Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | voxeljet AG |
Entity Central Index Key | 0001582581 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2018 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 4,836,000 |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | ||
Current assets | ||||
Current assets | € 37,936 | € 37,494 | [1],[2] | |
Cash and cash equivalents | 7,402 | 7,569 | [1],[2] | |
Financial assets | 12,905 | 14,044 | [1],[2] | |
Trade receivables | 6,030 | 5,093 | [1],[2] | |
Inventories | 10,064 | 9,259 | [1],[2] | |
Income tax receivables | 13 | 3 | [1],[2] | |
Other assets | 1,522 | 1,526 | [1],[2] | |
Non-current assets | ||||
Non-current assets | 31,416 | 29,508 | [1],[2] | |
Financial assets | 2,234 | 357 | [1],[2] | |
Intangible assets | 1,420 | 1,111 | [1],[2] | |
Property, plant and equipment | 27,675 | 27,949 | [1],[2] | |
Investments in joint venture | 33 | 39 | [1],[2] | |
Other assets | 54 | 52 | [1],[2] | |
Total assets | 69,352 | 67,002 | [1],[2] | |
Current liabilities | ||||
Current liabilities | 6,302 | 6,576 | [1],[2] | |
Deferred income | [1],[2] | 271 | ||
Trade payables | 2,945 | 3,059 | [1],[2] | |
Contract liabilities | 817 | |||
Financial liabilities | 850 | 1,162 | [1],[2] | |
Other liabilities and provisions | 1,690 | 2,084 | [1],[2] | |
Non-current liabilities | ||||
Non-current liabilities | 16,575 | 16,537 | [1],[2] | |
Deferred income | [1],[2] | 18 | ||
Deferred tax liabilities | 76 | 66 | [1],[2] | |
Financial liabilities | 16,321 | 16,413 | [1],[2] | |
Other liabilities and provisions | 178 | 40 | [1],[2] | |
Equity | ||||
Equity | 46,475 | 43,889 | [1],[2] | |
Subscribed capital | 4,836 | 3,720 | [1],[2] | |
Capital reserves | 86,803 | 76,227 | [1],[2] | |
Accumulated deficit | (46,400) | (37,509) | [1],[2] | |
Accumulated other comprehensive income | 1,201 | 1,380 | [1],[2] | |
Equity attributable to the owners of the company | 46,440 | 43,818 | [1],[2] | |
Non controlling interest | 35 | 71 | [1],[2] | |
Total equity and liabilities | € 69,352 | € 67,002 | [1],[2] | |
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6 to the consolidated financial statements. | |||
[2] | voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated. For further information, see Note 3 to the consolidated financial statements. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - EUR (€) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | [1],[2] | Dec. 31, 2016 | [2] | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | |||||
Revenues | € 26,009 | € 23,178 | € 22,338 | ||
Cost of sales | (16,864) | (13,853) | (15,435) | ||
Gross profit | 9,145 | 9,325 | 6,903 | ||
Selling expenses | (7,332) | (6,474) | (5,312) | ||
Administrative expenses | (5,587) | (5,129) | (4,563) | ||
Research and development expenses | (6,334) | (5,528) | (5,683) | ||
Other operating expenses | (751) | (1,844) | (3,881) | ||
Other operating income | 1,297 | 1,001 | 1,417 | ||
Operating loss | (9,562) | (8,649) | (11,119) | ||
Finance expense | (1,143) | (190) | (230) | ||
Finance income | 1,952 | 365 | 38 | ||
Financial result | 809 | 175 | (192) | ||
Loss before income taxes | (8,753) | (8,474) | (11,311) | ||
Income tax expense | (11) | (80) | (2) | ||
Net loss | (8,764) | (8,554) | (11,313) | ||
Other comprehensive income (loss) that may be reclassified subsequently to profit or loss | (179) | 505 | 1,111 | ||
Total comprehensive loss | (8,943) | (8,049) | (10,202) | ||
Loss attributable to: | |||||
Owner of the Company | (8,728) | (8,538) | (11,287) | ||
Non-controlling interests | (36) | (16) | (26) | ||
Net loss | (8,764) | (8,554) | (11,313) | ||
Total comprehensive loss attributable to: | |||||
Owners of the Company | (8,907) | (8,033) | (10,176) | ||
Non-controlling interests | (36) | (16) | (26) | ||
Total comprehensive loss | € (8,943) | € (8,049) | € (10,202) | ||
Weighted average number of ordinary shares outstanding (in shares) | 3,940,636 | 3,720,000 | 3,720,000 | ||
Loss per share - basic/ diluted (in EUR per share) | € (2.21) | € (2.30) | € (3.04) | ||
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6 to the consolidated financial statements. | ||||
[2] | voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated. For further information, see Note 3 to the 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, 2015 | € 61,469 | € 3,720 | € 75,671 | € (17,684) | € (238) | € 61,469 | |||
Establishment of subsidiary with non-controlling interests | € 113 | 113 | |||||||
Loss for the period | (11,287) | (11,287) | (26) | (11,313) | [1] | ||||
Net changes in fair value of available for sale financial assets | 50 | 50 | 50 | ||||||
Foreign currency translation | 1,061 | 1,061 | 1,061 | ||||||
Equity-settled share-based payment transaction in relation to the establishment of a subsidiary with non-controlling interest | 156 | 156 | 156 | ||||||
Balance at the end at Dec. 31, 2016 | [1] | 51,449 | 3,720 | 75,827 | (28,971) | 873 | 87 | 51,536 | |
Loss for the period | (8,538) | (8,538) | (16) | (8,554) | [1],[2] | ||||
Net changes in fair value of available for sale financial assets | 37 | 37 | 37 | ||||||
