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 fourth quarter and full year
ended December 31, 2018.
Highlights
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Total revenues for the full year increased 12.2% to kEUR 26,009 from
kEUR 23,178
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Total revenues for the fourth quarter increased 40.4% to kEUR 8,574
from kEUR 6,108
-
Systems revenues for the fourth quarter increased 66.8% to kEUR 5,246
from kEUR 3,146
-
Services revenues for the fourth quarter increased 12.4% to kEUR 3,328
from kEUR 2,962
-
Total gross profit for the fourth quarter increased to kEUR 2,851 from
kEUR 2,604
-
Total gross profit margin for the fourth quarter decreased from 42.6%
to 33.3%
-
Revenue for the first quarter ended March 31, 2019 expected to be
between kEUR 5,000 and kEUR 5,500
Dr. Ingo Ederer, Chief Executive Officer of voxeljet,
commented: “We had a very strong fourth quarter both financially and
strategically, implementing several long-term drivers. Our business
continues to perform well, reaching 40% year-over-year growth during the
fourth quarter. We had significant new customer wins both domestically
and internationally. In fact, we have sold more printers this quarter
than in any quarter before. We are thrilled with our momentum through
the launch of VJET X and remain on the offense, identifying and
attacking opportunities to elevate our game, build on our momentum with
new product launches and ensure that we deliver sustainable, profitable,
capital-efficient growth over the long term.”
Fourth Quarter 2018 Results
Revenues for the fourth quarter of 2018 increased by 40.4% to kEUR 8,574
compared to kEUR 6,108 in the fourth quarter of 2017.
Revenues from our Systems segment, which focuses on the development,
production and sale of 3D printers, increased 66.8% to kEUR 5,246 in the
fourth quarter of 2018 from kEUR 3,146 in last year’s fourth quarter.
The Company delivered ten new and two used and refurbished 3D
printers in the fourth quarter of 2018, compared to one new and three
used and refurbished 3D printers delivered in last year’s fourth
quarter. The increase in revenue was mainly due to the higher number of
printer sales. Systems revenues also include all revenues from
consumables, spare parts and maintenance. Those systems-related revenues
recorded a slight increase in the fourth quarter of 2018 compared to
last year’s same period. Systems revenues represented 61.2% of total
revenues in the fourth quarter of 2018 compared to 51.5% in last year’s
fourth quarter.
Revenues from our Services segment, which focuses on the printing of
on-demand parts for our customers, increased 12.4%, to kEUR 3,328 in the
fourth quarter of 2018 from kEUR 2,962 in the comparative period of
2017. This was mainly due to higher revenue contribution from our German
Service center. Our subsidiaries, voxeljet UK Ltd. (“voxeljet UK”),
voxeljet America Inc. (“voxeljet America”) and voxeljet China Co. Ltd
(“voxeljet China”), also recorded slightly higher revenues in this
segment in the fourth quarter of 2018 compared to last year’s same
period.
Cost of sales was kEUR 5,723 for the fourth quarter of 2018 compared to
kEUR 3,504 for the fourth quarter of 2017.
Gross profit was kEUR 2,851 in the fourth quarter of 2018 compared to
kEUR 2,604 in the fourth quarter of 2017.
Gross profit for our Systems segment increased to kEUR 1,657 in the
fourth quarter of 2018 from kEUR 1,329 in the fourth quarter of 2017,
mainly due to the increase in revenues. The gross profit margin for this
segment decreased to 31.6% in the fourth quarter of 2018 compared to
42.2% in the fourth quarter of 2017. This decrease primarily related to
the product mix of printers sold in the fourth quarter of 2018. We sold
printers of smaller platforms, which usually generate lower gross profit
margins compared to our larger platforms. Gross profit and gross profit
margin related to consumables, spare parts and maintenance slightly
improved quarter over quarter.
Gross profit for our Services segment decreased to kEUR 1,194 in the
fourth quarter of 2018 from kEUR 1,275 in the fourth quarter of 2017.
This was mainly due to the weaker gross profit contribution from our
subsidiary voxeljet America, partially offset by higher gross profit
contribution from our German service center. The gross profit margin for
this segment decreased to 35.9% in the fourth quarter of 2018 from 43.0%
in the fourth quarter of 2017. This decrease is mainly due to our U.S.
service center, where gross profit as well as gross profit margin
decreased due to the replacement of several printheads in the fourth
quarter of 2018. The German service center contributed higher gross
profit margin due to higher revenues and a better utilization rate.
