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, 2019.
Highlights - Second Quarter 2019(1) compared to the
Second Quarter 2018
- Total revenues for the second quarter decreased 4.0% to kEUR
5,050 from kEUR 5,262
- Gross profit margin decreased to 30.2% from 35.2%
- Systems revenues increased 13.1% to kEUR 2,129 from kEUR
1,883
- Services revenues decreased 13.6% to kEUR 2,921 from kEUR
3,379
- Reaffirm full year 2019 guidance
(1)Certain comparative figures for the
three-month and six-month periods ended June 30, 2018 were
restated for immaterial errors. For further
information, see Note 9 of the Q3-2018 condensed consolidated
interim financial statements.
Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented,
“We are satisfied with the results for the first half of 2019.
Revenue from our Systems segment is up by 40% for the first half of
2019, compared to the same period last year. We successfully
presented VJET X, our new high-speed additive manufacturing
solution for the first time to the public. A leading German car
maker plans to use this 3D printer in the mass production of a new
engine component. This new component can help to reduce vehicle CO2
emissions significantly. We are on track to present our large-scale
production solution for High Speed Sintering, our new VX1000 HSS
printer, to the public, for the first time in the fourth quarter of
this year. This new 3D printer can be used in the mass production
of sports equipment, consumer goods & electronics as well as in
the manufacturing of parts for mobility & transportation and
similar markets. There is truly a lot to be excited about.”
Second Quarter 2019 Results
Revenues for the second quarter of 2019 decreased by 4.0% to
kEUR 5,050 compared to kEUR 5,262 in the second quarter of
2018.
Revenues from our Systems segment, which focuses on the
development, production and sale of 3D printers, increased 13.1% to
kEUR 2,129 in the second quarter of 2019 from kEUR 1,883 in last
year’s second quarter. The Company delivered two new 3D printers in
the second quarter of 2019, compared to one new 3D printer and one
used and refurbished 3D printer in last year’s second quarter.
Based on this product mix, the revenue from the sale of 3D printers
slightly increased. Systems revenues also include all
Systems-related revenues from consumables, spare parts and
maintenance. Systems-related revenues were the main driver for the
increase in revenue in the second quarter year over year, which
reflects the higher installed base of 3D printers in the market and
the associated growth in aftersales activities. Systems revenues
represented 42.2% of total revenues in the second quarter of 2019
compared to 35.8% in last year’s second quarter.
Revenues from our Services segment, which focuses on the
printing of on-demand parts for our customers, decreased 13.6% to
kEUR 2,921 in the second quarter of 2019 from kEUR 3,379 in the
comparative period of 2018. This was mainly due to lower revenue
contributions from the German operation. Revenues from the German
operation reflected the slight slowdown of the economy in Western
Europe, mainly related to the automotive industry. This was
partially offset by higher revenue contributions from our
subsidiary voxeljet America Inc. (“voxeljet America”) mainly
related to a volume contract which started in July 2018. Also
revenue contribution from voxeljet China Co. Ltd. (“voxeljet
China”) increased, mainly due to a growing market penetration in
the Asian sales region, which is accompanied by a larger customer
base.
Cost of sales was kEUR 3,524 for the second quarter of 2019
compared to kEUR 3,410 for the second quarter of 2018.
Gross profit and gross profit margin were kEUR 1,526 and 30.2%,
respectively, in the second quarter of 2019 compared to kEUR 1,852
and 35.2% in the second quarter of 2018.
Gross profit for our Systems segment increased to kEUR 531 in
the second quarter of 2019 from kEUR 474 in the second quarter of
2018. This was mainly related to the increase in revenues of kEUR
246 compared to the last year’s same period. Gross profit margin
for this segment decreased to 24.9% in the second quarter of 2019
compared to 25.2% in the second quarter of 2018 and is therefore
almost unchanged. Gross profit margin from the sale of 3D printers
decreased in the second quarter year over year due to a less
favorable product mix, while Systems-related revenues contributed a
higher gross profit margin.
Gross profit for our Services segment decreased to kEUR 995 in
the second quarter of 2019 compared to kEUR 1,378 in the second
quarter of 2018. This was mainly due to the significant decrease in
revenues from the German service center. The gross profit margin
for this segment decreased to 34.1% in the second quarter of 2019
from 40.8% in the second quarter of 2018. This was mainly related
to lower gross profit margin from the German service center as a
result of lower utilization. Our subsidiary voxeljet America also
contributed lower gross profit margin due to higher depreciation
expense, as we added additional 3D printers to our American service
center during the third quarter of 2018, including one VX4000
system.
Selling expenses were kEUR 1,762 for the second quarter of 2019
compared to kEUR 1,658 in the second quarter of 2018. The increase
was mainly due to higher personnel expenses as a result of the
annual salary increase as well as higher expenses for trade
fairs.
Administrative expenses were kEUR 1,585 for the second quarter
of 2019 compared to kEUR 1,392 in the second quarter of 2018. This
was mainly due to an increase in headcount resulting in higher
personnel expenses as part of management’s remediation efforts on
the material weaknesses in internal controls over financial
reporting identified in the prior year. In addition, we incurred
higher consulting fees as part of our project to expand our
Enterprise Resource Planning (“ERP”) system. We have hired
additional employees in the IT-Team for the management of SAP ERP
system related tasks.
Research and development (“R&D”) expenses increased to kEUR
1,702 in the second quarter of 2019 from kEUR 1,514 in the second
quarter of 2018. The increase of kEUR 188 was mainly due to higher
personnel expenses related to a slight increase in headcount in
order to support further research and development projects.
