voxeljet AG Reports Financial Results for the Third Quarter Ended September 30, 2021
voxeljet AG (NASDAQ: VJET) reported a slight increase in revenues of 0.6% for Q3 2021, totaling kEUR 4,938, compared to kEUR 4,908 in Q3 2020. The gross profit margin improved to 39.3% from 32.7%. While systems revenues decreased by 7.0% to kEUR 2,497, services revenues rose 9.9% to kEUR 2,441. The company reaffirmed its full-year guidance, anticipating revenues between kEUR 22,500 and kEUR 27,500. A partnership with GE Renewables aims to develop large-scale 3D printers for offshore wind applications, indicating future growth potential.
- Gross profit margin improved to 39.3%, up from 32.7%.
- Services revenues increased by 9.9% to kEUR 2,441.
- Reaffirmed full-year revenue guidance of kEUR 22,500 to kEUR 27,500.
- Strategic partnership with GE Renewables for large-scale 3D printers targets offshore wind market.
- Systems revenues decreased by 7.0% to kEUR 2,497.
- Net loss narrowed to kEUR 800; however, losses continue.
- Selling expenses rose to kEUR 1,471, up from kEUR 1,295.
FRIEDBERG,
Highlights - Third Quarter 2021 compared to the Third Quarter 2020
-
Total revenues for the third quarter slightly increased
0.6% to kEUR 4,938 from kEUR 4,908 -
Gross profit margin increased to
39.3% from32.7% -
Systems revenues decreased
7.0% to kEUR 2,497 from kEUR 2,686 -
Services revenues increased
9.9% to kEUR 2,441 from kEUR 2,222 - Reaffirm full year 2021 guidance
Dr.
Three Months Ended
Revenues for the third quarter of 2021 increased by
Revenues from our Systems segment, which focuses on the development, production and sale of 3D printers, decreased by
Revenues from our Services segment, which focuses on the printing of on-demand parts for our customers, increased
Cost of sales were kEUR 2,997 for the third quarter of 2021 compared to kEUR 3,301 for the third quarter of 2020.
Gross profit and gross profit margin were kEUR 1,941 and
Gross profit for our Systems segment slightly increased to kEUR 1,102 in the third quarter of 2021 from kEUR 1,060 in the third quarter of 2020. This was due to slight improvements of gross profit from both, revenues from the sale of 3D printers as well as Systems-related revenues. Gross profit margin for this segment increased to
Gross profit for our Services segment increased to kEUR 839 in the third quarter of 2021 compared to kEUR 547 in the third quarter of 2020. Gross profit margin for this segment significantly increased to
Selling expenses were kEUR 1,471 for the third quarter of 2021 compared to kEUR 1,295 in the third quarter of 2020. Although the change in revenues was almost flat quarter over quarter, the recorded increase in selling expenses was primarily driven by higher distribution expenses. Distribution expenses like shipping and packaging are a main driver of the selling expenses, and not only depend on the amount of revenue, but also on quantities and types of products sold, as well as the destinations of where those goods are being delivered. Therefore, distribution expenses can vary from quarter to quarter.
Administrative expenses were kEUR 1,536 for the third quarter of 2021 compared to kEUR 1,477 in the third quarter of 2020. The increase was mainly related to higher legal advisor fees related to our stock market listing as well as our communication to financial institutions in connection with funding activities.
Research and development (“R&D”) expenses slightly increased to kEUR 1,498 in the third quarter of 2021 from kEUR 1,482 in the third quarter of 2020. The increase of kEUR 16 was mainly due to higher usage of external services, partially offset by lower personnel expenses as well as lower material consumption. R&D expenses can vary from quarter to quarter and are usually driven by the different project types and phases. The main projects we focused on in the third quarter of 2021 were VJET X and High Speed Sintering.
Other operating expenses in the third quarter of 2021 were kEUR 101 compared to kEUR 590 in the prior year period. This was mainly due to lower losses from foreign currency transactions of kEUR 62 for the third quarter of 2021 compared to kEUR 570 for the third quarter of 2020.
Other operating income was kEUR 1,177 for the third quarter of 2021 compared to kEUR 223 in the third quarter of 2020. The increase was mainly due to higher gains from foreign currency transactions, which increased to kEUR 514 for the third quarter of 2021, compared to kEUR 109 in the last year’s third quarter. In addition,
The changes in foreign currency gains and losses were primarily driven by the valuation of the intercompany loans granted by the parent company to our US subsidiary.
Operating loss was kEUR 1,488 in the third quarter of 2021 compared to an operating loss of kEUR 3,014 in the comparative period in 2020. This was mainly due to a positive net impact from other operating expenses and other operating income amounting to kEUR 1,076 for the third quarter of 2021 compared to a negative net impact amounting to kEUR 367 for the third quarter of 2020, in combination with a significant improvement in gross profit in the third quarter of 2021 compared to the third quarter of 2020. This improvement was partially offset by slightly higher operating expenses within the functions sales and marketing, administration and R&D.
Financial result was positive kEUR 688 in the third quarter of 2021, compared to a financial result of negative kEUR 928 in the comparative period in 2020. This was mainly related to higher finance income related to the revaluation of derivative financial instruments, amounting to kEUR 1,280, compared to a finance expense of kEUR 481 in the third quarter of 2020.
The derivative financial instruments are revalued on each balance sheet date, with changes in the fair value between reporting periods recorded within financial result of the consolidated statements of comprehensive loss. An increase in our share price results in a finance expense, while a decrease leads to a finance income, holding other parameters constant.
At the time tranche A of kEUR 10,000 was received in
At the time tranche B1 of kEUR 5,000 was received in
Interest expense included interest from long term debt which amounted to kEUR 538 for the third quarter of 2021, compared to kEUR 486 in the comparative period in 2020.
