voxeljet AG (NASDAQ: VJET) (the “Company”, “voxeljet”, or “we”),
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, 2021.
Highlights - Third Quarter 2021 compared to the Third Quarter
2020
- Total revenues for the third quarter slightly increased 0.6% to
kEUR 4,938 from kEUR 4,908
- Gross profit margin increased to 39.3% from 32.7%
- Systems revenues decreased 7.0% to kEUR 2,497 from kEUR
2,686
- Services revenues increased 9.9% to kEUR 2,441 from kEUR
2,222
- Reaffirm full year 2021 guidance
Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented,
“It is an exciting time to be a technology leader in the 3D
printing industry. By engaging in a strategic partnership with GE
Renewables, we are now working on three principal R&D projects.
We firmly believe these will help us enter a phase of meaningful
growth in the years ahead. We are making steady progress with VJET
X, arguably the most potent 3D printing solution currently
available. Our first customer is a premium German car maker. In
High Speed Sintering, we are developing the industry’s largest
polymer sintering 3D printer. Recently, we signed with Brose a
large multi-national company as our first beta customer. And now,
we are engaging in a strategic partnership with GE Renewables for
the development of the world’s largest binder-jetting 3D printer
for offshore wind applications. This new 3D printer is expected to
streamline the production of key components of GE Renewables’s
Haliade-X offshore wind turbines, which are among the world’s
largest and most efficient units of its type. We are proud to be
part of this groundbreaking project in the field of renewable
energies and see a significant market opportunity for us: for
example, the International Energy Agency has projected that global
offshore wind capacity will increase 15-fold by 2040, becoming a
one trillion dollar industry.”
Three Months Ended September 30, 2021 Results
Revenues for the third quarter of 2021 increased by 0.6% to kEUR
4,938 compared to kEUR 4,908 in the third quarter of 2020.
Revenues from our Systems segment, which focuses on the
development, production and sale of 3D printers, decreased by 7.0%
to kEUR 2,497 in the third quarter of 2021 from kEUR 2,686 in last
year’s third quarter. The Company sold one used and refurbished 3D
printer in the third quarter of 2021 compared to two used and
refurbished 3D printers in last year’s third quarter. Revenue from
the sale of 3D printers slightly decreased due to the lower number
of sold units in contrast to the comparative period in 2020.
Systems revenues also include all Systems-related revenues from
consumables, spare parts and maintenance. Those Systems-related
revenues slightly increased in the third quarter year over year,
which confirms the positive trend of 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 50.6% of total revenues in the third quarter of 2021
compared to 54.7% in last year’s third quarter.
Revenues from our Services segment, which focuses on the
printing of on-demand parts for our customers, increased 9.9% to
kEUR 2,441 in the third quarter of 2021 from kEUR 2,222 in the
comparative period in 2020. This was mainly due to significantly
higher revenue contributions from our subsidiary voxeljet America
Inc. (“voxeljet America”) which reflects the economic recovery from
the COVID-19 situation leading to a substantial increase in demand
from our clients in North America. Revenue contributions from our
German operation as well as from our subsidiary voxeljet China Co.
Ltd. (“voxeljet China”) remained almost on the same level as the
third quarter of 2020.
Cost of sales were kEUR 2,997 for the third quarter of 2021
compared to kEUR 3,301 for the third quarter of 2020.
Gross profit and gross profit margin were kEUR 1,941 and 39.3%,
respectively, in the third quarter of 2021 compared to kEUR 1,607
and 32.7% in the third quarter of 2020.
Gross profit for our Systems segment slightly increased to kEUR
1,102 in the third quarter of 2021 from kEUR 1,060 in the third
quarter of 2020. This was due to slight improvements of gross
profit from both, revenues from the sale of 3D printers as well as
Systems-related revenues. Gross profit margin for this segment
increased to 44.1% in the third quarter of 2021 compared to 39.5%
in the third quarter of 2020. This was related to increased
revenues from the sale of 3D printers, as we sold a larger scale
platform in the third quarter of 2021, compared to last year’s
third quarter. Larger scale platforms usually provide higher gross
profit (margins) compared to smaller platforms. Regarding
Systems-related revenues, gross profit margin for the third quarter
of 2021 was almost on the same level as in the comparative period
in 2020.
Gross profit for our Services segment increased to kEUR 839 in
the third quarter of 2021 compared to kEUR 547 in the third quarter
of 2020. Gross profit margin for this segment significantly
increased to 34.4% in the third quarter of 2021 from 24.6% in the
third quarter of 2020. The main driver for the significant
improvements in gross profit as well as gross profit margin were
the contributions from our subsidiary voxeljet America. This was a
result of higher utilization of our American service center in line
with the substantial increase in revenues. Gross profit as well as
gross profit margin contributions from our German operation as well
as voxeljet China remained almost unchanged quarter over quarter,
reflecting that revenues from both service centers were flat.
Selling expenses were kEUR 1,471 for the third quarter of 2021
compared to kEUR 1,295 in the third quarter of 2020. Although the
change in revenues was almost flat quarter over quarter, the
recorded increase in selling expenses was primarily driven by
higher distribution expenses. Distribution expenses like shipping
and packaging are a main driver of the selling expenses, and not
only depend on the amount of revenue, but also on quantities and
types of products sold, as well as the destinations of where those
goods are being delivered. Therefore, distribution expenses can
vary from quarter to quarter.