Other operating expenses in the second quarter of 2019 were kEUR
818 compared to kEUR 132 in the prior year period. This was mainly
due to higher losses from foreign currency transaction of kEUR 813
for the second quarter of 2019 compared to kEUR 40 for the second
quarter of 2018.
Other operating income was kEUR 148 for the second quarter of
2019 compared to kEUR 440 in the second quarter of 2018. The
decrease was mainly due to lower gains from foreign currency
transactions amounting to kEUR 28 for the second quarter of 2019, a
decrease of kEUR 318 compared to last year’s second quarter.
The changes in foreign currency losses and gains were primarily
driven by the valuation of the intercompany loans granted by the
parent company to our UK and US subsidiaries.
Operating loss was kEUR 4,193 in the second quarter of 2019,
compared to an operating loss of kEUR 2,404 in the comparative
period in 2018. This was primarily related to significantly higher
other operating expenses accompanied by lower gross profit and
higher operating expenses, compared to the second quarter of 2018.
In addition, other operating income decreased in the second quarter
year over year. Operating loss was significantly influenced by
foreign currency impacts. The total gains and losses from foreign
currency transactions on operating loss (considering changes in
other operating expenses and other operating income) in the second
quarter year over year was negative kEUR 1,091.
Financial result was positive kEUR 334 in the second quarter of
2019, compared to a financial result of negative kEUR 538 in the
comparative period in 2018. The increase was mainly related to the
revaluation of derivative financial instruments resulting in a
finance income of kEUR 620 (Q2 2018: finance expense of kEUR 225),
partially offset by interest expense for long-term debt of kEUR 253
(Q2 2018: kEUR 236).
Net loss for the second quarter of 2019 was kEUR 3,915 or EUR
0.79 per share, as compared to net loss of kEUR 2,949, or EUR 0.79
per share, in the second quarter of 2018. This is based on a
weighted average number of ordinary shares outstanding of 4.836
million for the three months ended June 30, 2019. Compared to the
last year’s same period, the number of ordinary shares outstanding
was 3.720 million.
Based on a conversion rate of five American Depositary Shares
(“ADSs”) per ordinary share, net loss was at EUR 0.16 per ADS for
the second quarter of 2019, compared to a net loss of EUR 0.16 per
ADS for the second quarter of 2018. Earnings per share is computed
by dividing net income attributable to stockholders of the parent
by the weighted-average number of ordinary shares outstanding
during the periods. Earnings per ADS is calculated by dividing the
above earnings per share by five as each ordinary share represents
five ADSs.
Six Months Ended June 30, 2019 Results
Revenues for the six months ended June 30, 2019 slightly
increased by 2.9% to kEUR 10,615 compared to kEUR 10,314 in the
prior year period.
Systems revenues were kEUR 4,544 for the first six months of
2019 compared to kEUR 3,258 for the same period last year. The
Company sold four new and one used and refurbished 3D printers
during the first six months of 2019 compared to one new and three
used and refurbished 3D printers in the prior year period. Systems
revenues also include all Systems-related revenues from
consumables, spare parts and maintenance. The increase of revenues
within the Systems segment is mainly related to higher
Systems-related revenues, which reflects the higher installed base
of 3D printers in the market and the associated growth in
aftersales activities. Systems revenues represented 42.8% of total
revenue for the six months ended June 30, 2019 compared to 31.6%
for the same period a year ago.
Services revenues were kEUR 6,071 for the six months ended June
30, 2019 compared to kEUR 7,056 for the same period last year. This
decrease of 14.0% was mainly due to significantly lower revenue
contributions from the German operation. Revenues from the German
operation reflected the slight slowdown of the economy in Western
Europe mainly related to the automotive industry. This was
partially offset by higher revenue contributions from our
subsidiary voxeljet America. The revenue increase from our American
service center was mainly related to a volume contract which
started in July 2018. Also our subsidiary voxeljet China provided
higher revenue contributions, which was due to a growing market
penetration in the Asian sales region, which is accompanied by a
larger customer base.
Cost of sales for the six months ended June 30, 2019 was kEUR
7,176, an increase of kEUR 845, over cost of sales of kEUR 6,331
for the same period in 2018.
Gross profit and gross profit margin for the six months ended
June 30, 2019 were kEUR 3,439 and 32.4%, respectively, compared to
kEUR 3,983 and 38.6% in the prior year period.
Gross profit for our Systems segment increased to kEUR 1,360 for
the six months ended June 30, 2019 from kEUR 854 in the same period
in 2018. This increase was mainly due to the increase in revenues
of kEUR 1,286. The gross profit margin for this segment also
increased to 29.9% compared to 26.2% for the prior period. This was
mainly due to a significant increase of gross profit margin from
Systems-related revenues, while gross profit margin contribution
from the sale of 3D printers decreased.
Gross profit for our Services segment decreased to kEUR 2,079
for the six months ended June 30, 2019 from kEUR 3,129 in the same
period of 2018. This was mainly related to the significant decrease
in revenues in our German service center. The gross profit margin
for this segment decreased to 34.2% for the first six months of
2019 from 44.3% in the same period in 2018. This was mainly related
to lower gross profit margin from the German service center as a
result of lower utilization. Our subsidiary voxeljet America also
contributed lower gross profit margin due to higher depreciation
expense, as we added additional 3D printers to our American service
center during the third quarter of 2018, including one VX4000
system.
Selling expenses were kEUR 3,438 for the six months ended June
30, 2019 compared to kEUR 3,394 in the same period in 2018.
Shipping and packaging expenses as a main driver of the selling
expenses could vary from quarter to quarter depending on quantity
and types of products, as well as the destinations where those
goods are being delivered.
