voxeljet AG (NYSE: VJET) (the “Company”, or “voxeljet”), a
leading provider of high-speed, large-format 3D printers and
on-demand parts services to industrial and commercial customers,
today announced consolidated financial results for the third
quarter ended September 30, 2019.
Highlights - Third Quarter 2019 compared to the Third Quarter
2018
- Total revenues for the third quarter decreased 37.7% to kEUR
4,436 from kEUR 7,121
- Gross profit margin decreased to 19.5% from 32.5%
- Systems revenues decreased 56.3% to kEUR 1,636 from kEUR
3,744
- Services revenues decreased 17.1% to kEUR 2,800 from kEUR
3,377
- Restructuring of voxeljet UK
- Lowered full year 2019 revenue guidance to between kEUR 24,000
and kEUR 27,500
- Revenue for the fourth quarter of 2019 is expected to be in the
range of kEUR 9,000 to kEUR 12,500.
Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented,
“At voxeljet, it is our mission to establish new manufacturing
standards. For metal parts, we have introduced VJET X last year and
we are working on a project for a leading German automotive OEM.
For functional plastic parts, we are thrilled to launch our new
HSS-X 1000 3D printer at next week's formnext show. At the show in
Frankfurt, we will present a prototype version of the HSS-X 1000
for series production of sports equipment, consumer goods &
electronics, for mobility & transportation and similar end user
markets. We believe this new 3D printer possesses a six times
higher build volume than 3D printers from our closest competitors.
In short, we continue to innovate and are very excited about the
opportunities ahead.”
Third Quarter 2019 Results
Revenues for the third quarter of 2019 decreased by 37.7% to
kEUR 4,436 compared to kEUR 7,121 in the third quarter of 2018.
Revenues from our Systems segment, which focuses on the
development, production and sale of 3D printers, decreased 56.3% to
kEUR 1,636 in the third quarter of 2019 from kEUR 3,744 in last
year’s third quarter. The Company delivered three new 3D printers
in the third quarter of 2019 as well as in last year’s third
quarter. In the third quarter of 2019, the Company sold smaller
printers compared to larger platforms in the comparative period
last year, which resulted in significantly lower revenues. Systems
revenues also include all Systems-related revenues from
consumables, spare parts and maintenance. Those Systems-related
revenues increased in the third 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 36.9% of total revenues in the third quarter of 2019
compared to 52.6% in last year’s third quarter.
Revenues from our Services segment, which focuses on the
printing of on-demand parts for our customers, decreased 17.1% to
kEUR 2,800 in the third quarter of 2019 from kEUR 3,377 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. Revenue
contributions from our subsidiary voxeljet America Inc. (“voxeljet
America”) also decreased mainly due to fewer orders placed under a
volume contract which started in July 2018. This was partially
offset by higher revenue contribution from voxeljet China Co. Ltd.
(“voxeljet China”), mainly due to a growing market penetration in
the region, which is accompanied by a larger customer base.
Revenues from voxeljet UK Ltd. (“voxeljet UK”) slightly
increased.
Cost of sales was kEUR 3,571 for the third quarter of 2019
compared to kEUR 4,810 for the third quarter of 2018.
Gross profit and gross profit margin were kEUR 865 and 19.5%,
respectively, in the third quarter of 2019 compared to kEUR 2,311
and 32.5% in the third quarter of 2018.
Gross profit for our Systems segment decreased to kEUR 357 in
the third quarter of 2019 from kEUR 1,197 in the third quarter of
2018. This was mainly related to the decrease in revenues of kEUR
2,108 compared to the last year’s same period. Gross profit margin
for this segment decreased to 21.8% in the third quarter of 2019
compared to 32.0% in the third quarter of 2018. Gross profit margin
from the sale of 3D printers was almost flat, while Systems-related
revenues contributed a significant lower gross profit margin due to
a higher portion of Systems-related revenues stems from printhead
sales with lower gross profit margin.