Administrative expenses were kEUR 1,536 for the third quarter of
2021 compared to kEUR 1,477 in the third quarter of 2020. The
increase was mainly related to higher legal advisor fees related to
our stock market listing as well as our communication to financial
institutions in connection with funding activities.
Research and development (“R&D”) expenses slightly increased
to kEUR 1,498 in the third quarter of 2021 from kEUR 1,482 in the
third quarter of 2020. The increase of kEUR 16 was mainly due to
higher usage of external services, partially offset by lower
personnel expenses as well as lower material consumption. R&D
expenses can vary from quarter to quarter and are usually driven by
the different project types and phases. The main projects we
focused on in the third quarter of 2021 were VJET X and High Speed
Sintering.
Other operating expenses in the third quarter of 2021 were kEUR
101 compared to kEUR 590 in the prior year period. This was mainly
due to lower losses from foreign currency transactions of kEUR 62
for the third quarter of 2021 compared to kEUR 570 for the third
quarter of 2020.
Other operating income was kEUR 1,177 for the third quarter of
2021 compared to kEUR 223 in the third quarter of 2020. The
increase was mainly due to higher gains from foreign currency
transactions, which increased to kEUR 514 for the third quarter of
2021, compared to kEUR 109 in the last year’s third quarter. In
addition, voxeljet AG received a government grant awarded for
research and development project funding amounting to kEUR 532,
which was recorded within other operating income in the
consolidated statement of comprehensive loss.
The changes in foreign currency gains and losses were primarily
driven by the valuation of the intercompany loans granted by the
parent company to our US subsidiary.
Operating loss was kEUR 1,488 in the third quarter of 2021
compared to an operating loss of kEUR 3,014 in the comparative
period in 2020. This was mainly due to a positive net impact from
other operating expenses and other operating income amounting to
kEUR 1,076 for the third quarter of 2021 compared to a negative net
impact amounting to kEUR 367 for the third quarter of 2020, in
combination with a significant improvement in gross profit in the
third quarter of 2021 compared to the third quarter of 2020. This
improvement was partially offset by slightly higher operating
expenses within the functions sales and marketing, administration
and R&D.
Financial result was positive kEUR 688 in the third quarter of
2021, compared to a financial result of negative kEUR 928 in the
comparative period in 2020. This was mainly related to higher
finance income related to the revaluation of derivative financial
instruments, amounting to kEUR 1,280, compared to a finance expense
of kEUR 481 in the third quarter of 2020.
The derivative financial instruments are revalued on each
balance sheet date, with changes in the fair value between
reporting periods recorded within financial result of the
consolidated statements of comprehensive loss. An increase in our
share price results in a finance expense, while a decrease leads to
a finance income, holding other parameters constant.
At the time tranche A of kEUR 10,000 was received in December
2017, the European Investment Bank (the “EIB”), under its Synthetic
Warrant Agreement with the Company, dated November 9, 2017 (the
“Synthetic Warrant Agreement”), was entitled to receive as
consideration cash equal to the market value of 195,790 ordinary
shares of the Company (or equivalent number of American Depositary
Shares (“ADSs”) of the Company) at the maturity date (5 years after
draw down), after the occurrence of a trigger event, or on the
expiration date (10 years after draw down). Under the anti-dilution
protection clause of the agreement the number of ordinary shares
under the Synthetic Warrant Agreement was increased to 254,527 as a
result of the capital increases effective October 17, 2018 and
November 1, 2018. As a result of the capital increases effective
January 25, 2021 and February 17, 2021, also under the
anti-dilution protection clause, the number of ordinary shares
under the Synthetic Warrant Agreement was increased to 310,558. Due
to a further capital increase in July 2021, also under the
anti-dilution protection clause, the number of ordinary shares
under the Synthetic Warrant Agreement was increased to 369,828.
At the time tranche B1 of kEUR 5,000 was received in June 2020,
the EIB, under the Synthetic Warrant Agreement, was entitled to
receive as consideration cash equal to the market value of 404,928
ordinary shares of the Company (or equivalent number of ADS of the
Company) at the maturity date (5 years after draw down), after the
occurrence of a trigger event, or on the expiration date (10 years
after draw down of the tranche A). As a result of the capital
increases effective January 25, 2021 and February 17, 2021, under
the anti-dilution protection clause, the number of ordinary shares
under the Synthetic Warrant Agreement was increased to 494,068. Due
to the further capital increase in July 2021, also under the
anti-dilution protection clause, the number of ordinary shares
under the Synthetic Warrant Agreement was increased to 588,361.
Interest expense included interest from long term debt which
amounted to kEUR 538 for the third quarter of 2021, compared to
kEUR 486 in the comparative period in 2020.
Net loss for the third quarter of 2021 was kEUR 800 or EUR 0.12
per share, as compared to net loss of kEUR 4,035, or EUR 0.82 per
share, in the third quarter of 2020.
Nine Months Ended September 30, 2021 Results
Revenues for the nine months ended September 30, 2021 increased
by 9.7% to kEUR 13,941 compared to kEUR 12,708 in the prior year
period.