Administrative expenses increased by kEUR 400 to kEUR 3,024 for
the first six months of 2019 from kEUR 2,624 in the prior year’s
period. This was mainly due to an increase in headcount resulting
in higher personnel expenses as part of management’s remediation
efforts on the material weaknesses in internal controls over
financial reporting identified in the prior year. In addition, we
incurred higher consulting fees as part of our project to expand
our Enterprise Resource Planning (“ERP”) system. We have hired
additional employees in the IT-Team for the management of SAP ERP
system related tasks.
R&D expenses increased to kEUR 3,407 for the six months
ended June 30, 2019 from kEUR 3,111 in the same period in 2018, an
increase of kEUR 296, or 9.5%. The increase was mainly due to
increased expenditures for personnel to support existing and future
projects. This was partially offset by lower material expenses,
where the consumption is usually driven by project type and
phase.
Other operating expenses for the six months ended June 30, 2019
were kEUR 434 compared to kEUR 490 in the prior year period. This
was mainly due to lower expenses related to the reserve on trade
receivables amounting to kEUR 9 for the six months ended June 30,
2019 versus kEUR 134 in the comparative period in 2018. A main
driver for other operating expense were losses from foreign
currency transactions amounting to kEUR 421 for the six months
ended June 30, 2019 compared to kEUR 331 in the prior year’s
period.
Other operating income was kEUR 729 for the six months ended
June 30, 2019 compared to kEUR 842 in the prior year period. The
decrease was mainly due to lower gains from foreign exchange
transactions amounting to kEUR 446 for the six months ended June
30, 2019, compared to kEUR 600 in comparative period in 2018.
The changes in foreign currency losses and gains were primarily
driven by the valuation of the intercompany loans granted by the
parent company to our UK and US subsidiaries.
Operating loss was kEUR 6,135 in the six months ended June 30,
2019, compared to an operating loss of kEUR 4,794 in the
comparative period in 2018. This was primarily driven by weaker
gross profit and higher administration and R&D operating
expenses, compared to the six months ended June 30, 2018. Operating
loss was influenced by foreign currency impacts. The total year
over year impact from gains and losses from foreign currency
transactions on operating loss (considering changes in other
operating expenses and other operating income) for the six-month
period was kEUR 244 negative.
Financial result was negative kEUR 524 for the six months ended
June 30, 2019, compared to a financial result of positive kEUR 140
in the comparative period in 2018. The decrease was mainly related
to the revaluation of derivative financial instruments resulting in
a finance income of kEUR 19 for the six months ended June 30, 2019,
compared to a finance income kEUR 716 in the comparative period in
2018. Interest expense for long-term debt amounted to kEUR 494 in
the six months ended June 30, 2019, compared to kEUR 467 for the
six months ended June 30, 2018.
Net loss for the six months ended June 30, 2019 was kEUR 6,703,
or EUR 1.37 per share, as compared to net loss of kEUR 4,667, or
EUR 1.25 per share in the prior year period. This is based on a
weighted average number of ordinary shares outstanding of 4.836
million for the first six months ended June 30, 2019. Compared to
the last year’s same period, the number of ordinary shares
outstanding was 3.720 million.
Based on a conversion rate of five ADSs per ordinary share, net
loss was EUR 0.27 per ADS for the six months ended June 30, 2019
compared to net loss of EUR 0.25 per ADS in the prior year
period.
Business Outlook
Our revenue guidance for the third quarter of 2019 is expected
to be in the range of kEUR 4,500 to kEUR 5,500.
We reaffirm our guidance for the full year ending December 31,
2019
- Full year 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 and
kEUR 12,500 and R&D expenses projected to be approximately kEUR
5,500 to 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 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
2,000 to kEUR 2,500, which primarily includes ongoing investments
in our global subsidiaries.
Our total backlog of 3D printer orders at June 30, 2019 was kEUR
3,062, which represents six 3D printers. This compares to a backlog
of kEUR 3,392 representing six 3D printers, at December 31, 2018.
As production and delivery of our printers is generally
characterized by lead times ranging between three to nine months,
the conversion rate of order backlog into revenue is dependent on
the equipping process for the respective 3D printer as well as the
timing of customers’ requested deliveries.
At June 30, 2019, we had cash and cash equivalents of kEUR 5,986
and held kEUR 7,859 of investments in bond funds and one note
receivable amounting to kEUR 1,245, 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 2019 on Friday, August 16, 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
Second Quarter 2019 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 13692402. The recording will be available for
replay through August 23, 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=1253739&tp_key=1250cb880b
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
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 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.
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.
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 1.1374 to
EUR 1.00, the noon buying rate of the Federal Reserve Bank of New
York for the euro on June 30, 2019.
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 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 CONDENSED CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
Notes
6/30/2019
12/31/2018(1)
(€ in thousands)
unaudited
Current assets
33,366
37,936
Cash and cash equivalents
7
5,986
7,402
Financial assets
7
9,104
12,905
Trade receivables
4,502
6,030
Inventories
4
12,174
10,064
Income tax receivables
39
13
Other assets
1,561
1,522
Non-current assets
34,553
31,416
Financial assets
7
2,252
2,234
Intangible assets
1,371
1,420
Property, plant and
equipment
2, 5
30,849
27,675
Investments in joint
venture
33
33
Other assets
48
54
Total assets
67,919
69,352
Notes
6/30/2019
12/31/2018(1)
Current liabilities
6,123
6,302
Trade payables
7
2,171
2,945
Contract liabilities
7
1,079
817
Financial liabilities
2, 7
1,363
850
Other liabilities and
provisions
6
1,510
1,690
Non-current liabilities
20,716
16,575
Deferred tax liabilities
120
76
Financial liabilities
2, 7
20,420
16,321
Other liabilities and
provisions
6
176
178
Equity
41,080
46,475
Subscribed capital
4,836
4,836
Capital reserves
87,739
86,803
Accumulated deficit
(53,004)
(46,400)
Accumulated other comprehensive
income
1,357
1,201
Equity attributable to the
owners of the company
40,928
46,440
Non controlling
interest
152
35
Total equity and liabilities
67,919
69,352
See accompanying notes to unaudited condensed
consolidated interim financial statements.
