voxeljet AG (NASDAQ: 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, 2021.
Highlights - Second Quarter 2021 compared to the Second
Quarter 2020
- Total revenues for the second quarter increased 26.2% to kEUR
4,943 from kEUR 3,916
- Gross profit margin increased to 28.6% from 25.9%
- Systems revenues increased 42.9% to kEUR 2,674 from kEUR
1,871
- Services revenues increased 11.0% to kEUR 2,269 from kEUR
2,045
- Reaffirm full year 2021 guidance
Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented,
“I am very happy with the results for the second quarter, as we
have made significant progress in our key projects: just recently,
we signed a deal with a large multinational corporation for our new
High Speed Sintering 3D printer as part of the beta program we have
launched earlier this year. We have shipped the next VJET X units
to the car maker’s facility. The 3D printers were brought in and
are currently being installed in parallel with the ongoing
operation of the VJET X units already in production. In our
Services segment, the demand for 3D printed parts continues to be
high in Europe and has significantly picked up in the US and also
in China compared to the first quarter of 2021.”
Three Months Ended June 30, 2021 Results
Revenues for the second quarter of 2021 increased by 26.2% to
kEUR 4,943 compared to kEUR 3,916 in the second quarter of
2020.
Revenues from our Systems segment, which focuses on the
development, production and sale of 3D printers, increased 42.9% to
kEUR 2,674 in the second quarter of 2021 from kEUR 1,871 in last
year’s second quarter. The Company delivered one new and one used
and refurbished 3D printer in the second quarter of 2021, compared
to two new 3D printers in last year’s second quarter. Revenue from
the sale of 3D printers also increased, as the Company sold larger
scale platforms in the second quarter of 2021, compared to last
year’s same period. Systems revenues also include all
Systems-related revenues from consumables, spare parts and
maintenance. Those Systems-related revenues also increased in the
second quarter year over year, which reflects the recovery from the
economic slow-down mainly due to the ongoing global pandemic of
COVID-19 disease (“the COVID-19 situation”). As our clients have
begun to increase their production activities, the demand for
consumables, maintenance service and spare parts increased. Systems
revenues represented 54.1% of total revenues in the second quarter
of 2021 compared to 47.8% in last year’s second quarter.
Revenues from our Services segment, which focuses on the
printing of on-demand parts for our customers, increased 11.0% to
kEUR 2,269 in the second quarter of 2021 from kEUR 2,045 in the
comparative period of 2020. This was mainly due to a significant
increase in revenue contributions from the German operation,
reflecting the recovery from the COVID-19 related economic
slow-down in Europe. In contrast to this, revenue contributions
from our subsidiaries voxeljet America Inc. (“voxeljet America”) as
well as from voxeljet China Co. Ltd. (“voxeljet China”) remained
almost on the same level as the second quarter of 2020.
Cost of sales were kEUR 3,531 for the second quarter of 2021
compared to kEUR 2,901 for the second quarter of 2020.
Gross profit and gross profit margin were kEUR 1,412 and 28.6%,
respectively, in the second quarter of 2021, compared to kEUR 1,015
and 25.9% in the second quarter of 2020.
Gross profit for our Systems segment slightly increased to kEUR
756 in the second quarter of 2021 from kEUR 619 in the second
quarter of 2020, mainly due to higher gross profit contributions
from Systems-related revenues reflecting the higher sales volume.
Gross profit from the sale of 3D printers was almost flat. Gross
profit margin for this segment decreased to 28.3% in the second
quarter of 2021 compared to 33.1% in the second quarter of 2020,
related to weaker gross profit margin from the sale of 3D printers
due to the product mix, partially offset by improved gross profit
margins from Systems-related revenues.
Gross profit for our Services segment increased to kEUR 656 in
the second quarter of 2021 compared to kEUR 396 in the second
quarter of 2020. Also, the gross profit margin for this segment
increased to 28.9% in the second quarter of 2021 from 19.4% in the
second quarter of 2020. This was mainly related to a substantial
improvement in gross profit as well as gross profit margin
contribution from the German service center as a result of higher
utilization in-line with the increase in revenues. Also gross
profit as well as gross profit margin contribution from our
American service center slightly improved. Gross profit and gross
profit margin from voxeljet China slightly decreased quarter over
quarter, reflecting the drop in revenues.
Selling expenses were kEUR 1,466 for the second quarter of 2021
compared to kEUR 1,305 in the second quarter of 2020. The increase
was due to higher distribution expenses in-line with the increase
in revenues. 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.
Administrative expenses were kEUR 1,986 for the second quarter
of 2021 compared to kEUR 1,841 in the second quarter of 2020. The
increase was mainly related to higher legal advisor fees related to
our stock market listing as well as our communication to financial
institutions in connection with funding activities.
Research and development (“R&D”) expenses slightly increased
to kEUR 1,670 in the second quarter of 2021 from kEUR 1,620 in the
second quarter of 2020. The increase of kEUR 50 was mainly due to
higher usage of external services as well as higher material
consumption, partially offset by lower depreciation and personnel
expenses.
Other operating expenses in the second quarter of 2021 were kEUR
284 compared to kEUR 709 in the prior year period. This was mainly
due to lower losses from foreign currency transactions of kEUR 252
for the second quarter of 2021 compared to kEUR 688 for the second
quarter of 2020.
Other operating income was kEUR 112 for the second quarter of
2021 compared to kEUR 503 in the second quarter of 2020. The
decrease was mainly due to the government grant received by
voxeljet America in April 2020 from the United States Small
Business Administration (“SBA”) under the COVID-19 funding program
amounting to kEUR 295. The full amount was recognised in profit and
loss, in the second quarter of 2020, as the related costs for which
the grant is intended to compensate, occurred in this period and we
assume, that we comply with the conditions of the funding. The
assessment of SBA whether we are in compliance with the conditions,
has not been performed yet. In addition, gains from foreign
currency transactions decreased to kEUR 31 for the second quarter
of 2021, compared to kEUR 63 in the last year’s second quarter.
