voxeljet (VJTTY) 20-F 29 Mar 18 2017 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2017shares
Document and Entity Information [Abstract]
Entity Registrant Name	voxeljet AG
Entity Central Index Key	1,582,581
Document Type	20-F
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	3,720,000
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - EUR (€) € in Thousands	Dec. 31, 2017	Dec. 31, 2016
Current assets
Current assets	€ 37,774	€ 37,506
Cash and cash equivalents	7,569	7,849
Financial assets	14,044	12,579
Trade receivables	5,093	4,133
Inventories	9,539	11,213
Income tax receivables	3	8
Other assets	1,526	1,724
Non-current assets
Non-current assets	29,257	24,633
Financial assets	357	211
Intangible assets	1,111	842
Property, plant and equipment	27,698	23,521
Investments in joint ventures	39
Other assets	52	59
Total assets	67,031	62,139
Current liabilities
Current liabilities	6,576	5,517
Deferred income	271	332
Trade payables	3,059	1,765
Financial liabilities	1,162	1,297
Other liabilities and provisions	2,084	2,123
Non-current liabilities
Non-current liabilities	16,537	5,086
Deferred income	18	177
Deferred tax liabilities	66	1
Financial liabilities	16,413	4,817
Other liabilities and provisions	40	91
Equity
Equity	43,918	51,536
Subscribed capital	3,720	3,720
Capital reserves	76,227	75,827
Accumulated deficit	(37,480)	(28,971)
Accumulated other comprehensive income	1,380	873
Equity attributable to the owners of the company	43,847	51,449
Non-controlling interests	71	87
Total equity and liabilities	€ 67,031	€ 62,139

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Revenues	€ 23,178	€ 22,338	€ 24,064
Cost of sales	(13,824)	(15,435)	(17,147)
Gross profit	9,354	6,903	6,917
Selling expenses	(6,474)	(5,312)	(6,922)
Administrative expenses	(5,129)	(4,563)	(5,178)
Research and development expenses	(5,528)	(5,683)	(5,470)
Other operating expenses	(1,844)	(3,881)	(888)
Other operating income	1,001	1,417	2,130
Operating loss	(8,620)	(11,119)	(9,411)
Finance expense	(190)	(230)	(277)
Finance income	365	38	158
Financial result	175	(192)	(119)
Loss before income tax	(8,445)	(11,311)	(9,530)
Income tax expense	(80)	(2)	(64)
Net loss	(8,525)	(11,313)	(9,594)
Other comprehensive income (loss) that may be reclassified subsequently to profit or loss	505	1,111	(237)
Total comprehensive loss	(8,020)	(10,202)	(9,831)
Loss attributable to:
Owner of the Company	(8,509)	(11,287)	(9,594)
Non-controlling interests	(16)	(26)
Net loss	(8,525)	(11,313)	(9,594)
Total comprehensive loss attributable to:
Owner of the Company	(8,004)	(10,176)	(9,831)
Non-controlling interests	(16)	(26)
Total comprehensive loss	€ (8,020)	€ (10,202)	€ (9,831)
Weighted average number of ordinary shares outstanding (in shares)	3,720,000	3,720,000	3,720,000
Loss per share - basic/ diluted (EUR) (in euros per share)	€ (2.29)	€ (3.04)	€ (2.58)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - EUR (€) € in Thousands	Equity attributable to owners of parent [member]	Subscribed capital	Capital Reserves	Accumulated deficit	Accumulated other comprehensive gain (loss)	Non-controlling interests	Total
Balance at the beginning at Dec. 31, 2014	€ 71,300	€ 3,720	€ 75,671	€ (8,090)	€ (1)		€ 71,300
Loss for the period	(9,594)			(9,594)			(9,594)
Net changes in fair value of available for sale financial assets	(213)				(213)		(213)
Foreign currency translation	(24)				(24)		(24)
Balance at the end at Dec. 31, 2015	61,469	3,720	75,671	(17,684)	(238)		61,469
Loss for the period	(11,287)			(11,287)		€ (26)	(11,313)
Net changes in fair value of available for sale financial assets	50				50		50
Foreign currency translation	1,061				1,061		1,061
Establishment of subsidiary with non-controlling interests						113	113
Equity-settled share-based payment transaction in relation to the establishment of a subsidiary with non-controlling interest	156		156				156
Balance at the end at Dec. 31, 2016	51,449	3,720	75,827	(28,971)	873	87	51,536
Loss for the period	(8,509)			(8,509)		(16)	(8,525)
Net changes in fair value of available for sale financial assets	37				37		37
Foreign currency translation	470				470		470
Deferred tax	14		14				14
Equity-settled share-based payment transaction in relation to the establishment of a subsidiary with non-controlling interest	386		386				386
Balance at the end at Dec. 31, 2017	€ 43,847	€ 3,720	€ 76,227	€ (37,480)	€ 1,380	€ 71	€ 43,918

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash Flow from operating activities
Loss for the period	€ (8,525)	€ (11,313)	€ (9,594)
Depreciation and amortization	3,163	2,542	2,982
Foreign currency exchange differences on loans to subsidiaries	1,056	1,092	(24)
Impairment losses on goodwill and intangible assets		1,130	818
Equity-settled share-based payment transaction in relation to the establishment of a subsidiary with non-controlling interest		256
Share-based compensation expense	386
Impairment losses on trade receivables	237	367
Change in investment in joint venture	11
Change in fair value of the Performance Participation Interest	17
Change in derivative equity forward	(352)
Change in inventory allowance	(515)	954	1,118
Proceeds from customer loans		10	1,091
Changes in deferred income taxes	79		(67)
Loss on disposal of assets	15	46	71
Change in working capital	(2,654)	(8,422)	(8,369)
Trade and other receivables, inventories and current assets	(2,978)	(6,784)	(8,494)
Trade payables	629	(27)	(584)
Other liabilities and provisions and deferred income	(310)	(1,657)	698
Income tax payable/receivables	5	46	11
Total	(7,082)	(13,338)	(11,974)
Cash Flow from investing activities
Proceeds from disposal of property, plant and equipment and intangible assets		14	427
Payments to acquire property, plant and equipment and intangible assets	(3,374)	(3,700)	(1,402)
Net proceeds from disposal of (payments to acquire) financial assets	4,077	34,979	68,344
Investment in Joint Venture	(50)
Total	(4,683)	15,466	7,181
Cash Flow from financing activities
Repayment from bank overdrafts and lines of credit	(166)	(159)	(64)
Repayment of sale and leaseback obligation	(384)	(535)	(816)
Repayment of finance lease obligation	(51)	(36)	(16)
Repayment from long-term debt	(732)	(378)	(203)
Proceeds of long-term debt	12,612	4,724
Total	11,279	3,616	(1,099)
Net increase (decrease) in cash and cash equivalents	(486)	5,744	(5,892)
Cash and cash equivalents at beginning of period	7,849	2,086	8,031
Changes to cash and equivalents due to foreign exchanges rates	206	19	(53)
Cash and cash equivalents at end of period	7,569	7,849	2,086
Supplemental Cash Flow Information
Interest paid	206	201	250
Interest received	16	39	123
Income taxes paid		2
Property, plant and equipment and intangible assets added under finance lease	€ 123	€ 57	€ 43

The reporting entity

The reporting entity	12 Months Ended
	Dec. 31, 2017
The reporting entity
The reporting entity	1. The reporting entity voxeljet AG (in the following referred to as ‘ voxeljet’ , ‘Group’, or the ‘Company’) is a high‑tech company headquartered in Friedberg, Germany. The Company consists of voxeljet AG, voxeljet America Inc. ( voxeljet America ), voxeljet UK Ltd. ( voxeljet UK ), voxeljet India Pvt. Ltd ( voxeljet India ) and voxeljet China Co., Ltd. ( voxeljet China ) voxeljet AG owns 100% of the issued and outstanding shares of voxeljet America , voxeljet UK and voxeljet India as well as 95.83% of voxeljet China. As a manufacturer of three‑dimensional (“3D”) printing systems, voxeljet specializes in the development, production and distribution of industrial printing machines and the production and sale of customized printed products to industrial customers. The Company operates in two business divisions: Systems and Services. The voxeljet Systems business division develops, manufactures and sells innovative 3D printers. Today, voxeljet has a product range that reaches from smaller entry models to large‑format machines, and therefore offers 3D printer systems for a wide range of application areas. Through its Services business division, the Company also offers customized printed products such as sand molds and plastic models based on CAD data through its ‘on‑demand production’ service centers. In addition, the Company offers casting services to its customers. In those cases, the casting process is performed by external suppliers supported by voxeljet’s molds and models. Small‑batch and prototype manufacturers utilize the Company’s machines for the automatic, patternless manufacture of their casting molds and 3D models. The Company’s customer base includes automotive manufacturers, foundries and suppliers as well as companies from the arts and design industries as well as universities and research institutes.

Preparation of financial statem

Preparation of financial statements	12 Months Ended
	Dec. 31, 2017
Preparation of financial statements
Preparation of financial statements	2. Preparation of financial statements The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as set forth by the International Accounting Standards Board (IASB) and interpretations of the IFRS Interpretations Committee (IFRIC). The consolidated financial statements were authorized for issue by the Management Board on March 29, 2018. These consolidated financial statements were prepared on the basis of historical cost except for the following items, which are measured on an alternative basis on each reporting date. Available-for-sale financial assets Fair value Liabilities for cash-settled share-based payment arrangements Fair value Monetary assets and liabilities denominated in foreign currencies Translated at period-end exchange rates Derivative financial instruments Fair value The consolidated financial statements are presented in thousands of Euros (kEUR) except where otherwise stated. Due to rounding, numbers presented throughout these notes may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. The consolidated financial statements have been prepared on the assumption that the Group will continue as a going concern.

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
	Dec. 31, 2017
Summary of significant accounting policies
Summary of significant accounting policies	3. Summary of significant accounting policies The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented. Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date when control is transferred to the Group. Consideration paid is allocated to the assets acquired and liabilities assumed, with any excess amount recorded as goodwill. Consolidation Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intercompany balances and transactions are eliminated in preparing the consolidated financial statements. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in the joint venture are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income of equity-accounted investees, until the date on which significant influence or joint control ceases. Recognition of income and expenses Revenues Revenue from the sale of new or refurbished 3D printers is recognized upon the transfer of risks and rewards of ownership to the buyer, which is upon completion of the installation of 3D printers at the customer site and evidenced through final acceptance by the customer. The Company also recognizes revenue from printers, which are provided to customers under operating leases. Revenue from such transactions is recognized monthly on a straight‑line basis over the term of the lease agreement. Revenue from the sale of custom‑ordered printed products, consumables, or spare parts and other machine parts is recognized upon transfer of title, generally upon shipment. Revenue for all deliverables in sales arrangements is recognized to the extent that it is probable that the economic benefit arising from the ordinary activities of the business will flow to the Company and provided that the amount of revenue and the costs incurred or to be incurred in respect of the sale can be measured reliably. Revenue is measured at the fair value of the consideration received or receivable, which is fixed at the time of recognition of revenue. In instances where revenue recognition criteria are not met, amounts are recorded as deferred income in the accompanying statements of financial position. The Company offers to customers, to operate their purchased 3D printer and perform 3D printing on custom-ordered printed products for a temporary period before the customers’ facility is configured according to required technical specifications. The Company recognizes sublease income paid by the customers under operating leases within other operating income in the statements of comprehensive loss over the term of the lease. The Company recognizes revenue from the sale of custom-ordered printed products from the customer’s purchased 3D printer, upon transfer of title, generally upon shipment. The Company also provides development services to certain customers. The Company recognizes revenue from rendering of services in proportion to the stage of completion of the transaction at the reporting date. The stage of completion is assessed with reference to surveys of work performed. Generally work performed is measured based on milestones according to the project plan. Otherwise, contract revenue is recognized only to the extent of contract costs incurred that are likely to be recoverable. An expected loss on a contract is recognized immediately in the statements of comprehensive loss. The Group provides customers with a standard warranty agreement on all machines for up to one year. The warranty is not treated as a separate service because the warranty is an integral part of the sale of the machine. After the initial one year warranty period, the Group offers its customers extended warranty and optional maintenance contracts. Extended warranty and maintenance contracts are provided for a period of twelve months and automatically extended for another twelve months if not cancelled on a timely basis. Extended warranty and maintenance service revenue is recognized on a straight-line basis under the contractual term. Shipping, packaging and handling costs billed to customers for machine sales and sales of printed products and consumables are included in revenue in the consolidated statements of comprehensive loss. Costs incurred by the Company associated with shipping, packaging and handling are included in selling expenses in the consolidated statements of comprehensive loss. The Company’s terms of sale generally require payment within 30 to 60 days after shipment of a product, although the Company also recognizes that longer payment periods are customary in some countries where it transacts business. To reduce credit risk in connection with machine sales, the Company may, depending upon the circumstances, require deposits prior to shipment. In some circumstances, the Company may require payment in full for its products prior to shipment and may require international customers to furnish letters of credit. These deposits are reported as customer deposits included in other liabilities and provisions in the accompanying statements of financial position. Maintenance contracts are billed to customers in advance on a monthly, quarterly, or annual basis, depending on the contract and are initially recorded as deferred income in the statements of financial position. In the course of the Company’s ordinary business activities refurbished 3D printers, which typically were operating in the Services segment on average for 1.5 to 2.5 years, are routinely sold to customers. Prior to sale, such printers are fully refurbished, which includes the installation of a new printhead. Proceeds from the sale of such refurbished 3D printers are recognized as revenue of the Systems segment. Sales agents are used in connection with the sale of 3D printers. These sales agents receive sales commissions which are included in selling expenses in the consolidated statements of comprehensive loss. Such commissions are determined based on a percentage of the sale price for each sale initiated by the sales agent. Generally, commissions are paid only after the customer has paid the final invoice. The Company grants certain licenses and intellectual property rights to third parties under contractual agreements which, among other things, requires the licensee to make payments to the Company . Revenue recognized from such agreements is based on the Company`s best estimate of license fees due as long as it is probable that the associated economic benefit will flow with the company. Research and development expenses All research and development costs are charged to expense as incurred. Government grants Government grants awarded for project funding are recorded within other operating income in the consolidated statement of comprehensive loss if the related research and development costs have been incurred and provided that the conditions for the funding have been met. Until then, amounts received under government grants are recorded as deferred income in the statements of financial position. Leases Finance leases consist primarily of borrowings associated with sale and leaseback transactions involving 3D printers that were manufactured by the Company and used within the Services segment. Additionally, the Company has entered into finance lease agreements for 3D printers manufactured by third parties. Maturities of these finance leases extend to 2020. Leased assets are recognized at the lower of fair value or the present value of minimum lease payments and depreciated over the asset’s estimated useful life. Assets under finance leases are included in “Property, plant and equipment” in the statement of financial position. Gains on sale and leaseback transactions are recorded as deferred income in the statement of financial position and recognized as “Other operating income” over the respective lease term. Operating leases consist of various lease agreements for the rental of manufacturing facilities, office and warehouse space, vehicles, and office and IT equipment, expiring in various years through 2020. Rent expense under operating leases is charged to profit or loss on a straight‑line basis over the term of the lease. In 2017, voxeljet leased two 3D printers (2016: one 3D printer and 2015: five 3D printers) to customers under operating leases. Rental income is recognized on a straight‑line basis over the term of the lease as revenue and is reported within the Systems segment. Long Term Cash Incentive Plan voxeljet has a Long-Term Cash Incentive Plan ("LTCIP"), a cash-settled share-based payment arrangement, that provides for cash awards to non-executive employees. Compensation cost is determined based on the grant-date fair value of the awards and recognized, net of estimated forfeitures due to termination of employment, on a straight-line basis over the requisite service period of the award and depending on the evaluation of certain performance and market conditions. The requisite service period is generally the vesting period stated in the award. The liability for these awards is measured at fair value at each reporting date until settlement and is classified within "other liabilities and provisions in the consolidated statement of financial position. Employee stock option plan In April 2017, the Supervisory Board adopted and approved Option Plan 2017. The plan authorizes to grant shares of equity-settled stock options to employees and members of the management board. The Company’s stock-based compensation expense is estimated at the grant date based on the fair value of the award and is recognized as expense ratably over the requisite service period of the award. The Company calculates the fair value of each option award on the date of grant under the Monte Carlo simulation model. The determination of the grant date fair value of the awards using a simulation model is affected by our stock price as well as assumptions regarding a number of complex and subjective variables. These variables include the expected stock price volatility over the expected life of the awards, risk-free interest rates, and expected dividends. The risk free interest rate is equal to the U.S. Treasury constant maturity rates for the period equal to the expected life. We do not currently pay cash dividends on common stock and we do not anticipate doing so in the foreseeable future. Accordingly, the expected dividend yield is zero. Foreign currencies The financial statements are presented in Euros, the functional currency of voxeljet AG . Monetary transactions denominated in foreign currencies are translated to Euros at the exchange rates prevailing on the transaction date. The financial statements of foreign subsidiaries are translated using the concept of the functional currency in accordance with IAS 21. The assets and liabilities of foreign subsidiaries are translated at the spot rate at the end of the period, while their income statement items are translated at average exchange rates for the respective periods. All resulting exchange differences are recognized in other comprehensive income. Gains and losses on foreign currency transactions are shown within other operating income and other operating expenses, respectively, in the consolidated statement of comprehensive loss. The loans provided to voxeljet AG ’s subsidiaries are not considered as net investments in foreign operations. Consequently, gains or losses from foreign exchange differences thereon are recognized in other operating income or expenses. The exchange rates that are most relevant for voxeljet’s consolidated financial statements are as follows: Average exchange rates to Euro December 31, Average Rate USD GBP INR CNY 2017 1.1297 0.8767 73.5324 7.6290 2016 1.1069 0.8195 74.3717 7.3522 2015 1.1096 0.7258 71.1956 6.9733 Year end exchange rates to Euro December 31, Year End Rate USD GBP INR CNY 2017 1.1993 0.8872 76.6055 7.8044 2016 1.0541 0.8562 71.5935 7.3202 Income Tax Income tax expense (benefit) consists of current and deferred tax expense and benefit in accordance with IAS 12. Current income tax expense (benefit) is based on taxable profit (loss) for the year. Taxable profit (loss) differs from profit (loss) as reported in the statements of comprehensive income (loss) because it excludes items of income or expense that are taxable or deductible in other years and further excludes items that are never taxable or deductible. Current income tax expense (benefit) is calculated using tax rates that have been enacted or substantively enacted by the end of the respective reporting period. Deferred income tax expense (benefit) is recognized on temporary differences between the carrying amounts of assets and liabilities in the statement of financial position and the corresponding tax basis used in the computation of taxable profit (loss). Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets, including for carry forward losses to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer more probable than not that sufficient taxable profits will be available to allow all or a part of the assets to be recovered. Deferred tax expense (benefit) is calculated at the tax rates that are expected to apply in the periods when the liability is settled or the asset is realized, based on tax rates (and tax regulations) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax expense (benefit) is charged or credited to profit or loss, except when it relates to items charged or credited directly to equity, in which case the deferred taxation is also recorded to equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off tax assets against tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. Intangible Assets Intangible assets, including software, licenses and customer relationships, that are acquired by the Company and have a finite useful life are measured at cost less accumulated amortization and any impairment losses. Amortization for intangible assets with finite useful lives is recognized on a straight‑line basis over their useful lives. The amortization of licenses is allocated to the cost of inventory and is included in cost of sales as 3D printers are sold; the amortization of software is mainly included in selling and administrative expenses. The estimated useful economic lives of acquired intangible assets are presented in the following table: USEFUL LIFE OF INTANGIBLE ASSETS Software 3-5 years Licenses 6-8 years Customer list 3 years Digital library 3 years An intangible asset is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in profit or loss in the period in which the item is derecognized. Property, Plant and Equipment Property, plant and equipment is carried at acquisition or manufacturing cost (for internally manufactured printers used in the Services segment) and depreciated on a straight‑line basis over the estimated useful lives of the related assets, taking into account estimated residual values. Except the sale of used printers, realized gains and losses are recognized upon disposal or retirement of the related assets and are reflected within other operating income or other operating expenses in the consolidated statement of comprehensive loss. Subsequent expenditures are capitalized only if it is probable that voxeljet will receive additional economic benefits from the particular asset associated with these expenditures, and the costs can be determined reliably. Repair and maintenance expenditures are expensed as incurred. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Company will obtain ownership by the end of the lease term. In those cases the assets are depreciated over their useful lives. Land is not depreciated. Additions to property, plant and equipment relating to self‑constructed 3D printers are considered non‑cash transactions. The estimated useful economic lives of items of property, plant and equipment are as follows: USEFUL LIFE OF PROPERTY, PLANT AND EQUIPMENT Leasehold improvements 6-9 years Buildings 33 years Plant and machinery 7-8 years Printers leased to customers under operating lease 7-8 years Other facilities, machinery and factory equipment 2-20 years Office equipment 3-12 years Useful lives, depreciation methods and residual values are reviewed at least annually and, in case they change significantly, depreciation charges for current and future periods are adjusted accordingly. Inventories Raw materials Raw materials are measured at the lower of acquisition cost, as determined on the weighted average costs method, and net realizable value. Obsolete inventories are written off directly into cost of sales. Work in progress and finished goods Work in progress and finished goods are measured at the lower of manufacturing cost and net realizable value. Manufacturing costs comprise all costs that are directly attributable to the manufacturing process, such as direct material and labor, and production related overheads (based on normal operating capacity and normal consumption of material, labor and other production costs), including depreciation charges. Net realizable value is defined as the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs of the sale. For purposes of determining net realizable value, selling expenses include all costs expected to be incurred to make the sale, primarily shipping, packaging and handling as well as commissions. We also use our own printers in our service centers. Unfinished printers are generally available to be sold if a customer requests a product with a specification which can be met by one of the products in progress. Accordingly, we classify printers as inventory until we remove a finished printer from our manufacturing warehouse to use it in a service center. The reclassification as property, plant and equipment, as a non-cash transaction, occurs at cost and depreciation starts at inception of service. We evaluate the adequacy of our inventory reserves on a periodic basis in order to determine the need for an inventory reserve (See Note 5, Critical accounting judgment and key sources of estimation and uncertainty – inventories). Impairment of non‑financial assets The Company assesses at the end of each reporting period whether there is an indication that a non‑financial asset may be impaired. Such assets are tested for impairment if there are indicators that the carrying amounts may not be recoverable. 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. If the fair value less cost to sell cannot be determined, or if it is lower than the carrying amount, the value in use is used. The value in use is calculated by discounting the future expected cash flows at a risk‑adequate pre‑tax interest rate, current and expected future cash flows are taken into account, together with technological, economic and general development trends, on the basis of approved and adjusted financial plans. Financial instruments Non‑derivative financial assets and liabilities The Company classifies non‑derivative financial assets into the following categories: financial assets at fair value through profit or loss, held‑to‑maturity financial assets, loans and receivables and available‑for‑sale financial assets. Available‑for‑sale financial assets are initially measured at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at fair value and changes therein, other than impairment losses and foreign currency differences on debt instruments, are recognized in other comprehensive income and accumulated in the accumulated other comprehensive income. When these assets are derecognized, the gain or loss accumulated in equity is reclassified to profit or loss in other operating income or expense. Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognized initially at fair value. Subsequent to initial recognition, loans and receivables are measured at amortized cost using the effective interest method, less any impairment losses. Non‑derivative financial liabilities are initially measured at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these liabilities are measured at amortized cost using the effective interest method. The Company does not elect to measure financial liabilities at fair value through profit or loss. Derivative financial instruments In conjunction with the financing with the European Investment Bank the Company closed in December 2017, loan and warrant agreements contain certain embedded derivatives. Embedded derivatives are separated from the host contract and accounted for separately if certain criteria are met. Derivatives are initially measured at fair value; any directly attributable transaction costs are recognized in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognized in profit or loss. Impairment Financial assets not classified as at fair value through profit or loss are assessed at each reporting date to determine whether there is objective evidence of impairment. For financial assets measured at amortized cost, an impairment loss is calculated as the difference between the asset’s carrying amount and the present value of the estimated future cash flows discounted at a risk adjusted interest rate. Losses are recognized in profit or loss and reflected in an allowance account. When the Group considers that there are no realistic prospects of recovery of the asset, the relevant amounts are written off. If the amount of impairment loss subsequently decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, then the previously recognized impairment loss is reversed through profit or loss. Impairment losses on available‑for‑sale financial assets are recognized by reclassifying the losses from accumulated other comprehensive income to profit or loss. The amount reclassified is the difference between the acquisition cost (net of any principal repayment and amortization) and the current fair value, less any impairment loss previously recognized in profit or loss. Cash and cash equivalents Cash and cash equivalents are short‑term bank deposits and are not subject to a significant risk of change in value. Deferred income Deferred income from sale and leaseback Deferred income related to gains on sales of 3D printers subject to sale and lease back transactions and accounted for as finance leases are recognized within other operating income in the consolidated statement of comprehensive loss over the respective lease term. Deferred income from extended warranty and maintenance contracts Extended warranty contract and maintenance contract revenues are recognized on a straight‑line basis over the contractual term of the contract as the timing of providing the related services generally do not vary significantly. Earnings (loss) per share Basic earnings per share amounts are calculated by dividing profit (loss) by the weighted average number of ordinary shares outstanding. There are no dilutive instruments issued and outstanding.