Net loss for the third quarter of 2021 was kEUR 800 or
Nine Months Ended
Revenues for the nine months ended
Systems revenues were kEUR 7,258 for the first nine months of 2021 compared to kEUR 5,862 for the same period last year. The Company sold three new and two used and refurbished 3D printers during the first nine months of 2021, compared to two new and three used and refurbished 3D printer in the prior year period. Systems revenues also include all Systems-related revenues from consumables, spare parts and maintenance. The substantial increase in revenues from our Systems segment was due to both revenues from the sale of 3D printers and Systems-related revenues. Although the Company sold the same number of units, revenue from the sale of 3D printers significantly increased due to the product mix, as we sold more larger scale platforms in the first nine months of 2021 as opposed to smaller platforms in the comparative period in 2020. In addition, Systems-related revenues increased, which reflects the recovery from the economic slow-down mainly due to the ongoing COVID-19 situation. Currently, we are able to perform installations of 3D printers as well as to offer service visits in most regions of the world. There remain some constraints and obstacles, but the situation is normalizing progressively. Systems revenues represented
Services revenues were kEUR 6,683 for the nine months ended
Cost of sales for the nine months ended
Gross profit and gross profit margin for the nine months ended
Gross profit for our Systems segment increased to kEUR 2,439 for the nine months ended
Gross profit for our Services segment increased to kEUR 1,953 for the nine months ended
Selling expenses were kEUR 4,385 for the nine months ended
Administrative expenses increased by kEUR 311 to kEUR 5,005 for the first nine months of 2021 from kEUR 4,694 in the prior year’s period. The increase was mainly related to higher legal advisor fees related to our stock market listing as well as our communication to financial institutions in connection with funding activities.
R&D expenses increased to kEUR 4,772 for the nine months ended
Other operating expenses for the nine months ended
Other operating income was kEUR 2,203 for the nine months ended
The changes in foreign currency gains and losses were primarily driven by the valuation of the intercompany loans granted by the parent company to our US subsidiary.
Operating loss was kEUR 8,053 in the nine months ended
Financial result was negative kEUR 3,632 for the nine months ended
Interest expense included interest from long term debt which amounted to kEUR 1,598 for the nine months ended
Net loss for the nine months ended
Business Outlook
Our revenue guidance for the fourth quarter of 2021 is expected to be in the range of kEUR 9,250 to kEUR 10,750.
We reaffirm our guidance for the full year ending
- Full year revenue is expected to be in the range of kEUR 22,500 to kEUR 27,500
- Gross profit margin is expected to be above
- Operating expenses for the full year are expected as follows: selling and administrative expenses are expected to be in the range of kEUR 11,400 to kEUR 11,900 and R&D expenses are projected to be between approximately kEUR 6,000 and kEUR 6,250. Depreciation and amortization expense is expected to be between kEUR 3,000 and kEUR 3,250.
- Adjusted EBITDA for the fourth quarter of 2021 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 operating (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 1,000 to kEUR 1,250, which primarily includes ongoing investments in our global subsidiaries.
Our total backlog of 3D printer orders at
At
Webcast and Conference Call Details
The Company will host a conference call and webcast to review the results for the third quarter of 2021 on
Interested parties may access the live audio broadcast by dialing 1-877-705-6003 in
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.on24.com/wcc/r/3408602/E1D0563206A4730C431595F6EB2D6BB3 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.
Non-IFRS Measure
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.
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. We are unable to reasonably estimate the potential full-year financial impact of foreign currency translation because of volatility in foreign exchange rates. Therefore, we are unable to provide a reconciliation to our forward-looking guidance for non-GAAP Adjusted EBITDA without unreasonable effort as certain information necessary to calculate such measure on an IFRS basis is unavailable, dependent on future events outside of our control and cannot be predicted without unreasonable efforts by the Company.
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,’’ ‘‘projects,’’ ‘‘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
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
|
|
|
|
|
|
|
|
|
Notes |
|
|
|
|
|
|
|
|
(€ in thousands) |
||
|
|
|
|
unaudited |
|
|
Current assets |
|
|
|
44,188 |
|
28,137 |
Cash and cash equivalents |
|
7 |
|
8,777 |
|
5,324 |
Financial assets |
|
7 |
|
15,694 |
|
5,351 |
Trade receivables |
|
|
|
4,974 |
|
4,680 |
Inventories |
|
4 |
|
12,173 |