The changes in foreign currency gains and losses were primarily
driven by the valuation of the intercompany loans granted by the
parent company to our US subsidiary.
Operating loss was kEUR 3,882 in the second quarter of 2021,
compared to an operating loss of kEUR 3,957 in the comparative
period in 2020. The slight improvement was mainly due to the
significant increase in gross profit, partially offset by higher
selling, administrative and research and development expenses. The
impact of the quarter over quarter changes in other operating
expenses and other operating income was almost flat.
Financial result was positive kEUR 1,378 in the second quarter
of 2021, compared to a financial result of negative kEUR 1,172 in
the comparative period in 2020. This was mainly related to higher
finance income related to the revaluation of derivative financial
instruments amounting to kEUR 1,966 compared to a finance expense
of kEUR 983 in the last year’s same period. The derivative
financial instruments are revalued on each balance sheet date, with
changes in the fair value between reporting periods recorded within
financial result of the consolidated statements of comprehensive
loss. An increase in our share price results in a finance expense,
while a decrease leads to a finance income. Interest expense
included interest from long term debt with other financial
institutions which amounted to kEUR 537 for the second quarter of
2021, compared to kEUR 290 in the comparative period in 2020.
Net loss for the second quarter of 2021 was kEUR 2,504 or EUR
0.41 per share, as compared to net loss of kEUR 5,123, or EUR 1.06
per share, in the second quarter of 2020.
Six Months Ended June 30, 2021 Results
Revenues for the six months ended June 30, 2021 increased by
15.4% to kEUR 9,003 compared to kEUR 7,800 in the prior year
period.
Systems revenues were kEUR 4,761 for the first six months of
2021 compared to kEUR 3,176 for the same period last year. The
Company sold three new and one used and refurbished 3D printer
during the first six months of 2021, compared to two new and one
used and refurbished 3D printer in the prior year period. Systems
revenues also include all Systems-related revenues from
consumables, spare parts and maintenance. The increase in revenues
from our Systems segment was mainly due to significantly higher
revenues from the sale of 3D printers, associated with the
increased number of units but also the product mix, as the Company
sold more larger scale platforms. In addition, Systems-related
revenues increased, which reflects the recovery from the economic
slow-down mainly due to the ongoing global pandemic of COVID-19
disease (“the COVID-19 situation”). Currently, we are able to
perform installations of 3D printers as well as to offer service
visits in most regions of the world, but there are still some
constraints and obstacles. Systems revenues represented 52.9% of
total revenues for the six months ended June 30, 2021 compared to
40.7% for the same period in the prior year.
Services revenues were kEUR 4,242 for the six months ended June
30, 2021 compared to kEUR 4,624 for the same period last year. This
decrease of 8.3% was mainly due to lower revenue contributions from
our subsidiaries voxeljet America as well as voxeljet China, still
impacted by lower market demand related to the slowdown of the
economy caused by the COVID-19 situation during the first half of
2021. Revenue contributions from the German service center was
almost on the same level like last year’s same period, due to a
strong second quarter of 2021.
Cost of sales for the six months ended June 30, 2021 were kEUR
6,552, an increase of kEUR 922, over cost of sales of kEUR 5,630
for the same period in 2020.
Gross profit and gross profit margin for the six months ended
June 30, 2021 were kEUR 2,451 and 27.2%, respectively, compared to
kEUR 2,170 and 27.8% in the prior year period.
Gross profit for our Systems segment increased to kEUR 1,337 for
the six months ended June 30, 2021 from kEUR 980 in the same period
in 2020. This increase was mainly due to the significant increase
in revenues of kEUR 1,611, due to higher sales of 3D printers, but
also due to higher Systems-related revenues. The gross profit
margin for this segment amounted to 28.1% compared to 30.9% for the
prior year period. This was mainly due to lower gross profit margin
from the sale of 3D printers related to the product mix, partially
offset by improved gross profit margins from Systems-related
revenues.
Gross profit for our Services segment slightly decreased to kEUR
1,114 for the six months ended June 30, 2021 from kEUR 1,190 in the
same period of 2020. The gross profit margin for this segment
increased to 26.3% for the first six months of 2021 from 25.7% in
the same period in 2020 and was therefore almost flat. In spite of
decreased revenues from the Services segment, there were no
significant changes in gross profit as well as gross profit margin,
due to cost saving measures.
Selling expenses were kEUR 2,914 for the six months ended June
30, 2021 compared to kEUR 2,841 in the same period in 2020. The
year over year increase was mainly due to higher distribution
expenses corresponding to the increase in revenues. 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 252 to kEUR 3,469 for
the first six months of 2021 from kEUR 3,217 in the prior year’s
period. This was mainly related to higher legal advisor fees
related to our stock market listing as well as our communication to
financial institutions in connection with funding activities.
R&D expenses amounted to kEUR 3,274 for the six months ended
June 30, 2021 compared to kEUR 3,255 in the same period in 2020,
and were therefore almost unchanged.
Other operating expenses for the six months ended June 30, 2021
were kEUR 385 compared to kEUR 1,368 in the prior year period. This
was mainly due to lower losses from foreign currency transactions
amounting to kEUR 340 for the six months ended June 30, 2021
compared to kEUR 1,301 in the prior year’s period.
Other operating income was kEUR 1,026 for the six months ended
June 30, 2021, compared to kEUR 1,035 in the prior year period. In
April 2020, voxeljet America received a government grant from the
United States Small Business Administration (“SBA”) under the
COVID-19 funding program amounting to kEUR 295. The full amount was
recognised in profit and loss, in the second quarter of 2020. We
recorded significantly higher gains from foreign exchange
transactions amounting to kEUR 810 for the six months ended June
30, 2021, compared to kEUR 490 in comparative period in 2020.
The changes in foreign currency gains and losses were primarily
driven by the valuation of the intercompany loans granted by the
parent company to our US subsidiary.
Operating loss was kEUR 6,565 in the six months ended June 30,
2021, compared to an operating loss of kEUR 7,476 in the
comparative period in 2020. The improvement was primarily driven by
the net impact from other operating expenses and other operating
income amounting to kEUR 641 positive for the six months ended June
30, 2021, compared to kEUR 333 negative for the six months ended
June 30, 2020. In addition, gross profit increased by kEUR 281.