Foreign currency translation | 470 | 470 | 470 | ||||||
Deferred tax | 14 | 14 | 14 | ||||||
Equity-settled share-based payment transaction in relation to the establishment of a subsidiary with non-controlling interest | 386 | 386 | 386 | ||||||
Balance at the end (IFRS 15-Revenue from Contracts with Customers) at Dec. 31, 2017 | (100) | (100) | (100) | ||||||
Balance at the end (IFRS 9-Financial Instruments) at Dec. 31, 2017 | (63) | (63) | (63) | ||||||
Balance at the end at Dec. 31, 2017 | [1],[2] | 3,720 | 76,227 | (37,509) | 1,380 | 71 | 43,889 | ||
Adjusted balance | 43,655 | 3,720 | 76,227 | (37,672) | 1,380 | 71 | 43,726 | ||
Loss for the period | Previously stated | (8,835) | ||||||||
Loss for the period | IFRS 15-Revenue from Contracts with Customers | (71) | ||||||||
Loss for the period | (8,728) | (8,728) | (36) | (8,764) | |||||
Net changes in fair value of available for sale financial assets | (119) | (119) | (119) | ||||||
Foreign currency translation | (60) | (60) | (60) | ||||||
Capital increase | 11,088 | 1,116 | 9,972 | 11,088 | |||||
Deferred tax | 0 | 0 | |||||||
Equity-settled share-based payment transaction in relation to the establishment of a subsidiary with non-controlling interest | 604 | 604 | 604 | ||||||
Balance at the end (Previously stated) at Dec. 31, 2018 | 46,494 | ||||||||
Balance at the end (IFRS 15-Revenue from Contracts with Customers) at Dec. 31, 2018 | 19 | ||||||||
Balance at the end at Dec. 31, 2018 | € 46,440 | € 4,836 | € 86,803 | € (46,400) | € 1,201 | € 35 | € 46,475 | ||
[1] | voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated. For further information, see Note 3 to the consolidated financial statements. | ||||||||
[2] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6 to the consolidated financial statements. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - EUR (€) € in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Cash Flow from operating activities | ||||||
Loss for the period | € (8,764) | € (8,554) | [1],[2] | € (11,313) | [2] | |
Depreciation and amortization | 3,506 | 3,163 | 2,542 | |||
Foreign currency exchange differences on loans to subsidiaries | (340) | 1,056 | 1,092 | |||
Impairment losses on goodwill and intangible assets | 1,130 | |||||
Equity-settled share-based payment transaction in relation to the establishment of a subsidiary with non-controlling interest | 256 | |||||
Share-based compensation expense | 604 | 386 | ||||
Impairment losses on trade receivables | 227 | 237 | 367 | |||
Non-cash interest expense on long-term debt | 781 | 17 | ||||
Change in fair value of derivative equity forward | (1,877) | (352) | ||||
Change in inventory allowance | (417) | (515) | 954 | |||
Others | 68 | 105 | 56 | |||
Change in working capital | (1,502) | (2,373) | (8,422) | |||
Trade and other receivables, inventories and current assets | (1,556) | (2,697) | (6,784) | |||
Trade payables | (310) | 629 | (27) | |||
Other liabilities and provisions and deferred income | 375 | (310) | (1,657) | |||
Income tax payable/receivables | (11) | 5 | 46 | |||
Total | (7,714) | (6,830) | (13,338) | |||
Cash Flow from investing activities | ||||||
Payments to acquire property, plant and equipment and intangible assets | (3,812) | (3,626) | (3,700) | |||
Proceeds from disposal of financial assets | 10,475 | 4,077 | 34,979 | |||
Payments to acquire financial assets | (8,690) | (5,542) | (15,827) | |||
Others | (156) | (14) | ||||
Total | (2,027) | (4,935) | 15,466 | |||
Cash Flow from financing activities | ||||||
Repayment of bank overdrafts and lines of credit | (58) | (167) | (159) | |||
Repayment of sale and leaseback obligation | (324) | (383) | (535) | |||
Repayment of finance lease obligation | (37) | (51) | (36) | |||
Repayment of long-term debt | (2,764) | (732) | (378) | |||
Proceeds from issuance of long-term debt | 1,639 | 12,612 | 4,724 | |||
Proceeds from issuance of shares | 11,088 | |||||
Total | 9,544 | 11,279 | 3,616 | |||
Net increase (decrease) in cash and cash equivalents | (197) | (486) | 5,744 | |||
Cash and cash equivalents at beginning of period | 7,569 | [1],[2] | 7,849 | 2,086 | ||
Changes to cash and equivalents due to foreign exchanges rates | 30 | 206 | 19 | |||
Cash and cash equivalents at end of period | 7,402 | 7,569 | [1],[2] | 7,849 | ||
Supplemental Cash Flow Information | ||||||
Interest paid | 231 | 210 | 201 | |||
Interest received | € 42 | 16 | 39 | |||
Income taxes paid | 2 | |||||
Property, plant and equipment added under finance lease | € 123 | € 57 | ||||
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6 to the consolidated financial statements. | |||||
[2] | voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated. For further information, see Note 3 to the consolidated financial statements. |
The reporting entity
The reporting entity | 12 Months Ended |
Dec. 31, 2018 | |
The reporting entity | |