Systems revenues were kEUR 7,258 for the first nine months of
2021 compared to kEUR 5,862 for the same period last year. The
Company sold three new and two used and refurbished 3D printers
during the first nine months of 2021, compared to two new and three
used and refurbished 3D printer in the prior year period. Systems
revenues also include all Systems-related revenues from
consumables, spare parts and maintenance. The substantial increase
in revenues from our Systems segment was due to both revenues from
the sale of 3D printers and Systems-related revenues. Although the
Company sold the same number of units, revenue from the sale of 3D
printers significantly increased due to the product mix, as we sold
more larger scale platforms in the first nine months of 2021 as
opposed to smaller platforms in the comparative period in 2020. In
addition, Systems-related revenues increased, which reflects the
recovery from the economic slow-down mainly due to the ongoing
COVID-19 situation. Currently, we are able to perform installations
of 3D printers as well as to offer service visits in most regions
of the world. There remain some constraints and obstacles, but the
situation is normalizing progressively. Systems revenues
represented 52.1% of total revenue for the nine months ended
September 30, 2021 compared to 46.1% for the same period in the
prior year.
Services revenues were kEUR 6,683 for the nine months ended
September 30, 2021 compared to kEUR 6,846 for the same period last
year. This decrease of 2.4% was mainly due to lower revenue
contributions from our subsidiaries voxeljet America as well as
voxeljet China. Even though there was an increase in revenues in
the third quarter of 2021, it did not fully compensate for the
negative impact of the COVID-19 situation in the first half of
2021. Revenue contributions from the German service center were
almost on the same level as in last year’s same period.
Cost of sales for the nine months ended September 30, 2021 were
kEUR 9,549, an increase of kEUR 618 over cost of sales of kEUR
8,931 for the same period in 2020.
Gross profit and gross profit margin for the nine months ended
September 30, 2021 were kEUR 4,392 and 31.5%, respectively,
compared to kEUR 3,777 and 29.7% in the prior year period.
Gross profit for our Systems segment increased to kEUR 2,439 for
the nine months ended September 30, 2021 from kEUR 2,040 in the
same period in 2020. This increase was mainly related to the
increased revenues from this segment. Gross profit margin for our
Systems segment was almost flat, amounting to 33.6% for the nine
months ended September 30, 2021 compared to 34.8% for the prior
year period.
Gross profit for our Services segment increased to kEUR 1,953
for the nine months ended September 30, 2021 from kEUR 1,737 in the
same period in 2020. Additionally, gross profit margin for this
segment increased to 29.2% for the first nine months of 2021 from
25.4% in the same period in 2020. This increase was mainly related
to significantly higher gross profit as well as gross profit margin
contribution from our subsidiary voxeljet America, as a result of
the improved utilization of the American service center due to the
recovery in the third quarter of 2021. This increase was partially
offset by weaker gross profit and gross profit margin contribution
from our Chinese subsidiary. Regarding the German service center,
both gross profit and gross profit margin contribution for the nine
months ended September 30, 2021 remained on a similar level as the
comparative period in 2020.
Selling expenses were kEUR 4,385 for the nine months ended
September 30, 2021 compared to kEUR 4,136 in the same period in
2020. The year over year increase is mainly due to higher
distribution expenses primarily corresponding to the increase in
revenues. Shipping and packaging expenses as a main driver of the
selling expenses varies 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 311 to kEUR 5,005 for
the first nine months of 2021 from kEUR 4,694 in the prior year’s
period. The increase was mainly related to higher legal advisor
fees related to our stock market listing as well as our
communication to financial institutions in connection with funding
activities.
R&D expenses increased to kEUR 4,772 for the nine months
ended September 30, 2021 from kEUR 4,737 in the same period in
2020, a slight increase of kEUR 35. The increase was mainly due to
higher usage of external services as well as higher material
expenses, partially offset by lower personnel expenses. R&D
expenses can vary from quarter to quarter and are usually driven by
the different project types and phases.
Other operating expenses for the nine months ended September 30,
2021 were kEUR 486 compared to kEUR 1,958 in the prior year period.
This was mainly due to lower losses from foreign currency
transactions amounting to kEUR 402 for the nine months ended
September 30, 2021 compared to kEUR 1,859 in the prior year’s
period.
Other operating income was kEUR 2,203 for the nine months ended
September 30, 2021 compared to kEUR 1,258 in the prior year period.
The increase was mainly due to higher gains from foreign exchange
transactions amounting to kEUR 1,324 for the nine months ended
September 30, 2021 compared to kEUR 489 for the comparative period
in 2020. In addition, voxeljet AG received a government grant
awarded for research and development project funding in the third
quarter of 2021 amounting to kEUR 532, which was recorded within
other operating income in the consolidated statement of
comprehensive loss.
The changes in foreign currency gains and losses were primarily
driven by the valuation of the intercompany loans granted by the
parent company to our US subsidiary.
Operating loss was kEUR 8,053 in the nine months ended September
30, 2021 compared to an operating loss of kEUR 10,490 in the
comparative period in 2020. This was mainly due to a positive net
impact from other operating expenses and other operating income
amounting to kEUR 1,717 for the nine months ended September 30,
2021 compared to a negative net impact amounting to kEUR 700 for
the last year’s same period in combination with a significant
improvement in gross profit. This was partially offset by slightly
higher operating expenses within the functions sales and marketing,
administration and R&D.