Gross profit for our Services segment decreased to kEUR 508 in
the third quarter of 2019 compared to kEUR 1,114 in the third
quarter of 2018. This was partially due to the impacts from
restructuring of voxeljet UK amounting to kEUR 284. The Company
decided to consolidate 3D printing process to serve all customers
in Europe from the German service center and restructure the
voxeljet UK entity. The restructuring includes reduction in
headcount and disposal of certain assets. The Company will also
early-terminate the lease of the Milton Keynes facility during the
fourth quarter of 2019. This will help to reduce overall costs and
should lead to improved gross profit margins by realizing economies
of scale in the German service center. voxeljet UK will expand its
sales team and will focus on selling 3D printed parts and 3D
printers. In addition gross profit from the German service center
as well as voxeljet America decreased, mainly related to lower
revenues. The gross profit margin for this segment decreased to
18.1% in the third quarter of 2019 from 33.0% in the third quarter
of 2018. This was related to the restructuring of voxeljet UK as
well as lower gross profit margin from voxeljet America as result
of higher costs related to higher maintenance expenses compared to
the last year’s same period. Gross profit margin from the German
service center slightly increased due to a lower number of
printhead replacements in the third quarter of 2019 compared to the
third quarter of 2018.
Selling expenses were kEUR 1,687 for the third quarter of 2019
compared to kEUR 1,990 in the third quarter of 2018. Shipping and
packaging expenses were a main driver of the selling expenses and
can vary from quarter to quarter depending on quantity and types of
products sold, as well as the destinations of where those goods are
being delivered. The decrease was mainly due to lower distribution
expenses as a result of the decrease in revenues. The third quarter
of 2019 was also impacted by charges related to the restructuring
of voxeljet UK which amounted to kEUR 35.
Administrative expenses were kEUR 1,567 for the third quarter of
2019 compared to kEUR 1,494 in the third quarter of 2018. This was
mainly due to restructuring charges amounting to kEUR 212, which
have been recorded in the third quarter of 2019 at voxeljet UK.
This was partially offset by lower consulting fees related to our
SAP ERP system in the third quarter of 2019 compared to last year’s
same period.
Research and development (“R&D”) expenses increased to kEUR
1,888 in the third quarter of 2019 from kEUR 1,660 in the third
quarter of 2018. The increase of kEUR 228 was mainly due to higher
personnel expenses related to an increase in headcount in order to
support further research and development projects.
Other operating expenses in the third quarter of 2019 were kEUR
36 compared to kEUR 195 in the prior year period. This was mainly
due to lower losses from foreign currency transactions of kEUR 22
for the third quarter of 2019 compared to kEUR 105 for the third
quarter of 2018.
Other operating income was kEUR 787 for the third quarter of
2019 compared to kEUR 267 in the third quarter of 2018. The
increase was mainly due to higher gains from foreign currency
transactions amounting to kEUR 642 for the third quarter of 2019,
an increase of kEUR 553 compared to last year’s third 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 3,526 in the third quarter of 2019,
compared to an operating loss of kEUR 2,761 in the comparative
period in 2018. This was primarily related to significantly lower
gross profit accompanied by higher operating expenses in the
functions administration and research and development, partially
offset by lower selling expenses for the third quarter of 2019
compared to the third quarter of 2018. In addition, other operating
income recorded a significant increase in the third quarter year
over year. Operating loss was significantly influenced by foreign
currency impacts. The net gains and losses from foreign currency
transactions on operating loss (considering changes in other
operating expenses and other operating income) in the third quarter
year over year was positive kEUR 636. The total impact on operating
loss related to the restructuring of voxeljet UK amounted to kEUR
531.
Financial result was negative kEUR 370 in the third quarter of
2019, compared to a financial result of negative kEUR 1,042 in the
comparative period in 2018. The improvement was mainly related to
lower finance expenses related to the revaluation of derivative
financial instruments amounting to kEUR 106 compared to kEUR 805 in
the last year’s same period. Financial result included interest
expense for long-term debt of kEUR 250 (Q3 2018: kEUR 238).
Net loss for the third quarter of 2019 was kEUR 3,914 or EUR
0.80 per share, as compared to net loss of kEUR 3,797, or EUR 1.02
per share, in the third quarter of 2018. This is based on a
weighted average number of ordinary shares outstanding of 4.836
million for the three months ended September 30, 2019, as compared
to 3.720 million ordinary shares outstanding for last year’s same
period.
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 third quarter of 2019, compared to a net loss of EUR 0.20 per
ADS for the third 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.
Nine Months Ended September 30, 2019 Results
Revenues for the nine months ended September 30, 2019 decreased
by 13.7% to kEUR 15,051 compared to kEUR 17,435 in the prior year
period.