(1)The Company has initially applied IFRS 16 as of January 1,
2019, using the modified retrospective approach. Under this
approach, comparative information is not restated and the
cumulative effect of initially applying IFRS 16 is recognized in
retained earnings at the date of initial application. For further
information, see Note 2 of the condensed consolidated interim
financial statements.
voxeljet AG CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)
Three months ended June
30,
Six months ended June
30,
Notes
2019
2018(1) (2)
2019
2018(1) (2)
(€ in thousands except share
and share data)
Revenues
9, 10
5,050
5,262
10,615
10,314
Cost of sales
(3,524)
(3,410)
(7,176)
(6,331)
Gross profit
9
1,526
1,852
3,439
3,983
Selling expenses
(1,762)
(1,658)
(3,438)
(3,394)
Administrative expenses
(1,585)
(1,392)
(3,024)
(2,624)
Research and development expenses
(1,702)
(1,514)
(3,407)
(3,111)
Other operating expenses
(818)
(132)
(434)
(490)
Other operating income
148
440
729
842
Operating loss
(4,193)
(2,404)
(6,135)
(4,794)
Finance expense
8
(307)
(549)
(622)
(592)
Finance income
8
641
11
98
732
Financial result
8
334
(538)
(524)
140
Loss before income taxes
(3,859)
(2,942)
(6,659)
(4,654)
Income taxes
(56)
(7)
(44)
(13)
Net loss
(3,915)
(2,949)
(6,703)
(4,667)
Debt investment at FVOCI - net change in
fair value
34
(3)
140
(18)
Foreign currency translation
differences
416
(9)
16
(73)
Other comprehensive income
450
(12)
156
(91)
Total comprehensive loss
(3,465)
(2,961)
(6,547)
(4,758)
Loss attributable to:
Owners of the Company
(3,820)
(2,940)
(6,604)
(4,652)
Non-controlling interests
(95)
(9)
(99)
(15)
(3,915)
(2,949)
(6,703)
(4,667)
Total comprehensive loss attributable
to:
Owners of the Company
(3,370)
(2,952)
(6,448)
(4,743)
Non-controlling interests
(95)
(9)
(99)
(15)
(3,465)
(2,961)
(6,547)
(4,758)
Weighted average number of ordinary shares
outstanding
4,836,000
3,720,000
4,836,000
3,720,000
Loss per share - basic/ diluted (EUR)
(0.79)
(0.79)
(1.37)
(1.25)
See accompanying notes to unaudited condensed
consolidated interim financial statements.
(1)The Company has initially applied IFRS 16 as of January 1,
2019, using the modified retrospective approach. Under this
approach, comparative information is not restated and the
cumulative effect of initially applying IFRS 16 is recognized in
retained earnings at the date of initial application. For further
information, see Note 2 of the condensed consolidated interim
financial statements.
(2)Certain comparative figures for the three-month period and
six-month periods ended June 30, 2018 were restated for immaterial
errors. For further information, see Note 9 of the Q3-2018
condensed consolidated interim financial statements.
voxeljet AG CONDENSED CONSOLIDATED
STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
Attributable to the owners of
the company
Accumulated
other
Subscribed
Capital
Accumulated
comprehensive
Non-controlling
(€ in thousands)
capital
reserves
deficit
gain (loss)
Total
interests
Total equity
Balance December 31, 2017(2)
3,720
76,227
(37,509)
1,380
43,818
71
43,889
Adjustment on initial application of
IFRS 15
--
--
(100)
--
(100)
--
(100)
Adjustment on initial application of
IFRS 9
--
--
(63)
--
(63)
--
(63)
Adjusted balance at January 1,
2018(2)
3,720
76,227
(37,672)
1,380
43,655
71
43,726
Loss for the period
--
--
(4,652)
--
(4,652)
(15)
(4,667)
Net changes in fair value of debt
investments at FVOCI
--
--
--
(18)
(18)
--
(18)
Foreign currency translations
--
--
--
(73)
(73)
--
(73)
Equity-settled share-based payment
--
299
--
--
299
--
299
Balance at June 30, 2018(2)
3,720
76,526
(42,324)
1,289
39,211
56
39,267
Attributable to the owners of
the company
Accumulated
other
Subscribed
Capital
Accumulated
comprehensive
Non-controlling
(€ in thousands)
capital
reserves
deficit
gain (loss)
Total
interests
Total equity
Balance at December 31, 2018
(1)
4,836
86,803
(46,400)
1,201
46,440
35
46,475
Loss for the period
--
--
(6,604)
--
(6,604)
(99)
(6,703)
Net changes in fair value of debt
investments at FVOCI
--
--
--
140
140
--
140
Foreign currency translations
--
--
--
16
16
--
16
Equity-settled share-based payment
--
332
--
--
332
--
332
Share-based payment transaction with the
non-controlling shareholder of a subsidiary
--
604
--
--
604
216
820
Balance at June 30, 2019
4,836
87,739
(53,004)
1,357
40,928
152
41,080
See accompanying notes to unaudited condensed
consolidated interim financial statements.
