of 2015.
Based on a conversion rate of five American Depositary Shares (“ADSs”)
per ordinary share, net loss was EUR 0.09 per ADS for the six months
ended June 30, 2016 compared to net loss of EUR 0.11 per ADS in the
prior year period.
Six Months Ended June 30, 2016 Results
Revenues for the six months ended June 30, 2016 increased by 0.8% to
kEUR 11,166 compared to kEUR 11,073 in the prior year period.
Systems revenues were kEUR 6,598 for the first six months of 2016
compared to kEUR 4,750 in last year’s period. The Company sold six new
and three used and refurbished 3D printers during the first six months
of 2016 compared to five new and two used 3D printers in the prior year
period. Systems revenues represented 59.1% of total revenue for the six
months ended June 30, 2016 compared to 42.9% for the same period a year
ago.
Services revenues were kEUR 4,568 for the six months ended June 30, 2016
compared to kEUR 6,323 for the same period last year. This decrease was
mainly due to the lower revenue contribution from our subsidiary
voxeljet UK, which was restructured in late 2015 as well as lower year
to date revenues from the German entity. After a weak first quarter of
2016 at the German operation, its revenues improved in the second
quarter of this year.
Cost of sales for the six months ended June 30, 2016 was kEUR 7,532, an
increase of kEUR 172, or 2%, over cost of sales of kEUR 7,360 for the
same period in 2015.
Gross profit and gross margin for the six months ended June 30, 2016
were kEUR 3,634 and 32.5%, respectively, compared to kEUR 3,713 and
33.5% in the prior year period. A main impact on gross margin was the
release of accruals regarding the LTCIP as well as bonus, which improved
gross margin by kEUR 172, whereas we recorded accruals for LTCIP and
bonus of kEUR 418 in the comparative period.
Gross profit for our Systems segment increased to kEUR 1,805 for the six
months ended June 30, 2016 from kEUR 1,404 in the same period of 2015.
The gross profit margin for this segment decreased to 27.4% compared to
29.6% for the prior period. The decrease resulted mainly from five of
the nine 3D printers sold in the first half of 2016 being equipped with
new processes and products. Incorporating new processes typically
contribute lower gross profit at the beginning of the product life
cycle. This was partially offset by the release of accruals for the
LTCIP as well as bonus amounting to kEUR 93. In contrast to this, we
recorded accruals of kEUR 252 in the last year’s same period.
Gross profit for our Services segment decreased to kEUR 1,829 for the
six months ended June 30, 2016 from kEUR 2,309 in the same period of
2015. The gross profit margin for this segment increased to 40.0% from
36.5% in the last year’s same period. The increase in gross profit
margin was primarily related to higher gross margin contributions from
the German operation and voxeljet America. Gross margin also benefited
from the release of accruals for the LTCIP as well as bonus amounting to
kEUR 79. This compares to an accrual for LTCIP and bonus of kEUR 166 in
the first half of 2015.
Selling expenses were kEUR 2,468 for the six months ended June 30, 2016
compared to kEUR 3,159 in the same period in 2015, a decrease of kEUR
691, or 21.9%. Administrative expenses decreased by kEUR 514 to kEUR
2,202 for the first six months of 2016 from kEUR 2,716 in the prior year
period. The decrease in selling and administrative expenses were mainly
driven by the restructuring of voxeljet UK last year as well as the
release of accruals for the LTCIP and bonus of kEUR 87 and kEUR 63,
respectively. In contrast to that, selling and administrative expenses
during the six months ended June 30, 2015 included the accruals on LTCIP
and bonus of kEUR 250 and kEUR 207, respectively. Selling expenses also
decreased due to lower commissions to third-party sales agents, which
declined to kEUR 84 in the first half of 2016 compared to kEUR 506 in
the last year’s same period. There were not yet significant impacts from
the Chinese and Indian subsidiary to selling and administrative expenses.
R&D expenses decreased to kEUR 2,356 for the six months ended
June 30, 2016 from kEUR 2,977 in the same period in 2015, a decrease of
kEUR 621, or 20.9%. The decrease in R&D expenses in the first six months
ended June 30, 2016 is due to the restructuring of voxeljet UK, which
resulted in the cancellation of research and development activities in
UK, but also from the release of accruals regarding the LTCIP and bonus
of kEUR 156. In the last year’s same period accruals for LTCIP and bonus
was amounted to kEUR 395.
