voxeljet AG (NYSE:VJET) (the “Company”, or “voxeljet”), a
leading provider of high-speed, large-format 3D printers and
on-demand parts services to industrial and commercial customers,
today announced consolidated financial results for the second
quarter ended June 30, 2016.
Highlights — Second Quarter 2016
- Total revenues increased 14.8% to
kEUR 6,296 from kEUR 5,484
- Gross margin was 36.6% compared to
33.5% in the prior year quarter
- Systems revenues increased 97.4% to
kEUR 3,815 from kEUR 1,933
- Services revenues decreased 30.1% to
kEUR 2,481 from kEUR 3,551
- First inclusion into our consolidated
accounts of our Chinese subsidiary, located in Suzhou, near
Shanghai
- Lowered full year 2016 revenue guidance
to between kEUR 24,000 and kEUR 25,000
Dr. Ingo Ederer, Chief Executive Officer of voxeljet,
commented, “We are in the middle of executing on our Vision 2020
and we are making good progress. Our subsidiaries perform well and
we start to take advantage of our global reach, although the ramp
up is delayed. Our new production facility and research center at
our headquarters in Friedberg are beginning to take shape.
Regarding general business, we continue to operate in a complex
economic environment with lower than anticipated customer adoption
rates. With cash and short-term financial assets of around
kEUR 28,000 at the end of the quarter, we are well prepared to
execute on our Vision 2020 and to deliver long-term value to our
shareholders.” Dr. Ederer continued, “Due to the current
market demand, we change our full year 2016 guidance of revenues
from between kEUR 28,000 and kEUR 30,000 to
kEUR 24,000 and kEUR 25,000 for the Group.”
Second Quarter 2016 Results
Revenues for the second quarter of 2016 increased by 14.8% to
kEUR 6,296 compared to kEUR 5,484 in the second quarter
of 2015.
Revenues from our Systems segment, which focuses on the
development, production and sale of 3D printers, increased 97.4% to
kEUR 3,815 in the second quarter of 2016 from kEUR 1,933
in last year’s second quarter. The Company delivered six printers
(three new and three used) in the second quarter of 2016, compared
to three new printers delivered in last year’s second quarter.
Systems revenues also include all revenues from consumables, spare
parts and maintenance. Systems revenues represented 60.6% of total
revenues in the second quarter of 2016 compared to 35.2% in last
year’s second quarter.
Revenues from our Services segment, which focuses on the
printing of on-demand parts for our customers, decreased 30.1%, to
kEUR 2,481 in the second quarter of 2016 from kEUR 3,551 for
the same quarter last year. This was mainly due to lower revenue
contribution from our subsidiary voxeljet UK Ltd. (“voxeljet UK”),
which was successfully restructured in late 2015. The revenue
contribution of voxeljet UK was kEUR 244 compared to kEUR
1,360 in last year’s second quarter. Moreover, revenue contribution
from the German operation for the second quarter of 2016 was
slightly lower than in the last year’s same period, due to a lower
number of orders. This was partially offset by a higher revenue
contribution from our subsidiary voxeljet America Inc. (“voxeljet
America”).
Cost of sales was kEUR 3,993 for the second quarter of 2016
compared to kEUR 3,650 for the second quarter of 2015.
Gross profit was kEUR 2,303 in the second quarter of 2016
compared to kEUR 1,834 in the second quarter of 2015. This was due
to higher gross profit contributions from our German entity from
both Systems and Services segments. Additionally gross profit
contribution from voxeljet America improved significantly, whereas
voxeljet UK, provided negative gross profit contributions. The
lower gross margin contribution from voxeljet UK is due to a lower
utilization ratio. Gross profit margin increased to 36.6% in the
second quarter of 2016 from 33.5% in the second quarter of 2015. A
main driver of the increase of gross margin was the release of
certain accruals regarding the third tranche of the Long Term Cash
Incentive Plan (“LTCIP”) as well as bonus, which improved gross
margin by kEUR 311, whereas we recorded accruals for LTCIP and
bonus of kEUR 147 in the last year’s same period. The release
of accruals for LTCIP and bonus was due to the expectation, that
the achievement of the underlying targets is no longer probable,
based on our current 2016 forecasts.
