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 third quarter ended September 30,
2016.
Highlights — Third Quarter 2016
-
Total revenues increased 4.0% to kEUR 4,897 from kEUR 4,710
-
Gross profit margin was 41.1% compared to 32.7%
-
Systems revenues increased 74.5% to kEUR 2,549 from kEUR 1,461
-
Services revenues decreased 27.7% to kEUR 2,348 from kEUR 3,249
-
Full impairment of Goodwill amounting to kEUR 1,130 due to insolvency
of our most significant customer of voxeljet UK
-
Lowered full year 2016 revenue guidance to between kEUR 22,000 and
kEUR 24,000
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. We focus on speed to market and lowering our
costs to serve our customers more effectively. Our key initiatives for
achieving these objectives include standardization of our product
portfolio as well as optimized internal processes. Regarding short term
business, we continue to operate in a complex economic environment with
lower than anticipated customer adoption rates. For the mid to long term
we are excited about upcoming opportunities in all markets, especially
with our new and improved processes”.
Third Quarter 2016 Results
Revenues for the third quarter of 2016 increased by 4.0% to kEUR 4,897
compared to kEUR 4,710 in the third quarter of 2015.
Revenues from our Systems segment, which focuses on the development,
production and sale of 3D printers, increased 74.5% to kEUR 2,549 in the
third quarter of 2016 from kEUR 1,461 in last year’s third quarter. The
Company delivered three new printers in the third quarter of 2016,
compared to two new printers delivered in last year’s third quarter.
Systems revenues also include all revenues from consumables, spare parts
and maintenance. Systems revenues represented 52.1% of total revenues in
the third quarter of 2016 compared to 31.0% in last year’s third quarter.
Revenues from our Services segment, which focuses on the printing of
on-demand parts for our customers, decreased 27.7%, to kEUR 2,348 in the
third quarter of 2016 from kEUR 3,249 in the comparative period of 2015.
This was mainly due to lower revenue contribution from our subsidiary
voxeljet UK Ltd. (“voxeljet UK”), which was restructured in the fourth
quarter of 2015. The revenue contribution of voxeljet UK was kEUR 268
compared to kEUR 1,047 in last year’s third quarter. Moreover, due to
lower market demand revenue contribution from the German operation (the
German entity) for the third quarter of 2016 decreased by kEUR 447
compared to last year’s same period. This was partially offset by a
higher revenue contribution from our subsidiary voxeljet America Inc.
(“voxeljet America”).
Cost of sales was kEUR 2,882 for the third quarter of 2016 compared to
kEUR 3,172 for the third quarter of 2015.
Gross profit was kEUR 2,015 in the third quarter of 2016 compared to
kEUR 1,538 in the third quarter of 2015.
Gross profit for our Systems segment increased to kEUR 1,013 in the
third quarter of 2016 from kEUR 442 in the third quarter of 2015. The
gross profit margin for this segment increased to 39.7% in the third
quarter of 2016 compared to 30.3% in the third quarter of 2015. The
increase resulted from higher revenues and improved gross profit margins
as we did not record any accruals regarding the third tranche of the
Long Term Cash Incentive Plan (“LTCIP”) as well as bonus in the current
quarter, whereas we recorded accruals for LTCIP and bonus of kEUR 96 in
the comparative period of 2015. In contrast, gross margin contributions
from consumables and service and maintenance were weaker compared to
2015.
Gross profit for our Services segment decreased to kEUR 1,002 in the
third quarter of 2016 from kEUR 1,096 in the third quarter of 2015. The
gross profit margin for this segment increased to 42.7% in the third
quarter of 2016 from 33.7% in the third quarter of 2015. This was mainly
related to higher gross profit margin contributions from the German
operation whereas gross profit decreased. The gross profit and gross
profit margin of voxeljet America improved significantly. Gross profit
and margin were also impacted by the fact that we did not record
accruals for the LTCIP as well as bonus in the third quarter of 2016,
compared to accruals of kEUR 78 in the comparative period of 2015. These
developments which increased gross profit were more than offset by
negative gross profit contributions from voxeljet UK due to a lower
utilization ratio.