Other operating expenses for the six months ended June 30, 2016 were
kEUR 1,947 compared to kEUR 268 in the prior year period. This was
mainly due to higher losses from foreign currency transactions amounting
to kEUR 1,233 compared to kEUR 119 in the prior year period.
Other operating income was kEUR 644 for the six months ended
June 30, 2016 compared to kEUR 1,846 in the prior year period. The
decrease was mainly due to lower gains from foreign exchange
transactions amounting to kEUR 132 compared to kEUR 970 in the last
year’s same period and lower recognition of deferred income amounting to
kEUR 148 compared to kEUR 377 in the last year’s same period.
The changes in foreign currency losses and gains were primarily driven
by the valuation of the intercompany loans granted by the parent company
to our UK and U.S. subsidiaries. The loans are denominated in GBP
and USD, respectively. The financial impact primarily reflects the
weakening of the GBP in the second quarter of 2016 following the Brexit
vote, compared to gains in the comparative period.
Net loss for the six months ended June 30, 2016 was kEUR 4,819 or EUR
1.29 per share, as compared to net loss of kEUR 3,766, or EUR 1.01 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 ended June 30, 2016. Compared the last year’s same period, the
number of ordinary shares outstanding was unchanged. The net loss was
significantly impacted by the release of accruals regarding the LTCIP as
well as bonus amounting to kEUR 478 compared to an addition to LTCIP and
bonus accruals of kEUR 1,270 in the first half year 2015.
Based on a conversion rate of five American Depositary Shares (“ADSs”)
per ordinary share, net loss was EUR 0.26 per ADS for the six months
ended June 30, 2016 compared to net loss of EUR 0.20 per ADS in the
prior year period.
Business Outlook
We decreased our full year 2016 guidance of revenues from between
kEUR 28,000 and kEUR 30,000 to between kEUR 24,000 and kEUR 25,000 for
the Group.
Our revenue guidance for the third quarter of 2016 is in the range of
kEUR 4,500 to kEUR 5,500.
The primary drivers of the Company’s revenues for the year ending
December 31, 2016 are expected to be: (1) development of global Systems
sales; (2) Services revenue contribution from our facility in Friedberg,
Germany; (3) contribution from voxeljet America; (4) offset by a smaller
revenue contribution from voxeljet UK after the restructuring in the
fourth quarter of 2015; and (5) first contributions from our new
subsidiaries in India and China.
Our total backlog of 3D printer orders as of June 30, 2016 was
kEUR 4,209, which represents five 3D printers. This compares to a
backlog of kEUR 5,613, representing nine 3D printers, as of December 31,
2015. As production and delivery of our printers generally varies and is
characterized by lead times between in general three to nine months from
order intake until delivery, the conversion rate of order backlog into
revenue is dependent on the equipping process for the respective 3D
printer as well as the timing of customers’ requested deliveries. The
decrease of order backlog is due to lower market demand, which we are
currently facing.
As of June 30, 2016, we had cash and cash equivalents of kEUR 12,877 and
held kEUR 14,619 of investments in two bond funds and one note
receivable which are included in current financial assets on our
consolidated statements 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 on Friday, August 12th at 8:30
a.m. Eastern Time. Participants from voxeljet will include our Chief
Executive Officer, Dr. Ingo Ederer, and our 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 2016
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 13641996.
The recording will be available for replay through August 19, 2016.
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 https://event.webcasts.com/starthere.jsp?ei=1104186
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 1.1032 to EUR 1.00, the
noon buying rate of the Federal Reserve Bank of New York for the euro on
June 30, 2016.
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.