Gross profit for our Systems segment increased to kEUR 1,112 in
the second quarter of 2016 from kEUR 632 in the second quarter of
2015. The gross profit margin for this segment decreased to 29.1%
in the second quarter of 2016 compared to 32.7% in the second
quarter of 2015. The decrease resulted mainly from three of the six
3D printers sold in the second quarter of 2016 being equipped with
new processes. Products incorporating new processes typically
contribute lower gross profit at the beginning of the product life
cycle. In addition to that, two systems were sold to an educational
institution. Those customers usually receive a higher discount
compared to the list price. Furthermore, higher headcount costs
related to our growth strategy led to lower gross profit. As of
June 30, 2016, 75 people were employed in the Systems segment,
compared to 49 as of June 30, 2015. This was partially offset by
the release of accruals related to the LTCIP as well as bonus
amounting to kEUR 183. In contrast to that, we recorded
accruals for LTCIP and bonus of kEUR 92 in the last year’s
same period.
Gross profit for our Services segment decreased to kEUR 1,191 in
the second quarter of 2016 from kEUR 1,202 in the second quarter of
2015. The gross profit margin for this segment increased to 48.0%
in the second quarter of 2016 from 33.8% in the second quarter of
2015. This was mainly related to higher gross profit margin
contributions from the German entity as well as from voxeljet
America. This was partially offset by negative gross profit
contributions from voxeljet UK due to a lower utilization ratio.
Gross profit margin highly depends on the degree of capacity
utilization. A ramp-up in Services revenues would lead to a
stronger gross profit margin. Gross margin was also impacted by the
release of accruals for the LTCIP as well as bonus amounting to
kEUR 128, compared to an accrual of kEUR 55 in the last
year’s same period. As of June 30, 2016, 44 people were
employed in the Services segment, compared to 35 as of June 30,
2015.
Selling expenses were kEUR 1,265 for the second quarter of 2016
compared to kEUR 1,743 in the second quarter of 2015. The decrease
of kEUR 478 was a result of the release of accruals on LTCIP and
bonus amounting to kEUR 132, whereas we recorded accruals for
LTCIP and bonus of kEUR 92 in the last year’s same period. In
addition to that, the commissions to third-party sales agents
decreased to kEUR 42 in the second quarter of 2016 compared to
kEUR 294 in the second quarter of 2015. As of June 30,
2016, 40 people were employed in the sales function, compared to 35
as of June 30, 2015.
Administrative expenses were kEUR 1,106 for the second quarter
of 2016 compared to kEUR 1,097 in the second quarter of 2015. This
slight increase of kEUR 9 was a result of higher consulting fees,
due to ongoing IT projects, partially offset by the release of
accruals for the LTCIP and bonus of kEUR 114. In the last
year’s same period, we recorded accruals for LTCIP and bonus of
kEUR 82. As of June 30, 2016, voxeljet employed 46 people
performing administrative functions, and the number remained
unchanged compared to June 30, 2015.
Research and development (“R&D”) expenses decreased to kEUR
1,049 in the second quarter of 2016 from kEUR 1,417. The
decrease of kEUR 368 was mainly due to the restructuring of
voxeljet UK, which resulted in the cancellation of research and
development activities in UK. Moreover, accruals regarding the
LTCIP and bonus of kEUR 261 were released, whereas we recorded
accruals for LTCIP and bonus of kEUR 137 in the comparative
period last year. Headcount in this function decreased at the
end of the second quarter of 2016 by five to 50 employees
compared to 55 at the end of the second quarter of 2015.
Other operating expenses in the second quarter of 2016 were kEUR
818 compared to kEUR 62 in the prior year period. This was mainly
due to foreign currency losses amounting to kEUR 474 (Q2 2015:
kEUR 19).
Other operating income was kEUR 327 for the second quarter of
2016 compared to kEUR 390 in the second quarter of 2015. This was
mainly due to foreign currency gains of kEUR 95 in the second
quarter of 2016 compared to kEUR 46 in the comparative
period.
The changes in foreign currency losses and gains were primarily
driven by the valuation of the intercompany loans granted by the
parent company to our UK and U.S. subsidiaries. The loans are
denominated in GBP and USD, respectively. The financial impact
primarily reflects the weakening of the GBP in the second quarter
of 2016 following the Brexit vote, compared to gains in the
comparative period.
Operating loss was kEUR 1,608 in the second quarter of 2016,
compared to an operating loss of kEUR 2,095 in the prior year
period. Our operating loss in the second quarter of 2016 was a
result of lower gross profit contribution from the Systems segment
as well as a negative net impact from foreign exchange valuation
amounting to kEUR 379 compared to a positive net impact of
kEUR 27 in last year’s same period. This was partially offset
by lower operating expenses incurred in R&D and sales and
marketing. The operating loss was significantly impacted by the
release of accruals regarding the LTCIP as well as bonus amounting
to kEUR 818 in total, compared to accruals for LTCIP and bonus
amounting to kEUR 459 in last year’s same period.