Selling expenses were kEUR 1,206 for the third quarter of 2016 compared
to kEUR 1,788 in the third quarter of 2015. The decrease of kEUR 582 was
the result of lower selling expenses for voxeljet UK following the
restructuring, after which the headcount of our UK sales force decreased
from ten employees in the third quarter of 2015 to two employees in
2016. In 2015 we recorded accruals for LTCIP and bonus of kEUR 83
compared to no accruals in the current quarter.
Administrative expenses were kEUR 1,161 for the third quarter of 2016
compared to kEUR 1,317 in the third quarter of 2015. This decrease of
kEUR 156 was primarily the result of the decrease in LTCIP and bonus
related cost.
Research and development (“R&D”) expenses decreased to kEUR 1,487 in the
third quarter of 2016 from kEUR 1,685. The decrease of kEUR 198 was due
to the restructuring of voxeljet UK in the fourth quarter 2015, which
resulted in the termination of research and development activities in
UK. Moreover, in the current quarter we did not record any accruals for
the LTCIP and bonus, whereas we recorded accruals for LTCIP and bonus of
kEUR 154 in the comparative period in 2015. This was partially offset by
higher personnel costs in the German operation as the headcount
increased from 37 employees in the third quarter of 2015 to 56 employees
in the current quarter.
Other operating expenses in the third quarter of 2016 were kEUR 1,899
compared to kEUR 394 in the prior year period. This was mainly due to
the full impairment of goodwill of kEUR 1,130 relating to our UK
operations, the full impairment of trade receivables from our most
significant customer in UK amounting to kEUR 293, and foreign currency
losses amounting to kEUR 442, which was kEUR 304 in the third quarter of
2015.
Other operating income was kEUR 204 for the third quarter of 2016
compared to kEUR 119 in the third quarter of 2015. The increase was
mainly due to higher gains from foreign currency transactions.
The increase of losses and gains from foreign currency transactions was
primarily driven by the valuation of the intercompany loans granted by
the parent company to our UK and US subsidiaries. The loans are
denominated in GBP and USD, respectively. The financial impact reflects
the strengthening of the Euro against the GBP following the Brexit vote
and its weakening against the USD in the third quarter of 2016.
Operating loss was kEUR 3,534 in the third quarter of 2016, compared to
an operating loss of kEUR 3,527 in the comparative period in 2015. Our
operating loss in the third quarter of 2016 includes impairment charges
of kEUR 1,423 compared to impairment charges of kEUR 335 in the
comparative period last year and a net loss from foreign exchange rates
amounting to kEUR 524 compared to a net gain of kEUR 271 in the
comparative period in 2015. These negative drivers were offset by higher
revenues and lower operating expenses, mainly due to lower personnel
expense for LTCIP and bonus accruals of kEUR 461.
Financial result was kEUR 1 in the third quarter of 2016, compared to a
financial result of kEUR 129 in the comparative period in 2015. The
decrease results from lower income from financial assets of kEUR 30 in
the third quarter of 2016 compared to kEUR 151 in the comparative period
in 2015. However interest expense also decreased mainly driven by the
lower number of finance leases in 2016 following the restructuring of
voxeljet UK in 2015.
Net loss for the third quarter of 2016 was kEUR 3,533 or EUR 0.95 per
share, as compared to net loss of kEUR 3,397, or EUR 0.91 per share, in
the third quarter of 2015.
Based on a conversion rate of five American Depositary Shares (“ADSs”)
per ordinary share, net loss remained at EUR 0.19 per ADS for the nine
months ended September 30, 2016, unchanged from the comparative period
of 2015.
Nine Months Ended September 30, 2016 Results
Revenues for the nine months ended September 30, 2016 slightly increased
by 1.8% to kEUR 16,063 compared to kEUR 15,783 in the prior year period.
Systems revenues were kEUR 9,147 for the first nine months of 2016
compared to kEUR 6,211 in last year’s period. The Company sold nine new
and three used and refurbished 3D printers during the first nine months
of 2016 compared to seven new and two used and refurbished 3D printers
in the prior year period. Systems revenues represented 56.9% of total
revenue for the nine months ended September 30, 2016 compared to 39.4%
for the same period a year ago.