(1)The Company has initially applied IFRS 16 as of January 1,
2019, using the modified retrospective approach. Under this
approach, comparative information is not restated and the
cumulative effect of initially applying IFRS 16 is recognized in
retained earnings at the date of initial application. For further
information, see Note 2 of the condensed consolidated interim
financial statements.
(2)Certain comparative figures for the six-month period ended
June 30, 2018 were restated for immaterial errors. For further
information, see Note 9 of the Q3-2018 condensed consolidated
interim financial statements.
voxeljet AG CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED)
Six months ended June
30,
2019
2018(1) (2)
(€ in thousands)
Cash Flow from operating
activities
Loss for the period
(6,703)
(4,667)
Depreciation and amortization
2,143
1,702
Foreign currency exchange differences on
loans to subsidiaries
(41)
(146)
Share-based compensation expense
332
299
Change in impairment of trade
receivables
(15)
152
Non-cash expense on financial
liabilities
428
382
Change in fair value of derivative equity
forward
(18)
(715)
Change in inventory allowance
(16)
(327)
Other
60
20
Change in working capital
(729)
(59)
Trade and other receivables, inventories
and current assets
(125)
(2,370)
Trade payables
(690)
191
Other liabilities, contract liabilities
and provisions
112
2,122
Income tax payable/receivables
(26)
(2)
Net cash used in operating
activities
(4,559)
(3,359)
Cash Flow from investing
activities
Payments to acquire property, plant and
equipment and intangible assets
(637)
(813)
Proceeds from disposal of financial
assets
5,176
7,025
Payments to acquire financial assets
(1,243)
(6,175)
Net cash from investing
activities
3,296
37
Cash Flow from financing
activities
Repayment of bank overdrafts and lines of
credit
—
(49)
Repayment of sale and leaseback
obligation
—
(211)
Repayment of lease liabilities (2018:
Repayment of finance lease obligations)
(137)
(23)
Repayment of long-term debt
(525)
(393)
Proceeds from issuance of long-term
debt
500
40
Net cash used in financing
activities
(162)
(636)
Net increase (decrease) in cash and
cash equivalents
(1,425)
(3,958)
Cash and cash equivalents at beginning
of period
7,402
7,569
Changes to cash and cash equivalents due
to foreign exchanges rates
9
32
Cash and cash equivalents at end of
period
5,986
3,643
Supplemental Cash Flow
Information
Interest paid
182
111
Interest received
42
3
See accompanying notes to unaudited condensed
consolidated interim financial statements.
(1)The Company has initially applied IFRS 16 as of January 1,
2019, using the modified retrospective approach. Under this
approach, comparative information is not restated and the
cumulative effect of initially applying IFRS 16 is recognized in
retained earnings at the date of initial application. For further
information, see Note 2 of the condensed consolidated interim
financial statements.
(2)Certain comparative figures for the six-month period ended
June 30, 2018 were restated for immaterial errors. For further
information, see Note 9 of the Q3-2018 condensed consolidated
interim financial statements.
voxeljet AG
NOTES TO THE CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
1. Preparation of financial statements
Our condensed consolidated interim financial statements include
the accounts of voxeljet AG, which is listed on the
New York Stock Exchange, and its wholly-owned subsidiaries voxeljet
America Inc., voxeljet UK Ltd. and voxeljet India Pvt. Ltd., as
well as voxeljet China Co. Ltd., which are collectively referred to
herein as the ‘Group’ or the ‘Company.’
Our 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 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,
2019.
Standard
Effective
date
Descriptions
Others
01/2020
Amendments References to the Conceptual
Framework in IFRS Standards 3
IFRS 3
01/2020
Amendment Definition of a business
IAS 1, IAS 8
01/2020
Amendment, Amendment Definition of
material
IFRS 17
01/2021
Insurance Contracts
IFRS 10, IAS 28
indefinite
Amendment Sale or Contribution of Assets
between Investor and its Associate or Joint Venture
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, 2019 and 2018 were authorized for issue by the
Management Board on August 15, 2019.
2. Summary of significant accounting
policies
Except as described below, the accounting policies applied in
these condensed consolidated interim financial statements are the
same as those applied in the Company’s consolidated financial
statements as of and for the year ended December 31, 2018, which
can be found in its Annual Report on Form 20-F that was filed with
the U.S. Securities and Exchange Commission on March 28, 2019. The
changes in accounting policies are also expected to be reflected in
the Company’s consolidated financial statements as of and for the
year ending December 31, 2019.
The Group has initially adopted IFRS 16 Leases from
January 1, 2019. A number of other new standards are effective from
January 1, 2019 but these do not have a material effect on the
Company’s consolidated financial statements.
IFRS 16 introduced a single, on-balance sheet accounting model
for lessees. As a result, the Group, as a lessee, has recognized
right-of-use assets representing its rights to use the underlying
assets and lease liabilities representing its obligation to make
lease payments. Lessor accounting remains similar to previous
accounting policies.
The Group has applied IFRS 16 using the modified retrospective
approach, under which the cumulative effect of initial application
is recognized in retained earnings as of January 1, 2019.
Accordingly, the comparative information presented for 2018 has not
been restated and is therefore presented as previously reported,
under IAS 17 and related interpretations. The details of changes in
accounting are disclosed below.
Definition of a lease
Previously, the Company determined at contract inception whether
an arrangement was or contained a lease under IFRIC 4
Determining Whether an Arrangement contains a Lease.
The Company now assesses whether a contract is or contains a lease
based on the new definition of a lease. Under IFRS 16, a contract
is, or contains, a lease if the contract conveys a right to control
the use of an identified asset for a period of time in exchange for
consideration.