Gross profit contribution from voxeljet UK remained almost unchanged.
Selling expenses were kEUR 1,948 for the fourth quarter of 2018 compared
to kEUR 2,074 in the fourth quarter of 2017 and therefore were almost
unchanged.
Administrative expenses were kEUR 1,469 for the fourth quarter of 2018
compared to kEUR 1,427 in the fourth quarter of 2017 and therefore were
almost unchanged. In the fourth quarter of 2018, personnel expenses
increased quarter over quarter. This was offset by lower consulting
fees. In the fourth quarter of 2018, higher expenses for the preparation
of several financing activities occurred.
Research and development (“R&D”) expenses slightly decreased to kEUR
1,563 in the fourth quarter of 2018 from kEUR 1,574 in the fourth
quarter of 2017. These expenses are usually driven by individual
projects, especially through the consumption of material as well as the
demand of external services and may differ on a quarter to quarter
comparison.
Other operating expenses in the fourth quarter of 2018 were kEUR 139
compared to kEUR 239 in the prior year period. This was mainly related
to lower losses from foreign currency transactions, which were primarily
driven by the valuation of the intercompany loans granted by the parent
company to our US and UK subsidiary.
Other operating income was kEUR 261 for the fourth quarter of 2018
compared to kEUR 235 in the fourth quarter of 2017. The slight increase
was mainly due to higher gains from foreign currency transactions, which
were primarily driven by the valuation of the intercompany loans granted
by the parent company to our US and UK subsidiary.
Operating loss was kEUR 2,007 in the fourth quarter of 2018, compared to
an operating loss of kEUR 2,475 in the comparative period in 2017. The
improvement was mainly due to higher gross profit from the Systems
segment, partially offset by lower gross profit from the Services
segments. Operating expenses in the functions research and development,
sales and marketing as well as administration remained almost unchanged.
Financial result was a positive of kEUR 1,711 in the fourth quarter of
2018, compared to a positive financial result of kEUR 253 in the
comparative period in 2017. This was mainly due to finance income from
the revaluation of the embedded derivative related to the Performance
Participation Interest in connection with the first tranche of the loan
received by the European Investment Bank.
Net loss for the fourth quarter of 2018 was kEUR 300 or EUR 0.06 per
share, as compared to net loss of kEUR 2,222, or EUR 0.62 per share, in
the fourth quarter of 2017.
Based on a conversion rate of five American Depositary Shares (“ADSs”)
per ordinary share, net loss was EUR 0.01 per ADS for the three months
ended December 31, 2018, compared to EUR 0.12 per ADS from the
comparative period of 2017.
Year Ended December 31, 2018 Results
Revenues for the year ended December 31, 2018 increased by 12.2% to
kEUR 26,009 compared to kEUR 23,178 in the prior year period.
Systems revenues were kEUR 12,248 year ended December 31, 2018 compared
to kEUR 11,534 in last year’s period. The Company sold fourteen new and
five used and refurbished 3D printers during the year ended December 31,
2018 compared to ten new and five used and refurbished 3D printers in
the prior year. The increase in Systems revenues was mainly due to the
higher number of 3D printer sales. Revenues from system-related goods
and services slightly increased for the year-ended December 31, 2018
compared to last year’s same period. Systems revenues represented 47.1%
of total revenue for the year ended December 31, 2018 compared to 49.8%
for the last year’s same period.
Services revenues were kEUR 13,761 for the year ended December 31, 2018
compared to kEUR 11,644 for the same period last year. This increase was
mainly due to a higher revenue contribution from our subsidiary voxeljet
America. The German operation and voxeljet UK also contributed higher
revenues within this segment. The increase in revenue at our German
service center is due to the robust economy in the European market. The
growth in revenue at our American service center and British service
center resulted from an increasing market penetration in the respective
sales regions which is accompanied by a larger customer base.
Cost of sales for the year ended December 31, 2018 was kEUR 16,864,
which represents an increase of kEUR 3,011, or 22% compared to cost of
sales amounting to kEUR 13,853 for the same period in 2017.
Gross profit and gross margin for the year ended December 31, 2018 were
kEUR 9,145 and 35.2%, respectively, compared to kEUR 9,325 and 40.2%,
respectively, in the prior year period.
