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,
2018.
Highlights - Third Quarter 2018
(1)
-
Total revenues for the third quarter decreased 3.6% to kEUR 7,121 from
kEUR 7,387
-
Gross profit margin decreased to 32.5% from 42.7%
-
Systems revenues decreased 9.8% to kEUR 3,744 from kEUR 4,153
-
Services revenues increased 4.4% to kEUR 3,377 from kEUR 3,234
-
Reaffirm full year 2018 guidance, except for full year adjusted
EBITDA; adjusted EBITDA for the fourth quarter of 2018 is expected to
be neutral to positive
(1)
Certain comparative figures for the 3-month and
9-month periods ended September 30, 2017 were restated for
immaterial errors. For further information, see Notes 1 and 9 of the
interim consolidated financial statements.
Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented, “We
believe that the opportunities are vast both in our direct and our
indirect parts portfolio and I am extremely excited about how our new
products expand our total addressable market: with indirect metal parts
from our OEM solution VJET X, the most productive additive manufacturing
platform to date, we believe to be on the forefront of a significant
shift from conventional production to serial additive manufacturing.
With advanced material combinations for direct parts from High Speed
Sintering and a large production platform being launched in 2019, we see
us in a position to unlock new customer groups. To develop and
commercialize such innovations is precisely the reason why I have
started this company 20 years ago.”
Third Quarter 2018 Results
Revenues for the third quarter of 2018 slightly decreased by 3.6% to
kEUR 7,121 compared to kEUR 7,387 in the third quarter of 2017.
Revenues from our Systems segment, which focuses on the development,
production and sale of 3D printers, decreased 9.8% to kEUR 3,744 in the
third quarter of 2018 from kEUR 4,153 in last year’s third quarter. This
was mainly due to a lower number of printer sales during the quarter.
The Company delivered three new 3D printers in the third quarter of
2018, thereof one of our largest scale printers, compared to six
printers (three new and three used and refurbished printers) in last
year’s third quarter. Systems revenues also include all revenues from
consumables, spare parts and maintenance, which slightly increased
compared to the last year’s same period. Systems revenues represented
52.6% of total revenues in the third quarter of 2018 compared to 56.2%
in last year’s third quarter.
Revenues from our Services segment, which focuses on the printing of
on-demand parts for our customers, slightly increased 4.4% to kEUR 3,377
in the third quarter of 2018 from kEUR 3,234 in the comparative period
of 2017. This was due to higher revenue contributions mainly from our
subsidiary voxeljet America Inc. (“voxeljet America”). The increase in
revenue at our American service center resulted from a growing market
penetration in the North American sales region which is accompanied by a
larger customer base. The revenue from voxeljet UK Ltd. (“voxeljet UK”)
moderately increased while revenues from our German operation as well as
our subsidiary voxeljet China Co. Ltd. (“voxeljet China”) slightly
decreased.
Cost of sales was kEUR 4,810 for the third quarter of 2018 compared to
kEUR 4,236 for the third quarter of 2017.
Gross profit and gross profit margin were kEUR 2,311 and 32.5%,
respectively, in the third quarter of 2018 compared to kEUR 3,151 and
42.7% in the third quarter of 2017.
Gross profit for our Systems segment decreased significantly to kEUR
1,197 in the third quarter of 2018 from kEUR 1,617 in the third quarter
of 2017. This was mainly related to the lower number of printer sales
compared to the last year’s same period. Gross profit margin for this
segment decreased to 32.0% in the third quarter of 2018 compared to
38.9% in the third quarter of 2017. The gross profit margin contribution
related to the sale of 3D printers was almost unchanged. In contrast,
the gross profit margin contribution from consumables, spare parts and
maintenance decreased in the third quarter of 2018 compared to last
year’s same period. This was mainly due to additional costs for training
activities for our workforce within the third quarter of 2018.
Gross profit for our Services segment decreased to kEUR 1,114 in the
third quarter of 2018 compared to kEUR 1,534 in the third quarter of
2017. This was mainly due to lower gross profit contributions from the
German operation within the third quarter of 2018 compared to last
year’s same period due to a larger portion of sales with longer lead
times, which generally have lower margins as well as increased personnel
expenses related to higher headcount. The gross profit margin for this
segment decreased to 33.0% in the third quarter of 2018 from 47.4% in
the third quarter of 2017. Gross profit margin contributions from our
subsidiaries voxeljet America and voxeljet UK significantly improved
while voxeljet UK, still provided a negative contributions. The
improvement regarding voxeljet America and voxeljet UK resulted from a
higher utilization of these service centers. The higher utilization
regarding our American subsidiary was mainly related to a volume
contract which started in July 2018 with a revenue contribution of
kEUR 315 for this quarter.
Selling expenses were kEUR 1,990 for the third quarter of 2018 compared
to kEUR 1,615 in the third quarter of 2017. The increase was mainly due
to higher personnel expenses resulting from the build-up of our sales
force especially within the German operation compared to the last year’s
third quarter. In addition, delivery costs increased, due to the release
of shipping expenses related to the sale of one of our largest 3D
printers to a client in Indonesia amounting to kEUR 92 which was
expensed in the third quarter of 2018.
Administrative expenses were kEUR 1,494 for the third quarter of 2018
compared to kEUR 1,354 in the third quarter of 2017. The increase mainly
related to higher personnel expenses resulting from higher headcount
especially regarding the German operation compared to the last year’s
third quarter. Furthermore the expenses for external consulting
increased related to the on-going improvements of our Enterprise
Resource Planning (ERP) system amounting to kEUR 52.
Research and development (“R&D”) expenses increased to kEUR 1,660 in the
third quarter of 2018 from kEUR 1,142 in the third quarter of 2017. The
increase of kEUR 518 was mainly due to higher personnel expenses related
to an increase in headcount in order to support further research and
development projects. In addition expenses related to material and
external services for ongoing research and development projects
increased compared to the last year’s same period. Those expenses are
usually driven by individual projects and might differ on a quarter to
quarter comparison.
Other operating expenses in the third quarter of 2018 were kEUR 195
compared to kEUR 414 in the prior year period. This was mainly due to
lower losses from foreign currency transaction of kEUR 105 for the third
quarter of 2018 compared to kEUR 305 for the third quarter of 2017.
Other operating income was kEUR 267 for the third quarter of 2018
compared to kEUR 384 in the third quarter of 2017.
The changes in foreign currency gains were primarily driven by the
valuation of the intercompany loans granted by the parent company to our
UK and US subsidiaries.
Operating loss was kEUR 2,761 in the third quarter of 2018, compared to
an operating loss of kEUR 990 in the comparative period in 2017. This
was primarily related to the significant decrease in gross profit
accompanied by higher operating expenses, compared to the third quarter
of 2017.
Financial result was negative kEUR 1,042 in the third quarter of 2018,
compared to a financial result of negative kEUR 36 in the comparative
period in 2017. The significant decrease was mainly related to the
revaluation of derivative financial instruments of the EIB loan, which
did not exist in the last year’s same period resulting in a finance
expense of kEUR 805. In addition interest expense for long-term debt
amounted to kEUR 238.
Net loss for the third quarter of 2018 was kEUR 3,797 or EUR 1.02 per
share, as compared to net loss of kEUR 1,026, or EUR 0.27 per share, in
the third quarter of 2017.
Based on a conversion rate of five American Depositary Shares (“ADSs”)
per ordinary share, net loss was at EUR 0.20 per ADS for the third
quarter of 2018, compared to a net loss of EUR 0.06 per ADS for the
third quarter of 2017. Earnings per share is computed by dividing net
income attributable to stockholders of the parent by the
weighted-average number of ordinary shares outstanding during the
periods. Earnings per ADS is calculated by dividing the above earnings
per share by five as each ordinary share represents five ADSs.
Nine Months Ended September 30, 2018 Results
Revenues for the nine months ended September 30, 2018 increased by 2.1%
to kEUR 17,435 compared to kEUR 17,070 in the prior year period.
Systems revenues were kEUR 7,002 for the first nine months of 2018
compared to kEUR 8,388 for the same period last year. This was mainly
due to a lower number of printer sales during the period. The Company
sold four new and three used and refurbished 3D printers during the
first nine months of 2018 compared to eight new and three used and
refurbished 3D printers in the prior year’s period. Systems revenues
represented 40.2% of total revenue for the nine months ended September
30, 2018 compared to 49.1% for the same period a year ago. Systems
revenues also include all revenues from consumables, spare parts and
maintenance, where we recorded a significant increase compared to the
last year’s same period, which partially set off the declined revenues
related to printer sales.
Services revenues were kEUR 10,433 for the nine months ended September
30, 2018 compared to kEUR 8,682 for the same period last year. This
increase of 20.2% was mainly due to a higher revenue contribution from
our subsidiary voxeljet America. This was partially offset by lower
revenues from our subsidiary voxeljet China. Revenues from voxeljet UK
as well as the German operation during this period slightly increased.
Cost of sales for the nine months ended September 30, 2018 was kEUR
11,141, an increase of kEUR 792, over cost of sales of kEUR 10,349 for
the same period in 2017.
Gross profit and gross profit margin for the nine months ended September
30, 2018 were kEUR 6,294 and 36.1%, respectively, compared to kEUR 6,721
and 39.4% in the prior year period.
Gross profit for our Systems segment decreased to kEUR 2,051 for the
nine months ended September 30, 2018 from kEUR 2,929 in the same period
in 2017. This decrease was mainly due to the lower number of printer
sales. The gross profit margin for this segment decreased to 29.3%
compared to 34.9% for the prior period. The decrease was mainly related
to lower gross profit margin contribution from consumables, spare parts
and maintenance in the nine months ended September 30, 2018 compared to
the last year’s same period, while gross profit margin contribution from
the sale of 3D printers remained almost unchanged. The decline related
to the gross profit margin contribution from consumables, spare parts
and maintenance was mainly related to additional costs for training
activities for our workforce within the third quarter of 2018.
Gross profit for our Services segment increased to kEUR 4,243 for the
nine months ended September 30, 2018 from kEUR 3,792 in the same period
of 2017. This was mainly due to the increase in revenues which resulted
in higher gross profit. The gross profit margin for this segment
slightly decreased to 40.7% for the first nine months of 2018 from 43.7%
in the same period in 2017, mainly related to decreased gross profit
margin in our German service center due a larger portion of sales with
longer lead times, which generally have lower margins as well as
increased personnel expenses related to higher headcount in the third
quarter of 2018. Gross profit margin contributions from voxeljet America
as well as voxeljet UK significantly improved, while voxeljet UK still
generated negative contributions.