This was partially offset by higher operating expenses in the
functions administration and sales and marketing, while research
and development expenses remained almost unchanged.
Financial result was negative kEUR 4,320 for the six months
ended June 30, 2021, compared to a financial result of negative
kEUR 191 in the comparative period in 2020. This was mainly related
to higher finance expense related to the revaluation of derivative
financial instruments amounting to kEUR 3,222 compared to a finance
income of kEUR 574 in the last year’s same period. The significant
revaluation impact for the first half of 2021 was related to the
performance participation interest (“PPI”) for tranche A and
tranche B1 of the European Investment Bank (the “EIB”) loan in
connection with the anti-dilution protection clause. As a result of
two capital increases effective January 25, 2021 and February 17,
2021, the number of ordinary shares under the Synthetic Warrant
Agreement was increased for tranches A and B1, which resulted in a
significant finance expense in the first quarter of 2021. Financial
result also consisted of interest expense for long-term debt
amounting to kEUR 1,061 in the six months ended June 30, 2021,
compared to kEUR 609 for the six months ended June 30, 2020.
Net loss for the six months ended June 30, 2021 was kEUR 10,833,
or EUR 1.88 per share, as compared to net loss of kEUR 7,724, or
EUR 1.59 per share in the prior year period.
Business Outlook
Our revenue guidance for the third quarter of 2021 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,
2021:
- Full year revenue is expected to be in the range of kEUR
22,500 to kEUR 27,500
- Gross margin is expected to be above 32.5%
- Operating expenses for the full year are expected as follows:
selling and administrative expenses are expected to be in the range
of kEUR 11,400 to kEUR 11,900 and R&D expenses are projected to
be between approximately kEUR 6,000 and kEUR 6,250. Depreciation
and amortization expense is expected to be between kEUR 3,000 and
kEUR 3,250.
- Adjusted EBITDA for the fourth quarter of 2021 is expected to
be neutral-to-positive. Adjusted EBITDA is defined as net income
(loss), as calculated under IFRS accounting principles before
interest (income) expense, provision (benefit) for income taxes,
depreciation and amortization, and excluding other operating
(income) expense resulting from foreign exchange gains or losses on
the intercompany loans granted to the subsidiaries.
- Capital expenditures are projected to be in the range of kEUR
1,000 to kEUR 1,250, which primarily includes ongoing investments
in our global subsidiaries.
Our total backlog of 3D printer orders at June 30, 2021 was kEUR
6,157, which represents eight 3D printers. This compares to a
backlog of kEUR 6,844 representing nine 3D printers, at December
31, 2020. 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, 2021, we had cash and cash equivalents of kEUR 5,849
and restricted cash of kEUR 2,188 and held kEUR 10,434 of
investments in bond funds and term deposits, 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 of 2021 on Friday, August 13,
2021 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 2021 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 13721393. The recording will be available for
replay through August 20, 2021.
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/3195800/ED0E584F03696A7CE907C5ACA9464536
at least fifteen minutes prior to the start of the call to
register, download and install any necessary audio software. A
replay will also be available as a webcast on the investor
relations section of the Company’s website.
Non-IFRS Measure
Management regularly uses both IFRS and non-IFRS results and
expectations internally to assess its overall performance of the
business, making operating decisions, and forecasting and planning
for future periods. Management believes that Adjusted EBITDA is a
useful financial measure to the Company’s investors as it helps
investors better understand and evaluate the projections our
management board provides. The Company’s calculation of Adjusted
EBITDA may not be comparable to similarly titled financial measures
reported by other peer companies. Adjusted EBITDA should not be
considered as a substitute to financial measures prepared in
accordance with IFRS.
The Company uses Adjusted EBITDA as a supplemental financial
measure of its financial performance. Adjusted EBITDA is defined as
net income (loss), as calculated under IFRS accounting principles,
interest (income) expense, provision (benefit) for income taxes,
depreciation and amortization, and excluding other (income) expense
resulting from foreign exchange gains or losses on the intercompany
loans granted to the subsidiaries. Management believes Adjusted
EBITDA to be an important financial measure because it excludes the
effects of fluctuating foreign exchange gains or losses on the
intercompany loans granted to its subsidiaries. We are unable to
reasonably estimate the potential full-year financial impact of
foreign currency translation because of volatility in foreign
exchange rates. Therefore, we are unable to provide a
reconciliation to our forward-looking guidance for non-GAAP
Adjusted EBITDA without unreasonable effort as certain information
necessary to calculate such measure on an IFRS basis is
unavailable, dependent on future events outside of our control and
cannot be predicted without unreasonable efforts by the
Company.
About voxeljet
voxeljet is a leading provider of high-speed, large-format 3D
printers and on-demand parts services to industrial and commercial
customers. The Company’s 3D printers employ a powder binding,
additive manufacturing technology to produce parts using various
material sets, which consist of particulate materials and
proprietary chemical binding agents. The Company provides its 3D
printers and on-demand parts services to industrial and commercial
customers serving the automotive, aerospace, film and
entertainment, art and architecture, engineering and consumer
product end markets. For more information, visit
http://www.voxeljet.de/en/.