|
11,394 |
Income tax receivables |
|
|
|
22 |
|
31 |
Other assets |
|
|
|
2,548 |
|
1,357 |
|
|
|
|
|
|
|
Non-current assets |
|
|
|
26,433 |
|
25,090 |
Financial assets |
|
7 |
|
1,747 |
|
5 |
Intangible assets |
|
|
|
959 |
|
1,143 |
Property, plant and equipment |
|
5 |
|
23,610 |
|
23,774 |
Investments in joint venture |
|
|
|
— |
|
27 |
Other assets |
|
|
|
117 |
|
141 |
|
|
|
|
|
|
|
Total assets |
|
|
|
70,621 |
|
53,227 |
|
|
|
|
|
|
|
|
|
Notes |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
11,485 |
|
26,215 |
Trade payables |
|
7 |
|
2,666 |
|
1,956 |
Contract liabilities |
|
|
|
5,870 |
|
2,911 |
Financial liabilities |
|
7 |
|
1,280 |
|
19,770 |
Other liabilities and provisions |
|
6 |
|
1,669 |
|
1,578 |
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
27,692 |
|
7,371 |
Deferred tax liabilities |
|
|
|
-- |
|
52 |
Financial liabilities |
|
7 |
|
27,687 |
|
7,314 |
Other liabilities and provisions |
|
6 |
|
5 |
|
5 |
|
|
|
|
|
|
|
Equity |
|
|
|
31,444 |
|
19,641 |
Subscribed capital |
|
|
|
7,027 |
|
4,836 |
Capital reserves |
|
|
|
110,221 |
|
88,748 |
Accumulated deficit |
|
|
|
(86,972) |
|
(75,463) |
Accumulated other comprehensive income |
|
|
|
1,447 |
|
1,675 |
Equity attributable to the owners of the company |
|
|
|
31,723 |
|
19,796 |
Non controlling interest |
|
|
|
(279) |
|
(155) |
Total equity and liabilities |
|
|
|
70,621 |
|
53,227 |
See accompanying notes to unaudited condensed consolidated interim financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
||||
|
|
Notes |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
(€ in thousands except share and share data) |
||||||
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
9, 10 |
|
4,938 |
|
4,908 |
|
13,941 |
|
12,708 |
Cost of sales |
|
9 |
|
(2,997) |
|
(3,301) |
|
(9,549) |
|
(8,931) |
Gross profit |
|
9 |
|
1,941 |
|
1,607 |
|
4,392 |
|
3,777 |
Selling expenses |
|
|
|
(1,471) |
|
(1,295) |
|
(4,385) |
|
(4,136) |
Administrative expenses |
|
|
|
(1,536) |
|
(1,477) |
|
(5,005) |
|
(4,694) |
Research and development expenses |
|
|
|
(1,498) |
|
(1,482) |
|
(4,772) |
|
(4,737) |
Other operating expenses |
|
|
|
(101) |
|
(590) |
|
(486) |
|
(1,958) |
Other operating income |
|
|
|
1,177 |
|
223 |
|
2,203 |
|
1,258 |
Thereof income (expense) from changes in impairment
|
|
|
|
(39) |
|
41 |
|
(52) |
|
26 |
Operating loss |
|
|
|
(1,488) |
|
(3,014) |
|
(8,053) |
|
(10,490) |
Finance expense |
|
8 |
|
(648) |
|
(1,005) |
|
(3,795) |
|
(1,692) |
Finance income |
|
8 |
|
1,336 |
|
77 |
|
163 |
|
573 |
Financial result |
|
8 |
|
688 |
|
(928) |
|
(3,632) |
|
(1,119) |
Loss before income taxes |
|
|
|
(800) |
|
(3,942) |
|
(11,685) |
|
(11,609) |
Income tax income (expense) |
|
|
|
— |
|
(93) |
|
52 |
|
(150) |
Net loss |
|
|
|
(800) |
|
(4,035) |
|
(11,633) |
|
(11,759) |
Other comprehensive income (loss) that may be reclassified
|
|
|
|
(108) |
|
89 |
|
(228) |
|
901 |
Total comprehensive loss |
|
|
|
(908) |
|
(3,946) |
|
(11,861) |
|
(10,858) |
|
|
|
|
|
|
|
|
|
|
|
Loss attributable to: |
|
|
|
|
|
|
|
|
|
|
Owners of the Company |
|
|
|
(785) |
|
(3,955) |
|
(11,509) |
|
(11,637) |
Non-controlling interests |
|
|
|
(15) |
|
(80) |
|
(124) |
|
(122) |
|
|
|
|
(800) |
|
(4,035) |
|
(11,633) |
|
(11,759) |
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss attributable to: |
|
|
|
|
|
|
|
|
|
|
Owners of the Company |
|
|
|
(893) |
|
(3,866) |
|
(11,737) |
|
(10,736) |
Non-controlling interests |
|
|
|
(15) |
|
(80) |
|
(124) |
|
(122) |
|
|
|
|
(908) |
|
(3,946) |
|
(11,861) |
|
(10,858) |
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares outstanding |
|
|
|
6,757,420 |
|
4,836,000 |
|
6,058,387 |
|
4,836,000 |
Loss per share - basic/ diluted (EUR) |
|
|
|
(0.12) |
|
(0.82) |
|
(1.90) |
|
(2.41) |
See accompanying notes to unaudited condensed consolidated interim financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
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|
|
|
|
|
|
|||||||
|
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 |
4,836 |
88,077 |
(60,124) |
742 |
33,531 |
(13) |
33,518 |
|||||||
Loss for the period |
-- |
-- |
(11,637) |
-- |
(11,637) |
(122) |
(11,759) |
|||||||
Foreign currency translations |
-- |
-- |
-- |
901 |
901 |
-- |
901 |
|||||||
Equity-settled share-based payment |
-- |
503 |
-- |
-- |
503 |
-- |
503 |
|||||||
Balance at |
4,836 |
88,580 |
(71,761) |
1,643 |
23,298 |
(135) |
23,163 |
|||||||
|
|
|
|
|
|
|
|
|||||||
|
|
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 |
|
4,836 |
|
88,748 |
|
(75,463) |
|
1,675 |
|
19,796 |
|
(155) |
|
19,641
|
Loss for the period |
-- |
|
-- |
|
(11,509) |
|
-- |
|
(11,509) |
|
(124) |
|
(11,633) |
|
Foreign currency translations |
-- |
|
-- |
|
-- |
|
(228) |
|
(228) |
|
-- |
|
(228) |
|
Issue of ordinary shares in the form of ADS,
|
|
2,191 |
|
21,212 |
|
-- |
|
-- |
|
23,403 |
|
-- |
|
23,403
|
Equity-settled share-based payment |
-- |
|
261 |
|
-- |
|
-- |
|
261 |
|
-- |
|
261 |
|
Balance at |
|
7,027 |
|
110,221 |
|
(86,972) |
|
1,447 |
|
31,723 |
|
(279) |
|
31,444 |
See accompanying notes to unaudited condensed consolidated interim financial statements.