Financial result was negative kEUR 95 in the second quarter of
2016, compared to a financial result of negative kEUR 41 in
the prior year period. The increase was mainly related to the
release of other comprehensive income to finance expense due to the
selling of portions of the bond funds.
Net loss for the second quarter of 2016 was kEUR 1,705 or
EUR 0.46 per share, as compared to net loss of kEUR 2,136, or
EUR 0.57 per share, in the second quarter of 2015.
Based on a conversion rate of five American Depositary Shares
(“ADSs”) per ordinary share, net loss was EUR 0.09 per ADS for
the six months ended June 30, 2016 compared to net loss of EUR 0.11
per ADS in the prior year period.
Six Months Ended June 30, 2016 Results
Revenues for the six months ended June 30, 2016
increased by 0.8% to kEUR 11,166 compared to kEUR 11,073
in the prior year period.
Systems revenues were kEUR 6,598 for the first six months
of 2016 compared to kEUR 4,750 in last year’s period. The
Company sold six new and three used and refurbished 3D printers
during the first six months of 2016 compared to five new and two
used 3D printers in the prior year period. Systems revenues
represented 59.1% of total revenue for the six months ended
June 30, 2016 compared to 42.9% for the same period a
year ago.
Services revenues were kEUR 4,568 for the six months ended
June 30, 2016 compared to kEUR 6,323 for the same period
last year. This decrease was mainly due to the lower revenue
contribution from our subsidiary voxeljet UK, which was
restructured in late 2015 as well as lower year to date revenues
from the German entity. After a weak first quarter of 2016 at the
German operation, its revenues improved in the second quarter of
this year.
Cost of sales for the six months ended June 30, 2016
was kEUR 7,532, an increase of kEUR 172, or 2%, over cost of sales
of kEUR 7,360 for the same period in 2015.
Gross profit and gross margin for the six months ended
June 30, 2016 were kEUR 3,634 and 32.5%, respectively,
compared to kEUR 3,713 and 33.5% in the prior year period. A main
impact on gross margin was the release of accruals regarding the
LTCIP as well as bonus, which improved gross margin by kEUR 172,
whereas we recorded accruals for LTCIP and bonus of kEUR 418 in the
comparative period.
Gross profit for our Systems segment increased to kEUR 1,805 for
the six months ended June 30, 2016 from kEUR 1,404
in the same period of 2015. The gross profit margin for this
segment decreased to 27.4% compared to 29.6% for the prior period.
The decrease resulted mainly from five of the nine 3D printers sold
in the first half of 2016 being equipped with new processes and
products. Incorporating new processes typically contribute lower
gross profit at the beginning of the product life cycle. This was
partially offset by the release of accruals for the LTCIP as well
as bonus amounting to kEUR 93. In contrast to this, we
recorded accruals of kEUR 252 in the last year’s same
period.
Gross profit for our Services segment decreased to kEUR 1,829
for the six months ended June 30, 2016 from
kEUR 2,309 in the same period of 2015. The gross profit margin
for this segment increased to 40.0% from 36.5% in the last year’s
same period. The increase in gross profit margin was primarily
related to higher gross margin contributions from the German
operation and voxeljet America. Gross margin also benefited from
the release of accruals for the LTCIP as well as bonus amounting to
kEUR 79. This compares to an accrual for LTCIP and bonus of
kEUR 166 in the first half of 2015.
Selling expenses were kEUR 2,468 for the six months ended
June 30, 2016 compared to kEUR 3,159 in the same period
in 2015, a decrease of kEUR 691, or 21.9%. Administrative expenses
decreased by kEUR 514 to kEUR 2,202 for the first six months of
2016 from kEUR 2,716 in the prior year period. The decrease in
selling and administrative expenses were mainly driven by the
restructuring of voxeljet UK last year as well as the release of
accruals for the LTCIP and bonus of kEUR 87 and kEUR 63,
respectively. In contrast to that, selling and administrative
expenses during the six months ended June 30, 2015 included the
accruals on LTCIP and bonus of kEUR 250 and kEUR 207,
respectively. Selling expenses also decreased due to lower
commissions to third-party sales agents, which declined to
kEUR 84 in the first half of 2016 compared to kEUR 506 in
the last year’s same period. There were not yet significant impacts
from the Chinese and Indian subsidiary to selling and
administrative expenses.