Services revenues were kEUR 6,916 for the nine months ended
September 30, 2016 compared to kEUR 9,572 for the same period last year.
This decrease was mainly due to the lower revenue contribution from our
subsidiary voxeljet UK. Moreover, revenue contribution from the German
operation for the nine months of 2016 was kEUR 827 lower than in the
last year’s same period due to lower market demand.
Cost of sales for the nine months ended September 30, 2016 was kEUR
10,414, a decrease of kEUR 118, or 1% over cost of sales of kEUR 10,532
for the same period in 2015.
Gross profit and gross margin for the nine months ended
September 30, 2016 were kEUR 5,649 and 35.2%, respectively, compared to
kEUR 5,251 and 33.3% in the prior year period.
Gross profit for our Systems segment increased to kEUR 2,818 for the
nine months ended September 30, 2016 from kEUR 1,846 in the same period
of 2015. The gross profit margin for this segment slightly increased to
30.8% compared to 29.7% for the prior period. This increase resulted
mainly from higher gross profit margin contributions from consumables
and service and maintenance, partially offset by lower gross profit
margin contribution from the printer sales compared to comparative
period 2015. Gross profit and margin were also improved by the release
of accruals for the LTCIP as well as bonus amounting to kEUR 93,
compared to an accrual of kEUR 341 in the comparative period of 2015.
Gross profit for our Services segment decreased to kEUR 2,831 for the
nine months ended September 30, 2016 from kEUR 3,405 in the same period
of 2015. The gross profit margin for this segment increased to 40.9%
from 35.6%. The gross profit margin improved as the weak gross margin
contributions from voxeljet UK decreased following the restructuring in
October 2015. Gross profit and margin were also impacted by the release
of accruals for the LTCIP as well as bonus amounting to kEUR 79,
compared to an accrual of kEUR 243 in the comparative period of 2015.
Selling expenses were kEUR 3,674 for the nine months ended
September 30, 2016 compared to kEUR 4,947 in the same period in 2015, a
decrease of kEUR 1,273, or 25.7%. Administrative expenses decreased by
kEUR 670 to kEUR 3,363 for the first nine months of 2016 from kEUR 4,033
in the prior year period. The decrease in selling and administrative
expenses was mainly driven by the restructuring of voxeljet UK last year
as well as the release of accruals for LTCIP and bonus of kEUR 150
compared to expenses of kEUR 477 in 2015. Selling expenses also
decreased due to lower commissions to third-party sales agents, which
declined to kEUR 136 in the first nine months of 2016 compared to
kEUR 578 in the last year’s same period.
R&D expenses decreased to kEUR 3,843 for the nine months ended
September 30, 2016 from kEUR 4,662 in the same period in 2015, a
decrease of kEUR 819, or 17.6%. The decrease in R&D expenses in the
first nine months ended September 30, 2016 was due to the restructuring
of voxeljet UK, which resulted in the termination of research and
development activities in UK, as well as from the release of accruals
for the LTCIP and bonus of kEUR 156 compared to kEUR 490 charges in
2015. This was partially offset by higher personnel costs in the
German operation as the headcount increased from 37 employees as of
September, 30 2015 to 56 employees as of September, 30 2016.
Other operating expenses for the nine months ended September 30, 2016
were kEUR 3,846 compared to kEUR 391 in the prior year period. This was
mainly due to the impairment of goodwill of kEUR 1,130 related to our UK
operations and impairment of trade receivables from our most significant
customer in UK amounting to kEUR 293, as well as foreign currency losses
amounting to kEUR 1,672 compared to kEUR 150 in the same period in 2015.
The increase of losses and gains from foreign currency transactions was
primarily driven by the valuation of the intercompany loans granted by
the parent company to our UK and US subsidiaries. The loans are
denominated in GBP and USD, respectively. The financial impact reflects
the strengthening of the Euro against the GBP following the Brexit vote
and its weakening against the USD in the third quarter of 2016.
Other operating income was kEUR 848 for the nine months ended
September 30, 2016 compared to kEUR 1,694 in the prior year period. The
decrease was mainly due to lower gains from foreign exchange
transactions amounting to kEUR 215 compared to kEUR 674 in comparative
period and lower recognition of deferred income of kEUR 222 compared to
kEUR 452 in the comparative period in 2015.
