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,
2017.
Highlights - Second Quarter 2017
-
Total revenues for the second quarter decreased 18.2% to kEUR 5,153
from kEUR 6,296
-
Gross profit margin improved to 40.9% from 36.6%
-
Systems revenues decreased 33.4% to kEUR 2,542 from kEUR 3,815
-
Services revenues increased 5.2% to kEUR 2,611 from kEUR 2,481
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Reaffirm full year 2017 guidance
Dr. Ingo Ederer, Chief Executive Officer of voxeljet,
commented, “We had another solid quarter and I am pleased with our
overall performance. We continue to make progress in all our segments
with the goal to ignite the next phase of accelerated growth. I am
especially pleased with the progress of our research and development
initiatives as we plan to announce new and exciting products and
applications later this year and in the years to come, especially
regarding High Speed Sintering (HSS). HSS systems are already in use at
selected customers and the feedback we gather is very promising.”
Second Quarter 2017 Results
Revenues for the second quarter of 2017 decreased by 18.2% to kEUR 5,153
compared to kEUR 6,296 in the second quarter of 2016.
Revenues from our Systems segment, which focuses on the development,
production and sale of 3D printers, decreased 33.4% to kEUR 2,542 in the
second quarter of 2017 from kEUR 3,815 in last year’s second quarter.
This was mainly due to a lower number of printer sales. The Company
delivered three new printers in the second quarter of 2017, compared to
six printers (three new and three used and refurbished) delivered in
last year’s second quarter. Systems revenues also include all revenues
from consumables, spare parts and maintenance, where we could record a
slight increase compared to the last year’s same period. Systems
revenues represented 49.3% of total revenues in the second quarter of
2017 compared to 60.6% in last year’s second quarter.
Revenues from our Services segment, which focuses on the printing of
on-demand parts for our customers, increased 5.2%, to kEUR 2,611 in the
second quarter of 2017 from kEUR 2,481 in the comparative period of
2016. This was mainly due to higher revenue contribution from our
subsidiary voxeljet China Co. Ltd (“voxeljet China”) and our subsidiary
voxeljet America Inc. (“voxeljet America”). This was partially offset by
lower contributions from our subsidiary voxeljet UK Ltd. (“voxeljet UK”).
Cost of sales was kEUR 3,043 for the second quarter of 2017 compared to
kEUR 3,993 for the second quarter of 2016.
Gross profit was kEUR 2,110 in the second quarter of 2017 compared to
kEUR 2,303 in the second quarter of 2016.
Gross profit for our Systems segment decreased to kEUR 925 in the second
quarter of 2017 from kEUR 1,112 in the second quarter of 2016. This is
due to the decrease in revenues. In contrast to this, gross profit
margin for this segment increased to 36.4% in the second quarter of 2017
compared to 29.1% in the second quarter of 2016. The increase mainly
resulted from better gross profit margin on printer sales due to the
product mix. In the last year’s period we sold three used printers,
which usually provide weaker gross profit margins compared to new
printers. Gross profit includes a release of accruals for compensation
amounting to kEUR 81 in the second quarter of 2017 (2016: kEUR 183)
Gross profit for our Services segment remained largely unchanged at kEUR
1,185 in the second quarter of 2017 compared to kEUR 1,191 in the second
quarter of 2016. The gross profit margin for this segment decreased to
45.4% in the second quarter of 2017 from 48.0% in the second quarter of
2016. This was mainly related to a lower release of accruals for
compensation. In the second quarter of 2017 the release of accruals for
compensation amounted to kEUR 34, compared to a release of kEUR 128 in
the comparative period. The gross profit margin contributions from the German
operation and voxeljet America decreased slightly.
Selling expenses were kEUR 1,400 for the second quarter of 2017 compared
to kEUR 1,265 in the second quarter of 2016. The increase is mainly due
to higher personnel expenses resulting from a lower release of
compensation accruals of kEUR 55 in 2017 (2016: kEUR 132).
Administrative expenses were kEUR 1,154 for the second quarter of 2017
compared to kEUR 1,106 in the second quarter of 2016. Administrative
expenses were impacted by the release of compensation accruals amounting
to kEUR 58 compared to a release of accruals of kEUR 114 in the second
quarter of 2016.