Selling expenses were kEUR 5,384 for the nine months ended September 30,
2018 compared to kEUR 4,400 in the same period in 2017, an increase of
kEUR 984, or 22.4%. This was mainly due to higher shipping costs related
to the increase of Services revenues as well as higher personnel
expenses related to an increase in headcount resulting from the build-up
of our sales force within the German operation.
Administrative expenses increased by kEUR 416 to kEUR 4,118 for the
first nine months of 2018 from kEUR 3,702 in the prior year’s period.
The increase was mainly due to higher personnel expenses related to
additional headcount.
R&D expenses increased to kEUR 4,771 for the nine months ended September
30, 2018 from kEUR 3,954 in the same period in 2017, an increase of kEUR
817, or 20.7%. The increase was mainly due to increased expenditures for
personnel and materials to support existing and future research and
development projects.
Other operating expenses for the nine months ended September 30, 2018
were kEUR 612 compared to kEUR 1,605 in the prior year period. This
improvement was mainly due to lower losses from foreign currency
transactions amounting to kEUR 437 compared to kEUR 1,383 in the prior
year’s period.
Other operating income was kEUR 1,036 for the nine months ended
September 30, 2018 compared to kEUR 766 in the prior year period. The
increase was mainly due to higher gains from foreign exchange
transactions amounting to kEUR 690 compared to kEUR 78 in comparative
period in 2017.
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.
Operating loss was kEUR 7,555 in the nine months ended September 30,
2018, compared to an operating loss of kEUR 6,174 in the comparative
period in 2017. The decline was primarily related to a weaker gross
profit accompanied by higher operating expenses, partially offset by
lower other operating expenses as well as higher other operating income,
compared to the nine months ended September 30, 2017. The impact from
the employee share option plan amounted to kEUR 477 in the nine months
ended September 30, 2018 compared to kEUR 254 in the last year’s same
period.
Financial result was negative kEUR 902 for the nine months ended
September 30, 2018, compared to a financial result of negative kEUR 78
in the comparative period in 2017. The decrease was mainly related to
interest expense for long-term debt of kEUR 705 compared to kEUR 40 in
the comparative period in 2017 as well as the revaluation of derivative
financial instruments of the EIB loan, which did not exist in the last
year’s same period, resulting in a finance expense of kEUR 89.
Net loss for the nine months ended September 30, 2018 was kEUR 8,464, or
EUR 2.27 per share, as compared to net loss of kEUR 6,252, or EUR 1.68
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, 2018. 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, 2018 compared
to net loss of EUR 0.34 per ADS in the prior year period.
Business Outlook
Our revenue guidance for the fourth quarter of 2018 is in the range of
kEUR 9,500 to kEUR 10,500.
We reaffirm our guidance for the full year ended December 31, 2018,
except for full year adjusted EBITDA.
-
Full year revenue is expected to be in the range of kEUR 28,000 and
kEUR 30,000
-
Gross margin is expected to be above 40%
-
Operating expenses for the full year are expected as follows: SG&A
expenses expected to be in the range of kEUR 11,000 and kEUR 12,000
and R&D expenses projected to be approximately kEUR 5,000 to
kEUR 6,000. Depreciation and amortization expense is expected to be
between kEUR 3,750 and kEUR 4,000.
-
Adjusted EBITDA in the fourth quarter of 2018 is expected to be
neutral-to-positive. Adjusted EBITDA is defined as net income (loss),
as calculated under IFRS accounting principles before interest
(income) expense, provision (benefit) for income taxes, depreciation
and amortization, and excluding other (income) expense resulting from
foreign exchange gains or losses on the intercompany loans granted to
the subsidiaries.
-
Capital expenditures are projected to be in the range of kEUR 5,500 to
kEUR 6,500, which primarily includes ongoing investments in our global
subsidiaries.
Our total backlog of 3D printer orders at September 30, 2018 was
kEUR 5,311, which represents twelve 3D printers. This compares to a
backlog of kEUR 2,770 representing four 3D printers, at December 31,
2017. 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 September 30, 2018, we had cash and cash equivalents of kEUR 3,101
and held kEUR 9,934 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 third quarter on Wednesday, November 28, 2018 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 Third Quarter 2018
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 13684710.
The recording will be available for replay through December 5, 2018.
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=1218655&tp_key=d79857879b
at least fifteen minutes prior to the start of the call to register,
download and install any necessary audio software. A replay will be
available as a webcast on the investor relations section of the
Company’s website.
Non-IFRS Measure
The Company uses Adjusted EBITDA as a supplemental financial measure of
its financial performance. Adjusted EBITDA is defined as net income
(loss), as calculated under IFRS accounting principles, interest
(income) expense, provision (benefit) for income taxes, depreciation and
amortization, and excluding other (income) expense resulting from
foreign exchange gains or losses on the intercompany loans granted to
the subsidiaries. Management believes Adjusted EBITDA to be an important
financial measure because it excludes the effects of fluctuating foreign
exchange gains or losses on the intercompany loans granted to its
subsidiaries which are difficult to forecast for future periods.
Management regularly uses both IFRS and non-IFRS results and
expectations internally to assess its overall performance of the
business, making operating decisions, and forecasting and planning for
future periods. Management believes that Adjusted EBITDA is a useful
financial measure to the Company’s investors as it helps investors
better understand and evaluate the projections our management board
provides. The Company’s calculation of Adjusted EBITDA may not be
comparable to similarly titled financial measures reported by other peer
companies. Adjusted EBITDA should not be considered as a substitute to
financial measures prepared in accordance with IFRS.
While the Company provides guidance for Adjusted EBITDA on a
forward-looking basis, a reconciliation of the differences between the
non-IFRS expectation and the corresponding IFRS measure (expected net
income (loss)) is not available without unreasonable effort due to
potentially high variability, complexity and low visibility as to the
items that would be excluded from the IFRS measure in the relevant
future period, such as unusual gains and losses, fluctuations in foreign
currency exchange rates, the impact and timing of potential acquisitions
and divestitures, and other structural changes or their probable
significance. The variability of the excluded items may have a
significant, and potentially unpredictable, impact on our future IFRS
results.
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 1.1576 to EUR 1.00, the
noon buying rate of the Federal Reserve Bank of New York for the euro on
September 30, 2018.
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 https://www.voxeljet.com/.
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
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CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
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Notes
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9/30/2018
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12/31/2017
(1)
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(€ in thousands)
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unaudited
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Current assets
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30,086
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37,494
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Cash and cash equivalents
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2, 7
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3,101
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7,569
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Financial assets
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2, 7
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9,934
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14,044
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Trade receivables
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2
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4,727
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5,093
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Inventories
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4
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10,686
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9,259
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Income tax receivables
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16
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3
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Other assets
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1,622
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1,526
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Non-current assets
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29,683
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29,508
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Financial assets
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2, 7
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|
268
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357
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Intangible assets
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1,410
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1,111
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Property, plant and equipment
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5
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27,914
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27,949
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Investments in joint venture
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30
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39
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Other assets
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61
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52
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Total assets
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59,769
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67,002
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Notes
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9/30/2018
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12/31/2017
(1)
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Current liabilities
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7,557
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6,576
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Deferred income
|
|
2
|
|
21
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|
271
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Trade payables
|
|
2
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|
3,250
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3,059
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Contract liabilities
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|
2
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1,366
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--
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Financial liabilities
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2, 7
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|
940
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1,162
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Other liabilities and provisions
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|
6
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|
1,980
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|
2,084
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|
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|
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Non-current liabilities
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|
|
16,582
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|
16,537
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Deferred income
|
|
2
|
|
--
|
|
18
|
Deferred tax liabilities
|
|
|
|
72
|
|
66
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Financial liabilities
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|
2, 7
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|
16,334
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16,413
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Other liabilities and provisions
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|
6
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|
176
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40
|
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Equity
|
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35,630
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43,889
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Subscribed capital
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3,720
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3,720
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Capital reserves
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76,704
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76,227
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Accumulated deficit
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2
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(46,111)
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(37,509)
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Accumulated other comprehensive income
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1,271
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1,380
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Equity attributable to the owners of the company
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35,584
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43,818
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Non controlling interest
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46
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|
71
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Total equity and liabilities
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59,769
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67,002
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See accompanying notes to unaudited consolidated interim financial
statements.
(1) Comparative figures for the year ended December 31, 2017
were restated for immaterial errors. For further information, see Notes
1 and 9 of the interim consolidated financial statements.
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voxeljet AG
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)
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Three months ended September 30,
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Nine months ended September 30,
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Notes
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2018
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2017
(1)
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2018
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2017
(1)
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(€ in thousands except share and share data)
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Revenues
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2, 10, 11
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|
7,121
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7,387
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17,435
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17,070
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Cost of sales
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(4,810)
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(4,236)
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(11,141)
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(10,349)
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Gross profit
|
|
2, 10
|
|
2,311
|
|
3,151
|
|
6,294
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|
6,721
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Selling expenses
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|
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(1,990)
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|
(1,615)
|
|
(5,384)
|
|
(4,400)
|
Administrative expenses
|
|
|
|
(1,494)
|
|
(1,354)
|
|
(4,118)
|
|
(3,702)
|
Research and development expenses
|
|
|
|
(1,660)
|
|
(1,142)
|
|
(4,771)
|
|
(3,954)
|
Other operating expenses
|
|
|
|
(195)
|
|
(414)
|
|
(612)
|
|
(1,605)
|
Other operating income
|
|
|
|
267
|
|
384
|
|
1,036
|
|
766
|
Operating loss
|
|
|
|
(2,761)
|
|
(990)
|
|
(7,555)
|
|
(6,174)
|
Finance expense
|
|
8
|
|
(1,086)
|
|
(41)
|
|
(962)
|
|
(90)
|
Finance income
|
|
8
|
|
44
|
|
5
|
|
60
|
|
12
|
Financial result
|
|
8
|
|
(1,042)
|
|
(36)
|
|
(902)
|
|
(78)
|
Loss before income taxes
|
|
|
|
(3,803)
|
|
(1,026)
|
|
(8,457)
|
|
(6,252)
|
Income taxes
|
|
|
|
6
|
|
--
|
|
(7)
|
|
—
|
Net loss
|
|
|
|
(3,797)
|
|
(1,026)
|
|
(8,464)
|
|
(6,252)
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income
|
|
|
|
(18)
|
|
67
|
|
(109)
|
|
397
|
Total comprehensive loss
|
|
|
|
(3,815)
|
|
(959)
|
|
(8,573)
|
|
(5,855)
|
|
|
|
|
|
|
|
|
|
|
|
Loss attributable to:
|
|
|
|
|
|
|
|
|
|
|
Owners of the Company
|
|
|
|
(3,787)
|
|
(1,021)
|
|
(8,439)
|
|
(6,238)
|
Non-controlling interests
|
|
|
|
(10)
|
|
(5)
|
|
(25)
|
|
(14)
|
|
|
|
|
(3,797)
|
|
(1,026)
|
|
(8,464)
|
|
(6,252)
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss attributable to:
|
|
|
|
|
|
|
|
|
|
|
Owners of the Company
|
|
|
|
(3,805)
|
|
(954)
|
|
(8,548)
|
|
(5,841)
|
Non-controlling interests
|
|
|
|
(10)
|
|
(5)
|
|
(25)
|
|
(14)
|
|
|
|
|
(3,815)
|
|
(959)
|
|
(8,573)
|
|
(5,855)
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
|
(1.02)
|
|
(0.27)
|
|
(2.27)
|
|
(1.68)
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to unaudited consolidated interim financial
statements.