New standards and interpretatio

New standards and interpretations not yet adopted	12 Months Ended
	Dec. 31, 2017
New standards and interpretations not yet adopted
New standards and interpretations not yet adopted	4. New standards and interpretations not yet adopted The IASB issued a number of new IFRS standards which are required to be adopted in annual periods beginning after December 31, 2017. Standard Effective date Descriptions IFRS 15 01/2018 Revenue from Contracts with Customers IFRS 9 01/2018 Financial Instruments IFRS 2 01/2018 Amendments Classification and Measurement of Share-based Payment Transactions IFRS 4 01/2018 Amendments Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts IAS 40 01/2018 Amendment Transfers of Investment Property IFRIC 22 01/2018 Foreign Currency Transactions and Advance Consideration Improvements to IFRS (2014 - 2016) 01/2018 IFRS 1, IAS 28 IFRS 16 01/2019 Leases IFRS 9 01/2019 Amendments Prepayment Features with Negative Compensation IAS 28 01/2019 Amendments Long-term Interests in Associates and Joint Ventures IFRIC 23 01/2019 Uncertainty over Income Tax Treatments IAS 19 01/2019 Amendments Plan Amendment, Curtailment or Settlement Improvements to IFRS (2015 - 2017) 01/2019 IFRS 3, 11, IAS 12, 23 IFRS 17 01/2021 Insurance Contracts IFRS 10, IAS 28 indefinite Amendment Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Impact of the New Accounting Standards IFRS 15 ‘Revenue from Contracts with Customers’ On May 28, 2014, the IASB issued IFRS 15. The new revenue recognition standard is effective beginning on January 1, 2018. IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaces existing revenue recognition guidance, including IAS 18 Revenue, IAS 11 Construction Contracts and IFRIC 13 Customer Loyalty Programmes. The Company will adopt the new standard effective January 1, 2018, by recognizing the cumulative effect of initially applying the new standard, as an adjustment to the opening balance of retained earnings with an offsetting impact within current liabilities. The Company expects to have an impact related to the revenue recognition regarding the revenue streams from maintenance as well as extended warranty contracts. The adoption of IFRS 15 will lead to immaterial timing differences for revenue recognition related to these types of contracts with customers. Based on its comprehensive assessment of the new guidance, the Company does not currently expect the adjustment to have a material impact to retained earnings nor on net income on an ongoing basis. Results for reporting periods beginning after January 1, 2018 will be presented according to IFRS 15 while prior period amounts will not be adjusted and will continue to be reported in accordance with the Company’s historic accounting policies. Beginning in the first quarter of 2018, the Company plans to provide expanded revenue recognition disclosures based on the new qualitative and quantitative disclosure requirements of the standard. IFRS 9 (Financial Instruments) IFRS 9 Financial Instruments is the IASB’s replacement of IAS 39 Financial Instruments . The standard includes requirements for recognition and measurement, impairment, derecognition and general hedge accounting. We will adopt IFRS 9 on January 1, 2018. We will use the exceptions from full retrospective application and thus recognize the effect of the initial application as an adjustment to the opening balance of retained earnings. We have reviewed our financial assets and liabilities and expect the following impacts: Classification of financial assets and financial liabilities The majority of our long-term debt and all loans, as well as trade and other financial receivables will satisfy the conditions for a classification at amortized cost. Thus, we do not expect any impact from reclassification. Under the new policies, our investments in bond funds will be classified as fair value through other comprehensive income. (FVTOCI). Therefore, we do not expect these changes to have a material impact on our financial statements. Impairment We will apply the simplified impairment approach of IFRS 9 and thus record lifetime expected credit losses on all trade receivables. The default risk of our trade receivables is estimated based on assessing the creditworthiness of customers through external ratings and our past experience with the customers concerned. Outstanding receivables are continuously monitored locally. For bank balances and financial receivables not classified as FVTPL, we will apply the general IFRS 9 impairment approach under our new policies. It is our policy to only invest in high-quality assets of issuers with a minimum rating of at least investment grade to minimize the risk of credit losses. Despite the change from an incurred loss to an expected credit loss model, we do not expect our impairment allowances for trade receivables and other financial assets to be materially different from what they would be if we continued our current accounting policies. Regarding the other new standards, amendments or interpretations the Company has not yet determined what impact the new standards, will have on the financial statements.

Critical accounting judgment an

Critical accounting judgment and key sources of estimation and uncertainty	12 Months Ended
	Dec. 31, 2017
Critical accounting judgment and key sources of estimation and uncertainty
Critical accounting judgement and key sources of estimation and uncertainity	5. Critical accounting judgment and key sources of estimation and uncertainty In the process of applying the Company’ s accounting policies, Management is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on the knowledge available as of the preparation date of the financial statements and historical experiences as well as other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis. Developments outside management’s control may cause actual amounts to differ from the original estimates. In that case, the underlying assumptions and, if necessary, the carrying amounts of the pertinent assets and liabilities are adjusted accordingly. Revisions to accounting estimates are recognized in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. The assumptions and estimates refer primarily to the recognition of revenue, valuation of bad debt allowance, valuation of inventory, and the valuation of derivative financial instruments (relating to the Performance Participation Interest on the loan with the European Investment Bank). The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Revenue recognition Revenue on sales of printers is recognized when the significant risks and rewards of ownership are transferred to the customer, the amount of revenue and cost incurred or to be incurred can be measured reliably and it is probable that the economic benefits associated with the sale will flow to the Company. Generally this is the case, when the printer is installed and finally accepted by the customer. On occasion, we grant a loan for a portion or all of the purchase price of a machine to a customer. We recognize revenue on such sales when it is probable that we will obtain the economic benefits from the transaction. In these situations, we analyze the credit risk associated with the customer based on all available information and the outstanding balance to determine the risk. The amount of revenue comprises the fair value of the consideration received, including future payments under the loan agreement. We typically retain legal title to our machines until receipt of all consideration to protect the collectability of any outstanding balances due, which does not preclude a conclusion that the significant risks and rewards of ownership have transferred. Valuation of bad debt allowance The Company evaluates customer accounts with past‑due outstanding balances or specific accounts for which it has information that the customer may be unable to meet its financial obligations. Based upon a review of these accounts and Management’s analysis and judgment, the Company estimates the future cash flows expected to be recovered from these receivables. The amount of the impairment on doubtful receivables is measured individually and recorded as a specific allowance against that customer’s receivable balance so as to equal the amount expected to be recovered. The allowance is re‑evaluated and adjusted periodically as additional information is received. Valuation of inventories We evaluate the adequacy of our inventory reserves on a periodic basis. Our determination of our inventory reserve is subject to change because it is based on management’s current estimates. In determining the need for an inventory reserve on our printers in progress or finished stage, we consider the inventory at hand per product and expected sales. In that context, we consider order backlog on hand, budgeted sales and market opportunities by product type. Valuation of derivative instruments We evaluate the loan with the European Investment Bank to determine if the contracts or embedded components of those contracts qualify as derivatives requiring separate recognition in the financial statements. In circumstances where there are multiple embedded derivatives in a single hybrid contract that relate to the same risk exposure, or that are not readily separable and independent of each other, are treated as a single compound embedded derivative. The single compound embedded derivative is 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. The embedded derivative component is measured at fair value on initial recognition, the carrying amount of the host contract on initial recognition is the difference between the carrying amount of the hybrid instrument and the fair value of the embedded derivative.

Share based payment arrangement

Share based payment arrangement	12 Months Ended
	Dec. 31, 2017
Share based payment arrangements
Share based payment arrangements	6. 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 ordinary shares of which 279,000 (75%) were granted on April 7, 2017. The vesting conditions include a service condition (the options vest after a period of four years) 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 issue date and the respective exercise time frame) which both must be met. The fair value of the employee stock option plan has been measured 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: · share price at grant date: USD 13.80 · exercise price: USD 13.90 · expected volatility: 55% · expected dividends: -- · risk-free interest rate: 2.49% · fair value at grant date: USD 8.00 The expected volatility has been based on an evaluation of the historical volatility of the company’s share price. As at December 31, 2017 no options are exercisable and 279,000 options are outstanding. The expense recognized in the statement of comprehensive loss totaled kEUR 386 for the year ended December 31, 2017.

Trade receivables

Trade receivables	12 Months Ended
	Dec. 31, 2017
Trade receivables.
Trade receivables	7. Trade receivables Credit terms provided to customers are determined individually and are dependent on already existing customer relationships and the customer’s payment history. The aging of trade receivables was as follows at each reporting date: AGING STRUCTURE OF TRADE RECEIVABLES December 31, 2017 2016 (€ in thousands) Not due at the end of the reporting period Amount past due for the following time ranges Less than 3 months Between 3 and 6 months Between 6 and 9 months Between 9 and 12 months More than 12 months Total The change in the allowance for doubtful accounts was as follows: Change in the allowance for doubtful accounts Year Ended December 31, 2017 2016 (€ in thousands) Balance at beginning of period 336 57 Provisions 237 367 Write-offs -- Release to income Balance at end of period 482 336

Inventories

Inventories	12 Months Ended
	Dec. 31, 2017
Inventories
Inventories	8. Inventories Inventories consisted of the following for the years reported: INVENTORIES BY CATEGORY December 31, 2017 2016 (€ in thousands) Raw materials and merchandise Work in progress Total In 2017, the reserve for slow-moving inventory regarding work in progress, which was established in 2016 with an amount of € 1.0 million, was reversed by € 0.5 million due to the reduction of work in progress resulting from the adjustment of production according to the market demand. The reversal is reported in cost of sales.

voxeljet UK

voxeljet UK	12 Months Ended
	Dec. 31, 2017
voxeljet UK
voxeljet UK	9. voxeljet UK Restructuring of voxeljet UK Following a review of the financial performance of voxeljet UK and its current market environment, Management decided in October 2015 to focus voxeljet UK’s activities in the future solely on selling high‑speed, large‑format 3D printers and on‑demand parts services to industrial and commercial customers. As a result, the Company entered into an agreement in November 2015 with an investor group that includes the founder of Propshop to sell certain assets supporting certain business lines that serve customers in the film and entertainment industry (the DPM business), transfer certain employees and contractual arrangements and settle the earnout and employment agreement with the managing director entered into in connection with the acquisition of voxeljet UK in exchange for net cash consideration of kEUR 365. The charges from the restructuring of voxeljet UK amounted to € 2.7 million and included a loss from the sale of fixed assets, the impairments of certain intangible assets separately identified in the business acquisition and inventories as well as payments for early termination of contracts and the transfer of employees. The following table summarizes the amounts relating to the restructuring charges. December 31, 2015 Components of restructuring charges Line items in statement of comprehensive loss (€ in thousands) Write-off digital library Cost of sales 309 Impairment of inventories Cost of sales 1,068 Write-off customer list Selling expense 380 Separation and breach of contract Administrative expenses 260 Legal consulting Administrative expenses 79 Settlement of rent agreements Research and development expenses 67 Loss on disposal of fixed assets Other operating expense 67 Transfer of employees Other operating expense 275 Derecognition of goodwill due to disposed business Other operating expense 129 Settlement of loan agreements Finance expense 29 With respect to the remaining goodwill arising from the acquisition of voxeljet UK of kEUR 1,273, an impairment test was triggered by the sale of the DPM business. voxeljet UK is considered as one cash‑generating unit (CGU), which forms part of the Services segment. The recoverable amount of this CGU was based on its value in use, determined by discounting the future expected cash flows to be generated from the continuing use of the CGU. The recoverable amount of the CGU of kGBP 2,975 was higher than its carrying amount of kGBP 2,263. The key assumptions used in the estimation of the recoverable amount are set out below. The key assumptions represent Management’s assessment of future trends in the relevant industries and have been based on historical data from both external and internal sources. Further, the recoverable amount is particularly sensitive to the achievement of the forecasted revenue. In percent 2015 WACC 10.1% Terminal value growth rate 2.0% The discount rate was a pre‑tax measure based on the rate of 10‑year UK government bonds, adjusted for a risk premium to reflect both the increased risk of investing in equities generally and the systematic risk of the specific CGU. Five years of cash flows were included in the discounted cash flow model. A long‑term growth rate into perpetuity has been determined with the comparable nominal gross domestic product (GDP) rates in the UK. The forecasted projection on free cash flow was estimated taking into account past experience in the UK and the Company’s service centers in Germany and the United States. The estimated recoverable amount of the CGU exceeded its carrying amount by kGBP 712. Management has identified that a reasonably possible change in either the WACC or the revenue forecast could result in an impairment. In order to capture the sensitivity in revenues, the estimated revenue for the last year of the plan (2020) was adjusted, while keeping the assumed growth rate in terminal value unchanged. The following table shows the amount by which these assumptions would need to change individually for the estimated recoverable amount to be equal to the carrying amount. 2015 WACC 2.5% Revenue the last year of the plan kGBP 200 Impairment charges 2016 On October 7, 2016 voxeljet UK’s most significant customer went into bankruptcy administration. Considering that development, voxeljet assessed the recoverability of the assets as of September 30, 2016, which resulted in a full impairment of trade receivables due from that customer of kEUR 293 and the goodwill for the CGU related to voxeljet UK. The carrying amount of the CGU exceeded its recoverable amount of kEUR 1,471 (or kGBP 1,266) and consequently an impairment loss of kEUR 1,130 (or kGBP 907) covering the entire balance of goodwill was recognized in other operating expenses in the consolidated statements of comprehensive loss. The recoverable amount of the CGU was based on its value in use. The value in use was determined by discounting the future cash flows expected to be generated from the continued use of the CGU. The projections of cash flows cover the remainder of the year 2016 (forecast) and the financial years 2017 to 2021 (terminal value). The projected cash flows were estimated taking into account the cease of operations of the CGU’s most significant customer, management’s experience in the UK marketplace and from the Company's other service centers in Germany and the United States. The cost of capital (weighted average cost of capital, WACC) and the terminal value growth rate are other assumptions used in the estimation of the value in use: 2016 WACC Terminal value growth rate The parameters of the WACC are based on market observations as at September 30, 2016 (risk-free rate, spread, market risk premium, beta factor, leverage) and reflect the specific risks of voxeljet UK. The terminal value growth rate was determined on the basis of the expected long term development of prices in the UK and the relevant market for the CGU’s services.