On transition to IFRS 16, the Company elected to apply the
practical expedient to grandfather the assessment of which
transactions are leases. It applies IFRS 16 only to contracts that
were previously identified as leases. Contracts that were not
identified as leases under IAS 17 and IFRIC 4 were not reassessed.
Therefore, the definition of a lease under IFRS 16 has been applied
only to contracts entered into or changed on or after January 1,
2019.
At inception or on reassessment of a contract that contains a
lease component, the Company allocates the consideration in the
contract to each lease and non-lease component on the basis of
their relative stand-alone prices.
The Company as a lessee
The Company leases assets, including properties, production
equipment and vehicles. As a lessee, the Company previously
classified leases as operating or finance leases based on its
assessment of whether the lease transferred substantially all of
the risks and rewards of ownership. Under IFRS 16, the Company
recognizes right-of-use assets and lease liabilities for most
leases. These leases are on-balance sheet.
However, the Company has elected not to recognize right-of-use
assets and lease liabilities for some leases of low-value assets
(e.g. tools) as well as short-term leases (leases with less than 12
months of lease term). The Company recognizes the lease payments
associated with these leases as an expense on a straight-line basis
over the lease term.
The Company presents right-of-use assets in “property, plant and
equipment”, in the same line item as it presents underlying assets
of the same nature that it owns. The carrying amounts of
right-of-use assets are as below:
Property, plant and
equipment
Property
Production
equipment
Others
Total
(€ in
thousands)
Balance at January 1, 2019
3,109
112
280
3,501
Balance at June 30, 2019
4,466
94
265
4,825
The Company presents lease liabilities within “financial
liabilities” in the condensed consolidated statements of financial
position.
Leases under IFRS 16
The Company recognizes a right-of-use asset and a lease
liability at the lease commencement date. The right-of-use asset is
initially measured at an amount equal to the lease liability, and
subsequently at cost less any accumulated depreciation and
impairment losses, and adjusted for certain remeasurements of the
lease liability.
The lease liability is initially measured at the present value
of the lease payments that are not paid at the commencement date,
discounted using the Company’s incremental borrowing rate.
The lease liability is subsequently increased by the interest
cost on the lease liability and decreased by lease payments made.
It is remeasured when there is a change in the future lease
payments arising from a change in an index or rate, a change in the
estimate of the amount expected to be payable under a residual
value guarantee, or as appropriate, changes in the assessment of
whether a purchase or extension option is reasonable certain not to
be exercised.
The Company has applied judgement to determine the lease term
for some lease contracts in which it is a lessee that include
renewal options. The assessment of whether the Company is
reasonably certain to exercise such options impacts the lease term,
which significantly affects the amount of lease liabilities and
right-of-use assets recognized.
Transition
Previously, the Company classified property plant and equipment
leases as operating leases under IAS 17. These include
manufacturing facilities. The leases typically run for a period of
three to ten years. Some leases include an option to renew the
lease for an additional three to five years after the end of the
non-cancelable period.
At transition, for leases classified as operating leases under
IAS 17, lease liabilities were measured at the present value of the
remaining lease payments, discounted at the Company’s incremental
borrowing rates for similar assets as of January 1, 2019.
Right-of-use assets are measured at an amount equal to the lease
liability, adjusted by the amount of any prepaid or accrued lease
payments.
The Company used the following practical expedients when
applying IFRS 16 to leases previously classified as operating
leases under IAS 17:
- Applied a single discount rate to a portfolio of leases with
reasonably similar characteristics.
- Applied the exemption not to recognize right-of-use assets and
liabilities for leases with less than 12 months of lease term.
- Used hindsight when determining the lease term if the contract
contains options to extend or terminate the lease.
The Company leases a small number of items of production
equipment. These leases were classified as finance leases under IAS
17. For these finance leases, the carrying amount of the
right-of-use asset and the lease liability at January 1, 2019 were
determined at the carrying amount of the lease asset and lease
liability under IAS 17 immediately before that date.
The Company as a lessor
The Company leases out a small number of 3D printers. Those
leases have been classified as operating leases.
The accounting policies applicable to the Company as a lessor
are not different from those under IAS 17.
The Company is not required to make any adjustments on
transition to IFRS 16 for leases in which it acts as a lessor.
Impacts on financial statements
Impacts on transition
On transition to IFRS 16, the Company recognized additional
right-of-use assets, including property, plant and equipment and
additional lease liabilities. The impact on transition is
summarized below.
Impact on adopting IFRS
16 at January 1, 2019
(€ in
thousands)
Right-of-use assets presented in property
plant and equipment
3,501
Lease liabilities as presented in
financial liabilities
3,574
When measuring lease liabilities for leases that were classified
as operating lease, the Company discounted lease payments using its
incremental borrowing rates as of January 1, 2019. The
weighted-average rate applied is 4.55%.
January 1,
2019
(€ in
thousands)
Operating lease commitment at December 31,
2018, as disclosed in the Group's consolidated financial
statements
2,584
Discounted using the incremental borrowing
rate at January 1, 2019
2,021
Finance lease liability recognized as at
December 31, 2018
105
Recognition exemption for leases with less
than 12 months of lease term at transition
(84)
Extension options reasonably certain to be
exercised
1,532
Lease liabilities recognized at January 1,
2019
3,574
Impacts for the period
As a result of initially applying IFRS 16, in relation to the
leases that were previously classified as operating leases, the
Company recognized kEUR 4,825 of right-of-use assets and kEUR 4,233
of lease liabilities as of June 30, 2019.