(1) Comparative figures for the 3-month and 9-month periods
ended September 30, 2017 were restated for immaterial errors. For
further information, see Notes 1 and 9 of the interim consolidated
financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
voxeljet AG
|
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to the owners of the company
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other
|
|
|
|
|
|
|
|
|
Subscribed
|
|
Capital
|
|
Accumulated
|
|
comprehensive
|
|
|
|
Non-controlling
|
|
|
(€ in thousands)
|
|
capital
|
|
reserves
|
|
deficit
|
|
gain (loss)
|
|
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
|
|
--
|
|
--
|
|
(6,238)
|
|
--
|
|
(6,238)
|
|
(14)
|
|
(6,252)
|
Net changes in fair value of available for sale financial
assets
|
|
--
|
|
--
|
|
--
|
|
1
|
|
1
|
|
--
|
|
1
|
Foreign currency translations
|
|
--
|
|
--
|
|
--
|
|
396
|
|
396
|
|
--
|
|
396
|
Equity-settled share-based payment
|
|
--
|
|
254
|
|
--
|
|
--
|
|
254
|
|
--
|
|
254
|
Balance at September 30, 2017
(1)
|
|
3,720
|
|
76,081
|
|
(35,209)
|
|
1,270
|
|
45,862
|
|
73
|
|
45,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to the owners of the company
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other
|
|
|
|
|
|
|
|
|
Subscribed
|
|
Capital
|
|
Accumulated
|
|
comprehensive
|
|
|
|
Non-controlling
|
|
|
(€ in thousands)
|
|
capital
|
|
reserves
|
|
deficit
|
|
gain (loss)
|
|
Total
|
|
interests
|
|
Total equity
|
Balance at December 31, 2017
(1)
|
|
3,720
|
|
76,227
|
|
(37,509)
|
|
1,380
|
|
43,818
|
|
71
|
|
43,889
|
Adjustment on initial application of
IFRS 15
|
|
--
|
|
--
|
|
(100)
|
|
--
|
|
(100)
|
|
--
|
|
(100)
|
Adjustment on initial application of
IFRS 9
|
|
--
|
|
--
|
|
(63)
|
|
--
|
|
(63)
|
|
--
|
|
(63)
|
Adjusted balance at January 1, 2018
|
|
3,720
|
|
76,227
|
|
(37,672)
|
|
1,380
|
|
43,655
|
|
71
|
|
43,726
|
Loss for the period
|
|
--
|
|
--
|
|
(8,439)
|
|
--
|
|
(8,439)
|
|
(25)
|
|
(8,464)
|
Net changes in fair value of available for sale financial
assets
|
|
--
|
|
--
|
|
--
|
|
(1)
|
|
(1)
|
|
--
|
|
(1)
|
Foreign currency translations
|
|
--
|
|
--
|
|
--
|
|
(108)
|
|
(108)
|
|
--
|
|
(108)
|
Equity-settled share-based payment
|
|
--
|
|
477
|
|
--
|
|
--
|
|
477
|
|
--
|
|
477
|
Balance at September 30, 2018
|
|
3,720
|
|
76,704
|
|
(46,111)
|
|
1,271
|
|
35,584
|
|
46
|
|
35,630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to unaudited consolidated interim financial
statements.
(1) Comparative figures for the 9-month period ended
September 30, 2017 and for the year ended December 31, 2017 were
restated for immaterial errors. For further information, see Notes 1 and
9 of the interim consolidated financial statements.
|
|
|
|
|
voxeljet AG
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
|
|
|
|
|
|
|
|
Nine months ended September 30,
|
|
|
2018
|
|
2017
(1)
|
|
|
(€ in thousands)
|
Cash Flow from operating activities
|
|
|
|
|
|
|
|
|
|
Loss for the period
|
|
(8,464)
|
|
(6,252)
|
|
|
|
|
|
Depreciation and amortization
|
|
2,605
|
|
2,272
|
Foreign currency exchange differences on loans to subsidiaries
|
|
203
|
|
213
|
Equity-settled share-based payment transaction
|
|
477
|
|
254
|
Impairment losses on trade receivables
|
|
158
|
|
214
|
Change in investment in joint venture
|
|
9
|
|
--
|
Non-cash interest expense on long-term debt
|
|
581
|
|
--
|
Change in fair value of derivative equity forward
|
|
89
|
|
--
|
Change in inventory allowance
|
|
(361)
|
|
(404)
|
Deferred income taxes
|
|
6
|
|
--
|
|
|
|
|
|
Change in working capital
|
|
(1,567)
|
|
(2,869)
|
Trade and other receivables, inventories and current assets
|
|
(2,875)
|
|
(2,824)
|
Trade payables
|
|
191
|
|
455
|
Other liabilities, contract liabilities, provisions and deferred
income
|
|
1,130
|
|
(505)
|
Income tax receivable and payable
|
|
(13)
|
|
5
|
Total
|
|
(6,264)
|
|
(6,572)
|
|
|
|
|
|
Cash Flow from investing activities
|
|
|
|
|
|
|
|
|
|
Payments to acquire property, plant and equipment and intangible
assets
|
|
(1,446)
|
|
(2,118)
|
Proceeds from disposal of financial assets
|
|
10,288
|
|
1,835
|
Payments to acquire financial assets
|
|
(6,178)
|
|
--
|
Investment in joint venture
|
|
--
|
|
(50)
|
Total
|
|
2,664
|
|
(333)
|
|
|
|
|
|
Cash Flow from financing activities
|
|
|
|
|
|
|
|
|
|
Repayment of bank overdrafts and lines of credit
|
|
(58)
|
|
(94)
|
Repayment of sale and leaseback obligation
|
|
(235)
|
|
(292)
|
Repayment of finance lease obligation
|
|
(35)
|
|
(33)
|
Repayment of long-term debt
|
|
(594)
|
|
(533)
|
Proceeds from long-term debt issuance
|
|
40
|
|
2,611
|
Total
|
|
(882)
|
|
1,659
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
(4,482)
|
|
(5,246)
|
|
|
|
|
|
Cash and cash equivalents at beginning of period
|
|
7,569
|
|
7,849
|
Changes to cash and cash equivalents due to foreign exchanges rates
|
|
14
|
|
184
|
Cash and cash equivalents at end of period
|
|
3,101
|
|
2,787
|
|
|
|
|
|
Supplemental Cash Flow Information
|
|
|
|
|
Interest paid
|
|
171
|
|
159
|
Interest received
|
|
39
|
|
14
|
|
|
|
|
|
See accompanying notes to unaudited consolidated interim financial
statements.
(1) Comparative figures for the 9-month period ended
September 30, 2017 were restated for immaterial errors. For further
information, see Notes 1 and 9 of the interim consolidated financial
statements.
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.
Correction of errors
Certain comparative amounts in the consolidated statements of financial
position, consolidated statements of comprehensive loss, consolidated
statements of changes in equity, consolidated statements of cashflows
have been restated to correct for immaterial errors with respect to the
elimination of margin on certain intra-group transactions. The impact of
this restatement is disclosed in Note 9. “Correction of errors”.
Throughout the consolidated financial statements, columns including
comparative figures that have been restated, are indicated with ‘(1)’.
The IASB issued a number of new IFRS standards which are required to be
adopted in annual periods beginning after January 1, 2018.
|
|
|
|
|
|
Standard
|
|
Effective date
|
|
Descriptions
|
|
IFRS 9
|
|
01/2019
|
|
Amendments Prepayment Features with Negative Compensation
|
|
IFRS 16
|
|
01/2019
|
|
Leases
|
|
IAS 19
|
|
01/2019
|
|
Amendments Plan Amendment, Curtailment or Settlement
|
|
IAS 28
|
|
01/2019
|
|
Amendments Long-term Interests in Associates and Joint Ventures
|
|
IFRIC 23
|
|
01/2019
|
|
Uncertainty over Income Tax Treatments
|
|
Improvements to IFRS (2015-2017)
|
|
01/2019
|
|
IFRS 3, IFRS 11, IAS 12, IAS 23
|
|
Others
|
|
01/2020
|
|
Amendments References to the Conceptual Framework in IFRS Standards
|
|
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 16 leases is the IASB’s replacement of IAS 17 leases
and specifies how an IFRS reporter will recognize, measure, present and
disclose leases. The standard provides a single lessee accounting model,
requiring lessees to recognise assets and liabilities for all leases
unless the lease term is 12 months or less or the underlying asset has a
low value. Lessors continue to classify leases as operating or finance,
with IFRS 16’s approach to lessor accounting substantially unchanged
from its predecessor, IAS 17. The Company has developed a project plan
to analyze the potential impact IFRS 16 will have on its consolidated
financial statements and related disclosures as well as its business
processes, systems and controls. The introduction of IFRS 16 will lead
to an increase in leased assets (right of use assets) and corresponding
financial liabilities on the balance sheet as well as higher interest
expenses.
The interim financial statements as of and for the nine months ended
September 30, 2018 and 2017 were authorized for issue by the Management
Board on November 27, 2018.
2. Summary of significant accounting policies
Except as described below, the accounting policies applied in these
consolidated interim financial statements are the same as those applied
in the Company’s consolidated financial statements as of and for the
year ended December 31, 2017, which can be found in its Annual Report on
Form 20-F that was filed with the U.S. Securities and Exchange
Commission. The changes in accounting policies are also expected to be
reflected in the Company’s consolidated financial statements as of and
for the year ending December 31, 2018.