Intangible assets

Intangible assets	12 Months Ended
	Dec. 31, 2017
Intangible assets and goodwill
Intangible assets and goodwill	10. Intangible assets December 31, 2017 2016 (€ in thousands) Software Licenses Prepayments made on intangible assets Total The increase in software and prepayments made on intangible assets occurred as a result of the purchase of software licenses in connection with our new ERP system as well as related capitalized customizing cost.

Property, plant and equipment

Property, plant and equipment	12 Months Ended
	Dec. 31, 2017
Property, plant and equipment
Property, plant and equipment	11. Property, plant and equipment December 31, 2017 2016 (€ in thousands) Land, buildings and leasehold improvements Plant and machinery (includes assets under finance lease) Other facilities, factory and office equipment Assets under construction and prepayments made Total Thereof pledged assets of Property, Plant and Equipment Leased assets included in Property, Plant and Equipment: Printers Printers leased to customers under operating lease Other factory equipment The pledged assets consist of the new office building and the new production hall, which have been completed in 2017 and six 3D printers that serve as collateral for certain credit lines and loan agreements. Capitalized borrowing costs related to the acquisition of the new office building and the new production hall totaled to kEUR 78. Amounts added to plant and machinery relating to self‑constructed 3D printers are considered non‑cash transactions, which totaled to kEUR 4,638 and kEUR 1,012 in the years ended December 31, 2017 and 2016, respectively. During 2017, the Group acquired equipment with a carrying amount of kEUR 116 (2016: kEUR 41) under a finance lease. The following table presents the composition of, and annual movement in, intangible assets and property, plant and equipment for the years 2017 and 2016, respectively: 2017 (€ in thousands) Acquisition and manufacturing cost Depreciation and amortization Carrying amount 01/01/2017 Additions Disposals Transfer FX 12/31/2017 01/01/2017 Current year Disposals Transfer FX 12/31/2016 12/31/2017 Intangible assets Software 798 137 17 91 1,004 283 166 16 0 431 573 Licenses 245 0 0 0 0 245 83 26 0 0 0 109 136 Prepayments made on intangible assets 205 328 40 0 402 40 0 40 0 0 0 402 Total 1,248 465 57 0 1,651 406 192 56 0 540 1,111 Property, plant and equipment Land, buildings and leasehold improvements 12,948 2,878 30 3,076 18,703 928 400 30 0 1,288 17,415 Plant and machinery 13,160 5,780 3,048 429 15,945 7,429 1,830 1,408 196 7,933 8,012 Other facilities, factory and office equipment 3,228 479 180 4 3,484 1,762 432 169 0 2,005 1,479 Assets under construction and prepayments made 3,249 9 0 8 0 0 0 0 0 0 8 Subtotal 32,585 9,146 3,258 273 38,140 10,119 2,662 1,607 196 11,226 26,914 Leased products 2,258 123 0 2,098 1,203 309 0 1,314 784 Total 34,843 9,269 3,258 0 40,238 11,322 2,971 1,607 0 12,540 27,698 2016 (€ in thousands) Acquisition and manufacturing cost Depreciation and amortization Carrying 01/01/2016 Additions Disposals Transfer FX 12/31/2016 01/01/2016 Current year Disposals Impairment Transfer FX 12/31/2016 12/31/2016 Intangible assets Software 461 229 109 798 182 101 283 515 Licenses 245 245 56 27 83 162 Order backlog 103 -- -- -- -- 103 103 -- -- -- -- -- 103 -- Customer list 622 -- -- -- -- 622 622 -- -- -- -- -- 622 -- Digital library 464 -- -- -- -- 464 464 -- -- -- -- -- 464 -- Prepayments made on intangible assets 159 155 -- 205 -- -- 40 -- -- -- 40 165 Goodwill 1,273 -- -- -- 1,130 -- -- -- 1,130 -- -- 1,130 -- Total 3,328 384 -- -- 3,567 1,427 128 40 1,130 -- -- 2,725 842 Property, plant and equipment Land, buildings and leasehold improvements 12,751 155 42 12,948 584 341 3 928 12,020 Plant and machinery 12,822 1,332 1,249 553 13,160 6,610 1,294 753 393 7,429 5,731 Other facilities, factory and office equipment 2,727 548 34 35 3,228 1,383 395 15 28 1,762 1,466 Assets under construction and prepayments made 101 3,186 35 3,249 0 0 3,249 Subtotal 28,402 5,221 1,318 585 32,585 8,577 2,030 768 -- 421 10,119 22,466 Leased products 2,800 41 2 2,258 1,241 384 1,203 1,055 Total 31,202 5,262 1,318 -- 34,843 9,818 2,414 768 -- -- 11,322 23,521 The Company entered into sale and leaseback transactions for self‑produced 3D printers, which were sold to banks and leased back. As of December 31, 2017 and 2016, the Company had four and five active sale and leaseback contracts, respectively. One contract expired in 2017 and the 3D printer was repurchased from the lessor and is used for research and development purposes. One of the leased 3D printers was used in the Services segment, two were used for research and development purposes and one was subleased to a customer under an operating lease. As of December 31, 2017 and 2016, property, plant and equipment included five and three refurbished printers were sold to customers under finance lease agreements. At December 31, 2017, the net carrying amount of leased equipment was kEUR 179 (2016: kEUR 103).

Other liabilities and provision

Other liabilities and provisions	12 Months Ended
	Dec. 31, 2017
Other liabilities and provisions
Other liabilities and provisions	12. Other liabilities and provisions December 31, 2017 2016 (€ in thousands) Customer deposits Liabilities from VAT Employee bonus Accruals for vacation and overtime Accruals for licenses Liabilities from payroll Accruals for commissions Accruals for compensation of Supervisory board Accrual for warranty Others Total (€ in thousands) January 1, 2017 Usage Addition Reversal December 31, 2017 Accrual for warranty voxeljet has a Long‑Term Cash Incentive Plan (“LTCIP”) that provides for cash awards to non‑executive employees. Under the plan, which was announced on October 2, 2013, the Company may grant individual award units of EUR 5,000 each up to a total maximum amount of 10% of the net proceeds received by the Company upon closing of its initial public offering. An initial grant of 684 award units was made to participants on October 2, 2013. The vesting of the awards occurs during three separate performance periods, with 20% of the awards vesting in performance period 1 ended December 31, 2013, 40% of the awards vesting in performance period 2 ended December 31, 2015, and the remaining 40% vesting in performance period 3 ending December 31, 2017. Vesting of the awards during performance period 1 was subject to a revenue growth target and the successful completion of the initial public offering. Both conditions for performance period 1 were met as of December 31, 2013. Therefore the awards regarding performance period 2 were paid in 2014. On September 30, 2015, Management granted an additional 131 award units to eligible employees. At grant date the fair value measurement of the liability regarding performance period 2 included the assumption, that both the revenue growth as well as the share price target would be achieved. Furthermore, Management expected that the eligible employees would not leave the Company before the settlement of performance period 2. In November 2015, Management decided to reduce the targets for performance periods 2 and 3 of the LTCIP granted awarded in October 2013 which were no longer probable of being achievable based on market conditions at the time of the modification. Although the targets for performance period 2 were adjusted, those targets were not achieved. Therefore there was no payment related to the LTCIP for performance period 2. Vesting of the award during performance period 3 is subject to performance and market conditions, including revenue growth and market capitalization as of December 31, 2017. In determining the fair value of the liability for the third period of the LTCIP, the Company originally estimated an 80% probability of achievement for each target and an employee turnover rate of 5.8% based on the past experience (2014: 5.0%). However, in 2016, management updated its assessment and estimated that the achievement of the underlying targets on the third performance period of LTCIP would no longer be probable, resulting in a gain of kEUR 478 to the consolidated statements of comprehensive loss reflecting the reversal of previously accrued expected costs. As of December 31, 2017 the targets were not achieved and the LTCIP ceased. The Group expects to settle the majority of the other liabilities and provisions over the next year.

Financial instruments

Financial instruments	12 Months Ended
	Dec. 31, 2017
Financial instruments
Financial instruments	13. Financial instruments Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy defines the following levels: · Level 1: Quoted prices of the respective financial asset or financial liability in active markets · Level 2: Other directly observable input parameters which contribute to establishing the fair value based on a valuation model · Level 3: Input parameters not based on observable market data Under IAS 39 there are the following categories: (I) A financial asset or financial liability at fair value through profit or loss (II) Held‑to‑maturity investments (III) Available‑for‑sale financial assets (IV) Loans and receivables (V) Financial liabilities measured at amortized cost The following tables list the carrying values and fair values of all financial instruments held by voxeljet : 12/31/2017 I. II. III. IV. V. Fair Value Level Assets Non-current assets Equity securities -- -- -- -- Level 3 Derivative financial instruments -- -- -- -- Level 2 Current assets Bond funds -- -- -- -- Level 1 Cash and cash equivalents -- -- -- -- Level 1 Liabilities Non-current liabilities Long-term debt -- -- -- -- Level 2 Finance lease obligation -- -- -- -- Level 2 Current liabilities Bank overdraft -- -- -- -- Long-term debt -- -- -- -- Level 2 Finance lease obligation -- -- -- -- Level 2 12/31/2016 I. II. III. IV. V. Fair Value Level Assets Non-current assets Restricted cash -- -- -- -- Level 1 Equity securities -- -- -- -- Level 3 Current assets Bond funds -- -- -- -- Level 1 Note receivable -- -- -- -- Level 1 Cash and cash equivalents -- -- -- -- Level 1 Liabilities Non-current liabilities Long-term debt -- -- -- -- Level 2 Finance lease obligation -- -- -- -- Level 2 Current liabilities Bank overdraft -- -- -- -- Long-term debt -- -- -- -- Level 2 Finance lease obligation -- -- -- -- Level 2 The financial assets with a carrying amount of € 14.0 million reported on the Company’s statement of financial position at December 31, 2017 were comprised of investments in four bond funds (kEUR 14,044), all reported as current financial assets, an equity forward (kEUR352) and equity securities (kEUR 5) reported as a noncurrent asset. The financial assets with a carrying amount of € 12.8 million reported on the Company’s statement of financial position at December 31, 2016 were comprised of investments in two bond funds (kEUR 11,657) and a note receivable (kEUR 922), all reported as current financial assets, and restricted cash (kEUR 206) and equity securities (kEUR 5) reported as a noncurrent asset. The fair value of the Company’s investments in the bond funds was determined based on the unit prices quoted by the respective fund management company. The funds pursue the goal of daily liquidity and invest in short‑term notes. The funds are open‑ended; the units can be redeemed to the fund on a daily basis. Unit prices updated by the fund management company on a daily basis represent a quoted price in an active market. The fair value of the note receivable due March 2017 was based on the secondary market price quoted by a broker. The fair value of long‑term debt was determined using discounted cash flow models based on the relevant forward interest rate yield curves. The fair value of finance lease obligations was determined using discounted cash flow models based on market interest rates available to the Company for similar transactions at the relevant date. Due to the short maturity and the current low level of interest rates, the carrying amount of credit lines and bank overdrafts and customer loan at December 31, 2017 approximate fair value. The fair value of the derivative financial instruments was determined based on the Company’s stock price and the risk-free interest rate for the remaining term of the derivative using a forward pricing formula.

Cost of sales

Cost of sales	12 Months Ended
	Dec. 31, 2017
Cost of sales
Cost of sales	14. Cost of sales Cost of sales includes personnel expenses, cost of material, purchased services, cost for finished goods and allocated indirect costs related to production. COST OF SALES Year Ended December 31, 2017 2016 2015 (€ in thousands) Personnel expenses Material costs Depreciation Other expenses Allowance for slow-moving inventory 515 -- Total In 2017, other expenses consisted of license fees (kEUR 404), rental and building expenses (kEUR 463) and travel expenses (kEUR 296). I n 2016 other expenses consisted of rental and building expenses (kEUR 644), license fees (kEUR 421), travel expenses (kEUR 414) and tooling kits (kEUR 198). In 2015 other expenses consisted of rental and building expenses (kEUR 736), license fees (kEUR 440), travel expenses (kEUR 394) and tooling kits (kEUR 211).

Other operating income and expe

Other operating income and expense	12 Months Ended
	Dec. 31, 2017
Other operating income and expense
Other operating income and expense	15. Other operating income and expense The details of other operating income and expenses are presented for the years reported in the tables below: OTHER OPERATING INCOME Year Ended December 31, 2017 2016 2015 (€ in thousands) Government grant income Amortization of gain on sale and leaseback transactions Recognition of deferred income due to early termination of sale and leaseback transactions -- -- Reimbursement of transaction costs Gains from foreign exchange transactions Income from realized other comprehensive income -- -- Other Total OTHER OPERATING EXPENSE Year Ended December 31, 2017 2016 2015 (€ in thousands) Impairment loss on trade receivables -- Restructuring of business in UK -- -- Losses from foreign exchange transactions Impairment of Goodwill -- -- Equity-settled share-based payment transaction in relation to the establishment of a subsidiary with non-controlling interest -- -- Other Total

Financial result

Financial result	12 Months Ended
	Dec. 31, 2017
Financial result
Financial result	16. Financial result The details of financial result are presented for the years reported in the table below: Year Ended December 31, 2017 2016 2015 (€ in thousands) Interest expense Finance lease obligations Bank overdrafts and lines of credit -- Long-term debt Other Interest income 365 38 158 Payout of bond funds 11 35 116 Customer loans -- -- 7 Income from revaluation of derivative financial instruments 352 -- -- Other 2 3 35 Financial result 175

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2017
Income taxes
Income Tax	17. Income taxes Income taxes consist of the following for the years reported: Income tax (expense) benefit Year Ended December 31, 2017 2016 2015 (€ in thousands) Current tax expense -- (2) -- Deferred tax (expense) benefit (80) -- (64) Total (80) (2) (64) Deferred tax assets and liabilities The components of net deferred income taxes at the end of the respective reporting periods were as follows: SOURCES OF DEFERRED TAX ASSETS AND LIABILITIES December 31, 2017 2016 (€ in thousands) Deferred tax assets Deferred tax liabilities Deferred tax assets Deferred tax liabilities Trade receivables 6 9 Other receivables and current assets 26 -- Inventories 71 Property, Plant & Equipment 527 279 Non-current other assets 110 198 -- Current deferred income 1 58 -- Trade liabilities 22 45 Current financial liabilities 1,968 195 Current financial assets 12 -- -- Other current liabilities and provisions 73 7 Non-current deferred income 1,076 33 -- Non-current financial liabilities 91 Non-current financial assets 3 -- -- Non-current liabilities and provisions 1 -- Intangible assets 23 Tax losses carried forward 97 9 -- Valuation allowance -- Tax assets (liabilities) 3,487 661 Set off of tax 3,489 661 Net tax -- -- At December 31, 2017 voxeljet had gross loss carry‑forwards for corporation tax and trade tax losses of kEUR 20,481 and kEUR 20,100, respectively, for which no deferred taxes have been recognized. These tax losses can be carried forward without restriction for future offset against taxable profits. In addition, there are foreign tax loss carry‑forwards of kEUR 12,499, primarily related to our subsidiary in the UK. Reconciliation of profit before income taxes to income tax The reconciliation between profit before income taxes and income tax benefit (expense) for the reporting periods presented was as follows: RECONCILIATION OF INCOME TAX BENEFIT (EXPENSE) Year Ended December 31, 2017 2016 2015 (€ in thousands) Loss before tax Tax expense at prevailing statutory rate (28%) 2,365 3,167 2,668 Non-deductible expenses Non-taxable income 266 116 -- Tax-rate related differences Unrecognized temporary differences and tax losses Income tax expense

Personnel expenses

Personnel expenses	12 Months Ended
	Dec. 31, 2017
Personnel expenses
Personnel expenses	18. Personnel expenses Personnel expenses included in cost of sales, research and development, and selling and administrative expenses are comprised of the following: PERSONNEL EXPENSES Year Ended December 31, 2017 2016 2015 (€ in thousands) Wages and salaries LTCIP -- Employee stock option plan 386 -- -- Social security contributions Total voxeljet AG offers to its employees a defined contribution plan called “MetallRente”. The contributions paid by the Company amounted to kEUR 62, kEUR 57 and kEUR 41 for the years ended December 31, 2017, 2016 and 2015, respectively. The employer’s contribution into the mandatory German state plan amounted to kEUR 710, kEUR 697 and kEUR 511 for the years ended December 31, 2017, 2016, and 2015, respectively.