Gross profit for our Systems segment decreased to kEUR 3,708 for the
year ended December 31, 2018 from kEUR 4,258 in the same period of 2017.
The gross profit margin for this segment decreased to 30.3% compared to
36.9% for the prior period. This was mainly due to lower gross profit
and gross profit margin from 3D printer sales, which was influenced by a
less favorable product mix of systems sold in 2018 than in 2017. Gross
profit as well as gross profit margin from system related goods and
services, including consumables, spare parts and maintenance, remained
almost flat.
Gross profit for our Services segment increased to kEUR 5,437 for the
year ended December 31, 2018 from kEUR 5,067 in the same period of 2017.
This was mainly due to higher revenues. The gross profit margin for this
segment decreased to 39.5% for the year ended December 31, 2018 from
43.5% for the same period in 2017. This was mainly related to weaker
gross profit contributions from the German service center, as well as
the Chinese service center. Gross profit margin for Services decreased
at the German service center due to several replacements of printheads
for our 3D printers. This was partially offset by improved contributions
from voxeljet America and voxeljet UK. The gross margins from these two
service centers improved due to a higher utilization rate of their
equipment related to an increased number of orders. The higher
utilization at our U.S. subsidiary was mainly related to a volume
contract which began in July 2018, with total revenue contribution
exceeding kEUR 1,000.
Selling expenses were kEUR 7,332 for the year ended December 31, 2018
compared to kEUR 6,474 in the same period in 2017, representing an
increase of kEUR 858, or 13.3%. This was almost in line with the
increase in revenues.
Administrative expenses increased by kEUR 458, or 8,9% to kEUR 5,587 for
the year ended December 31, 2018 from kEUR 5,129 in the prior year
period. This was mainly due to the significant increase in headcount
resulting in higher personnel expenses resulting from higher headcount
in order to meet our compliance requirements in connection with SOX.
Research and development expenses increased to kEUR 6,334 for the year
ended December 31, 2018 from kEUR 5,528 in the same period in 2017, an
increase of kEUR 806, or 14.6%. This was mainly due to higher labor
costs related to salary increases and higher headcount as well as higher
consumption of materials to support existing and future research and
development projects.
Other operating expenses for the year ended December 31, 2018 were kEUR
751 compared to kEUR 1,844 in the prior year period. This is mainly due
to lower losses from foreign currency translations. Foreign currency
losses amounted to kEUR 511 for the year ended December 31, 2018,
compared to kEUR 1,585 in the same period in 2017. The losses from
foreign currency transactions were primarily driven by the valuation of
the intercompany loans granted by the parent company to our US and UK
subsidiaries.
Other operating income was kEUR 1,297 for the year ended
December 31, 2018 compared to kEUR 1,001 in the prior year period. The
increase was mainly due to higher gains from foreign currency
transactions of kEUR 794 in 2018 compared to kEUR 135 in 2017.
Operating loss was kEUR 9,562 for the year ended December 31, 2018,
compared to an operating loss of kEUR 8,649 in the comparative period in
2017. This was mainly due to higher operating expenses related to sales
and marketing, administration and research and development, while gross
profit was almost flat.
Financial result was positive of kEUR 809 for the year ended December
31, 2018, compared to a positive financial result of kEUR 175 in the
comparative period in 2018. This was mainly due to finance income from
the revaluation of the embedded derivative related to the Performance
Participation Interest in connection with the first tranche of the loan
received by the European Investment Bank.
Net loss for the year ended December 31, 2018 was kEUR 8,764, or EUR
2.21 per share, as compared to net loss of kEUR 8,554, or EUR 2.30 per
share in the prior year period.
Based on a conversion rate of five ADSs per ordinary share, net loss was
EUR 0.44 per ADS for the year ended December 31, 2018 compared to net
loss of EUR 0.46 per ADS in the prior year period.
Business Outlook
Our revenue guidance for the first quarter of 2019 is projected to be in
the range of kEUR 5,000 to kEUR 5,500. We expect to release our
financial results for the first quarter of 2019 after the closing of the
financial markets on or about Thursday, May 16, 2019 and we will host a
conference call and webcast to review the results for the quarter on or
about Friday, May 17, 2019 at 8:30 a.m. Eastern Time.
Financial guidance for the full year ended December 31, 2019.
-
Revenue is expected to be in the range of kEUR 27,000 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 12,000 to kEUR 12,500;
R&D expenses expected to be between approximately kEUR 5,500 and
kEUR 6,000. Depreciation and amortization expense is expected to be
between kEUR 3,750 and kEUR 4,000.