Systems revenues were kEUR 6,180 for the first nine months of
2019 compared to kEUR 7,002 for the same period last year. The
Company sold seven new and one used and refurbished 3D printers
during the first nine months of 2019, compared to four 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 decrease of revenues
within the Systems segment is mainly related to lower revenues from
the sale of 3D printers, as the Company sold smaller platforms in
2019 compared to the same period in the prior year. This was
partially offset by growing Systems-related revenues, reflecting
the higher installed base of 3D printers in the market and the
associated growth in aftersales activities. Systems revenues
represented 41.1% of total revenue for the nine months ended
September 30, 2019 compared to 40.2% for the same period in the
prior year.
Services revenues were kEUR 8,871 for the nine months ended
September 30, 2019 compared to kEUR 10,433 for the same period last
year. This decrease of 15.0% 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. Revenue
contributions from voxeljet America as well as voxeljet UK were
almost flat. The revenue increase from our Chinese service center
was mainly related to a growing market penetration in the Asian
sales region, which is accompanied by a larger customer base.
Cost of sales for the nine months ended September 30, 2019 was
kEUR 10,747, a decrease of kEUR 394, over cost of sales of kEUR
11,141 for the same period in 2018.
Gross profit and gross profit margin for the nine months ended
September 30, 2019 were kEUR 4,304 and 28.6%, respectively,
compared to kEUR 6,294 and 36.1% in the prior year period.
Gross profit for our Systems segment decreased to kEUR 1,717 for
the nine months ended September 30, 2019 from kEUR 2,051 in the
same period in 2018. This decrease was mainly due to the decrease
in revenues of kEUR 822. Gross profit from the sale of 3D printers
decreases for the nine months ended September 30, 2019 compared to
last year’s same period. This was partially offset by increased
gross profit from Systems-related revenues. The gross profit margin
for this segment was almost flat amounting to 27.8% compared to
29.3% for the prior period.
Gross profit for our Services segment decreased to kEUR 2,587
for the nine months ended September 30, 2019 from kEUR 4,243 in the
same period of 2018. This was mainly related to the significant
decrease in revenues in our German service center. In addition,
gross profit from voxeljet America significantly decreased due to
higher depreciation expenses related to a VX4000 system, which was
capitalized in the third quarter of 2018. Furthermore, voxeljet UK
recorded a restructuring charge of kEUR 284 within the gross
profit. The gross profit margin for this segment decreased to 29.2%
for the first nine months of 2019 from 40.7% 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 but also
related to the restructuring of voxeljet UK. Gross profit margin
contribution from voxeljet America decreased due to the
capitalization of a VX4000 system as mentioned above.
Selling expenses were kEUR 5,125 for the nine months ended
September 30, 2019 compared to kEUR 5,384 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. The year over year decrease is
mainly due to lower distribution expenses corresponding to the
decrease in revenues. The impact on selling expenses for the third
quarter of 2019 related to the restructuring of voxeljet UK
amounted to kEUR 35.
Administrative expenses increased by kEUR 473 to kEUR 4,591 for
the first nine months of 2019 from kEUR 4,118 in the prior year’s
period. This was mainly due to the restructuring charges amounting
to kEUR 212 which have been recorded at voxeljet UK in the third
quarter of 2019. In addition, there was a slight 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.
R&D expenses increased to kEUR 5,295 for the nine months
ended September 30, 2019 from kEUR 4,771 in the same period in
2018, an increase of kEUR 524, or 11.0%. The increase was mainly
due to increased expenditures for personnel as well as higher
material expenses to support existing and future projects. For
material expenses, the consumption is usually driven by project
type and phase.
Other operating expenses for the nine months ended September 30,
2019 were kEUR 422 compared to kEUR 612 in the prior year period.
This was mainly due to lower losses from foreign currency
transactions amounting to kEUR 395 for the nine months ended
September 30, 2019 compared to kEUR 437 in the prior year’s
period.