Segment reporting

Segment reporting	12 Months Ended
	Dec. 31, 2017
Segment reporting
Segment reporting	19. Segment reporting voxeljet operates in two reportable segments—Systems and Services—which reflect the internal organizational and management structure according to the distinct nature of the two businesses. The Systems business derives its revenues from the manufacture and sale of 3D printers, from the sale of consumables as well as lease and maintenance agreements with customers, while the Services business provides custom‑ordered printed product to customers. The measurement principles used by voxeljet in preparing this segment reporting are also the basis for segment performance assessment. The Management Board of voxeljet acts as a chief operating decision maker. As a performance indicator, the chief operating decision maker mainly monitors the Company’s revenues and gross profit. The following table summarizes segment reporting for each of the reporting periods ended December 31. As management’s controlling instruments are mainly revenue‑based, the reporting information does not include a detailed breakdown of all assets and liabilities by category. The sum of the amounts for the two segments equals the total for the Company for each of the years presented. SEGMENT REPORTING Year Ended December 31, 2017 2016 2015 (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES SYSTEMS SERVICES Revenues Gross profit Gross profit in % PPE Trade receivables Trade payables Depreciation and amortization Allowance for slow-moving inventory -- -- -- -- Loss on disposal of DPM business -- -- -- -- -- Impairment of goodwill -- -- -- -- -- Systems revenues include revenues from the sales of used 3D printers of kEUR 2,556, kEUR 1,235, and kEUR 1,224 for the years ended December 31, 2017, 2016, and 2015, respectively. Systems revenues further includes revenue from development service of kEUR 298, kEUR 0, and kEUR 0 for the years ended December 31, 2017, 2016, and 2015, respectively. Geographic information REVENUES BY GEOGRAPHICAL REGION voxeljet’s revenues and non‑current assets are presented below by geographic region. For purposes of this presentation, revenues are based on the geographic location of customers and assets are based on their geographic location. voxeljet’s revenues were generated in the following geographical regions for the years reported: Year Ended December 31, 2017 2016 2015 (€ in thousands) EMEA Germany France Great Britain Others Asia Pacific South Korea Others Americas United States Others Total NON‑CURRENT ASSETS BY GEOGRAPHICAL REGION December 31, 2017 2016 (€ in thousands) EMEA Germany Great Britain Asia Pacific China Americas United States Total

Financial risk management

Financial risk management	12 Months Ended
	Dec. 31, 2017
Financial risk management
Financial risk management	20. Financial risk management The Company’s Management Board is responsible for implementing the finance policy and for ongoing financial risk management. Therefore the Management Board has established a Risk Management Committee, which is responsible for developing and monitoring of the Group’s risk management policies especially regarding financial risks. Generally the committee provides an overview of financial risks on a quarterly basis to the Management Board as part of the Company’s quarterly management reporting procedures. The Company’s principal financial instruments are comprised of short‑term bank deposits at commercial institutions, bond funds, lease obligations and long‑term debt. The main purpose of the financial asset instruments is to provide a return on investments with minimal risk. The main purpose of the financial liability instruments is to help fund the Company’s operations. The Company has various other financial assets and liabilities including trade receivables and trade payables, which arise directly from its operations. The main purpose of the financial liability instruments is to fund the Company’s operations and research and development activities. A portion of the long-term debt includes a derivative financial instrument related to a future interest payment which is linked to the Company’s stock price (Performance Participation Interest). The main risks arising from the Group’s financial instruments are foreign exchange risk, credit risk and equity price risks. The measures taken by Management to manage each of these risks are summarized below. Transactions related to activities in the area of financial instruments require the prior approval of the Chief Financial Officer. The Company did not enter into any derivative financial instruments for hedging purposes in 2017. Management receives a weekly reporting of the current liquidity of the Group by entity. Furthermore, a monthly cash flow plan meeting has been established, where Management reviews the cash forecasts and the future development of flows of funds on an ongoing basis. Foreign exchange risk The Company is exposed to foreign exchange risk to the extent that there is a mismatch between the currencies in which sales, purchases and borrowings are denominated and the respective functional currencies of subsidiaries of the Group. The functional currencies of the parent company voxeljet AG and its subsidiaries are Euro, US Dollars, British Pound Sterling, Indian rupee and Chinese yuan renminbi. The majority of the sale, purchase and borrowing transactions are denominated in the functional currency of the parent company or its subsidiaries. Foreign exchange risk is primarily derived from the intercompany loans made to subsidiaries, as summarized below. voxeljet has provided intercompany loans to its subsidiaries to finance their operations. The loans were granted in the local currency of the subsidiaries. Gains and losses from movements in exchange rates are recorded within other operating income or expense in the consolidated statement of comprehensive loss. As of December 31, 2017 the amount borrowed to voxeljet UK totaled GBP 8.4 million (€ 9.5 million). A relative increase in the value of the Euro against British Pound Sterling of 10% would lead to a loss of € 0.9 million. The amount of loans granted to voxeljet America totaled to USD 6.5 million (€ 5.4 million) as of December 31, 2017. A relative increase in the value of the Euro against US Dollars of 10% would lead to a loss of € 0.5 million. For the year ended December 31, 2017, voxeljet generated 50.3% of its revenues in the eurozone. Additionally, the majority of the Company’s sourcing transactions are also transacted in Euros in that zone. The Company invoiced 70% in 2017, 84% in 2016 and 75% in 2015 of total revenues in Euro. As revenues in foreign currency usually correspond to costs which are incurred in the same currency, we consider the risk as minor. The significant exchange rates which have been applied during the years presented are disclosed in Note 3. Interest rate risk voxeljet’s principal interest-bearing positions are liabilities for bank borrowings and finance lease obligations. These liabilities are entirely at a fixed interest rate, with one exception. As such, changes in market interest rates have no material effect on future interest expenses. A change of 10% in interest rates would increase or decrease interest expense less than kEUR 2. In connection with the first tranche of the loan received by the European Investment Bank amounting to €10.0 million, the Company issued a warrant, Performance Participation Interest (PPI), accounted for separately as derivative financial instruments from the host contract (loan financial liability), with changes in fair value reported in the consolidated statements of comprehensive loss until the derivative financial instruments settle or expire. The loan is accounted for according to the effective interest method. The effective interest rate of the loan with the European Investment Bank is 7.58%, which is imputed based on the fair value of the derivative financial instruments on the date of the loan disbursement. Changes in the market interest will not affect the loan accounting. However, the derivative instrument is affected by changes in the risk-free rate. Increases in the risk-free rate will lead to a decrease of the fair value of the derivative instrument; decreases in the risk-free rate will lead to an increase in the fair value of the derivative instrument. Equity price risk The Company is also exposed to equity price risks which arise from derivative financial instruments (PPI) associated with the loan received by the European Investment Bank which depend upon the Company’s share price. Changes in the Company’s share price will affect the value of an equity forward derivative instrument (increasing share prices as compared to the share price at disbursement date will lead to a negative fair value of the derivative, decreasing share prices will lead to a positive fair value of the derivative). Credit risk Credit risk is the risk of the Company suffering a financial loss as the result of its counterparties being unable to perform their obligations. The Company is exposed to credit risk from its operating activities (mainly trade receivables) and from its financing activities, including deposits and investments with financial institutions. Therefore, the carrying amount of cash and cash equivalents, financial assets, and trade receivables represents the maximum credit exposure of € 27.1 million (2016: € 24.6 million). The Company’s exposure to credit risk is influenced by the individual characteristics of each customer. However, Management also considers factors that influence the credit risk of its customer base, including the default risk of the industry and the country in which the customer operates. voxeljet seeks to minimize such risk by entering into transactions with counterparties that are believed to be creditworthy business partners or with financial institutions which meet high credit rating requirements. In addition, the portfolio of receivables and customer advances is monitored on a continuous basis. Credit risk is limited to a specified amount with regard to individual receivables. As of December 31, 2017 there was no customer loan outstanding, likewise as of December 31, 2016. The Group limits its exposure to credit risk by investing only in bond funds which are fully guaranteed by the financial institutions and therefore represents short term credit rating of A‑3 based on Standard & Poor’s or P‑2 based on Moody’s. The bank deposit are held with financial institutions, which are rated BBB to A2 based on Standard & Poor’s and Moody’s. Reconciliation of movements of liabilities to cash flows arising from financing activities Liabilities Equity (€ in thousands) Bank overdrafts used for cash management purposes Other loans and borrowings Finance lease Subscribed capital Capital reserves Accumulated Non-controlling interests Total Restated balance at January 1, 2017 224 5,099 791 3,720 75,827 (28,971) 87 56,777 Changes from financing cash flows Proceeds from loans and borrowings — 12,612 — — — — — 12,612 Repayment of borrowings (166) (732) — — — — — (898) Payment of finance lease liabilities — — (435) — — — — (435) Total changes from financing cash flows (166) 11,880 (435) — — — — 11,279 Changes arising from obtaining or losing control of subsidiaries or other businesses — — — — — — — — The effect of changes in foreign exchange rates — — — — — Changes in fair value — — — — — Other changes Liability-related Capitalized borrowing costs — 78 — — — — — 78 Reclassification — 42 123 165 Interest expense — 100 45 — — — — 145 Interest paid — (161) (45) — — — — (206) Total liability-related other changes — 59 123 — — — — 182 Total equity-related other changes — — — — 400 (8,509) (16) (8,125) Balance at December 31, 2017 58 17,038 479 3,720 76,227 (37,480) 71 60,113 Liquidity risk Liquidity risk is the risk that voxeljet might not have sufficient cash to meet its payment obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the reputation of the Company . Liquidity risk is countered by systematic, day‑by‑day liquidity management whose fundamental requirement is that solvency must be guaranteed at all times. A major responsibility of management is to monitor the cash balances and to set up and update cash planning on a monthly basis to ensure liquidity. At all times cash and cash equivalents are projected on the basis of a regular financial and liquidity planning. The monitoring includes the expected cash inflows on trade and other receivables together with expected cash outflows from trade and other payables. In 2016, voxeljet concluded new loan agreements with Kreissparkasse Augsburg, Germany, to finance the construction of new office and production facilities in Friedberg: (i) in May 2016, the Company entered into a € 1.0 million loan agreement due April 30, 2021. Interest is payable at a fixed rate of 2.35%; (ii) in September 2016, the Company entered into a € 2.0 million loan agreement due May 31, 2038. Interest is payable at a fixed rate of 2.47%; (iii) In October 2016, the Company entered into a € 0.7 million loan agreement due September 30, 2021. Interest is payable at a fixed rate of 2.29%; and (iv) in December 2016, the Company entered into a € 1.0 million loan agreement due January 31, 2038. Interest is payable at a fixed rate of 2.72%. Among other terms, the loan agreements contain (i) certain covenants, including that voxeljet deposit € 2.0 million with Kreissparkasse Augsburg until it has reached certain ratio with respect to its ability to service the debt by the end of fiscal year 2019, and (ii) change of control provisions concerning the ownership of the Company by its executive officers, Dr. Ingo Ederer and Rudolf Franz. In case voxeljet fails to meet that ratio by the end of its fiscal year 2019, voxeljet is obliged to pledge € 2.0 million for the benefit of the lender. In addition, the land owned by voxeljet upon which the facilities will be built as well as three 3D printers will serve as collateral under the loan agreements. On November 9, 2017, the European Investment Bank (“EIB”) and the Company entered into a Finance Contract and Synthetic Warrant Agreement to support the Company’s undertaking of research and development projects for growth from 2017 to 2020. The contract provides a credit of €25 million in up to three tranches at the amounts of €10 million, €8 million, and €7 million, respectively. Under the Contract, the Company may borrow under the credit up to €25 million, subject to a limit of 50% of the total research and development expenditures and manufacturing capital expenditures from 2017 to 2020. The interest rates for the three tranches are 0%, 7% and 3%, respectively. The Company may borrow the second and third tranche only if certain revenue and EBITDA levels are met. The Contract also includes a financial covenant that requires the Company to meet certain minimum financial ratios from 2019 to 2025. Under a First Demand Guarantee Agreement the Finance Contract is guaranteed by the voxeljet USA subsidiary. The total research and development expenditures and manufacturing capital expenditures are expected to be €10.5 million, €12.3 million, €14.0 million, and €16.2 million from fiscal year 2017 to 2020, respectively. The first tranche of €10 million on December 22, 2017, the EIB under the Synthetic Warrant Agreement is entitled to receive as consideration in cash equal to the market value of 195,790 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). voxeljet may prepay all or part of any Tranche before the maturity date, together with accrued interest. The following are the remaining contractual maturities of financial liabilities and trade payables at the reporting date. The amounts are gross and undiscounted and include contractual interest payments. December 31, 2017 (€ in thousands) Contractual cash flow carrying amount Total 2 months or less 2-12 months 1-3 years 3-5 years More than 5 years Bank overdrafts and lines of credit 58 -- -- -- -- Long-term debt 17,038 Finance lease obligations 479 -- Trade payables 3,059 -- -- -- -- Total 20,634 December 31, 2016 (€ in thousands) Contractual cash flow carrying amount Total 2 months or less 2-12 months 1-3 years 3-5 years More than 5 years Bank overdrafts and lines of credit 224 -- -- -- Long-term debt 5,099 Finance lease obligations 791 -- Trade payables 1,765 -- -- -- -- Total 7,879 In spite of the significant cash outflow in the last years 2016 and 2015, the Company’s short and mid-term liquidity needs are currently covered. This is supported through the disbursement of the first tranche of the EIB loan amounting to € 10.0 million. The mid-term business plan includes the raising of additional capital through additional debt, equity or other alternatives to ensure the cash requirements of the Company. In order to be prepared for additional public fund raising the Company filed a form F-3 with the SEC in August 2017. As the cash position of the Company is still sufficient, mid-term liquidity risk is considered as minor.

Capital management

Capital management	12 Months Ended
	Dec. 31, 2017
Capital management
Capital management	21. Capital management Management’s aim is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Equity is monitored by the Company using financial ratios. The equity used as a basis for determining the equity ratio corresponds to the equity disclosed in the Consolidated Statement of Financial Position. Part of the capital management strategy is to reduce the number of sale and leaseback transactions for 3D printing equipment used in the production of printed products for customers. As a result of the Company’s increased liquidity from its public equity offerings, certain lease contracts have been terminated prior to their scheduled maturity. voxeljet’s capital structure as of the end of the reporting periods 2017 and 2016 was as follows: CAPITAL STRUCTURE December 31, 2017 2016 (€ in thousands) Equity Share of total equity and liabilities Current financial liabilities Non-current financial liabilities Total financial liabilities Share of total equity and liabilities Total equity and liabilities

Leases

Leases	12 Months Ended
	Dec. 31, 2017
Leases
Leases	22. Leases Finance leases Lessee Future minimum lease payments under financing lease arrangements at the end of the considered reporting periods were as follows: PRESENT VALUE OF MINIMUM LEASE PAYMENTS December 31, 2017 (€ in thousands) Minimum future lease payments obligation Unamortized interest expense Present value of minimum future lease payments obligation due within 1 year 320 308 due between 1 and 5 years 175 171 Total 495 479 December 31, 2016 (€ in thousands) Minimum future lease payments obligation Unamortized interest expense Present value of minimum future lease payments obligation due within 1 year 450 422 due between 1 and 5 years 381 369 Total 831 791 Operating Leases Lessee The estimated payment schedule regarding operating leases at the end of the considered reporting periods was as follows: OPERATING LEASE OBLIGATIONS December 31, 2017 2016 (€ in thousands) Less than 1 year 1 to 5 years Over five years -- Total Operating lease expenses were kEUR 537, kEUR 630, and kEUR 813 in the financial years 2017, 2016, and 2015, respectively. Operating lease expenses are primarily related to the rental agreements for real estate regarding our foreign operations. Lessor voxeljet leased two of its self‑produced 3D printers to two customer. Under the lease contract, voxeljet bears a majority of the substantial risks and rewards of the underlying assets. Operating lease payments receivable for subleases December 31, 2017 2016 (€ in thousands) Less than 1 year 1 to 5 years -- Total The operating lease income was kEUR 145, kEUR 89 and kEUR 225 in the financial years 2017, 2016, and 2015, respectively.

Commitments, contingent assets

Commitments, contingent assets and liabilities	12 Months Ended
	Dec. 31, 2017
Commitments, contingent assets and liabilities
Commitments, contingent assets and liabilities	23. Commitments, contingent assets and liabilities 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. 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. On December 1, 2015, the Company signed a definitive agreement to form an equity joint venture with Suzhou Meimai Fast Manufacturing Technology Co., Ltd. (“Meimai”) to pursue opportunities in the industrial 3D printing market in China. voxeljet AG is committed to make a capital contribution of RMB 19.2 million (€ 2.6 million) as part of its joint venture arrangement with Meimai. The first capital injection from voxeljet AG occurred on April 11, 2016 amounting to RMB 6.5 million (€ 0.9 million) in cash. At the same time Meimai contributed assets to the joint company. Further capital injection followed by voxeljet AG on August 24, 2016 amounting to RMB 1.4 million (€ 0.2 million), on November 10, 2016 amounting to RMB 1.6 million (€ 0.2 million) as well as on September 21, 2017 amounting to RMB 3.5 million (€ 0.4 million). Additional contractual capital injections by voxeljet AG are scheduled for the business year 2018 amounting to a total of RMB 6.2 million (€ 0.8 million).

Related party transactions

Related party transactions	12 Months Ended
	Dec. 31, 2017
Related party transactions
Related party transactions	24. Related party transactions Related party transactions at voxeljet mainly consist of transactions with individuals on the Management Board and Supervisory Board. Key management is defined as those individuals having authority and responsibility for planning, directing and controlling the activities of the Company within their function and within the interest of the Company . The following table presents the amount and components of Management Board compensation: MANAGEMENT COMPENSATION Year Ended December 31, 2017 2016 2015 (€ in thousands) Fixed compensation Compensation arisen from stock option plan -- -- Total Management Board remuneration currently consists of a fixed monetary remuneration, other fixed benefits (including Company car allowances and contributions to a defined contribution plan), a variable bonus as well as the participation in a stock options plan, which was executed on April 7, 2017. Transactions with related parties A related party relationship could have an effect on the profit and loss and financial position of the Company . Defined as related parties are individuals or other third parties with whom voxeljet has common control relationships. OTHER RELATED PARTIES 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 Transactions with Franz Industriebeteiligungen AG comprise the rental of office space in Augsburg, Germany. Rental expenses amounted to kEUR 2, in each of 2017, 2016 and 2015. In addition, Franz Industriebeteiligungen AG received payments related to the use of certain paintings which are placed in the administrative building in Friedberg. Associated rental expenses amount to kEUR 2 in each of 2017, 2016, and 2015. Further, voxeljet acquired goods amounting to kEUR 15, kEUR 15, and kEUR 38 in 2017, 2016 and 2015 from ‘Schlosserei und Metallbau Ederer’, which is owned by the brother of Dr. Ingo Ederer, the Chief Executive Officer of voxeljet .

Equity

Equity	12 Months Ended
	Dec. 31, 2017
Equity.
Equity	25. Equity At December 31, 2015, 3,720,000 no‑par value ordinary shares were issued and outstanding. There is only a single class of ordinary shares with the same rights, preferences and restrictions. Each share entitles the holder to one vote at the shareholders’ meeting. Shareholders participate in the profits according to their share in the share capital, based on their number of shares held. The general shareholders’ meeting resolves the appropriation of the balance sheet profit established in the annual financial statements and the dividends. The Articles of Association authorize the Management Board, subject to the consent of the Supervisory Board, to increase the Company’s registered share capital in one or more tranches by up to kEUR 1,860 new no par value ordinary shares against contribution in cash or in kind until May 26, 2019.