Research and development (“R&D”) expenses increased to kEUR 1,315 in the
second quarter of 2017 from kEUR 1,049. The increase of kEUR 266 was
mainly due to higher personnel expenses and higher expenses for
materials and external services related to various projects. R&D
expenses were also impacted by the release of compensation accruals
amounting to kEUR 79 in the second quarter of 2017 compared to kEUR 261
in the comparative period of 2016.
Other operating expenses in the second quarter of 2017 were kEUR 1,001
compared to kEUR 818 in the prior year period. This was mainly due to
foreign currency losses amounting to kEUR 939 for the second quarter of
2017 compared to kEUR 617 in the second quarter of 2016.
Other operating income was kEUR 85 for the second quarter of 2017
compared to kEUR 327 in the second quarter of 2016. The decrease was
mainly due to lower 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 as well as the USD in the
second quarter of 2017.
Operating loss was kEUR 2,675 in the second quarter of 2017, compared to
an operating loss of kEUR 1,608 in the comparative period in 2016. This
was primarily related to the lower gross profit in combination with
higher operational expenses and unfavorable foreign currency effects.
Operational loss was primarily impacted by the release of accruals for
compensation amounting to kEUR 307 compared to a release of accruals
amounting to kEUR 818 in the second quarter of 2016.
Financial result was negative kEUR 1 in the second quarter of 2017,
compared to a financial result of kEUR 95 in the comparative period in
2016. The decrease was mainly related to the release of other
comprehensive income to finance expense due to the selling of portions
of the bond funds in the second quarter of 2016.
Net loss for the second quarter of 2017 was kEUR 2,674 or EUR 0.72 per
share, as compared to net loss of kEUR 1,378, or EUR 0.46 per share, in
the second quarter of 2016. Net loss was also impacted by our employee
stock option plan, which was executed in the current quarter with an
impact amounting to kEUR 122.
Based on a conversion rate of five American Depositary Shares (“ADSs”)
per ordinary share, net loss was at EUR 0.14 per ADS for the second
quarter of 2017, compared to a net loss of EUR 0.09 for the second
quarter of 2016.
Six Months Ended June 30, 2017 Results
Revenues for the six months ended June 30, 2017 decreased by 13.3% to
kEUR 9,683 compared to kEUR 11,166 in the prior year period.
Systems revenues were kEUR 4,235 for the first six months of 2017
compared to kEUR 6,598 in last year’s period. The Company sold five new
3D printers during the first six months of 2017 compared to six new and
three used and refurbished 3D printers in the prior year period. Systems
revenues represented 43.7% of total revenue for the six months ended
June 30, 2017 compared to 59.1% for the same period a year ago.
Services revenues were kEUR 5,448 for the six months ended June 30, 2017
compared to kEUR 4,568 for the same period last year. This increase was
mainly due to a higher revenue contribution from the German operation and
our subsidiaries voxeljet America and voxeljet China. This was
partially offset by a lower revenue contribution from voxeljet UK.
Cost of sales for the six months ended June 30, 2017 was kEUR 5,992, a
decrease of kEUR 1,540, or 20%, over cost of sales of kEUR 7,532 for the
same period in 2016.
Gross profit and gross margin for the six months ended June 30, 2017
were kEUR 3,691 and 38.1%, respectively, compared to kEUR 3,634 and
32.5% in the prior year period.
Gross profit for our Systems segment decreased to kEUR 1,278 for the six
months ended June 30, 2017 from kEUR 1,805 in the same period of 2016.
This decrease is mainly due to the decline in revenues. The gross profit
margin for this segment increased to 30.2% compared to 27.4% for the
prior period. The increase mainly resulted from better gross profit
margin regarding printer sales due to the product mix. In the last
year’s period we sold three used printers, which usually provide weaker
gross profit margins compared to new printers. The gross profit margin
for revenues from consumables, spare parts and maintenance almost
remained on the same level, compared to the six months ended 2016.
Gross profit for our Services segment increased to kEUR 2,413 for the
six months ended June 30, 2017 from kEUR 1,829 in the same period of
2016. This was mainly related to the increase in revenues. The gross
profit margin for this segment increased to 44.3% from 40.0% mainly due
to a better utilization ratio. Gross profit margin contributions from
voxeljet America as well as voxeljet China improved. From our German
operation we recorded an almost unchanged gross profit margin
contribution, while the contribution from voxeljet UK decreased.