Cautionary Statement on Forward-Looking Statements
This press release contains forward-looking statements
concerning our business, operations and financial performance. Any
statements that are not of historical facts may be deemed to be
forward-looking statements. You can identify these forward-looking
statements by words such as ‘‘believes,’’ ‘‘estimates,’’
‘‘anticipates,’’ ‘‘expects,’’ ‘‘projects,’’ ‘‘plans,’’ ‘‘intends,’’
‘‘may,’’ ‘‘could,’’ ‘‘might,’’ ‘‘will,’’ ‘‘should,’’ ‘‘aims,’’ or
other similar expressions that convey uncertainty of future events
or outcomes. Forward-looking statements include statements
regarding our intentions, beliefs, assumptions, projections,
outlook, analyses or current expectations concerning, among other
things, our results of operations, financial condition, business
outlook, the industry in which we operate and the trends that may
affect the industry or us. Although we believe that we have a
reasonable basis for each forward-looking statement contained in
this press release, we caution you that forward-looking statements
are not guarantees of future performance. All of our
forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that are in some cases beyond our
control and that may cause our actual results to differ materially
from our expectations, including those risks identified under the
caption “Risk Factors” in the Company’s Annual Report on Form 20-F
and in other reports the Company files with the 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
6/30/2021
12/31/2020
(€ in thousands)
unaudited
Current assets
36,933
28,137
Cash and cash equivalents
7
5,849
5,324
Financial assets
7
12,622
5,351
Trade receivables
5,387
4,680
Inventories
4
10,992
11,394
Income tax receivables
40
31
Other assets
2,043
1,357
Non-current assets
26,192
25,090
Financial assets
7
1,197
5
Intangible assets
1,013
1,143
Property, plant and equipment
5
23,831
23,774
Investments in joint venture
25
27
Other assets
126
141
Total assets
63,125
53,227
Notes
6/30/2021
12/31/2020
Current liabilities
10,154
26,215
Trade payables
7
2,170
1,956
Contract liabilities
4,953
2,911
Financial liabilities
7
1,234
19,770
Other liabilities and provisions
6
1,797
1,578
Non-current liabilities
28,112
7,371
Deferred tax liabilities
--
52
Financial liabilities
7
28,107
7,314
Other liabilities and provisions
6
5
5
Equity
24,859
19,641
Subscribed capital
5,901
4,836
Capital reserves
103,854
88,748
Accumulated deficit
(86,187)
(75,463)
Accumulated other comprehensive income
1,555
1,675
Equity attributable to the owners of
the company
25,123
19,796
Non controlling interest
(264)
(155)
Total equity and liabilities
63,125
53,227
See accompanying notes to unaudited 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
2021
2020
2021
2020
(€ in thousands except share
and share data)
Revenues
9, 10
4,943
3,916
9,003
7,800
Cost of sales
9
(3,531)
(2,901)
(6,552)
(5,630)
Gross profit
9
1,412
1,015
2,451
2,170
Selling expenses
(1,466)
(1,305)
(2,914)
(2,841)
Administrative expenses
(1,986)
(1,841)
(3,469)
(3,217)
Research and development expenses
(1,670)
(1,620)
(3,274)
(3,255)
Other operating expenses
(284)
(709)
(385)
(1,368)
Other operating income
112
503
1,026
1,035
Thereof income (expense) from changes in
impairment allowance included in other operating income
(expense)
(31)
21
(13)
(15)
Operating loss
(3,882)
(3,957)
(6,565)
(7,476)
Finance expense
8
(596)
(1,316)
(4,427)
(822)
Finance income
8
1,974
144
107
631
Financial result
8
1,378
(1,172)
(4,320)
(191)
Loss before income taxes
(2,504)
(5,129)
(10,885)
(7,667)
Income tax income (expense)
—
6
52
(57)
Net loss
(2,504)
(5,123)
(10,833)
(7,724)
Other comprehensive income (loss) that may
be reclassified subsequently to profit or loss
51
395
(120)
812
Total comprehensive loss
(2,453)
(4,728)
(10,953)
(6,912)
Loss attributable to:
Owners of the Company
(2,421)
(5,126)
(10,724)
(7,682)
Non-controlling interests
(83)
3
(109)
(42)
(2,504)
(5,123)
(10,833)
(7,724)
Total comprehensive loss attributable
to:
Owners of the Company
(2,370)
(4,731)
(10,844)
(6,870)
Non-controlling interests
(83)
3
(109)
(42)
(2,453)
(4,728)
(10,953)
(6,912)
Weighted average number of ordinary shares
outstanding
5,900,584
4,836,000
5,703,078
4,836,000
Loss per share - basic/ diluted (EUR)
(0.41)
(1.06)
(1.88)
(1.59)
See accompanying notes to unaudited 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 at December 31, 2019 (1)
(2)
4,836
88,077
(60,124)
742
33,531
(13)
33,518
Loss for the period
--
--
(7,682)
--
(7,682)
(42)
(7,724)
Foreign currency translations
--
--
--
812
812
--
812
Equity-settled share-based payment
--
333
--
--
333
--
333
Balance at June 30, 2020
4,836
88,410
(67,806)
1,554
26,994
(55)
26,939
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, 2020
4,836
88,748
(75,463)
1,675
19,796
(155)
19,641
Loss for the period
--
--
(10,724)
--
(10,724)
(109)
(10,833)
Foreign currency translations
--
--
--
(120)
(120)
--
(120)
Issue of ordinary shares in the form of
ADS, net of transaction costs and tax
1,065
14,888
--
--
15,953
--
15,953
Equity-settled share-based payment
--
218
--
--
218
--
218
Balance at June 30, 2021
5,901
103,854
(86,187)
1,555
25,123
(264)
24,859
See accompanying notes to unaudited condensed
consolidated interim financial statements.
(1)Comparative figures for the year ended December 31, 2019 were
revised related to the amendment of classification of short-term
investments. For further information, see Form 20-F filed with the
SEC on March 30, 2021, Part III, Item 18. Financial Statements,
Note 2 “Preparation of financial statements” to the consolidated
financial statements.