Other operating income was kEUR 1,468 for the nine months ended
September 30, 2019, compared to kEUR 1,036 in the prior year
period. The increase was mainly due to higher gains from foreign
exchange transactions amounting to kEUR 1,088 for the nine months
ended September 30, 2019, compared to kEUR 690 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 9,661 in the nine months ended September
30, 2019, compared to an operating loss of kEUR 7,555 in the
comparative period in 2018. This was primarily driven by the
significant decrease of gross profit accompanied by higher
operating expenses within the functions administration and R&D,
compared to the nine months ended September 30, 2018. This was
partially offset by higher other operating income, decreased other
operating expenses and lower selling expenses. 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 nine-month period was kEUR 440
positive. The overall impact on operating loss related to the
restructuring of voxeljet UK amounted to kEUR 531.
Financial result was negative kEUR 894 for the nine months ended
September 30, 2019, compared to a financial result of negative kEUR
902 in the comparative period in 2018. Financial result mainly
consists of interest expense for long-term debt amounted to kEUR
745 in the nine months ended September 30, 2019, compared to kEUR
705 for the nine months ended September 30, 2018. The impact
related to the revaluation of derivative financial instruments
amounted to negative kEUR 87 (nine months ended September 30, 2018:
negative kEUR 89).
Net loss for the nine months ended September 30, 2019 was kEUR
10,617, or EUR 2.16 per share, as compared to net loss of kEUR
8,464, or EUR 2.27 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 nine months ended September 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 0.43 per ADS for the nine months ended September 30,
2019 compared to net loss of EUR 0.45 per ADS in the prior year
period.
Business Outlook
Our revenue guidance for the fourth quarter of 2019 is expected
to be in the range of kEUR 9,000 to kEUR 12,500.
For gross profit margin, we expect gross profit margin to be
above 40% for the fourth quarter of 2019 rather than for the full
year and adjusted EBITDA to be neutral-to-positive also for the
fourth quarter of 2019 rather than for the second half of the year
ending December 31, 2019. Those changes are a result of lower than
expected gross profit for the third quarter of 2019. In addition,
we are increasing the projected range for R&D expenses for 2019
from the previously disclosed kEUR 5,500 to kEUR 6,000 to kEUR
6,500 to kEUR 7,000 to reflect increased expenses for the
development of VJET X. For full year guidance, we expect:
- Full year revenue is expected to be in the
range of kEUR 24,000 and kEUR 27,500
- Gross profit margin for the fourth quarter
of 2019 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 6,500 to kEUR 7,000. Depreciation and
amortization expense is expected to be between kEUR 3,750 and kEUR
4,000.
- Adjusted EBITDA for the fourth quarter of
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 September 30, 2019 was
kEUR 4,867, which represents seven 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 September 30, 2019, we had cash and cash equivalents of kEUR
6,573 and held kEUR 5,099 of investments in bond funds and one note
receivable amounting to kEUR 1,309, which are included in current
financial assets on our consolidated statements of financial
position.
Webcast and Conference Call Details
The Company will host a conference call and webcast to review
the results for the third quarter on Friday, November 15, 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
Third 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 13695972. The recording will be available for
replay through November 22, 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.on24.com/wcc/r/2072371/910C287981EC3C7210CB848ADCB61AA5
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 1.0905 to
EUR 1.00, the noon buying rate of the Federal Reserve Bank of New
York for the euro on September 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
9/30/2019
12/31/2018(1)
(€ in thousands)
unaudited
Current assets
30,913
37,936
Cash and cash equivalents
7
6,573
7,402
Financial assets
7
6,408
12,905
Trade receivables
3,583
6,030
Inventories
4
13,002
10,064
Income tax receivables
49
13
Other assets
1,298
1,522
Non-current assets
33,355
31,416
Financial assets
7
2,147
2,234
Intangible assets
1,375
1,420
Property, plant and equipment
2, 5
29,757
27,675
Investments in joint venture
31
33
Other assets
45
54
Total assets
64,268
69,352
Notes
9/30/2019
12/31/2018(1)
Current liabilities
6,819
6,302
Trade payables
7
1,794
2,945
Contract liabilities