Also in relation to those leases under IFRS 16, the Company has
recognized depreciation and interest costs, instead of operating
lease expenses. During the six-months ended June 30, 2019, the
Company recognized kEUR 354 of depreciation expenses and kEUR 95 of
interest expense from these leases.
3. Share based payment arrangements
On April 7, 2017, voxeljet AG established a share option plan
that entitles key management personnel and senior employees of
voxeljet AG and its subsidiaries to purchase shares of the parent
company.
Total options available under the share option plan are 372,000.
279,000 options (75%, Tranche 1) were granted on April 7, 2017.
93,000 options (25%, Tranche 2) were granted on April 12, 2018.
The vesting conditions include a service condition (the options
vest after a period of four years of continued service from the
respective grant date) and a market condition (the options may only
be exercised if the share price exceeds the exercise price over a
period of 90 consecutive days by at least 20% in the period between
the grant date and the respective exercise time frame) which both
conditions must be met.
The fair value of the employee share option plan has been
measured for Tranches 1 and 2 using a Monte Carlo simulation. The
market condition has been incorporated into the fair value at grant
date.
The inputs used in the measurement of the fair value at grant
date are as follows:
Tranche 1
Tranche 2
Parameter
Share price at grant date
USD 13.80
USD 16.15
Exercise price
USD 13.90
USD 16.15
Expected volatility
55.00%
58.40%
Expected dividends
--
--
Risk-free interest rate
2.49%
2.85%
Fair value at grant date
USD 8.00
USD 9.74
The respective expected volatility has been based on an
evaluation of the historical volatility of the Company’s share
price as at the grant date. As at June 30, 2019 no options are
exercisable and 353,400 options are outstanding. The
weighted-average contractual life of the options at June 30, 2019
amounts to 8.0 years (June 30, 2018: 9.0 years).
The expenses recognized in the profit and loss statement in
relation to the share-based payment arrangements amounted to kEUR
167 in the three months and kEUR 332 in the six months ended June
30, 2019. (Three months and six months ended June 30, 2018: kEUR
171 and kEUR 299, respectively).
4. Inventories
6/30/2019
12/31/2018
(€ in thousands)
Raw materials and merchandise
3,994
4,628
Work in progress
8,180
5,436
Total
12,174
10,064
5. Property, plant and equipment, net
6/30/2019
12/31/2018(1)
(€ in thousands)
Land, buildings and leasehold
improvements
21,339
17,085
Plant and machinery (2018: includes assets
under finance lease)
7,849
9,072
Other facilities, factory and office
equipment
1,635
1,502
Assets under construction and prepayments
made
26
16
Total
30,849
27,675
Thereof pledged assets of Property, Plant
and Equipment
6,408
6,691
Leased assets included in Property,
Plant and Equipment:
180
357
Printers leased to customers under
operating lease
180
208
Other factory equipment
—
149
(1)The Company has initially applied IFRS 16 as of January 1,
2019, using the modified retrospective approach. Under this
approach, comparative information is not restated and the
cumulative effect of initially applying IFRS 16 is recognized in
retained earnings at the date of initial application. For further
information, see Note 2 of the condensed consolidated interim
financial statements.
6. Other liabilities and provisions
6/30/2019
12/31/2018
(€ in thousands)
Liabilities from VAT
62
24
Employee bonus
137
413
Accruals for vacation and overtime
440
210
Accruals for licenses
55
69
Liabilities from payroll
348
298
Accruals for commissions
42
47
Accruals for compensation of Supervisory
board
130
180
Accrual for warranty
178
240
Others
294
387
Total
1,686
1,868
7. Financial instruments
The following table shows the carrying amounts and fair values
of financial assets and financial liabilities, including their
levels in the fair value hierarchy. In addition, for the current
year the fair value disclosure of lease liabilities is not
required.
Carrying
amount
Fair
Value
Assets at
Liabilities
Total
FVTPL
FVOCI
amortized
at
amortized
carrying
6/30/2019
cost
cost
amount
Level 1
Level 2
Level 3
Total
Financial assets measured at fair
value
Non-current
assets
Derivative financial instruments
2,247
--
--
--
2,247
--
2,247
--
2,247
Equity securities
--
5
--
--
5
--
--
5
5
Current
assets
Bond funds
--
7,859
--
--
7,859
7,859
--
--
7,859
Note receivable
--
1,245
--
--
1,245
1,245
--
--
1,245
Financial assets not measured at
fair value
Current
assets
Cash and cash equivalents
--
--
5,986
--
5,986
5,986
--
5,986
Trade and other receivables
--
--
4,502
--
4,502
--
--
--
--
Financial liabilities not
measured at fair value
Non-current
liabilities
Long-term debt
--
--
--
16,628
16,628
--
15,928
--
15,928
Current
liabilities
Long-term debt
--
--
--
922
922
--
914
--
914
Trade payables
--
--
--
2,171
2,171
--
--
--
--
Carrying
amount
Fair
Value
Assets at
Liabilities
Total
FVTPL
FVOCI
amortized
at
amortized
carrying
12/31/2018
cost
cost
amount
Level 1
Level 2
Level 3
Total
Financial assets measured at fair
value
Non-current
assets
Derivative financial instruments
2,229
--
--
--
2,229
--
2,229
--
2,229
Equity securities
--
5
--
--
5
--
--
5
5
Current
assets
Bond funds
--
12,905
--
--
12,905
12,905
--
--
12,905
Financial assets not measured at
fair value
Current
assets
Cash and cash equivalents
--
--
7,402
--
7,402
7,402
--
7,402
Trade and other receivables
--
--
6,030
--
6,030
--
--
--
--
Financial liabilities not
measured at fair value
Non-current
liabilities
Long-term debt
--
--
--
16,250
16,250
--
15,231
--
15,231
Finance lease obligation
--
--
--
71
71
--
69
--
69
Current
liabilities
Long-term debt
--
--
--
816
816
--
809
--
809
Finance lease obligation
--
--
--
34
34
--
34
--
34
Trade payables
--
--
--
2,945
2,945
--
--
--
--
The fair value of the Company’s investments in the bond funds
was determined based on the unit prices quoted by the fund
management company.