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voxeljet AG
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
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Notes
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6/30/2016
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12/31/2015
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(€ in thousands)
unaudited
|
Current assets
|
|
|
|
43,564
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|
|
46,550
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Cash and cash equivalents
|
7
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|
|
12,877
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|
|
2,086
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Financial assets
|
7
|
|
|
14,619
|
|
|
31,746
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Trade receivables
|
|
|
|
2,924
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|
|
3,348
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Inventories
|
3
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|
|
11,220
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|
|
7,841
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Income tax receivables
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|
54
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54
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Other assets
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|
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|
1,870
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|
1,475
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|
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Non-current assets
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|
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|
22,906
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|
|
23,570
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Financial assets
|
7
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|
|
206
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|
|
206
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Intangible assets
|
4
|
|
|
732
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|
|
627
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Goodwill
|
4
|
|
|
1,130
|
|
|
1,273
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Property, plant and equipment
|
5
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|
|
20,786
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|
|
21,383
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Other assets
|
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|
52
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|
|
81
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|
|
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Total assets
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66,470
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|
70,120
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|
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|
|
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|
|
Notes
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|
6/30/2016
|
|
|
12/31/2015
|
|
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|
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|
|
Current liabilities
|
|
|
|
6,477
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|
|
6,402
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Deferred income
|
|
|
|
530
|
|
|
472
|
Trade payables
|
|
|
|
2,254
|
|
|
1,759
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Financial liabilities
|
7
|
|
|
1,192
|
|
|
1,150
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Income tax payable
|
|
|
|
1
|
|
|
--
|
Other liabilities and provisions
|
6
|
|
|
2,500
|
|
|
3,021
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
2,139
|
|
|
2,249
|
Deferred income
|
|
|
|
236
|
|
|
397
|
Deferred tax liabilities
|
|
|
|
1
|
|
|
1
|
Financial liabilities
|
7
|
|
|
1,787
|
|
|
1,291
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Other liabilities and provisions
|
6
|
|
|
115
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|
|
560
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|
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|
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|
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Equity
|
|
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|
57,854
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|
|
61,469
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Subscribed capital
|
|
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3,720
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|
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3,720
