Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2018 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | voxeljet AG |
Entity Central Index Key | 1,582,581 |
Document Type | 6-K |
Document Period End Date | Sep. 30, 2018 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - EUR (€) € in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | ||
Current assets | ||||
Current assets | € 30,086 | € 37,494 | [1] | |
Cash and cash equivalents | 3,101 | 7,569 | [1] | |
Financial assets | 9,934 | 14,044 | [1] | |
Trade receivables | 4,727 | 5,093 | [1] | |
Inventories | 10,686 | 9,259 | [1] | |
Income tax receivables | 16 | 3 | [1] | |
Other assets | 1,622 | 1,526 | [1] | |
Non-current assets | ||||
Non-current assets | 29,683 | 29,508 | [1] | |
Financial assets | 268 | 357 | [1] | |
Intangible assets | 1,410 | 1,111 | [1] | |
Property, plant and equipment | 27,914 | 27,949 | [1] | |
Investments in joint venture | 30 | 39 | [1] | |
Other assets | 61 | 52 | [1] | |
Total assets | 59,769 | 67,002 | [1] | |
Current liabilities | ||||
Current liabilities | 7,557 | 6,576 | [1] | |
Deferred income | 21 | 271 | [1] | |
Trade payables | 3,250 | 3,059 | [1] | |
Contract liabilities | 1,366 | |||
Financial liabilities | 940 | 1,162 | [1] | |
Other liabilities and provisions | 1,980 | 2,084 | [1] | |
Non-current liabilities | ||||
Non-current liabilities | 16,582 | 16,537 | [1] | |
Deferred income | [1] | 18 | ||
Deferred tax liabilities | 72 | 66 | [1] | |
Financial liabilities | 16,334 | 16,413 | [1] | |
Other liabilities and provisions | 176 | 40 | [1] | |
Equity | ||||
Equity | 35,630 | 43,889 | [1] | |
Subscribed capital | 3,720 | 3,720 | [1] | |
Capital reserves | 76,704 | 76,227 | [1] | |
Accumulated deficit | (46,111) | (37,509) | [1] | |
Accumulated other comprehensive income | 1,271 | 1,380 | [1] | |
Equity attributable to the owners of the company | 35,584 | 43,818 | [1] | |
Non controlling interest | 46 | 71 | [1] | |
Total equity and liabilities | € 59,769 | € 67,002 | [1] | |
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | [1] | Sep. 30, 2018 | Sep. 30, 2017 | [1] | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||||
Revenues | € 7,121 | € 7,387 | € 17,435 | € 17,070 | ||
Cost of sales | (4,810) | (4,236) | (11,141) | (10,349) | ||
Gross profit | 2,311 | 3,151 | 6,294 | 6,721 | ||
Selling expense | (1,990) | (1,615) | (5,384) | (4,400) | ||
Administrative expenses | (1,494) | (1,354) | (4,118) | (3,702) | ||
Research and development expenses | (1,660) | (1,142) | (4,771) | (3,954) | ||
Other operating expenses | (195) | (414) | (612) | (1,605) | ||
Other operating income | 267 | 384 | 1,036 | 766 | ||
Operating loss | (2,761) | (990) | (7,555) | (6,174) | ||
Finance expense | (1,086) | (41) | (962) | (90) | ||
Finance income | 44 | 5 | 60 | 12 | ||
Financial result | (1,042) | (36) | (902) | (78) | ||
Loss before income taxes | (3,803) | (1,026) | (8,457) | (6,252) | ||
Income taxes | 6 | (7) | ||||
Net loss | (3,797) | (1,026) | (8,464) | (6,252) | [2] | |
Other comprehensive income | (18) | 67 | (109) | 397 | ||
Total comprehensive loss | (3,815) | (959) | (8,573) | (5,855) | ||
Loss attributable to: | ||||||
Owners of the Company | (3,787) | (1,021) | (8,439) | (6,238) | ||
Non-controlling interests | (10) | (5) | (25) | (14) | ||
Net loss | (3,797) | (1,026) | (8,464) | (6,252) | [2] | |
Total comprehensive loss attributable to: | ||||||
Owners of the Company | (3,805) | (954) | (8,548) | (5,841) | ||
Non-controlling interests | (10) | (5) | (25) | (14) | ||
Total comprehensive loss | € (3,815) | € (959) | € (8,573) | € (5,855) | ||
Weighted average number of ordinary shares outstanding (in shares) | 3,720,000 | 3,720,000 | 3,720,000 | 3,720,000 | ||
Loss per share - basic/ diluted (in EUR per share) | € (1.02) | € (0.27) | € (2.27) | € (1.68) | ||
[1] | Comparative figures for the 3-month and 9-month periods ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements. | |||||
[2] | Comparative figures for the 9-month period ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - EUR (€) € in Thousands | Equity attributable to owners of parent | Subscribed capital | Capital Reserves | Accumulated deficit | Accumulated other comprehensive gain (loss) | Non-controlling interests | Total | ||
Balance at the beginning at Dec. 31, 2016 | € 51,449 | € 3,720 | € 75,827 | € (28,971) | € 873 | € 87 | € 51,536 | ||
Loss for the period | (2,496) | ||||||||
Balance at the end at Mar. 31, 2017 | 49,055 | ||||||||
Balance at the beginning at Dec. 31, 2016 | 51,449 | 3,720 | 75,827 | (28,971) | 873 | 87 | 51,536 | ||
Loss for the period | (5,226) | ||||||||
Balance at the end at Jun. 30, 2017 | 46,762 | ||||||||
Balance at the beginning at Dec. 31, 2016 | 51,449 | 3,720 | 75,827 | (28,971) | 873 | 87 | 51,536 | ||
Loss for the period | (6,238) | (6,238) | (14) | (6,252) | [1],[2] | ||||
Net changes in fair value of available for sale financial assets | 1 | 1 | 1 | ||||||
Foreign currency translation | 396 | 396 | 396 | ||||||
Equity-settled share-based payment | 254 | 254 | 254 | ||||||
Balance at the end at Sep. 30, 2017 | [3] | 45,862 | 3,720 | 76,081 | (35,209) | 1,270 | 73 | 45,935 | |
Balance at the beginning at Dec. 31, 2016 | 51,449 | 3,720 | 75,827 | (28,971) | 873 | 87 | 51,536 | ||
Loss for the period | (8,554) | ||||||||
Balance at the end (Previously stated) at Dec. 31, 2017 | [3] | 43,818 | 3,720 | 76,227 | (37,509) | 1,380 | 71 | 43,889 | |
Balance at the end (IFRS 15-Revenue from Contracts with Customers) at Dec. 31, 2017 | (100) | (100) | (100) | ||||||
Balance at the end (Initial application) at Dec. 31, 2017 | 43,655 | 3,720 | 76,227 | (37,672) | 1,380 | 71 | 43,726 | ||
Balance at the end (IFRS 9-Financial Instruments) at Dec. 31, 2017 | (63) | (63) | (63) | ||||||
Balance at the end at Dec. 31, 2017 | [4] | 43,889 | |||||||
Balance at the beginning at Mar. 31, 2017 | 49,055 | ||||||||
Loss for the period | (2,730) | ||||||||
Balance at the end at Jun. 30, 2017 | 46,762 | ||||||||
Loss for the period | [1] | (1,026) | |||||||
Balance at the end at Sep. 30, 2017 | [3] | 45,862 | 3,720 | 76,081 | (35,209) | 1,270 | 73 | 45,935 | |
Loss for the period | (2,302) | ||||||||
Balance at the end (Previously stated) at Dec. 31, 2017 | [3] | 43,818 | 3,720 | 76,227 | (37,509) | 1,380 | 71 | 43,889 | |
Balance at the end (IFRS 15-Revenue from Contracts with Customers) at Dec. 31, 2017 | (100) | (100) | (100) | ||||||
Balance at the end (Initial application) at Dec. 31, 2017 | 43,655 | 3,720 | 76,227 | (37,672) | 1,380 | 71 | 43,726 | ||
Balance at the end (IFRS 9-Financial Instruments) at Dec. 31, 2017 | (63) | (63) | (63) | ||||||
Balance at the end at Dec. 31, 2017 | [4] | 43,889 | |||||||
Loss for the period | (1,716) | ||||||||
Balance at the end at Mar. 31, 2018 | 42,060 | ||||||||
Balance at the beginning (Previously stated) at Dec. 31, 2017 | [3] | 43,818 | 3,720 | 76,227 | (37,509) | 1,380 | 71 | 43,889 | |
Balance at the beginning (IFRS 15-Revenue from Contracts with Customers) at Dec. 31, 2017 | (100) | (100) | (100) | ||||||
Balance at the beginning (Initial application) at Dec. 31, 2017 | 43,655 | 3,720 | 76,227 | (37,672) | 1,380 | 71 | 43,726 | ||
Balance at the beginning (IFRS 9-Financial Instruments) at Dec. 31, 2017 | (63) | (63) | (63) | ||||||
Balance at the beginning at Dec. 31, 2017 | [4] | 43,889 | |||||||
Loss for the period | (4,667) | ||||||||
Balance at the end at Jun. 30, 2018 | 39,267 | ||||||||
Balance at the beginning (Previously stated) at Dec. 31, 2017 | [3] | 43,818 | 3,720 | 76,227 | (37,509) | 1,380 | 71 | 43,889 | |
Balance at the beginning (IFRS 15-Revenue from Contracts with Customers) at Dec. 31, 2017 | (100) | (100) | (100) | ||||||
Balance at the beginning (Initial application) at Dec. 31, 2017 | 43,655 | 3,720 | 76,227 | (37,672) | 1,380 | 71 | 43,726 | ||
Balance at the beginning (IFRS 9-Financial Instruments) at Dec. 31, 2017 | (63) | (63) | (63) | ||||||
Balance at the beginning at Dec. 31, 2017 | [4] | 43,889 | |||||||
Loss for the period | Previously stated | (8,327) | ||||||||
Loss for the period | IFRS 15-Revenue from Contracts with Customers | 137 | ||||||||
Loss for the period | (8,439) | (8,439) | (25) | (8,464) | |||||
Net changes in fair value of available for sale financial assets | (1) | (1) | (1) | ||||||
Foreign currency translation | (108) | (108) | (108) | ||||||
Equity-settled share-based payment | 477 | 477 | 477 | ||||||
Balance at the end (Previously stated) at Sep. 30, 2018 | 35,857 | ||||||||
Balance at the end (IFRS 15-Revenue from Contracts with Customers) at Sep. 30, 2018 | 227 | ||||||||
Balance at the end at Sep. 30, 2018 | 35,584 | 3,720 | 76,704 | (46,111) | 1,271 | 46 | 35,630 | ||
Balance at the beginning at Mar. 31, 2018 | 42,060 | ||||||||
Loss for the period | (2,949) | ||||||||
Balance at the end at Jun. 30, 2018 | 39,267 | ||||||||
Loss for the period | (3,797) | ||||||||
Balance at the end (Previously stated) at Sep. 30, 2018 | 35,857 | ||||||||
Balance at the end (IFRS 15-Revenue from Contracts with Customers) at Sep. 30, 2018 | 227 | ||||||||
Balance at the end at Sep. 30, 2018 | € 35,584 | € 3,720 | € 76,704 | € (46,111) | € 1,271 | € 46 | € 35,630 | ||
[1] | Comparative figures for the 3-month and 9-month periods ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements. | ||||||||
[2] | Comparative figures for the 9-month period ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements. | ||||||||
[3] | Comparative figures for the 9-month period ended September 30, 2017 and for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements. | ||||||||
[4] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - EUR (€) € in Thousands | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | ||||
Cash Flow from operating activities | |||||
Loss for the period | € (8,464) | € (6,252) | [1],[2] | ||
Depreciation and amortization | 2,605 | 2,272 | [2] | ||
Foreign currency exchange differences on loans to subsidiaries | 203 | 213 | [2] | ||
Equity-settled share-based payment transaction | 477 | 254 | [2] | ||
Impairment losses on trade receivables | 158 | 214 | [2] | ||
Change in investment in joint venture | 9 | ||||
Non-cash interest expense on long-term debt | 581 | ||||
Change in fair value of derivative equity forward | 89 | ||||
Change in inventory allowance | (361) | (404) | [2] | ||
Deferred income taxes | 6 | ||||
Change in working capital | (1,567) | (2,869) | [2] | ||
Trade and other receivables, inventories and current assets | (2,875) | (2,824) | [2] | ||
Trade payables | 191 | 455 | [2] | ||
Other liabilities, contract liabilities, provisions and deferred income | 1,130 | (505) | [2] | ||
Income tax receivable and payable | (13) | 5 | [2] | ||
Total | (6,264) | (6,572) | [2] | ||
Cash Flow from investing activities | |||||
Payments to acquire property, plant and equipment and intangible assets | (1,446) | (2,118) | [2] | ||
Proceeds from disposal of financial assets | 10,288 | 1,835 | [2] | ||
Payments to acquire financial assets | (6,178) | ||||
Investment in joint venture | [2] | (50) | |||
Total | 2,664 | (333) | [2] | ||
Cash Flow from financing activities | |||||
Repayment of bank overdrafts and lines of credit | (58) | (94) | [2] | ||
Repayment of sale and leaseback obligation | (235) | (292) | [2] | ||
Repayment of finance lease obligation | (35) | (33) | [2] | ||
Repayment of long-term debt | (594) | (533) | [2] | ||
Proceeds from long-term debt issuance | 40 | 2,611 | [2] | ||
Total | (882) | 1,659 | [2] | ||
Net increase (decrease) in cash and cash equivalents | (4,482) | (5,246) | [2] | ||
Cash and cash equivalents at beginning of period | 7,569 | [3] | 7,849 | [2] | |
Changes to cash and cash equivalents due to foreign exchanges rates | 14 | 184 | [2] | ||
Cash and cash equivalents at end of period | 3,101 | 2,787 | [2] | ||
Supplemental Cash Flow Information | |||||
Interest paid | 171 | 159 | [2] | ||
Interest received | € 39 | € 14 | [2] | ||
[1] | Comparative figures for the 3-month and 9-month periods ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements. | ||||
[2] | Comparative figures for the 9-month period ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements. | ||||
[3] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements. |
Preparation of financial statem
Preparation of financial statements | 9 Months Ended |
Sep. 30, 2018 | |
Preparation of financial statements | |
Preparation of financial statements | 1. Preparation of financial statements Our consolidated interim financial statements include the accounts of voxeljet AG , which is listed on the New York Stock Exchange, and its wholly-owned subsidiaries voxeljet America Inc., voxeljet UK Ltd. and voxeljet India Pvt. Ltd., as well as voxeljet China Co. Ltd., which are collectively referred to herein as the ‘Group’ or the ‘Company.’ Our consolidated interim financial statements were prepared in compliance with all applicable measurement and presentation rules contained in International Financial Reporting Standards (‘IFRS’) as set forth by the International Accounting Standards Board (‘IASB’) and Interpretations of the IFRS Interpretations Committee (‘IFRIC’). The designation IFRS also includes all valid International Accounting Standards (‘IAS’); and the designation IFRIC also includes all valid interpretations of the Standing Interpretations Committee (‘SIC’). Specifically, these financial statements were prepared in accordance with the disclosure requirements and the measurement principles for interim financial reporting purposes specified by IAS 34. Correction of errors Certain comparative amounts in the consolidated statements of financial position, consolidated statements of comprehensive loss, consolidated statements of changes in equity, consolidated statements of cashflows have been restated to correct for immaterial errors with respect to the elimination of margin on certain intra-group transactions. The impact of this restatement is disclosed in Note 9. “Correction of errors”. Throughout the consolidated financial statements, columns including comparative figures that have been restated, are indicated with ‘(1)’ . The IASB issued a number of new IFRS standards which are required to be adopted in annual periods beginning after January 1, 2018. Standard Effective date Descriptions IFRS 9 01/2019 Amendments Prepayment Features with Negative Compensation IFRS 16 01/2019 Leases IAS 19 01/2019 Amendments Plan Amendment, Curtailment or Settlement IAS 28 01/2019 Amendments Long-term Interests in Associates and Joint Ventures IFRIC 23 01/2019 Uncertainty over Income Tax Treatments Improvements to IFRS (2015-2017) 01/2019 IFRS 3, IFRS 11, IAS 12, IAS 23 Others 01/2020 Amendments References to the Conceptual Framework in IFRS Standards IFRS 17 01/2021 Insurance Contracts IFRS 10, IAS 28 indefinite Amendment Sale or Contribution of Assets between Investor and its Associate or Joint Venture IFRS 16 leases is the IASB’s replacement of IAS 17 leases and specifies how an IFRS reporter will recognize, measure, present and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognise assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. Lessors continue to classify leases as operating or finance, with IFRS 16’s approach to lessor accounting substantially unchanged from its predecessor, IAS 17. The Company has developed a project plan to analyze the potential impact IFRS 16 will have on its consolidated financial statements and related disclosures as well as its business processes, systems and controls. The introduction of IFRS 16 will lead to an increase in leased assets (right of use assets) and corresponding financial liabilities on the balance sheet as well as higher interest expenses. The interim financial statements as of and for the nine months ended September 30, 2018 and 2017 were authorized for issue by the Management Board on November 27, 2018. |