Net loss for the nine months ended September 30, 2016 was kEUR 8,352, or
EUR 2.25 per share, as compared to net loss of kEUR 7,163, or EUR 1.93
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
nine months ended September 30, 2016. Compared to the last year’s same
period, the number of ordinary shares outstanding was unchanged.
Based on a conversion rate of five ADSs per ordinary share, net loss was
EUR 0.45 per ADS for the nine months ended September 30, 2016 compared
to net loss of EUR 0.39 per ADS in the prior year period.
Business Outlook
We decreased our full year 2016 guidance of revenues from between kEUR
24,000 and kEUR 25,000 to between kEUR 22,000 and kEUR 24,000 for the
Group.
Our revenue guidance for the fourth quarter of 2016 is in the range of
kEUR 6,000 to kEUR 8,000.
The primary drivers of the Company’s anticipated revenue growth for the
year ending December 31, 2016 are expected to be: (1) increased global
Systems sales; (2) expected Services revenue growth at our facility in
Friedberg, Germany; (3) contribution from voxeljet America, which began
operating in January 2015; and (4) offset by a smaller revenue
contribution from voxeljet UK after the restructuring in the fourth
quarter of 2015 and a loss of our most significant customer during the
third quarter of 2016.
Our total backlog of 3D printer orders at September 30, 2016 was
kEUR 5,846, which represents ten 3D printers. This compares to a backlog
of kEUR 5,613, representing nine 3D printers, at December 31, 2015. As
production and delivery of our printers varies and is characterized by
lead times ranging between three to nine months, 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.
At September 30, 2016, we had cash and cash equivalents of kEUR 7,185
and held kEUR 14,574 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 quarter on Friday, November 11, 2016 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 Third 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
+1-844-512-2921 or +1-412-317-6671, Replay Conference ID number
13648164. The recording will be available for replay through November
18, 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=1114286
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 1.1238 to EUR 1.00, the
noon buying rate of the Federal Reserve Bank of New York for the euro on
September 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.
voxeljet AG
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|
|
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|
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|
|
|
|
Notes
|
|
9/30/2016
|
|
12/31/2015
|
|
|
|
|
|
(€ in thousands)
unaudited
|
|
|
|
|
|
|
Current assets
|
|
|
|
39,917
|
|
46,550
|
|
Cash and cash equivalents
|
|
7
|
|
7,185
|
|
2,086
|
|
Financial assets
|
|
7
|
|
14,574
|
|
31,746
|
|
Trade receivables
|
|
|
|
2,904
|
|
3,348
|
|
Inventories
|
|
3
|
|
13,239
|
|
7,841
|
|
Income tax receivables
|
|
|
|
8
|
|
54
|
|
Other assets
|
|
|
|
2,007
|
|
1,475
|
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
23,015
|
|
23,570
|
|
Financial assets
|
|
7
|
|
206
|
|
206
|
|
Intangible assets
|
|
4
|
|
827
|
|
627
|
|
Goodwill
|
|
4
|
|
—
|
|
1,273
|
|
Property, plant and equipment
|
|
5
|
|
21,930
|
|
21,383
|
|
Other assets
|
|
|
|
52
|
|
81
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
62,932
|
|
70,120
|
|
|
|
|
|
|
|
|
|
|
|
Notes
|
|
9/30/2016
|
|
12/31/2015
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
5,188
|
|
6,402
|
|
Deferred income
|
|
|
|
412
|
|
472
|
|
Trade payables
|
|
|
|
2,088
|
|
1,759
|
|
Financial liabilities
|
|
7
|
|
1,182
|
|
1,150
|
|
Other liabilities and provisions
|
|
6
|
|
1,506
|
|
3,021
|
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
3,148
|
|
2,249
|
|
Deferred income
|
|
|
|
205
|
|
397
|
|
Deferred tax liabilities
|
|
|
|
1
|
|
1
|
|