The Group has initially adopted IFRS 15, Revenue from Contracts with
Customers, and IFRS 9, Financial Instruments, on January 1,
2018. A number of other new standards are effective from January 1, 2018
but these do not have a material effect on the Company’s consolidated
financial statements.
-
The adoption of IFRS 15 resulted in minor impacts related to the
revenue recognition regarding the revenue streams from maintenance as
well as extended warranty contracts. Those impacts include immaterial
timing differences for revenue recognition related to these types of
contracts with customers. The new guidance is not expected to have a
material impact to net income (loss) on an ongoing basis.
-
The adoption of IFRS 9 resulted in a minor increase in impairment
losses recognized on trade receivables.
IFRS 15 Revenue from Contracts with Customers
IFRS 15 establishes a comprehensive framework for determining whether,
how much and when revenue is recognized. It replaced IAS 18, Revenue,
IAS 11, Construction Contracts, and related interpretations. The
Group has adopted IFRS 15 using the cumulative effect method, with the
effect of initially applying this standard recognized at the date of
initial application (i.e. January 1, 2018). Accordingly, the information
presented for 2017 has not been restated – i.e. it is presented, as
previously reported, under IAS 18, IAS 11 and related interpretations.
The following table summarizes the impact, net of tax, of transition to
IFRS 15 on retained earnings as of January 1, 2018.
|
|
|
Impact at January 1, 2018
|
|
Impact on adopting
IFRS 15 at January 1,
2018
|
|
|
(€ in thousands)
|
Retained earnings
|
|
(100)
|
|
|
|
Recognition of revenues from maintenance and extended warranty
contracts
|
|
(100)
|
|
|
|
The following table summarizes the impacts of adopting IFRS 15 on the
Company’s consolidated interim consolidated statement of financial
position as of September 30, 2018 and its consolidated interim statement
of comprehensive loss for the nine months then ended for each of the
line items affected.
|
|
|
|
|
|
|
09/30/2018
|
|
As reported
|
|
Adjustments
|
|
Amounts without
adoption of IFRS 15
|
|
|
(€ in thousands)
|
Total assets
|
|
59,769
|
|
(327)
|
|
59,442
|
|
|
|
|
|
|
|
Current assets
|
|
30,086
|
|
(327)
|
|
29,759
|
Trade receivables
|
|
4,727
|
|
(327)
|
|
4,400
|
|
|
|
|
|
|
|
Total equity and liabilities
|
|
59,769
|
|
(327)
|
|
59,442
|
|
|
|
|
|
|
|
Current liabilities
|
|
7,557
|
|
(554)
|
|
7,003
|
Deferred income
|
|
21
|
|
256
|
|
277
|
Contract liabilities
|
|
1,366
|
|
(1,366)
|
|
--
|
Other liabilities and provisions
|
|
1,980
|
|
556
|
|
2,536
|
|
|
|
|
|
|
|
Equity
|
|
35,630
|
|
227
|
|
35,857
|
Accumulated deficit
|
|
(46,111)
|
|
227
|
|
(45,884)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/2018
|
|
As reported
|
|
Adjustments
|
|
Amounts without
adoption of IFRS 15
|
|
|
(€ in thousands)
|
Revenue
|
|
17,435
|
|
127
|
|
17,562
|
Impairment loss on trade receivables under IFRS 15
|
|
(10)
|
|
10
|
|
--
|
Operating loss
|
|
(7,555)
|
|
137
|
|
(7,418)
|
Loss before income taxes
|
|
(8,457)
|
|
137
|
|
(8,320)
|
Net loss
|
|
(8,464)
|
|
137
|
|
(8,327)
|
Total comprehensive loss
|
|
(8,573)
|
|
137
|
|
(8,436)
|
|
|
|
|
|
|
|
The details of the new accounting policies and the nature of the changes
to previous accounting policies in relation to the Group’s revenue
streams in relation to the Maintenance and extended warranty contracts
are set out below.
After the initial one year of statutory warranty period, the Company
offers its customers extended warranty and optional maintenance
contracts. Extended warranty and maintenance contracts are generally
provided for a period of twelve months and automatically extended for
another twelve months if not cancelled on a timely basis. Before the
adoption of IFRS 15 extended warranty and maintenance service revenue
has been recognized on a straight-line basis over the contractual term.
Under IFRS 15, the Company recognizes revenue based on input factors
like the number of service visits or the provision of certain goods, in
particular printheads under the maintenance and warranty contracts.
Therefore the expected number of service visits and goods to be provided
under a contract have been estimated by the Company’s service department
based on historical experience. This leads to minor timing differences
for revenue recognition related to these types of contracts with
customers throughout the contract term.
IFRS 9 Financial Instruments
IFRS 9 sets out requirements for recognizing and measuring financial
assets, financial liabilities and some contracts to buy or sell
non-financial items. This standard replaces IAS 39, Financial
Instruments.
The Company has applied the exemption not to restate comparative
information for prior periods with respect to classification and
measurement (including impairment) requirements. Differences in the
carrying amounts of financial assets and financial liabilities resulting
from the adoption of IFRS 9 are recognized in retained earnings and
reserves as of January 1, 2018. Accordingly, the information presented
for 2017 does not reflect the requirements of IFRS 9 but rather those of
IAS 39.
The details of new significant accounting policies and the nature and
effect of the changes to previous accounting policies are set out below.
Classification and measurement of financial assets and financial
liabilities
IFRS 9 largely retains the existing requirements in IAS 39 for the
classification and measurement of financial liabilities. However, it
eliminates the previous IAS 39 categories for financial assets of held
to maturity, loans and receivables and available for sale.
Under IFRS 9, on initial recognition, a financial asset is classified as
measured at: amortized cost, fair value through other comprehensive
income (FVOCI), or fair value through profit or loss (FVTPL). The
classification of financial assets under IFRS 9 is generally based on
the business model in which a financial asset is managed and its
contractual cash flow characteristics.
A financial asset is measured at amortized cost if it meets both of the
following conditions and is not designated as at FVTPL:
-
it is held within a business model whose objective is to hold assets
to collect contractual cash flows; and
-
its contractual terms give rise on specified dates to cash flows that
are solely payments of principal and interest on the principal amount
outstanding.
On initial recognition of an equity investment that is not held for
trading, the Company may irrevocably elect to record subsequent changes
in the investment’s fair value in OCI. This election is made on an
investment-by-investment basis.
All financial assets not classified as measured at amortized cost or
FVOCI as described above are measured at FVTPL. This includes all
derivative financial assets. On initial recognition, the Company may
irrevocably designate a financial asset that otherwise meets the
requirements to be measured at amortized cost or at FVOCI as at FVTPL if
doing so eliminates or significantly reduces an accounting mismatch that
would otherwise arise.
A financial asset (unless it is a trade receivable without a significant
financing component that is initially measured at the transaction price)
is initially measured at fair value plus, for an item not at FVTPL,
transaction costs that are directly attributable to its acquisition.
Under IFRS 9, our investments in bond funds will be classified as fair
value through other comprehensive income (FVTOCI). As permitted by IFRS
9, the Company has designated these investments at the date of initial
application as measured at FVOCI. Unlike IAS 39, the accumulated fair
value reserve related to these investments will never be reclassified to
profit or loss.
Under IAS 39 as well as upon adoption of IFRS 9, our derivative
financial instruments have been designated as at FVTPL.
Impairment of financial assets
IFRS 9 replaces the ‘incurred loss’ model in IAS 39 with an ‘expected
credit loss’ (ECL) model. The new impairment model applies to financial
assets measured at amortized cost, FVOCI and contract assets. Under IFRS
9, credit losses are recognized earlier than under IAS 39.
The Company’s financial assets at amortized cost consist of trade
receivables and cash and cash equivalents. For cash and cash equivalents
the adoption of IFRS 9 did not have any impact regarding impairment.
Under IFRS 9, loss allowances are measured on either of the following
bases:
-
12-months ECLs: these are ECLs that result from possible default
events within the 12 months after the reporting date; or
-
lifetime ECLs: these are ECLs that result from all possible default
events over the expected life of a financial instrument.
When determining whether the credit risk of a financial asset has
increased significantly since initial recognition and when estimating
ECLs, the Company considers reasonable and supportable information that
is relevant and available without undue cost or effort. This includes
both quantitative and qualitative information and analysis, based on the
Group’s historical experience and informed credit assessment and
including forward-looking information.
The Company considers a financial asset to be in default when:
-
the borrower is unlikely to pay its credit obligations to the Company
in full, without recourse by the Company to actions such as realizing
security (if any is held); or
-
the financial asset is more than 90 days past due.
The Company considers an investment to have low credit risk when its
credit risk rating is equivalent to the globally understood definition
of ‘investment grade’. The Company limits its exposure to credit risk by
investing only in bond funds which are fully guaranteed by the financial
institutions and therefore represents short term credit rating of A-3
based on Standard & Poor’s or P-2 based on Moody’s.
Trade receivables
The Company measures loss allowances for trade receivables at an amount
equal to lifetime ECLs. ECLs are a probability-weighted estimate of
credit losses. The Company calculates the ECL based on the risk scoring
its customers’ according to an external rating agency. Following the
risk score of each customer, the trade receivables are clustered into
different grades. For each grade, the ECL is calculated after deducting
from trade receivables a loss allowance based on actual credit loss
experience. In addition the Company uses qualitative assessment of the
trade receivables, where default has incurred.
The Group considers an equity security to have low credit risk when its
credit risk rating is equivalent to the globally understood definition
of ‘investment grade’. The Group limits its exposure to credit risk by
investing only in bond funds which are fully guaranteed by the financial
institutions and therefore represents short term credit rating of A-3
based on Standard & Poor’s or P-2 based on Moody’s.
Presentation of impairment
Loss allowances for financial assets measured at amortized cost are
deducted from the gross carrying amount of the assets and presented
within other operating expenses.
Impairment losses on financial assets classified as FVTPL and FCOCI are
presented within the finance expense and other comprehensive income,
respectively.