Summary of significant accounti
Summary of significant accounting policies | 9 Months Ended |
Sep. 30, 2018 | |
Summary of significant accounting policies | |
Summary of significant accounting policies | 2. Summary of significant accounting policies Except as described below, the accounting policies applied in these consolidated interim financial statements are the same as those applied in the Company’s consolidated financial statements as of and for the year ended December 31, 2017, which can be found in its Annual Report on Form 20-F that was filed with the U.S. Securities and Exchange Commission. The changes in accounting policies are also expected to be reflected in the Company’s consolidated financial statements as of and for the year ending December 31, 2018. The Group has initially adopted IFRS 15, Revenue from Contracts with Customers , and IFRS 9, Financial Instruments , on January 1, 2018. A number of other new standards are effective from January 1, 2018 but these do not have a material effect on the Company’s consolidated financial statements. - The adoption of IFRS 15 resulted in minor impacts related to the revenue recognition regarding the revenue streams from maintenance as well as extended warranty contracts. Those impacts include immaterial timing differences for revenue recognition related to these types of contracts with customers. The new guidance is not expected to have a material impact to net income (loss) on an ongoing basis. - The adoption of IFRS 9 resulted in a minor increase in impairment losses recognized on trade receivables. IFRS 15 Revenue from Contracts with Customers IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaced IAS 18, Revenue, IAS 11, Construction Contracts , and related interpretations. The Group has adopted IFRS 15 using the cumulative effect method, with the effect of initially applying this standard recognized at the date of initial application (i.e. January 1, 2018). Accordingly, the information presented for 2017 has not been restated – i.e. it is presented, as previously reported, under IAS 18, IAS 11 and related interpretations. The following table summarizes the impact, net of tax, of transition to IFRS 15 on retained earnings as of January 1, 2018. Impact at January 1, 2018 Impact on adopting IFRS 15 at January 1, 2018 (€ in thousands) Retained earnings Recognition of revenues from maintenance and extended warranty contracts The following table summarizes the impacts of adopting IFRS 15 on the Company’s consolidated interim consolidated statement of financial position as of September 30, 2018 and its consolidated interim statement of comprehensive loss for the nine months then ended for each of the line items affected. Amounts without 09/30/2018 As reported Adjustments adoption of IFRS 15 (€ in thousands) Total assets 59,769 (327) 59,442 Current assets 30,086 (327) 29,759 Trade receivables 4,727 (327) 4,400 Total equity and liabilities 59,769 (327) 59,442 Current liabilities 7,557 (554) 7,003 Deferred income 21 256 277 Contract liabilities 1,366 (1,366) -- Other liabilities and provisions 1,980 556 2,536 Equity 35,630 227 35,857 Accumulated deficit (46,111) 227 (45,884) Amounts without 09/30/2018 As reported Adjustments adoption of IFRS 15 (€ in thousands) Revenue 17,435 127 17,562 Impairment loss on trade receivables under IFRS 15 (10) 10 -- Operating loss (7,555) 137 (7,418) Loss before income taxes (8,457) 137 (8,320) Net loss (8,464) 137 (8,327) Total comprehensive loss (8,573) 137 (8,436) The details of the new accounting policies and the nature of the changes to previous accounting policies in relation to the Group’s revenue streams in relation to the Maintenance and extended warranty contracts are set out below. After the initial one year of statutory warranty period, the Company offers its customers extended warranty and optional maintenance contracts. Extended warranty and maintenance contracts are generally provided for a period of twelve months and automatically extended for another twelve months if not cancelled on a timely basis. Before the adoption of IFRS 15 extended warranty and maintenance service revenue has been recognized on a straight-line basis over the contractual term. Under IFRS 15, the Company recognizes revenue based on input factors like the number of service visits or the provision of certain goods, in particular printheads under the maintenance and warranty contracts. Therefore the expected number of service visits and goods to be provided under a contract have been estimated by the Company’s service department based on historical experience. This leads to minor timing differences for revenue recognition related to these types of contracts with customers throughout the contract term. IFRS 9 Financial Instruments IFRS 9 sets out requirements for recognizing and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items. This standard replaces IAS 39, Financial Instruments . The Company has applied the exemption not to restate comparative information for prior periods with respect to classification and measurement (including impairment) requirements. Differences in the carrying amounts of financial assets and financial liabilities resulting from the adoption of IFRS 9 are recognized in retained earnings and reserves as of January 1, 2018. Accordingly, the information presented for 2017 does not reflect the requirements of IFRS 9 but rather those of IAS 39. The details of new significant accounting policies and the nature and effect of the changes to previous accounting policies are set out below. Classification and measurement of financial assets and financial liabilities IFRS 9 largely retains the existing requirements in IAS 39 for the classification and measurement of financial liabilities. However, it eliminates the previous IAS 39 categories for financial assets of held to maturity, loans and receivables and available for sale. Under IFRS 9, on initial recognition, a financial asset is classified as measured at: amortized cost, fair value through other comprehensive income (FVOCI), or fair value through profit or loss (FVTPL). The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to record subsequent changes in the investment’s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. A financial asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price) is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition. Under IFRS 9, our investments in bond funds will be classified as fair value through other comprehensive income (FVTOCI). As permitted by IFRS 9, the Company has designated these investments at the date of initial application as measured at FVOCI. Unlike IAS 39, the accumulated fair value reserve related to these investments will never be reclassified to profit or loss. Under IAS 39 as well as upon adoption of IFRS 9, our derivative financial instruments have been designated as at FVTPL. Impairment of financial assets IFRS 9 replaces the ‘incurred loss’ model in IAS 39 with an ‘expected credit loss’ (ECL) model. The new impairment model applies to financial assets measured at amortized cost, FVOCI and contract assets. Under IFRS 9, credit losses are recognized earlier than under IAS 39. The Company’s financial assets at amortized cost consist of trade receivables and cash and cash equivalents. For cash and cash equivalents the adoption of IFRS 9 did not have any impact regarding impairment. Under IFRS 9, loss allowances are measured on either of the following bases: - 12-months ECLs: these are ECLs that result from possible default events within the 12 months after the reporting date; or - lifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial instrument. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group’s historical experience and informed credit assessment and including forward-looking information. The Company considers a financial asset to be in default when: - the borrower is unlikely to pay its credit obligations to the Company in full, without recourse by the Company to actions such as realizing security (if any is held); or - the financial asset is more than 90 days past due. The Company considers an investment to have low credit risk when its credit risk rating is equivalent to the globally understood definition of ‘investment grade’. The Company 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. Trade receivables The Company measures loss allowances for trade receivables at an amount equal to lifetime ECLs. ECLs are a probability-weighted estimate of credit losses. The Company calculates the ECL based on the risk scoring its customers’ according to an external rating agency. Following the risk score of each customer, the trade receivables are clustered into different grades. For each grade, the ECL is calculated after deducting from trade receivables a loss allowance based on actual credit loss experience. In addition the Company uses qualitative assessment of the trade receivables, where default has incurred. The Group considers an equity security to have low credit risk when its credit risk rating is equivalent to the globally understood definition of ‘investment grade’. 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. Presentation of impairment Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets and presented within other operating expenses. Impairment losses on financial assets classified as FVTPL and FCOCI are presented within the finance expense and other comprehensive income, respectively. The following table presents the original measurement categories under IAS 39 and the new measurement categories under IFRS 9 for each class of the Company’s financial assets and financial liabilities as of January 1, 2018. Original New Original classification New classification carrying amount carrying amount 01/01/2018 under IAS 39 under IFRS 9 under IAS 39 under IFRS 9 (€ in thousands) Financial assets Non-current assets Equity securities Available‑for‑sale financial assets FVOCI Derivative financial instruments A financial asset or financial liability at fair value through profit or loss Mandatorily at FVTPL Current assets Bond funds Available‑for‑sale financial assets FVOCI Cash and cash equivalents Loans and receivables Amortized cost Trade receivables Loans and receivables Amortized cost Financial liabilities Non-current liabilities Long-term debt Financial liabilities measured at amortized cost Amortized cost Finance lease obligation Financial liabilities measured at amortized cost Amortized cost Current liabilities Bank overdraft Financial liabilities measured at amortized cost Amortized cost Long-term debt Financial liabilities measured at amortized cost Amortized cost Finance lease obligation Financial liabilities measured at amortized cost Amortized cost Trade payables Financial liabilities measured at amortized cost Amortized cost Impact of the new impairment model For assets in the scope of the IFRS 9 impairment model, impairment losses are generally expected to increase and become more volatile. The Company has determined that the application of IFRS 9’s impairment requirements at January 1, 2018 results in an additional impairment allowance as follows. (€ in thousands) Loss allowance at December 31, 2017 under IAS 39 Additional impairment recognized at January 1, 2018 on: Trade and other receivables as at December 31, 2017 Additional trade receivables recognized on adoption of IFRS 15 1 Loss allowance at January 1, 2018 under IFRS 9 The following tables provides information about the exposure to credit risk and ECLs for trade receivables as of January 1, 2018 and September 30, 2018. This was calculated after a specific assessment of the trade receivables and after recording a specific debt allowance. January 1, 2018 Equivalent to external credit rating Probability of Gross carrying Impairment loss Net carrying Grades (Standard & Poor’s) default amount allowance amount (€ in thousands) Grades 1-4: Low risk BBB+ to AAA Grades 5-7: Fair risk B+ to BBB Grades 8-9: Substandard CCC- to B Grade 10: Doubtful C to CC Grade 11: Loss D -- September 30, 2018 Equivalent to external credit rating Probability of Gross carrying Impairment loss Net carrying Grades (Standard & Poor’s) default amount allowance amount (€ in thousands) Grades 1-4: Low risk BBB+ to AAA 2,029 3 2,026 Grades 5-7: Fair risk B+ to BBB 1,913 26 1,887 Grades 8-9: Substandard CCC- to B 792 55 737 Grade 10: Doubtful C to CC 103 26 77 Grade 11: Loss D 11 11 -- 4,848 121 4,727 |
Share based payment arrangement
Share based payment arrangements | 9 Months Ended |
Sep. 30, 2018 | |
Share based payment arrangements | |