Financial liabilities
|
|
7
|
|
2,847
|
|
1,291
|
|
Other liabilities and provisions
|
|
6
|
|
95
|
|
560
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
54,596
|
|
61,469
|
|
Subscribed capital
|
|
|
|
3,720
|
|
3,720
|
|
Capital reserves
|
|
|
|
75,827
|
|
75,671
|
|
Accumulated deficit
|
|
|
|
(26,016)
|
|
(17,684)
|
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Accumulated other comprehensive income (loss)
|
|
|
|
972
|
|
(238)
|
|
Equity attributable to the owners of the company
|
|
|
|
54,503
|
|
61,469
|
|
Non controlling interest
|
|
|
|
93
|
|
--
|
|
Total equity and liabilities
|
|
|
|
62,932
|
|
70,120
|
|
|
voxeljet AG CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)
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|
|
|
|
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
|
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Notes
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
(€ in thousands except share and share data)
|
Revenues
|
|
8, 9
|
|
4,897
|
|
4,710
|
|
16,063
|
|
15,783
|
Cost of sales
|
|
|
|
(2,882)
|
|
(3,172)
|
|
(10,414)
|
|
(10,532)
|
Gross profit
|
|
8
|
|
2,015
|
|
1,538
|
|
5,649
|
|
5,251
|
Selling expenses
|
|
|
|
(1,206)
|
|
(1,788)
|
|
(3,674)
|
|
(4,947)
|
Administrative expenses
|
|
|
|
(1,161)
|
|
(1,317)
|
|
(3,363)
|
|
(4,033)
|
Research and development expenses
|
|
|
|
(1,487)
|
|
(1,685)
|
|
(3,843)
|
|
(4,662)
|
Other operating expenses
|
|
|
|
(1,899)
|
|
(394)
|
|
(3,846)
|
|
(391)
|
Other operating income
|
|
|
|
204
|
|
119
|
|
848
|
|
1,694
|
Operating loss
|
|
|
|
(3,534)
|
|
(3,527)
|
|
(8,229)
|
|
(7,088)
|
Finance expense
|
|
|
|
(8)
|
|
(53)
|
|
(135)
|
|
(203)
|
Finance income
|
|
|
|
9
|
|
182
|
|
14
|
|
192
|
Financial result
|
|
|
|
1
|
|
129
|
|
(121)
|
|
(11)
|
Loss before income taxes
|
|
|
|
(3,533)
|
|
(3,398)
|
|
(8,350)
|
|
(7,099)
|
Income taxes
|
|
|
|
—
|
|
1
|
|
(2)
|
|
(64)
|
Net loss
|
|
|
|
(3,533)
|
|
(3,397)
|
|
(8,352)
|
|
(7,163)
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss)
|
|
|
|
275
|
|
52
|
|
1,210
|
|
(215)
|
Total comprehensive loss
|
|
|
|
(3,258)
|
|
(3,345)
|
|
(7,142)
|
|
(7,378)
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|
|
|
|
|
|
|
|
|
|
|
Loss attributable to:
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|
|
|
|
|
|
|
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|
|
Owner of the Company
|
|
|
|
(3,513)
|
|
(3,397)
|
|
(8,332)
|
|
(7,163)
|
Non-controlling interests
|
|
|
|
(20)
|
|
--
|
|
(20)
|
|
--
|
|
|
|
|
(3,533)
|
|
(3,397)
|
|
(8,352)
|
|
(7,163)
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss attributable to:
|
|
|
|
|
|
|
|
|
|
|
Owner of the Company
|
|
|
|
(3,238)
|
|
(3,345)
|
|
(7,122)
|
|
(7,378)
|
Non-controlling interests
|
|
|
|
(20)
|
|
--
|
|
(20)
|
|
--
|
|
|
|
|
(3,258)
|
|
(3,345)
|
|
(7,142)
|
|
(7,378)
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
|
(0.95)
|
|
(0.91)
|
|
(2.25)
|
|
(1.93)
|
|
voxeljet AG CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscribe
capital
|
|
Capital
reserves
|
|
Accumulate
deficit
|
|
Accumulated
other
comprehensive
income (loss)
|
|
Total
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
(€ in thousands)
|
|
|
|
|
|
Balance at January 1, 2015
|
|
3,720
|
|
75,671
|
|
(8,090)
|
|
(1)
|
|
71,300
|
Loss for the period
|
|
—
|
|
—
|
|
(7,163)
|
|
—
|
|
(7,163)
|
Net changes in fair value of available for sale financial assets
|
|
—
|
|
—
|
|
—
|
|
(205)
|
|
(205)
|
Foreign currency translations
|
|
—
|
|
—
|
|
—
|
|
(10)
|
|
(10)
|
Balance at September 30, 2015
|
|
3,720
|
|
75,671
|
|
(15,253)
|
|
(216)
|
|
63,922
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to the owners of the company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscribed
capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
reserves
|
|
Accumulate
deficit
|
|
Accumulated