Financial result was negative kEUR 3,632 for the nine months
ended September 30, 2021, compared to a financial result of
negative kEUR 1,119 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 1,942 for
the nine months ended September 30, 2021, compared to a finance
expense of kEUR 394 and a finance income of kEUR 486 in the last
year’s same period. As described above, as a result of the three
successful capital increases in 2021, under the anti-dilution
protection clause, the numbers of ordinary shares under the
Synthetic Warrant Agreement were increased for tranche A as well as
for tranche B1.
Interest expense included interest from long term debt which
amounted to kEUR 1,598 for the nine months ended September 30,
2021, compared to kEUR 1,094 for the nine months ended September
30, 2020.
Net loss for the nine months ended September 30, 2021 was kEUR
11,633, or EUR 1.90 per share, as compared to net loss of kEUR
11,759, or EUR 2.41 per share in the prior year period.
Business Outlook
Our revenue guidance for the fourth quarter of 2021 is expected
to be in the range of kEUR 9,250 to kEUR 10,750.
We reaffirm our guidance for the full year ending December 31,
2021:
- Full year revenue is expected to be in the
range of kEUR 22,500 to kEUR 27,500
- Gross profit margin is expected to be above
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 September 30, 2021 was
kEUR 7,556, which represents ten 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 September 30, 2021, we had cash and cash equivalents of kEUR
8,777 and restricted cash of kEUR 2,245 and held kEUR 13,449 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 third quarter of 2021 on Friday, November 12,
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
Third 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 13724085. The recording will be available for
replay through November 19, 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/3408602/E1D0563206A4730C431595F6EB2D6BB3
at least fifteen minutes prior to the start of the call to
register, download and install any necessary audio software. A
replay will also be available as a webcast on the investor
relations section of the Company’s website.
Non-IFRS Measure
Management regularly uses both IFRS and non-IFRS results and
expectations internally to assess its overall performance of the
business, making operating decisions, and forecasting and planning
for future periods. Management believes that Adjusted EBITDA is a
useful financial measure to the Company’s investors as it helps
investors better understand and evaluate the projections our
management board provides. The Company’s calculation of Adjusted
EBITDA may not be comparable to similarly titled financial measures
reported by other peer companies. Adjusted EBITDA should not be
considered as a substitute to financial measures prepared in
accordance with IFRS.
The Company uses Adjusted EBITDA as a supplemental financial
measure of its financial performance. Adjusted EBITDA is defined as
net income (loss), as calculated under IFRS accounting principles,
interest (income) expense, provision (benefit) for income taxes,
depreciation and amortization, and excluding other (income) expense
resulting from foreign exchange gains or losses on the intercompany
loans granted to the subsidiaries. Management believes Adjusted
EBITDA to be an important financial measure because it excludes the
effects of fluctuating foreign exchange gains or losses on the
intercompany loans granted to its subsidiaries. We are unable to
reasonably estimate the potential full-year financial impact of
foreign currency translation because of volatility in foreign
exchange rates. Therefore, we are unable to provide a
reconciliation to our forward-looking guidance for non-GAAP
Adjusted EBITDA without unreasonable effort as certain information
necessary to calculate such measure on an IFRS basis is
unavailable, dependent on future events outside of our control and
cannot be predicted without unreasonable efforts by the
Company.
About voxeljet
voxeljet is a leading provider of high-speed, large-format 3D
printers and on-demand parts services to industrial and commercial
customers. The Company’s 3D printers employ a powder binding,
additive manufacturing technology to produce parts using various
material sets, which consist of particulate materials and
proprietary chemical binding agents. The Company provides its 3D
printers and on-demand parts services to industrial and commercial
customers serving the automotive, aerospace, film and
entertainment, art and architecture, engineering and consumer
product end markets. For more information, visit
http://www.voxeljet.de/en/.
Cautionary Statement on Forward-Looking Statements
This press release contains forward-looking statements
concerning our business, operations and financial performance. Any
statements that are not of historical facts may be deemed to be
forward-looking statements. You can identify these
forward-looking statements by words such as ‘‘believes,’’
‘‘estimates,’’ ‘‘anticipates,’’ ‘‘expects,’’ ‘‘projects,’’
‘‘plans,’’ ‘‘intends,’’ ‘‘may,’’ ‘‘could,’’ ‘‘might,’’ ‘‘will,’’
‘‘should,’’ ‘‘aims,’’ or other similar expressions that convey
uncertainty of future events or outcomes. Forward-looking
statements include statements regarding our intentions, beliefs,
assumptions, projections, outlook, analyses or current expectations
concerning, among other things, our results of operations,
financial condition, business outlook, the industry in which we
operate and the trends that may affect the industry or us. Although
we believe that we have a reasonable basis for each forward-looking
statement contained in this press release, we caution you that
forward-looking statements are not guarantees of future
performance. All of our forward-looking statements are subject to
known and unknown risks, uncertainties and other factors that are
in some cases beyond our control and that may cause our actual
results to differ materially from our expectations, including those
risks identified under the caption “Risk Factors” in the Company’s
Annual Report on Form 20-F and in other reports the Company files
with the 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 (UNAUDITED)
Notes
9/30/2021
12/31/2020
(€ in thousands)
unaudited
Current assets
44,188
28,137
Cash and cash equivalents
7
8,777
5,324
Financial assets
7
15,694
5,351
Trade receivables
4,974
4,680
Inventories
4
12,173
11,394
Income tax receivables
22
31
Other assets
2,548
1,357
Non-current assets
26,433
25,090
Financial assets
7
1,747
5
Intangible assets
959
1,143
Property, plant and
equipment
5
23,610
23,774
Investments in joint
venture
—
27
Other assets
117
141
Total assets
70,621
53,227
Notes
9/30/2021
12/31/2020
Current liabilities
11,485
26,215
Trade payables
7
2,666
1,956
Contract liabilities
5,870
2,911
Financial liabilities
7
1,280
19,770
Other liabilities and
provisions
6
1,669
1,578
Non-current liabilities
27,692
7,371
Deferred tax liabilities
--
52
Financial liabilities
7
27,687
7,314
Other liabilities and
provisions
6
5
5
Equity
31,444
19,641
Subscribed capital
7,027
4,836
Capital reserves
110,221
88,748
Accumulated deficit
(86,972)
(75,463)
Accumulated other comprehensive
income
1,447
1,675
Equity attributable to the
owners of the company
31,723
19,796
Non controlling
interest
(279)
(155)
Total equity and liabilities
70,621
53,227
See accompanying notes to unaudited condensed
consolidated interim financial statements.