Share based payment arrangements | 3. Share based payment arrangements On April 7, 2017, voxeljet AG established a share option plan that entitles key management personnel and senior employees of voxeljet AG and its subsidiaries to purchase shares of the parent company. Total options available under the share option plan are 372,000. 279,000 options (75%, Tranche 1) were granted on April 7, 2017. 93,000 options (25%, Tranche 2) were granted on April 12, 2018. The vesting conditions include a service condition (the options vest after a period of four years of continued service from the respective grant date) and a market condition (the options may only be exercised if the share price exceeds the exercise price over a period of 90 consecutive days by at least 20% in the period between the grant date and the respective exercise time frame) of which both conditions must be met. The fair value of the employee share option plan has been measured for Tranches 1 and 2 using a Monte Carlo simulation. The market condition has been incorporated into the fair value at grant date. The inputs used in the measurement of the fair value at grant date are as follows: Tranche 1 Tranche 2 Parameter Share price at grant date USD 13.80 USD 16.15 Exercise price USD 13.90 USD 16.15 Expected volatility 55.00% 58.40% Expected dividends -- -- Risk-free interest rate 2.49% 2.85% Fair value at grant date USD 8.00 USD 9.74 The respective expected volatility has been based on an evaluation of the historical volatility of the Company’s share price as at the grant date. As at September 30, 2018 no options are exercisable and 372,000 options are outstanding. The weighted-average contractual life of the options at September 30, 2018 amounts to 8.8 years (September 30, 2017: 9.5 years). The expenses recognized in the profit and loss statement in relation to the share-based payment arrangements amounted to kEUR 178 in the three months and kEUR 477 in the nine months ended September 30, 2018. (three months and nine months ended September 30, 2017: kEUR 132 and kEUR 254, respectively). |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2018 | |
Inventories | |
Inventories | 4. Inventories 9/30/2018 12/31/2017 (1) (€ in thousands) Raw materials and merchandise 4,185 2,737 Work in progress 6,501 6,522 Total 10,686 9,259 |
Property, plant and equipment,
Property, plant and equipment, net | 9 Months Ended |
Sep. 30, 2018 | |
Property, plant and equipment, net | |
Property, plant and equipment, net | 5. Property, plant and equipment, net 9/30/2018 12/31/2017 (1) (€ in thousands) Land, buildings and leasehold improvements 17,206 17,415 Plant and machinery (includes assets under finance lease) 9,104 8,901 Other facilities, factory and office equipment 1,496 1,625 Assets under construction and prepayments made 108 8 Total 27,914 27,949 Thereof pledged assets of Property, Plant and Equipment 6,790 7,046 Leased assets included in Property, Plant and Equipment: 259 881 Printers 106 613 Printers leased to customers under operating lease -- 97 Other factory equipment 153 171 |
Other liabilities and provision
Other liabilities and provisions | 9 Months Ended |
Sep. 30, 2018 | |
Other liabilities and provisions | |
Other liabilities and provisions | 6. Other liabilities and provisions 9/30/2018 12/31/2017 (€ in thousands) Customer deposits — 373 Liabilities from VAT 18 12 Employee bonus 285 303 Accruals for vacation and overtime 293 222 Accruals for licenses 134 140 Liabilities from payroll 274 236 Accruals for commissions 80 50 Accruals for compensation of Supervisory board 175 180 Accrual for warranty 388 286 Others 509 322 Total 2,156 2,124 After the adoption of IFRS 15 customer deposits amounting to kEUR 556 are presented within contract liabilities. |
Financial instruments
Financial instruments | 9 Months Ended |
Sep. 30, 2018 | |
Financial instruments | |
Financial instruments | 7. Financial instruments The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. Carrying amount Fair Value Assets at Liabilities Total amortized at amortized carrying 9/30/2018 FVTPL FVOCI cost cost amount Level 1 Level 2 Level 3 Total Financial assets measured at fair value Non-current assets Derivative financial instruments 263 -- -- -- 263 -- 263 -- 263 Equity securities -- 5 -- -- 5 -- -- 5 5 Current assets Bond funds -- 9,934 -- -- 9,934 9,934 -- -- 9,934 Financial assets not measured at fair value Current assets Cash and cash equivalents -- -- 3,101 -- 3,101 3,101 -- -- 3,101 Trade and other receivables -- -- 4,727 -- 4,727 -- -- -- -- Financial liabilities not measured at fair value Non-current liabilities Long-term debt -- -- -- 16,255 16,255 -- 15,082 -- 15,082 Finance lease obligation -- -- -- 79 79 -- 76 -- 76 Current liabilities Bank overdraft -- -- -- -- -- -- -- -- -- Long-term debt -- -- -- 810 810 -- 803 -- 803 Finance lease obligation -- -- -- 130 130 -- 128 -- 128 Trade payables -- -- -- 3,250 3,250 -- -- -- -- A financial asset or financial liability at fair value Financial through Held-to- Available- liabilities profit maturity for‑sale Loans and measured at 12/31/2017 or loss investments investments receivables amortized cost 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 The fair value of the Company’s investments in the bond funds was determined based on the unit prices quoted by the fund management company. The fair value of long-term debt was determined using discounted cash flow models based on the relevant forward interest rate yield curves. The fair value of finance lease obligations was determined using discounted cash flow models on market interest rates available to the Company for similar transactions at the relevant date. Due to their short maturity and the current low level of interest rates, the carrying amounts of credit lines and bank overdrafts approximate fair value. |
Financial result
Financial result | 9 Months Ended |
Sep. 30, 2018 | |
Financial result | |
Financial result | 8. Financial result Three months ended September 30, 2018 2017 (€ in thousands) Interest expense (1,086) (41) Finance lease obligations (20) (22) Long-term debt (238) (11) Expense from revaluation of derivative financial instruments (805) -- Other (23) (8) Interest income 44 5 Income from bond funds 34 2 Other 10 3 Financial result (1,042) (36) Nine months ended September 30, 2018 2017 (€ in thousands) Interest expense (962) (90) Finance lease obligations (79) (39) Long-term debt (705) (40) Expense from revaluation of derivative financial instruments (89) -- Other (89) (11) Interest income 60 12 Income from bond funds 48 9 Other 12 3 Financial result (902) (78) |
Correction of errors
Correction of errors | 9 Months Ended |
Sep. 30, 2018 | |
Correction of errors | |
Correction of errors | 9. Correction of errors During the preparation of the consolidated interim financial statements for the three-month and nine-month periods ended September 30, 2018, the Company became aware that the margin within certain intra-group transactions has not been properly eliminated in the consolidation process, resulting in misstatement of cost of sales in its consolidated financial statements since the first quarter in fiscal year 2017. These errors have been corrected by restating each of the affected financial statement line items for prior periods. The Company has evaluated the effect of these errors, both qualitatively and quantitatively, and concluded that the corrections did not have a material impact on, nor require amendment of, any previously filed financial statements. The following tables summarize the impacts on the Company’s consolidated financial statements. Consolidated statement of financial position March 31, 2017 Impact of correction of error As previously reported Adjustments As corrected (€ in thousands) Current assets 33,601 (65) 33,536 Inventories 9,475 (65) 9,410 Non-current assets 28,003 — 28,003 Property, plant and equipment 26,872 — 26,872 Total assets 61,604 (65) 61,539 Equity 49,120 (65) 49,055 Accumulated deficit (31,400) (65) (31,465) Total equity and liabilities 61,604 (65) 61,539 June 30, 2017 Impact of correction of error As previously reported Adjustments As corrected (€ in thousands) Current assets 30,937 (121) 30,816 Inventories 9,507 (121) 9,386 Non-current assets 28,300 — 28,300 Property, plant and equipment 27,010 — 27,010 Total assets 59,237 (121) 59,116 Equity 46,883 (121) 46,762 Accumulated deficit (34,067) (121) (34,188) Total equity and liabilities 59,237 (121) 59,116 September 30, 2017 Impact of correction of error As previously reported Adjustments As corrected (€ in thousands) Current assets 29,840 (187) 29,653 Inventories 9,391 (187) 9,204 Non-current assets 28,990 — 28,990 Property, plant and equipment 27,617 — 27,617 Total assets 58,830 (187) 58,643 Equity 46,122 (187) 45,935 Accumulated deficit (35,022) (187) (35,209) Total equity and liabilities 58,830 (187) 58,643 December 31, 2017 Impact of correction of error As previously reported Adjustments As corrected (€ in thousands) Current assets 37,774 (280) 37,494 Inventories 9,539 (280) 9,259 Non-current assets 29,257 251 29,508 Property, plant and equipment 27,698 251 27,949 Total assets 67,031 (29) 67,002 Equity 43,918 (29) 43,889 Accumulated deficit (37,480) (29) (37,509) Total equity and liabilities 67,031 (29) 67,002 March 31, 2018 Impact of correction of error As previously reported Adjustments As corrected (€ in thousands) Current assets 38,347 (417) 37,930 Inventories 11,309 (417) 10,892 Non-current assets 29,360 254 29,614 Property, plant and equipment 26,792 254 27,046 Total assets 67,707 (163) 67,544 Equity 42,223 (163) 42,060 Accumulated deficit (39,219) (163) (39,382) Total equity and liabilities 67,707 (163) 67,544 June 30, 2018 Impact of correction of error As previously reported Adjustments As corrected (€ in thousands) Current assets 35,781 (623) 35,158 Inventories 13,116 (623) 12,493 Non-current assets 29,056 257 29,313 Property, plant and equipment 26,550 257 26,807 Total assets 64,837 (366) 64,471 Equity 39,633 (366) 39,267 Accumulated deficit (41,958) (366) (42,324) Total equity and liabilities 64,837 (366) 64,471 Consolidated statement of comprehensive loss Impact of correction of error three months ended March 31, 2017 As previously reported Adjustments As corrected (€ in thousands except share and share data) Cost of sales (2,949) (65) (3,014) Gross profit 1,581 (65) 1,516 Operating loss (2,388) (65) (2,453) Net loss (2,431) (65) (2,496) Total comprehensive loss (2,416) (65) (2,481) Loss attributable to owners of the company (2,429) (65) (2,494) Total comprehensive loss attributable to owners of the company (2,414) (65) (2,479) Loss per share - basic/ diluted (EUR) (0.65) (0.02) (0.67) Impact of correction of error Impact of correction of error three months ended June 30, 2017 six months ended June 30, 2017 As previously As previously reported Adjustments As corrected reported Adjustments As corrected (€ in thousands except (€ in thousands except Cost of sales (3,043) (56) (3,099) (5,992) (121) (6,113) Gross profit 2,110 (56) 2,054 3,691 (121) 3,570 Operating loss (2,675) (56) (2,731) (5,063) (121) (5,184) Net loss (2,674) (56) (2,730) (5,105) (121) (5,226) Total comprehensive loss (2,359) (56) (2,415) (4,775) (121) (4,896) Loss attributable to owners of the company (2,667) (56) (2,723) (5,096) (121) (5,217) Total comprehensive loss attributable to owners of the company (2,352) (56) (2,408) (4,766) (121) (4,887) Loss per share - basic/ diluted (EUR) (0.72) (0.01) (0.73) (1.37) (0.03) (1.40) Impact of correction of error Impact of correction of error three months ended September 30, 2017 nine months ended September 30, 2017 As previously As previously reported Adjustments As corrected reported Adjustments As corrected (€ in thousands except (€ in thousands except Cost of sales (4,170) (66) (4,236) (10,162) (187) (10,349) Gross profit 3,217 (66) 3,151 6,908 (187) 6,721 Operating loss (924) (66) (990) (5,987) (187) (6,174) Net loss (960) (66) (1,026) (6,065) (187) (6,252) Total comprehensive loss (893) (66) (959) (5,668) (187) (5,855) Loss attributable to: Loss attributable to owners of the company (955) (66) (1,021) (6,051) (187) (6,238) Total comprehensive loss attributable to owners of the company (888) (66) (954) (5,654) (187) (5,841) Loss per share - basic/ diluted (EUR) (0.26) (0.01) (0.27) (1.63) (0.05) (1.68) Impact of correction of error Impact of correction of error three months ended December 31, 2017 year ended December 31, 2017 As previously As previously reported Adjustments As corrected reported Adjustments As corrected (€ in thousands except (€ in thousands except Cost of sales (3,662) 158 (3,504) (13,824) (29) (13,853) Gross profit 2,446 158 2,604 9,354 (29) 9,325 Operating loss (2,633) 158 (2,475) (8,620) (29) (8,649) Net loss (2,460) 158 (2,302) (8,525) (29) (8,554) Total comprehensive loss (2,352) 158 (2,194) (8,020) (29) (8,049) Loss attributable to owners of the company (2,458) 158 (2,300) (8,509) (29) (8,538) Total comprehensive loss attributable to owners of the company (2,350) 158 (2,192) (8,004) (29) (8,033) Loss per share - basic/ diluted (EUR) (0.66) 0.04 (0.62) (2.29) (0.01) (2.30) Impact of correction of error three months ended March 31, 2018 As previously reported Adjustments As corrected (€ in thousands except share and share data) Cost of sales (2,785) (134) (2,919) Gross profit 2,267 (134) 2,133 Operating loss (2,254) (134) (2,388) Net loss (1,582) (134) (1,716) Total comprehensive loss (1,661) (134) (1,795) Loss attributable to owners of the company (1,576) (134) (1,710) Total comprehensive loss attributable to owners of the company (1,655) (134) (1,789) Loss per share - basic/ diluted (EUR) (0.42) (0.04) (0.46) Impact of correction of error Impact of correction of error three months ended June 30, 2018 six months ended June 30, 2018 As previously As previously reported Adjustments As corrected reported Adjustments As corrected (€ in thousands except (€ in thousands except Cost of sales (3,209) (201) (3,410) (5,994) (337) (6,331) Gross profit 2,053 (201) 1,852 4,320 (337) 3,983 Operating loss (2,203) (201) (2,404) (4,457) (337) (4,794) Net loss (2,748) (201) (2,949) (4,330) (337) (4,667) Total comprehensive loss (2,760) (201) (2,961) (4,421) (337) (4,758) Loss attributable to owners of the company (2,739) (201) (2,940) (4,315) (337) (4,652) Total comprehensive loss attributable to owners of the company (2,751) (201) (2,952) (4,406) (337) (4,743) Loss per share - basic/ diluted (EUR) (0.74) (0.05) (0.79) (1.16) (0.09) (1.25) Segment reporting Impact of correction of error three months ended March 31, 2017 As previously reported