(2)Comparative figures for year ended December 31, 2019 were
revised related to the recalculation of the performance
participation interest related to the Finance Contract with the
EIB. For further information, see Form 20-F filed with the SEC on
March 30, 2021, Part III, Item 18. Financial Statements, Note 2
“Preparation of financial statements” to the consolidated financial
statements.
voxeljet AG CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED)
Six months ended June
30,
2021
2020
(€ in thousands)
Cash Flow from operating
activities
Loss for the period
(10,833)
(7,724)
Depreciation and amortization
1,570
1,842
Foreign currency exchange differences on
loans to subsidiaries
(516)
812
Changes in financial assets due to fair
value valuation
66
121
Share-based compensation expense
218
334
Change in impairment of trade
receivables
13
(40)
Non-cash interest expense on long-term
debt
933
564
Change in fair value of derivative equity
forward
3,222
(574)
Change in inventory allowance
(57)
(1)
Loss on disposal of property, plant and
equipment and intangible assets
17
59
Interest paid
129
138
Interest received
(35)
(58)
Other
(52)
81
Change in working capital
374
(1,523)
Trade and other receivables, inventories
and current assets
(1,917)
(711)
Trade payables
192
(607)
Other liabilities, contract liabilities
and provisions
2,235
774
Change in restricted cash
(127)
(956)
Income tax payable/receivables
(9)
(23)
Total
(4,951)
(5,969)
Cash Flow from investing
activities
Payments to acquire property, plant and
equipment and intangible assets
(78)
(102)
Proceeds from disposal of financial
assets
--
3,969
Payments to acquire financial assets
(7,464)
(2)
Interest received
35
58
Total
(7,507)
3,923
Cash Flow from financing
activities
Repayment of lease liabilities
(160)
(246)
Repayment of long-term debt
(727)
(466)
Proceeds from issuance of long-term
debt
--
5,000
Proceeds from issue of ordinary shares in
the form of ADS
18,153
--
Share issue cost
(2,200)
--
Change in restricted cash
(2,000)
--
Interest paid
(129)
(138)
Total
12,937
4,150
Net increase (decrease) in cash and
cash equivalents
479
2,104
Cash and cash equivalents at beginning
of period
5,324
4,368
Changes to cash and cash equivalents due
to foreign exchanges rates
46
(21)
Cash and cash equivalents at end of
period
5,849
6,451
See accompanying notes to unaudited condensed
consolidated interim financial statements.
voxeljet AG NOTES TO THE CONDENSED
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. Preparation of financial statements
The condensed consolidated interim financial statements include
the accounts of voxeljet AG 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’, which is listed
on the NASDAQ Capital Market (“NASDAQ”). In December 2020,
management initiated the wind-up of voxeljet UK.
The condensed consolidated interim financial statements were
prepared in compliance with all applicable measurement and
presentation rules contained in International Financial Reporting
Standards (‘IFRS’) as set forth by the 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 condensed
consolidated interim financial statements should be read in
conjunction with the audited consolidated financial statements and
notes thereto that are included in the Company’s Annual Report on
Form 20-F for the year ended December 31, 2020. The results of
operations for the three and six months ended June 30, 2021, are
not necessarily indicative of the results that may be expected for
the fiscal year ending December 31, 2021.
The IASB issued a number of new IFRS standards which are
required to be adopted in annual periods beginning after January 1,
2021.
Standard
Effective date
Descriptions
IFRS 4
01/2021
Extension of the Temporary Exemption from
Applying IFRS 9
IFRS 16
04/2021
Covid-19-Related Rent Concessions
IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS
16
01/2022
Interest Rate Benchmark Reform
IFRS 3
01/2022
Reference to the Conceptual Framework
IAS 16
01/2022
Proceeds before intended use
IAS 37
01/2022
Onerous contracts – Cost of Fulfilling a
Contract
IFRS 1, IFRS 9, IFRS 16 and IAS 41
01/2022
Annual Improvements to IFRS Standards
2018–2020 (IFRS 1, IFRS 9, IFRS 16 and IAS 41)
IFRS 17
01/2023
Amendments to IFRS 17 Insurance
Contracts
IAS 1
01/2023
Classifications of Liabilities as Current
or Non-Current (Amendment to IAS 1)
IAS 1
01/2023
Amendment to IAS 1 - Disclosure of
Accounting Policies
IAS 8
01/2023
Amendment to IAS 8 - Definition of
Accounting Estimate
IAS 12
01/2023
Amendments to IAS 12 - Deferred Taxes in
Connection with Assets and Liabilities Arising from a Single
Transaction
The adoption of standards effective 01/2021 and 04/2021 did not
have a material impact on the interim financial statements as of
and for the three and six months ended June 30, 2021. The Company
has not yet conclusively determined what impact the new standards,
amendments or interpretations effective 01/2022 or later will have
on its financial statements, but is currently performing an
assessment of potential impacts.
The condensed consolidated interim financial statements as of
and for the three and six months ended June 30, 2021 and 2020 were
authorized for issue by the Management Board on August 12,
2021.
Going concern
The condensed consolidated financial statements have been
prepared on the basis of going concern which contemplates
continuity of normal business activities and the realization of
assets and settlement of liabilities in the ordinary course of
business.
voxeljet has recognized continuous net losses during the first
half of 2021, full year 2020, 2019 and 2018 amounting to kEUR
10,833, kEUR, 15,481, kEUR 13,978 and kEUR 8,747, respectively.
Additionally, voxeljet had negative cash flows from operating
activities in the six months ended June 30, 2021, full year 2020,
2019 and 2018 of kEUR 4,951, kEUR 6,598, kEUR 6,592, kEUR 7,331,
respectively, mainly due to continuous net losses.
Since the global outbreak of COVID-19, the Company has
experienced and expects to continue to experience lower demand in
both, the Systems and the Services segment compared to before the
pandemic. voxeljet’s clients have postponed and may continue to
postpone larger investments and therefore, the demand for 3D
printers may also decrease. In addition, the COVID-19 situation
could cause further delays in installation of 3D printers at
customers’ facilities, which could lead to postponed revenue
recognition for those transactions. Since the third quarter of
2020, the Company experienced a slight recovery of demand and this
positive trend has continued, although, demand is not on the same
level as before COVID-19. Both a decrease in revenues as well as
potential delays in the installations increase the risk and
likelihood of lower cash inflows. Such risks have been evaluated by
management and consequently have been considered in the Company’s
liquidity forecast, which assumes voxeljet’s business plan is
executed appropriately and sales track as expected. Management
updates the liquidity forecast on an ongoing basis.