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Capital reserves
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75,827
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75,671
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Accumulated deficit
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(22,492)
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(17,684)
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Accumulated other comprehensive income (loss)
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|
697
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|
|
(238)
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Equity attributable to the owners of the company
|
|
|
|
57,752
|
|
|
61,469
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Non controlling interest
|
|
|
|
102
|
|
|
--
|
Total equity and liabilities
|
|
|
|
66,470
|
|
|
70,120
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voxeljet AG
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)
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Three months ended June 30,
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Six months ended June 30,
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Notes
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2016
|
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2015
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2016
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2015
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(€ in thousands except share and share data)
|
Revenues
|
|
8. 9
|
|
|
6,296
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|
|
5,484
|
|
|
11,166
|
|
|
11,073
|
Cost of sales
|
|
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|
(3,993)
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|
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(3,650)
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|
|
(7,532)
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|
|
(7,360)
|
Gross profit
|
|
8
|
|
|
2,303
|
|
|
1,834
|
|
|
3,634
|
|
|
3,713
|
Selling expenses
|
|
|
|
|
(1,265)
|
|
|
(1,743)
|
|
|
(2,468)
|
|
|
(3,159)
|
Administrative expenses
|
|
|
|
|
(1,106)
|
|
|
(1,097)
|
|
|
(2,202)
|
|
|
(2,716)
|
Research and development expenses
|
|
|
|
|
(1,049)
|
|
|
(1,417)
|
|
|
(2,356)
|
|
|
(2,977)
|
Other operating expenses
|
|
|
|
|
(818)
|
|
|
(62)
|
|
|
(1,947)
|
|
|
(268)
|
Other operating income
|
|
|
|
|
327
|
|
|
390
|
|
|
644
|
|
|
1,846
|
Operating loss
|
|
|
|
|
(1,608)
|
|
|
(2,095)
|
|
|
(4,695)
|
|
|
(3,561)
|
Finance expense
|
|
|
|
|
(97)
|
|
|
(47)
|
|
|
(127)
|
|
|
(150)
|
Finance income
|
|
|
|
|
2
|
|
|
6
|
|
|
5
|
|
|
10
|
Financial result
|
|
|
|
|
(95)
|
|
|
(41)
|
|
|
(122)
|
|
|
(140)
|
Loss before income taxes
|
|
|
|
|
(1,703)
|
|
|
(2,136)
|
|
|
(4,817)
|
|
|
(3,701)
|
Income taxes
|
|
|
|
|
(2)
|
|
|
—
|
|
|
(2)
|
|
|
(65)
|
Net loss
|
|
|
|
|
(1,705)
|
|
|
(2,136)
|
|
|
(4,819)
|
|
|
(3,766)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss)
|
|
|
|
|
327
|
|
|
(89)
|
|
|
935
|
|
|
(267)
|
Total comprehensive loss
|
|
|
|
|
(1,378)
|
|
|
(2,225)
|
|
|
(3,884)
|
|
|
(4,033)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the Company
|
|
|
|
|
(1,694)
|
|
|
(2,136)
|
|
|
(4,808)
|
|
|
(3,766)
|
Non-controlling interests
|
|
|
|
|
(11)
|
|
|
--
|
|
|
(11)
|
|
|
--
|
|
|
|
|
|
(1,705)
|
|
|
(2,136)
|
|
|
(4,819)
|
|
|
(3,766)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the Company
|
|
|
|
|
(1,367)
|
|
|
(2,225)
|
|
|
(3,873)
|
|
|
(4,033)
|
Non-controlling interests
|
|
|
|
|
(11)
|
|
|
--
|
|
|
(11)
|
|
|
--
|
|
|
|
|
|
(1,378)
|
|
|
(2,225)
|
|
|
(3,884)
|
|
|
(4,033)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares outstanding
|
|
|
|
|
3,720,000
|
|
|
3,720,000
|
|
|
3,720,000
|
|
|
3,720,000
|
Loss per share - basic/ diluted (EUR)
|
|
|
|
|
(0.46)
|
|
|
(0.57)
|
|
|
(1.29)
|
|
|
(1.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
voxeljet AG
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscribed
capital
|
|
|
Capital
reserves
|
|
|
Accumulate
deficit
|
|
|
|
|
|
(€ in thousands)
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to the owners of the company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(€ in thousands)
|
|
Subscribed
capital
|
|
Capital
reserves
|
|
Accumulate
deficit
|
|
Accumulated
other
comprehensive
income (loss)
|
|
Total
|
|
Non controlling
interest
|
|
Total equity
|
Balance at January 1 2016
|
|
3,720
|
|
75,671
|
|
(17,684)
|
|
(238)
|
|
61,469
|
|
—
|
|
61,469
|
Establishment of subsidiary with non controlling interest
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
113
|
|
113
|
Loss for the period
|
|
—
|
|
—
|
|
(4,808)
|
|
—
|
|
(4,808)
|
|
(11)
|
|
(4,819)
|
Net changes in fair value of available for sale financial assets
|
|
—
|
|
—
|
|
—
|