-
Adjusted EBITDA for the second half of the year ending December 31,
2019 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, which are not
determinable at this time.
-
Capital expenditures are projected to be in the range of kEUR 2,000 to
kEUR 2,500, which primarily includes ongoing investments in our global
subsidiaries.
Our total backlog of 3D printer orders at December 31, 2018 was kEUR
3,392, which represents six 3D printers. This compares to a backlog of
kEUR 2,770 at December 31, 2017, representing four 3D printers. As
production and delivery of our printers is generally characterized by
lead times ranging from 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 December 31, 2018, we had cash and cash equivalents of kEUR 7,402 and
held kEUR 12,905 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 fourth quarter and full year ended December 31, 2018 on
Friday, March 29, 2019 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 Fourth Quarter and Full
Year 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 13688141.
The recording will be available for replay through April 5, 2019.
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=1234697&tp_key=da79266d3c
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 1.1450 to EUR 1.00, the
noon buying rate of the Federal Reserve Bank of New York for the euro on
December 31, 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,” “projects”, “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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Year Ended December 31,
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2018
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2017
(1) (2)
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(€ in thousands)
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Current assets
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37,936
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37,494
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Cash and cash equivalents
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7,402
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7,569
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Financial assets
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12,905
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14,044
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Trade receivables
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6,030
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5,093
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Inventories
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10,064
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9,259
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Income tax receivables
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13
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3
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Other assets
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1,522
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1,526
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Non-current assets
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31,416
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29,508
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Financial assets
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2,234
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357
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Intangible assets
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1,420
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1,111
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Property, plant and equipment
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27,675
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27,949
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Investments in joint venture
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33
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39
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Other assets
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54
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52
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Total assets
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69,352
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67,002
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Year Ended December 31,
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2018
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2017
(1) (2)
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(€ in thousands)
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Current liabilities
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6,302
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6,576
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Deferred income
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--
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271
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Trade payables
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2,945
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3,059
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Contract liabilities
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817
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--
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Financial liabilities
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850
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1,162
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Other liabilities and provisions
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1,690
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2,084
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Non-current liabilities
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16,575
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16,537
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Deferred income
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--
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18
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Deferred tax liabilities
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76
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66
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Financial liabilities
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16,321
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16,413
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Other liabilities and provisions
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178
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40
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Equity
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46,475
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43,889
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Subscribed capital
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4,836
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3,720
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Capital reserves
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86,803
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76,227
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Accumulated deficit
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(46,400)
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(37,509)
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Accumulated other comprehensive income
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1,201
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1,380
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Equity attributable to the owners of the company
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46,440
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43,818
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Non-controlling interests
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35
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71
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Total equity and liabilities
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69,352
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67,002
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(1) Comparative figures for the year ended December 31,
2017 were restated for immaterial errors. For further information,
see Form 20-F filed with the SEC on March 28, 2019, Part III, Item
18. Financial Statements, Note 6 “Correction of errors”
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(2) voxeljet AG has initially applied IFRS 15 and IFRS
9 as of January 1, 2018. Under the transition methods chosen,
comparative information has not been restated.