1,961
817
Financial liabilities
2, 7
1,360
850
Other liabilities and provisions
6
1,704
1,690
Non-current liabilities
20,275
16,575
Deferred tax liabilities
127
76
Financial liabilities
2, 7
19,964
16,321
Other liabilities and provisions
6
184
178
Equity
37,174
46,475
Subscribed capital
4,836
4,836
Capital reserves
87,908
86,803
Accumulated deficit
(56,851)
(46,400)
Accumulated other comprehensive income
1,196
1,201
Equity attributable to the owners of
the company
37,089
46,440
Non controlling interest
85
35
Total equity and liabilities
64,268
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 September
30,
Nine months ended September
30,
Notes
2019
2018(1)
2019
2018(1)
(€ in thousands except share
and share data)
Revenues
9, 10
4,436
7,121
15,051
17,435
Cost of sales
(3,571)
(4,810)
(10,747)
(11,141)
Gross profit
9
865
2,311
4,304
6,294
Selling expenses
(1,687)
(1,990)
(5,125)
(5,384)
Administrative expenses
(1,567)
(1,494)
(4,591)
(4,118)
Research and development expenses
(1,888)
(1,660)
(5,295)
(4,771)
Other operating expenses
(36)
(195)
(422)
(612)
Other operating income
787
267
1,468
1,036
Operating loss
(3,526)
(2,761)
(9,661)
(7,555)
Finance expense
8
(417)
(1,086)
(1,020)
(962)
Finance income
8
47
44
126
60
Financial result
8
(370)
(1,042)
(894)
(902)
Loss before income taxes
(3,896)
(3,803)
(10,555)
(8,457)
Income taxes
(18)
6
(62)
(7)
Net loss
(3,914)
(3,797)
(10,617)
(8,464)
Debt investment at FVOCI - net change in
fair value
48
18
188
(1)
Foreign currency translation
differences
(209)
(36)
(193)
(108)
Other comprehensive income
(161)
(18)
(5)
(109)
Total comprehensive loss
(4,075)
(3,815)
(10,622)
(8,573)
Loss attributable to:
Owners of the Company
(3,847)
(3,787)
(10,451)
(8,439)
Non-controlling interests
(67)
(10)
(166)
(25)
(3,914)
(3,797)
(10,617)
(8,464)
Total comprehensive loss attributable
to:
Owners of the Company
(4,008)
(3,805)
(10,456)
(8,548)
Non-controlling interests
(67)
(10)
(166)
(25)
(4,075)
(3,815)
(10,622)
(8,573)
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)
(0.80)
(1.02)
(2.16)
(2.27)
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 CHANGES
IN EQUITY (UNAUDITED)
Attributable to the owners of
the company
Accumulated
other
Subscribed
Capital
Accumulated
comprehensive
Non-controlling
(€ in thousands)
capital
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
--
--
(8,439)
--
(8,439)
(25)
(8,464)
Net changes in fair value of debt
investments at FVOCI
--
--
--
(1)
(1)
--
(1)
Foreign currency translations
--
--
--
(108)
(108)
--
(108)
Equity-settled share-based payment
--
477
--
--
477
--
477
Balance at September 30, 2018
3,720
76,704
(46,111)
1,271
35,584
46
35,630
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
--
--
(10,451)
--
(10,451)
(166)
(10,617)
Net changes in fair value of debt
investments at FVOCI
--
--
--
188
188
--
188
Foreign currency translations
--
--
--
(193)
(193)
--
(193)
Equity-settled share-based payment
--
501
--
--
501
--
501
Share-based payment transaction with the
non-controlling shareholder of a subsidiary
--
604
--
--
604
216
820
Balance at September 30, 2019
4,836
87,908
(56,851)
1,196
37,089
85
37,174
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 twelve-month period ended
December 31, 2017 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)
Nine months ended September
30,
2019
2018(1)
(€ in thousands)
Cash Flow from operating
activities
Loss for the period
(10,617)
(8,464)
Depreciation and amortization
3,200
2,605
Foreign currency exchange differences on
loans to subsidiaries
(700)
(203)
Share-based compensation expense
501
477
Change in impairment of trade
receivables
(23)
158
Non-cash expense on financial
liabilities
653
581
Change in fair value of derivative equity
forward
87
89
Change in inventory allowance
(21)
(361)
Loss on disposal of property, plant and
equipment
309
--
Other
78
15
Change in working capital
520
(1,330)
Trade and other receivables, inventories
and current assets
67
(2,591)
Trade payables
(687)
144
Other liabilities, contract liabilities
and provisions
1,176
1,130
Income tax payable/receivables
(36)
(13)
Net cash used in operating
activities
(6,013)
(6,433)
Cash Flow from investing
activities
Payments to acquire property, plant and
equipment and intangible assets
(1,133)
(1,277)
Proceeds from disposal of financial
assets
7,973
10,288
Payments to acquire financial assets
(1,251)
(6,178)
Other
5
--
Net cash from investing
activities
5,594
2,833
Cash Flow from financing
activities
Repayment of bank overdrafts and lines of
credit
--
(58)
Repayment of sale and leaseback
obligation
--
(235)
Repayment of lease liabilities (2018:
Repayment of finance lease obligations)
(157)
(35)
Repayment of long-term debt
(845)
(594)
Proceeds from issuance of long-term
debt
500
40