|
49
|
|
49
|
|
—
|
|
49
|
Foreign currency translations
|
|
—
|
|
—
|
|
—
|
|
886
|
|
886
|
|
—
|
|
886
|
Equity-settled share-based payment transaction
|
|
—
|
|
156
|
|
—
|
|
—
|
|
156
|
|
—
|
|
156
|
Balance at June 30, 2016
|
|
3,720
|
|
75,827
|
|
(22,492)
|
|
697
|
|
57,752
|
|
102
|
|
57,854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
voxeljet AG
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
|
|
|
|
|
|
|
|
Six months ended June 30,
|
|
|
|
2016
|
|
|
2015
|
|
|
|
(€ in thousands)
|
Cash Flow from operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
(4,819)
|
|
|
(3,766)
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
1,256
|
|
|
1,495
|
Valuation adjustments
|
|
|
901
|
|
|
(308)
|
Equity-settled share-based payment transaction
|
|
|
256
|
|
|
—
|
Proceeds from customer loans
|
|
|
10
|
|
|
836
|
Changes in deferred income taxes
|
|
|
—
|
|
|
(213)
|
Deferred income
|
|
|
(208)
|
|
|
(27)
|
|
|
|
|
|
|
|
Change in working capital
|
|
|
(3,929)
|
|
|
183
|
Trade and other receivables and current assets
|
|
|
201
|
|
|
90
|
Inventories
|
|
|
(3,778)
|
|
|
(2,469)
|
Trade payables
|
|
|
495
|
|
|
758
|
Other liabilities and provisions
|
|
|
(848)
|
|
|
1,828
|
Income tax payable/receivables
|
|
|
1
|
|
|
(24)
|
Total
|
|
|
(6,533)
|
|
|
(1,800)
|
|
|
|
|
|
|
|
Cash Flow from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from disposal of property, plant and equipment and
intangible assets
|
|
|
—
|
|
|
1
|
Payments to acquire property, plant and equipment and intangible
assets
|
|
|
(365)
|
|
|
(3,737)
|
Net proceeds from disposal of financial assets
|
|
|
17,126
|
|
|
1,939
|
Total
|
|
|
16,761
|
|
|
(1,797)
|
|
|
|
|
|
|
|
Cash Flow from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayment from bank overdrafts and lines of credit
|
|
|
(115)
|
|
|
(23)
|
Repayment of sale and leaseback obligation
|
|
|
(247)
|
|
|
(323)
|
Proceeds (repayment) of finance lease obligation
|
|
|
35
|
|
|
(326)
|
Proceeds (repayment) of long-term debt
|
|
|
865
|
|
|
(101)
|
Total
|
|
|
538
|
|
|
(773)
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
10,766
|
|
|
(4,370)
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
2,086
|
|
|
8,031
|
Changes to cash and equivalents due to foreign exchanges rates
|
|
|
25
|
|
|
96
|
Cash and cash equivalents at end of period
|
|
|
12,877
|
|
|
3,757
|
|
|
|
|
|
|
|
Supplemental Cash Flow Information
|
|
|
|
|
|
|
Interest paid net
|
|
|
44
|
|
|
147
|
|
|
|
|
|
|
|
voxeljet AG
NOTES TO THE INTERIM 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 America Inc, voxeljet UK Ltd.,
voxeljet India Pvt. Ltd. and, as an addition in the second quarter of
2016, voxeljet China Co., Ltd. (“voxeljet China”) 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 are required to be
adopted in annual periods beginning after January 1, 2016.
|
|
|
|
|
|
|
Standard
|
|
|
Effective date
|
|
|
Descriptions
|
IAS 7
|
|
|
01/2017
|
|
|
Amendments Disclosure Initiative
|
IAS 12
|
|
|
01/2017
|
|
|
Amendments Recognition of Deferred Tax Assets for Unrealised Losses
|
IFRS 2
|
|
|
01/2018
|
|
|
Amendments Classifications and Measurement of Share-based Payments
Transactions
|
IFRS 9
|
|
|
01/2018
|
|
|
Financial Instruments
|
IFRS 15
|
|
|
01/2018
|
|
|
Revenue from Contracts with Customers
|
IFRS 16
|
|
|
01/2019
|
|
|
Leases
|
IFRS 10, IAS 28
|
|
|
to be determined
|
|
|
Amendment Sale or Contribution of Assets between Investor and its
Associate or Joint Venture
|
|
|
|
|
|
|
|
The Company has not yet determined what impact the new standards,
amendments or interpretations will have on its financial statements.
The interim financial statements as of and for the six months ended June
30, 2016 and 2015 were authorized for issue by the Management Board on
August 11, 2016.
2. Summary of significant accounting policies
The principal accounting policies applied in the preparation of these
interim financial statements are set out in the Company’s financial
statements as of December 31, 2015, which can be found in its 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. Inventories
|
|
|
|
|
|
|
|
|
|
6/30/2016
|
|
|
12/31/2015
|
|
|
|
(€ in thousands)
|
Raw materials
|
|
|
983
|
|
|
621
|
Work in progress
|
|
|
9,095
|
|
|
6,095
|
Finished goods
|
|
|
1,142
|
|
|
1,125
|
Total
|
|
|
11,220
|
|
|
7,841
|
|
|
|
|
|
|
|
4. Intangible assets and goodwill
|
|
|
|
|
|
|
|
|
|
6/30/2016
|
|
|
12/31/2015
|
|
|
|
(€ in thousands)
|
Software
|
|
|
308
|
|
|
279
|
Licenses
|
|
|
169
|
|
|
189
|
Prepayments made on intangible assets
|
|
|
255
|
|
|
159
|
Total
|
|
|
732
|
|
|
627
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6/30/2016
|
|
|
12/31/2015
|
|
|
|
(€ in thousands)
|
Goodwill
|
|
|
1,130
|
|
|
1,273
|
|
|
|
|
|
|
|
The change in goodwill is related to foreign currency valuation.