The reporting entity | 1. The reporting entity voxeljet AG (in the following referred to as ‘ voxeljet’ , ‘Group’, or the ‘Company’) is a high‑tech company headquartered in Friedberg, Germany. The Company consists of voxeljet AG, voxeljet America Inc. ( voxeljet America ), voxeljet UK Ltd. ( voxeljet UK ), voxeljet India Pvt. Ltd ( voxeljet India ) and voxeljet China Co., Ltd. ( voxeljet China ). voxeljet AG owns 100% of the issued and outstanding shares of voxeljet America , voxeljet UK and voxeljet India, as well as 95.83% of voxeljet China. As a manufacturer of three‑dimensional (“3D”) printing systems, voxeljet specializes in the development, production and distribution of industrial printing machines and the production and sale of customized printed products to industrial customers. The Company operates in two business divisions: Systems and Services. The voxeljet Systems business division develops, manufactures and sells innovative 3D printers. Today, voxeljet has a product range that reaches from smaller entry models to large‑format machines, and therefore offers 3D printer systems for a wide range of application areas. Through its Services business division, the Company offers customized printed products such as sand molds and plastic models based on CAD data through its ‘on‑demand production’ service centers. In addition, the Company offers casting services to its customers. In those cases, the casting process is performed by external suppliers supported by voxeljet’s molds and models. Small‑batch and prototype manufacturers utilize the Company’s machines for the automatic, patternless manufacture of their casting molds and 3D models. The Company’s customer base includes automotive manufacturers, aerospace industries, foundries and suppliers as well as companies from the arts and design industries as well as universities and research institutes. |
Preparation of financial statem
Preparation of financial statements | 12 Months Ended |
Dec. 31, 2018 | |
Preparation of financial statements | |
Preparation of financial statements | 2. Preparation of financial statements The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as set forth by the International Accounting Standards Board (IASB) and interpretations of the IFRS Interpretations Committee (IFRIC). The consolidated financial statements were authorized for issue by the Management Board on March 28, 2019. These consolidated financial statements were prepared on the basis of historical cost except for the following items, which are measured on an alternative basis on each reporting date. Debt securities at fair value through other comprehensive income (2017: Available-for-sale financial assets) Fair value Non-derivative financial instruments at fair value through profit or loss Fair value Monetary assets and liabilities denominated in foreign currencies Mandatorily at FVTPL Derivative financial instruments Fair value The consolidated financial statements are presented in thousands of Euros (kEUR) except where otherwise stated. Due to rounding, numbers presented throughout these notes may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. The consolidated financial statements have been prepared on the assumption that the Group will continue as a going concern. Correction of errors Certain comparative amounts in the consolidated statements of financial position, consolidated statements of comprehensive loss, consolidated statements of changes in equity, and consolidated statements of cash flows 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 6. Throughout the consolidated financial statements, columns including comparative figures that have been restated, are indicated with ‘ (1) ’. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2018 | |
Summary of significant accounting policies | |
Summary of significant accounting policies | 3. Summary of significant accounting policies The principal accounting policies applied in the preparation of these financial statements are set out below. Expect as described below, these policies have been consistently applied to all years presented. 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. Changes to significant accounting policies are described below. Due to the transition methods chosen by the Group in applying these standards, comparative information throughout these financial statements has not been restated to reflect the requirements of the new standards. Consolidation Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intercompany balances and transactions are eliminated in preparing the consolidated financial statements. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in the joint venture are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income of equity-accounted investees, until the date on which significant influence or joint control ceases. Revenues 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. Additionally, the disclosure requirements in IFRS 15 have not generally been applied to comparative information. 