Selling expenses were kEUR 2,785 for the six months ended June 30, 2017
compared to kEUR 2,468 in the same period in 2016, an increase of kEUR
317, or 12.8%. This was mainly due to higher personnel expenses.
Administrative expenses slightly increased by kEUR 146 to kEUR 2,348 for
the first six months of 2017 from kEUR 2,202 in the prior year’s period.
R&D expenses increased to kEUR 2,812 for the six months ended
June 30, 2017 from kEUR 2,356 in the same period in 2016, an increase of
kEUR 456, or 19.4%. The increase was mainly due to higher personnel
expenses and higher expenses for materials related to various projects.
Other operating expenses for the six months ended June 30, 2017 were
kEUR 1,191 compared to kEUR 1,947 in the prior year period. This
improvement was mainly due to lower losses from foreign currency
transactions amounting to kEUR 1,078 compared to kEUR 1,376 in the prior
year’s period. In addition, the impairment loss on trade receivables for
the six months ended 2017 amounted to kEUR 147, compared to kEUR 49 in
the comparative period.
Other operating income was kEUR 382 for the six months ended
June 30, 2017 compared to kEUR 644 in the prior year period. The
decrease was mainly due to lower gains from foreign exchange
transactions amounting to kEUR 35 compared to kEUR 214 in comparative
period and lower amortization of deferred income of kEUR 108 compared to
kEUR 148 in the comparative period in 2016.
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 US subsidiaries.
Net loss for the six months ended June 30, 2017 was kEUR 5,105, or EUR
1.37 per share, as compared to net loss of kEUR 4,819, or EUR 1.29 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, 2017. 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 0.27 per ADS for the six months ended June 30, 2017 compared to net
loss of EUR 0.26 per ADS in the prior year period.
Business Outlook
Our revenue guidance for the third quarter of 2017 is in the range of
kEUR 7,000 to kEUR 8,000.
We reaffirm our guidance for the full year ended December 31, 2017.
-
Full year revenue is expected to be in the range of kEUR 26,000 and
kEUR 28,000
-
Gross margin is expected to be above 40%
-
Operating expenses for the full year are expected as follows: SG&A
expenses in the range of kEUR 9,250 and kEUR 10,250 and R&D expenses
to be approximately kEUR 4,750 to kEUR 5,750. Depreciation and
amortization expense is expected to be between kEUR 3,000 and
kEUR 4,000.
-
EBITDA is expected to be neutral-to-positive in 2017
Our total backlog of 3D printer orders at June 30, 2017 was kEUR 4,384,
which represents seven 3D printers. This compares to a backlog of kEUR
3,784 representing five 3D printers, at December 31, 2016. As production
and delivery of our printers is generally 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 June 30, 2017, we had cash and cash equivalents of kEUR 4,028 and
held kEUR 11,657 of investments in bond funds, 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 Tuesday, August 15, 2017 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 2017
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 13666918.
The recording will be available for replay through August 22, 2017.
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=1155932&tp_key=990122ae0e
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 1.1411 to EUR 1.00, the
noon buying rate of the Federal Reserve Bank of New York for the euro on
June 30, 2017.