R&D expenses decreased to kEUR 2,356 for the six months
ended June 30, 2016 from kEUR 2,977 in the same period in
2015, a decrease of kEUR 621, or 20.9%. The decrease in R&D
expenses in the first six months ended June 30, 2016 is
due to the restructuring of voxeljet UK, which resulted in the
cancellation of research and development activities in UK, but also
from the release of accruals regarding the LTCIP and bonus of
kEUR 156. In the last year’s same period accruals for LTCIP
and bonus was amounted to kEUR 395.
Other operating expenses for the six months ended
June 30, 2016 were kEUR 1,947 compared to kEUR 268 in the
prior year period. This was mainly due to higher losses from
foreign currency transactions amounting to kEUR 1,233 compared
to kEUR 119 in the prior year period.
Other operating income was kEUR 644 for the six months ended
June 30, 2016 compared to kEUR 1,846 in the prior year
period. The decrease was mainly due to lower gains from foreign
exchange transactions amounting to kEUR 132 compared to
kEUR 970 in the last year’s same period and lower recognition
of deferred income amounting to kEUR 148 compared to kEUR 377
in the last year’s same period.
The changes in foreign currency losses and gains were primarily
driven by the valuation of the intercompany loans granted by the
parent company to our UK and U.S. subsidiaries. The loans are
denominated in GBP and USD, respectively. The financial impact
primarily reflects the weakening of the GBP in the second quarter
of 2016 following the Brexit vote, compared to gains in the
comparative period.
Net loss for the six months ended June 30, 2016 was
kEUR 4,819 or EUR 1.29 per share, as compared to net loss of
kEUR 3,766, or EUR 1.01 per share, in the prior year period.
This is based on a weighted average number of ordinary shares
outstanding of 3.720 million for the first six months ended
June 30, 2016. Compared the last year’s same period, the
number of ordinary shares outstanding was unchanged. The net loss
was significantly impacted by the release of accruals regarding the
LTCIP as well as bonus amounting to kEUR 478 compared to an
addition to LTCIP and bonus accruals of kEUR 1,270 in the first
half year 2015.
Based on a conversion rate of five American Depositary Shares
(“ADSs”) per ordinary share, net loss was EUR 0.26 per ADS for
the six months ended June 30, 2016 compared to net loss
of EUR 0.20 per ADS in the prior year period.
Business Outlook
We decreased our full year 2016 guidance of revenues from
between kEUR 28,000 and kEUR 30,000 to between
kEUR 24,000 and kEUR 25,000 for the Group.
Our revenue guidance for the third quarter of 2016 is in the
range of kEUR 4,500 to kEUR 5,500.
The primary drivers of the Company’s revenues for the year
ending December 31, 2016 are expected to be:
(1) development of global Systems sales; (2) Services
revenue contribution from our facility in Friedberg, Germany;
(3) contribution from voxeljet America; (4) offset by a
smaller revenue contribution from voxeljet UK after the
restructuring in the fourth quarter of 2015; and (5) first
contributions from our new subsidiaries in India and China.
Our total backlog of 3D printer orders as of June 30, 2016 was
kEUR 4,209, which represents five 3D printers. This
compares to a backlog of kEUR 5,613, representing nine 3D printers,
as of December 31, 2015. As production and delivery of our
printers generally varies and is characterized by lead times
between in general three to nine months from order intake until
delivery, the conversion rate of order backlog into revenue is
dependent on the equipping process for the respective 3D printer as
well as the timing of customers’ requested deliveries. The decrease
of order backlog is due to lower market demand, which we are
currently facing.
As of June 30, 2016, we had cash and cash equivalents of
kEUR 12,877 and held kEUR 14,619 of investments in two
bond funds and one note receivable which are included in current
financial assets on our consolidated statements of financial
position.
Webcast and Conference Call Details
The company will host a conference call and webcast to review
the results for the second quarter on Friday, August 12th at 8:30
a.m. Eastern Time. Participants from voxeljet will include our
Chief Executive Officer, Dr. Ingo Ederer, and our Chief Financial
Officer, Rudolf Franz, who will provide a general business update
and respond to investor questions.