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 following table summarizes the impact 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 tables summarize the impacts of adopting IFRS 15 on the Company’s consolidated statement of financial position as of December 31, 2018 and its consolidated statement of comprehensive loss for the year then ended for each of the line items affected. There was no material impact on the Company’s consolidated statements of cash flows for the year ended December 31, 2018. Amounts without 12/31/2018 As reported Adjustments adoption of IFRS 15 (€ in thousands) Total assets 69,352 (405) 68,947 Current assets 37,936 (405) 37,531 Trade receivables 6,030 (405) 5,625 Total equity and liabilities 69,352 (405) 68,947 Current liabilities 6,302 (424) 5,878 Deferred income — 228 228 Contract liabilities 817 (817) -- Other liabilities and provisions 1,690 165 1,855 Equity 46,475 19 46,494 Accumulated deficit (46,400) 19 (46,381) A contract liability is recognized when the Company has received consideration (i.e. advance payment) from customers before satisfying a performance obligation, or has an unconditional right to payment under a non-cancellable contract before it transfers the related goods or services to the customer under maintenance and extended warranty contracts. Upon the adoption of IFRS 15, the Company reclassified the deferred income balance, which represents advance payment from customers, to contract liabilities. Amounts without 12/31/2018 As reported Adjustments adoption of IFRS 15 (€ in thousands) Revenue 26,009 (81) 25,928 Impairment loss on trade receivables under IFRS 15 (10) 10 -- Operating loss (9,562) (71) (9,633) Loss before income taxes (8,753) (71) (8,824) Net loss (8,764) (71) (8,835) Total comprehensive loss (8,943) (71) (9,014) The following table provides information about receivables and contract liabilities from contracts with customers. Note December 31, 2018 January 1, 2018 (€ in thousands) Receivables, which are in included in 'trade and other receivables' Contract liabilities Upon adoption of IFRS 15, the Company changed the accounting policy on the revenue recognition relating to maintenance contracts are set out below. Under IFRS 15, the Company recognizes revenue on the maintenance contracts based on the input method, such as the number of service visits or the provision of certain goods, in particular printheads, to measure the progress that depicts the transfer of control of the goods or services to the customer toward complete satisfaction of a performance obligation over time. 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. Under IAS 18, the Company recognized revenue on a straight-line basis over the contract term. IFRS 15 did not have a significant impact on the Group’s accounting policies with respect to other revenue streams. Revenue on the sale of new or refurbished 3D printers is recognized on at the point in time after completed installation of 3D printers at the customer site and evidenced through final acceptance by the customer. Customers obtain control of the 3D printers when the customers have accepted the assets. From time to time, refurbished 3D printers which have been operating at the Company’s service centers for an average of 1.5 to 2.5 years, are routinely sold to customers. Prior to sale, such printers are fully refurbished, which includes the installation of a new printhead. The Group provides customers with statutory warranty on all 3D printers for one year. The warranty presents assurance-type warranty and is not treated as a separate performance obligation. After the initial one-year warranty period, the Group offers its customers optional maintenance contracts, which are considered as individual performance obligations. The Company, from time to time, offers to customers, to operate their purchased 3D printer and perform 3D printing on custom-ordered printed products for a temporary period before the customers’ facility is configured according to required technical specifications. The Company recognizes revenue for the use of space on Company premises over time under the term of the contracts. The Company recognizes revenue from the sale of customized printed products from the customer’s purchased 3D printer, upon transfer of the significant risks and rewards of ownership to the customers, generally upon shipment. Revenue on the sale of customized printed products at the point in time when the significant risks and rewards of ownership of the assets is transferred to the customers, generally upon shipment. Shipping, packaging and handling costs billed to customers for the sales of customized printed products and consumables are considered as separate performance obligation where the Company acts as a principal for the transportation service. The Company recognized the gross revenue at the point in time as the service is provided, i.e. upon shipment. Costs incurred by the Company associated with shipping, packaging and handling are included in selling expenses in the consolidated statements of comprehensive loss. Invoices from revenue streams besides the sale of new or refurbished 3D printers are usually payable within 30 to 60 days. The Company also recognizes that longer payment periods are customary in some countries where it transacts business. To reduce credit risk in connection with machine sales, the Company may, depending upon the