Adjustments As corrected (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES SYSTEMS SERVICES Revenues 1,693 2,837 — — 1,693 2,837 Gross profit 353 1,228 12 (77) 365 1,151 Gross profit in % % % % % Impact of correction of error three months ended June 30, 2017 As previously reported Adjustments As corrected (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES SYSTEMS SERVICES Revenues 2,542 2,611 — — 2,542 2,611 Gross profit 925 1,185 22 (78) 947 1,107 Gross profit in % % % % % Impact of correction of error six months ended June 30, 2017 As previously reported Adjustments As corrected (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES SYSTEMS SERVICES Revenues 4,235 5,448 — — 4,235 5,448 Gross profit 1,278 2,413 34 (155) 1,312 2,258 Gross profit in % % % % % Impact of correction of error three months ended September 30, 2017 As previously reported Adjustments As corrected (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES SYSTEMS SERVICES Revenues 4,153 3,234 — — 4,153 3,234 Gross profit 1,584 1,633 33 (99) 1,617 1,534 Gross profit in % % % % % Impact of correction of error nine months ended September 30, 2017 As previously reported Adjustments As corrected (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES SYSTEMS SERVICES Revenues 8,388 8,682 — — 8,388 8,682 Gross profit 2,862 4,046 67 (254) 2,929 3,792 Gross profit in % % % % % Impact of correction of error three months ended December 31, 2017 As previously reported Adjustments As corrected (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES SYSTEMS SERVICES Revenues 3,146 2,962 — — 3,146 2,962 Gross profit 1,059 1,387 270 (112) 1,329 1,275 Gross profit in % % % % % Impact of correction of error year ended December 31, 2017 As previously reported Adjustments As corrected (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES SYSTEMS SERVICES Revenues 11,534 11,644 — — 11,534 11,644 Gross profit 3,921 5,433 337 (366) 4,258 5,067 Gross profit in % % % % % Impact of correction of error three months ended March 31, 2018 As previously reported Adjustments As corrected (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES SYSTEMS SERVICES Revenues 1,375 3,677 — — 1,375 3,677 Gross profit 429 1,838 (48) (86) 381 1,752 Gross profit in % % % % % Impact of correction of error three months ended June 30, 2018 As previously reported Adjustments As corrected (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES SYSTEMS SERVICES Revenues 1,883 3,379 — — 1,883 3,379 Gross profit 561 1,492 (87) (114) 474 1,378 Gross profit in % % % % % Impact of correction of error six months ended June 30, 2018 As previously reported Adjustments As corrected (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES SYSTEMS SERVICES Revenues 3,258 7,056 — — 3,258 7,056 Gross profit 990 3,330 (136) (201) 854 3,129 Gross profit in % % % % % There is no impact on the Company’s operating, investing or financing cash flows for the 9-months period ended September 30, 2017. |
Segment reporting
Segment reporting | 9 Months Ended |
Sep. 30, 2018 | |
Segment reporting | |
Segment reporting | 10. Segment reporting The following table summarizes segment reporting. The sum of the amounts of the two segments equals the total for the Group in each of the periods. Three months ended September 30, 2018 2017 (1) (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES Revenues 3,744 3,377 4,153 3,234 Gross profit 1,197 1,114 1,617 1,534 Gross profit in % % % % % Nine months ended September 30, 2018 2017 (1) (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES Revenues 7,002 10,433 8,388 8,682 Gross profit 2,051 4,243 2,929 3,792 Gross profit in % % % % % (1) Comparative figures for the 3-month and 9-month periods ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements. |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2018 | |
Revenues | |
Revenues | 11. Revenues Three months ended September 30, Nine months ended September 30, 2017 2018 2017 (€ in thousands) (€ in thousands) EMEA 2,935 5,660 9,757 12,053 Germany 1,546 1,202 4,284 4,656 France 397 1,077 2,146 2,105 Sweden 46 1,167 209 1,367 Others 946 2,214 3,118 3,925 Asia Pacific 2,269 653 3,486 1,933 Indonesia 1,758 32 1,784 91 China 132 204 460 1,137 South Korea 361 400 667 656 Others 18 17 575 49 Americas 1,917 1,074 4,192 3,084 United States 1,871 911 4,125 2,742 Others 46 163 67 342 Total 7,121 7,387 17,435 17,070 |
Commitments, contingent assets
Commitments, contingent assets and liabilities | 9 Months Ended |
Sep. 30, 2018 | |
Commitments, contingent assets and liabilities | |
Commitments, contingent assets and liabilities | 12. Commitments, contingent assets and liabilities In March 2018, ExOne GmbH, a subsidiary of The ExOne Company, notified voxeljet of its intent not to pay its annual license fees under an existing intellectual property-related agreement and asserted its rights to claim damages pursuant to an alleged material breach of the agreement. At this time, the Company cannot reasonably estimate a contingency, if any, related to this matter. |
Subsequent events
Subsequent events | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent events | |
Subsequent events | 13. Subsequent events On October On November |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Summary of significant accounting policies | |
New standards adopted | The Group has initially adopted IFRS 15, Revenue from Contracts with Customers , and IFRS 9, Financial Instruments , on January 1, 2018. A number of other new standards are effective from January 1, 2018 but these do not have a material effect on the Company’s consolidated financial statements. - The adoption of IFRS 15 resulted in minor impacts related to the revenue recognition regarding the revenue streams from maintenance as well as extended warranty contracts. Those impacts include immaterial timing differences for revenue recognition related to these types of contracts with customers. The new guidance is not expected to have a material impact to net income (loss) on an ongoing basis. - The adoption of IFRS 9 resulted in a minor increase in impairment losses recognized on trade receivables. IFRS 15 Revenue from Contracts with Customers IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaced IAS 18, Revenue, IAS 11, Construction Contracts , and related interpretations. The Group has adopted IFRS 15 using the cumulative effect method, with the effect of initially applying this standard recognized at the date of initial application (i.e. January 1, 2018). Accordingly, the information presented for 2017 has not been restated – i.e. it is presented, as previously reported, under IAS 18, IAS 11 and related interpretations. The following table summarizes the impact, net of tax, of transition to IFRS 15 on retained earnings as of January 1, 2018. Impact at January 1, 2018 Impact on adopting IFRS 15 at January 1, 2018 (€ in thousands) Retained earnings Recognition of revenues from maintenance and extended warranty contracts The following table summarizes the impacts of adopting IFRS 15 on the Company’s consolidated interim consolidated statement of financial position as of September 30, 2018 and its consolidated interim statement of comprehensive loss for the nine months then ended for each of the line items affected. Amounts without 09/30/2018 As reported Adjustments adoption of IFRS 15 (€ in thousands) Total assets 59,769 (327) 59,442 Current assets 30,086 (327) 29,759 Trade receivables 4,727 (327) 4,400 Total equity and liabilities 59,769 (327) 59,442 Current liabilities 7,557 (554) 7,003 Deferred income 21 256 277 Contract liabilities 1,366 (1,366) -- Other liabilities and provisions 1,980 556 2,536 Equity 35,630 227 35,857 Accumulated deficit (46,111) 227 (45,884) Amounts without 09/30/2018 As reported Adjustments adoption of IFRS 15 (€ in thousands) Revenue 17,435 127 17,562 Impairment loss on trade receivables under IFRS 15 (10) 10 -- Operating loss (7,555) 137 (7,418) Loss before income taxes (8,457) 137 (8,320) Net loss (8,464) 137 (8,327) Total comprehensive loss (8,573) 137 (8,436) The details of the new accounting policies and the nature of the changes to previous accounting policies in relation to the Group’s revenue streams in relation to the Maintenance and extended warranty contracts are set out below. After the initial one year of statutory warranty period, the Company offers its customers extended warranty and optional maintenance contracts. Extended warranty and maintenance contracts are generally provided for a period of twelve months and automatically extended for another twelve months if not cancelled on a timely basis. Before the adoption of IFRS 15 extended warranty and maintenance service revenue has been recognized on a straight-line basis over the contractual term. Under IFRS 15, the Company recognizes revenue based on input factors like the number of service visits or the provision of certain goods, in particular printheads under the maintenance and warranty contracts. Therefore the expected number of service visits and goods to be provided under a contract have been estimated by the Company’s service department based on historical experience. This leads to minor timing differences for revenue recognition related to these types of contracts with customers throughout the contract term. IFRS 9 Financial Instruments IFRS 9 sets out requirements for recognizing and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items. This standard replaces IAS 39, Financial Instruments . The Company has applied the exemption not to restate comparative information for prior periods with respect to classification and measurement (including impairment) requirements. Differences in the carrying amounts of financial assets and financial liabilities resulting from the adoption of IFRS 9 are recognized in retained earnings and reserves as of January 1, 2018. Accordingly, the information presented for 2017 does not reflect the requirements of IFRS 9 but rather those of IAS 39. The details of new significant accounting policies and the nature and effect of the changes to previous accounting policies are set out below. Classification and measurement of financial assets and financial liabilities IFRS 9 largely retains the existing requirements in IAS 39 for the classification and measurement of financial liabilities. However, it eliminates the previous IAS 39 categories for financial assets of held to maturity, loans and receivables and available for sale. Under IFRS 9, on initial recognition, a financial asset is classified as measured at: amortized cost, fair value through other comprehensive income (FVOCI), or fair value through profit or loss (FVTPL). The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to record subsequent changes in the investment’s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. A financial asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price) is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition. Under IFRS 9, our investments in bond funds will be classified as fair value through other comprehensive income (FVTOCI). As permitted by IFRS 9, the Company has designated these investments at the date of initial application as measured at FVOCI. Unlike IAS 39, the accumulated fair value reserve related to these investments will never be reclassified to profit or loss. Under IAS 39 as well as upon adoption of IFRS 9, our derivative financial instruments have been designated as at FVTPL. Impairment of financial assets IFRS 9 replaces the ‘incurred loss’ model in IAS 39 with an ‘expected credit loss’ (ECL) model. The new impairment model applies to financial assets measured at amortized cost, FVOCI and contract assets. Under IFRS 9, credit losses are recognized earlier than under IAS 39. The Company’s financial assets at amortized cost consist of trade receivables and cash and cash equivalents. For cash and cash equivalents the adoption of IFRS 9 did not have any impact regarding impairment. Under IFRS 9, loss allowances are measured on either of the following bases: - 12-months ECLs: these are ECLs that result from possible default events within the 12 months after the reporting date; or - lifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial instrument. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group’s historical experience and informed credit assessment and including forward-looking information. The Company considers a financial asset to be in default when: - the borrower is unlikely to pay its credit obligations to the Company in full, without recourse by the Company to actions such as realizing security (if any is held); or - the financial asset is more than 90 days past due. The Company considers an investment to have low credit risk when its credit risk rating is equivalent to the globally understood definition of ‘investment grade’. The Company 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. Trade receivables The Company measures loss allowances for trade receivables at an amount equal to lifetime ECLs. ECLs are a probability-weighted estimate of credit losses. The Company calculates the ECL based on the risk scoring its customers’ according to an external rating agency. Following the risk score of each customer, the trade receivables are clustered into different grades. For each grade, the ECL is calculated after deducting from trade receivables a loss allowance based on actual credit loss experience. In addition the Company uses qualitative assessment of the trade receivables, where default has incurred. The Group considers an equity security to have low credit risk when its credit risk rating is equivalent to the globally understood definition of ‘investment grade’. 