(1)Comparative figures for the year ended
(2)Comparative figures for year ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
|
|
|
|
|
|
|
Nine months ended |
||
|
|
2021 |
|
2020 |
|
|
(€ in thousands) |
||
|
|
|
|
|
Cash Flow from operating activities |
|
|
|
|
|
|
|
|
|
Loss for the period |
|
(11,633) |
|
(11,759) |
|
|
|
|
|
Depreciation and amortization |
|
2,336 |
|
2,657 |
Foreign currency exchange differences on loans to subsidiaries |
|
(919) |
|
1,217 |
Changes in financial assets due to fair value valuation |
|
137 |
|
73 |
Share-based compensation expense |
|
261 |
|
503 |
Change in impairment of trade receivables |
|
52 |
|
(26) |
Non-cash interest expense on long-term debt |
|
1,447 |
|
1,027 |
Change in fair value of derivative equity forward |
|
1,942 |
|
(92) |
Change in inventory allowance |
|
166 |
|
(1) |
Loss on disposal of property, plant and equipment and intangible assets |
|
17 |
|
22 |
Interest paid |
|
201 |
|
199 |
Interest received |
|
(85) |
|
(86) |
Other |
|
(27) |
|
209 |
|
|
|
|
|
Change in working capital |
|
225 |
|
2 |
Trade and other receivables, inventories and current assets |
|
(3,313) |
|
(886) |
Trade payables |
|
681 |
|
(642) |
Other liabilities, contract liabilities and provisions |
|
2,976 |
|
1,059 |
Change in restricted cash |
|
(127) |
|
463 |
Income tax payable/receivables |
|
8 |
|
8 |
Total |
|
(5,880) |
|
(6,055) |
|
|
|
|
|
Cash Flow from investing activities |
|
|
|
|
|
|
|
|
|
Payments to acquire property, plant and equipment and intangible assets |
|
(166) |
|
(182) |
Proceeds from disposal of financial assets |
|
-- |
|
4,962 |
Payments to acquire financial assets |
|
(10,482) |
|
(994) |
Interest received |
|
85 |
|
86 |
Total |
|
(10,563) |
|
3,872 |
|
|
|
|
|
Cash Flow from financing activities |
|
|
|
|
|
|
|
|
|
Repayment of lease liabilities |
|
(247) |
|
(332) |
Repayment of long-term debt |
|
(881) |
|
(664) |
Proceeds from issuance of long-term debt |
|
-- |
|
5,000 |
Proceeds from issue of ordinary shares in the form of ADS |
|
26,619 |
|
— |
Share issue cost |
|
(3,217) |
|
— |
Change in restricted cash |
|
(2,000) |
|
— |
Interest paid |
|
(201) |
|
(199) |
Total |
|
20,073 |
|
3,805 |
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
3,630 |
|
1,622 |
|
|
|
|
|
Cash and cash equivalents at beginning of period |
|
5,324 |
|
4,368 |
Changes to cash and cash equivalents due to foreign exchanges rates |
|
(177) |
|
(15) |
Cash and cash equivalents at end of period |
|
8,777 |
|
5,975 |
See accompanying notes to unaudited condensed consolidated interim financial statements.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. Preparation of financial statements
The condensed consolidated interim financial statements include the accounts of
The condensed 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
The IASB issued a number of new IFRS standards which are required to be adopted in annual periods beginning after
|
|
|
Standard |
Effective date |
Descriptions |
IFRS 4 |
01/2021 |
Extension of the Temporary Exemption from Applying IFRS 9 |
IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 |
01/2021 |
Interest Rate Benchmark Reform |
IFRS 16 |
04/2021 |
Covid-19-Related Rent Concessions |
IFRS 3 |
01/2022 |
Reference to the Conceptual Framework |
IAS 16 |
01/2022 |
Proceeds before intended use |
IAS 37 |
01/2022 |
Onerous contracts – Cost of Fulfilling a Contract |
IFRS 1, IFRS 9, IFRS 16 and IAS 41 |
01/2022 |
Annual Improvements to IFRS Standards 2018–2020 (IFRS 1, IFRS 9, IFRS 16 and IAS
|
IFRS 17 |
01/2023 |
Amendments to IFRS 17 Insurance Contracts |
IAS 1 |
01/2023 |
Classifications of Liabilities as Current or Non-Current (Amendment to IAS 1) |
IAS 1 |
01/2023 |
Amendment to IAS 1 - Disclosure of Accounting Policies |
IAS 8 |
01/2023 |
Amendment to IAS 8 - Definition of Accounting Estimate |
IAS 12 |
01/2023 |
Amendments to IAS 12 - Deferred Taxes in Connection with Assets and Liabilities Arising
|
The adoption of standards effective 01/2021 and 04/2021 did not have a material impact on the interim financial statements as of and for the three and nine months ended
The condensed consolidated interim financial statements as of and for the three and nine months ended
Going concern
The condensed consolidated financial statements have been prepared on the basis of going concern which contemplates continuity of normal business activities and the realization of assets and settlement of liabilities in the ordinary course of business.
voxeljet has recognized continuous net losses during the nine months ended
Since the global outbreak of COVID-19, the Company has experienced lower demand in both the Systems and the Services segment compared to before the COVID-19 situation. voxeljet’s clients have postponed larger investments and therefore, the demand for 3D printers decreased. In addition, the COVID-19 situation could cause further delays in installation of 3D printers at customers’ facilities, which could lead to postponed revenue recognition for those transactions. Since the third quarter of 2020, the Company experienced a gradual recovery of demand and this positive trend has continued into the third quarter of 2021. The ability to offer service visits worldwide was very limited during the peak of the pandemic. This situation also eased over the last quarters and voxeljet is currently able to offer installations and service visits in most regions of the world, not without mentioning that there are still some constraints and obstacles. In spite of the recovery as well as the positive trends, the continuing prevalence of the COVID-19 pandemic in the certain countries as well as globally still increases the risk and likelihood for further lockdowns, travel restrictions and drops in demand. Further actions taken by government institutions, such as lockdowns, could result in a decrease in market demand, which could potentially result in lower cash inflows. Such risks have been evaluated by management and consequently have been considered in the Company’s liquidity forecast, which assumes voxeljet’s business plan is executed appropriately and sales track as expected. Management updates the liquidity forecast on an ongoing basis.