voxeljet AG
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS (UNAUDITED)
Three months ended September
30,
Nine months ended September
30,
Notes
2021
2020
2021
2020
(€ in thousands except share
and share data)
Revenues
9, 10
4,938
4,908
13,941
12,708
Cost of sales
9
(2,997)
(3,301)
(9,549)
(8,931)
Gross profit
9
1,941
1,607
4,392
3,777
Selling expenses
(1,471)
(1,295)
(4,385)
(4,136)
Administrative expenses
(1,536)
(1,477)
(5,005)
(4,694)
Research and development expenses
(1,498)
(1,482)
(4,772)
(4,737)
Other operating expenses
(101)
(590)
(486)
(1,958)
Other operating income
1,177
223
2,203
1,258
Thereof income (expense) from changes in
impairment allowance included in other operating income
(expense)
(39)
41
(52)
26
Operating loss
(1,488)
(3,014)
(8,053)
(10,490)
Finance expense
8
(648)
(1,005)
(3,795)
(1,692)
Finance income
8
1,336
77
163
573
Financial result
8
688
(928)
(3,632)
(1,119)
Loss before income taxes
(800)
(3,942)
(11,685)
(11,609)
Income tax income (expense)
—
(93)
52
(150)
Net loss
(800)
(4,035)
(11,633)
(11,759)
Other comprehensive income (loss) that may
be reclassified subsequently to profit or loss
(108)
89
(228)
901
Total comprehensive loss
(908)
(3,946)
(11,861)
(10,858)
Loss attributable to:
Owners of the Company
(785)
(3,955)
(11,509)
(11,637)
Non-controlling interests
(15)
(80)
(124)
(122)
(800)
(4,035)
(11,633)
(11,759)
Total comprehensive loss attributable
to:
Owners of the Company
(893)
(3,866)
(11,737)
(10,736)
Non-controlling interests
(15)
(80)
(124)
(122)
(908)
(3,946)
(11,861)
(10,858)
Weighted average number of ordinary shares
outstanding
6,757,420
4,836,000
6,058,387
4,836,000
Loss per share - basic/ diluted (EUR)
(0.12)
(0.82)
(1.90)
(2.41)
See accompanying notes to unaudited condensed
consolidated interim financial statements.
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
--
--
(11,637)
--
(11,637)
(122)
(11,759)
Foreign currency translations
--
--
--
901
901
--
901
Equity-settled share-based payment
--
503
--
--
503
--
503
Balance at September 30, 2020
4,836
88,580
(71,761)
1,643
23,298
(135)
23,163
Attributable to the owners of
the company
Accumulated
other
Subscribed
Capital
Accumulated
comprehensive
Non-controlling
(€ in thousands)
capital
reserves
deficit
gain (loss)
Total
interests
Total equity
Balance at December 31,
2020
4,836
88,748
(75,463)
1,675
19,796
(155)
19,641
Loss for the period
--
--
(11,509)
--
(11,509)
(124)
(11,633)
Foreign currency translations
--
--
--
(228)
(228)
--
(228)
Issue of ordinary shares in the form of
ADS, net of transaction costs and tax
2,191
21,212
--
--
23,403
--
23,403
Equity-settled share-based payment
--
261
--
--
261
--
261
Balance at September 30, 2021
7,027
110,221
(86,972)
1,447
31,723
(279)
31,444
See accompanying notes to unaudited condensed
consolidated interim financial statements.