The following table presents the original measurement categories under
IAS 39 and the new measurement categories under IFRS 9 for each class of
the Company’s financial assets and financial liabilities as of January
1, 2018.
|
|
|
|
|
|
|
|
|
01/01/2018
|
|
Original classification
under IAS 39
|
|
New classification
under IFRS 9
|
|
Original
carrying amount
under IAS 39
|
|
New
carrying amount
under IFRS 9
|
|
|
|
|
|
|
(€ in thousands)
|
Financial assets
|
|
|
|
|
|
27,063
|
|
27,000
|
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
Equity securities
|
|
Available-for-sale financial assets
|
|
FVOCI
|
|
5
|
|
5
|
Derivative financial instruments
|
|
A financial asset or financial liability at fair value
through profit or loss
|
|
Mandatorily at FVTPL
|
|
352
|
|
352
|
Current assets
|
|
|
|
|
|
|
|
|
Bond funds
|
|
Available-for-sale financial assets
|
|
FVOCI
|
|
14,044
|
|
14,044
|
Cash and cash equivalents
|
|
Loans and receivables
|
|
Amortized cost
|
|
7,569
|
|
7,569
|
Trade receivables
|
|
Loans and receivables
|
|
Amortized cost
|
|
5,093
|
|
5,030
|
|
|
|
|
|
|
|
|
|
Financial liabilities
|
|
|
|
|
|
20,416
|
|
20,416
|
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
Financial liabilities measured at amortized cost
|
|
Amortized cost
|
|
16,242
|
|
16,242
|
Finance lease obligation
|
|
Financial liabilities measured at amortized cost
|
|
Amortized cost
|
|
171
|
|
171
|
Current liabilities
|
|
|
|
|
|
|
|
|
Bank overdraft
|
|
Financial liabilities measured at amortized cost
|
|
Amortized cost
|
|
58
|
|
58
|
Long-term debt
|
|
Financial liabilities measured at amortized cost
|
|
Amortized cost
|
|
796
|
|
796
|
Finance lease obligation
|
|
Financial liabilities measured at amortized cost
|
|
Amortized cost
|
|
308
|
|
308
|
Trade payables
|
|
Financial liabilities measured at amortized cost
|
|
Amortized cost
|
|
2,841
|
|
2,841
|
|
|
|
|
|
|
|
|
|
Impact of the new impairment model
For assets in the scope of the IFRS 9 impairment model, impairment
losses are generally expected to increase and become more volatile. The
Company has determined that the application of IFRS 9’s impairment
requirements at January 1, 2018 results in an additional impairment
allowance as follows.
|
|
|
|
|
(€ in thousands)
|
Loss allowance at December 31, 2017 under IAS 39
|
|
482
|
Additional impairment recognized at January 1, 2018 on:
|
|
|
Trade and other receivables as at December 31, 2017
|
|
62
|
Additional trade receivables recognized on adoption of IFRS 15
|
|
1
|
Loss allowance at January 1, 2018 under IFRS 9
|
|
545
|
|
|
|
The following tables provides information about the exposure to credit
risk and ECLs for trade receivables as of January 1, 2018 and September
30, 2018. This was calculated after a specific assessment of the trade
receivables and after recording a specific debt allowance.
|
|
|
|
|
|
|
|
|
|
|
|
|
January 1, 2018
|
Grades
|
|
Equivalent to external
credit rating
(Standard
& Poor’s)
|
|
Probability of
default
|
|
Gross carrying
amount
|
|
Impairment loss
allowance
|
|
Net carrying
amount
|
|
|
|
|
|
|
|
|
(€ in thousands)
|
Grades 1-4:
|
|
Low risk
|
|
BBB+ to AAA
|
|
0.2%
|
|
3,274
|
|
5
|
|
3,269
|
Grades 5-7:
|
|
Fair risk
|
|
B+ to BBB
|
|
1.3%
|
|
1,674
|
|
22
|
|
1,652
|
Grades 8-9:
|
|
Substandard
|
|
CCC- to B
|
|
7.0%
|
|
363
|
|
25
|
|
338
|
Grade 10:
|
|
Doubtful
|
|
C to CC
|
|
25.0%
|
|
14
|
|
3
|
|
11
|
Grade 11:
|
|
Loss
|
|
D
|
|
100.0%
|
|
8
|
|
8
|
|
--
|
|
|
|
|
|
|
|
|
5,333
|
|
63
|
|
5,270
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2018
|
Grades
|
|
Equivalent to external
credit rating
(Standard
& Poor’s)
|
|
Probability of
default
|
|
Gross carrying
amount
|
|
Impairment loss
allowance
|
|
Net carrying
amount
|
|
|
|
|
|
|
|
|
(€ in thousands)
|
Grades 1-4:
|
|
Low risk
|
|
BBB+ to AAA
|
|
0.2%
|
|
2,029
|
|
3
|
|
2,026
|
Grades 5-7:
|
|
Fair risk
|
|
B+ to BBB
|
|
1.3%
|
|
1,913
|
|
26
|
|
1,887
|
Grades 8-9:
|
|
Substandard
|
|
CCC- to B
|
|
7.0%
|
|
792
|
|
55
|
|
737
|
Grade 10:
|
|
Doubtful
|
|
C to CC
|
|
25.0%
|
|
103
|
|
26
|
|
77
|
Grade 11:
|
|
Loss
|
|
D
|
|
100.0%
|
|
11
|
|
11
|
|
--
|
|
|
|
|
|
|
|
|
4,848
|
|
121
|
|
4,727
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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. 279,000
options (75%, Tranche 1) were granted on April 7, 2017. 93,000 options
(25%, Tranche 2) were granted on April 12, 2018.
The vesting conditions include a service condition (the options vest
after a period of four years of continued service from the respective
grant date) 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 grant date
and the respective exercise time frame) of which both conditions must be
met.
The fair value of the employee share option plan has been measured for
Tranches 1 and 2 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:
|
|
|
|
|
|
|
Tranche 1
|
|
Tranche 2
|
Parameter
|
|
|
Share price at grant date
|
|
USD 13.80
|
|
USD 16.15
|
Exercise price
|
|
USD 13.90
|
|
USD 16.15
|
Expected volatility
|
|
55.00%
|
|
58.40%
|
Expected dividends
|
|
--
|
|
--
|
Risk-free interest rate
|
|
2.49%
|
|
2.85%
|
Fair value at grant date
|
|
USD 8.00
|
|
USD 9.74
|
|
|
|
|
|
The respective expected volatility has been based on an evaluation of
the historical volatility of the Company’s share price as at the grant
date. As at September 30, 2018 no options are exercisable and 372,000
options are outstanding. The weighted-average contractual life of the
options at September 30, 2018 amounts to 8.8 years (September 30, 2017:
9.5 years).
The expenses recognized in the profit and loss statement in relation to
the share-based payment arrangements amounted to kEUR 178 in the three
months and kEUR 477 in the nine months ended September 30, 2018. (three
months and nine months ended September 30, 2017: kEUR 132 and kEUR 254,
respectively).
4. Inventories
|
|
|
|
|
|
|
9/30/2018
|
|
12/31/2017
(1)
|
|
|
(€ in thousands)
|
Raw materials and merchandise
|
|
4,185
|
|
2,737
|
Work in progress
|
|
6,501
|
|
6,522
|
Total
|
|
10,686
|
|
9,259
|
|
|
|
|
|
(1) Comparative figures for the year ended December 31, 2017
were restated for immaterial errors. For further information, see Notes
1 and 9 of the interim consolidated financial statements.
5. Property, plant and equipment, net
|
|
|
|
|
|
|
9/30/2018
|
|
12/31/2017
(1)
|
|
|
(€ in thousands)
|
Land, buildings and leasehold improvements
|
|
17,206
|
|
17,415
|
Plant and machinery (includes assets under finance lease)
|
|
9,104
|
|
8,901
|
Other facilities, factory and office equipment
|
|
1,496
|
|
1,625
|
Assets under construction and prepayments made
|
|
108
|
|
8
|
Total
|
|
27,914
|
|
27,949
|
Thereof pledged assets of Property, Plant and Equipment
|
|
6,790
|
|
7,046
|
Leased assets included in Property, Plant and Equipment:
|
|
259
|
|
881
|
Printers
|
|
106
|
|
613
|
Printers leased to customers under operating lease
|
|
--
|
|
97
|
Other factory equipment
|
|
153
|
|
171
|
|
|
|
|
|
(1) Comparative figures for the year ended December 31, 2017
were restated for immaterial errors. For further information, see Notes
1 and 9 of the interim consolidated financial statements.
6. Other liabilities and provisions
|
|
|
|
|
|
|
9/30/2018
|
|
12/31/2017
|
|
|
(€ in thousands)
|
Customer deposits
|
|
—
|
|
373
|
Liabilities from VAT
|
|
18
|
|
12
|
Employee bonus
|
|
285
|
|
303
|
Accruals for vacation and overtime
|
|
293
|
|
222
|
Accruals for licenses
|
|
134
|
|
140
|
Liabilities from payroll
|
|
274
|
|
236
|
Accruals for commissions
|
|
80
|
|
50
|
Accruals for compensation of Supervisory board
|
|
175
|
|
180
|
Accrual for warranty
|
|
388
|
|
286
|
Others
|
|
509
|
|
322
|
Total
|
|
2,156
|
|
2,124
|
|
|
|
|
|
After the adoption of IFRS 15 customer deposits amounting to kEUR 556
are presented within contract liabilities.