Net cash used in financing
activities
(502)
(882)
Net increase (decrease) in cash and
cash equivalents
(921)
(4,482)
Cash and cash equivalents at beginning
of period
7,402
7,569
Changes to cash and cash equivalents due
to foreign exchanges rates
92
14
Cash and cash equivalents at end of
period
6,573
3,101
Supplemental Cash Flow
Information
Interest paid
254
171
Interest received
86
39
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
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 nine months
ended September 30, 2019 and 2018 were authorized for issue by the
Management Board on November 14, 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 September 30, 2019
3,917
84
278
4,279
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 4,279 of right-of-use assets and kEUR 3,789
of lease liabilities as of September 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 nine months ended September 30, 2019,
the Company recognized kEUR 556 of depreciation expenses and kEUR
145 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 September 30, 2019 no options are
exercisable and 353,400 options are outstanding. The
weighted-average contractual life of the options at September 30,
2019 amounts to 7.8 years (September 30, 2018: 8.8 years).
The expenses recognized in the profit and loss statement in
relation to the share-based payment arrangements amounted to kEUR
169 in the three months and kEUR 501 in the nine months ended
September 30, 2019. (Three months and nine months ended September
30, 2018: kEUR 178 and kEUR 477, respectively).
4. Inventories
9/30/2019
12/31/2018
(€ in thousands)
Raw materials and merchandise
4,018
4,628
Work in progress
8,984
5,436
Total
13,002
10,064
5. Property, plant and equipment, net
9/30/2019
12/31/2018(1)
(€ in thousands)
Land, buildings and leasehold
improvements
20,463
17,085
Plant and machinery (2018: includes assets
under finance lease)
7,736
9,072
Other facilities, factory and office
equipment
1,531
1,502
Assets under construction and prepayments
made
27
16
Total
29,757
27,675
Thereof pledged assets of Property, Plant
and Equipment
6,315
6,691
Leased assets included in Property,
Plant and Equipment:
182
357
Printers leased to customers under
operating lease
182
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
9/30/2019
12/31/2018
(€ in thousands)
Liabilities from VAT
71
24
Employee bonus
191
413
Accruals for vacation and overtime
298
210
Accruals for licenses
70
69
Liabilities from payroll
303
298
Accruals for commissions
57
47
Accruals for compensation of Supervisory
board
130
180
Accrual for warranty
155
240
Others
613
387
Total
1,888
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
9/30/2019
cost
cost
amount
Level 1
Level 2
Level 3
Total
Financial assets measured at fair
value
Non-current
assets
Derivative financial instruments
2,142
--
--
--
2,142
--
2,142
--
2,142
Equity securities
--
5
--
--
5
--
--
5
5
Current
assets
Bond funds
--
5,099
--
--
5,099
5,099
--
--
5,099
Note receivable
--
1,309
--
--
1,309
1,309
--
--
1,309
Financial assets not measured at fair
value
Current
assets
Cash and cash equivalents
--
--
6,573
--
6,573
6,573
--
6,573
Trade and other receivables
--
--
3,583
--
3,583
--
--
--
--
Financial liabilities not measured at
fair value
Non-current
liabilities
Long-term debt
--
--
--
16,644
16,644
--
16,121
--
16,121
Current
liabilities
Long-term debt
--
--
--
891
891
--
885
--
885
Trade payables
--
--
--
1,906
1,906
--
--
--
--
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 September
30,
2019
2018(1)
(€ in thousands)
Interest
expense
(417)
(1,086)
Interest expense on lease liability (2018:
Finance lease obligations)
(50)
(20)
Long-term debt
(250)
(238)
Expense from revaluation of derivative
financial instruments
(106)
(805)
Other
(11)
(23)
Interest
income
47
44
Payout of bond funds
44
34
Other
3
10
Financial result
(370)
(1,042)
Nine months ended September
30,
2019
2018(1)
(€ in thousands)
Interest
expense
(1,020)
(962)
Interest expense on lease liability (2018:
Finance lease obligations)
(145)
(79)
Long-term debt
(745)
(705)
Expense from revaluation of derivative
financial instruments
(87)
(89)
Other
(43)
(89)
Interest
income
126
60
Payout of bond funds
115
48
Other
11
12
Financial result
(894)
(902)
(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 September
30,
2019
2018(1)
(€ in thousands)
SYSTEMS
SERVICES
SYSTEMS
SERVICES
Revenues
1,636
2,800
3,744
3,377
Gross profit
357
508
1,197
1,114
Gross profit margin
21.8
%
18.1
%
32.0
%
33.0
%
Nine months ended September
30,
2019
2018(1)
(€ in thousands)
SYSTEMS
SERVICES
SYSTEMS
SERVICES
Revenues
6,180
8,871
7,002
10,433
Gross profit
1,717
2,587
2,051
4,243
Gross profit margin
27.8
%
29.2
%
29.3
%
40.7
%
(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.