(1)Comparative figures for the year ended 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
Securities Exchange Commission (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)
Nine months ended September
30,
2021
2020
(€ in thousands)
Cash Flow from operating
activities
Loss for the period
(11,633)
(11,759)
Depreciation and amortization
2,336
2,657
Foreign currency exchange differences on
loans to subsidiaries
(919)
1,217
Changes in financial assets due to fair
value valuation
137
73
Share-based compensation expense
261
503
Change in impairment of trade
receivables
52
(26)
Non-cash interest expense on long-term
debt
1,447
1,027
Change in fair value of derivative equity
forward
1,942
(92)
Change in inventory allowance
166
(1)
Loss on disposal of property, plant and
equipment and intangible assets
17
22
Interest paid
201
199
Interest received
(85)
(86)
Other
(27)
209
Change in working capital
225
2
Trade and other receivables, inventories
and current assets
(3,313)
(886)
Trade payables
681
(642)
Other liabilities, contract liabilities
and provisions
2,976
1,059
Change in restricted cash
(127)
463
Income tax payable/receivables
8
8
Total
(5,880)
(6,055)
Cash Flow from investing
activities
Payments to acquire property, plant and
equipment and intangible assets
(166)
(182)
Proceeds from disposal of financial
assets
--
4,962
Payments to acquire financial assets
(10,482)
(994)
Interest received
85
86
Total
(10,563)
3,872
Cash Flow from financing
activities
Repayment of lease liabilities
(247)
(332)
Repayment of long-term debt
(881)
(664)
Proceeds from issuance of long-term
debt
--
5,000
Proceeds from issue of ordinary shares in
the form of ADS
26,619
—
Share issue cost
(3,217)
—
Change in restricted cash
(2,000)
—
Interest paid
(201)
(199)
Total
20,073
3,805
Net increase (decrease) in cash and
cash equivalents
3,630
1,622
Cash and cash equivalents at beginning
of period
5,324
4,368
Changes to cash and cash equivalents due
to foreign exchanges rates
(177)
(15)
Cash and cash equivalents at end of
period
8,777
5,975
See accompanying notes to unaudited condensed
consolidated interim financial statements.
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 Ltd.
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 nine months ended September 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 9, IAS 39, IFRS 7, IFRS 4 and IFRS
16
01/2021
Interest Rate Benchmark Reform
IFRS 16
04/2021
Covid-19-Related Rent Concessions
IFRS 3
01/2022
Reference to the Conceptual Framework
IAS 16
01/2022
Proceeds before intended use
IAS 37
01/2022
Onerous contracts – Cost of Fulfilling a
Contract
IFRS 1, IFRS 9, IFRS 16 and IAS 41
01/2022
Annual Improvements to IFRS Standards
2018–2020 (IFRS 1, IFRS 9, IFRS 16 and IAS 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 nine months ended September 30, 2021. The
Company has not yet conclusively determined what impact the new
standards, amendments or interpretations effective 01/2022 will
have on its financial statements, but does not expect they will
have a significant impact.
The condensed consolidated interim financial statements as of
and for the three and nine months ended September 30, 2021 and 2020
were authorized for issue by the Management Board on November 10,
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 nine
months ended September 30, 2021, full year 2020, 2019 and 2018
amounting to kEUR 11,633, kEUR, 15,481, kEUR 13,978 and kEUR 8,747,
respectively. Additionally, voxeljet had negative cash flows from
operating activities in the nine months ended September 30, 2021,
full year 2020, 2019 and 2018 of kEUR 5,880, 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 lower demand in both the Systems and the Services
segment compared to before the COVID-19 situation. voxeljet’s
clients have postponed larger investments and therefore, the demand
for 3D printers decreased. In addition, the COVID-19 situation
could cause further delays in installation of 3D printers at
customers’ facilities, which could lead to postponed revenue
recognition for those transactions. Since the third quarter of
2020, the Company experienced a gradual recovery of demand and this
positive trend has continued into the third quarter of 2021. The
ability to offer service visits worldwide was very limited during
the peak of the pandemic. This situation also eased over the last
quarters and voxeljet is currently able to offer installations and
service visits in most regions of the world, not without mentioning
that there are still some constraints and obstacles. In spite of
the recovery as well as the positive trends, the continuing
prevalence of the COVID-19 pandemic in the certain countries as
well as globally still increases the risk and likelihood for
further lockdowns, travel restrictions and drops in demand. Further
actions taken by government institutions, such as lockdowns, could
result in a decrease in market demand, which could potentially
result in lower cash inflows. Such risks have been evaluated by
management and consequently have been considered in the Company’s
liquidity forecast, which assumes voxeljet’s business plan is
executed appropriately and sales track as expected. Management
updates the liquidity forecast on an ongoing basis.
In 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, in July 2021, 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 authorization
for issuance of these condensed consolidated interim financial
statements as of and for the three and nine months ended September
30, 2021 and 2020 by the Management Board on November 10, 2021 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 must
both 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, 2021 265,050
options are exercisable and 353,400 options are outstanding. The
weighted-average contractual life of the options at September 30,
2021 amounts to 5.8 years (September 30, 2020: 6.8 years).
The expenses recognized in the profit and loss statement in
relation to the share-based payment arrangements amounted to kEUR
44 in the three months and kEUR 261 in the nine months ended
September 30, 2021. (Three months and nine months ended September
30, 2020: kEUR 169 and kEUR 501, respectively).
4. Inventories
9/30/2021
12/31/2020
(€ in thousands)
Raw materials and merchandise
3,774
3,733
Work in progress
8,399
7,661
Total
12,173
11,394
In the nine months ended September 30, 2021, voxeljet recognized
a reserve for slow-moving inventory for raw materials and
merchandise as well as work in progress amounting to kEUR 166,
following the Company’s write-off policy for inventory.