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
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|
6/30/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
(€ in thousands)
|
|
|
|
|
|
|
|
|
|
unaudited
|
|
|
|
Current assets
|
|
|
|
|
|
30,937
|
|
|
37,506
|
Cash and cash equivalents
|
|
|
7
|
|
|
4,028
|
|
|
7,849
|
Financial assets
|
|
|
7
|
|
|
11,657
|
|
|
12,579
|
Trade receivables
|
|
|
|
|
|
4,031
|
|
|
4,133
|
Inventories
|
|
|
4
|
|
|
9,507
|
|
|
11,213
|
Income tax receivables
|
|
|
|
|
|
8
|
|
|
8
|
Other assets
|
|
|
|
|
|
1,706
|
|
|
1,724
|
|
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
28,300
|
|
|
24,633
|
Financial assets
|
|
|
7
|
|
|
211
|
|
|
211
|
Intangible assets
|
|
|
|
|
|
977
|
|
|
842
|
Property, plant and equipment
|
|
|
5
|
|
|
27,010
|
|
|
23,521
|
Investments in joint venture
|
|
|
|
|
|
47
|
|
|
--
|
Other assets
|
|
|
|
|
|
55
|
|
|
59
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
|
|
59,237
|
|
|
62,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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|
|
Notes
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|
6/30/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
6,282
|
|
|
5,517
|
Deferred income
|
|
|
|
|
|
453
|
|
|
332
|
Trade payables
|
|
|
|
|
|
2,195
|
|
|
1,765
|
Financial liabilities
|
|
|
7
|
|
|
1,237
|
|
|
1,297
|
Other liabilities and provisions
|
|
|
6
|
|
|
2,397
|
|
|
2,123
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
6,072
|
|
|
5,086
|
Deferred income
|
|
|
|
|
|
72
|
|
|
177
|
Deferred tax liabilities
|
|
|
|
|
|
1
|
|
|
1
|
Financial liabilities
|
|
|
7
|
|
|
5,932
|
|
|
4,817
|
Other liabilities and provisions
|
|
|
6
|
|
|
67
|
|
|
91
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
46,883
|
|
|
51,449
|
Subscribed capital
|
|
|
|
|
|
3,720
|
|
|
3,720
|
Capital reserves
|
|
|
|
|
|
75,949
|
|
|
75,827
|
Accumulated deficit
|
|
|
|
|
|
(34,067)
|
|
|
(28,971)
|
Accumulated other comprehensive income
|
|
|
|
|
|
1,203
|
|
|
873
|
Equity attributable to the owners of the company
|
|
|
|
|
|
46,805
|
|
|
51,449
|
Non controlling interest
|
|
|
|
|
|
78
|
|
|
87
|
Total equity and liabilities
|
|
|
|
|
|
59,237
|
|
|
62,139
|
|
|
|
|
|
|
|
|
|
|
voxeljet AG
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)
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|
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Three months ended June 30,
|
|
Six months ended June 30,
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|
|
Notes
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
(€ in thousands except share and share data)
|
Revenues
|
|
8, 9
|
|
5,153
|
|
6,296
|
|
9,683
|
|
11,166
|
Cost of sales
|
|
|
|
(3,043)
|
|
(3,993)
|
|
(5,992)
|
|
(7,532)
|
Gross profit
|
|
8
|
|
2,110
|
|
2,303
|
|
3,691
|
|
3,634
|
Selling expenses
|
|
|
|
(1,400)
|
|
(1,265)
|
|
(2,785)
|
|
(2,468)
|
Administrative expenses
|
|
|
|
(1,154)
|
|
(1,106)
|
|
(2,348)
|
|
(2,202)
|
Research and development expenses
|
|
|
|
(1,315)
|
|
(1,049)
|
|
(2,812)
|
|
(2,356)
|
Other operating expenses
|
|
|
|
(1,001)
|
|
(818)
|
|
(1,191)
|
|
(1,947)
|
Other operating income
|
|
|
|
85
|
|
327
|
|
382
|
|
644
|
Operating loss
|
|
|
|
(2,675)
|
|
(1,608)
|
|
(5,063)
|
|
(4,695)
|
Finance expense
|
|
|
|
(2)
|
|
(97)
|
|
(49)
|
|
(127)
|
Finance income
|
|
|
|
3
|
|
2
|
|
7
|
|
5
|
Financial result
|
|
|
|
1
|
|
(95)
|
|
(42)
|
|
(122)
|
Loss before income taxes
|
|
|
|
(2,674)
|
|
(1,703)
|
|
(5,105)
|
|
(4,817)
|
Income taxes
|
|
|
|
—
|
|
(2)
|
|
—
|
|
(2)
|
Net loss
|
|
|
|
(2,674)
|
|
(1,705)
|
|
(5,105)
|
|
(4,819)
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income
|
|
|
|
315
|
|
327
|
|
330
|
|
935
|
Total comprehensive loss
|
|
|
|
(2,359)
|
|
(1,378)
|
|
(4,775)
|
|
(3,884)
|
|
|
|
|
|
|
|
|
|
|
|
Loss attributable to:
|
|
|
|
|
|
|
|
|
|
|
Owners of the Company