10. Revenues
Three months ended September
30,
SYSTEMS
SERVICES
2019
2018
2019
2018
(€ in thousands)
Primary geographical markets
EMEA
946
770
1,639
2,165
Asia Pacific
221
2,163
212
106
Americas
469
811
949
1,106
1,636
3,744
2,800
3,377
Timing of revenue recognition
Products transferred at a point in
time
1,235
3,647
2,800
3,377
Products and services transferred over
time
401
97
--
--
Revenue from contracts with customers
1,636
3,744
2,800
3,377
Nine months ended September
30,
SYSTEMS
SERVICES
2019
2018
2019
2018
(€ in thousands)
Primary geographical markets
EMEA
2,782
2,832
5,119
6,925
Asia Pacific
1,151
3,014
712
472
Americas
2,247
1,156
3,040
3,036
6,180
7,002
8,871
10,433
Timing of revenue recognition
Products transferred at a point in
time
5,360
6,485
8,871
10,433
Products and services transferred over
time
820
517
0
0
Revenue from contracts with customers
6,180
7,002
8,871
10,433
Three months ended September
30,
Nine months ended September
30,
2019
2018
2019
2018
(€ in thousands)
(€ in thousands)
EMEA
2,585
2,935
7,901
9,757
Germany
1,231
1,546
3,606
4,284
France
399
397
1,039
2,146
Sweden
102
46
318
209
Others
853
946
2,938
3,118
Asia Pacific
433
2,269
1,863
3,486
Indonesia
7
1,758
55
1,784
China
242
132
734
460
South Korea
135
361
481
667
Others
49
18
593
575
Americas
1,418
1,917
5,287
4,192
United States
1,289
1,871
5,096
4,125
Others
129
46
191
67
Total
4,436
7,121
15,051
17,435
11. voxeljet UK
The Company decided to consolidate 3D printing to serve all
customers in Europe from the German service center and restructure
the voxeljet UK entity. The restructuring includes reduction in
headcount and disposal of certain assets. The Company will also
early-terminate the lease of the Milton Keynes facility during the
fourth quarter of 2019.
Three and nine months ended
September 30, 2019
Line items in statement of
comprehensive loss / Components of restructuring charges
(€ in thousands)
Cost of sales
284
Loss on disposal of assets
212
Employee termination costs
64
Impairment of Inventories
8
Selling expenses
35
Loss on disposal of assets
19
Employee termination costs
16
Administrative expenses
212
Loss on disposal of assets
78
Employee termination costs
34
Lease maintenance costs
68
Settlement of agreements
17
Legal Consulting
15
Impact of restructuring
531
12. Commitments, contingent assets and liabilities
In March 2018, ExOne GmbH, a subsidiary of The ExOne Company,
notified voxeljet of its intent not to pay its annual license fees
under an existing intellectual property-related agreement and
asserted its rights to claim damages pursuant to an alleged
material breach of the agreement. At this time, the Company cannot
reasonably estimate a contingency, if any, related to this
matter.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191114005610/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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