In January 2021, the Company has successfully completed its
registered direct offering and sale of 621,170 ordinary shares in
the form of American Depositary Shares (ADSs) at a purchase price
of € 13.33 per share (this equals $16.16 per ordinary share based
on the exchange rate as of the close of business in New York on
January 14, 2021). This provided voxeljet with gross proceeds of
the offering amounting to approximately $10 million (€ 8.3 million)
before deducting fees and expenses. In February 2021, the Company
completed another registered direct offering and sale of 443,414
ordinary shares in the form of ADSs at a purchase price of € 22.27
per ordinary share (this equals $26.95 per ordinary share based on
the exchange rate as of the close of business in New York on
February 9, 2021). This provided voxeljet with gross proceeds of
the offering amounting to approximately $12 million (€ 9.9 million)
before deducting fees and expenses. Furthermore, the Company has
successfully completed its registered direct offering and sale of
1,126,127 ordinary shares in the form of ADSs at a purchase price
of € 7.52 per share (this equals $8.88 per ordinary share based on
the exchange rate as of the close of business in New York on July
14, 2021). This provided voxeljet with gross proceeds of the
offering amounting to approximately $10 million (€ 8.5 million)
before deducting fees and expenses.
Those capital increases improved the Company’s liquidity as well
as equity ratio significantly. In spite of this success, management
is taking further steps to raise further funds which may include
debt or equity financing, not without mentioning, that there can be
no assurance that voxeljet will be able to raise further funds on
terms favorable to the Company, if at all.
Based on the Company’s current liquidity and capital resources
in combination with the current liquidity forecasts, management
believes that the Company has the ability to meet its financial
obligations for at least the next 24 months from the issuance date
of this report and therefore continues as a going concern.
Impairment test
Non-financial assets are tested for impairment if there are
indicators that the carrying amounts may not be recoverable. The
Company considers the COVID-19 situation as such an indicator.
Therefore, voxeljet performed an impairment test for the
non-financial assets for the end of the reporting period. An
impairment loss is recognized in the amount by which the asset’s
carrying amount exceeds its recoverable amount. The recoverable
amount is defined as the higher of an asset’s fair value less cost
to sell and its value in use. As individual assets do not generate
largely independent cash flows, impairment testing is performed at
the cash generating unit level. An individual fixed asset within a
CGU cannot be written down below fair value less cost incurred to
sell the individual asset. The impairment test, which the Company
performed, did not lead to any write downs.
2. Summary of significant accounting policies
The principal accounting policies applied in the preparation of
these interim financial statements are set out in the Company’s
financial statements as of December 31, 2020, 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 30, 2021. These
policies have been applied to all financial periods presented.
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.
On April 7, 2017 279,000 options (75%, Tranche 1) were granted. On
April 12, 2018 93,000 options (25%, Tranche 2) were granted.
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, 2021 265,050 options are
exercisable and 353,400 options are outstanding. The
weighted-average contractual life of the options at June 30, 2021
amounts to 6.0 years (June 30, 2020: 7.0 years).
The expenses recognized in the profit and loss statement in
relation to the share-based payment arrangements amounted to kEUR
52 in the three months and kEUR 217 in the six months ended June
30, 2021. (Three months and six months ended June 30, 2020: kEUR
167 and kEUR 334, respectively).
4. Inventories
6/30/2021
12/31/2020
(€ in thousands)
Raw materials and merchandise
3,501
3,733
Work in progress
7,491
7,661
Total
10,992
11,394
5. Property, plant and equipment, net
6/30/2021
12/31/2020
(€ in thousands)
Land, buildings and leasehold
improvements
18,353
18,698
Plant and machinery
4,519
3,982
Other facilities, factory and office
equipment
902
1,039
Assets under construction and prepayments
made
57
55
Total
23,831
23,774
Thereof pledged assets of Property, Plant
and Equipment
12,697
13,069
In March 2020, voxeljet registered a first rank land charge
amounting to kEUR 10,000 on its land and facility located in
Friedberg, Germany as collateral in favor of the European
Investment Bank (“EIB”) related to the loan, entered into with the
EIB under the Finance Contract, dated November 9, 2017.
6. Other liabilities and provisions
6/30/2021
12/31/2020
(€ in thousands)
Accruals for vacation and overtime
469
124
Liabilities from payroll
271
237
Accruals for commissions
220
236
Employee bonus
219
334
Accrual for warranty
185
228
Accruals for management compensation
97
--
Accruals for compensation of Supervisory
board
90
180
Liabilities from VAT
33
27
Accruals for licenses
26
68
Accruals for education and training
18
41
Others
174
108
Total
1,802
1,583
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.