7. Financial instruments
The following table shows the carrying amounts and fair values of
financial assets and financial liabilities, including their levels in
the fair value hierarchy.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying amount
|
|
Fair Value
|
9/30/2018
|
|
FVTPL
|
|
FVOCI
|
|
Assets at
amortized
cost
|
|
Liabilities
at amortized
cost
|
|
Total
carrying
amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
Financial assets measured at
fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative financial instruments
|
|
263
|
|
--
|
|
--
|
|
--
|
|
263
|
|
--
|
|
263
|
|
--
|
|
263
|
Equity securities
|
|
--
|
|
5
|
|
--
|
|
--
|
|
5
|
|
--
|
|
--
|
|
5
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bond funds
|
|
--
|
|
9,934
|
|
--
|
|
--
|
|
9,934
|
|
9,934
|
|
--
|
|
--
|
|
9,934
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets not measured
at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
--
|
|
--
|
|
3,101
|
|
--
|
|
3,101
|
|
3,101
|
|
--
|
|
--
|
|
3,101
|
Trade and other receivables
|
|
--
|
|
--
|
|
4,727
|
|
--
|
|
4,727
|
|
--
|
|
--
|
|
--
|
|
--
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities not
measured at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
--
|
|
--
|
|
--
|
|
16,255
|
|
16,255
|
|
--
|
|
15,082
|
|
--
|
|
15,082
|
Finance lease obligation
|
|
--
|
|
--
|
|
--
|
|
79
|
|
79
|
|
--
|
|
76
|
|
--
|
|
76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank overdraft
|
|
--
|
|
--
|
|
--
|
|
--
|
|
--
|
|
--
|
|
--
|
|
--
|
|
--
|
Long-term debt
|
|
--
|
|
--
|
|
--
|
|
810
|
|
810
|
|
--
|
|
803
|
|
--
|
|
803
|
Finance lease obligation
|
|
--
|
|
--
|
|
--
|
|
130
|
|
130
|
|
--
|
|
128
|
|
--
|
|
128
|
Trade payables
|
|
--
|
|
--
|
|
--
|
|
3,250
|
|
3,250
|
|
--
|
|
--
|
|
--
|
|
--
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31/2017
|
|
A financial
asset or
financial
liability
at
fair value
through
profit
or loss
|
|
Held-to-
maturity
investments
|
|
Available-
for-sale
investments
|
|
Loans and
receivables
|
|
Financial
liabilities
measured at
amortized
cost
|
|
Fair Value
|
|
Level
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity securities
|
|
--
|
|
--
|
|
5
|
|
--
|
|
--
|
|
5
|
|
Level 3
|
Derivative financial instruments
|
|
352
|
|
--
|
|
--
|
|
--
|
|
--
|
|
352
|
|
Level 2
|
Current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bond funds
|
|
--
|
|
--
|
|
14,044
|
|
--
|
|
--
|
|
14,044
|
|
Level 1
|
Cash and cash equivalents
|
|
--
|
|
--
|
|
--
|
|
7,569
|
|
--
|
|
7,569
|
|
Level 1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
--
|
|
--
|
|
--
|
|
--
|
|
16,242
|
|
15,119
|
|
Level 2
|
Finance lease obligation
|
|
--
|
|
--
|
|
--
|
|
--
|
|
171
|
|
163
|
|
Level 2
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank overdraft
|
|
--
|
|
--
|
|
--
|
|
--
|
|
58
|
|
58
|
|
|
Long-term debt
|
|
--
|
|
--
|
|
--
|
|
--
|
|
796
|
|
787
|
|
Level 2
|
Finance lease obligation
|
|
--
|
|
--
|
|
--
|
|
--
|
|
308
|
|
310
|
|
Level 2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The fair value of the Company’s investments in the bond funds was
determined based on the unit prices quoted by the 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. Financial result
|
|
|
|
|
|
|
Three months ended September 30,
|
|
|
2018
|
|
2017
|
|
|
(€ in thousands)
|
Interest expense
|
|
(1,086)
|
|
(41)
|
Finance lease obligations
|
|
(20)
|
|
(22)
|
Long-term debt
|
|
(238)
|
|
(11)
|
Expense from revaluation of derivative financial instruments
|
|
(805)
|
|
--
|
Other
|
|
(23)
|
|
(8)
|
Interest income
|
|
44
|
|
5
|
Income from bond funds
|
|
34
|
|
2
|
Other
|
|
10
|
|
3
|
Financial result
|
|
(1,042)
|
|
(36)
|
|
|
|
|
|
|
|
Nine months ended September 30,
|
|
|
2018
|
|
2017
|
|
|
(€ in thousands)
|
Interest expense
|
|
(962)
|
|
(90)
|
Finance lease obligations
|
|
(79)
|
|
(39)
|
Long-term debt
|
|
(705)
|
|
(40)
|
Expense from revaluation of derivative financial instruments
|
|
(89)
|
|
--
|
Other
|
|
(89)
|
|
(11)
|
Interest income
|
|
60
|
|
12
|
Income from bond funds
|
|
48
|
|
9
|
Other
|
|
12
|
|
3
|
Financial result
|
|
(902)
|
|
(78)
|
|
|
|
|
|
9. Correction of errors
During the preparation of the consolidated interim financial statements
for the three-month and nine-month periods ended September 30, 2018, the
Company became aware that the margin within certain intra-group
transactions has not been properly eliminated in the consolidation
process, resulting in misstatement of cost of sales in its consolidated
financial statements since the first quarter in fiscal year 2017. These
errors have been corrected by restating each of the affected financial
statement line items for prior periods. The Company has evaluated the
effect of these errors, both qualitatively and quantitatively, and
concluded that the corrections did not have a material impact on, nor
require amendment of, any previously filed financial statements. The
following tables summarize the impacts on the Company’s consolidated
financial statements.
Consolidated statement of financial position
|
|
|
March 31, 2017
|
|
Impact of correction of error
|
|
|
As previously
reported
|
|
Adjustments
|
|
As corrected
|
|
|
(€ in thousands)
|
|
|
|
|
|
|
|
Current assets
|
|
33,601
|
|
(65)
|
|
33,536
|
Inventories
|
|
9,475
|
|
(65)
|
|
9,410
|
Non-current assets
|
|
28,003
|
|
—
|
|
28,003
|
Property, plant and equipment
|
|
26,872
|
|
—
|
|
26,872
|
|
|
|
|
|
|
|
Total assets
|
|
61,604
|
|
(65)
|
|
61,539
|
|
|
|
|
|
|
|
Equity
|
|
49,120
|
|
(65)
|
|
49,055
|
Accumulated deficit
|
|
(31,400)
|
|
(65)
|
|
(31,465)
|
|
|
|
|
|
|
|
Total equity and liabilities
|
|
61,604
|
|
(65)
|
|
61,539
|
|
|
|
|
|
|
|
June 30, 2017
|
|
Impact of correction of error
|
|
|
As previously
reported
|
|
Adjustments
|
|
As corrected
|
|
|
(€ in thousands)
|
|
|
|
|
|
|
|
Current assets
|
|
30,937
|
|
(121)
|
|
30,816
|
Inventories
|
|
9,507
|
|
(121)
|
|
9,386
|
Non-current assets
|
|
28,300
|
|
—
|
|
28,300
|
Property, plant and equipment
|
|
27,010
|
|
—
|
|
27,010
|
|
|
|
|
|
|
|
Total assets
|
|
59,237
|
|
(121)
|
|
59,116
|
|
|
|
|
|
|
|
Equity
|
|
46,883
|
|
(121)
|
|
46,762
|
Accumulated deficit
|
|
(34,067)
|
|
(121)
|
|
(34,188)
|
|
|
|
|
|
|
|
Total equity and liabilities
|
|
59,237
|
|
(121)
|
|
59,116
|
|
|
|
|
|
|
|
September 30, 2017
|
|
Impact of correction of error
|
|
|
As previously
reported
|
|
Adjustments
|
|
As corrected
|
|
|
(€ in thousands)
|
|
|
|
|
|
|
|
Current assets
|
|
29,840
|
|
(187)
|
|
29,653
|
Inventories
|
|
9,391
|
|
(187)
|
|
9,204
|
Non-current assets
|
|
28,990
|
|
—
|
|
28,990
|
Property, plant and equipment
|
|
27,617
|
|
—
|
|
27,617
|
|
|
|
|
|
|
|
Total assets
|
|
58,830
|
|
(187)
|
|
58,643
|
|
|
|
|
|
|
|
Equity
|
|
46,122
|
|
(187)
|
|
45,935
|
Accumulated deficit
|
|
(35,022)
|
|
(187)
|
|
(35,209)
|
|
|
|
|
|
|
|
Total equity and liabilities
|
|
58,830
|
|
(187)
|
|
58,643
|
|
|
|
|
|
|
|
December 31, 2017
|
|
Impact of correction of error
|
|
|
As previously
reported
|
|
Adjustments
|
|
As corrected
|
|
|
(€ in thousands)
|
|
|
|
|
|
|
|
Current assets
|
|
37,774
|
|
(280)
|
|
37,494
|
Inventories
|
|
9,539
|
|
(280)
|
|
9,259
|
Non-current assets
|
|
29,257
|
|
251
|
|
29,508
|
Property, plant and equipment
|
|
27,698
|
|
251
|
|
27,949
|
|
|
|
|
|
|
|
Total assets
|
|
67,031
|
|
(29)
|
|
67,002
|
|
|
|
|
|
|
|
Equity
|
|
43,918
|
|
(29)
|
|
43,889
|
Accumulated deficit
|
|
(37,480)
|
|
(29)
|
|
(37,509)
|
|
|
|
|
|
|
|
Total equity and liabilities
|
|
67,031
|
|
(29)
|
|
67,002
|
|
|
|
|
|
|
|
March 31, 2018
|
|
Impact of correction of error
|
|
|
As previously
reported
|
|
Adjustments
|
|
As corrected
|
|
|
(€ in thousands)
|
|
|
|
|
|
|
|
Current assets
|
|
38,347
|
|
(417)
|
|
37,930
|
Inventories
|
|
11,309
|
|
(417)
|
|
10,892
|
Non-current assets
|
|
29,360
|
|
254
|
|
29,614
|
Property, plant and equipment
|
|
26,792
|
|
254
|
|
27,046
|
|
|
|
|
|
|
|
Total assets
|
|
67,707
|
|
(163)
|
|
67,544
|
|
|
|
|
|
|
|
Equity
|
|
42,223
|
|
(163)
|
|
42,060
|
Accumulated deficit
|
|
(39,219)
|
|
(163)
|
|
(39,382)
|
|
|
|
|
|
|
|