Summary of significant accoun31

Summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2017
Summary of significant accounting policies
Business combinations	Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date when control is transferred to the Group. Consideration paid is allocated to the assets acquired and liabilities assumed, with any excess amount recorded as goodwill.
Consolidation	Consolidation Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intercompany balances and transactions are eliminated in preparing the consolidated financial statements. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in the joint venture are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income of equity-accounted investees, until the date on which significant influence or joint control ceases.
Revenues	Revenues Revenue from the sale of new or refurbished 3D printers is recognized upon the transfer of risks and rewards of ownership to the buyer, which is upon completion of the installation of 3D printers at the customer site and evidenced through final acceptance by the customer. The Company also recognizes revenue from printers, which are provided to customers under operating leases. Revenue from such transactions is recognized monthly on a straight‑line basis over the term of the lease agreement. Revenue from the sale of custom‑ordered printed products, consumables, or spare parts and other machine parts is recognized upon transfer of title, generally upon shipment. Revenue for all deliverables in sales arrangements is recognized to the extent that it is probable that the economic benefit arising from the ordinary activities of the business will flow to the Company and provided that the amount of revenue and the costs incurred or to be incurred in respect of the sale can be measured reliably. Revenue is measured at the fair value of the consideration received or receivable, which is fixed at the time of recognition of revenue. In instances where revenue recognition criteria are not met, amounts are recorded as deferred income in the accompanying statements of financial position. The Company offers to customers, to operate their purchased 3D printer and perform 3D printing on custom-ordered printed products for a temporary period before the customers’ facility is configured according to required technical specifications. The Company recognizes sublease income paid by the customers under operating leases within other operating income in the statements of comprehensive loss over the term of the lease. The Company recognizes revenue from the sale of custom-ordered printed products from the customer’s purchased 3D printer, upon transfer of title, generally upon shipment. The Company also provides development services to certain customers. The Company recognizes revenue from rendering of services in proportion to the stage of completion of the transaction at the reporting date. The stage of completion is assessed with reference to surveys of work performed. Generally work performed is measured based on milestones according to the project plan. Otherwise, contract revenue is recognized only to the extent of contract costs incurred that are likely to be recoverable. An expected loss on a contract is recognized immediately in the statements of comprehensive loss. The Group provides customers with a standard warranty agreement on all machines for up to one year. The warranty is not treated as a separate service because the warranty is an integral part of the sale of the machine. After the initial one year warranty period, the Group offers its customers extended warranty and optional maintenance contracts. Extended warranty and maintenance contracts are provided for a period of twelve months and automatically extended for another twelve months if not cancelled on a timely basis. Extended warranty and maintenance service revenue is recognized on a straight-line basis under the contractual term. Shipping, packaging and handling costs billed to customers for machine sales and sales of printed products and consumables are included in revenue in the consolidated statements of comprehensive loss. Costs incurred by the Company associated with shipping, packaging and handling are included in selling expenses in the consolidated statements of comprehensive loss. The Company’s terms of sale generally require payment within 30 to 60 days after shipment of a product, although the Company also recognizes that longer payment periods are customary in some countries where it transacts business. To reduce credit risk in connection with machine sales, the Company may, depending upon the circumstances, require deposits prior to shipment. In some circumstances, the Company may require payment in full for its products prior to shipment and may require international customers to furnish letters of credit. These deposits are reported as customer deposits included in other liabilities and provisions in the accompanying statements of financial position. Maintenance contracts are billed to customers in advance on a monthly, quarterly, or annual basis, depending on the contract and are initially recorded as deferred income in the statements of financial position. In the course of the Company’s ordinary business activities refurbished 3D printers, which typically were operating in the Services segment on average for 1.5 to 2.5 years, are routinely sold to customers. Prior to sale, such printers are fully refurbished, which includes the installation of a new printhead. Proceeds from the sale of such refurbished 3D printers are recognized as revenue of the Systems segment. Sales agents are used in connection with the sale of 3D printers. These sales agents receive sales commissions which are included in selling expenses in the consolidated statements of comprehensive loss. Such commissions are determined based on a percentage of the sale price for each sale initiated by the sales agent. Generally, commissions are paid only after the customer has paid the final invoice. The Company grants certain licenses and intellectual property rights to third parties under contractual agreements which, among other things, requires the licensee to make payments to the Company . Revenue recognized from such agreements is based on the Company`s best estimate of license fees due as long as it is probable that the associated economic benefit will flow with the company.
Research and development expense	Research and development expenses All research and development costs are charged to expense as incurred.
Government grants	Government grants Government grants awarded for project funding are recorded within other operating income in the consolidated statement of comprehensive loss if the related research and development costs have been incurred and provided that the conditions for the funding have been met. Until then, amounts received under government grants are recorded as deferred income in the statements of financial position.
Leases	Leases Finance leases consist primarily of borrowings associated with sale and leaseback transactions involving 3D printers that were manufactured by the Company and used within the Services segment. Additionally, the Company has entered into finance lease agreements for 3D printers manufactured by third parties. Maturities of these finance leases extend to 2020. Leased assets are recognized at the lower of fair value or the present value of minimum lease payments and depreciated over the asset’s estimated useful life. Assets under finance leases are included in “Property, plant and equipment” in the statement of financial position. Gains on sale and leaseback transactions are recorded as deferred income in the statement of financial position and recognized as “Other operating income” over the respective lease term. Operating leases consist of various lease agreements for the rental of manufacturing facilities, office and warehouse space, vehicles, and office and IT equipment, expiring in various years through 2020. Rent expense under operating leases is charged to profit or loss on a straight‑line basis over the term of the lease. In 2017, voxeljet leased two 3D printers (2016: one 3D printer and 2015: five 3D printers) to customers under operating leases. Rental income is recognized on a straight‑line basis over the term of the lease as revenue and is reported within the Systems segment.
Long Term Cash Incentive Plan	Long Term Cash Incentive Plan voxeljet has a Long-Term Cash Incentive Plan ("LTCIP"), a cash-settled share-based payment arrangement, that provides for cash awards to non-executive employees. Compensation cost is determined based on the grant-date fair value of the awards and recognized, net of estimated forfeitures due to termination of employment, on a straight-line basis over the requisite service period of the award and depending on the evaluation of certain performance and market conditions. The requisite service period is generally the vesting period stated in the award. The liability for these awards is measured at fair value at each reporting date until settlement and is classified within "other liabilities and provisions in the consolidated statement of financial position.
Employee stock option plan	Employee stock option plan In April 2017, the Supervisory Board adopted and approved Option Plan 2017. The plan authorizes to grant shares of equity-settled stock options to employees and members of the management board. The Company’s stock-based compensation expense is estimated at the grant date based on the fair value of the award and is recognized as expense ratably over the requisite service period of the award. The Company calculates the fair value of each option award on the date of grant under the Monte Carlo simulation model. The determination of the grant date fair value of the awards using a simulation model is affected by our stock price as well as assumptions regarding a number of complex and subjective variables. These variables include the expected stock price volatility over the expected life of the awards, risk-free interest rates, and expected dividends. The risk free interest rate is equal to the U.S. Treasury constant maturity rates for the period equal to the expected life. We do not currently pay cash dividends on common stock and we do not anticipate doing so in the foreseeable future. Accordingly, the expected dividend yield is zero.
Foreign currencies	Foreign currencies The financial statements are presented in Euros, the functional currency of voxeljet AG . Monetary transactions denominated in foreign currencies are translated to Euros at the exchange rates prevailing on the transaction date. The financial statements of foreign subsidiaries are translated using the concept of the functional currency in accordance with IAS 21. The assets and liabilities of foreign subsidiaries are translated at the spot rate at the end of the period, while their income statement items are translated at average exchange rates for the respective periods. All resulting exchange differences are recognized in other comprehensive income. Gains and losses on foreign currency transactions are shown within other operating income and other operating expenses, respectively, in the consolidated statement of comprehensive loss. The loans provided to voxeljet AG ’s subsidiaries are not considered as net investments in foreign operations. Consequently, gains or losses from foreign exchange differences thereon are recognized in other operating income or expenses. The exchange rates that are most relevant for voxeljet’s consolidated financial statements are as follows: Average exchange rates to Euro December 31, Average Rate USD GBP INR CNY 2017 1.1297 0.8767 73.5324 7.6290 2016 1.1069 0.8195 74.3717 7.3522 2015 1.1096 0.7258 71.1956 6.9733 Year end exchange rates to Euro December 31, Year End Rate USD GBP INR CNY 2017 1.1993 0.8872 76.6055 7.8044 2016 1.0541 0.8562 71.5935 7.3202
Income Tax	Income Tax Income tax expense (benefit) consists of current and deferred tax expense and benefit in accordance with IAS 12. Current income tax expense (benefit) is based on taxable profit (loss) for the year. Taxable profit (loss) differs from profit (loss) as reported in the statements of comprehensive income (loss) because it excludes items of income or expense that are taxable or deductible in other years and further excludes items that are never taxable or deductible. Current income tax expense (benefit) is calculated using tax rates that have been enacted or substantively enacted by the end of the respective reporting period. Deferred income tax expense (benefit) is recognized on temporary differences between the carrying amounts of assets and liabilities in the statement of financial position and the corresponding tax basis used in the computation of taxable profit (loss). Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets, including for carry forward losses to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer more probable than not that sufficient taxable profits will be available to allow all or a part of the assets to be recovered. Deferred tax expense (benefit) is calculated at the tax rates that are expected to apply in the periods when the liability is settled or the asset is realized, based on tax rates (and tax regulations) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax expense (benefit) is charged or credited to profit or loss, except when it relates to items charged or credited directly to equity, in which case the deferred taxation is also recorded to equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off tax assets against tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.
Intangible Assets	Intangible Assets Intangible assets, including software, licenses and customer relationships, that are acquired by the Company and have a finite useful life are measured at cost less accumulated amortization and any impairment losses. Amortization for intangible assets with finite useful lives is recognized on a straight‑line basis over their useful lives. The amortization of licenses is allocated to the cost of inventory and is included in cost of sales as 3D printers are sold; the amortization of software is mainly included in selling and administrative expenses. The estimated useful economic lives of acquired intangible assets are presented in the following table: USEFUL LIFE OF INTANGIBLE ASSETS Software 3-5 years Licenses 6-8 years Customer list 3 years Digital library 3 years An intangible asset is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in profit or loss in the period in which the item is derecognized.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment is carried at acquisition or manufacturing cost (for internally manufactured printers used in the Services segment) and depreciated on a straight‑line basis over the estimated useful lives of the related assets, taking into account estimated residual values. Except the sale of used printers, realized gains and losses are recognized upon disposal or retirement of the related assets and are reflected within other operating income or other operating expenses in the consolidated statement of comprehensive loss. Subsequent expenditures are capitalized only if it is probable that voxeljet will receive additional economic benefits from the particular asset associated with these expenditures, and the costs can be determined reliably. Repair and maintenance expenditures are expensed as incurred. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Company will obtain ownership by the end of the lease term. In those cases the assets are depreciated over their useful lives. Land is not depreciated. Additions to property, plant and equipment relating to self‑constructed 3D printers are considered non‑cash transactions. The estimated useful economic lives of items of property, plant and equipment are as follows: USEFUL LIFE OF PROPERTY, PLANT AND EQUIPMENT Leasehold improvements 6-9 years Buildings 33 years Plant and machinery 7-8 years Printers leased to customers under operating lease 7-8 years Other facilities, machinery and factory equipment 2-20 years Office equipment 3-12 years Useful lives, depreciation methods and residual values are reviewed at least annually and, in case they change significantly, depreciation charges for current and future periods are adjusted accordingly.
Inventories	Inventories Raw materials Raw materials are measured at the lower of acquisition cost, as determined on the weighted average costs method, and net realizable value. Obsolete inventories are written off directly into cost of sales. Work in progress and finished goods Work in progress and finished goods are measured at the lower of manufacturing cost and net realizable value. Manufacturing costs comprise all costs that are directly attributable to the manufacturing process, such as direct material and labor, and production related overheads (based on normal operating capacity and normal consumption of material, labor and other production costs), including depreciation charges. Net realizable value is defined as the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs of the sale. For purposes of determining net realizable value, selling expenses include all costs expected to be incurred to make the sale, primarily shipping, packaging and handling as well as commissions. We also use our own printers in our service centers. Unfinished printers are generally available to be sold if a customer requests a product with a specification which can be met by one of the products in progress. Accordingly, we classify printers as inventory until we remove a finished printer from our manufacturing warehouse to use it in a service center. The reclassification as property, plant and equipment, as a non-cash transaction, occurs at cost and depreciation starts at inception of service. We evaluate the adequacy of our inventory reserves on a periodic basis in order to determine the need for an inventory reserve (See Note 5, Critical accounting judgment and key sources of estimation and uncertainty – inventories).
Impairment of non-financial assets	Impairment of non‑financial assets The Company assesses at the end of each reporting period whether there is an indication that a non‑financial asset may be impaired. Such assets are tested for impairment if there are indicators that the carrying amounts may not be recoverable. 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. If the fair value less cost to sell cannot be determined, or if it is lower than the carrying amount, the value in use is used. The value in use is calculated by discounting the future expected cash flows at a risk‑adequate pre‑tax interest rate, current and expected future cash flows are taken into account, together with technological, economic and general development trends, on the basis of approved and adjusted financial plans.
Financial instruments	Financial instruments Non‑derivative financial assets and liabilities The Company classifies non‑derivative financial assets into the following categories: financial assets at fair value through profit or loss, held‑to‑maturity financial assets, loans and receivables and available‑for‑sale financial assets. Available‑for‑sale financial assets are initially measured at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at fair value and changes therein, other than impairment losses and foreign currency differences on debt instruments, are recognized in other comprehensive income and accumulated in the accumulated other comprehensive income. When these assets are derecognized, the gain or loss accumulated in equity is reclassified to profit or loss in other operating income or expense. Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognized initially at fair value. Subsequent to initial recognition, loans and receivables are measured at amortized cost using the effective interest method, less any impairment losses. Non‑derivative financial liabilities are initially measured at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these liabilities are measured at amortized cost using the effective interest method. The Company does not elect to measure financial liabilities at fair value through profit or loss. Derivative financial instruments In conjunction with the financing with the European Investment Bank the Company closed in December 2017, loan and warrant agreements contain certain embedded derivatives. Embedded derivatives are separated from the host contract and accounted for separately if certain criteria are met. Derivatives are initially measured at fair value; any directly attributable transaction costs are recognized in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognized in profit or loss. Impairment Financial assets not classified as at fair value through profit or loss are assessed at each reporting date to determine whether there is objective evidence of impairment. For financial assets measured at amortized cost, an impairment loss is calculated as the difference between the asset’s carrying amount and the present value of the estimated future cash flows discounted at a risk adjusted interest rate. Losses are recognized in profit or loss and reflected in an allowance account. When the Group considers that there are no realistic prospects of recovery of the asset, the relevant amounts are written off. If the amount of impairment loss subsequently decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, then the previously recognized impairment loss is reversed through profit or loss. Impairment losses on available‑for‑sale financial assets are recognized by reclassifying the losses from accumulated other comprehensive income to profit or loss. The amount reclassified is the difference between the acquisition cost (net of any principal repayment and amortization) and the current fair value, less any impairment loss previously recognized in profit or loss. Cash and cash equivalents Cash and cash equivalents are short‑term bank deposits and are not subject to a significant risk of change in value.
Deferred income	Deferred income Deferred income from sale and leaseback Deferred income related to gains on sales of 3D printers subject to sale and lease back transactions and accounted for as finance leases are recognized within other operating income in the consolidated statement of comprehensive loss over the respective lease term. Deferred income from extended warranty and maintenance contracts Extended warranty contract and maintenance contract revenues are recognized on a straight‑line basis over the contractual term of the contract as the timing of providing the related services generally do not vary significantly.
Earnings (loss) per share	Earnings (loss) per share Basic earnings per share amounts are calculated by dividing profit (loss) by the weighted average number of ordinary shares outstanding. There are no dilutive instruments issued and outstanding.

Summary of significant accoun32

Summary of significant accounting policies (Tables)	12 Months Ended
	Dec. 31, 2017
Summary of significant accounting policies
Exchange rates that are most relevant	December 31, Average Rate USD GBP INR CNY 2017 1.1297 0.8767 73.5324 7.6290 2016 1.1069 0.8195 74.3717 7.3522 2015 1.1096 0.7258 71.1956 6.9733 Year end exchange rates to Euro December 31, Year End Rate USD GBP INR CNY 2017 1.1993 0.8872 76.6055 7.8044 2016 1.0541 0.8562 71.5935 7.3202
Useful life of intangible assets	Software 3-5 years Licenses 6-8 years Customer list 3 years Digital library 3 years
Useful life of property, plant and equipment	Leasehold improvements 6-9 years Buildings 33 years Plant and machinery 7-8 years Printers leased to customers under operating lease 7-8 years Other facilities, machinery and factory equipment 2-20 years Office equipment 3-12 years

Trade receivables (Tables)

Trade receivables (Tables)	12 Months Ended
	Dec. 31, 2017
Trade receivables.
Aging structure of trade receivables	December 31, 2017 2016 (€ in thousands) Not due at the end of the reporting period Amount past due for the following time ranges Less than 3 months Between 3 and 6 months Between 6 and 9 months Between 9 and 12 months More than 12 months Total
Change in the allowance for doubtful accounts	Year Ended December 31, 2017 2016 (€ in thousands) Balance at beginning of period 336 57 Provisions 237 367 Write-offs -- Release to income Balance at end of period 482 336

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2017
Inventories
Inventories by category	December 31, 2017 2016 (€ in thousands) Raw materials and merchandise Work in progress Total

voxeljet UK (Tables)

voxeljet UK (Tables)	12 Months Ended
	Dec. 31, 2017
voxeljet UK
Summary of amounts related to restructuring charges	December 31, 2015 Components of restructuring charges Line items in statement of comprehensive loss (€ in thousands) Write-off digital library Cost of sales 309 Impairment of inventories Cost of sales 1,068 Write-off customer list Selling expense 380 Separation and breach of contract Administrative expenses 260 Legal consulting Administrative expenses 79 Settlement of rent agreements Research and development expenses 67 Loss on disposal of fixed assets Other operating expense 67 Transfer of employees Other operating expense 275 Derecognition of goodwill due to disposed business Other operating expense 129 Settlement of loan agreements Finance expense 29
Key assumptions used in estimation of recoverable amount	In percent 2015 WACC 10.1% Terminal value growth rate 2.0%
Summary of change needed in assumptions to equal carrying amount	2015 WACC 2.5% Revenue the last year of the plan kGBP 200
Cost of capital and terminal growth rate used in estimating the value in use	2016 WACC Terminal value growth rate

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
	Dec. 31, 2017
Intangible assets and goodwill
Breakdown of intangible assets	December 31, 2017 2016 (€ in thousands) Software Licenses Prepayments made on intangible assets Total