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. Presentation of impairment Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets and presented within other operating expenses. Impairment losses on financial assets classified as FVTPL and FCOCI are presented within the finance expense and other comprehensive income, respectively. The following table presents the original measurement categories under IAS 39 and the new measurement categories under IFRS 9 for each class of the Company’s financial assets and financial liabilities as of January 1, 2018. Original New Original classification New classification carrying amount carrying amount 01/01/2018 under IAS 39 under IFRS 9 under IAS 39 under IFRS 9 (€ in thousands) Financial assets Non-current assets Equity securities Available‑for‑sale financial assets FVOCI Derivative financial instruments A financial asset or financial liability at fair value through profit or loss Mandatorily at FVTPL Current assets Bond funds Available‑for‑sale financial assets FVOCI Cash and cash equivalents Loans and receivables Amortized cost Trade receivables Loans and receivables Amortized cost Financial liabilities Non-current liabilities Long-term debt Financial liabilities measured at amortized cost Amortized cost Finance lease obligation Financial liabilities measured at amortized cost Amortized cost Current liabilities Bank overdraft Financial liabilities measured at amortized cost Amortized cost Long-term debt Financial liabilities measured at amortized cost Amortized cost Finance lease obligation Financial liabilities measured at amortized cost Amortized cost Trade payables Financial liabilities measured at amortized cost Amortized cost Impact of the new impairment model For assets in the scope of the IFRS 9 impairment model, impairment losses are generally expected to increase and become more volatile. The Company has determined that the application of IFRS 9’s impairment requirements at January 1, 2018 results in an additional impairment allowance as follows. (€ in thousands) Loss allowance at December 31, 2017 under IAS 39 Additional impairment recognized at January 1, 2018 on: Trade and other receivables as at December 31, 2017 Additional trade receivables recognized on adoption of IFRS 15 1 Loss allowance at January 1, 2018 under IFRS 9 The following tables provides information about the exposure to credit risk and ECLs for trade receivables as of January 1, 2018 and September 30, 2018. This was calculated after a specific assessment of the trade receivables and after recording a specific debt allowance. January 1, 2018 Equivalent to external credit rating Probability of Gross carrying Impairment loss Net carrying Grades (Standard & Poor’s) default amount allowance amount (€ in thousands) Grades 1-4: Low risk BBB+ to AAA Grades 5-7: Fair risk B+ to BBB Grades 8-9: Substandard CCC- to B Grade 10: Doubtful C to CC Grade 11: Loss D -- September 30, 2018 Equivalent to external credit rating Probability of Gross carrying Impairment loss Net carrying Grades (Standard & Poor’s) default amount allowance amount (€ in thousands) Grades 1-4: Low risk BBB+ to AAA 2,029 3 2,026 Grades 5-7: Fair risk B+ to BBB 1,913 26 1,887 Grades 8-9: Substandard CCC- to B 792 55 737 Grade 10: Doubtful C to CC 103 26 77 Grade 11: Loss D 11 11 -- 4,848 121 4,727 |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Summary of significant accounting policies | |
Schedule of initial application of standards | Impact at January 1, 2018 Impact on adopting IFRS 15 at January 1, 2018 (€ in thousands) Retained earnings Recognition of revenues from maintenance and extended warranty contracts The following table summarizes the impacts of adopting IFRS 15 on the Company’s consolidated interim consolidated statement of financial position as of September 30, 2018 and its consolidated interim statement of comprehensive loss for the nine months then ended for each of the line items affected. Amounts without 09/30/2018 As reported Adjustments adoption of IFRS 15 (€ in thousands) Total assets 59,769 (327) 59,442 Current assets 30,086 (327) 29,759 Trade receivables 4,727 (327) 4,400 Total equity and liabilities 59,769 (327) 59,442 Current liabilities 7,557 (554) 7,003 Deferred income 21 256 277 Contract liabilities 1,366 (1,366) -- Other liabilities and provisions 1,980 556 2,536 Equity 35,630 227 35,857 Accumulated deficit (46,111) 227 (45,884) Amounts without 09/30/2018 As reported Adjustments adoption of IFRS 15 (€ in thousands) Revenue 17,435 127 17,562 Impairment loss on trade receivables under IFRS 15 (10) 10 -- Operating loss (7,555) 137 (7,418) Loss before income taxes (8,457) 137 (8,320) Net loss (8,464) 137 (8,327) Total comprehensive loss (8,573) 137 (8,436) |
Schedule of classification changes under IFRS 9 | Original New Original classification New classification carrying amount carrying amount 01/01/2018 under IAS 39 under IFRS 9 under IAS 39 under IFRS 9 (€ in thousands) Financial assets Non-current assets Equity securities Available‑for‑sale financial assets FVOCI Derivative financial instruments A financial asset or financial liability at fair value through profit or loss Mandatorily at FVTPL Current assets Bond funds Available‑for‑sale financial assets FVOCI Cash and cash equivalents Loans and receivables Amortized cost Trade receivables Loans and receivables Amortized cost Financial liabilities Non-current liabilities Long-term debt Financial liabilities measured at amortized cost Amortized cost Finance lease obligation Financial liabilities measured at amortized cost Amortized cost Current liabilities Bank overdraft Financial liabilities measured at amortized cost Amortized cost Long-term debt Financial liabilities measured at amortized cost Amortized cost Finance lease obligation Financial liabilities measured at amortized cost Amortized cost Trade payables Financial liabilities measured at amortized cost Amortized cost |
Schedule of impact of IFRS 9 impairment model | (€ in thousands) Loss allowance at December 31, 2017 under IAS 39 Additional impairment recognized at January 1, 2018 on: Trade and other receivables as at December 31, 2017 Additional trade receivables recognized on adoption of IFRS 15 1 Loss allowance at January 1, 2018 under IFRS 9 |
Schedule of expected credit loss regarding trade receivables | January 1, 2018 Equivalent to external credit rating Probability of Gross carrying Impairment loss Net carrying Grades (Standard & Poor’s) default amount allowance amount (€ in thousands) Grades 1-4: Low risk BBB+ to AAA Grades 5-7: Fair risk B+ to BBB Grades 8-9: Substandard CCC- to B Grade 10: Doubtful C to CC Grade 11: Loss D -- September 30, 2018 Equivalent to external credit rating Probability of Gross carrying Impairment loss Net carrying Grades (Standard & Poor’s) default amount allowance amount (€ in thousands) Grades 1-4: Low risk BBB+ to AAA 2,029 3 2,026 Grades 5-7: Fair risk B+ to BBB 1,913 26 1,887 Grades 8-9: Substandard CCC- to B 792 55 737 Grade 10: Doubtful C to CC 103 26 77 Grade 11: Loss D 11 11 -- 4,848 121 4,727 |
Share based payment arrangeme_2
Share based payment arrangements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Share based payment arrangements | |
Schedule of inputs used in the measurement of the fair value at grant date | Tranche 1 Tranche 2 Parameter Share price at grant date USD 13.80 USD 16.15 Exercise price USD 13.90 USD 16.15 Expected volatility 55.00% 58.40% Expected dividends -- -- Risk-free interest rate 2.49% 2.85% Fair value at grant date USD 8.00 USD 9.74 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Inventories | |
Inventories by category | 9/30/2018 12/31/2017 (1) (€ in thousands) Raw materials and merchandise 4,185 2,737 Work in progress 6,501 6,522 Total 10,686 9,259 |
Property, plant and equipment_2
Property, plant and equipment, net (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Property, plant and equipment, net | |
Schedule of property, plant and equipment, net | 9/30/2018 12/31/2017 (1) (€ in thousands) Land, buildings and leasehold improvements 17,206 17,415 Plant and machinery (includes assets under finance lease) 9,104 8,901 Other facilities, factory and office equipment 1,496 1,625 Assets under construction and prepayments made 108 8 Total 27,914 27,949 Thereof pledged assets of Property, Plant and Equipment 6,790 7,046 Leased assets included in Property, Plant and Equipment: 259 881 Printers 106 613 Printers leased to customers under operating lease -- 97 Other factory equipment 153 171 |
Other liabilities and provisi_2
Other liabilities and provisions (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Other liabilities and provisions | |
Summary of other liabilities and provisions | 9/30/2018 12/31/2017 (€ in thousands) Customer deposits — 373 Liabilities from VAT 18 12 Employee bonus 285 303 Accruals for vacation and overtime 293 222 Accruals for licenses 134 140 Liabilities from payroll 274 236 Accruals for commissions 80 50 Accruals for compensation of Supervisory board 175 180 Accrual for warranty 388 286 Others 509 322 Total 2,156 2,124 |
Financial instruments (Tables)
Financial instruments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Financial instruments | |
Summary of carrying amounts and fair values of financial assets and financial liabilities | Carrying amount Fair Value Assets at Liabilities Total amortized at amortized carrying 9/30/2018 FVTPL FVOCI cost cost amount Level 1 Level 2 Level 3 Total Financial assets measured at fair value Non-current assets Derivative financial instruments 263 -- -- -- 263 -- 263 -- 263 Equity securities -- 5 -- -- 5 -- -- 5 5 Current assets Bond funds -- 9,934 -- -- 9,934 9,934 -- -- 9,934 Financial assets not measured at fair value Current assets Cash and cash equivalents -- -- 3,101 -- 3,101 3,101 -- -- 3,101 Trade and other receivables -- -- 4,727 -- 4,727 -- -- -- -- Financial liabilities not measured at fair value Non-current liabilities Long-term debt -- -- -- 16,255 16,255 -- 15,082 -- 15,082 Finance lease obligation -- -- -- 79 79 -- 76 -- 76 Current liabilities Bank overdraft -- -- -- -- -- -- -- -- -- Long-term debt -- -- -- 810 810 -- 803 -- 803 Finance lease obligation -- -- -- 130 130 -- 128 -- 128 Trade payables -- -- -- 3,250 3,250 -- -- -- -- A financial asset or financial liability at fair value Financial through Held-to- Available- liabilities profit maturity for‑sale Loans and measured at 12/31/2017 or loss investments investments receivables amortized cost 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 |
Financial result (Tables)
Financial result (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Financial result | |
Schedule of financial result | Three months ended September 30, 2018 2017 (€ in thousands) Interest expense (1,086) (41) Finance lease obligations (20) (22) Long-term debt (238) (11) Expense from revaluation of derivative financial instruments (805) -- Other (23) (8) Interest income 44 5 Income from bond funds 34 2 Other 10 3 Financial result (1,042) (36) Nine months ended September 30, 2018 2017 (€ in thousands) Interest expense (962) (90) Finance lease obligations (79) (39) Long-term debt (705) (40) Expense from revaluation of derivative financial instruments (89) -- Other (89) (11) Interest income 60 12 Income from bond funds 48 9 Other 12 3 Financial result (902) (78) |
Correction of errors (Tables)
Correction of errors (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Correction of errors | |
Correction of errors | Consolidated statement of financial position March 31, 2017 Impact of correction of error As previously reported Adjustments As corrected (€ in thousands) Current assets 33,601 (65) 33,536 Inventories 9,475 (65) 9,410 Non-current assets 28,003 — 28,003 Property, plant and equipment 26,872 — 26,872 Total assets 61,604 (65) 61,539 Equity 49,120 (65) 49,055 Accumulated deficit (31,400) (65) (31,465) Total equity and liabilities 61,604 (65) 61,539 June 30, 2017 Impact of correction of error As previously reported Adjustments As corrected (€ in thousands) Current assets 30,937 (121) 30,816 Inventories 9,507 (121) 9,386 Non-current assets 28,300 — 28,300 Property, plant and equipment 27,010 — 27,010 Total assets 59,237 (121) 59,116 Equity 46,883 (121) 46,762 Accumulated deficit (34,067) (121) (34,188) Total equity and liabilities 59,237 (121) 59,116 September 30, 2017 Impact of correction of error As previously reported Adjustments As corrected (€ in thousands) Current assets 29,840 (187) 29,653 Inventories 9,391 (187) 9,204 Non-current assets 28,990 — 28,990 Property, plant and equipment 27,617 — 27,617 Total assets 58,830 (187) 58,643 Equity 46,122 (187) 45,935 Accumulated deficit (35,022) (187) (35,209) Total equity and liabilities 58,830 (187) 58,643 December 31, 2017 Impact of correction of error As previously reported Adjustments As corrected (€ in thousands) Current assets 37,774 (280) 37,494 Inventories 9,539 (280) 9,259 Non-current assets 29,257 251 29,508 Property, plant and equipment 27,698 251 27,949 Total assets 67,031 (29) 67,002 Equity 43,918 (29) 43,889 Accumulated deficit (37,480) (29) (37,509) Total equity and liabilities 67,031 (29) 67,002 March 31, 2018 Impact of correction of error As previously reported Adjustments As corrected (€ in thousands) Current assets 38,347 (417) 37,930 Inventories 11,309 (417) 10,892 Non-current assets 29,360 254 29,614 Property, plant and equipment 26,792 254 27,046 Total assets 67,707 (163) 67,544 Equity 42,223 (163) 42,060 Accumulated deficit (39,219) (163) (39,382) Total equity and liabilities 67,707 (163) 67,544 June 30, 2018 Impact of correction of error As previously reported Adjustments As corrected (€ in thousands) Current assets 35,781 (623) 35,158 Inventories 13,116 (623) 12,493 Non-current assets 29,056 257 29,313 Property, plant and equipment 26,550 257 26,807 Total assets 64,837 (366) 64,471 Equity 39,633 (366) 39,267 Accumulated deficit (41,958) (366) (42,324) Total equity and liabilities 64,837 (366) 64,471 Consolidated statement of comprehensive loss Impact of correction of error three months ended March 31, 2017 As previously reported Adjustments As corrected (€ in thousands except share and share data) Cost of sales (2,949) (65) (3,014) Gross profit 1,581 (65) 1,516 Operating loss (2,388) (65) (2,453) Net loss (2,431) (65) (2,496) Total comprehensive loss (2,416) (65) (2,481) Loss attributable to owners of the company (2,429) (65) (2,494) Total comprehensive loss attributable to owners of the company (2,414) (65) (2,479) Loss per share - basic/ diluted (EUR) (0.65) (0.02) (0.67) Impact of correction of error Impact of correction of error three months ended June 30, 2017 six months ended June 30, 2017 As previously As previously reported Adjustments As corrected reported Adjustments As corrected (€ in thousands except (€ in thousands except Cost of sales (3,043) (56) (3,099) (5,992) (121) (6,113) Gross profit 2,110 (56) 2,054 3,691 (121) 3,570 Operating loss (2,675) (56) (2,731) (5,063) (121) (5,184) Net loss (2,674) (56) (2,730) (5,105) (121) (5,226) Total