Interested parties may access the live audio broadcast by
dialing 1-877-705-6003 in the United States/Canada, or
+1-201-493-6725 for international, Conference Title “voxeljet AG
Second Quarter 2016 Financial Results Conference Call”. Investors
are requested to access the call at least five minutes before the
scheduled start time in order to complete a brief registration. An
audio replay will be available approximately two hours after the
completion of the call at 1-877-870-5176 or +1-858-384-5517, Replay
Conference ID number 13641996. The recording will be available for
replay through August 19, 2016.
A live webcast of the call will also be available on the
investor relations section of the Company’s website. Please go to
the website https://event.webcasts.com/starthere.jsp?ei=1104186 at
least fifteen minutes prior to the start of the call to register,
download and install any necessary audio software. A replay will
also be available as a webcast on the investor relations section of
the Company’s website.
Exchange rate
This press release contains translations of certain U.S. dollar
amounts into euros at specified rates solely for the convenience of
readers. Unless otherwise noted, all translations from U.S. dollars
to euros in this press release were made at a rate of USD 1.1032 to
EUR 1.00, the noon buying rate of the Federal Reserve Bank of New
York for the euro on June 30, 2016.
About voxeljet
voxeljet is a leading provider of high-speed, large-format 3D
printers and on-demand parts services to industrial and commercial
customers. The Company’s 3D printers employ a powder binding,
additive manufacturing technology to produce parts using various
material sets, which consist of particulate materials and
proprietary chemical binding agents. The Company provides its 3D
printers and on-demand parts services to industrial and commercial
customers serving the automotive, aerospace, film and
entertainment, art and architecture, engineering and consumer
product end markets. For more information, visit
http://www.voxeljet.de/en/.
Cautionary Statement on Forward-Looking Statements
This press release contains forward-looking statements
concerning our business, operations and financial performance. Any
statements that are not of historical facts may be deemed to be
forward-looking statements. You can identify these forward-looking
statements by words such as ‘‘believes,’’ ‘‘estimates,’’
‘‘anticipates,’’ ‘‘expects,’’ ‘‘plans,’’ ‘‘intends,’’ ‘‘may,’’
‘‘could,’’ ‘‘might,’’ ‘‘will,’’ ‘‘should,’’ ‘‘aims,’’ or other
similar expressions that convey uncertainty of future events or
outcomes. Forward-looking statements include statements regarding
our intentions, beliefs, assumptions, projections, outlook,
analyses or current expectations concerning, among other things,
our results of operations, financial condition, business outlook,
the industry in which we operate and the trends that may affect the
industry or us. Although we believe that we have a reasonable basis
for each forward-looking statement contained in this press release,
we caution you that forward-looking statements are not guarantees
of future performance. All of our forward-looking statements are
subject to known and unknown risks, uncertainties and other factors
that are in some cases beyond our control and that may cause our
actual results to differ materially from our expectations,
including those risks identified under the caption “Risk Factors”
in the Company’s Annual Report on Form 20-F and in other
reports the Company files with the U.S. Securities and Exchange
Commission, as well as the risk that our revenues may fall short of
the guidance we have provided in this press release. Except as
required by law, the Company undertakes no obligation to publicly
update any forward-looking statements for any reason after the date
of this press release whether as a result of new information,
future events or otherwise.
voxeljet AG
CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION
Notes 6/30/2016 12/31/2015 (€ in
thousands)unaudited Current assets 43,564
46,550 Cash and cash equivalents 7 12,877 2,086 Financial
assets 7 14,619 31,746 Trade receivables 2,924 3,348 Inventories 3
11,220 7,841 Income tax receivables 54 54 Other assets 1,870 1,475
Non-current assets 22,906 23,570
Financial assets 7 206 206 Intangible assets 4 732 627 Goodwill 4
1,130 1,273 Property, plant and equipment 5 20,786 21,383 Other
assets 52 81
Total assets 66,470 70,120
Notes 6/30/2016 12/31/2015
Current liabilities 6,477 6,402
Deferred income 530 472 Trade payables 2,254 1,759 Financial
liabilities 7 1,192 1,150 Income tax payable 1 -- Other liabilities
and provisions 6 2,500 3,021
Non-current liabilities
2,139 2,249 Deferred income 236 397 Deferred tax
liabilities 1 1
Financial liabilities
7 1,787 1,291 Other liabilities and provisions 6 115 560
Equity 57,854 61,469 Subscribed capital 3,720