circumstances, require advance payments prior to shipment. On the sale of new or refurbished 3D printers, the Company generally require advance payments in full prior to shipment and require international customers to furnish letters of credit. These advance payments are recognized as contract liabilities. Maintenance contracts are generally billed to customers in advance on a monthly, quarterly, or annual basis, and are initially recorded as a contract liability as the Company has an enforceable right to payment after the contract has been signed. The amount of revenue recognized for the fiscal year ended December, 31 2018 from performance obligations satisfied (or partially satisfied) in previous periods is € 0.1 million. This is mainly due to changes in the revenue recognition method on maintenance contracts. The contract liabilities primarily relate to (1) the advance consideration received from customers before satisfying a performance obligation, or an unconditional right to payment under a non-cancellable contract before it transfers the related goods or services to the customer under maintenance contracts, for which revenue is recognized over time; and (2) the advance consideration received from customers for the sale of new or refurbished 3D printers, for which revenue is recognized when the customer has accepted the assets. The total amount of unfulfilled performance obligations for 3D printer sales and long term volume contracts is € 4.9 million. The Company expects to realize approximately 56% of such amount in 2019 and the remainder in 2020. The contract liabilities at the beginning of the current year have been fully recognized as revenue for the fiscal year ended December 31, 2018. In the following table, revenue from contracts with customers is disaggregated by primary geographical market, and timing of revenue recognition. The table also includes a reconciliation of the disaggregated revenue with the Group’s reportable segments (see Note 20). Year ended December 31, SYSTEMS SERVICES 2018 2017 2018 2017 Primary geographical markets EMEA 5,592 6,717 9,081 8,115 Asia Pacific 4,704 1,760 746 766 Americas 1,952 3,057 3,934 2,763 12,248 11,534 13,761 11,644 Timing of revenue recognition Products transferred at a point in time 11,188 10,627 13,761 11,644 Products and services transferred over time 1,060 907 -- -- Revenue from contracts with customers 12,248 11,534 13,761 11,644 In 2018, voxeljet leased two 3D printers (2017: one 3D printer and 2016: five 3D printers) to customers under operating leases. Rental income is recognized on a straight‑line basis over the term of the lease as revenue and is reported within the Systems segment. Financial instruments The adoption of IFRS 9 resulted in a minor increase in impairment losses recognized on trade receivables. 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 accounting policies under IFRS 9 and the nature and effect of the changes to previous accounting policies are set out below. The following table summarizes the impact, net of tax, of transition to IFRS 9 on the opening balance of retained earnings. Impact on adopting IFRS 9 Impact at January 1, 2018 on opening balance (€ in thousands) Retained earnings Recognition of additional expected credit losses under IFRS 9 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 fund are classified as fair value through other comprehensive income (FVOCI). As permitted by IFRS 9, the Company has designated these investments at the date of initial application as measured at FVOCI. 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 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 considers trade receivables which are in default individually prior to the application of the ECL model to the remaining population. 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. Debt securities The Group considers debt securities 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 FVOCI 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. The effect of adopting IFRS 9 on the carrying amounts of financial assets at January 1, 2018 relates solely to the new impairment requirements. 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 The following table reconciles the carrying amounts of financial assets under IAS 39 to the carrying amounts under IFRS 9 on transition to IFRS 9 on 1 January 2018. IAS 39 carrying amount Reclassification Remeasurement IFRS 9 carrying amount (€ in thousands) Financial assets Amortized cost Trade and other receivables: Brought forward: Loans and receivables -- -- -- Remeasurement -- -- -- Carried forward: Amortized cost -- -- -- Total 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 provide information about the exposure to credit risk and ECLs for trade receivables as of January 1, 2018 and December 31, 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 Weighted-average Gross carrying Impairment loss Net carrying Grades (Standard & Poor’s) loss rate 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 -- December 31, 2018 Equivalent to external credit rating Weighted-average Gross carrying Impairment