comprehensive loss (2,359) (56) (2,415) (4,775) (121) (4,896) Loss attributable to owners of the company (2,667) (56) (2,723) (5,096) (121) (5,217) Total comprehensive loss attributable to owners of the company (2,352) (56) (2,408) (4,766) (121) (4,887) Loss per share - basic/ diluted (EUR) (0.72) (0.01) (0.73) (1.37) (0.03) (1.40) Impact of correction of error Impact of correction of error three months ended September 30, 2017 nine months ended September 30, 2017 As previously As previously reported Adjustments As corrected reported Adjustments As corrected (€ in thousands except (€ in thousands except Cost of sales (4,170) (66) (4,236) (10,162) (187) (10,349) Gross profit 3,217 (66) 3,151 6,908 (187) 6,721 Operating loss (924) (66) (990) (5,987) (187) (6,174) Net loss (960) (66) (1,026) (6,065) (187) (6,252) Total comprehensive loss (893) (66) (959) (5,668) (187) (5,855) Loss attributable to: Loss attributable to owners of the company (955) (66) (1,021) (6,051) (187) (6,238) Total comprehensive loss attributable to owners of the company (888) (66) (954) (5,654) (187) (5,841) Loss per share - basic/ diluted (EUR) (0.26) (0.01) (0.27) (1.63) (0.05) (1.68) Impact of correction of error Impact of correction of error three months ended December 31, 2017 year ended December 31, 2017 As previously As previously reported Adjustments As corrected reported Adjustments As corrected (€ in thousands except (€ in thousands except Cost of sales (3,662) 158 (3,504) (13,824) (29) (13,853) Gross profit 2,446 158 2,604 9,354 (29) 9,325 Operating loss (2,633) 158 (2,475) (8,620) (29) (8,649) Net loss (2,460) 158 (2,302) (8,525) (29) (8,554) Total comprehensive loss (2,352) 158 (2,194) (8,020) (29) (8,049) Loss attributable to owners of the company (2,458) 158 (2,300) (8,509) (29) (8,538) Total comprehensive loss attributable to owners of the company (2,350) 158 (2,192) (8,004) (29) (8,033) Loss per share - basic/ diluted (EUR) (0.66) 0.04 (0.62) (2.29) (0.01) (2.30) Impact of correction of error three months ended March 31, 2018 As previously reported Adjustments As corrected (€ in thousands except share and share data) Cost of sales (2,785) (134) (2,919) Gross profit 2,267 (134) 2,133 Operating loss (2,254) (134) (2,388) Net loss (1,582) (134) (1,716) Total comprehensive loss (1,661) (134) (1,795) Loss attributable to owners of the company (1,576) (134) (1,710) Total comprehensive loss attributable to owners of the company (1,655) (134) (1,789) Loss per share - basic/ diluted (EUR) (0.42) (0.04) (0.46) Impact of correction of error Impact of correction of error three months ended June 30, 2018 six months ended June 30, 2018 As previously As previously reported Adjustments As corrected reported Adjustments As corrected (€ in thousands except (€ in thousands except Cost of sales (3,209) (201) (3,410) (5,994) (337) (6,331) Gross profit 2,053 (201) 1,852 4,320 (337) 3,983 Operating loss (2,203) (201) (2,404) (4,457) (337) (4,794) Net loss (2,748) (201) (2,949) (4,330) (337) (4,667) Total comprehensive loss (2,760) (201) (2,961) (4,421) (337) (4,758) Loss attributable to owners of the company (2,739) (201) (2,940) (4,315) (337) (4,652) Total comprehensive loss attributable to owners of the company (2,751) (201) (2,952) (4,406) (337) (4,743) Loss per share - basic/ diluted (EUR) (0.74) (0.05) (0.79) (1.16) (0.09) (1.25) Segment reporting Impact of correction of error three months ended March 31, 2017 As previously reported Adjustments As corrected (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES SYSTEMS SERVICES Revenues 1,693 2,837 — — 1,693 2,837 Gross profit 353 1,228 12 (77) 365 1,151 Gross profit in % % % % % Impact of correction of error three months ended June 30, 2017 As previously reported Adjustments As corrected (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES SYSTEMS SERVICES Revenues 2,542 2,611 — — 2,542 2,611 Gross profit 925 1,185 22 (78) 947 1,107 Gross profit in % % % % % Impact of correction of error six months ended June 30, 2017 As previously reported Adjustments As corrected (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES SYSTEMS SERVICES Revenues 4,235 5,448 — — 4,235 5,448 Gross profit 1,278 2,413 34 (155) 1,312 2,258 Gross profit in % % % % % Impact of correction of error three months ended September 30, 2017 As previously reported Adjustments As corrected (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES SYSTEMS SERVICES Revenues 4,153 3,234 — — 4,153 3,234 Gross profit 1,584 1,633 33 (99) 1,617 1,534 Gross profit in % % % % % Impact of correction of error nine months ended September 30, 2017 As previously reported Adjustments As corrected (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES SYSTEMS SERVICES Revenues 8,388 8,682 — — 8,388 8,682 Gross profit 2,862 4,046 67 (254) 2,929 3,792 Gross profit in % % % % % Impact of correction of error three months ended December 31, 2017 As previously reported Adjustments As corrected (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES SYSTEMS SERVICES Revenues 3,146 2,962 — — 3,146 2,962 Gross profit 1,059 1,387 270 (112) 1,329 1,275 Gross profit in % % % % % Impact of correction of error year ended December 31, 2017 As previously reported Adjustments As corrected (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES SYSTEMS SERVICES Revenues 11,534 11,644 — — 11,534 11,644 Gross profit 3,921 5,433 337 (366) 4,258 5,067 Gross profit in % % % % % Impact of correction of error three months ended March 31, 2018 As previously reported Adjustments As corrected (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES SYSTEMS SERVICES Revenues 1,375 3,677 — — 1,375 3,677 Gross profit 429 1,838 (48) (86) 381 1,752 Gross profit in % % % % % Impact of correction of error three months ended June 30, 2018 As previously reported Adjustments As corrected (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES SYSTEMS SERVICES Revenues 1,883 3,379 — — 1,883 3,379 Gross profit 561 1,492 (87) (114) 474 1,378 Gross profit in % % % % % Impact of correction of error six months ended June 30, 2018 As previously reported Adjustments As corrected (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES SYSTEMS SERVICES Revenues 3,258 7,056 — — 3,258 7,056 Gross profit 990 3,330 (136) (201) 854 3,129 Gross profit in % % % % % |
Segment reporting (Tables)
Segment reporting (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment reporting | |
Schedule of segment reporting | Three months ended September 30, 2018 2017 (1) (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES Revenues 3,744 3,377 4,153 3,234 Gross profit 1,197 1,114 1,617 1,534 Gross profit in % % % % % Nine months ended September 30, 2018 2017 (1) (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES Revenues 7,002 10,433 8,388 8,682 Gross profit 2,051 4,243 2,929 3,792 Gross profit in % % % % % (1) Comparative figures for the 3-month and 9-month periods ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements. |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenues | |
Schedule of revenues by geographic region | Three months ended September 30, Nine months ended September 30, 2017 2018 2017 (€ in thousands) (€ in thousands) EMEA 2,935 5,660 9,757 12,053 Germany 1,546 1,202 4,284 4,656 France 397 1,077 2,146 2,105 Sweden 46 1,167 209 1,367 Others 946 2,214 3,118 3,925 Asia Pacific 2,269 653 3,486 1,933 Indonesia 1,758 32 1,784 91 China 132 204 460 1,137 South Korea 361 400 667 656 Others 18 17 575 49 Americas 1,917 1,074 4,192 3,084 United States 1,871 911 4,125 2,742 Others 46 163 67 342 Total 7,121 7,387 17,435 17,070 |
Summary of significant accoun_4
Summary of significant accounting policies - IFRS 15 (Details) - EUR (€) € in Thousands | Jan. 01, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Significant accounting policies | ||||||||||||||||||
Total assets | € 59,769 | € 64,471 | € 67,544 | € 67,002 | [1] | € 58,643 | € 59,116 | € 61,539 | € 64,471 | € 59,116 | € 59,769 | € 58,643 | € 67,002 | [1] | ||||
Current assets | 30,086 | 35,158 | 37,930 | 37,494 | [1] | 29,653 | 30,816 | 33,536 | 35,158 | 30,816 | 30,086 | 29,653 | 37,494 | [1] | ||||
Trade receivables | € 5,270 | 4,727 | 5,093 | [1] | 4,727 | 5,093 | [1] | |||||||||||
Total equity and liabilities | 59,769 | 64,471 | 67,544 | 67,002 | [1] | 58,643 | 59,116 | 61,539 | 64,471 | 59,116 | 59,769 | 58,643 | 67,002 | [1] | ||||
Current liabilities | 7,557 | 6,576 | [1] | 7,557 | 6,576 | [1] | ||||||||||||
Deferred income | 21 | 271 | [1] | 21 | 271 | [1] | ||||||||||||
Contract liabilities | 1,366 | 1,366 | ||||||||||||||||
Other liabilities and provisions | 1,980 | 2,084 | [1] | 1,980 | 2,084 | [1] | ||||||||||||
Equity | 35,630 | 39,267 | 42,060 | 43,889 | [1] | 45,935 | [2] | 46,762 | 49,055 | 39,267 | 46,762 | 35,630 | 45,935 | [2] | 43,889 | [1] | € 51,536 | |
Accumulated deficit | (46,111) | (42,324) | (39,382) | (37,509) | [1] | (35,209) | (34,188) | (31,465) | (42,324) | (34,188) | (46,111) | (35,209) | (37,509) | [1] | ||||
Revenues | 7,121 | 7,387 | [3] | 17,435 | 17,070 | [3] | ||||||||||||
Impairment loss on trade receivables | (10) | |||||||||||||||||
Operating loss | (2,761) | (2,404) | (2,388) | (2,475) | (990) | [3] | (2,731) | (2,453) | (4,794) | (5,184) | (7,555) | (6,174) | [3] | (8,649) | ||||
Loss before income tax | (3,803) | (1,026) | [3] | (8,457) | (6,252) | [3] | ||||||||||||
Net loss | (3,797) | (2,949) | (1,716) | (2,302) | (1,026) | [3] | (2,730) | (2,496) | (4,667) | (5,226) | (8,464) | (6,252) | [3],[4] | (8,554) | ||||
Total comprehensive loss | (3,815) | € (2,961) | € (1,795) | (2,194) | € (959) | [3] | € (2,415) | € (2,481) | € (4,758) | € (4,896) | (8,573) | € (5,855) | [3] | (8,049) | ||||
IFRS 15-Revenue from Contracts with Customers | ||||||||||||||||||
Significant accounting policies | ||||||||||||||||||
Total assets | (327) | (327) | ||||||||||||||||
Current assets | (327) | (327) | ||||||||||||||||
Trade receivables | (327) | (327) | ||||||||||||||||
Total equity and liabilities | (327) | (327) | ||||||||||||||||
Current liabilities | (554) | (554) | ||||||||||||||||
Deferred income | 256 | 256 | ||||||||||||||||
Contract liabilities | (1,366) | (1,366) | ||||||||||||||||
Other liabilities and provisions | 556 | 556 | ||||||||||||||||
Equity | 227 | (100) | 227 | (100) | ||||||||||||||
Accumulated deficit | (100) | 227 | 227 | |||||||||||||||
Revenues | € (100) | 127 | ||||||||||||||||
Impairment loss on trade receivables | 10 | |||||||||||||||||
Operating loss | 137 | |||||||||||||||||
Loss before income tax | 137 | |||||||||||||||||
Net loss | 137 | |||||||||||||||||
Total comprehensive loss | 137 | |||||||||||||||||
Previously stated | ||||||||||||||||||
Significant accounting policies | ||||||||||||||||||
Total assets | 59,442 | 59,442 | ||||||||||||||||
Current assets | 29,759 | 29,759 | ||||||||||||||||
Trade receivables | 4,400 | 4,400 | ||||||||||||||||
Total equity and liabilities | 59,442 | 59,442 | ||||||||||||||||
Current liabilities | 7,003 | 7,003 | ||||||||||||||||
Deferred income | 277 | 277 | ||||||||||||||||
Other liabilities and provisions | 2,536 | 2,536 | ||||||||||||||||
Equity | 35,857 | € 43,889 | [2] | 35,857 | € 43,889 | [2] | ||||||||||||
Accumulated deficit | € (45,884) | (45,884) | ||||||||||||||||
Revenues | 17,562 | |||||||||||||||||
Operating loss | (7,418) | |||||||||||||||||
Loss before income tax | (8,320) | |||||||||||||||||
Net loss | (8,327) | |||||||||||||||||
Total comprehensive loss | € (8,436) | |||||||||||||||||
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements. | |||||||||||||||||
[2] | Comparative figures for the 9-month period ended September 30, 2017 and for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements. | |||||||||||||||||
[3] | Comparative figures for the 3-month and 9-month periods ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements. | |||||||||||||||||
[4] | Comparative figures for the 9-month period ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements. |
Summary of significant accoun_5
Summary of significant accounting policies (Details) | 9 Months Ended |
Sep. 30, 2018 | |
Summary of significant accounting policies | |
Standard warranty period | 1 year |
Extended warranty and maintenance contracts | 12 months |
Optional maintenance period | 12 months |
Summary of significant accoun_6
Summary of significant accounting policies - IFRS 9 (Details) - EUR (€) € in Thousands | Jan. 01, 2018 | Dec. 31, 2017 |
Previously stated | ||
Financial instruments | ||
Financial assets | € 27,063 | |
Financial liabilities | 20,416 | |
IFRS 9-Financial Instruments | ||
Financial instruments | ||
Financial assets | 27,000 | |
Financial liabilities | 20,416 | |
Financial liabilities measured at amortized cost | Current bank overdraft | ||
Financial instruments | ||
Financial liabilities | € 58 | |
Financial liabilities measured at amortized cost | Previously stated | Non-current long term debt | ||
Financial instruments | ||
Financial liabilities | 16,242 | |
Financial liabilities measured at amortized cost | Previously stated | Non-current finance lease obligation | ||
Financial instruments | ||
Financial liabilities | 171 | |
Financial liabilities measured at amortized cost | Previously stated | Current bank overdraft | ||
Financial instruments | ||
Financial liabilities | 58 | |
Financial liabilities measured at amortized cost | Previously stated | Current long term debt | ||
Financial instruments | ||
Financial liabilities | 796 | |
Financial liabilities measured at amortized cost | Previously stated | Current finance lease obligation | ||
Financial instruments | ||
Financial liabilities | 308 | |
Financial liabilities measured at amortized cost | Previously stated | Current trade payables | ||
Financial instruments | ||
Financial liabilities | 2,841 | |
Financial liabilities measured at amortized cost | IFRS 9-Financial Instruments | Non-current long term debt | ||
Financial instruments | ||
Financial liabilities | 16,242 | |
Financial liabilities measured at amortized cost | IFRS 9-Financial Instruments | Non-current finance lease obligation | ||
Financial instruments | ||
Financial liabilities | 171 | |
Financial liabilities measured at amortized cost | IFRS 9-Financial Instruments | Current bank overdraft | ||
Financial instruments | ||
Financial liabilities | 58 | |