other
comprehensive
income (loss)
|
|
Total
|
|
Non
controlling
interest
|
|
Total
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(€ in thousands)
|
|
|
|
|
|
|
|
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
|
|
—
|
|
—
|
|
(8,332)
|
|
—
|
|
(8,332)
|
|
(20)
|
|
(8,352)
|
Net changes in fair value of available for sale financial assets
|
|
—
|
|
—
|
|
—
|
|
21
|
|
21
|
|
—
|
|
21
|
Foreign currency translations
|
|
—
|
|
—
|
|
—
|
|
1,189
|
|
1,189
|
|
—
|
|
1,189
|
Equity-settled share-based payment transaction
|
|
—
|
|
156
|
|
—
|
|
—
|
|
156
|
|
—
|
|
156
|
Balance at September 30, 2016
|
|
3,720
|
|
75,827
|
|
(26,016)
|
|
972
|
|
54,503
|
|
93
|
|
54,596
|
|
voxeljet AG CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
|
|
|
|
|
|
|
Nine months ended September 30,
|
|
|
2016
|
|
2015
|
|
|
(€ in thousands)
|
Cash Flow from operating activities
|
|
|
|
|
|
|
|
|
|
Loss for the period
|
|
(8,352)
|
|
(7,163)
|
|
|
|
|
|
Depreciation and amortization
|
|
1,878
|
|
2,289
|
Valuation adjustments
|
|
1,158
|
|
(344)
|
Impairment losses on intangible assets
|
|
—
|
|
309
|
Impairment losses on inventories
|
|
—
|
|
26
|
Equity-settled share-based payment transaction
|
|
256
|
|
—
|
Impairment of goodwill
|
|
1,130
|
|
—
|
Impairment losses on trade receivables
|
|
293
|
|
—
|
Proceeds from customer loans
|
|
10
|
|
836
|
Changes in deferred income taxes
|
|
—
|
|
(213)
|
Deferred income
|
|
(389)
|
|
(281)
|
|
|
|
|
|
Change in working capital
|
|
(7,461)
|
|
686
|
Trade and other receivables and current assets
|
|
(209)
|
|
(546)
|
Inventories
|
|
(5,797)
|
|
(4,048)
|
Trade payables
|
|
329
|
|
458
|
Other liabilities and provisions
|
|
(1,830)
|
|
4,986
|
Income tax payable/receivables
|
|
46
|
|
(164)
|
Total
|
|
(11,477)
|
|
(3,855)
|
|
|
|
|
|
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
|
|
(2,226)
|
|
(4,744)
|
Net proceeds from disposal of financial assets
|
|
17,218
|
|
4,849
|
Total
|
|
14,992
|
|
106
|
|
|
|
|
|
Cash Flow from financing activities
|
|
|
|
|
|
|
|
|
|
Repayment from bank overdrafts and lines of credit
|
|
(165)
|
|
(69)
|
Repayment of sale and leaseback obligation
|
|
(373)
|
|
(695)
|
Proceeds (repayment) of finance lease obligation
|
|
26
|
|
(107)
|
Proceeds (repayment) of long-term debt
|
|
2,100
|
|
(152)
|
Total
|
|
1,588
|
|
(1,023)
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
5,103
|
|
(4,772)
|
|
|
|
|
|
Cash and cash equivalents at beginning of period
|
|
2,086
|
|
8,031
|
Changes to cash and equivalents due to foreign exchanges rates
|
|
(4)
|
|
334
|
Cash and cash equivalents at end of period
|
|
7,185
|
|
3,593
|
|
|
|
|
|
Supplemental Cash Flow Information
|
|
|
|
|
Interest paid net
|
|
91
|
|
24
|
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 America Inc, voxeljet UK Ltd. and
voxeljet India Pvt. Ltd., as well as voxeljet China Co. 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 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 4
|
|
01/2018
|
|
Amendments Applying IFRS 9 Financial Instruments with IFRS 4
Insurance Contracts
|
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 nine months ended
September 30, 2016 and 2015 were authorized for issue by the Management
Board on November 10, 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
|
|
|
|
|
|
|
9/30/2016
|
|
12/31/2015
|
|
|
(€ in thousands)
|
|
|
Raw materials and merchandize
|
|
2,718
|
|
621
|
Work in progress
|
|
10,521
|
|
6,095
|
Finished goods
|
|
—
|
|
1,125
|
Total
|
|
13,239
|
|
7,841
|
Within our stocks there are materials which are used for internal
production as well as to serve our customers. As the final purpose of
use is usually not determined at the time of purchase but at the time of
consumption, we therefore decided to classify all of those materials as
raw materials and merchandize rather than as finished goods.