3,720 Capital reserves 75,827 75,671 Accumulated deficit (22,492)
(17,684) Accumulated other comprehensive income (loss) 697 (238)
Equity attributable to the owners of the company
57,752 61,469 Non controlling interest
102 --
Total equity and liabilities
66,470 70,120
voxeljet AG
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS (UNAUDITED)
Three months ended June 30,
Six months ended June 30, Notes 2016
2015 2016 2015 (€ in
thousands except share and share data) Revenues 8. 9 6,296
5,484 11,166 11,073 Cost of sales (3,993) (3,650) (7,532) (7,360)
Gross profit 8 2,303 1,834 3,634
3,713 Selling expenses (1,265) (1,743) (2,468) (3,159)
Administrative expenses (1,106) (1,097) (2,202) (2,716) Research
and development expenses (1,049) (1,417) (2,356) (2,977) Other
operating expenses (818) (62) (1,947) (268) Other operating income
327 390 644 1,846
Operating loss (1,608)
(2,095) (4,695) (3,561) Finance expense (97)
(47) (127) (150) Finance income 2 6 5 10
Financial result
(95) (41) (122) (140) Loss before
income taxes (1,703) (2,136) (4,817)
(3,701) Income taxes (2) — (2) (65)
Net loss
(1,705) (2,136) (4,819) (3,766)
Other comprehensive income (loss) 327 (89) 935 (267)
Total comprehensive loss (1,378) (2,225)
(3,884) (4,033) Loss attributable to:
Owners of the Company (1,694) (2,136) (4,808) (3,766)
Non-controlling interests (11) -- (11) --
(1,705)
(2,136) (4,819) (3,766) Total
comprehensive loss attributable to: Owners of the Company
(1,367) (2,225) (3,873) (4,033) Non-controlling interests (11) --
(11) --
(1,378) (2,225) (3,884) (4,033)
Weighted average number of ordinary shares outstanding
3,720,000 3,720,000 3,720,000 3,720,000 Loss per share - basic/
diluted (EUR) (0.46) (0.57) (1.29) (1.01)
voxeljet AG
CONSOLIDATED STATEMENTS OF CHANGES IN
EQUITY (UNAUDITED)
Accumulatedothercomprehensiveincome
(loss)
Subscribedcapital
Capitalreserves
Accumulate
deficit
(€ in thousands) Total equity
Balance at January 1 2015 3,720 75,671
(8,090) (1) 71,300 Loss for the period — —
(3,766)
—
(3,766) Net changes in fair value of available for sale
financial assets — — — (101)
(101) Foreign currency
translations — — — (166)
(166) Balance at June 30,
2015 3,720 75,671 (11,856) (268)
67,267 Attributable to the owners of the
company
(€ in thousands)
Subscribedcapital Capitalreserves
Accumulatedeficit
Accumulated
other
comprehensiveincome
(loss)
Total
Non controllinginterest
Total equity Balance at January 1 2016 3,720
75,671 (17,684) (238) 61,469 —
61,469 Establishment of subsidiary with non controlling
interest — — — —
— 113
113 Loss for the period — —
(4,808) —
(4,808) (11)
(4,819) Net changes in fair
value of available for sale financial assets — — — 49
49 —
49 Foreign currency translations — — — 886
886 —
886 Equity-settled share-based payment transaction — 156 — —
156 —
156 Balance at June 30, 2016
3,720 75,827 (22,492) 697 57,752
102 57,854
voxeljet AG
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six months ended June 30, 2016
2015 (€ in thousands) Cash Flow from operating
activities Net loss (4,819) (3,766)
Depreciation and amortization 1,256 1,495 Valuation
adjustments 901 (308) Equity-settled share-based payment
transaction 256 — Proceeds from customer loans 10 836 Changes in
deferred income taxes — (213) Deferred income (208) (27)
Change in working capital (3,929) 183 Trade
and other receivables and current assets 201 90 Inventories (3,778)
(2,469) Trade payables 495 758 Other liabilities and provisions
(848) 1,828 Income tax payable/receivables 1 (24)
Total
(6,533) (1,800) Cash Flow from investing
activities Proceeds from disposal of property, plant and
equipment and intangible assets — 1 Payments to acquire property,
plant and equipment and intangible assets (365) (3,737) Net
proceeds from disposal of financial assets 17,126 1,939
Total 16,761 (1,797) Cash Flow from
financing activities Repayment from bank overdrafts and
lines of credit (115) (23) Repayment of sale and leaseback
obligation (247) (323) Proceeds (repayment) of finance lease
obligation 35 (326) Proceeds (repayment) of long-term debt 865
(101)
Total 538 (773) Net increase
(decrease) in cash and cash equivalents 10,766 (4,370)
Cash and cash equivalents at beginning of period
2,086 8,031 Changes to cash and equivalents due to
foreign exchanges rates 25 96
Cash and cash equivalents at end
of period 12,877 3,757 Supplemental
Cash Flow Information Interest paid net 44 147
voxeljet AG
NOTES TO THE INTERIM FINANCIAL
STATEMENTS
Our consolidated interim financial statements include the
accounts of voxeljet AG, which is listed on the New York Stock
Exchange, and its wholly-owned subsidiaries voxeljet America Inc,
voxeljet UK Ltd., voxeljet India Pvt. Ltd. and, as an addition in
the second quarter of 2016, voxeljet China Co., Ltd. (“voxeljet
China”) which are collectively referred to herein as the ‘Group’ or
the ‘Company.’