Financial liabilities measured at amortized cost | IFRS 9-Financial Instruments | Current long term debt | ||
Financial instruments | ||
Financial liabilities | 796 | |
Financial liabilities measured at amortized cost | IFRS 9-Financial Instruments | Current finance lease obligation | ||
Financial instruments | ||
Financial liabilities | 308 | |
Financial liabilities measured at amortized cost | IFRS 9-Financial Instruments | Current trade payables | ||
Financial instruments | ||
Financial liabilities | 2,841 | |
FVOCI | IFRS 9-Financial Instruments | Non-current equity securities | ||
Financial instruments | ||
Financial assets | 5 | |
FVOCI | IFRS 9-Financial Instruments | Current bond funds | ||
Financial instruments | ||
Financial assets | 14,044 | |
FVTPL | IFRS 9-Financial Instruments | Non-current derivative financial instruments | ||
Financial instruments | ||
Financial assets | 352 | |
Assets at amortised cost | IFRS 9-Financial Instruments | Current cash and cash equivalents | ||
Financial instruments | ||
Financial assets | 7,569 | |
Assets at amortised cost | IFRS 9-Financial Instruments | Trade and other receivables | ||
Financial instruments | ||
Financial assets | 5,030 | |
Available-for-sale financial assets | Previously stated | Non-current equity securities | ||
Financial instruments | ||
Financial assets | 5 | |
Available-for-sale financial assets | Previously stated | Current bond funds | ||
Financial instruments | ||
Financial assets | 14,044 | |
A financial asset or financial liability at fair value through profit or loss | Previously stated | Non-current derivative financial instruments | ||
Financial instruments | ||
Financial assets | 352 | |
Loans and receivables | Previously stated | Current cash and cash equivalents | ||
Financial instruments | ||
Financial assets | 7,569 | |
Loans and receivables | Previously stated | Trade and other receivables | ||
Financial instruments | ||
Financial assets | € 5,093 |
Summary of significant accoun_7
Summary of significant accounting policies - Impairment (Details) € in Thousands | Jan. 01, 2018EUR (€) |
Change in allowance for doubtful accounts | |
Allowance for doubtful accounts, beginning of period | € 482 |
Provisions | 62 |
Allowance for doubtful accounts, end of period | 545 |
IFRS 15-Revenue from Contracts with Customers | |
Change in allowance for doubtful accounts | |
Provisions | € 1 |
Summary of significant accoun_8
Summary of significant accounting policies - Expected Credit Loss (Details) - EUR (€) € in Thousands | Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | [1] |
Financial instruments | ||||
Trade receivables | € 4,727 | € 5,270 | € 5,093 | |
Gross carrying amount | ||||
Financial instruments | ||||
Trade receivables | 4,848 | 5,333 | ||
Impairment loss allowance | ||||
Financial instruments | ||||
Trade receivables | € 121 | € 63 | ||
Grade 1 to 4, Low Risk | ||||
Financial instruments | ||||
Probability of default | 0.20% | 0.20% | ||
Trade receivables | € 2,026 | € 3,269 | ||
Grade 1 to 4, Low Risk | Gross carrying amount | ||||
Financial instruments | ||||
Trade receivables | 2,029 | 3,274 | ||
Grade 1 to 4, Low Risk | Impairment loss allowance | ||||
Financial instruments | ||||
Trade receivables | € 3 | € 5 | ||
Grade 5 to 7, Fair Risk | ||||
Financial instruments | ||||
Probability of default | 1.30% | 1.30% | ||
Trade receivables | € 1,887 | € 1,652 | ||
Grade 5 to 7, Fair Risk | Gross carrying amount | ||||
Financial instruments | ||||
Trade receivables | 1,913 | 1,674 | ||
Grade 5 to 7, Fair Risk | Impairment loss allowance | ||||
Financial instruments | ||||
Trade receivables | € 26 | € 22 | ||
Grade 8 to 9, Substandard | ||||
Financial instruments | ||||
Probability of default | 7.00% | 7.00% | ||
Trade receivables | € 737 | € 338 | ||
Grade 8 to 9, Substandard | Gross carrying amount | ||||
Financial instruments | ||||
Trade receivables | 792 | 363 | ||
Grade 8 to 9, Substandard | Impairment loss allowance | ||||
Financial instruments | ||||
Trade receivables | € 55 | € 25 | ||
Grade 10 Doubtful | ||||
Financial instruments | ||||
Probability of default | 25.00% | 25.00% | ||
Trade receivables | € 77 | € 11 | ||
Grade 10 Doubtful | Gross carrying amount | ||||
Financial instruments | ||||
Trade receivables | 103 | 14 | ||
Grade 10 Doubtful | Impairment loss allowance | ||||
Financial instruments | ||||
Trade receivables | € 26 | € 3 | ||
Grade 11 Loss | ||||
Financial instruments | ||||
Probability of default | 100.00% | 100.00% | ||
Grade 11 Loss | Gross carrying amount | ||||
Financial instruments | ||||
Trade receivables | € 11 | € 8 | ||
Grade 11 Loss | Impairment loss allowance | ||||
Financial instruments | ||||
Trade receivables | € 11 | € 8 | ||
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements. |
Share based payment arrangeme_3
Share based payment arrangements (Details) | Apr. 12, 2018EquityInstruments | Apr. 07, 2017EquityInstrumentsshares |
Share based payment arrangements | ||
Number of shares authorized | shares | 372,000 | |
Options granted (in shares) | EquityInstruments | 93,000 | 279,000 |
Options granted (in percent) | 25.00% | 75.00% |
Vesting period | 4 years | |
Number of consecutive days option may be exercised | 90 days | |
Share price exceeds the exercise price (as a percent) | 20.00% |
Share based payment arrangeme_4
Share based payment arrangements - Fair value inputs (Details) | Apr. 12, 2018USD ($) | Apr. 12, 2018EUR (€) | Apr. 07, 2017USD ($) | Apr. 07, 2017EUR (€) |
Share based payment arrangements | ||||
Share price at grant date | $ 16.15 | $ 13.80 | ||
Exercise price | $ 16.15 | $ 13.90 | ||
Expected volatility | 58.40% | 58.40% | 55.00% | 55.00% |
Expected dividends | € | € 0 | € 0 | ||
Risk-free interest rate | 2.85% | 2.85% | 2.49% | 2.49% |
Fair value at grant date | $ 9.74 | $ 8 |
Share based payment arrangeme_5
Share based payment arrangements - Options (Details) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018EUR (€)YEquityInstruments | Sep. 30, 2017EUR (€)Y | Sep. 30, 2018EUR (€)YEquityInstruments | Sep. 30, 2017EUR (€)Y | |
Share based payment arrangements | ||||
Options exercisable | 0 | 0 | ||
Options outstanding | 372,000 | 372,000 | ||
Weighted-average contractual life | Y | 8.8 | 9.5 | 8.8 | 9.5 |
Expenses recognized in profit and loss | € | € 178 | € 132 | € 477 | € 254 |
Inventories (Details)
Inventories (Details) - EUR (€) € in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | |
Inventories | ||||||||
Raw materials and merchandise | € 4,185 | € 2,737 | ||||||
Work in progress | 6,501 | 6,522 | ||||||
Total current inventories | € 10,686 | € 12,493 | € 10,892 | € 9,259 | [1] | € 9,204 | € 9,386 | € 9,410 |
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements. |
Property, plant and equipment_3
Property, plant and equipment, net - Summary (Details) - EUR (€) € in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | |
Property, plant and equipment | ||||||||
Property, plant and equipment. | € 27,914 | € 26,807 | € 27,046 | € 27,949 | [1] | € 27,617 | € 27,010 | € 26,872 |
Thereof pledged assets of Property, Plant and Equipment | 6,790 | 7,046 | ||||||
Land, buildings and leasehold improvements | ||||||||
Property, plant and equipment | ||||||||
Property, plant and equipment. | 17,206 | 17,415 | ||||||
Plant and machinery | ||||||||
Property, plant and equipment | ||||||||
Property, plant and equipment. | 9,104 | 8,901 | ||||||
Other facilities, factory and office equipment | ||||||||
Property, plant and equipment | ||||||||
Property, plant and equipment. | 1,496 | 1,625 | ||||||
Assets under construction and prepayments made | ||||||||
Property, plant and equipment | ||||||||
Property, plant and equipment. | 108 | 8 | ||||||
Leased assets | ||||||||
Property, plant and equipment | ||||||||
Property, plant and equipment. | 259 | 881 | ||||||
Printers | ||||||||
Property, plant and equipment | ||||||||
Property, plant and equipment. | 106 | 613 | ||||||
Printers leased to customers under operating lease | ||||||||
Property, plant and equipment | ||||||||
Property, plant and equipment. | 97 | |||||||
Other factory equipment | ||||||||
Property, plant and equipment | ||||||||
Property, plant and equipment. | € 153 | € 171 | ||||||
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements. |
Other liabilities and provisi_3
Other liabilities and provisions - Summary (Details) - EUR (€) € in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Other liabilities and provisions | ||
Customer deposits | € 373 | |
Liabilities from VAT | € 18 | 12 |
Employee bonus | 285 | 303 |
Accruals for vacation and overtime | 293 | 222 |
Accruals for licenses | 134 | 140 |
Liabilities from payroll | 274 | 236 |
Accruals for commissions | 80 | 50 |
Accruals for compensation of Supervisory board | 175 | 180 |
Accrual for warranty | 388 | 286 |
Others | 509 | 322 |
Total | 2,156 | € 2,124 |
Customer deposits netted with contract liabilities | € 556 |
Financial instrument (Details)
Financial instrument (Details) - EUR (€) € in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Non-current long term debt | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities | € 16,255 | |
Financial liabilities, at fair value | 15,082 | |
Non-current long term debt | Level Two | Fair value | ||
Financial instruments | ||
Financial liabilities, at fair value | € 15,119 | |
Non-current long term debt | Level Two | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities, at fair value | 15,082 | |
Non-current finance lease obligation | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities | 79 | |
Financial liabilities, at fair value | 76 | |
Non-current finance lease obligation | Level Two | Fair value | ||
Financial instruments | ||
Financial liabilities, at fair value | 163 | |
Non-current finance lease obligation | Level Two | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities, at fair value | 76 | |
Current bank overdraft | Fair value | ||
Financial instruments | ||
Financial liabilities, at fair value | 58 | |
Current long term debt | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities | 810 | |
Financial liabilities, at fair value | 803 | |
Current long term debt | Level Two | Fair value | ||
Financial instruments | ||
Financial liabilities, at fair value | 787 | |
Current long term debt | Level Two | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities, at fair value | 803 | |
Current finance lease obligation | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities | 130 | |
Financial liabilities, at fair value | 128 | |
Current finance lease obligation | Level Two | Fair value | ||
Financial instruments | ||
Financial liabilities, at fair value | 310 | |
Current finance lease obligation | Level Two | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities, at fair value | 128 | |
Current trade payables | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities | 3,250 | |
Non-current derivative financial instruments | Fair value | ||
Financial instruments | ||
Financial assets | 263 | |
Financial assets, at fair value | 263 | |
Non-current derivative financial instruments | Level Two | Fair value | ||
Financial instruments | ||
Financial assets, at fair value | 263 | 352 |
Non-current equity securities | Fair value | ||
Financial instruments | ||
Financial assets | 5 | |
Financial assets, at fair value | 5 | |
Non-current equity securities | Level Three | Fair value | ||
Financial instruments | ||
Financial assets, at fair value | 5 | 5 |
Current bond funds | Fair value | ||
Financial instruments | ||
Financial assets | 9,934 | |
Financial assets, at fair value | 9,934 | |
Current bond funds | Level One | Fair value | ||
Financial instruments | ||
Financial assets, at fair value | 9,934 | 14,044 |
Current cash and cash equivalents | Not measured at fair value | ||
Financial instruments | ||
Financial assets | 3,101 | |
Financial assets, at fair value | 3,101 | |
Current cash and cash equivalents | Level One | Fair value | ||
Financial instruments | ||
Financial assets, at fair value | 7,569 | |
Current cash and cash equivalents | Level One | Not measured at fair value | ||
Financial instruments | ||
Financial assets, at fair value | 3,101 | |
Trade and other receivables | Not measured at fair value | ||
Financial instruments | ||
Financial assets | 4,727 | |
Financial liabilities measured at amortized cost | Non-current long term debt | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities | 16,255 | |
Financial liabilities measured at amortized cost | Non-current long term debt | Level Two | ||
Financial instruments | ||
Financial liabilities | 16,242 | |
Financial liabilities measured at amortized cost | Non-current finance lease obligation | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities | 79 | |
Financial liabilities measured at amortized cost | Non-current finance lease obligation | Level Two | ||
Financial instruments | ||
Financial liabilities | 171 | |
Financial liabilities measured at amortized cost | Current bank overdraft | ||
Financial instruments | ||
Financial liabilities | 58 | |
Financial liabilities measured at amortized cost | Current long term debt | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities | 810 | |
Financial liabilities measured at amortized cost | Current long term debt | Level Two | ||
Financial instruments | ||
Financial liabilities | 796 | |
Financial liabilities measured at amortized cost | Current finance lease obligation | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities | 130 | |
Financial liabilities measured at amortized cost | Current finance lease obligation | Level Two | ||
Financial instruments | ||
Financial liabilities | 308 | |
Financial liabilities measured at amortized cost | Current trade payables | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities | 3,250 | |
FVTPL | Non-current derivative financial instruments | Fair value | ||
Financial instruments | ||
Financial assets | 263 | |
FVOCI | Non-current equity securities | Fair value | ||
Financial instruments | ||
Financial assets | 5 | |
FVOCI | Current bond funds | Fair value | ||
Financial instruments | ||
Financial assets | 9,934 | |
Assets at amortised cost | Current cash and cash equivalents | Not measured at fair value | ||
Financial instruments | ||
Financial assets | 3,101 | |
Assets at amortised cost | Trade and other receivables | Not measured at fair value | ||
Financial instruments | ||