5. Property, plant and equipment
|
|
|
|
|
|
|
|
|
|
6/30/2016
|
|
|
12/31/2015
|
|
|
|
(€ in thousands)
|
Land, buildings and leasehold improvements
|
|
|
12,108
|
|
|
12,167
|
Plant and machinery (includes assets under finance lease)
|
|
|
6,715
|
|
|
7,702
|
Other facilities, factory and office equipment
|
|
|
1,509
|
|
|
1,413
|
Assets under construction and prepayments made
|
|
|
454
|
|
|
101
|
Total
|
|
|
20,786
|
|
|
21,383
|
|
|
|
|
|
|
|
Leased assets included in Property, Plant and Equipment:
|
|
|
1,562
|
|
|
2,059
|
Printers
|
|
|
1,299
|
|
|
1,490
|
Printers leased to customers under operating lease
|
|
|
164
|
|
|
500
|
Other factory equipment
|
|
|
99
|
|
|
69
|
|
|
|
|
|
|
|
No impairment of non-financial assets was recorded in the six-months
period ended June 30, 2016.
6. Other liabilities and provisions
|
|
|
|
|
|
|
|
|
|
6/30/2016
|
|
|
12/31/2015
|
|
|
|
(€ in thousands)
|
Customer deposits
|
|
|
1,110
|
|
|
1,300
|
Liabilities from VAT
|
|
|
185
|
|
|
32
|
Employee bonus
|
|
|
—
|
|
|
664
|
Accruals for management compensation
|
|
|
113
|
|
|
—
|
Accruals for vacation and overtime
|
|
|
359
|
|
|
110
|
Accruals for licences
|
|
|
142
|
|
|
183
|
Accruals for LTCIP
|
|
|
—
|
|
|
478
|
Liabilities from payroll
|
|
|
210
|
|
|
216
|
Others
|
|
|
496
|
|
|
598
|
Total
|
|
|
2,615
|
|
|
3,581
|
|
|
|
|
|
|
|
In April 2016 the employee bonus regarding the year 2015 was fully paid.
The decrease of accruals for employee bonus and LTCIP is based on
management’s determination that the achievement of the underlying
targets on both the third performance period of LTCIP and employee bonus
plan is no longer probable, resulting in a release of kEUR 818 for the
second quarter of 2016 and kEUR 478 for the six months ended June 30,
2016 to the consolidated statements of comprehensive loss.
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 value hierarchy defines the following levels:
-
Level 1: Quoted prices of the respective financial asset or financial
liability in active markets
-
Level 2: Other directly observable input parameters which contribute
to establishing the fair value based on a valuation model
-
Level 3: Input parameters not based on observable market data
Under IAS 39 there are the following categories:
(I) A financial asset or financial liability at fair value through
profit or loss
(II) Held-to-maturity investments
(III) Available-for-sale financial assets
(IV) Loans and receivables
(V) Financial liabilities measured at amortized cost
The fair values and carrying amounts of financial assets categorized as
loans and receivables and available for sale securities as well as of
financial liabilities for the considered reporting periods were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6/30/2016
|
|
|
|
I.
|
|
|
II.
|
|
|
III.
|
|
|
IV.
|
|
|
V.
|
|
|
Fair Value
|
|
|
Level
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted cash
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
206
|
|
|
—
|
|
|
206
|
|
|
Level 1
|
Current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bond funds
|
|
|
|
—
|
|
|
—
|
|
|
13,664
|
|
|
—
|
|
|
—
|
|
|
13,664
|
|
|
Level 1
|
Note receivable
|
|
|
|
—
|
|
|
—
|
|
|
955
|
|
|
—
|
|
|
—
|
|
|
955
|
|
|
Level 1
|
Cash and cash equivalents
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,877
|
|
|
—
|
|
|
12,877
|
|
|
Level 1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,217
|
|
|
1,137
|
|
|
Level 2
|
Finance lease obligation
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
570
|
|
|
541
|
|
|
Level 2
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank overdraft
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
268
|
|
|
268
|
|
|
|
Long-term debt
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
401
|
|
|
397
|
|
|
Level 2
|
Finance lease obligation
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
523
|
|
|
515
|
|
|
Level 2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31/2015
|
|
|
|
I.