Our consolidated interim financial statements were prepared in
compliance with all applicable measurement and presentation
rules contained in International Financial Reporting Standards
(‘IFRS’) as set forth by the International Accounting Standards
Board (‘IASB’) and Interpretations of the IFRS Interpretations
Committee (‘IFRIC’). The designation IFRS also includes all valid
International Accounting Standards (‘IAS’); and the designation
IFRIC also includes all valid interpretations of the Standing
Interpretations Committee (‘SIC’). Specifically, these financial
statements were prepared in accordance with the disclosure
requirements and the measurement principles for interim financial
reporting purposes specified by IAS 34.
The IASB issued a number of new IFRS standards which are
required to be adopted in annual periods beginning after January 1,
2016.
Standard
Effective date Descriptions IAS 7
01/2017 Amendments Disclosure Initiative IAS 12 01/2017 Amendments
Recognition of Deferred Tax Assets for Unrealised Losses IFRS 2
01/2018 Amendments Classifications and Measurement of Share-based
Payments Transactions IFRS 9 01/2018 Financial Instruments IFRS 15
01/2018 Revenue from Contracts with Customers IFRS 16 01/2019
Leases IFRS 10, IAS 28 to be determined Amendment Sale or
Contribution of Assets between Investor and its Associate or Joint
Venture
The Company has not yet determined what impact the new
standards, amendments or interpretations will have on its financial
statements.
The interim financial statements as of and for the six months
ended June 30, 2016 and 2015 were authorized for issue by the
Management Board on August 11, 2016.
2. Summary of significant accounting policies
The principal accounting policies applied in the preparation of
these interim financial statements are set out in the Company’s
financial statements as of December 31, 2015, which can be
found in its Annual Report on Form 20-F that was filed with
the U.S. Securities and Exchange Commission. These policies have
been applied to all financial periods presented.
3. Inventories
6/30/2016 12/31/2015
(€ in thousands) Raw materials 983 621 Work in progress
9,095 6,095 Finished goods 1,142 1,125
Total 11,220
7,841
4. Intangible assets and goodwill
6/30/2016 12/31/2015
(€ in thousands) Software 308 279 Licenses 169 189
Prepayments made on intangible assets 255 159 Total
732
627 6/30/2016 12/31/2015 (€
in thousands) Goodwill 1,130 1,273
The change in goodwill is related to foreign currency
valuation.
5. Property, plant and equipment
6/30/2016 12/31/2015
(€ in thousands) Land, buildings and leasehold improvements
12,108 12,167 Plant and machinery (includes assets under finance
lease) 6,715 7,702 Other facilities, factory and office equipment
1,509 1,413 Assets under construction and prepayments made 454 101
Total 20,786 21,383 Leased assets
included in Property, Plant and Equipment: 1,562
2,059 Printers 1,299 1,490 Printers leased to customers
under operating lease 164 500 Other factory equipment 99 69
No impairment of non-financial assets was recorded in the
six-months period ended June 30, 2016.
6. Other liabilities and provisions
6/30/2016 12/31/2015
(€ in thousands) Customer deposits 1,110 1,300
Liabilities from VAT
185 32 Employee bonus — 664 Accruals for management compensation
113 — Accruals for vacation and overtime 359 110 Accruals for
licences 142 183 Accruals for LTCIP — 478
Liabilities from payroll
210 216 Others 496 598
Total 2,615 3,581
In April 2016 the employee bonus regarding the year 2015 was
fully paid.
The decrease of accruals for employee bonus and LTCIP is based
on management’s determination that the achievement of the
underlying targets on both the third performance period of LTCIP
and employee bonus plan is no longer probable, resulting in a
release of kEUR 818 for the second quarter of 2016 and kEUR 478 for
the six months ended June 30, 2016 to the consolidated statements
of comprehensive loss.