|
|
|
|
(2,667)
|
|
(1,694)
|
|
(5,096)
|
|
(4,808)
|
Non-controlling interests
|
|
|
|
(7)
|
|
(11)
|
|
(9)
|
|
(11)
|
|
|
|
|
(2,674)
|
|
(1,705)
|
|
(5,105)
|
|
(4,819)
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss attributable to:
|
|
|
|
|
|
|
|
|
|
|
Owners of the Company
|
|
|
|
(2,352)
|
|
(1,367)
|
|
(4,766)
|
|
(3,873)
|
Non-controlling interests
|
|
|
|
(7)
|
|
(11)
|
|
(9)
|
|
(11)
|
|
|
|
|
(2,359)
|
|
(1,378)
|
|
(4,775)
|
|
(3,884)
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
|
(0.72)
|
|
(0.46)
|
|
(1.37)
|
|
(1.29)
|
|
|
|
|
|
|
|
|
|
|
|
voxeljet AG
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to the owners of the company
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other
|
|
|
|
|
|
|
|
|
Subscribed
|
|
Capital
|
|
Accumulate
|
|
comprehensive
|
|
|
|
Non controlling
|
|
|
(€ in thousands)
|
|
capital
|
|
reserves
|
|
deficit
|
|
income (loss)
|
|
Total
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to the owners of the company
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other
|
|
|
|
|
|
|
|
|
Subscribed
|
|
Capital
|
|
Accumulated
|
|
comprehensive
|
|
|
|
Non-controlling
|
|
|
|
|
capital
|
|
reserves
|
|
deficit
|
|
gain
|
|
Total
|
|
interests
|
|
Total equity
|
Balance at January 1, 2017
|
|
3,720
|
|
75,827
|
|
(28,971)
|
|
873
|
|
51,449
|
|
87
|
|
51,536
|
Loss for the period
|
|
--
|
|
--
|
|
(5,096)
|
|
--
|
|
(5,096)
|
|
(9)
|
|
(5,105)
|
Foreign currency translations
|
|
--
|
|
--
|
|
--
|
|
330
|
|
330
|
|
--
|
|
330
|
Equity-settled share-based payment
|
|
--
|
|
122
|
|
--
|
|
--
|
|
122
|
|
--
|
|
122
|
Balance at June 30, 2017
|
|
3,720
|
|
75,949
|
|
(34,067)
|
|
1,203
|
|
46,805
|
|
78
|
|
46,883
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
voxeljet AG
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
|
|
|
|
|
|
|
|
|
Six months ended June 30,
|
|
|
|
2017
|
|
2016
|
|
|
|
(€ in thousands)
|
Cash Flow from operating activities
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
(5,105)
|
|
(4,819)
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
1,463
|
|
1,256
|
Foreign currency exchange differences on loans to subsidiaries
|
|
|
194
|
|
901
|
Equity-settled share-based payment transaction
|
|
|
122
|
|
256
|
Impairment losses on trade receivables
|
|
|
147
|
|
49
|
Proceeds from customer loans
|
|
|
--
|
|
10
|
|
|
|
|
|
|
Change in working capital
|
|
|
(664)
|
|
(4,186)
|
Trade receivables, inventories and other assets
|
|
|
(1,317)
|
|
(3,626)
|
Trade payables
|
|
|
342
|
|
495
|
Other liabilities and provisions and deferred income
|
|
|
311
|
|
(1,056)
|
Income tax payable/receivables
|
|
|
--
|
|
1
|
Total
|
|
|
(3,843)
|
|
(6,533)
|
|
|
|
|
|
|
Cash Flow from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
Payments to acquire property, plant and equipment and intangible
assets
|
|
|
(1,999)
|
|
(365)
|
Net proceeds from disposal of financial assets
|
|
|
922
|
|
17,126
|
Investment in joint venture
|
|
|
(50)
|
|
--
|
Total
|
|
|
(1,127)
|
|
16,761
|
|
|
|
|
|
|
Cash Flow from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
Repayment from bank overdrafts and lines of credit
|
|
|
(93)
|
|
(115)
|
Repayment of sale and leaseback obligation
|
|
|
(201)
|
|
(247)
|
Proceeds (repayment) of finance lease obligation
|
|
|
(21)
|
|
35
|
Proceeds of long-term debt
|
|
|
1,328
|
|
865
|
Total
|
|
|
1,013
|
|
538
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
(3,957)
|
|
10,766
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
7,849
|
|
2,086
|
Changes to cash and equivalents due to foreign exchanges rates
|
|
|
136
|
|
25
|
Cash and cash equivalents at end of period
|
|
|
4,028
|
|
12,877
|
|
|
|
|
|
|
Supplemental Cash Flow Information
|
|
|
|
|
|
Interest paid
|
|
|
107
|
|
51
|
Interest received
|
|
|
5
|
|
7
|
|
|
|
|
|
|
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, 2017.