Carrying amount
Fair Value
(€ in thousands)
Assets at
Liabilities
Total
Total
FVTPL
FVOCI
amortized
at amortized
carrying
fair
30.06.2021
cost
cost
amount
Level 1
Level 2
Level 3
value
Total assets
9,099
5
15,951
--
25,055
Current assets
7,907
--
15,951
--
23,858
Cash and cash equivalents
--
--
5,849
--
5,849
Financial assets
7,907
--
4,715
--
12,622
7,907
--
--
7,907
Bond funds
7,907
--
--
--
7,907
7,907
--
--
7,907
Term deposit
--
--
2,527
--
2,527
--
--
--
--
Restricted cash
--
--
2,188
--
2,188
--
--
--
--
Trade receivables, net
--
--
5,387
--
5,387
Non-current assets
1,192
5
--
--
1,197
Financial assets
1,192
5
--
--
1,197
5
1,192
--
1,197
Derivative financial instruments
1,192
--
--
--
1,192
--
1,192
--
1,192
Equity securities
--
5
--
--
5
5
--
--
5
Total liabilities
2,855
--
--
25,509
31,511
Current liabilities
--
--
--
2,984
3,404
Trade payables
--
--
--
2,170
2,170
Financial liabilities
--
--
--
814
1,234
--
--
964
964
Long-term debt
--
--
--
814
814
--
--
964
964
Lease liability
--
--
--
--
420
--
--
--
n/a
Non-current liabilities
2,855
--
--
22,525
28,107
Financial liabilities
2,855
--
--
22,525
28,107
--
2,855
28,637
31,492
Derivative financial instruments
2,855
--
--
--
2,855
--
2,855
--
2,855
Long-term debt
--
--
--
22,525
22,525
--
--
28,637
28,637
Lease liability
--
--
--
--
2,727
--
--
--
n/a
Carrying amount
Fair Value
(€ in thousands)
Assets at
Liabilities
Total
FVTPL
FVOCI
amortized
at amortized
carrying
12/31/2020
cost
cost
amount
Level 1
Level 2
Level 3
Total
Total assets
5,351
5
10,004
--
15,360
Current assets
5,351
--
10,004
--
15,355
Cash and cash equivalents
--
--
5,324
--
5,324
Financial assets
5,351
--
--
--
5,351
2,984
2,367
--
5,351
Bond funds
984
--
--
--
984
984
--
--
984
Bond funds (restricted)
2,000
--
--
--
2,000
2,000
--
--
2,000
Derivative financial instruments
2,367
--
--
--
2,367
--
2,367
--
2,367
Trade receivables, net
--
--
4,680
--
4,680
Non-current assets
--
5
--
--
5
Financial assets
--
5
--
--
5
--
--
5
5
Equity securities
--
5
--
--
5
--
--
5
5
Total liabilities
808
--
--
25,108
29,040
Current liabilities
808
--
--
20,606
21,726
Trade payables
--
--
--
1,956
1,956
Financial liabilities
808
--
--
18,650
19,770
--
808
24,858
25,666
Derivative financial instruments
808
--
--
--
808
--
808
--
808
Long-term debt
--
--
--
18,650
18,650
--
--
24,858
24,858
Lease liability
--
--
--
--
312
--
--
--
n/a
Non-current liabilities
--
--
--
4,502
7,314
Financial liabilities
--
--
--
4,502
7,314
--
--
4,203
4,203
Long-term debt
--
--
--
4,502
4,502
--
--
4,203
4,203
Lease liability
--
--
--
--
2,812
--
--
--
n/a
The valuation techniques used to value financial instruments
include the use of quoted market prices or dealer quotes for
similar instruments as well as discounted cash flow analysis.
The fair value of the Company’s investments in the bond funds
was determined based on the quoted unit prices received by the fund
management company.
The fair value of the derivative financial instruments that are
not traded in an active market is determined using valuation
techniques which maximize the use of observable market data and
rely as little as possible on entity-specific estimates. The fair
values have been determined based on share prices and the relevant
discount rates.
The fair value of long-term debt was determined using discounted
cash flow models based on the relevant forward interest rate yield
curves, considering the credit risk of voxeljet.
Due to their short maturity and the current low level of
interest rates, the carrying amounts of cash and cash equivalents,
restricted cash, trade receivables, trade payables, term deposit,
credit lines and bank overdrafts approximate their fair values.
The Group’s policy is to recognize transfers into and transfers
out of fair value hierarchy levels as at the end of the reporting
period.
In June 30, 2021, there were no transfers of financial
instruments measured at fair value between level 1 and level 2.
The following table presents the changes in level 3 instruments
for the six months ended June 30, 2021:
Non-current assets
(€ in thousands)
Equity securities
Balance at December 31, 2020
5
Transfer from level 3
(5)
Income (expense) recognised in other
comprehensive income
--
Balance at June 30, 2021
--
The investment in equity securities was listed on a stock
exchange. As it is now possible to determine the fair value of this
investment using quoted prices or observable market data, it has
been reclassified from level 3 into level 1.
8. Financial result
Three months ended June
30,
2021
2020
(€ in thousands)
Interest
expense
(596)
(1,316)
Interest expense on lease liability
(37)
(43)
Interest expense from long-term debt
valuation
(537)
(290)
Expense from revaluation of derivative
financial instruments
--
(983)
Fair value valuation of financial
assets
(22)
--
Interest
income
1,974
144
Payout of bond funds
6
12
Income from revaluation of derivative
financial instruments
1,966
--
Fair value valuation of financial
assets
--
124
Other
2
8
Financial result
1,378
(1,172)
Six months ended June
30,
2021
2020
(€ in thousands)
Interest
expense
(4,427)
(822)
Interest expense on lease liability
(73)
(91)
Interest expense from long-term debt
valuation
(1,061)
(609)
Expense from revaluation of derivative
financial instruments
(3,222)
--
Fair value valuation of financial
assets
(66)
(120)
Other
(5)
(2)
Interest
income
107
631
Payout of bond funds
37
45
Income from revaluation of derivative
financial instruments
--
574
Other
70
12
Financial result
(4,320)
(191)
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,
2021
2020
(€ in thousands)
CONSO
CONSO
SYSTEMS
SERVICES
LIDATION
GROUP
SYSTEMS
SERVICES
LIDATION
GROUP
Revenues
3,395
2,269
(721)
4,943
1,963
2,045
(92)
3,916
Third party
2,674
2,269
--
4,943
1,871
2,045
--
3,916
Intra-segment
721
-
(721)
—
92
--
(92)
—
Cost of sales
1,918
1,613
3,531
1,252
1,649
2,901
Gross profit
756
656
1,412
619
396
1,015
Gross profit in %
28.3
%
28.9
%
28.6
%
33.1
%
19.4
%
25.9
%
Operating Expenses
(5,122)
(4,766)
Other operating expenses
(284)
(709)
Other operating income
112
503
Operating loss
(3,882)
(3,957)
Finance expense
(596)
(1,316)