Total equity and liabilities
|
|
67,707
|
|
(163)
|
|
67,544
|
|
|
|
|
|
|
|
June 30, 2018
|
|
Impact of correction of error
|
|
|
As previously
reported
|
|
Adjustments
|
|
As corrected
|
|
|
(€ in thousands)
|
|
|
|
|
|
|
|
Current assets
|
|
35,781
|
|
(623)
|
|
35,158
|
Inventories
|
|
13,116
|
|
(623)
|
|
12,493
|
Non-current assets
|
|
29,056
|
|
257
|
|
29,313
|
Property, plant and equipment
|
|
26,550
|
|
257
|
|
26,807
|
|
|
|
|
|
|
|
Total assets
|
|
64,837
|
|
(366)
|
|
64,471
|
|
|
|
|
|
|
|
Equity
|
|
39,633
|
|
(366)
|
|
39,267
|
Accumulated deficit
|
|
(41,958)
|
|
(366)
|
|
(42,324)
|
|
|
|
|
|
|
|
Total equity and liabilities
|
|
64,837
|
|
(366)
|
|
64,471
|
|
|
|
|
|
|
|
Consolidated statement of comprehensive loss
|
|
|
|
|
Impact of correction of error
|
|
|
three months ended March 31, 2017
|
|
|
As previously
reported
|
|
Adjustments
|
|
As corrected
|
|
|
(€ in thousands except share and share data)
|
|
|
|
|
|
|
|
Cost of sales
|
|
(2,949)
|
|
(65)
|
|
(3,014)
|
Gross profit
|
|
1,581
|
|
(65)
|
|
1,516
|
Operating loss
|
|
(2,388)
|
|
(65)
|
|
(2,453)
|
Net loss
|
|
(2,431)
|
|
(65)
|
|
(2,496)
|
Total comprehensive loss
|
|
(2,416)
|
|
(65)
|
|
(2,481)
|
|
|
|
|
|
|
|
Loss attributable to owners of the company
|
|
(2,429)
|
|
(65)
|
|
(2,494)
|
Total comprehensive loss attributable to owners of the company
|
|
(2,414)
|
|
(65)
|
|
(2,479)
|
|
|
|
|
|
|
|
Loss per share - basic/ diluted (EUR)
|
|
(0.65)
|
|
(0.02)
|
|
(0.67)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact of correction of error
|
|
Impact of correction of error
|
|
|
three months ended June 30, 2017
|
|
six months ended June 30, 2017
|
|
|
As previously
|
|
|
|
|
|
As previously
|
|
|
|
|
|
|
reported
|
|
Adjustments
|
|
As corrected
|
|
reported
|
|
Adjustments
|
|
As corrected
|
|
|
(€ in thousands except
share and share data)
|
|
(€ in thousands except
share and share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
(3,043)
|
|
(56)
|
|
(3,099)
|
|
(5,992)
|
|
(121)
|
|
(6,113)
|
Gross profit
|
|
2,110
|
|
(56)
|
|
2,054
|
|
3,691
|
|
(121)
|
|
3,570
|
Operating loss
|
|
(2,675)
|
|
(56)
|
|
(2,731)
|
|
(5,063)
|
|
(121)
|
|
(5,184)
|
Net loss
|
|
(2,674)
|
|
(56)
|
|
(2,730)
|
|
(5,105)
|
|
(121)
|
|
(5,226)
|
Total comprehensive loss
|
|
(2,359)
|
|
(56)
|
|
(2,415)
|
|
(4,775)
|
|
(121)
|
|
(4,896)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss attributable to owners of the company
|
|
(2,667)
|
|
(56)
|
|
(2,723)
|
|
(5,096)
|
|
(121)
|
|
(5,217)
|
Total comprehensive loss attributable to
owners of
the company
|
|
(2,352)
|
|
(56)
|
|
(2,408)
|
|
(4,766)
|
|
(121)
|
|
(4,887)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share - basic/ diluted (EUR)
|
|
(0.72)
|
|
(0.01)
|
|
(0.73)
|
|
(1.37)
|
|
(0.03)
|
|
(1.40)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact of correction of error
|
|
Impact of correction of error
|
|
|
three months ended September 30, 2017
|
|
nine months ended September 30, 2017
|
|
|
As previously
|
|
|
|
|
|
As previously
|
|
|
|
|
|
|
reported
|
|
Adjustments
|
|
As corrected
|
|
reported
|
|
Adjustments
|
|
As corrected
|
|
|
(€ in thousands except
share and share data)
|
|
(€ in thousands except
share and share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
(4,170)
|
|
(66)
|
|
(4,236)
|
|
(10,162)
|
|
(187)
|
|
(10,349)
|
Gross profit
|
|
3,217
|
|
(66)
|
|
3,151
|
|
6,908
|
|
(187)
|
|
6,721
|
Operating loss
|
|
(924)
|
|
(66)
|
|
(990)
|
|
(5,987)
|
|
(187)
|
|
(6,174)
|
Net loss
|
|
(960)
|
|
(66)
|
|
(1,026)
|
|
(6,065)
|
|
(187)
|
|
(6,252)
|
Total comprehensive loss
|
|
(893)
|
|
(66)
|
|
(959)
|
|
(5,668)
|
|
(187)
|
|
(5,855)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss attributable to owners of the company
|
|
(955)
|
|
(66)
|
|
(1,021)
|
|
(6,051)
|
|
(187)
|
|
(6,238)
|
Total comprehensive loss attributable to
owners of
the company
|
|
(888)
|
|
(66)
|
|
(954)
|
|
(5,654)
|
|
(187)
|
|
(5,841)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share - basic/ diluted (EUR)
|
|
(0.26)
|
|
(0.01)
|
|
(0.27)
|
|
(1.63)
|
|
(0.05)
|
|
(1.68)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact of correction of error
|
|
Impact of correction of error
|
|
|
three months ended December 31, 2017
|
|
year ended December 31, 2017
|
|
|
As previously
|
|
|
|
|
|
As previously
|
|
|
|
|
|
|
reported
|
|
Adjustments
|
|
As corrected
|
|
reported
|
|
Adjustments
|
|
As corrected
|
|
|
(€ in thousands except
share and share data)
|
|
(€ in thousands except
share and share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
(3,662)
|
|
158
|
|
(3,504)
|
|
(13,824)
|
|
(29)
|
|
(13,853)
|
Gross profit
|
|
2,446
|
|
158
|
|
2,604
|
|
9,354
|
|
(29)
|
|
9,325
|
Operating loss
|
|
(2,633)
|
|
158
|
|
(2,475)
|
|
(8,620)
|
|
(29)
|
|
(8,649)
|
Net loss
|
|
(2,460)
|
|
158
|
|
(2,302)
|
|
(8,525)
|
|
(29)
|
|
(8,554)
|
Total comprehensive loss
|
|
(2,352)
|
|
158
|
|
(2,194)
|
|
(8,020)
|
|
(29)
|
|
(8,049)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss attributable to owners of the company
|
|
(2,458)
|
|
158
|
|
(2,300)
|
|
(8,509)
|
|
(29)
|
|
(8,538)
|
Total comprehensive loss attributable to
owners of
the company
|
|
(2,350)
|
|
158
|
|
(2,192)
|
|
(8,004)
|
|
(29)
|
|
(8,033)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share - basic/ diluted (EUR)
|
|
(0.66)
|
|
0.04
|
|
(0.62)
|
|
(2.29)
|
|
(0.01)
|
|
(2.30)
|
|
|
|
|
|
|
|
|
|
Impact of correction of error
|
|
|
three months ended March 31, 2018
|
|
|
As previously
|
|
|
|
|
|
|
reported
|
|
Adjustments
|
|
As corrected
|
|
|
(€ in thousands except share and share data)
|
|
|
|
|
|
|
|
Cost of sales
|
|
(2,785)
|
|
(134)
|
|
(2,919)
|
Gross profit
|
|
2,267
|
|
(134)
|
|
2,133
|
Operating loss
|
|
(2,254)
|
|
(134)
|
|
(2,388)
|
Net loss
|
|
(1,582)
|
|
(134)
|
|
(1,716)
|
Total comprehensive loss
|
|
(1,661)
|
|
(134)
|
|
(1,795)
|
|
|
|
|
|
|
|
Loss attributable to owners of the company
|
|
(1,576)
|
|
(134)
|
|
(1,710)
|
Total comprehensive loss attributable to owners of the company
|
|
(1,655)
|
|
(134)
|
|
(1,789)
|
|
|
|
|
|
|
|
Loss per share - basic/ diluted (EUR)
|
|
(0.42)
|
|
(0.04)
|
|
(0.46)
|
|
|
|
|
|
|
|
|
|
Impact of correction of error
|
|
Impact of correction of error
|
|
|
three months ended June 30, 2018
|
|
six months ended June 30, 2018
|
|
|
As previously
|
|
|
|
|
|
As previously
|
|
|
|
|
|
|
reported
|
|
Adjustments
|
|
As corrected
|
|
reported
|
|
Adjustments
|
|
As corrected
|
|
|
(€ in thousands except
share and share data)
|
|
(€ in thousands except
share and share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
(3,209)
|
|
(201)
|
|
(3,410)
|
|
(5,994)
|
|
(337)
|
|
(6,331)
|
Gross profit
|
|
2,053
|
|
(201)
|
|
1,852
|
|
4,320
|
|
(337)
|
|
3,983
|
Operating loss
|
|
(2,203)
|
|
(201)
|
|
(2,404)
|
|
(4,457)
|
|
(337)
|
|
(4,794)
|
Net loss
|
|
(2,748)
|
|
(201)
|
|
(2,949)
|
|
(4,330)
|
|
(337)
|
|
(4,667)
|
Total comprehensive loss
|
|
(2,760)
|
|
(201)
|
|
(2,961)
|
|
(4,421)
|
|
(337)
|
|
(4,758)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss attributable to owners of the company
|
|
(2,739)
|
|
(201)
|
|
(2,940)
|
|
(4,315)
|
|
(337)
|
|
(4,652)
|
Total comprehensive loss attributable to
owners of
the company
|
|
(2,751)
|
|
(201)
|
|
(2,952)
|
|
(4,406)
|
|
(337)
|
|
(4,743)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share - basic/ diluted (EUR)
|
|
(0.74)
|
|
(0.05)
|
|
(0.79)
|
|
(1.16)
|
|
(0.09)
|
|
(1.25)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment reporting
|
|
|
|
|
|
Impact of correction of error three months ended March 31, 2017
|
|
|
|
As previously
|
|
|
|
|
|
|
|
|
|
|
|
reported
|
|
Adjustments
|
|
As corrected
|
|
|
|
(€ in thousands)
|
|
|
|
SYSTEMS
|
|
SERVICES
|
|
SYSTEMS
|
|
SERVICES
|
|
SYSTEMS
|
|
SERVICES
|
|
Revenues
|
|
1,693
|
|
2,837
|
|
—
|
|
—
|
|
1,693
|
|
2,837
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
353
|
|
1,228
|
|
12
|
|
(77)
|
|
365
|
|
1,151
|
|
Gross profit in %
|
|
20.9
|
%
|
43.3
|
%
|
|
|
|
|
21.6
|
%
|
40.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact of correction of error three months ended June 30, 2017