5. Property, plant and equipment, net
9/30/2021
12/31/2020
(€ in thousands)
Land, buildings and leasehold
improvements
18,202
18,698
Plant and machinery
4,513
3,982
Other facilities, factory and office
equipment
837
1,039
Assets under construction and prepayments
made
58
55
Total
23,610
23,774
Thereof pledged assets of Property, Plant
and Equipment
12,369
13,069
In 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 EIB related to the
loan, entered into with the EIB under the Finance Contract, dated
November 9, 2017.
6. Other liabilities and provisions
9/30/2021
12/31/2020
(€ in thousands)
Employee bonus
316
334
Accruals for vacation and overtime
285
124
Accruals for commissions
236
236
Liabilities from payroll
200
237
Accrual for warranty
150
228
Accruals for management compensation
146
—
Accruals for compensation of Supervisory
Board
135
180
Liabilities from VAT
68
27
Accruals for licenses
37
68
Accruals for education and training
18
41
Others
83
108
Total
1,674
1,583
7. Financial instruments
The following tables shows the carrying amounts and fair values
of financial assets and financial liabilities, including their
levels in the fair value hierarchy.
Carrying amount
Fair Value
(€ in thousands)
Assets at
Liabilities
Total
FVTPL
FVOCI
amortized
at amortized
carrying
9/30/2021
cost
cost
amount
Level 1
Level 2
Level 3
Total
Total assets
12,596
5
18,591
—
31,192
Current assets
10,854
—
18,591
—
29,445
Cash and cash equivalents
—
—
8,777
—
8,777
Financial assets
10,854
—
4,840
—
15,694
10,854
—
—
10,854
Bond funds
10,854
—
—
—
10,854
10,854
—
—
10,854
Term deposit
—
—
2,595
—
2,595
—
—
—
—
Restricted cash
—
—
2,245
—
2,245
—
—
—
—
Trade receivables, net
—
—
4,974
—
4,974
Non-current assets
1,742
5
—
—
1,747
Financial assets
1,742
5
—
—
1,747
5
1,742
—
1,747
Derivative financial instruments
1,742
—
—
—
1,742
—
1,742
—
1,742
Equity securities
—
5
—
—
5
5
—
—
5
Total liabilities
2,124
—
—
26,349
31,633
Current liabilities
—
—
—
3,445
3,946
Trade payables
—
—
—
2,666
2,666
Financial liabilities
—
—
—
779
1,280
—
—
911
911
Long-term debt
—
—
—
779
779
—
—
911
911
Lease liability
—
—
—
—
501
—
—
—
n/a
Non-current liabilities
2,124
—
—
22,904
27,687
Financial liabilities
2,124
—
—
22,904
27,687
—
2,124
28,154
30,278
Derivative financial instruments
2,124
—
—
—
2,124
—
2,124
—
2,124
Long-term debt
—
—
—
22,904
22,904
—
—
28,154
28,154
Lease liability
—
—
—
—
2,659
—
—
—
n/a
Carrying amount
Fair Value
(€ in thousands)
Assets at
Liabilities
Total
FVTPL
FVOCI
amortized
at amortized
carrying
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.
On September 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 nine months ended September 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 September 30, 2021
—
The investment in equity securities has been listed on a stock
exchange. As it is now possible to determine the fair value of this
investment using quoted prices or observable market data, it has
been reclassified from level 3 into level 1 on June 30, 2021.
8. Financial result
Three months ended September
30,
2021
2020
(€ in thousands)
Interest
expense
(648)
(1,005)
Interest expense on lease
liability
(38)
(36)
Interest expense from long-term
debt valuation
(538)
(486)
Expense from revaluation of
derivative financial instruments
--
(481)
Fair value valuation of
financial assets
(70)
--
Other
(2)
(2)
Interest
income
1,336
77
Payout of bond funds
54
29
Income from revaluation of
derivative financial instruments
1,280
--
Fair value valuation of
financial assets
--
47
Other
2
1
Financial result
688
(928)
Nine months ended September
30,
2021
2020
(€ in thousands)
Interest
expense
(3,795)
(1,692)
Interest expense on lease
liability
(110)
(127)
Interest expense from long-term
debt valuation
(1,598)
(1,094)
Expense from revaluation of
derivative financial instruments
(1,942)
(394)
Fair value valuation of
financial assets
(137)
(73)
Other
(8)
(4)
Interest
income
163
573
Payout of bond funds
90
74
Income from revaluation of
derivative financial instruments
--
486
Other
73
13
Financial result
(3,632)
(1,119)
9. Segment reporting
The following table summarizes segment reporting. The sum of the
amounts of the two segments equals the total for the Group in each
of the periods.