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2017
Property, plant and equipment
Schedule of property, plant and equipment	December 31, 2017 2016 (€ in thousands) Land, buildings and leasehold improvements Plant and machinery (includes assets under finance lease) Other facilities, factory and office equipment Assets under construction and prepayments made Total Thereof pledged assets of Property, Plant and Equipment Leased assets included in Property, Plant and Equipment: Printers Printers leased to customers under operating lease Other factory equipment
Composition of, and annual movement in, intangible assets and property, plant and equipment	2017 (€ in thousands) Acquisition and manufacturing cost Depreciation and amortization Carrying amount 01/01/2017 Additions Disposals Transfer FX 12/31/2017 01/01/2017 Current year Disposals Transfer FX 12/31/2016 12/31/2017 Intangible assets Software 798 137 17 91 1,004 283 166 16 0 431 573 Licenses 245 0 0 0 0 245 83 26 0 0 0 109 136 Prepayments made on intangible assets 205 328 40 0 402 40 0 40 0 0 0 402 Total 1,248 465 57 0 1,651 406 192 56 0 540 1,111 Property, plant and equipment Land, buildings and leasehold improvements 12,948 2,878 30 3,076 18,703 928 400 30 0 1,288 17,415 Plant and machinery 13,160 5,780 3,048 429 15,945 7,429 1,830 1,408 196 7,933 8,012 Other facilities, factory and office equipment 3,228 479 180 4 3,484 1,762 432 169 0 2,005 1,479 Assets under construction and prepayments made 3,249 9 0 8 0 0 0 0 0 0 8 Subtotal 32,585 9,146 3,258 273 38,140 10,119 2,662 1,607 196 11,226 26,914 Leased products 2,258 123 0 2,098 1,203 309 0 1,314 784 Total 34,843 9,269 3,258 0 40,238 11,322 2,971 1,607 0 12,540 27,698 2016 (€ in thousands) Acquisition and manufacturing cost Depreciation and amortization Carrying 01/01/2016 Additions Disposals Transfer FX 12/31/2016 01/01/2016 Current year Disposals Impairment Transfer FX 12/31/2016 12/31/2016 Intangible assets Software 461 229 109 798 182 101 283 515 Licenses 245 245 56 27 83 162 Order backlog 103 -- -- -- -- 103 103 -- -- -- -- -- 103 -- Customer list 622 -- -- -- -- 622 622 -- -- -- -- -- 622 -- Digital library 464 -- -- -- -- 464 464 -- -- -- -- -- 464 -- Prepayments made on intangible assets 159 155 -- 205 -- -- 40 -- -- -- 40 165 Goodwill 1,273 -- -- -- 1,130 -- -- -- 1,130 -- -- 1,130 -- Total 3,328 384 -- -- 3,567 1,427 128 40 1,130 -- -- 2,725 842 Property, plant and equipment Land, buildings and leasehold improvements 12,751 155 42 12,948 584 341 3 928 12,020 Plant and machinery 12,822 1,332 1,249 553 13,160 6,610 1,294 753 393 7,429 5,731 Other facilities, factory and office equipment 2,727 548 34 35 3,228 1,383 395 15 28 1,762 1,466 Assets under construction and prepayments made 101 3,186 35 3,249 0 0 3,249 Subtotal 28,402 5,221 1,318 585 32,585 8,577 2,030 768 -- 421 10,119 22,466 Leased products 2,800 41 2 2,258 1,241 384 1,203 1,055 Total 31,202 5,262 1,318 -- 34,843 9,818 2,414 768 -- -- 11,322 23,521

Other liabilities and provisi38

Other liabilities and provisions (Tables)	12 Months Ended
	Dec. 31, 2017
Other liabilities and provisions
Summary of other liabilities and provisions	December 31, 2017 2016 (€ in thousands) Customer deposits Liabilities from VAT Employee bonus Accruals for vacation and overtime Accruals for licenses Liabilities from payroll Accruals for commissions Accruals for compensation of Supervisory board Accrual for warranty Others Total

Financial instruments (Tables)

Financial instruments (Tables)	12 Months Ended
	Dec. 31, 2017
Financial instruments
Summary of financial instruments	12/31/2017 I. II. III. IV. V. Fair Value Level Assets Non-current assets Equity securities -- -- -- -- Level 3 Derivative financial instruments -- -- -- -- Level 2 Current assets Bond funds -- -- -- -- Level 1 Cash and cash equivalents -- -- -- -- Level 1 Liabilities Non-current liabilities Long-term debt -- -- -- -- Level 2 Finance lease obligation -- -- -- -- Level 2 Current liabilities Bank overdraft -- -- -- -- Long-term debt -- -- -- -- Level 2 Finance lease obligation -- -- -- -- Level 2 12/31/2016 I. II. III. IV. V. Fair Value Level Assets Non-current assets Restricted cash -- -- -- -- Level 1 Equity securities -- -- -- -- Level 3 Current assets Bond funds -- -- -- -- Level 1 Note receivable -- -- -- -- Level 1 Cash and cash equivalents -- -- -- -- Level 1 Liabilities Non-current liabilities Long-term debt -- -- -- -- Level 2 Finance lease obligation -- -- -- -- Level 2 Current liabilities Bank overdraft -- -- -- -- Long-term debt -- -- -- -- Level 2 Finance lease obligation -- -- -- -- Level 2

Cost of sales (Tables)

Cost of sales (Tables)	12 Months Ended
	Dec. 31, 2017
Cost of sales
Summary of cost of sales	Year Ended December 31, 2017 2016 2015 (€ in thousands) Personnel expenses Material costs Depreciation Other expenses Allowance for slow-moving inventory 515 -- Total

Other operating income and ex41

Other operating income and expense (Tables)	12 Months Ended
	Dec. 31, 2017
Other operating income and expense
Other operating income	Year Ended December 31, 2017 2016 2015 (€ in thousands) Government grant income Amortization of gain on sale and leaseback transactions Recognition of deferred income due to early termination of sale and leaseback transactions -- -- Reimbursement of transaction costs Gains from foreign exchange transactions Income from realized other comprehensive income -- -- Other Total
Other operating expense	Year Ended December 31, 2017 2016 2015 (€ in thousands) Impairment loss on trade receivables -- Restructuring of business in UK -- -- Losses from foreign exchange transactions Impairment of Goodwill -- -- Equity-settled share-based payment transaction in relation to the establishment of a subsidiary with non-controlling interest -- -- Other Total

Financial result (Tables)

Financial result (Tables)	12 Months Ended
	Dec. 31, 2017
Financial result
Schedule of financial result	Year Ended December 31, 2017 2016 2015 (€ in thousands) Interest expense Finance lease obligations Bank overdrafts and lines of credit -- Long-term debt Other Interest income 365 38 158 Payout of bond funds 11 35 116 Customer loans -- -- 7 Income from revaluation of derivative financial instruments 352 -- -- Other 2 3 35 Financial result 175

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Income taxes
Schedule of income tax (expense) benefit	Year Ended December 31, 2017 2016 2015 (€ in thousands) Current tax expense -- (2) -- Deferred tax (expense) benefit (80) -- (64) Total (80) (2) (64)
Sources of deferred tax assets and liabilities	December 31, 2017 2016 (€ in thousands) Deferred tax assets Deferred tax liabilities Deferred tax assets Deferred tax liabilities Trade receivables 6 9 Other receivables and current assets 26 -- Inventories 71 Property, Plant & Equipment 527 279 Non-current other assets 110 198 -- Current deferred income 1 58 -- Trade liabilities 22 45 Current financial liabilities 1,968 195 Current financial assets 12 -- -- Other current liabilities and provisions 73 7 Non-current deferred income 1,076 33 -- Non-current financial liabilities 91 Non-current financial assets 3 -- -- Non-current liabilities and provisions 1 -- Intangible assets 23 Tax losses carried forward 97 9 -- Valuation allowance -- Tax assets (liabilities) 3,487 661 Set off of tax 3,489 661 Net tax -- --
Reconciliation of income tax benefit (expense)	Year Ended December 31, 2017 2016 2015 (€ in thousands) Loss before tax Tax expense at prevailing statutory rate (28%) 2,365 3,167 2,668 Non-deductible expenses Non-taxable income 266 116 -- Tax-rate related differences Unrecognized temporary differences and tax losses Income tax expense

Personnel expenses (Tables)

Personnel expenses (Tables)	12 Months Ended
	Dec. 31, 2017
Personnel expenses
Summary of personnel expenses	Year Ended December 31, 2017 2016 2015 (€ in thousands) Wages and salaries LTCIP -- Employee stock option plan 386 -- -- Social security contributions Total

Segment reporting (Tables)

Segment reporting (Tables)	12 Months Ended
	Dec. 31, 2017
Segment reporting
Schedule of segment reporting	Year Ended December 31, 2017 2016 2015 (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES SYSTEMS SERVICES Revenues Gross profit Gross profit in % PPE Trade receivables Trade payables Depreciation and amortization Allowance for slow-moving inventory -- -- -- -- Loss on disposal of DPM business -- -- -- -- -- Impairment of goodwill -- -- -- -- --
Schedule of revenues and non-current assets by geographic region	Year Ended December 31, 2017 2016 2015 (€ in thousands) EMEA Germany France Great Britain Others Asia Pacific South Korea Others Americas United States Others Total NON‑CURRENT ASSETS BY GEOGRAPHICAL REGION December 31, 2017 2016 (€ in thousands) EMEA Germany Great Britain Asia Pacific China Americas United States Total

Financial risk management (Tabl

Financial risk management (Tables)	12 Months Ended
	Dec. 31, 2017
Financial risk management
Summary of contractual cash flow	December 31, 2017 (€ in thousands) Contractual cash flow carrying amount Total 2 months or less 2-12 months 1-3 years 3-5 years More than 5 years Bank overdrafts and lines of credit 58 -- -- -- -- Long-term debt 17,038 Finance lease obligations 479 -- Trade payables 3,059 -- -- -- -- Total 20,634 December 31, 2016 (€ in thousands) Contractual cash flow carrying amount Total 2 months or less 2-12 months 1-3 years 3-5 years More than 5 years Bank overdrafts and lines of credit 224 -- -- -- Long-term debt 5,099 Finance lease obligations 791 -- Trade payables 1,765 -- -- -- -- Total 7,879
Reconciliation of movements of liabilities to cash flows arising from financing activities	Reconciliation of movements of liabilities to cash flows arising from financing activities Liabilities Equity (€ in thousands) Bank overdrafts used for cash management purposes Other loans and borrowings Finance lease Subscribed capital Capital reserves Accumulated Non-controlling interests Total Restated balance at January 1, 2017 224 5,099 791 3,720 75,827 (28,971) 87 56,777 Changes from financing cash flows Proceeds from loans and borrowings — 12,612 — — — — — 12,612 Repayment of borrowings (166) (732) — — — — — (898) Payment of finance lease liabilities — — (435) — — — — (435) Total changes from financing cash flows (166) 11,880 (435) — — — — 11,279 Changes arising from obtaining or losing control of subsidiaries or other businesses — — — — — — — — The effect of changes in foreign exchange rates — — — — — Changes in fair value — — — — — Other changes Liability-related Capitalized borrowing costs — 78 — — — — — 78 Reclassification — 42 123 165 Interest expense — 100 45 — — — — 145 Interest paid — (161) (45) — — — — (206) Total liability-related other changes — 59 123 — — — — 182 Total equity-related other changes — — — — 400 (8,509) (16) (8,125) Balance at December 31, 2017 58 17,038 479 3,720 76,227 (37,480) 71 60,113

Capital management (Tables)

Capital management (Tables)	12 Months Ended
	Dec. 31, 2017
Capital management
Capital structure	December 31, 2017 2016 (€ in thousands) Equity Share of total equity and liabilities Current financial liabilities Non-current financial liabilities Total financial liabilities Share of total equity and liabilities Total equity and liabilities

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2017
Leases
Finance lease obligations	December 31, 2017 (€ in thousands) Minimum future lease payments obligation Unamortized interest expense Present value of minimum future lease payments obligation due within 1 year 320 308 due between 1 and 5 years 175 171 Total 495 479 December 31, 2016 (€ in thousands) Minimum future lease payments obligation Unamortized interest expense Present value of minimum future lease payments obligation due within 1 year 450 422 due between 1 and 5 years 381 369 Total 831 791
Operating lease obligations	December 31, 2017 2016 (€ in thousands) Less than 1 year 1 to 5 years Over five years -- Total
Operating lease payments receivable for subleases.	December 31, 2017 2016 (€ in thousands) Less than 1 year 1 to 5 years -- Total

Related party transactions (Tab

Related party transactions (Tables)	12 Months Ended
	Dec. 31, 2017
Related party transactions
Management compensation	Year Ended December 31, 2017 2016 2015 (€ in thousands) Fixed compensation Compensation arisen from stock option plan -- -- Total

The reporting entity (Details)

The reporting entity (Details)	12 Months Ended
	Dec. 31, 2017item
Reporting entity
Number of reportable segments	2
voxeljet America
Reporting entity
Ownership percentage	100.00%
voxeljet UK
Reporting entity
Ownership percentage	100.00%
voxeljet India
Reporting entity
Ownership percentage	100.00%
voxeljet China
Reporting entity
Ownership percentage	95.83%

Summary of significant accoun51

Summary of significant accounting policies (Details) € in Thousands	12 Months Ended
	Dec. 31, 2017EUR (€)$ / €$ / ₨$ / £$ / ¥item	Dec. 31, 2016$ / €$ / ₨$ / £$ / ¥item	Dec. 31, 2015$ / €$ / ₨$ / £$ / ¥item
Significant accounting policies
Standard warranty period	1 year
Extended warranty and maintenance contracts	12 months
Optional maintenance period	12 months
Number of leased printers | item	2	1	5
Expected dividends | €	€ 0
USD
Foreign exchange rates
Average foreign exchange rate | $ / €	1.1297	1.1069	1.1096
Closing foreign exchange rate | $ / €	1.1993	1.0541
GBP
Foreign exchange rates
Average foreign exchange rate | $ / £	0.8767	0.8195	0.7258
Closing foreign exchange rate | $ / £	0.8872	0.8562
INR
Foreign exchange rates
Average foreign exchange rate | $ / ₨	73.5324	74.3717	71.1956
Closing foreign exchange rate | $ / ₨	76.6055	71.5935
CNY
Foreign exchange rates
Average foreign exchange rate | $ / ¥	7.6290	7.3522	6.9733
Closing foreign exchange rate | $ / ¥	7.8044	7.3202
Minimum
Significant accounting policies
Payment term	30 days
Operating period for 3D printer in Services segment	1 year 6 months
Maximum
Significant accounting policies
Payment term	60 days
Operating period for 3D printer in Services segment	2 years 6 months

Summary of significant accoun52

Summary of significant accounting policies - PPE and Intangibles (Details)	12 Months Ended
	Dec. 31, 2017shares
Significant accounting policies
Dilutive instruments (in shares)	0
Buildings
Significant accounting policies
Useful life of property, plant and equipment	33 years
Customer list
Significant accounting policies
Useful life of intangible assets	3 years
Digital library
Significant accounting policies
Useful life of intangible assets	3 years
Minimum | Leasehold improvements
Significant accounting policies
Useful life of property, plant and equipment	6 years
Minimum | Plant and machinery
Significant accounting policies
Useful life of property, plant and equipment	7 years
Minimum | Leased assets
Significant accounting policies
Useful life of property, plant and equipment	7 years
Minimum | Other facilities, machinery and factory equipment
Significant accounting policies
Useful life of property, plant and equipment	2 years
Minimum | Office equipment
Significant accounting policies
Useful life of property, plant and equipment	3 years
Minimum | Software
Significant accounting policies
Useful life of intangible assets	3 years
Minimum | Licenses
Significant accounting policies
Useful life of intangible assets	6 years
Maximum | Leasehold improvements
Significant accounting policies
Useful life of property, plant and equipment	9 years
Maximum | Plant and machinery
Significant accounting policies
Useful life of property, plant and equipment	8 years
Maximum | Leased assets
Significant accounting policies
Useful life of property, plant and equipment	8 years
Maximum | Other facilities, machinery and factory equipment
Significant accounting policies
Useful life of property, plant and equipment	20 years
Maximum | Office equipment
Significant accounting policies
Useful life of property, plant and equipment	12 years
Maximum | Software
Significant accounting policies
Useful life of intangible assets	5 years
Maximum | Licenses
Significant accounting policies
Useful life of intangible assets	8 years

Share based payment arrangeme53

Share based payment arrangements (Details)	Apr. 07, 2017EquityInstrumentsshares
Share based payment arrangements
Options available (in shares) | shares	372,000
Number of share options granted in share-based payment arrangement | EquityInstruments	279,000
Options granted (in percent)	75.00%
Vesting period	4 years
Number of consecutive days upon which option may be exercised if share price exceeds the exercise price	90 days
Percentage of share price exceeds the exercise price in period between issue date and exercise time frame	20

Share based payment arrangeme54

Share based payment arrangements -Fair value inputs (Details) € in Thousands	Apr. 07, 2017USD ($)	Dec. 31, 2017EUR (€)
Share based payment arrangements
Share price at grant date	$ 13.80
Exercise price	$ 13.90
Expected volatility	55.00%
Expected dividends | €		€ 0
Risk-free interest rate	2.49%
Fair value at grant date	$ 8

Share based payment arrangeme55

Share based payment arrangements - Options (Details) € in Thousands	12 Months Ended
	Dec. 31, 2017EUR (€)EquityInstruments€ / shares
Share based payment arrangements
Options exercisable | € / shares	0
Options outstanding | EquityInstruments	279,000
Expenses recognized in profit and loss | €	€ 386

Trade receivables (Details)

Trade receivables (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Trade receivables
Trade receivables	€ 5,093	€ 4,133
Change in allowance for doubtful accounts
Allowance for doubtful accounts, beginning of period	336	57
Provisions	237	367
Write-off	(58)
Release to income	(33)	(88)
Allowance for doubtful accounts, end of period	482	336
Not due at the end of the reporting period
Trade receivables
Trade receivables	1,560	2,812
Less than 3 months
Trade receivables
Trade receivables	2,998	946
Between 3 and 6 months
Trade receivables
Trade receivables	363	180
Between 6 and 9 months
Trade receivables
Trade receivables	68	151
Between 9 and 12 months
Trade receivables
Trade receivables	70	12
More than 12 months
Trade receivables
Trade receivables	€ 34	€ 32

Inventories (Details)

Inventories (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Inventories
Raw materials and merchandise	€ 3,017	€ 1,850
Work in progress	6,522	9,363
Total current inventories	9,539	11,213
Change in inventory allowance	€ (515)	€ 954	€ 1,118

voxeljet UK - Restructure (Deta

voxeljet UK - Restructure (Details) - EUR (€) € in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2015	Dec. 31, 2016	Dec. 31, 2015
Subsidiaries
Consideration received		€ 14	€ 427
Expense of restructuring activities			471
voxeljet UK
Subsidiaries
Consideration received	€ 365
Expense of restructuring activities	€ 2,700
Write-off digital library
Subsidiaries
Expense of restructuring activities			309
Impairment of inventories
Subsidiaries
Expense of restructuring activities			1,068
Write-off customer list
Subsidiaries
Expense of restructuring activities			380
Separation and breach of contract
Subsidiaries
Expense of restructuring activities			260
Legal consulting
Subsidiaries
Expense of restructuring activities			79
Settlement of rent agreements
Subsidiaries
Expense of restructuring activities			67
Loss on disposal of fixed assets
Subsidiaries
Expense of restructuring activities			67
Transfer of employees
Subsidiaries
Expense of restructuring activities			275
Derecognition of goodwill due to disposed business
Subsidiaries
Expense of restructuring activities			129
Settlement of loan agreements
Subsidiaries
Expense of restructuring activities			€ 29

voxeljet UK - Recoverablity (De

voxeljet UK - Recoverablity (Details) € in Thousands, £ in Thousands	Oct. 07, 2016GBP (£)	Oct. 07, 2016EUR (€)	Dec. 31, 2017EUR (€)	Dec. 31, 2016EUR (€)	Dec. 31, 2015GBP (£)	Oct. 07, 2016EUR (€)	Dec. 31, 2015EUR (€)
Cash generating unit
Carrying value			€ 67,031	€ 62,139
Change in WACC					2.5
Revenue the last year of the plan | £					£ 200
Impairment of trade receivables			€ 237	€ 367
voxeljet UK
Cash generating unit
Remaining goodwill arising from the acquisition							€ 1,273
Recoverable amount	£ 1,266				2,975	€ 1,471
Carrying value | £					£ 2,263
WACC (as a percent)				15.41%	10.10%
Terminal value growth rate (as a percent)				1.00%	2.00%		2.00%
Recoverable amount exceeds carrying amount | £					£ 712
Impairment of trade receivables		€ 293
Impairment loss	£ 907	€ 1,130