|
|
|
|
As previously
|
|
|
|
|
|
|
|
|
|
|
|
reported
|
|
Adjustments
|
|
As corrected
|
|
|
|
(€ in thousands)
|
|
|
|
SYSTEMS
|
|
SERVICES
|
|
SYSTEMS
|
|
SERVICES
|
|
SYSTEMS
|
|
SERVICES
|
|
Revenues
|
|
2,542
|
|
2,611
|
|
—
|
|
—
|
|
2,542
|
|
2,611
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
925
|
|
1,185
|
|
22
|
|
(78)
|
|
947
|
|
1,107
|
|
Gross profit in %
|
|
36.4
|
%
|
45.4
|
%
|
|
|
|
|
37.3
|
%
|
42.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact of correction of error six months ended June 30, 2017
|
|
|
|
As previously
|
|
|
|
|
|
|
|
|
|
|
|
reported
|
|
Adjustments
|
|
As corrected
|
|
|
|
(€ in thousands)
|
|
|
|
SYSTEMS
|
|
SERVICES
|
|
SYSTEMS
|
|
SERVICES
|
|
SYSTEMS
|
|
SERVICES
|
|
Revenues
|
|
4,235
|
|
5,448
|
|
—
|
|
—
|
|
4,235
|
|
5,448
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
1,278
|
|
2,413
|
|
34
|
|
(155)
|
|
1,312
|
|
2,258
|
|
Gross profit in %
|
|
30.2
|
%
|
44.3
|
%
|
|
|
|
|
31.0
|
%
|
41.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact of correction of error three months ended September 30,
2017
|
|
|
|
As previously
|
|
|
|
|
|
|
|
|
|
|
|
reported
|
|
Adjustments
|
|
As corrected
|
|
|
|
(€ in thousands)
|
|
|
|
SYSTEMS
|
|
SERVICES
|
|
SYSTEMS
|
|
SERVICES
|
|
SYSTEMS
|
|
SERVICES
|
|
Revenues
|
|
4,153
|
|
3,234
|
|
—
|
|
—
|
|
4,153
|
|
3,234
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
1,584
|
|
1,633
|
|
33
|
|
(99)
|
|
1,617
|
|
1,534
|
|
Gross profit in %
|
|
38.1
|
%
|
50.5
|
%
|
|
|
|
|
38.9
|
%
|
47.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact of correction of error nine months ended September 30, 2017
|
|
|
|
As previously
|
|
|
|
|
|
|
|
|
|
|
|
reported
|
|
Adjustments
|
|
As corrected
|
|
|
|
(€ in thousands)
|
|
|
|
SYSTEMS
|
|
SERVICES
|
|
SYSTEMS
|
|
SERVICES
|
|
SYSTEMS
|
|
SERVICES
|
|
Revenues
|
|
8,388
|
|
8,682
|
|
—
|
|
—
|
|
8,388
|
|
8,682
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
2,862
|
|
4,046
|
|
67
|
|
(254)
|
|
2,929
|
|
3,792
|
|
Gross profit in %
|
|
34.1
|
%
|
46.6
|
%
|
|
|
|
|
34.9
|
%
|
43.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact of correction of error three months ended December 31, 2017
|
|
|
|
As previously
|
|
|
|
|
|
|
|
|
|
|
|
reported
|
|
Adjustments
|
|
As corrected
|
|
|
|
(€ in thousands)
|
|
|
|
SYSTEMS
|
|
SERVICES
|
|
SYSTEMS
|
|
SERVICES
|
|
SYSTEMS
|
|
SERVICES
|
|
Revenues
|
|
3,146
|
|
2,962
|
|
—
|
|
—
|
|
3,146
|
|
2,962
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
1,059
|
|
1,387
|
|
270
|
|
(112)
|
|
1,329
|
|
1,275
|
|
Gross profit in %
|
|
33.7
|
%
|
46.8
|
%
|
|
|
|
|
42.2
|
%
|
43.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact of correction of error year ended December 31, 2017
|
|
|
|
As previously
|
|
|
|
|
|
|
|
|
|
|
|
reported
|
|
Adjustments
|
|
As corrected
|
|
|
|
(€ in thousands)
|
|
|
|
SYSTEMS
|
|
SERVICES
|
|
SYSTEMS
|
|
SERVICES
|
|
SYSTEMS
|
|
SERVICES
|
|
Revenues
|
|
11,534
|
|
11,644
|
|
—
|
|
—
|
|
11,534
|
|
11,644
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
3,921
|
|
5,433
|
|
337
|
|
(366)
|
|
4,258
|
|
5,067
|
|
Gross profit in %
|
|
34.0
|
%
|
46.7
|
%
|
|
|
|
|
36.9
|
%
|
43.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact of correction of error three months ended March 31, 2018
|
|
|
|
As previously
|
|
|
|
|
|
|
|
|
|
|
|
reported
|
|
Adjustments
|
|
As corrected
|
|
|
|
(€ in thousands)
|
|
|
|
SYSTEMS
|
|
SERVICES
|
|
SYSTEMS
|
|
SERVICES
|
|
SYSTEMS
|
|
SERVICES
|
|
Revenues
|
|
1,375
|
|
3,677
|
|
—
|
|
—
|
|
1,375
|
|
3,677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
429
|
|
1,838
|
|
(48)
|
|
(86)
|
|
381
|
|
1,752
|
|
Gross profit in %
|
|
31.2
|
%
|
50.0
|
%
|
|
|
|
|
27.7
|
%
|
47.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact of correction of error three months ended June 30, 2018
|
|
|
|
As previously
|
|
|
|
|
|
|
|
|
|
|
|
reported
|
|
Adjustments
|
|
As corrected
|
|
|
|
(€ in thousands)
|
|
|
|
SYSTEMS
|
|
SERVICES
|
|
SYSTEMS
|
|
SERVICES
|
|
SYSTEMS
|
|
SERVICES
|
|
Revenues
|
|
1,883
|
|
3,379
|
|
—
|
|
—
|
|
1,883
|
|
3,379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
561
|
|
1,492
|
|
(87)
|
|
(114)
|
|
474
|
|
1,378
|
|
Gross profit in %
|
|
29.8
|
%
|
44.2
|
%
|
|
|
|
|
25.2
|
%
|
40.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact of correction of error six months ended June 30, 2018
|
|
|
|
As previously
|
|
|
|
|
|
|
|
|
|
|
|
reported
|
|
Adjustments
|
|
As corrected
|
|
|
|
(€ in thousands)
|
|
|
|
SYSTEMS
|
|
SERVICES
|
|
SYSTEMS
|
|
SERVICES
|
|
SYSTEMS
|
|
SERVICES
|
|
Revenues
|
|
3,258
|
|
7,056
|
|
—
|
|
—
|
|
3,258
|
|
7,056
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
990
|
|
3,330
|
|
(136)
|
|
(201)
|
|
854
|
|
3,129
|
|
Gross profit in %
|
|
30.4
|
%
|
47.2
|
%
|
|
|
|
|
26.2
|
%
|
44.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
There is no impact on the Company’s operating, investing or financing
cash flows for the 9-months period ended September 30, 2017.
10. 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,
|
|
|
|
2018
|
|
2017
(1)
|
|
|
(€ in thousands)
|
|
|
|
SYSTEMS
|
|
SERVICES
|
|
SYSTEMS
|
|
SERVICES
|
|
Revenues
|
|
3,744
|
|
3,377
|
|
4,153
|
|
3,234
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
1,197
|
|
1,114
|
|
1,617
|
|
1,534
|
|
Gross profit in %
|
|
32.0
|
%
|
33.0
|
%
|
38.9
|
%
|
47.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30,
|
|
|
|
2018
|
|
2017
(1)
|
|
|
(€ in thousands)
|
|
|
|
SYSTEMS
|
|
SERVICES
|
|
SYSTEMS
|
|
SERVICES
|
|
Revenues
|
|
7,002
|
|
10,433
|
|
8,388
|
|
8,682
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
2,051
|
|
4,243
|
|
2,929
|
|
3,792
|
|
Gross profit in %
|
|
29.3
|
%
|
40.7
|
%
|
34.9
|
%
|
43.7
|
%
|
|
|
|
|
|
|
|
|
|
|
(1) Comparative figures for the 3-month and 9-month periods
ended September 30, 2017 were restated for immaterial errors. For
further information, see Notes 1 and 9 of the interim consolidated
financial statements.
11. Revenues
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
(€ in thousands)
|
|
(€ in thousands)
|
EMEA
|
|
2,935
|
|
5,660
|
|
9,757
|
|
12,053
|
Germany
|
|
1,546
|
|
1,202
|
|
4,284
|
|
4,656
|
France
|
|
397
|
|
1,077
|
|
2,146
|
|
2,105
|
Sweden
|
|
46
|
|
1,167
|
|
209
|
|
1,367
|
Others
|
|
946
|
|
2,214
|
|
3,118
|
|
3,925
|
Asia Pacific
|
|
2,269
|
|
653
|
|
3,486
|
|
1,933
|
Indonesia
|
|
1,758
|
|
32
|
|
1,784
|
|
91
|
China
|
|
132
|
|
204
|
|
460
|
|
1,137
|
South Korea
|
|
361
|
|
400
|
|
667
|
|
656
|
Others
|
|
18
|
|
17
|
|
575
|
|
49
|
Americas
|
|
1,917
|
|
1,074
|
|
4,192
|
|
3,084
|
United States
|
|
1,871
|
|
911
|
|
4,125
|
|
2,742
|
Others
|
|
46
|
|
163
|
|
67
|
|
342
|
Total
|
|
7,121
|
|
7,387
|
|
17,435
|
|
17,070
|
|
|
|
|
|
|
|
|
|
12. Commitments, contingent assets and liabilities
In March 2018, ExOne GmbH, a subsidiary of The ExOne Company, notified
voxeljet of its intent not to pay its annual license fees under an
existing intellectual property-related agreement and asserted its rights
to claim damages pursuant to an alleged material breach of the
agreement. At this time, the Company cannot reasonably estimate a
contingency, if any, related to this matter.
13. Subsequent events
On October 17, 2018, voxeljet issued 972,000 ordinary shares, equivalent
to 4,860,000 American Depository Shares (“ADS”), at an offering price of
USD 2.57 per ADS (the “Public Offering Price”). The Company received net
proceeds of approximately EUR 9.2 million. Members of our management
board, who are also significant shareholders, purchased an aggregate
number of 233,462 ADSs in this offering at the Public Offering Price.
On November 8, 2018, voxeljet closed the over-allotment transaction in
which it issued additional 144,000 ordinary shares, equivalent to
720,000 ADSs, upon the exercise of the over-allotment option exercised
by the underwriter on November 1, 2018. The Company received net
proceeds of approximately EUR 1.4 million.
CONTACT:
Investors and Media
Johannes Pesch
Director Investor Relations and Business Development
johannes.pesch@voxeljet.de
Office: +49 821 7483172
Mobile: +49 176 45398316