7. Financial instruments
The fair value of a financial instrument is the price that would
be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement
date.
The fair value hierarchy defines the following levels:
- Level 1: Quoted prices of the
respective financial asset or financial liability in active
markets
- Level 2: Other directly observable
input parameters which contribute to establishing the fair value
based on a valuation model
- Level 3: Input parameters not
based on observable market data
Under IAS 39 there are the following categories:
(I) A financial asset or financial liability at fair value
through profit or loss
(II) Held-to-maturity investments
(III) Available-for-sale financial assets
(IV) Loans and receivables
(V) Financial liabilities measured at amortized cost
The fair values and carrying amounts of financial assets
categorized as loans and receivables and available for sale
securities as well as of financial liabilities for the considered
reporting periods were as follows:
6/30/2016
I. II. III. IV. V. Fair
Value Level Assets
Non-current
assets
Restricted cash — — — 206 — 206 Level 1
Current
assets
Bond funds — — 13,664 — — 13,664 Level 1 Note receivable — — 955 —
— 955 Level 1 Cash and cash equivalents — — — 12,877 — 12,877 Level
1
Liabilities
Non-current
liabilities
Long-term debt — — — — 1,217 1,137 Level 2 Finance lease obligation
— — — — 570 541 Level 2
Current
liabilities
Bank overdraft — — — — 268 268 Long-term debt — — — — 401 397 Level
2 Finance lease obligation — — — — 523 515 Level 2
12/31/2015 I. II. III. IV.
V. Fair Value Level Assets
Non-current
assets
Restricted cash — — — 206 — 206 Level 1
Current
assets
Customer loan — — — 10 — 10 Level 2 Bond funds — — 30,661 — —
30,661 Level 1 Note receivable — — 1,075 — — 1,075 Level 1 Cash and
cash equivalents — — — 2,086 — 2,086 Level 1
Liabilities
Non-current
liabilities
Long-term debt — — — — 545 520 Level 2 Finance lease obligation — —
— — 746 701 Level 2
Current
liabilities
Bank overdraft — — — — 384 384 Long-term debt — — — — 207 206 Level
2 Finance lease obligation — — — — 559 589 Level 2
The fair value of the Company’s investments in the bond funds
was determined based on the unit prices quoted by the respective
fund management company.
The fair value of long-term debt was determined using discounted
cash flow models based on the relevant forward interest rate yield
curves. The fair value of finance lease obligations was determined
using discounted cash flow models on market interest rates
available to the Company for similar transactions at the relevant
date.
Due to their short maturity and the current low level of
interest rates, the carrying amounts of credit lines and bank
overdrafts approximate fair value.
8. Segment reporting
The following table summarizes segment reporting. The sum of the
amounts of the two segments equals the total for the Group in each
of the periods.
Three months ended June 30, 2016
2015 (€ in thousands) SYSTEMS
SERVICES SYSTEMS SERVICES Revenues
3,815 2,481 1,933 3,551 Gross profit 1,112 1,191 632 1,202
Gross profit in % 29.1
%
48.0 % 32.7 % 33.8 %
Six months ended June
30, 2016 2015 (€ in thousands)
SYSTEMS SERVICES SYSTEMS SERVICES
Revenues 6,598 4,568 4,750 6,323 Gross profit 1,805 1,829
1,404 2,309 Gross profit in % 27.4 % 40.0 % 29.6 % 36.5 %
9. Revenues
The Group’s revenues by geographic region were as follows:
Three months ended June 30,
Six months ended June 30, 2016
2015 2016 2015 (€ in
thousands) (€ in thousands) EMEA 4,298
4,293 7,707 9,422 France 613 245 2,084 431
Germany 2,132 1,623 3,238 3,894 Great Britain 340 1,357 611 2,233
Others 1,213 1,068 1,774 2,864
Asia Pacific 1,489
933 2,506 1,138 Thailand 1,272 — 1,272 — South
Korea 110 843 209 923 Others 107 90 1,025 215
Americas
509 258 953 513 United States 509 258
953 513
Total 6,296 5,484 11,166
11,073
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160811006182/en/
voxeljet AGInvestors and MediaJohannes
PeschManager, Investor Relations and Business
Developmentjohannes.pesch@voxeljet.deOffice: +49 821 7483172Mobile:
+49 176 45398316
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