Intangible assets (Details)

Intangible assets (Details) - EUR (€) € in Thousands	Dec. 31, 2017	Dec. 31, 2016
Intangible assets and goodwill
Intangible assets	€ 1,111	€ 842
Software
Intangible assets and goodwill
Intangible assets	573	515
Licenses
Intangible assets and goodwill
Intangible assets	136	162
Prepayments made on intangible assets
Intangible assets and goodwill
Intangible assets	€ 402	€ 165

Property, plant and equipment -

Property, plant and equipment - Summary (Details) € in Thousands	12 Months Ended
	Dec. 31, 2017EUR (€)item	Dec. 31, 2016EUR (€)	Dec. 31, 2015EUR (€)
Property, plant and equipment
Property, plant and equipment.	€ 27,698	€ 23,521
Property, plant and equipment, pledged as security	€ 7,046	6,446
Number of pledged 3D printers | item	6
Capitalized borrowing costs related to the acquisition of new office building and production hall	€ 78
Self constructed 3D printers		4,638	€ 1,012
Finance lease obligations	116		€ 41
Land, buildings and leasehold improvements
Property, plant and equipment
Property, plant and equipment.	17,415	12,020
Land, buildings and leasehold improvements including leased products
Property, plant and equipment
Property, plant and equipment.	17,415	12,020
Plant and machinery
Property, plant and equipment
Property, plant and equipment.	8,012	5,731
Other facilities, factory and office equipment
Property, plant and equipment
Property, plant and equipment.	1,479	1,466
Other facilities, factory and office equipment including leased products
Property, plant and equipment
Property, plant and equipment.	1,625	1,522
Assets under construction and prepayments made
Property, plant and equipment
Property, plant and equipment.	8	3,249
Assets under construction and prepayments made included leased products
Property, plant and equipment
Property, plant and equipment.	8	3,249
Plant and machinery (includes assets under finance lease)
Property, plant and equipment
Property, plant and equipment.	8,650	6,730
Leased assets
Property, plant and equipment
Property, plant and equipment.	881	1,208
Printers
Property, plant and equipment
Property, plant and equipment.	613	964
Printers leased to customers under operating lease
Property, plant and equipment
Property, plant and equipment.	97	141
Other factory equipment
Property, plant and equipment
Property, plant and equipment.	€ 171	€ 103

Property, plant and equipment62

Property, plant and equipment - Activity - (Details)	12 Months Ended
	Dec. 31, 2017EUR (€)item	Dec. 31, 2016EUR (€)item	Dec. 31, 2015item
Changes in intangible assets and goodwill
Beginning balance	€ 842,000
Ending balance	1,111,000	€ 842,000
Changes in property, plant and equipment
Balance, at beginning of the period	23,521,000
Balance, at end of the period	€ 27,698,000	€ 23,521,000
Additional information
Number of leased printers | item	2	1	5
Number of active leasing contracts | item	4	5
Number of leased 3D printers used in Services segment | item	1
Number of leased 3D printers used for research and development | item	2
Number of sub-leased printers | item		1
Number of refurbished printers sold to customers under finance lease agreements | item	5	3
Gross carrying amount
Changes in intangible assets and goodwill
Beginning balance	€ 3,567,000	€ 3,328,000
Additions	465,000	384,000
Disposals	57,000
Transfer	0
FX	(5,000)	(144,000)
Ending balance	1,651,000	3,567,000
Changes in property, plant and equipment
Balance, at beginning of the period	34,843,000	31,202,000
Additions	9,269,000	5,262,000
Disposals	3,258,000	1,318,000
Transfers	0
FX	(616,000)	(302,000)
Balance, at end of the period	40,238,000	34,843,000
Depreciation and amortization
Changes in intangible assets and goodwill
Beginning balance	(2,725,000)	(1,427,000)
Additions	(192,000)	(128,000)
Disposals	(56,000)	(40,000)
Transfer	0
Impairment		(1,130,000)
FX	2,000
Ending balance	(540,000)	(2,725,000)
Changes in property, plant and equipment
Balance, at beginning of the period	(11,322,000)	(9,818,000)
Additions	(2,971,000)	(2,414,000)
Disposals	(1,607,000)	(768,000)
Transfers	0
FX	146,000	(142,000)
Balance, at end of the period	(12,540,000)	(11,322,000)
Property, plant and equipment apart from those under operating leases
Changes in property, plant and equipment
Balance, at beginning of the period	22,466,000
Balance, at end of the period	26,914,000	22,466,000
Property, plant and equipment apart from those under operating leases | Gross carrying amount
Changes in property, plant and equipment
Balance, at beginning of the period	32,585,000	28,402,000
Additions	9,146,000	5,221,000
Disposals	3,258,000	1,318,000
Transfers	273,000	585,000
FX	(606,000)	(304,000)
Balance, at end of the period	38,140,000	32,585,000
Property, plant and equipment apart from those under operating leases | Depreciation and amortization
Changes in property, plant and equipment
Balance, at beginning of the period	(10,119,000)	(8,577,000)
Additions	(2,662,000)	(2,030,000)
Disposals	(1,607,000)	(768,000)
Transfers	(196,000)	421,000
FX	144,000	(141,000)
Balance, at end of the period	(11,226,000)	(10,119,000)
Land, buildings and leasehold improvements
Changes in property, plant and equipment
Balance, at beginning of the period	12,020,000
Balance, at end of the period	17,415,000	12,020,000
Land, buildings and leasehold improvements | Gross carrying amount
Changes in property, plant and equipment
Balance, at beginning of the period	12,948,000	12,751,000
Additions	2,878,000	155,000
Disposals	30,000
Transfers	3,076,000
FX	(169,000)	42,000
Balance, at end of the period	18,703,000	12,948,000
Land, buildings and leasehold improvements | Depreciation and amortization
Changes in property, plant and equipment
Balance, at beginning of the period	(928,000)	(584,000)
Additions	(400,000)	(341,000)
Disposals	(30,000)
Transfers	0
FX	10,000	3,000
Balance, at end of the period	(1,288,000)	(928,000)
Plant and machinery
Changes in property, plant and equipment
Balance, at beginning of the period	5,731,000
Balance, at end of the period	8,012,000	5,731,000
Plant and machinery | Gross carrying amount
Changes in property, plant and equipment
Balance, at beginning of the period	13,160,000	12,822,000
Additions	5,780,000	1,332,000
Disposals	3,048,000	1,249,000
Transfers	429,000	553,000
FX	(376,000)	(298,000)
Balance, at end of the period	15,945,000	13,160,000
Plant and machinery | Depreciation and amortization
Changes in property, plant and equipment
Balance, at beginning of the period	(7,429,000)	(6,610,000)
Additions	(1,830,000)	(1,294,000)
Disposals	(1,408,000)	(753,000)
Transfers	(196,000)	393,000
FX	114,000	(115,000)
Balance, at end of the period	(7,933,000)	(7,429,000)
Other facilities, factory and office equipment
Changes in property, plant and equipment
Balance, at beginning of the period	1,466,000
Balance, at end of the period	1,479,000	1,466,000
Other facilities, factory and office equipment | Gross carrying amount
Changes in property, plant and equipment
Balance, at beginning of the period	3,228,000	2,727,000
Additions	479,000	548,000
Disposals	180,000	34,000
Transfers	4,000	35,000
FX	(47,000)	(48,000)
Balance, at end of the period	3,484,000	3,228,000
Other facilities, factory and office equipment | Depreciation and amortization
Changes in property, plant and equipment
Balance, at beginning of the period	(1,762,000)	(1,383,000)
Additions	(432,000)	(395,000)
Disposals	(169,000)	(15,000)
Transfers	0	28,000
FX	20,000	(29,000)
Balance, at end of the period	(2,005,000)	(1,762,000)
Assets under construction and prepayments made
Changes in property, plant and equipment
Balance, at beginning of the period	3,249,000
Balance, at end of the period	8,000	3,249,000
Assets under construction and prepayments made | Gross carrying amount
Changes in property, plant and equipment
Balance, at beginning of the period	3,249,000	101,000
Additions	9,000	3,186,000
Disposals	0	35,000
Transfers	(3,236,000)	(3,000)
FX	(14,000)
Balance, at end of the period	8,000	3,249,000
Assets under construction and prepayments made | Depreciation and amortization
Changes in property, plant and equipment
Balance, at beginning of the period	0	0
Additions	0
Disposals	0
Transfers	0
FX	0
Balance, at end of the period	0	0
Leased assets
Changes in property, plant and equipment
Balance, at beginning of the period	1,055,000
Balance, at end of the period	784,000	1,055,000
Leased assets | Gross carrying amount
Changes in property, plant and equipment
Balance, at beginning of the period	2,258,000	2,800,000
Additions	123,000	41,000
Disposals	0
Transfers	(273,000)	(585,000)
FX	(10,000)	2,000
Balance, at end of the period	2,098,000	2,258,000
Leased assets | Depreciation and amortization
Changes in property, plant and equipment
Balance, at beginning of the period	(1,203,000)	(1,241,000)
Additions	(309,000)	(384,000)
Disposals	0
Transfers	196,000	(421,000)
FX	2,000	(1,000)
Balance, at end of the period	(1,314,000)	(1,203,000)
Software
Changes in intangible assets and goodwill
Beginning balance	515,000
Ending balance	573,000	515,000
Software | Gross carrying amount
Changes in intangible assets and goodwill
Beginning balance	798,000	461,000
Additions	137,000	229,000
Disposals	17,000
Transfer	91,000	109,000
FX	(5,000)	(1,000)
Ending balance	1,004,000	798,000
Software | Depreciation and amortization
Changes in intangible assets and goodwill
Beginning balance	(283,000)	(182,000)
Additions	(166,000)	(101,000)
Disposals	(16,000)
Transfer	0
FX	2,000
Ending balance	(431,000)	(283,000)
Licenses
Changes in intangible assets and goodwill
Beginning balance	162,000
Ending balance	136,000	162,000
Licenses | Gross carrying amount
Changes in intangible assets and goodwill
Beginning balance	245,000	245,000
Additions	0
Disposals	0
Transfer	0
FX	0
Ending balance	245,000	245,000
Licenses | Depreciation and amortization
Changes in intangible assets and goodwill
Beginning balance	(83,000)	(56,000)
Additions	(26,000)	(27,000)
Disposals	0
Transfer	0
FX	0
Ending balance	(109,000)	(83,000)
Order backlog | Gross carrying amount
Changes in intangible assets and goodwill
Beginning balance	103,000	103,000
Ending balance		103,000
Order backlog | Depreciation and amortization
Changes in intangible assets and goodwill
Beginning balance	(103,000)	(103,000)
Ending balance		(103,000)
Customer list | Gross carrying amount
Changes in intangible assets and goodwill
Beginning balance	622,000	622,000
Ending balance		622,000
Customer list | Depreciation and amortization
Changes in intangible assets and goodwill
Beginning balance	(622,000)	(622,000)
Ending balance		(622,000)
Digital library | Gross carrying amount
Changes in intangible assets and goodwill
Beginning balance	464,000	464,000
Ending balance		464,000
Digital library | Depreciation and amortization
Changes in intangible assets and goodwill
Beginning balance	(464,000)	(464,000)
Ending balance		(464,000)
Prepayments made on intangible assets
Changes in intangible assets and goodwill
Beginning balance	165,000
Ending balance	402,000	165,000
Prepayments made on intangible assets | Gross carrying amount
Changes in intangible assets and goodwill
Beginning balance	205,000	159,000
Additions	328,000	155,000
Disposals	40,000
Transfer	(91,000)	(109,000)
FX	0
Ending balance	402,000	205,000
Prepayments made on intangible assets | Depreciation and amortization
Changes in intangible assets and goodwill
Beginning balance	(40,000)
Additions	0
Disposals	(40,000)	(40,000)
Transfer	0
FX	0
Ending balance	0	(40,000)
Goodwill | Gross carrying amount
Changes in intangible assets and goodwill
Beginning balance	1,130,000	1,273,000
FX		(143,000)
Ending balance		1,130,000
Goodwill | Depreciation and amortization
Changes in intangible assets and goodwill
Beginning balance	(1,130,000)
Impairment		(1,130,000)
Ending balance		(1,130,000)
Intangible assets excluding order backlog, customer list, digital library and goodwill | Gross carrying amount
Changes in intangible assets and goodwill
Beginning balance	1,248,000
Ending balance		1,248,000
Intangible assets excluding order backlog, customer list, digital library and goodwill | Depreciation and amortization
Changes in intangible assets and goodwill
Beginning balance	(406,000)
Ending balance		(406,000)
Systems
Changes in property, plant and equipment
Balance, at beginning of the period	9,936,000	9,002,000
Balance, at end of the period	13,070,000	9,936,000
Services
Changes in property, plant and equipment
Balance, at beginning of the period	13,585,000	12,381,000
Balance, at end of the period	€ 14,628,000	€ 13,585,000

Other liabilities and provisi63

Other liabilities and provisions - Summary (Details) - EUR (€) € in Thousands	Dec. 31, 2017	Dec. 31, 2016
Other liabilities and provisions
Customer deposits	€ 373	€ 183
Liabilities from VAT	12	174
Employee bonus	303	143
Accruals for vacation and overtime	222	170
Accruals for licenses	140	258
Liabilities from payroll	236	211
Accruals for commissions	50	190
Accruals for compensation of Supervisory board	180	180
Accrual for warranty	286	400
Others	322	305
Total	€ 2,124	€ 2,214

Other liabilities and provisi64

Other liabilities and provisions - LTCIP (Details)	12 Months Ended
	Dec. 31, 2017EUR (€)item	Dec. 31, 2016EUR (€)	Dec. 31, 2015EUR (€)	Sep. 30, 2015shares	Dec. 31, 2014	Dec. 31, 2013	Oct. 02, 2013EUR (€)shares
Other liabilities and provisions
Value of individual award units							€ 5,000
Limit on grant of LTCIP awards units (as a percent)							10
Award units granted | shares				131			684
Number of performance periods for award vesting | item	3
Vesting percentage of performance awards	40		40			20
Probability percentage of target achievement for LTCIP	80
Percentage of employee turnover	5.8				5
Gains (losses) on valuation of LTCIP	€ 478,000	€ 478,000	€ 274,000

Financial instruments (Details)

Financial instruments (Details) € in Thousands	Dec. 31, 2017EUR (€)item	Dec. 31, 2016EUR (€)item
Financial instruments
Financial liabilities	€ 17,575	€ 6,114
Current bank overdraft | Fair value
Financial instruments
Financial liabilities	58	224
Available-for-sale financial assets | Fair value
Financial instruments
Financial assets	€ 14,000	€ 12,800
Available-for-sale financial assets | Current bond funds | Fair value
Financial instruments
Number of bond fund instruments held | item	4	2
Financial assets measured at amortised cost | Current bank overdraft | Fair value
Financial instruments
Financial liabilities	€ 58	€ 224
Level One | Non-current restricted cash | Fair value
Financial instruments
Financial assets		206
Level One | Current bond funds | Fair value
Financial instruments
Financial assets	14,044	11,657
Level One | Current note receivable | Fair value
Financial instruments
Financial assets		922
Level One | Current cash and cash equivalents | Fair value
Financial instruments
Financial assets	7,569	7,849
Level One | Available-for-sale financial assets | Current bond funds | Fair value
Financial instruments
Financial assets	14,044	11,657
Level One | Available-for-sale financial assets | Current note receivable | Fair value
Financial instruments
Financial assets		922
Level One | Loans and receivables | Non-current restricted cash | Fair value
Financial instruments
Financial assets		206
Level One | Loans and receivables | Current cash and cash equivalents | Fair value
Financial instruments
Financial assets	7,569	7,849
Level Two | Non-current long term debt | Fair value
Financial instruments
Financial liabilities	15,119	3,770
Level Two | Non-current finance lease obligation | Fair value
Financial instruments
Financial liabilities	163	354
Level Two | Current long term debt | Fair value
Financial instruments
Financial liabilities	787	644
Level Two | Current finance lease obligation | Fair value
Financial instruments
Financial liabilities	310	416
Level Two | Financial assets measured at amortised cost | Non-current long term debt | Fair value
Financial instruments
Financial liabilities	16,242	4,448
Level Two | Financial assets measured at amortised cost | Non-current finance lease obligation | Fair value
Financial instruments
Financial liabilities	171	369
Level Two | Financial assets measured at amortised cost | Current long term debt | Fair value
Financial instruments
Financial liabilities	796	651
Level Two | Financial assets measured at amortised cost | Current finance lease obligation | Fair value
Financial instruments
Financial liabilities	308	422
Level Three | Non-current equity securities | Fair value
Financial instruments
Financial assets	5	5
Level Three | Non-current derivative financial instruments | Fair value
Financial instruments
Financial assets	352
Level Three | Financial assets at fair value through profit or loss | Non-current derivative financial instruments | Fair value
Financial instruments
Financial assets	352
Level Three | Available-for-sale financial assets | Non-current equity securities | Fair value
Financial instruments
Financial assets	€ 5	€ 5

Cost of sales (Details)

Cost of sales (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cost of sales
Personnel expenses	€ (6,414)	€ (3,570)	€ (5,386)
Material costs	(4,344)	(6,837)	(7,645)
Depreciation	(2,071)	(1,562)	(1,890)
Other expenses	(1,510)	(2,512)	(2,226)
Allowance for slow-moving inventory	515	(954)	(1,118)
Total	(13,824)	(15,435)	(17,147)
Rental expense		644	736
License fees	404	421	440
Travel expense	€ 296	414	394
Tooling kits		€ 198	€ 211

Other operating income and ex67

Other operating income and expense (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Other operating income
Government grant income	€ 120	€ 75	€ 322
Amortization of gain on sale and leaseback transactions	206	283	310
Recognition of deferred income due to early termination of sale and leaseback transactions			216
Reimbursement of transaction costs	254	127	108
Gains from foreign exchange transactions	135	645	863
Income from realized other comprehensive income			76
Other	286	287	235
Total	1,001	1,417	2,130
Other operating expense
Impairment losses on trade receivables	240	379
Restructuring of business in UK			471
Losses from foreign exchange transactions	1,585	2,077	210
Impairment of goodwill		1,130
Equity-settled share-based payment transaction in relation to the establishment of a subsidiary with non-controlling interest		256
Other	19	39	207
Total	€ 1,844	€ 3,881	€ 888