Finance income
1,974
144
Financial result
1,378
(1,172)
Loss before income taxes
(2,504)
(5,129)
Income tax income (expense)
—
6
Net loss
(2,504)
(5,123)
Six months ended June
30,
2021
2020
(€ in thousands)
CONSO
CONSO
SYSTEMS
SERVICES
LIDATION
GROUP
SYSTEMS
SERVICES
LIDATION
GROUP
Revenues
6,374
4,242
(1,613)
9,003
3,601
4,624
(425)
7,800
Third party
4,761
4,242
--
9,003
3,176
4,624
--
7,800
Intra-segment
1,613
--
(1,613)
—
425
--
(425)
—
Cost of sales
3,424
3,128
6,552
2,196
3,434
5,630
Gross profit
1,337
1,114
2,451
980
1,190
2,170
Gross profit in %
28.1
%
26.3
%
27.2
%
30.9
%
25.7
%
27.8
%
Operating Expenses
(9,657)
(9,313)
Other operating expenses
(385)
(1,368)
Other operating income
1,026
1,035
Operating loss
(6,565)
(7,476)
Finance expense
(4,427)
(822)
Finance income
107
631
Financial result
(4,320)
(191)
Loss before income taxes
(10,885)
(7,667)
Income tax income (expense)
52
(57)
Net loss
(10,833)
(7,724)
10. Revenues
Three months ended June
30,
SYSTEMS
SERVICES
2021
2020
2021
2020
(€ in thousands)
Primary geographical markets
EMEA
1,279
1,479
1,305
1,169
Asia Pacific
211
199
303
251
Americas
1,184
193
661
625
2,674
1,871
2,269
2,045
Timing of revenue recognition
Products transferred at a point in
time
2,336
1,660
2,269
2,045
Products and services transferred over
time
338
211
--
--
Revenue from contracts with customers
2,674
1,871
2,269
2,045
Six months ended June
30,
SYSTEMS
SERVICES
2021
2020
2021
2020
(€ in thousands)
Primary geographical markets
EMEA
2,703
2,265
2,687
2,826
Asia Pacific
605
395
444
460
Americas
1,453
516
1,111
1,338
4,761
3,176
4,242
4,624
Timing of revenue recognition
Products transferred at a point in
time
4,152
2,682
4,242
4,624
Products and services transferred over
time
609
494
--
--
Revenue from contracts with customers
4,761
3,176
4,242
4,624
Three months ended June
30,
Six months ended June
30,
2021
2020
2021
2020
(€ in thousands)
EMEA
2,584
2,648
5,390
5,091
Germany
790
1,719
1,637
2,810
France
837
233
975
497
Great Britain
355
231
730
559
Finland
7
2
665
5
Others
595
463
1,383
1,220
Asia Pacific
514
450
1,049
855
China
286
263
519
498
Others
228
187
530
357
Americas
1,845
818
2,564
1,854
United States
1,767
814
2,479
1,739
Others
78
4
85
115
Total
4,943
3,916
9,003
7,800
11. Commitments, contingent assets and liabilities
In March 2018, ExOne GmbH, a subsidiary of ExOne, 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.
In connection with the enforcement of voxeljet’s intellectual
property rights, the acquisition of third‑party intellectual
property rights, or disputes related to the validity or alleged
infringement of the Company’s or a third‑party’s intellectual
property rights, including patent rights, voxeljet has been and may
in the future be subject or party to claims, negotiations or
complex, protracted litigation.
12. Related party transactions
Name
Nature of relationship
Duration of relationship
Franz Industriebeteiligungen AG,
Augsburg
Lessor
10/01/2003-Current
Schlosserei und Metallbau Ederer,
Dießen
Supplier
05/01/1999-Current
Andreas Schmid Logistik AG
Supplier
05/01/2017-12/31/2020
Suzhou Meimai Fast Manufacturing
Technology Co., Ltd
Minority shareholder of voxeljet China,
Customer
04/11/2016-Current
DSCS Digital Supply Chain Solutions
GmbH
Customer
05/11/2017-Current
Michele Neuber
Employee
07/01/2019 - Current
Susanne Ederer-Pausewang
Customer
03/17/2021-Current
Transactions with Franz Industriebeteiligungen AG comprise the
rental of office space in Augsburg, Germany. Rental expenses
amounted to kEUR 2 and kEUR 1 in the six months ended June 2021 and
June 2020, respectively.
Further, voxeljet acquired goods amounting to kEUR 0 and kEUR 0
in the six months ended June 2021 and June 2020, respectively, from
‘Schlosserei und Metallbau Ederer’, which is owned by the brother
of Dr. Ingo Ederer, the Chief Executive Officer of voxeljet.
In addition, voxeljet received logistics services amounting to
kEUR 0 and kEUR 18 in the six months ended June 2021 and June 2020,
respectively, from ‘Andreas Schmid Logistik’, where the former
member of voxeljet’s supervisory board Dr. Stefan S�hn served as
Chief Financial Officer until December 2020. Dr. Stefan S�hn
resigned from his office as member of the supervisory board of the
Company for professional reasons with effect from the end of the
General Meeting on May 26, 2021.
Moreover, voxeljet received orders amounting to kEUR 37 and kEUR
15 in the six months ended June 2021 and June 2020, respectively,
from ‘Suzhou Meimai Fast Manufacturing Technology Co., Ltd, which
is a minority shareholder for voxeljet China.
Further, voxeljet received orders amounting to kEUR 0 and kEUR 0
in the in the six months ended June 2021 and June 2020,
respectively, from ‘DSCS Digital Supply Chain Solutions GmbH’,
which is an associated company where the Company owns 33.3%.
In addition, voxeljet employs Michele Neuber as an intern, the
son of Volker Neuber, who has been a member of voxeljet’s
supervisory board since July 2020. He received a salary of kEUR 1
and kEUR 1 in the first quarter of 2021 and 2020, respectively.
Moreover, voxeljet sold a used car in the first quarter of 2021
to Susanne Ederer-Pausewang amounting to kEUR 27, who is the wife
of Dr. Ingo Ederer, the Chief Executive Officer of voxeljet.
All related party transactions, voxeljet entered into, were made
on an arm’s length basis.
13. Subsequent events
Capital Increase
On July 23, 2021, the Company announced that it has completed
its registered direct offering and sale of 1,126,127 ordinary
shares in the form of ADSs at a purchase price of EUR 7.52 per
share (this equals $8.88 per ordinary share based on the exchange
rate as of the close of business in New York on July 14, 2021).
The gross proceeds of the offering amounted to USD 10 million
(approx. EUR 8.5 million). The Company intends to use the net
proceeds of the offering for general corporate purposes.
A.G.P./Alliance Global Partners acted as sole placement agent for
the offering.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210812005765/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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