loss Net carrying Grades (Standard & Poor’s) loss rate amount allowance amount (€ in thousands) Grades 1-4: Low risk BBB+ to AAA 3,274 5 3,269 Grades 5-7: Fair risk B+ to BBB 2,171 29 2,142 Grades 8-9: Substandard CCC- to B 648 45 603 Grade 10: Doubtful C to CC 22 6 16 Grade 11: Loss D 72 72 -- 6,187 157 6,030 Cash and cash equivalents Cash and cash equivalents are short‑term bank deposits and are not subject to a significant risk of change in value. Research and development expenses All research and development costs are charged to expense as incurred. Government grants Government grants awarded for project funding are recorded within other operating income in the consolidated statement of comprehensive loss if the related research and development costs have been incurred and provided that the conditions for the funding have been met. Until then, amounts received under government grants are recorded as deferred income in the statements of financial position. Leases Operating leases consist of various lease agreements for the rental of manufacturing facilities, office and warehouse space, vehicles, and office and IT equipment, expiring in various years through 2020. Rent expense under operating leases is charged to profit or loss on a straight‑line basis over the term of the lease. Long Term Cash Incentive Plan voxeljet has a Long-Term Cash Incentive Plan ("LTCIP"), a cash-settled share-based payment arrangement, that provides for cash awards to non-executive employees. Compensation cost is determined based on the grant-date fair value of the awards and recognized, net of estimated forfeitures due to termination of employment, on a straight-line basis over the requisite service period of the award and depending on the evaluation of certain performance and market conditions. The requisite service period is generally the vesting period stated in the award. The liability for these awards is measured at fair value at each reporting date until settlement and is classified within "other liabilities and provisions in the consolidated statement of financial position. As of December 31, 2017 the targets were not achieved and the LTCIP ceased. Employee stock option plan In April 2017, the Supervisory Board adopted and approved Option Plan 2017. The plan authorizes to grant shares of equity-settled stock options to employees and members of the management board. The Company’s stock-based compensation expense is estimated at the grant date based on the fair value of the award and is recognized as expense ratably over the requisite service period of the award. The Company calculates the fair value of each option award on the date of grant under the Monte Carlo simulation model. The determination of the grant date fair value of the awards using a simulation model is affected by our stock price as well as assumptions regarding a number of complex and subjective variables. These variables include the expected stock price volatility over the expected life of the awards, risk-free interest rates, and expected dividends. The risk free interest rate is equal to the U.S. Treasury constant maturity rates for the period equal to the expected life. The Company does not currently pay cash dividends on common stock and does not anticipate doing so in the foreseeable future. Accordingly, the expected dividend yield is zero. Foreign currencies The financial statements are presented in Euros, the functional currency of voxeljet AG . Monetary transactions denominated in foreign currencies are translated to Euros at the exchange rates prevailing on the transaction date. The financial statements of foreign subsidiaries are translated using the concept of the functional currency in accordance with IAS 21. The assets and liabilities of foreign subsidiaries are translated at the spot rate at the end of the period, while their income statement items are translated at average exchange rates for the respective periods. All resulting exchange differences are recognized in other comprehensive income. Gains and losses on foreign currency transactions are shown within other operating income and other operating expenses, respectively, in the consolidated statement of comprehensive loss. The loans provided to voxeljet AG ’s subsidiaries are not considered as net investments in foreign operations. Therefore, gains or losses from foreign exchange differences thereon are recognized in the statement of other comprehensive loss as “other operating income or expenses”. The exchange rates that are most relevant for voxeljet’s consolidated financial statements are as follows: Average exchange rates to Euro December 31, Average Rate USD GBP INR CNY 2018 1.1810 0.8847 80.7332 7.8081 2017 1.1297 0.8767 73.5324 7.6290 2016 1.1069 0.8195 74.3717 7.3522 Year end exchange rates to Euro December 31, Year End Rate USD GBP INR CNY 2018 1.1450 0.8945 79.7298 7.8751 2017 1.1993 0.8872 76.6055 7.8044 Income Tax Income tax expense (benefit) consists of current and deferred tax expense and benefit in accordance with IAS 12. Current income tax expense (benefit) is based on taxable profit (loss) for the year. Taxable profit (loss) differs from profit (loss) as reported in the statements of comprehensive income (loss) because it excludes items of income or expense that are taxable or deductible in other years and further excludes items that are never taxable or deductible. Current income tax expense (benefit) is calculated using tax rates that have been enacted or substantively enacted by the end of the respective reporting period. Deferred income tax expense (benefit) is recognized on temporary differences between the carrying amounts of assets and liabilities in the statement of financial position and the corresponding tax basis used in the computation of taxable profit (loss). Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets, including for carry forward losses to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer more probable than not that sufficient taxable profits will be available to allow all or a part of the assets to be recovered. Deferred tax expense (benefit) is calculated at the tax rates that are expected to apply in the periods when the liability is settled or the asset is realized, based on tax rates (and tax regulations) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax expense (benefit) is charged or credited to profit or loss, except when it relates to items charged or credited directly to equity, in which case the deferred taxation is also recorded to equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off tax assets against tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. Intangible Assets Intangible assets, including software, licenses and customer relationships, that are acquired by the Company and have a finite useful life are measured at cost less accumulated amortization and any impairment losses. Amortization for intangible assets with finite useful lives is recognized on a straight‑line basis over their useful lives. The amortization of licenses is allocated to the cost of inventory and is included in cost of sales as 3D printers are sold; the amortization of software is mainly included in selling and administrative expenses. The estimated useful economic lives of acquired intangible assets are presented in the following table: USEFUL LIFE OF INTANGIBLE ASSETS Software 3-5 years Licenses 6-8 years An intangible asset is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in profit or loss in the period in which the item is derecognized. Property, Plant and Equipment Property, plant and equipment is carried at acquisition or manufacturing cost (for internally manufactured printers used in the Services segment) and depreciated on a straight‑line basis over the estimated useful lives of the related assets, taking into account estimated residual values. Except the sale of used printers, realized gains and losses are recognized upon disposal or retirement of the related assets and are reflected within other operating income or other operating expenses in the consolidated statement of comprehensive loss. Subsequent expenditures are capitalized only if it is probable that voxeljet will receive additional economic benefits from the particular asset associated with these expenditures, and the costs can be determined reliably. Repair and maintenance expenditures are expensed as incurred. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Company will obtain ownership by the end of the lease term. In those cases the assets are depreciated over their useful lives. Land is not depreciated. Additions to property, plant and equipment relating to self‑constructed 3D printers are considered non‑cash transactions. The estimated useful economic lives of items of property, plant and equipment are as follows: USEFUL LIFE OF PROPERTY, PLANT AND EQUIPMENT Leasehold improvements 6-9 years Buildings 33 years Plant and machinery 7-8 years Printers leased to customers under operating lease 7-8 years Other facilities, machinery and factory equipment 2-20 years Office equipment 3-12 years Useful lives, depreciation methods and residual values are reviewed at least annually and, in case they change significantly, depreciation charges for current and future periods are adjusted accordingly. Inventories Raw materials Raw materials are measured at the lower of acquisition cost, as determined on the weighted average costs method, and net realizable value. Obsolete inventories are written off directly into cost of sales. Work in progress and finished goods Work in progress and finished goods are measured at the lower of manufacturing cost and net realizable value. Manufacturing costs comprise all costs that are directly attributable to the manufacturing process, such as direct material and labor, and production related overheads (based on normal operating capacity and normal consumption of material, labor and other produ |
New standards and interpretatio
New standards and interpretations not yet adopted | 12 Months Ended |
Dec. 31, 2018 | |
New standards and interpretations not yet adopted | |