4. Intangible assets and goodwill
|
|
|
|
|
|
|
9/30/2016
|
|
12/31/2015
|
|
|
(€ in thousands)
|
Software
|
|
497
|
|
279
|
Licenses
|
|
162
|
|
189
|
Prepayments made on intangible assets
|
|
168
|
|
159
|
Total
|
|
827
|
|
627
|
|
|
|
|
|
|
|
9/30/2016
|
|
12/31/2015
|
|
|
(€ in thousands)
|
Goodwill
|
|
—
|
|
1,273
|
On October 07, 2016 voxeljet UK’s most significant customer went into
bankruptcy administration. Considering that development, voxeljet
assessed the recoverability of the assets as of September 30, 2016,
which resulted in an full impairment of trade receivables due from that
customer of kEUR 293 and the goodwill for the CGU related to voxeljet UK.
The carrying amount of the CGU exceeded its recoverable amount of kEUR
1,471 (or kGBP 1,266) and consequently an impairment loss of kEUR 1,130
(or kGBP 907) covering the entire balance of goodwill was recognized in
other operating expenses in the consolidated statements of comprehensive
loss.
The recoverable amount of the CGU was based on its value in use. The
value in use was determined by discounting the future cash flows
expected to be generated from the continued use of the CGU.
The projections of cash flows cover the remainder of the current year
2016 (forecast) and the financial years 2017 to 2021 (terminal value).
The projected cash flows were estimated taking into account the cease of
operations of the CGU’s most significant customer, management’s
experience in the UK marketplace and from the Company's other service
centers in Germany and the United States.
The cost of capital (weighted average cost of capital, WACC) and the
terminal value growth rate are other assumptions used in the estimation
of the value in use:
In per cent
|
|
|
WACC (pre tax)
|
|
15.41%
|
Terminal value growth rate
|
|
1.0%
|
The parameters of the WACC are based on market observations as at
September 30, 2016 (risk-free rate, spread, market risk premium, beta
factor, leverage) and reflect the specific risks of voxeljet UK. The
terminal value growth rate was determined on the basis of the expected
long term development of prices in the UK and the relevant market for
the CGU’s services.
5. Property, plant and equipment
|
|
|
|
|
|
|
9/30/2016
|
|
12/31/2015
|
|
|
(€ in thousands)
|
Land, buildings and leasehold improvements
|
|
12,025
|
|
12,167
|
Plant and machinery (includes assets under finance lease)
|
|
6,356
|
|
7,702
|
Other facilities, factory and office equipment
|
|
1,550
|
|
1,413
|
Assets under construction and prepayments made
|
|
1,999
|
|
101
|
Total
|
|
21,930
|
|
21,383
|
|
|
|
|
|
Leased assets included in Property, Plant and Equipment:
|
|
1,450
|
|
2,059
|
Printers
|
|
1,204
|
|
1,490
|
Printers leased to customers under operating lease
|
|
153
|
|
500
|
Other factory equipment
|
|
93
|
|
69
|
6. Other liabilities and provisions
|
|
|
|
|
|
|
9/30/2016
|
|
12/31/2015
|
|
|
(€ in thousands)
|
Customer deposits
|
|
232
|
|
1,300
|
Liabilities from VAT
|
|
155
|
|
32
|
Employee bonus
|
|
—
|
|
664
|
Accruals for management compensation
|
|
84
|
|
—
|
Accruals for vacation and overtime
|
|
215
|
|
110
|
Accruals for licenses
|
|
136
|
|
183
|
Accruals for LTCIP
|
|
—
|
|
478
|
Liabilities from payroll
|
|
187
|
|
216
|
Others
|
|
592
|
|
598
|
Total
|
|
1,601
|
|
3,581
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9/30/2016
|
|
I.