|
|
|
|
|
|
Standard
|
|
Effective date
|
|
Descriptions
|
|
IFRS 9
|
|
01/2018
|
|
Financial Instruments
|
|
IFRS 15
|
|
01/2018
|
|
Revenue from Contracts with Customers
|
|
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
|
|
IAS 40
|
|
01/2018
|
|
Amendment of Transfers of Investment Property
|
|
IFRIC 22
|
|
01/2018
|
|
Foreign Currency Transactions and Advance Considerations
|
|
IFRS 16
|
|
01/2019
|
|
Leases
|
|
IFRIC 23
|
|
01/2019
|
|
Uncertainty over Income Tax Treatments
|
|
IFRS 17
|
|
01/2021
|
|
Insurance Contracts
|
|
IFRS 10, IAS 28
|
|
indefinite
|
|
Amendment Sale or Contribution of Assets between Investor and its
Associate or Joint Venture
|
|
|
|
|
|
|
|
IFRS 15 establishes a comprehensive framework for determining whether,
how much and when revenue is recognized. It replaces existing revenue
recognition guidance, including IAS 18 Revenue, IAS 11
Construction Contracts and IFRIC 13 Customer Loyalty Programmes.
IFRS 15 is effective for annual periods beginning on or after January 1,
2018, with early adoption permitted. The Company has developed a project
plan to analyze the potential impact IFRS 15 will have on its
consolidated financial statements and related disclosures as well as its
business processes, systems and controls. This includes reviewing
revenue contracts across all revenue streams and evaluating potential
differences that would result from applying the requirements under the
new guidance. Based on the analysis conducted to date, the Company is
currently evaluating the impact of the adoption of this standard on its
consolidated financial statements and the method of adoption.
The interim financial statements as of and for the six months ended June
30, 2017 and 2016 were authorized for issue by the Management Board on
August 14, 2017.
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, 2016, 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. Share based payment arrangements
On April 7, 2017 voxeljet AG established a share option plan that
entitles key management personnel and senior employees of voxeljet AG
and its subsidiaries to purchase shares of the parent company.
Total options available under the share option plan are 372,000 of which
279,000 (75%) were granted on April 7, 2017. The vesting conditions
include a service condition (the options vest after a period of four
years) and a market condition (the options may only be exercised if the
share price exceeds the exercise price over a period of 90 consecutive
days by at least 20% in the period between the issue date and the
respective exercise time frame) which both must be met.
The fair value of the employee share purchase plan has been measured
using a Monte Carlo simulation. The market condition has been
incorporated into the fair value at grant date.
The inputs used in the measurement of the fair value at grant date are
as follows:
-
share price at grant date: USD 13.80
-
exercise price: USD 13.90
-
expected volatility: 55%
-
expected dividends: --
-
risk-free interest rate: 2.49%
-
fair value at grant date: USD 8.00
The expected volatility has been based on an evaluation of the
historical volatility of the company’s share price. As at June 30, 2017
no options are exercisable and 279,000 options are outstanding.
The expenses recognized in the profit and loss statement amount to
approximately kEUR 122 in the three months and six months ended June 30,
2017. (2016: kEUR -566 and KEUR -478, respectively, in relation to the
release of certain accruals on long-term cash incentive plan).