Financial result (Details)

Financial result (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Financial result
Interest expense	€ (190)	€ (230)	€ (277)
Finance lease obligations	(45)	(57)	(201)
Bank overdrafts and lines of credit		(1)	(5)
Long-term debt	(100)	(68)	(41)
Other	(45)	(104)	(30)
Interest income	365	38	158
Payout of bond funds	11	35	116
Customer loans			7
Income from revaluation of derivative financial instruments	352
Other	2	3	35
Financial result	€ 175	€ (192)	€ (119)

Income taxes - Expense (Details

Income taxes - Expense (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income taxes
Current tax expense		€ (2)
Deferred tax (expense)	€ (80)		€ (64)
Income tax benefit (expense)	€ (80)	€ (2)	€ (64)

Income taxes - Deferred (Detail

Income taxes - Deferred (Details) - EUR (€) € in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets and liabilities
Deferred tax liabilities	€ (66)	€ (1)
Deferred tax liabilities, net of Tax	(66)	(1)
Trade receivables
Deferred tax assets and liabilities
Deferred tax assets	6	9
Deferred tax liabilities	(88)	(6)
Other receivables and current assets
Deferred tax assets and liabilities
Deferred tax assets	26
Deferred tax liabilities	(84)	(43)
Inventories
Deferred tax assets and liabilities
Deferred tax assets	71
Deferred tax liabilities	(4)
Property, Plant & Equipment
Deferred tax assets and liabilities
Deferred tax assets	527	279
Deferred tax liabilities	(374)	(484)
Non-current other assets
Deferred tax assets and liabilities
Deferred tax assets	110	198
Current deferred income
Deferred tax assets and liabilities
Deferred tax assets	1	58
Trade liabilities
Deferred tax assets and liabilities
Deferred tax assets	22	45
Deferred tax liabilities		(1)
Current financial liabilities
Deferred tax assets and liabilities
Deferred tax assets	1,968	195
Deferred tax liabilities		(13)
Current financial assets
Deferred tax assets and liabilities
Deferred tax assets	12
Deferred tax liabilities	(98)
Non-current deferred income
Deferred tax assets and liabilities
Deferred tax assets	1,076	33
Other current liabilities and provisions
Deferred tax assets and liabilities
Deferred tax assets	73	7
Deferred tax liabilities		(13)
Non-current financial liabilities
Deferred tax assets and liabilities
Deferred tax assets		91
Deferred tax liabilities	(1,884)	(99)
Non-current financial assets
Deferred tax assets and liabilities
Deferred tax assets	3
Non-current liabilities and provisions
Deferred tax assets and liabilities
Deferred tax assets		1
Deferred tax liabilities	(1,020)
Intangible assets
Deferred tax assets and liabilities
Deferred tax assets		23
Deferred tax liabilities	(1)	(3)
Tax losses carried forward
Deferred tax assets and liabilities
Deferred tax assets	97	9
Tax assets (liabilities)
Deferred tax assets and liabilities
Deferred tax assets	3,487	661
Deferred tax liabilities	(3,555)	(662)
Valuation allowance
Deferred tax assets and liabilities
Deferred tax assets	505	286
Set off of tax
Deferred tax assets and liabilities
Deferred tax assets	3,487	661
Deferred tax liabilities	€ (3,489)	€ (661)

Income taxes - Carryforward (De

Income taxes - Carryforward (Details) € in Thousands	Dec. 31, 2016EUR (€)
Corporation tax
Carryforward
Gross loss carryforwards	€ 20,481
Trade tax losses
Carryforward
Gross loss carryforwards	20,100
Foreign loss carryforwards
Carryforward
Gross loss carryforwards	€ 12,499

Income taxes - Reconciliation (

Income taxes - Reconciliation (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of profit before income taxes to income tax
Loss before tax	€ (8,445)	€ (11,311)	€ (9,530)
Prevailing statutory tax rate (as a percent)	28.00%
Tax expense at prevailing statutory rate (28%)	€ 2,365	3,167	2,668
Non-deductible expenses	(326)	(170)	(47)
Non-taxable income	266	116
Tax-rate related differences	(139)	(128)	(259)
Unrecognized temporary differences and tax losses	(2,246)	(2,987)	(2,426)
Income tax benefit (expense)	€ (80)	€ (2)	€ (64)

Personnel expenses (Details)

Personnel expenses (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Wages and salaries	€ 10,769	€ 9,772	€ 9,866
LTCIP	(478)	(478)	(274)
Employee stock option plan	386
Social security contributions	2,197	1,799	1,732
Total employee benefits expense	13,352	11,093	11,324
MetallRente	62	57	41
German state plan
Mandatory employer's contribution	€ 710	€ 697	€ 511

Segment reporting - Segments (D

Segment reporting - Segments (Details)	12 Months Ended
	Dec. 31, 2017EUR (€)item	Dec. 31, 2016EUR (€)	Dec. 31, 2015EUR (€)
Segment reporting
Number of reportable segments | item	2
Revenues	€ 23,178,000	€ 22,338,000	€ 24,064,000
Gross profit	(8,445,000)	(11,311,000)	(9,530,000)
PPE	27,698,000	23,521,000
Trade receivables	5,093,000	4,133,000
Trade payables	3,059,000	1,765,000
Allowance for slow-moving inventory	(515,000)	954,000	1,118,000
Impairment of goodwill		1,130,000
Sale of used printers			1,224,000
Revenue from development service	298,000	0	0
Systems
Segment reporting
Revenues	11,534,000	13,081,000	11,113,000
Gross profit	€ 3,921,000	€ 3,197,000	€ 3,849,000
Gross profit in %	34.00%	24.40%	34.60%
PPE	€ 13,070,000	€ 9,936,000	€ 9,002,000
Trade receivables	2,899,000	2,566,000	1,639,000
Trade payables	1,885,000	833,000	984,000
Depreciation and amortization (excl. Intangible assets)	1,207,000	747,000	775,000
Allowance for slow-moving inventory	(515,000)	954,000
Sale of used printers	2,000	1,235,000
Services
Segment reporting
Revenues	11,644,000	9,257,000	12,951,000
Gross profit	€ 5,433,000	€ 3,706,000	€ 3,068,000
Gross profit in %	46.70%	40.00%	23.70%
PPE	€ 14,628,000	€ 13,585,000	€ 12,381,000
Trade receivables	2,194,000	1,567,000	1,709,000
Trade payables	1,174,000	932,000	775,000
Depreciation and amortization (excl. Intangible assets)	€ 1,764,000	1,667,000	1,813,000
Loss on disposal of DPM business			€ 2,663,000
Impairment of goodwill		€ 1,130,000

Segment reporting - Geographic

Segment reporting - Geographic (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues and non-current assets by geographical region
Revenues	€ 23,178	€ 22,338	€ 24,064
Non-current assets	29,257	24,633
EMEA
Revenues and non-current assets by geographical region
Revenues	14,832	13,364	18,214
Non-current assets	25,366	20,657
Germany
Revenues and non-current assets by geographical region
Revenues	5,677	6,132	6,984
Non-current assets	23,906	19,533
France
Revenues and non-current assets by geographical region
Revenues	2,611	2,725	1,711
Great Britain
Revenues and non-current assets by geographical region
Revenues	1,459	1,135	4,464
Non-current assets	1,460	1,124
Others-EMEA
Revenues and non-current assets by geographical region
Revenues	5,085	3,372	5,055
Asia Pacific
Revenues and non-current assets by geographical region
Revenues	2,526	4,831	2,703
Non-current assets	1,360	218
South Korea
Revenues and non-current assets by geographical region
Revenues	721	1,680	1,277
Others-Asia Pacific
Revenues and non-current assets by geographical region
Revenues	1,805	3,151	1,426
China
Revenues and non-current assets by geographical region
Non-current assets	1,360	218
Americas
Revenues and non-current assets by geographical region
Revenues	5,820	4,143	3,147
Non-current assets	2,531	3,758
United States
Revenues and non-current assets by geographical region
Revenues	5,474	4,107	3,110
Non-current assets	2,531	3,758
Others-Americas
Revenues and non-current assets by geographical region
Revenues	€ 346	€ 36	€ 37

Financial risk management (Deta

Financial risk management (Details) € in Thousands, £ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2017EUR (€)	Dec. 31, 2016GBP (£)item	Dec. 31, 2015EUR (€)	Dec. 31, 2014	Dec. 31, 2017USD ($)	Dec. 31, 2017EUR (€)	Dec. 31, 2016EUR (€)item	Oct. 31, 2016EUR (€)	Sep. 30, 2016EUR (€)	May 31, 2016EUR (€)
Financial risk
Change in interest rate( as a percent)	10
Impact of change in interest rate	€ 2
Credit risk
Financial risk
Maximum exposure to credit risk			€ 24,600				€ 27,100
Number of customer loans | item		0					0
Liquidity risk
Financial risk
Loan agreements with Kreissparkasse Augsburg							€ 1,000	€ 700	€ 2,000	€ 1,000
Interest percentage payable		2.72%					2.72%	2.29%	2.47%	2.35%
Cash deposit							€ 2,000
Number of 3D printers serving as collateral | item		3					3
Eurozone | Foreign exchange risk
Financial risk
Percentage of revenue generated		50.30%
Revenue invoiced (as a percent)		70.00%	84.00%	75.00%
voxeljet UK | Foreign exchange risk
Financial risk
Amount borrowed by affiliate		£ 8.4					€ 9,500
Increase in designated risk component (as a percent)		10.00%					10.00%
Loss due to relative change							€ 0
voxeljet America | Foreign exchange risk
Financial risk
Amount borrowed by affiliate					$ 6.5	€ 5,400
Increase in designated risk component (as a percent)		10.00%					10.00%
Loss due to relative change							€ 0

Financial risk management - Rec

Financial risk management - Reconciliation of movements of liabilities (Details) € in Thousands	12 Months Ended
	Dec. 31, 2017EUR (€)
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Restated balance at January 1	€ 56,777
Changes from financing cash flows
Proceeds from loans and borrowings	12,612
Repayment of borrowings	(898)
Payment of finance lease liabilities	(435)
Total changes from financing cash flows	11,279
Liability-related
Capitalised borrowing costs	78
Reclassification	165
Interest expense	145
Interest paid	(206)
Total liability-related other changes	182
Total equity-related other changes	(8,125)
Restated balance at December 31	60,113
Bank overdrafts used for cash management purposes
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Restated balance at January 1	224
Changes from financing cash flows
Repayment of borrowings	(166)
Total changes from financing cash flows	(166)
Liability-related
Restated balance at December 31	58
Other loans and borrowings
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Restated balance at January 1	5,099
Changes from financing cash flows
Proceeds from loans and borrowings	12,612
Repayment of borrowings	(732)
Total changes from financing cash flows	11,880
Liability-related
Capitalised borrowing costs	78
Reclassification	42
Interest expense	100
Interest paid	(161)
Total liability-related other changes	59
Restated balance at December 31	17,038
Finance lease liabilities
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Restated balance at January 1	791
Changes from financing cash flows
Payment of finance lease liabilities	(435)
Total changes from financing cash flows	(435)
Liability-related
Reclassification	123
Interest expense	45
Interest paid	(45)
Total liability-related other changes	123
Restated balance at December 31	479
Subscribed capital
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Restated balance at January 1	3,720
Liability-related
Restated balance at December 31	3,720
Capital Reserves
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Restated balance at January 1	75,827
Liability-related
Total equity-related other changes	400
Restated balance at December 31	76,227
Accumulated deficit
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Restated balance at January 1	(28,971)
Liability-related
Total equity-related other changes	(8,509)
Restated balance at December 31	(37,480)
Non-controlling interests
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Restated balance at January 1	87
Liability-related
Total equity-related other changes	(16)
Restated balance at December 31	€ 71

Financial risk management - Mat

Financial risk management - Maturities (Details) € in Thousands	Dec. 22, 2017EUR (€)shares	Dec. 31, 2017EUR (€)	Nov. 09, 2017EUR (€)tranche	Dec. 31, 2016EUR (€)
Contractual maturities
Finance lease obligation carrying amount		€ 479		€ 791
Trade payables carrying amount		3,059		1,765
Total carrying amount		20,634		7,879
Finance lease obligations contractual cash flow		(495)		(831)
Trade payables contractual cash flow		(3,059)		(1,765)
Total contractual cash flow		(27,035)		(9,095)
European Investment Bank
Contractual maturities
Bank borrowings carrying amount			€ 25,000
Number of tranches | tranche			3
Tranche one
Contractual maturities
Bank borrowings carrying amount			€ 10,000
Borrowings, interest rate			0.00%
Loan received from European Investment Bank	€ 10,000
Number of shares | shares	195,790
Tranche two
Contractual maturities
Bank borrowings carrying amount			€ 8,000
Borrowings, interest rate			7.00%
Tranche three
Contractual maturities
Bank borrowings carrying amount			€ 7,000
Borrowings, interest rate			3.00%
2 months or less
Contractual maturities
Finance lease obligations contractual cash flow		(73)		(78)
Trade payables contractual cash flow		(3,059)		(1,765)
Total contractual cash flow		(3,350)		(1,992)
Between 2 to 12 months
Contractual maturities
Finance lease obligations contractual cash flow		(247)		(372)
Total contractual cash flow		(1,045)		(1,247)
Between 1 to 3 years
Contractual maturities
Finance lease obligations contractual cash flow		(132)		(376)
Total contractual cash flow		(1,975)		(1,755)
Between 3 to 5 years
Contractual maturities
Finance lease obligations contractual cash flow		(43)		(5)
Total contractual cash flow		(15,630)		(1,132)
More than 5 years
Contractual maturities
Total contractual cash flow		(5,035)		(2,969)
2,017
Contractual maturities
Total research and development expenditures and manufacturing capital expenditures		10,500
2,018
Contractual maturities
Total research and development expenditures and manufacturing capital expenditures		12,300
2,019
Contractual maturities
Total research and development expenditures and manufacturing capital expenditures		14,000
2,020
Contractual maturities
Total research and development expenditures and manufacturing capital expenditures		16,200
Bank overdrafts and lines of credit
Contractual maturities
Bank borrowings carrying amount		58		224
Bank borrowings contractual cash flow		(58)		(224)
Bank overdrafts and lines of credit | 2 months or less
Contractual maturities
Bank borrowings contractual cash flow		(58)		(34)
Bank overdrafts and lines of credit | Between 2 to 12 months
Contractual maturities
Bank borrowings contractual cash flow				(190)
Long-term debt
Contractual maturities
Bank borrowings carrying amount		17,038		5,099
Bank borrowings contractual cash flow		(23,423)		(6,275)
Long-term debt | 2 months or less
Contractual maturities
Bank borrowings contractual cash flow		(160)		(115)
Long-term debt | Between 2 to 12 months
Contractual maturities
Bank borrowings contractual cash flow		(798)		(685)
Long-term debt | Between 1 to 3 years
Contractual maturities
Bank borrowings contractual cash flow		(1,843)		(1,379)
Long-term debt | Between 3 to 5 years
Contractual maturities
Bank borrowings contractual cash flow		(15,587)		(1,127)
Long-term debt | More than 5 years
Contractual maturities
Bank borrowings contractual cash flow		€ (5,035)		€ (2,969)

Capital management (Details)

Capital management (Details) € in Thousands	12 Months Ended
	Dec. 31, 2017EUR (€)	Dec. 31, 2016EUR (€)	Dec. 31, 2015EUR (€)	Dec. 31, 2014EUR (€)
Capital management
Equity	€ 43,918	€ 51,536	€ 61,469	€ 71,300
Percentage of equity to total of equity and liabilities	65.5	82.9
Current financial liabilities	€ 1,162	€ 1,297
Non-current financial liabilities	16,413	4,817
Total financial liabilities	€ 17,575	€ 6,114
Percentage of financial liabilities to total of equity and liabilities	26.2	9.8
Total equity and liabilities	€ 67,031	€ 62,139

Leases (Details)

Leases (Details) € in Thousands	12 Months Ended
	Dec. 31, 2017EUR (€)item	Dec. 31, 2016EUR (€)item	Dec. 31, 2015EUR (€)item
Leases
Minimum future lease payments obligation	€ 495	€ 831
Unamortized interest expense	(16)	(40)
Present value of minimum future lease payments obligation	479	791
Operating lease obligations	1,646	1,018
Operating lease expense	€ 537	€ 630	€ 813
Number of leased printers | item	2	1	5
Number of customers leasing printers | item	2
Operating lease payments receivable	€ 30	€ 81
Operating lease income	145	89	€ 225
due within 1 year
Leases
Minimum future lease payments obligation	320	450
Unamortized interest expense	(12)	(28)
Present value of minimum future lease payments obligation	308	422
Operating lease obligations	486	457
Operating lease payments receivable	30	75
due between 1 and 5 years
Leases
Minimum future lease payments obligation	175	381
Unamortized interest expense	(4)	(12)
Present value of minimum future lease payments obligation	171	369
Operating lease obligations	762	561
Operating lease payments receivable		€ 6
More than 5 years
Leases
Operating lease obligations	€ 398

Commitments, contingent asset81

Commitments, contingent assets and liabilities (Details) € in Millions, ¥ in Millions

Sep. 21, 2017CNY (¥)

Sep. 21, 2017EUR (€)

Nov. 10, 2016CNY (¥)

Nov. 10, 2016EUR (€)

Aug. 24, 2016CNY (¥)

Aug. 24, 2016EUR (€)

Apr. 11, 2016CNY (¥)

Apr. 11, 2016EUR (€)

Dec. 31, 2017CNY (¥)

Dec. 31, 2017EUR (€)

Dec. 01, 2015CNY (¥)

Dec. 01, 2015EUR (€)

Commitments, contingent assets and liabilities

Capital commitments

¥ 6.2

€ 0.8

Meimai

Commitments, contingent assets and liabilities

Capital commitments

¥ 19.2

€ 2.6

Capital contribution payment

¥ 3.5

€ 0.4

¥ 1.6

€ 0.2

¥ 1.4

€ 0.2

¥ 6.5

€ 0.9

Related party transactions - Ke

Related party transactions - Key Management (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related party transactions
Fixed compensation	€ 778	€ 644	€ 506
Variable compensation	231
Total	€ 1,009	€ 644	€ 506

Related party transactions - Ot

Related party transactions - Other (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schlosserei und Metallbau Ederer, Dießen
Related parties
Acquired goods	€ 15	€ 15	€ 38
Office space Augsburg, Germany | Franz Industriebeteiligungen AG, Augsburg
Related parties
Rent expense		2	2	€ 2
Use of paintings in administrative building | Schlosserei und Metallbau Ederer, Dießen
Related parties
Rent expense		€ 2	€ 2	€ 2

Equity (Details)

Equity (Details) - Ordinary shares € in Thousands	12 Months Ended
	Dec. 31, 2017EUR (€)	Dec. 31, 2015Vote$ / sharesshares	Dec. 31, 2017$ / shares
Equity
Par value per share | $ / shares		$ 0	$ 0
Shares issued (in shares)		3,720,000
Shares outstanding (in shares)		3,720,000
Number of votes | Vote		1
Maximum authorized share capital | €	€ 1,860