|
|
II.
|
|
III.
|
|
IV.
|
|
V.
|
|
Fair Value
|
|
Level
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted cash
|
|
—
|
|
—
|
|
—
|
|
206
|
|
—
|
|
206
|
|
Level 1
|
Current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bond funds
|
|
—
|
|
—
|
|
13,657
|
|
—
|
|
—
|
|
13,657
|
|
Level 1
|
Note receivable
|
|
—
|
|
—
|
|
917
|
|
—
|
|
—
|
|
917
|
|
Level 1
|
Cash and cash equivalents
|
|
—
|
|
—
|
|
—
|
|
7,185
|
|
—
|
|
7,185
|
|
Level 1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,377
|
|
2,176
|
|
Level 2
|
Finance lease obligation
|
|
—
|
|
—
|
|
—
|
|
—
|
|
470
|
|
448
|
|
Level 2
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank overdraft
|
|
—
|
|
—
|
|
—
|
|
—
|
|
218
|
|
218
|
|
|
Long-term debt
|
|
—
|
|
—
|
|
—
|
|
—
|
|
476
|
|
472
|
|
Level 2
|
Finance lease obligation
|
|
—
|
|
—
|
|
—
|
|
—
|
|
488
|
|
482
|
|
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 September 30,
|
|
|
|
2016
|
|
2015
|
|
|
(€ in thousands)
|
|
|
|
SYSTEMS
|
|
SERVICES
|
|
SYSTEMS
|
|
SERVICES
|
|
Revenues
|
|
2,549
|
|
2,348
|
|
1,461
|
|
3,249
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
1,013
|
|
1,002
|
|
442
|
|
1,096
|
|
Gross profit in %
|
|
39.7
|
%
|
42.7
|
%
|
30.3
|
%
|
33.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30,
|
|
|
|
2016
|
|
2015
|
|
|
(€ in thousands)
|
|
|
|
SYSTEMS
|
|
SERVICES
|
|
SYSTEMS
|
|
SERVICES
|
|
Revenues
|
|
9,147
|
|
6,916
|
|
6,211
|
|
9,572
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
2,818
|
|
2,831
|
|
1,846
|
|
3,405
|
|
Gross profit in %
|
|
30.8
|
%
|
40.9
|
%
|
29.7
|
%
|
35.6
|
%
|
9. Revenues
The Group’s revenues by geographic region were as follows:
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
(€ in thousands)
|
|
(€ in thousands)
|
EMEA
|
|
3,093
|
|
3,628
|
|
10,800
|
|
13,050
|
Germany
|
|
1,303
|
|
1,798
|
|
4,541
|
|
5,696
|
France
|
|
299
|
|
204
|
|
2,383
|
|
638
|
Netherlands
|
|
605
|
|
50
|
|
654
|
|
375
|
United Kingdom
|
|
354
|
|
838
|
|
966
|
|
2,998
|
Others
|
|
532
|
|
738
|
|
2,256
|
|
3,343
|
Asia Pacific
|
|
581
|
|
378
|
|
3,087
|
|
1,516
|
Americas
|
|
1,223
|
|
704
|
|
2,176
|
|
1,217
|
United States
|
|
1,204
|
|
704
|
|
2,157
|
|
1,217
|
Others
|
|
19
|
|
—
|
|
19
|
|
—
|
Total
|
|
4,897
|
|
4,710
|
|
16,063
|
|
15,783
|
CONTACT:
Investors and Media
Johannes Pesch
Manager, Investor Relations and Business Development
johannes.pesch@voxeljet.de
Office: +49 821 7483172
Mobile: +49 176 45398316