4. Inventories
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6/30/2017
|
|
12/31/2016
|
|
|
|
|
|
|
(€ in thousands)
|
Raw materials and merchandise
|
|
|
|
|
|
2,567
|
|
1,850
|
Work in progress
|
|
|
|
|
|
6,940
|
|
9,363
|
Total
|
|
|
|
|
|
9,507
|
|
11,213
|
|
|
|
|
|
|
|
|
|
5. Property, plant and equipment, net
|
|
|
|
|
|
|
6/30/2017
|
|
12/31/2016
|
|
|
(€ in thousands)
|
Land, buildings and leasehold improvements
|
|
11,759
|
|
12,020
|
Plant and machinery (includes assets under finance lease)
|
|
8,779
|
|
6,730
|
Other facilities, factory and office equipment
|
|
1,547
|
|
1,522
|
Assets under construction
|
|
4,925
|
|
3,249
|
Total
|
|
27,010
|
|
23,521
|
|
|
|
|
|
Leased assets included in Property, Plant and Equipment:
|
|
899
|
|
1,067
|
Printers
|
|
812
|
|
964
|
Other factory equipment
|
|
87
|
|
103
|
|
|
|
|
|
Printers leased to customers under operating lease
|
|
119
|
|
141
|
|
|
|
|
|
Assets under construction mainly relate to a new production building as
well as a new office building at voxeljet’s headquarters in Friedberg,
Germany.
6. Other liabilities and provisions
|
|
|
|
|
|
|
|
|
6/30/2017
|
|
12/31/2016
|
|
|
|
(€ in thousands)
|
Customer deposits
|
|
|
795
|
|
183
|
Liabilities from VAT
|
|
|
154
|
|
174
|
Employee bonus
|
|
|
34
|
|
143
|
Accruals for vacation and overtime
|
|
|
221
|
|
170
|
Accruals for licenses
|
|
|
296
|
|
258
|
Liabilities from payroll
|
|
|
235
|
|
211
|
Accruals for commissions
|
|
|
83
|
|
190
|
Accruals for compensation of supervisory board
|
|
|
90
|
|
180
|
Accrual for warranty
|
|
|
229
|
|
400
|
Others
|
|
|
327
|
|
305
|
Total
|
|
|
2,464
|
|
2,214
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6/30/2017
|
|
I.
|
|
II.
|
|
III.
|
|
IV.
|
|
V.
|
|
Fair Value
|
|
Level
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted cash
|
|
--
|
|
--
|
|
--
|
|
206
|
|
--
|
|
206
|
|
Level 1
|
Equity securities
|
|
--
|
|
--
|
|
5
|
|
--
|
|
--
|
|
5
|
|
Level 3
|
Investments in joint venture
|
|
--
|
|
47
|
|
--
|
|
--
|
|
--
|
|
47
|
|
Level 3
|
Current assets
|
|
--
|
|
|
|
|
|
|
|
|
|
|
|
|
Bond funds
|
|
--
|
|
--
|
|
11,657
|
|
--
|
|
--
|
|
11,657
|
|
Level 1
|
Cash and cash equivalents
|
|
--
|
|
--
|
|
--
|
|
4,028
|
|
--
|
|
4,028
|
|
Level 1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
--
|
|
--
|
|
--
|
|
--
|
|
5,788
|
|
4,949
|
|
Level 2
|
Finance lease obligation
|
|
--
|
|
--
|
|
--
|
|
--
|
|
144
|
|
136
|
|
Level 2
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank overdraft
|
|
--
|
|
--
|
|
--
|
|
--
|
|
132
|
|
132
|
|
|
Long-term debt
|
|
--
|
|
--
|
|
--
|
|
--
|
|
681
|
|
674
|
|
Level 2
|
Finance lease obligation
|
|
--
|
|
--
|
|
--
|
|
--
|
|
424
|
|
423
|
|
Level 2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31/2016
|
|
I.
|
|
II.
|
|
III.
|
|
IV.
|
|
V.