Financial assets | € 4,727 | |
A financial asset or financial liability at fair value through profit or loss | Non-current derivative financial instruments | Level Two | ||
Financial instruments | ||
Financial assets | 352 | |
Available-for-sale financial assets | Non-current equity securities | Level Three | ||
Financial instruments | ||
Financial assets | 5 | |
Available-for-sale financial assets | Current bond funds | Level One | ||
Financial instruments | ||
Financial assets | 14,044 | |
Loans and receivables | Current cash and cash equivalents | Level One | ||
Financial instruments | ||
Financial assets | € 7,569 |
Financial result (Details)
Financial result (Details) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |||
Financial result | ||||||
Interest expense | € (1,086) | € (41) | [1] | € (962) | € (90) | [1] |
Finance lease obligations | (20) | (22) | (79) | (39) | ||
Long-term debt | (238) | (11) | (705) | (40) | ||
Expense from revaluation of derivative financial instruments | (805) | (89) | ||||
Other | (23) | (8) | (89) | (11) | ||
Interest income | 44 | 5 | [1] | 60 | 12 | [1] |
Income from bond funds | 34 | 2 | 48 | 9 | ||
Other | 10 | 3 | 12 | 3 | ||
Financial result | € (1,042) | € (36) | [1] | € (902) | € (78) | [1] |
[1] | Comparative figures for the 3-month and 9-month periods ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements. |
Correction of errors - Financia
Correction of errors - Financial position (Details) - EUR (€) € in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | ||
Correction of errors | ||||||||||
Current assets | € 30,086 | € 35,158 | € 37,930 | € 37,494 | [1] | € 29,653 | € 30,816 | € 33,536 | ||
Inventories | 10,686 | 12,493 | 10,892 | 9,259 | [1] | 9,204 | 9,386 | 9,410 | ||
Non-current assets | 29,683 | 29,313 | 29,614 | 29,508 | [1] | 28,990 | 28,300 | 28,003 | ||
Property, plant and equipment | 27,914 | 26,807 | 27,046 | 27,949 | [1] | 27,617 | 27,010 | 26,872 | ||
Total assets | 59,769 | 64,471 | 67,544 | 67,002 | [1] | 58,643 | 59,116 | 61,539 | ||
Equity | 35,630 | 39,267 | 42,060 | 43,889 | [1] | 45,935 | [2] | 46,762 | 49,055 | € 51,536 |
Accumulated deficit | (46,111) | (42,324) | (39,382) | (37,509) | [1] | (35,209) | (34,188) | (31,465) | ||
Total equity and liabilities | € 59,769 | 64,471 | 67,544 | 67,002 | [1] | 58,643 | 59,116 | 61,539 | ||
As previously reported | ||||||||||
Correction of errors | ||||||||||
Current assets | 35,781 | 38,347 | 37,774 | 29,840 | 30,937 | 33,601 | ||||
Inventories | 13,116 | 11,309 | 9,539 | 9,391 | 9,507 | 9,475 | ||||
Non-current assets | 29,056 | 29,360 | 29,257 | 28,990 | 28,300 | 28,003 | ||||
Property, plant and equipment | 26,550 | 26,792 | 27,698 | 27,617 | 27,010 | 26,872 | ||||
Total assets | 64,837 | 67,707 | 67,031 | 58,830 | 59,237 | 61,604 | ||||
Equity | 39,633 | 42,223 | 43,918 | 46,122 | 46,883 | 49,120 | ||||
Accumulated deficit | (41,958) | (39,219) | (37,480) | (35,022) | (34,067) | (31,400) | ||||
Total equity and liabilities | 64,837 | 67,707 | 67,031 | 58,830 | 59,237 | 61,604 | ||||
Adjustments | ||||||||||
Correction of errors | ||||||||||
Current assets | (623) | (417) | (280) | (187) | (121) | (65) | ||||
Inventories | (623) | (417) | (280) | (187) | (121) | (65) | ||||
Non-current assets | 257 | 254 | 251 | |||||||
Property, plant and equipment | 257 | 254 | 251 | |||||||
Total assets | (366) | (163) | (29) | (187) | (121) | (65) | ||||
Equity | (366) | (163) | (29) | (187) | (121) | (65) | ||||
Accumulated deficit | (366) | (163) | (29) | (187) | (121) | (65) | ||||
Total equity and liabilities | € (366) | € (163) | € (29) | € (187) | € (121) | € (65) | ||||
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements. | |||||||||
[2] | Comparative figures for the 9-month period ended September 30, 2017 and for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements. |
Correction of errors - Comprehe
Correction of errors - Comprehensive loss (Details) - EUR (€) € / shares in Units, € in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |||
Correction of errors | ||||||||||||||
Cost of sales | € (4,810) | € (3,410) | € (2,919) | € (3,504) | € (4,236) | [1] | € (3,099) | € (3,014) | € (6,331) | € (6,113) | € (11,141) | € (10,349) | [1] | € (13,853) |
Gross profit | 2,311 | 1,852 | 2,133 | 2,604 | 3,151 | [1] | 2,054 | 1,516 | 3,983 | 3,570 | 6,294 | 6,721 | [1] | 9,325 |
Operating loss | (2,761) | (2,404) | (2,388) | (2,475) | (990) | [1] | (2,731) | (2,453) | (4,794) | (5,184) | (7,555) | (6,174) | [1] | (8,649) |
Net loss | (3,797) | (2,949) | (1,716) | (2,302) | (1,026) | [1] | (2,730) | (2,496) | (4,667) | (5,226) | (8,464) | (6,252) | [1],[2] | (8,554) |
Total comprehensive loss | (3,815) | (2,961) | (1,795) | (2,194) | (959) | [1] | (2,415) | (2,481) | (4,758) | (4,896) | (8,573) | (5,855) | [1] | (8,049) |
Loss attributable to owners of the company | (3,787) | (2,940) | (1,710) | (2,300) | (1,021) | [1] | (2,723) | (2,494) | (4,652) | (5,217) | (8,439) | (6,238) | [1] | (8,538) |
Total comprehensive loss attributable to owners of the company | € (3,805) | € (2,952) | € (1,789) | € (2,192) | € (954) | [1] | € (2,408) | € (2,479) | € (4,743) | € (4,887) | € (8,548) | € (5,841) | [1] | € (8,033) |
Loss per share - basic/ diluted (in EUR per share) | € (1.02) | € (0.79) | € (0.46) | € (0.62) | € (0.27) | [1] | € (0.73) | € (0.67) | € (1.25) | € (1.40) | € (2.27) | € (1.68) | [1] | € (2.30) |
As previously reported | ||||||||||||||
Correction of errors | ||||||||||||||
Cost of sales | € (3,209) | € (2,785) | € (3,662) | € (4,170) | € (3,043) | € (2,949) | € (5,994) | € (5,992) | € (10,162) | € (13,824) | ||||
Gross profit | 2,053 | 2,267 | 2,446 | 3,217 | 2,110 | 1,581 | 4,320 | 3,691 | 6,908 | 9,354 | ||||
Operating loss | (2,203) | (2,254) | (2,633) | (924) | (2,675) | (2,388) | (4,457) | (5,063) | (5,987) | (8,620) | ||||
Net loss | (2,748) | (1,582) | (2,460) | (960) | (2,674) | (2,431) | (4,330) | (5,105) | (6,065) | (8,525) | ||||
Total comprehensive loss | (2,760) | (1,661) | (2,352) | (893) | (2,359) | (2,416) | (4,421) | (4,775) | (5,668) | (8,020) | ||||
Loss attributable to owners of the company | (2,739) | (1,576) | (2,458) | (955) | (2,667) | (2,429) | (4,315) | (5,096) | (6,051) | (8,509) | ||||
Total comprehensive loss attributable to owners of the company | € (2,751) | € (1,655) | € (2,350) | € (888) | € (2,352) | € (2,414) | € (4,406) | € (4,766) | € (5,654) | € (8,004) | ||||
Loss per share - basic/ diluted (in EUR per share) | € (0.74) | € (0.42) | € (0.66) | € (0.26) | € (0.72) | € (0.65) | € (1.16) | € (1.37) | € (1.63) | € (2.29) | ||||
Adjustments | ||||||||||||||
Correction of errors | ||||||||||||||
Cost of sales | € (201) | € (134) | € 158 | € (66) | € (56) | € (65) | € (337) | € (121) | € (187) | € (29) | ||||
Gross profit | (201) | (134) | 158 | (66) | (56) | (65) | (337) | (121) | (187) | (29) | ||||
Operating loss | (201) | (134) | 158 | (66) | (56) | (65) | (337) | (121) | (187) | (29) | ||||
Net loss | (201) | (134) | 158 | (66) | (56) | (65) | (337) | (121) | (187) | (29) | ||||
Total comprehensive loss | (201) | (134) | 158 | (66) | (56) | (65) | (337) | (121) | (187) | (29) | ||||
Loss attributable to owners of the company | (201) | (134) | 158 | (66) | (56) | (65) | (337) | (121) | (187) | (29) | ||||
Total comprehensive loss attributable to owners of the company | € (201) | € (134) | € 158 | € (66) | € (56) | € (65) | € (337) | € (121) | € (187) | € (29) | ||||
Loss per share - basic/ diluted (in EUR per share) | € (0.05) | € (0.04) | € 0.04 | € (0.01) | € (0.01) | € (0.02) | € (0.09) | € (0.03) | € (0.05) | € (0.01) | ||||
[1] | Comparative figures for the 3-month and 9-month periods ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements. | |||||||||||||
[2] | Comparative figures for the 9-month period ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements. |
Correction of errors - Segments
Correction of errors - Segments (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |||
Correction of errors | ||||||||||||||
Revenues | € 7,121 | € 7,387 | [1] | € 17,435 | € 17,070 | [1] | ||||||||
Gross profit | (3,803) | (1,026) | [1] | (8,457) | (6,252) | [1] | ||||||||
Systems | ||||||||||||||
Correction of errors | ||||||||||||||
Revenues | 3,744 | € 1,883 | € 1,375 | € 3,146 | 4,153 | € 2,542 | € 1,693 | € 3,258 | € 4,235 | 7,002 | 8,388 | € 11,534 | ||
Gross profit | € 1,197 | € 474 | € 381 | € 1,329 | € 1,617 | € 947 | € 365 | € 854 | € 1,312 | € 2,051 | € 2,929 | € 4,258 | ||
Gross profit in % | 32.00% | 25.20% | 27.70% | 42.20% | 38.90% | 37.30% | 21.60% | 26.20% | 31.00% | 29.30% | 34.90% | 36.90% | ||
Services | ||||||||||||||
Correction of errors | ||||||||||||||
Revenues | € 3,377 | € 3,379 | € 3,677 | € 2,962 | € 3,234 | € 2,611 | € 2,837 | € 7,056 | € 5,448 | € 10,433 | € 8,682 | € 11,644 | ||
Gross profit | € 1,114 | € 1,378 | € 1,752 | € 1,275 | € 1,534 | € 1,107 | € 1,151 | € 3,129 | € 2,258 | € 4,243 | € 3,792 | € 5,067 | ||
Gross profit in % | 33.00% | 40.80% | 47.60% | 43.00% | 47.40% | 42.40% | 40.60% | 44.30% | 41.40% | 40.70% | 43.70% | 43.50% | ||
As previously reported | Systems | ||||||||||||||
Correction of errors | ||||||||||||||
Revenues | € 1,883 | € 1,375 | € 3,146 | € 4,153 | € 2,542 | € 1,693 | € 3,258 | € 4,235 | € 8,388 | € 11,534 | ||||
Gross profit | € 561 | € 429 | € 1,059 | € 1,584 | € 925 | € 353 | € 990 | € 1,278 | € 2,862 | € 3,921 | ||||
Gross profit in % | 29.80% | 31.20% | 33.70% | 38.10% | 36.40% | 20.90% | 30.40% | 30.20% | 34.10% | 34.00% | ||||
As previously reported | Services | ||||||||||||||
Correction of errors | ||||||||||||||
Revenues | € 3,379 | € 3,677 | € 2,962 | € 3,234 | € 2,611 | € 2,837 | € 7,056 | € 5,448 | € 8,682 | € 11,644 | ||||
Gross profit | € 1,492 | € 1,838 | € 1,387 | € 1,633 | € 1,185 | € 1,228 | € 3,330 | € 2,413 | € 4,046 | € 5,433 | ||||
Gross profit in % | 44.20% | 50.00% | 46.80% | 50.50% | 45.40% | 43.30% | 47.20% | 44.30% | 46.60% | 46.70% | ||||
Adjustments | Systems | ||||||||||||||
Correction of errors | ||||||||||||||
Gross profit | € (87) | € (48) | € 270 | € 33 | € 22 | € 12 | € (136) | € 34 | € 67 | € 337 | ||||
Adjustments | Services | ||||||||||||||
Correction of errors | ||||||||||||||
Gross profit | € (114) | € (86) | € (112) | € (99) | € (78) | € (77) | € (201) | € (155) | € (254) | € (366) | ||||
[1] | Comparative figures for the 3-month and 9-month periods ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements. |
Segment reporting (Details)
Segment reporting (Details) € in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2018EUR (€) | Jun. 30, 2018EUR (€) | Mar. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Sep. 30, 2017EUR (€) | Jun. 30, 2017EUR (€) | Mar. 31, 2017EUR (€) | Jun. 30, 2018EUR (€) | Jun. 30, 2017EUR (€) | Sep. 30, 2018EUR (€)segment | Sep. 30, 2017EUR (€) | Dec. 31, 2017EUR (€) | |||
Segment reporting | ||||||||||||||
Number of reportable segments | segment | 2 | |||||||||||||
Revenues | € 7,121 | € 7,387 | [1] | € 17,435 | € 17,070 | [1] | ||||||||
Gross profit | (3,803) | (1,026) | [1] | (8,457) | (6,252) | [1] | ||||||||
Systems | ||||||||||||||
Segment reporting | ||||||||||||||
Revenues | 3,744 | € 1,883 | € 1,375 | € 3,146 | 4,153 | € 2,542 | € 1,693 | € 3,258 | € 4,235 | 7,002 | 8,388 | € 11,534 | ||
Gross profit | € 1,197 | € 474 | € 381 | € 1,329 | € 1,617 | € 947 | € 365 | € 854 | € 1,312 | € 2,051 | € 2,929 | € 4,258 | ||
Gross profit in % | 32.00% | 25.20% | 27.70% | 42.20% | 38.90% | 37.30% | 21.60% | 26.20% | 31.00% | 29.30% | 34.90% | 36.90% | ||
Services | ||||||||||||||
Segment reporting | ||||||||||||||
Revenues | € 3,377 | € 3,379 | € 3,677 | € 2,962 | € 3,234 | € 2,611 | € 2,837 | € 7,056 | € 5,448 | € 10,433 | € 8,682 | € 11,644 | ||
Gross profit | € 1,114 | € 1,378 | € 1,752 | € 1,275 | € 1,534 | € 1,107 | € 1,151 | € 3,129 | € 2,258 | € 4,243 | € 3,792 | € 5,067 | ||
Gross profit in % | 33.00% | 40.80% | 47.60% | 43.00% | 47.40% | 42.40% | 40.60% | 44.30% | 41.40% | 40.70% | 43.70% | 43.50% | ||
[1] | Comparative figures for the 3-month and 9-month periods ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements. |
Revenues (Details)
Revenues (Details) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |||
Revenues | ||||||
Revenues | € 7,121 | € 7,387 | [1] | € 17,435 | € 17,070 | [1] |
EMEA | ||||||
Revenues | ||||||
Revenues | 2,935 | 5,660 | 9,757 | 12,053 | ||
Germany | ||||||
Revenues | ||||||
Revenues | 1,546 | 1,202 | 4,284 | 4,656 | ||
France | ||||||
Revenues | ||||||
Revenues | 397 | 1,077 | 2,146 | 2,105 | ||
Sweden | ||||||
Revenues | ||||||
Revenues | 46 | 1,167 | 209 | 1,367 | ||
Others-EMEA | ||||||
Revenues | ||||||
Revenues | 946 | 2,214 | 3,118 | 3,925 | ||
Asia Pacific | ||||||
Revenues | ||||||
Revenues | 2,269 | 653 | 3,486 | 1,933 | ||
Indonesia | ||||||
Revenues | ||||||
Revenues | 1,758 | 32 | 1,784 | 91 | ||
China | ||||||
Revenues | ||||||
Revenues | 132 | 204 | 460 | 1,137 | ||
South Korea | ||||||
Revenues | ||||||
Revenues | 361 | 400 | 667 | 656 | ||
Others-Asia Pacific | ||||||
Revenues | ||||||
Revenues | 18 | 17 | 575 | 49 | ||
Americas | ||||||
Revenues | ||||||
Revenues | 1,917 | 1,074 | 4,192 | 3,084 | ||
United States | ||||||
Revenues | ||||||
Revenues | 1,871 | 911 | 4,125 | 2,742 | ||
Others-Americas | ||||||
Revenues | ||||||
Revenues | € 46 | € 163 | € 67 | € 342 | ||
[1] | Comparative figures for the 3-month and 9-month periods ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements. |
Subsequent events (Details)
Subsequent events (Details) € in Millions | Nov. 08, 2018EUR (€)shares | Oct. 17, 2018EUR (€) | Oct. 17, 2018$ / sharesshares |
Share transaction | |||
Subsequent events | |||
Net proceeds received | € | € 9.2 | ||
Share transaction | Ordinary shares | |||
Subsequent events | |||
Number of shares issued | 972,000 | ||
Share transaction | American Depositary Shares | |||
Subsequent events | |||
Number of shares issued | 4,860,000 | ||
Offering price (in dollars per share) | $ / shares | $ 2.57 | ||
Number of shares purchased by management | 233,462 | ||
Over-allotment transaction | |||
Subsequent events | |||
Net proceeds received | € | € 1.4 | ||
Over-allotment transaction | Ordinary shares | |||
Subsequent events | |||
Number of shares issued | 144,000 | ||
Over-allotment transaction | American Depositary Shares | |||
Subsequent events | |||
Number of shares issued | 720,000 |