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voxeljet AG
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
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Quarter Ended December 31, (unaudited)
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Year Ended December 31,
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2018
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2017
(1) (2)
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2018
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2017
(1) (2)
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(€ in thousands, except share and share data)
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Revenues
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8,574
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6,108
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26,009
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23,178
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Cost of sales
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(5,723)
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(3,504)
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(16,864)
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(13,853)
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Gross profit
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2,851
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2,604
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9,145
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9,325
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Selling expenses
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(1,948)
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(2,074)
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(7,332)
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(6,474)
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Administrative expenses
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(1,469)
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(1,427)
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(5,587)
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(5,129)
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Research and development expenses
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(1,563)
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(1,574)
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(6,334)
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(5,528)
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Other operating expenses
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(139)
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(239)
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(751)
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(1,844)
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Other operating income
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261
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|
|
235
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|
|
1,297
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|
|
1,001
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Operating loss
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(2,007)
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(2,475)
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(9,562)
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(8,649)
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Finance expense
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(897)
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(100)
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(1,143)
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|
(190)
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Finance income
|
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|
|
2,608
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|
|
353
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|
|
1,952
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|
|
365
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Financial result
|
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1,711
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|
253
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|
|
809
|
|
|
175
|
Loss before income taxes
|
|
|
|
(296)
|
|
|
(2,222)
|
|
|
(8,753)
|
|
|
(8,474)
|
Income tax expense
|
|
|
|
(4)
|
|
|
(80)
|
|
|
(11)
|
|
|
(80)
|
Net loss
|
|
|
|
(300)
|
|
|
(2,222)
|
|
|
(8,764)
|
|
|
(8,554)
|
Other comprehensive income (loss)
|
|
|
|
(70)
|
|
|
108
|
|
|
(179)
|
|
|
505
|
Total comprehensive loss
|
|
|
|
(370)
|
|
|
(2,114)
|
|
|
(8,943)
|
|
|
(8,049)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owner of the Company
|
|
|
|
(289)
|
|
|
(2,300)
|
|
|
(8,728)
|
|
|
(8,538)
|
Non-controlling interests
|
|
|
|
(11)
|
|
|
(2)
|
|
|
(36)
|
|
|
(16)
|
|
|
|
|
(300)
|
|
|
(2,460)
|
|
|
(8,764)
|
|
|
(8,554)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owner of the Company
|
|
|
|
(359)
|
|
|
(2,192)
|
|
|
(8,907)
|
|
|
(8,033)
|
Non-controlling interests
|
|
|
|
(11)
|
|
|
(2)
|
|
|
(36)
|
|
|
(16)
|
|
|
|
|
(370)
|
|
|
(2,194)
|
|
|
(8,943)
|
|
|
(8,049)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares outstanding
|
|
|
|
4,595,348
|
|
|
3,720,000
|
|
|
3,940,636
|
|
|
3,720,000
|
Loss per share - basic/ diluted (EUR)
|
|
|
|
(0.063)
|
|
|
(0.62)
|
|
|
(2.21)
|