The fair value of long-term debt was determined using discounted
cash flow models based on the relevant forward interest rate yield
curves. The fair value of finance lease obligations was determined
using discounted cash flow models on market interest rates
available to the Company for similar transactions at the relevant
date.
Due to their short maturity and the current low level of
interest rates, the carrying amounts of credit lines and bank
overdrafts approximate fair value.
8. Financial result
Three months ended June
30,
2019
2018(1)
(€ in
thousands)
Interest
expense
(307)
(549)
Interest expense on lease liability (2018:
Finance lease obligations)
(52)
(23)
Long-term debt
(253)
(236)
Expense from revaluation of derivative
financial instruments
--
(225)
Other
(2)
(65)
Interest
income
641
11
Payout of bond funds
18
9
Income from revaluation of derivative
financial instruments
620
—
Other
3
2
Financial result
334
(538)
Six months ended June
30,
2019
2018(1)
(€ in
thousands)
Interest
expense
(622)
(592)
Interest expense on lease liability (2018:
Finance lease obligations)
(95)
(59)
Long-term debt
(494)
(467)
Other
(33)
(66)
Interest
income
98
732
Payout of bond funds
71
14
Income from revaluation of derivative
financial instruments
19
716
Other
8
2
Financial result
(524)
140
(1)The Company has initially applied IFRS 16 as of January 1,
2019, using the modified retrospective approach. Under this
approach, comparative information is not restated and the
cumulative effect of initially applying IFRS 16 is recognized in
retained earnings at the date of initial application. For further
information, see Note 2 of the condensed consolidated interim
financial statements.
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 June
30,
2019
2018(1) (2)
(€ in thousands)
SYSTEMS
SERVICES
SYSTEMS
SERVICES
Revenues
2,129
2,921
1,883
3,379
Gross profit
531
995
474
1,378
Gross profit margin
24.9
%
34.1
%
25.2
%
40.8
%
Six months ended June
30,
2019
2018(1)
(2)
(€ in
thousands)
SYSTEMS
SERVICES
SYSTEMS
SERVICES
Revenues
4,544
6,071
3,258
7,056
Gross profit
1,360
2,079
854
3,129
Gross profit margin
29.9
%
34.2
%
26.2
%
44.3
%
(1)The Company has initially applied IFRS 16 as of January 1,
2019, using the modified retrospective approach. Under this
approach, comparative information is not restated and the
cumulative effect of initially applying IFRS 16 is recognized in
retained earnings at the date of initial application. For further
information, see Note 2 of the condensed consolidated interim
financial statements.
(2)Certain comparative figures for the three-month period and
six-month periods ended June 30, 2018 were restated for immaterial
errors. For further information, see Note 9 of the Q3-2018
condensed consolidated interim financial statements.
10. Revenues
Three months ended June
30,
SYSTEMS
SERVICES
2019
2018
2019
2018
(€ in
thousands)
Primary geographical
markets
EMEA
908
1,350
1,658
2,340
Asia Pacific
318
299
282
150
Americas
903
234
981
889
2,129
1,883
2,921
3,379
Timing of revenue
recognition
Products transferred at a point
in time
1,932
1,571
2,921
3,379
Products and services
transferred over time
197
312
--
--
Revenue from contracts with
customers
2,129
1,883
2,921
3,379
Six months ended June
30,
SYSTEMS
SERVICES
2019
2018
2019
2018
(€ in
thousands)
Primary geographical
markets
EMEA
1,836
2,062
3,480
4,760
Asia Pacific
930
851
500
366
Americas
1,778
345
2,091
1,930
4,544
3,258
6,071
7,056
Timing of revenue
recognition
Products transferred at a point
in time
4,125
2,838
6,071
7,056
Products and services
transferred over time
419
420
--
--
Revenue from contracts with
customers
4,544
3,258
6,071
7,056
Three months ended June
30,
Six months ended June
30,
2019
2018
2019
2018
(€ in
thousands)
(€ in
thousands)
EMEA
2,566
3,690
5,316
6,822
Germany
1,025
1,220
2,376
2,737
France
267
1,160
640
1,749
Switzerland
370
131
441
200
Great Britain
261
236
710
510
Others
643
943
1,149
1,626
Asia Pacific
600
449
1,430
1,217
China
295
135
492
328
South Korea
258
181
346
307
Others
47
133
592
582
Americas
1,884
1,123
3,869
2,275
United States
1,859
1,115
3,807
2,254
Others
25
8
62
21
Total
5,050
5,262
10,615
10,314
11. Commitments, contingent assets and
liabilities
In March 2018, ExOne GmbH, a subsidiary of The ExOne Company,
notified voxeljet of its intent not to pay its annual license fees
under an existing intellectual property-related agreement and
asserted its rights to claim damages pursuant to an alleged
material breach of the agreement. At this time, the Company cannot
reasonably estimate a contingency, if any, related to this
matter.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190815005319/en/
Investors and Media Johannes Pesch Director Investor
Relations and Business Development johannes.pesch@voxeljet.de
Office: +49 821 7483172 Mobile: +49 176 45398316
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