Three months ended September
30,
2021
2020
(€ in thousands)
CONSO
CONSO
SYSTEMS
SERVICES
LIDATION
GROUP
SYSTEMS
SERVICES
LIDATION
GROUP
Revenues
2,513
2,441
(16)
4,938
2,836
2,222
(150)
4,908
Third party
2,497
2,441
4,938
2,686
2,222
--
4,908
Intra-segment
16
--
(16)
—
150
--
(150)
—
Cost of sales
(1,395)
(1,602)
(2,997)
(1,626)
(1,675)
(3,301)
Gross profit
1,102
839
1,941
1,060
547
1,607
Gross profit in %
44.1%
34.4%
39.3%
39.5%
24.6%
32.7%
Operating Expenses
(4,505)
(4,254)
Other operating expenses
(101)
(590)
Other operating income
1,177
223
Operating loss
(1,488)
(3,014)
Finance expense
(648)
(1,005)
Finance income
1,336
77
Financial result
688
(928)
Loss before income taxes
(800)
(3,942)
Income tax income (expense)
—
(93)
Net loss
(800)
(4,035)
Nine months ended September
30,
2021
2020
(€ in thousands)
CONSO
CONSO
SYSTEMS
SERVICES
LIDATION
GROUP
SYSTEMS
SERVICES
LIDATION
GROUP
Revenues
8,887
6,683
(1,629)
13,941
6,437
6,846
(575)
12,708
Third party
7,258
6,683
--
13,941
5,862
6,846
--
12,708
Intra-segment
1,629
--
(1,629)
—
575
--
(575)
—
Cost of sales
(4,819)
(4,730)
(9,549)
(3,822)
(5,109)
(8,931)
Gross profit
2,439
1,953
4,392
2,040
1,737
3,777
Gross profit in %
33.6%
29.2%
31.5%
34.8%
25.4%
29.7%
Operating Expenses
(14,162)
(13,567)
Other operating expenses
(486)
(1,958)
Other operating income
2,203
1,258
Operating loss
(8,053)
(10,490)
Finance expense
(3,795)
(1,692)
Finance income
163
573
Financial result
(3,632)
(1,119)
Loss before income taxes
(11,685)
(11,609)
Income tax income (expense)
52
(150)
Net loss
(11,633)
(11,759)
10. Revenues
Three months ended September
30,
2021
2020
2021
2020
SYSTEMS
SERVICES
(€ in thousands)
Primary geographical markets
EMEA
791
1,025
1,369
1,364
Asia Pacific
1,374
309
230
223
Americas
332
1,352
842
635
2,497
2,686
2,441
2,222
Timing of revenue recognition
Products transferred at a point
in time
2,300
2,392
2,441
2,222
Products and services
transferred over time
197
294
--
--
Revenue from contracts with
customers
2,497
2,686
2,441
2,222
Nine months ended September
30,
2021
2020
2021
2020
SYSTEMS
SERVICES
(€ in thousands)
Primary geographical markets
EMEA
3,494
3,290
4,056
4,190
Asia Pacific
1,979
704
674
683
Americas
1,785
1,868
1,953
1,973
7,258
5,862
6,683
6,846
Timing of revenue recognition
Products transferred at a point
in time
6,452
5,074
6,683
6,846
Products and services
transferred over time
806
788
--
--
Revenue from contracts with
customers
7,258
5,862
6,683
6,846
Three months ended September
30,
Nine months ended September
30,
2021
2020
2021
2020
(€ in thousands)
EMEA
2,160
2,389
7,550
7,480
Germany
852
834
2,489
3,644
France
194
189
1,170
686
Finland
38
2
703
7
Switzerland
129
102
508
195
Great Britain
399
205
1,129
765
Others
548
1,057
1,551
2,183
Asia Pacific
1,604
532
2,653
1,387
India
1,070
7
1,123
54
China
263
326
782
816
South Korea
234
160
571
428
Others
37
39
177
89
Americas
1,174
1,987
3,738
3,841
United States
1,167
1,981
3,647
3,722
Others
7
6
91
119
Total
4,938
4,908
13,941
12,708
11. Commitments, contingent assets and liabilities
In 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, Gersthofen
Supplier
05/01/2017 - 12/31/2020
Suzhou Meimai Fast Manufacturing
Technology Co., Ltd., Suzhou
Minority shareholder of voxeljet China,
Customer
04/11/2016 - 09/01/2021
DSCS Digital Supply Chain Solutions GmbH,
Gersthofen
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, Gemany. Rental expenses
amounted to kEUR 2, in each, the nine months ended September 30,
2021 as well as the nine months ended September 30, 2020.
Furthermore, voxeljet acquired goods amounting to kEUR 0 and
kEUR 0 in the nine months ended September 30, 2021 and 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 25 in the nine months ended September 30, 2021 and
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 77 and kEUR
19 in the nine months ended September 30, 2021 and 2020,
respectively from Suzhou Meimai Fast Manufacturing Technology Co.,
Ltd. (“Meimai”), which was a minority shareholder for voxeljet
China until September 1, 2021. On this date, Meimai transferred
half of its equity interest in voxeljet China, or 15% of voxeljet
China’s equity, to MK Holding GmbH and the remaining half of its
equity, or 15% of voxeljet China’s equity to Mr. Jin Tianshi, the
managing director of voxeljet China. As a result, as of September
1, 2021, Meimai is no longer a related party.
Further, voxeljet received orders amounting to kEUR 0 and kEUR 0
in the nine months ended September 30, 2021 and 2020, respectively
from DSCS Digital Supply Chain Solutions GmbH (“DSCS”), which is an
associated company where voxeljet owns 33.3%. Shareholders of DSCS
have initiated the wind-up of DSCS, which will be finalized by
DSCS’s removal from the commercial register, expected to take place
in the first quarter of 2022.
In addition, voxeljet employed 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 nine months ended September 30, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211110006187/en/
Investors and Media Johannes Pesch Director Investor
Relations and Business Development johannes.pesch@voxeljet.de
Office: +49 821 7483172 Mobile: +49 176 45398316
Voxeljet (NASDAQ:VJET)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Voxeljet (NASDAQ:VJET)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024