|
|
(2.30)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Comparative figures for the year ended December 31,
2017 were restated for immaterial errors. For further information,
see Form 20-F filed with the SEC on March 28, 2019, Part III, Item
18. Financial Statements, Note 6 “Correction of errors”
|
|
(2) voxeljet AG has initially applied IFRS 15 and IFRS 9
as of January 1, 2018. Under the transition methods chosen,
comparative information has not been restated.
|
|
|
|
|
|
|
|
|
|
voxeljet AG
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
|
2018
|
|
|
2017
(1) (2)
|
|
|
|
|
(€ in thousands)
|
Cash Flow from operating activities
|
|
|
|
|
|
|
|
Loss for the period
|
|
|
|
(8,764)
|
|
|
(8,554)
|
Depreciation and amortization
|
|
|
|
3,506
|
|
|
3,163
|
Foreign currency exchange differences on loans to subsidiaries
|
|
|
|
(340)
|
|
|
1,056
|
Share-based compensation expense
|
|
|
|
604
|
|
|
386
|
Impairment losses on trade receivables
|
|
|
|
227
|
|
|
237
|
Non-cash interest expense on long-term debt
|
|
|
|
781
|
|
|
17
|
Change in fair value of derivative equity forward
|
|
|
|
(1,877)
|
|
|
(352)
|
Change in inventory allowance
|
|
|
|
(417)
|
|
|
(515)
|
Other
|
|
|
|
68
|
|
|
105
|
|
|
|
|
|
|
|
|
Change in working capital
|
|
|
|
(1,502)
|
|
|
(2,373)
|
Trade and other receivables, inventories and current assets
|
|
|
|
(1,556)
|
|
|
(2,697)
|
Trade payables
|
|
|
|
(310)
|
|
|
629
|
Other liabilities and provisions and deferred income
|
|
|
|
375
|
|
|
(310)
|
Income tax payable/receivables
|
|
|
|
(11)
|
|
|
5
|
Total
|
|
|
|
(7,714)
|
|
|
(6,830)
|
|
|
|
|
|
|
|
|
Cash Flow from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to acquire property, plant and equipment and intangible
assets
|
|
|
|
(3,812)
|
|
|
(3,626)
|
Proceeds from disposal of financial assets
|
|
|
|
10,475
|
|
|
4,077
|
Payments to acquire financial assets
|
|
|
|
(8,690)
|
|
|
(5,542)
|
Other
|
|
|
|
--
|
|
|
156
|
Total
|
|
|
|
(2,027)
|
|
|
(4,935)
|
|
|
|
|
|
|
|
|
Cash Flow from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayment of bank overdrafts and lines of credit
|
|
|
|
(58)
|
|
|
(167)
|
Repayment of sale and leaseback obligation
|
|
|
|
(324)
|
|
|
(383)
|
Repayment of finance lease obligation
|
|
|
|
(37)
|
|
|
(51)
|
Repayment of long-term debt
|
|
|
|
(2,764)
|
|
|
(732)
|
Proceeds from issuance of long-term debt
|
|
|
|
1,639
|
|
|
12,612
|
Proceeds from issuance of shares
|
|
|
|
11,088
|
|
|
--
|
Total
|
|
|
|
9,544
|
|
|
11,279
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
(197)
|
|
|
(486)
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
7,569
|
|
|
7,849
|
Changes to cash and equivalents due to foreign exchanges rates
|
|
|
|
30
|
|
|
206
|
Cash and cash equivalents at end of period
|
|
|
|
7,402
|
|
|
7,569
|
|
|
|
|
|
|
|
|
Supplemental Cash Flow Information
|
|
|
|
|
|
|
|
Interest paid
|
|
|
|
231
|
|
|
210
|
Interest received
|
|
|
|
42
|
|
|
16
|
Income taxes paid
|
|
|
|
--
|
|
|
--
|
|
|
|
|
|
|
|
|
Property, plant and equipment added under finance lease
|
|
|
|
--
|
|
|
123
|
|
|
|
|
|
|
|
|
(1) Comparative figures for the year ended December 31,
2017 were restated for immaterial errors. For further information,
see Form 20-F filed with the SEC on March 28, 2019, Part III, Item
18. Financial Statements, Note 6 “Correction of errors”
|
|
(2) voxeljet AG has initially applied IFRS 15 and IFRS 9
as of January 1, 2018. Under the transition methods chosen,
comparative information has not been restated.
|
|
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.
|
|
|
|
Quarter Ended December 31, (unaudited)
|
|
|
Year Ended December 31,
|
|
|
|
|
2018
|
|
|
2017
(1)
|
|
|
2018
|
|
|
2017
(1) (2)
|
|
|
|
|
(€ in thousands, except gross profit margin)
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systems
|
|
|
|
5,246
|
|
|
3,146
|
|
|
12,248
|
|
|
11,534
|
Services
|
|
|
|
3,328
|
|
|
2,962
|
|
|
13,761
|
|
|
11,644
|
Total revenues
|
|
|
|
8,574
|
|
|
6,108
|
|
|
26,009
|
|
|
23,178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systems
|
|
|
|
(3,589)
|
|
|
(1,817)
|
|
|
(8,540)
|
|
|
(7,276)
|
Services
|
|
|
|
(2,134)
|
|
|
(1,687)
|
|
|
(8,324)
|
|
|
(6,577)
|
Total cost of sales
|
|
|
|
(5,723)
|
|
|
(3,504)
|
|
|
(16,864)
|
|
|
(13,853)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systems
|
|
|
|
1,657
|
|
|
1,329
|
|
|
3,708
|
|
|
4,258
|
Services
|
|
|
|
1,194
|
|
|
1,275
|
|
|
5,437
|
|
|
5,067
|
Total gross profit
|
|
|
|
2,851
|
|
|
2,604
|
|
|
9,145
|
|
|
9,325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit margin (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systems
|
|
|
|
31.6%
|
|
|
42.2%
|
|
|
30.3%
|
|
|
36.9%
|
Services
|
|
|
|
35.9%
|
|
|
43.0%
|
|
|
39.5%
|
|
|
43.5%
|
Total gross profit margin (%)
|
|
|
|
33.3%
|
|
|
42.6%
|
|
|
35.2%
|
|
|
40.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Comparative figures for the year ended December 31,
2017 were restated for immaterial errors. For further information,
see Form 20-F filed with the SEC on March 28, 2019, Part III, Item
18. Financial Statements, Note 6 “Correction of errors”
|
|
(2) voxeljet AG has initially applied IFRS 15 and IFRS 9
as of January 1, 2018. Under the transition methods chosen,
comparative information has not been restated.
|
|
CONTACT:
Investors and Media
Johannes Pesch
Director, Investor Relations and Business Development
johannes.pesch@voxeljet.de
Office: +49 821 7483172
Mobile: +49 176 45398316