In
Those capital increases improved the Company’s liquidity as well as equity ratio significantly. In spite of this success, management is taking further steps to raise further funds which may include debt or equity financing, not without mentioning that there can be no assurance that voxeljet will be able to raise further funds on terms favorable to the Company, if at all.
Based on the Company’s current liquidity and capital resources in combination with the current liquidity forecasts, management believes that the Company has the ability to meet its financial obligations for at least the next 24 months from the authorization for issuance of these condensed consolidated interim financial statements as of and for the three and nine months ended
Impairment test
Non-financial assets are tested for impairment if there are indicators that the carrying amounts may not be recoverable. The Company considers the COVID-19 situation as such an indicator. Therefore, voxeljet performed an impairment test for the non-financial assets for the end of the reporting period. An impairment loss is recognized in the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is defined as the higher of an asset’s fair value less cost to sell and its value in use. As individual assets do not generate largely independent cash flows, impairment testing is performed at the cash generating unit level. An individual fixed asset within a CGU cannot be written down below fair value less cost incurred to sell the individual asset. The impairment test, which the Company performed, did not lead to any write downs.
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
3. Share based payment arrangements
On
Total options available under the share option plan are 372,000. On
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
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 |
|
|
|
|
Exercise price |
|
|
|
|
Expected volatility |
|
|
|
|
Expected dividends |
|
-- |
|
-- |
Risk-free interest rate |
|
|
|
|
Fair value at grant date |
|
|
|
|
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
The expenses recognized in the profit and loss statement in relation to the share-based payment arrangements amounted to kEUR 44 in the three months and kEUR 261 in the nine months ended
4. Inventories
|
|
|
|
|
|
|
|
|
|
|
|
(€ in thousands) |
||
Raw materials and merchandise |
|
3,774 |
|
3,733 |
Work in progress |
|
8,399 |
|
7,661 |
Total |
|
12,173 |
|
11,394 |
In the nine months ended
5. Property, plant and equipment, net
|
|
|
|
|
|
|
|
|
|
|
|
(€ in thousands) |
||
Land, buildings and leasehold improvements |
|
18,202 |
|
18,698 |
Plant and machinery |
|
4,513 |
|
3,982 |
Other facilities, factory and office equipment |
|
837 |
|
1,039 |
Assets under construction and prepayments made |
|
58 |
|
55 |
Total |
|
23,610 |
|
23,774 |
Thereof pledged assets of Property, Plant and Equipment |
|
12,369 |
|
13,069 |
In
6. Other liabilities and provisions
|
|
|
|
|
|
|
|
|
|
|
|
(€ in thousands) |
||
Employee bonus |
|
316 |
|
334 |
Accruals for vacation and overtime |
|
285 |
|
124 |
Accruals for commissions |
|
236 |
|
236 |
Liabilities from payroll |
|
200 |
|
237 |
Accrual for warranty |
|
150 |
|
228 |
Accruals for management compensation |
|
146 |
|
— |
Accruals for compensation of Supervisory Board |
|
135 |
|
180 |
Liabilities from VAT |
|
68 |
|
27 |
Accruals for licenses |
|
37 |
|
68 |
Accruals for education and training |
|
18 |
|
41 |
Others |
|
83 |
|
108 |
Total |
|
1,674 |
|
1,583 |
7. Financial instruments
The following tables 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 |
||||||||||||||
(€ in thousands) |
|
|
|
|
|
Assets at |
|
Liabilities |
|
Total |
|
|
|
|
|
|
|
|
|
|
FVTPL |
|
FVOCI |
|
amortized |
|
at amortized |
|
carrying |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
cost |
|
cost |
|
amount |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
12,596 |
|
5 |
|
18,591 |
|
— |
|
31,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
10,854 |
|
— |
|
18,591 |
|
— |
|
29,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
— |
|
— |
|
8,777 |
|
— |
|
8,777 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets |
|
10,854 |
|
— |
|
4,840 |
|
— |
|
15,694 |
|
10,854 |
|
— |
|
— |
|
10,854 |
Bond funds |
|
10,854 |
|
— |
|
— |
|
— |
|
10,854 |
|
10,854 |
|
— |
|
— |
|
10,854 |
Term deposit |
|
— |
|
— |
|
2,595 |
|
— |
|
2,595 |
|
— |
|
— |
|
— |
|
— |
Restricted cash |
|
— |
|
— |
|
2,245 |
|
— |
|
2,245 |
|
— |
|
— |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade receivables, net |
|
— |
|
— |
|
4,974 |
|
— |
|
4,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets |
|
1,742 |
|
5 |
|
— |
|
— |
|
1,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets |
|
1,742 |
|
5 |
|
— |
|
— |
|
1,747 |
|