|
|
|
II.
|
|
|
III.
|
|
|
IV.
|
|
|
V.
|
|
|
Fair Value
|
|
|
Level
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted cash
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
206
|
|
|
—
|
|
|
206
|
|
|
Level 1
|
Current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer loan
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
10
|
|
|
Level 2
|
Bond funds
|
|
|
|
—
|
|
|
—
|
|
|
30,661
|
|
|
—
|
|
|
—
|
|
|
30,661
|
|
|
Level 1
|
Note receivable
|
|
|
|
—
|
|
|
—
|
|
|
1,075
|
|
|
—
|
|
|
—
|
|
|
1,075
|
|
|
Level 1
|
Cash and cash equivalents
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,086
|
|
|
—
|
|
|
2,086
|
|
|
Level 1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
545
|
|
|
520
|
|
|
Level 2
|
Finance lease obligation
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
746
|
|
|
701
|
|
|
Level 2
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank overdraft
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
384
|
|
|
384
|
|
|
|
Long-term debt
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
207
|
|
|
206
|
|
|
Level 2
|
Finance lease obligation
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
559
|
|
|
589
|
|
|
Level 2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The fair value of the Company’s investments in the bond funds was
determined based on the unit prices quoted by the respective fund
management company.
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. 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,
|
|
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
(€ in thousands)
|
|
|
|
|
|
SYSTEMS
|
|
|
SERVICES
|
|
|
SYSTEMS
|
|
|
SERVICES
|
|
|
Revenues
|
|
|
3,815
|
|
|
2,481
|
|
|
1,933
|
|
|
3,551
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
1,112
|
|
|
1,191
|
|
|
632
|
|
|
1,202
|
|
|
Gross profit in %
|
|
|
29.1
|
%
|
|
48.0
|
%
|
|
32.7
|
%
|
|
33.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30,
|
|
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
(€ in thousands)
|
|
|
|
|
|
SYSTEMS
|
|
|
SERVICES
|
|
|
SYSTEMS
|
|
|
SERVICES
|
|
|
Revenues
|
|
|
6,598
|
|
|
4,568
|
|
|
4,750
|
|
|
6,323
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
1,805
|
|
|
1,829
|
|
|
1,404
|
|
|
2,309
|
|
|
Gross profit in %
|
|
|
27.4
|
%
|
|
40.0
|
%
|
|
29.6
|
%
|
|
36.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9. Revenues
The Group’s revenues by geographic region were as follows:
|
|
|
|
|
|
|
|
|
|
Three months ended June 30,
|
|
|
Six months ended June 30,
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
|
(€ in thousands)
|
|
|
(€ in thousands)
|
EMEA
|
|
|
4,298
|
|
|
4,293
|
|
|
7,707
|
|
|
9,422
|
France
|
|
|
613
|
|
|
245
|
|
|
2,084
|
|
|
431
|
Germany
|
|
|
2,132
|
|
|
1,623
|
|
|
3,238
|
|
|
3,894
|
Great Britain
|
|
|
340
|
|
|
1,357
|
|
|
611
|
|
|
2,233
|
Others
|
|
|
1,213
|
|
|
1,068
|
|
|
1,774
|
|
|
2,864
|
Asia Pacific
|
|
|
1,489
|
|
|
933
|
|
|
2,506
|
|
|
1,138
|
Thailand
|
|
|
1,272
|
|
|
—
|
|
|
1,272
|
|
|
—
|
South Korea
|
|
|
110
|
|
|
843
|
|
|
209
|
|
|
923
|
Others
|
|
|
107
|
|
|
90
|
|
|
1,025
|
|
|
215
|
Americas
|
|
|
509
|
|
|
258
|
|
|
953
|
|
|
513
|
United States
|
|
|
509
|
|
|
258
|
|
|
953
|
|
|
513
|
Total
|
|
|
6,296
|
|
|
5,484
|
|
|
11,166
|
|
|
11,073
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTACT:
voxeljet AG
Investors and Media
Johannes Pesch
Manager, Investor Relations and Business Development
johannes.pesch@voxeljet.de
Office: +49 821 7483172
Mobile: +49 176 45398316