|
|
Fair Value
|
|
Level
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted cash
|
|
--
|
|
--
|
|
--
|
|
206
|
|
--
|
|
206
|
|
Level 1
|
Equity securities
|
|
--
|
|
--
|
|
5
|
|
--
|
|
--
|
|
5
|
|
Level 3
|
Current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bond funds
|
|
--
|
|
--
|
|
11,657
|
|
--
|
|
--
|
|
11,657
|
|
Level 1
|
Cash and cash equivalents
|
|
--
|
|
--
|
|
--
|
|
7,849
|
|
--
|
|
7,849
|
|
Level 1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
--
|
|
--
|
|
--
|
|
--
|
|
4,448
|
|
3,770
|
|
Level 2
|
Finance lease obligation
|
|
--
|
|
--
|
|
--
|
|
--
|
|
369
|
|
354
|
|
Level 2
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank overdraft
|
|
--
|
|
--
|
|
--
|
|
--
|
|
224
|
|
224
|
|
|
Long-term debt
|
|
--
|
|
--
|
|
--
|
|
--
|
|
651
|
|
644
|
|
Level 2
|
Finance lease obligation
|
|
--
|
|
--
|
|
--
|
|
--
|
|
422
|
|
416
|
|
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,
|
|
|
|
|
|
|
2017
|
|
|
|
|
2016
|
|
|
|
|
|
|
(€ in thousands)
|
|
|
|
|
|
|
SYSTEMS
|
|
|
SERVICES
|
|
|
|
|
SYSTEMS
|
|
|
SERVICES
|
|
Revenues
|
|
|
|
|
2,542
|
|
|
2,611
|
|
|
|
|
3,815
|
|
|
2,481
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
|
925
|
|
|
1,185
|
|
|
|
|
1,112
|
|
|
1,191
|
|
Gross profit in %
|
|
|
|
|
36.4
|
%
|
|
45.4
|
%
|
|
|
|
29.1
|
%
|
|
48.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30,
|
|
|
|
|
|
|
2017
|
|
|
|
|
2016
|
|
|
|
|
|
|
(€ in thousands)
|
|
|
|
|
|
|
SYSTEMS
|
|
|
SERVICES
|
|
|
|
|
SYSTEMS
|
|
|
SERVICES
|
|
Revenues
|
|
|
|
|
4,235
|
|
|
5,448
|
|
|
|
|
6,598
|
|
|
4,568
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
|
1,278
|
|
|
2,413
|
|
|
|
|
1,805
|
|
|
1,829
|
|
Gross profit in %
|
|
|
|
|
30.2
|
%
|
|
44.3
|
%
|
|
|
|
27.4
|
%
|
|
40.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9. Revenues
The Group’s revenues by geographic region were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30,
|
|
|
|
Six months ended June 30,
|
|
|
|
|
2017
|
|
2016
|
|
|
|
2017
|
|
2016
|
|
|
|
|
(€ in thousands)
|
|
|
|
(€ in thousands)
|
EMEA
|
|
|
|
3,554
|
|
4,298
|
|
|
|
6,393
|
|
7,707
|
France
|
|
|
|
503
|
|
613
|
|
|
|
1,028
|
|
2,084
|
Germany
|
|
|
|
2,023
|
|
2,132
|
|
|
|
3,454
|
|
3,238
|
Great Britain
|
|
|
|
110
|
|
340
|
|
|
|
258
|
|
611
|
Others
|
|
|
|
918
|
|
1,213
|
|
|
|
1,653
|
|
1,774
|
Asia Pacific
|
|
|
|
1,001
|
|
1,489
|
|
|
|
1,280
|
|
2,506
|
Thailand
|
|
|
|
--
|
|
1,272
|
|
|
|
--
|
|
1,272
|
China
|
|
|
|
808
|
|
19
|
|
|
|
932
|
|
24
|
South Korea
|
|
|
|
165
|
|
110
|
|
|
|
256
|
|
209
|
Others
|
|
|
|
28
|
|
88
|
|
|
|
92
|
|
1,001
|
Americas
|
|
|
|
598
|
|
509
|
|
|
|
2,010
|
|
953
|
United States
|
|
|
|
579
|
|
509
|
|
|
|
1,831
|
|
953
|
Others
|
|
|
|
19
|
|
--
|
|
|
|
179
|
|
--
|
Total
|
|
|
|
5,153
|
|
6,296
|
|
|
|
9,683
|
|
11,166
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact:
voxeljet AG
Investors and Media
Johannes Pesch
Director Investor Relations and Business Development
johannes.pesch@voxeljet.de
Office: +49 821 7483172
Mobile: +49 176 45398316