5 |
|
1,742 |
|
— |
|
1,747 |
Derivative financial instruments |
|
1,742 |
|
— |
|
— |
|
— |
|
1,742 |
|
— |
|
1,742 |
|
— |
|
1,742 |
Equity securities |
|
— |
|
5 |
|
— |
|
— |
|
5 |
|
5 |
|
— |
|
— |
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
2,124 |
|
— |
|
— |
|
26,349 |
|
31,633 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
— |
|
— |
|
— |
|
3,445 |
|
3,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade payables |
|
— |
|
— |
|
— |
|
2,666 |
|
2,666 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities |
|
— |
|
— |
|
— |
|
779 |
|
1,280 |
|
— |
|
— |
|
911 |
|
911 |
Long-term debt |
|
— |
|
— |
|
— |
|
779 |
|
779 |
|
— |
|
— |
|
911 |
|
911 |
Lease liability |
|
— |
|
— |
|
— |
|
— |
|
501 |
|
— |
|
— |
|
— |
|
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
2,124 |
|
— |
|
— |
|
22,904 |
|
27,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities |
|
2,124 |
|
— |
|
— |
|
22,904 |
|
27,687 |
|
— |
|
2,124 |
|
28,154 |
|
30,278 |
Derivative financial instruments |
|
2,124 |
|
— |
|
— |
|
— |
|
2,124 |
|
— |
|
2,124 |
|
— |
|
2,124 |
Long-term debt |
|
— |
|
— |
|
— |
|
22,904 |
|
22,904 |
|
— |
|
— |
|
28,154 |
|
28,154 |
Lease liability |
|
— |
|
— |
|
— |
|
— |
|
2,659 |
|
— |
|
— |
|
— |
|
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying amount |
|
Fair Value |
||||||||||||||
(€ in thousands) |
|
|
|
|
|
Assets at |
|
Liabilities |
|
Total |
|
|
|
|
|
|
|
|
|
|
FVTPL |
|
FVOCI |
|
amortized |
|
at amortized |
|
carrying |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
cost |
|
cost |
|
amount |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
5,351 |
|
5 |
|
10,004 |
|
— |
|
15,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
5,351 |
|
— |
|
10,004 |
|
— |
|
15,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
— |
|
— |
|
5,324 |
|
— |
|
5,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets |
|
5,351 |
|
— |
|
— |
|
— |
|
5,351 |
|
2,984 |
|
2,367 |
|
— |
|
5,351 |
Bond funds |
|
984 |
|
— |
|
— |
|
— |
|
984 |
|
984 |
|
— |
|
— |
|
984 |
Bond funds (restricted) |
|
2,000 |
|
— |
|
— |
|
— |
|
2,000 |
|
2,000 |
|
— |
|
— |
|
2,000 |
Derivative financial instruments |
|
2,367 |
|
— |
|
— |
|
— |
|
2,367 |
|
— |
|
2,367 |
|
— |
|
2,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade receivables, net |
|
— |
|
— |
|
4,680 |
|
— |
|
4,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets |
|
— |
|
5 |
|
— |
|
— |
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets |
|
— |
|
5 |
|
— |
|
— |
|
5 |
|
— |
|
— |
|
5 |
|
5 |
Equity securities |
|
— |
|
5 |
|
— |
|
— |
|
5 |
|
— |
|
— |
|
5 |
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
808 |
|
— |
|
— |
|
25,108 |
|
29,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
808 |
|
— |
|
— |
|
20,606 |
|
21,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade payables |
|
— |
|
— |
|
— |
|
1,956 |
|
1,956 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities |
|
808 |
|
— |
|
— |
|
18,650 |
|
19,770 |
|
— |
|
808 |
|
24,858 |
|
25,666 |
Derivative financial instruments |
|
808 |
|
— |
|
— |
|
— |
|
808 |
|
— |
|
808 |
|
— |
|
808 |
Long-term debt |
|
— |
|
— |
|
— |
|
18,650 |
|
18,650 |
|
— |
|
— |
|
24,858 |
|
24,858 |
Lease liability |
|
— |
|
— |
|
— |
|
— |
|
312 |
|
— |
|
— |
|
— |
|
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
— |
|
— |
|
— |
|
4,502 |
|
7,314 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities |
|
— |
|
— |
|
— |
|
4,502 |
|
7,314 |
|
— |
|
— |
|
4,203 |
|
4,203 |
Long-term debt |
|
— |
|
— |
|
— |
|
4,502 |
|
4,502 |
|
— |
|
— |
|
4,203 |
|
4,203 |
Lease liability |
|
— |
|
— |
|
— |
|
— |
|
2,812 |
|
— |
|
— |
|
— |
|
n/a |
The valuation techniques used to value financial instruments include the use of quoted market prices or dealer quotes for similar instruments as well as discounted cash flow analysis.
The fair value of the Company’s investments in the bond funds was determined based on the quoted unit prices received by the fund management company.
The fair value of the derivative financial instruments that are not traded in an active market is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. The fair values have been determined based on share prices and the relevant discount rates.
The fair value of long-term debt was determined using discounted cash flow models based on the relevant forward interest rate yield curves, considering the credit risk of voxeljet.
Due to their short maturity and the current low level of interest rates, the carrying amounts of cash and cash equivalents, restricted cash, trade receivables, trade payables, term deposit, credit lines and bank overdrafts approximate their fair values.
The Group’s policy is to recognize transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period.
On
The following table presents the changes in level 3 instruments for the nine months ended
|
|
|
|
|
Non-current assets |
(€ in thousands) |
|
Equity securities |
Balance at |
|
5 |
Transfer from level 3 |
|
(5) |
Income (expense) recognised in other comprehensive income |
|
— |
Balance at |
|
— |
The investment in equity securities has been listed on a stock exchange. As it is now possible to determine the fair value of this investment using quoted prices or observable market data, it has been reclassified from level 3 into level 1 on
8. Financial result
|
|
|
|
|
|
|
Three months ended |
||
|
|
2021 |
|
2020 |
|
|
(€ in thousands) |
||
Interest expense |
|
(648) |
|
(1,005) |
Interest expense on lease liability |
|
(38) |
|
(36) |
Interest expense from long-term debt valuation |
|
(538) |
|
(486) |
Expense from revaluation of derivative financial instruments |
|
-- |
|
(481) |
Fair value valuation of financial assets |
|
(70) |
|
-- |
Other |
|
(2) |
|
(2) |
Interest income |
|
1,336 |
|
77 |
Payout of bond funds |
|
54 |
|
29 |
Income from revaluation of derivative financial instruments |
|
1,280 |
|
-- |
Fair value valuation of financial assets |
|
-- |
|
47 |
Other |
|
2 |
|
1 |
Financial result |
|
688 |
|
(928) |
|
|
|
|
|
|
|
Nine months ended |
||
|
|
2021 |
|
2020 |
|
|
(€ in thousands) |
||
Interest expense |
|
(3,795) |
|
(1,692) |
Interest expense on lease liability |
|
(110) |
|
(127) |
Interest expense from long-term debt valuation |
|
(1,598) |
|
(1,094) |
Expense from revaluation of derivative financial instruments |
|
(1,942) |
|
(394) |
Fair value valuation of financial assets |
|
(137) |
|
(73) |
Other |
|
(8) |
|
(4) |
Interest income |
|
163 |
|
573 |
Payout of bond funds |
|
90 |
|
74 |
Income from revaluation of derivative financial instruments |
|
-- |
|
486 |
Other |
|
73 |
|
13 |
Financial result |
|
(3,632) |
|
(1,119) |
9. 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 |
||||||||||||||
|
|
2021 |
|
2020 |
||||||||||||
|
|
(€ in thousands) |
||||||||||||||
|
|
|
|
|
|
CONSO |
|
|
|
|
|
|
|
CONSO |
|
|
|
|
SYSTEMS |
|
SERVICES |
|
LIDATION |
|
GROUP |
|
SYSTEMS |
|
SERVICES |
|
LIDATION |
|
GROUP |
Revenues |
|
2,513 |
|
2,441 |
|
(16) |
|
4,938 |
|
2,836 |
|
2,222 |
|
(150) |
|
4,908 |
Third party |
|
2,497 |
|
2,441 |
|
|
|
4,938 |
|
2,686 |
|
2,222 |
|
-- |
|
4,908 |
Intra-segment |
|
16 |
|
-- |
|
(16) |
|
— |
|
150 |
|
-- |
|
(150) |
|
— |
Cost of sales |
|
(1,395) |
|
(1,602) |
|
|
|
(2,997) |
|
(1,626) |
|
(1,675) |
|
|
|
(3,301) |
Gross profit |
|
1,102 |
|
839 |
|
|
|
1,941 |
|
1,060 |
|
547 |
|
|
|
1,607 |
Gross profit in % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
(4,505) |
|
|
|
|
|
|
|
(4,254) |
Other operating expenses |
|
|
|
|
|
|
|
(101) |
|
|
|
|
|
|
|
(590) |
Other operating income |
|
|
|
|
|
|
|
1,177 |
|
|
|
|
|
|
|
223 |
Operating loss |
|
|
|
|
|
|
|
(1,488) |
|
|
|
|
|
|
|
(3,014) |
Finance expense |
|
|
|
|
|
|
|
(648) |
|
|
|
|
|
|
|
(1,005) |
Finance income |
|
|
|
|
|
|
|
1,336 |
|
|
|
|
|
|
|
77 |
Financial result |
|
|
|
|
|
|
|
688 |
|
|
|
|
|
|
|
(928) |
Loss before income taxes |
|
|
|
|
|
|
|
(800) |
|
|
|
|
|
|
|
(3,942) |
Income tax income (expense) |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
(93) |
Net loss |
|
|
|
|
|
|
|
(800) |
|
|
|
|
|
|
|
(4,035) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
||||||||||||||
|
|
2021 |
|
2020 |
||||||||||||
|
|
(€ in thousands) |
||||||||||||||
|
|
|
|
|
|
CONSO |
|
|
|
|
|
|
|
CONSO |
|
|
|
|
SYSTEMS |
|
SERVICES |
|
LIDATION |
|
GROUP |
|
SYSTEMS |
|
SERVICES |
|
LIDATION |
|
GROUP |
Revenues |
|
8,887 |
|
6,683 |
|
(1,629) |
|
13,941 |
|
6,437 |
|
6,846 |
|
(575) |
|
12,708 |
Third party |
|
7,258 |
|
6,683 |
|
-- |
|
13,941 |
|
5,862 |
|
6,846 |
|
-- |
|
12,708 |
Intra-segment |
|
1,629 |
|
-- |
|
(1,629) |
|
— |
|
575 |
|
-- |
|
(575) |
|
— |
Cost of sales |
|
(4,819) |
|
(4,730) |
|
|
|
(9,549) |
|
(3,822) |
|
(5,109) |
|
|
|
(8,931) |
Gross profit |
|
2,439 |
|
1,953 |
|
|
|
4,392 |
|
2,040 |
|
1,737 |
|
|
|
3,777 |
Gross profit in % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
(14,162) |
|
|
|
|
|
|
|
(13,567) |
Other operating expenses |
|
|
|
|
|
|
|
(486) |
|
|
|
|
|
|
|
(1,958) |
Other operating income |
|
|
|
|
|
|
|
2,203 |
|
|
|
|
|
|
|
1,258 |
Operating loss |
|
|
|
|
|
|
|
(8,053) |
|
|
|
|
|
|
|
(10,490) |
Finance expense |
|
|
|
|
|
|
|
(3,795) |
|
|
|
|
|
|
|
(1,692) |
Finance income |
|
|
|
|
|
|
|
163 |
|
|
|
|
|
|
|
573 |
Financial result |
|
|
|
|
|
|
|
(3,632) |
|
|
|
|
|
|
|
(1,119) |
Loss before income taxes |
|
|
|
|
|
|
|
(11,685) |
|
|
|
|
|
|
|
(11,609) |
Income tax income (expense) |
|
|
|
|
|
|
|
52 |
|
|
|
|
|
|
|
(150) |
Net loss |
|
|
|
|
|
|
|
(11,633) |
|
|
|
|
|
|
|
(11,759) |
10. Revenues
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
SYSTEMS |
|
SERVICES |
||||
|
|
(€ in thousands) |
||||||
Primary geographical markets |
|
|
|
|
|
|
|
|
EMEA |
|
791 |
|
1,025 |
|
1,369 |
|
1,364 |
|
|
1,374 |
|
309 |
|
230 |
|
223 |
|
|
332 |
|
1,352 |
|
842 |
|
635 |
|
|
2,497 |
|
2,686 |
|
2,441 |
|
2,222 |
|
|
|
|
|
|
|
|
|
Timing of revenue recognition |
|
|
|
|
|
|
|
|
Products transferred at a point in time |
|
2,300 |
|
2,392 |
|
2,441 |
|
2,222 |
Products and services transferred over time |
|
197 |
|
294 |
|
-- |
|
-- |
Revenue from contracts with customers |
|
2,497 |
|
2,686 |
|
2,441 |
|
2,222 |
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
SYSTEMS |
|
SERVICES |
||||
|
|
(€ in thousands) |
||||||
Primary geographical markets |
|
|
|
|
|
|
|
|
EMEA |
|
3,494 |
|
3,290 |
|
4,056 |
|
4,190 |
|
|
1,979 |
|
704 |
|
674 |
|
683 |
|
|
1,785 |
|
1,868 |
|
1,953 |
|
1,973 |
|
|
7,258 |
|
5,862 |
|
6,683 |
|
6,846 |
|
|
|
|
|
|
|
|
|
Timing of revenue recognition |
|
|
|
|
|
|
|
|
Products transferred at a point in time |
|
6,452 |
|
5,074 |
|
6,683 |
|
6,846 |
Products and services transferred over time |
|
806 |
|
788 |
|
-- |
|
-- |
Revenue from contracts with customers |
|
7,258 |
|
5,862 |
|
6,683 |
|
6,846 |
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
(€ in thousands) |
||||||
EMEA |
|
2,160 |
|
2,389 |
|
7,550 |
|
7,480 |
|
|
852 |
|
834 |
|
2,489 |
|
3,644 |
|
|
194 |
|
189 |
|
1,170 |
|
686 |
|
|
38 |
|
2 |
|
703 |
|
7 |
|
|
129 |
|
102 |
|
508 |
|
195 |
|
|
399 |
|
205 |
|
1,129 |
|
765 |
Others |
|
548 |
|
1,057 |
|
1,551 |
|
2,183 |
|
|
1,604 |
|
532 |
|
2,653 |
|
1,387 |
|
|
1,070 |
|
7 |
|
1,123 |
|
54 |
|
|
263 |
|
326 |
|
782 |
|
816 |
|
|
234 |
|
160 |
|
571 |
|
428 |
Others |
|
37 |
|
39 |
|
177 |
|
89 |
|
|
1,174 |
|
1,987 |
|
3,738 |
|
3,841 |
|
|
1,167 |
|
1,981 |
|
3,647 |
|
3,722 |
Others |
|
7 |
|
6 |
|
91 |
|
119 |
Total |
|
4,938 |
|
4,908 |
|
13,941 |
|
12,708 |
11. Commitments, contingent assets and liabilities
In
In connection with the enforcement of voxeljet’s intellectual property rights, the acquisition of third‑party intellectual property rights, or disputes related to the validity or alleged infringement of the Company’s or a third party’s intellectual property rights, including patent rights, voxeljet has been and may in the future be subject or party to claims, negotiations or complex, protracted litigation.
12. Related party transactions
|
|
|
|
|
|
|
Nature of relationship |
|
Duration of relationship |
|
|
Lessor |
|
|
Schlosserei und Metallbau Ederer, Dießen |
|
Supplier |
|
|
|
|
Supplier |
|
|
|
|
Minority shareholder of voxeljet |
|
|
|
|
Customer |
|
|
|
|
Employee |
|
|
|
|
Customer |
|
|
Transactions with
Furthermore, voxeljet acquired goods amounting to kEUR 0 and kEUR 0 in the nine months ended
In addition, voxeljet received logistics services amounting to kEUR 0 and kEUR 25 in the nine months ended
Moreover, voxeljet received orders amounting to kEUR 77 and kEUR 19 in the nine months ended
Further, voxeljet received orders amounting to kEUR 0 and kEUR 0 in the nine months ended
In addition, voxeljet employed
Moreover, voxeljet sold a used car in the first quarter of 2021 to
All related party transactions, voxeljet entered into, were made on an arm’s length basis.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211110006187/en/
Investors and Media
Director Investor Relations and Business Development
johannes.pesch@voxeljet.de
Office: +49 821 7483172
Mobile: +49 176 45398316
Source:
FAQ
What are voxeljet AG's Q3 2021 financial results?
What is voxeljet AG's revenue outlook for 2021?
What partnerships has voxeljet AG established recently?
How did voxeljet AG's gross profit margin change in Q3 2021?
What was voxeljet AG's net loss for Q3 2021?