New standards and interpretations not yet adopted | 4. New standards and interpretations not yet adopted The IASB issued a number of new IFRS standards or amendments to existing standards which are required to be adopted in annual periods beginning after December 31, 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 3 IFRS 3 01/2020 Amendment Definition of a business IAS 1, IAS 8 01/2020 Amendment, Amendment Definition of material IFRS 17 01/2021 Insurance Contracts IFRS 10, IAS 28 indefinite Amendment Sale or Contribution of Assets between Investor and its Associate or Joint Venture Of those standards that are not yet effective, IFRS 16 is expected to have a material impact on the Company’s financial statements in the period of initial application. The Company is required to adopt IFRS 16 Leases from January 1, 2019. The Company has assessed the estimated impact that initial application of IFRS 16 will have on its consolidated financial statements, as described below. IFRS 16 introduces a single, on-balance sheet lease accounting model for lessees. A lessee recognizes a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. There are recognition exemptions for short-term leases (term less than 12 months) and leases of low-value items (value less than kUSD 5). Lessor accounting remains similar to the current standard – i.e. lessors continue to classify leases as finance or operating leases. IFRS 16 replaces existing leases guidance, including IAS 17 Leases, IFRIC 4 Determining whether an Arrangement contains a Lease, SIC-15 Operating Leases – Incentives and SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease. Leases under which the voxeljet Group is a lessee The Group will recognize new assets and liabilities for its operating leases of factory facilities, vehicles and certain equipment. The nature of expenses related to these leases will now change because the Group will recognize a depreciation charge for right-of-use assets and interest expense on lease liabilities. Previously, the Group recognized operating lease expense on a straight-line basis over the term of the lease, and recognized assets and liabilities only to the extent that there was a timing difference between actual lease payments and the expense recognized. We do not expect significant impacts for the Company’s finance leases. Leases under which the voxeljet Group is a lessor No significant impact is expected for the operating leases in which the Group is a lessor. Transition The Group will apply IFRS 16 initially on January 1, 2019, using the modified retrospective approach. Therefore, the cumulative effect of adopting IFRS 16 will be recognized as an adjustment to the opening balance of retained earnings at January 1, 2019, with no restatement of comparative information. The Group plans to apply the practical expedient to grandfather the definition of a lease on transition. This means that it will apply IFRS 16 to all contracts entered into before 1 January 1, 2019 and identified as leases in accordance with IAS 17 and IFRIC 4. Based on an analysis conducted as part of the group-wide project on initial application, the Company expects that on January 1, 2019 right-of-use assets of approximately € 3.8 million and additional lease liabilities of approximately € 3.8 million will be presented on the consolidated statement of financial position. |
Critical accounting judgment an
Critical accounting judgment and key sources of estimation and uncertainty | 12 Months Ended |
Dec. 31, 2018 | |
Critical accounting judgment and key sources of estimation and uncertainty | |
Critical accounting judgement and key sources of estimation and uncertainty | 5. Critical accounting judgment and key sources of estimation and uncertainty In the process of applying the Company’ s accounting policies, Management is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on the knowledge available as of the preparation date of the financial statements and historical experiences as well as other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis. Developments outside management’s control may cause actual amounts to differ from the original estimates. In that case, the underlying assumptions and, if necessary, the carrying amounts of the pertinent assets and liabilities are adjusted accordingly. Revisions to accounting estimates are recognized in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. The assumptions and estimates refer primarily to the recognition of revenue, valuation of bad debt allowance, valuation of inventory, and the valuation of derivative financial instruments (relating to the Performance Participation Interest on the loan with the European Investment Bank). The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Revenue recognition Revenue is measured based on the consideration specified in a contract with a customer. The Group recognizes revenue when it transfers control over a good or service to a customer. Revenue on the sale of new or refurbished 3D printers is recognized at the point in time after completed installation of 3D printers at the customer site and evidenced through final acceptance by the customer. Customers obtain control of the 3D printers when the customers have accepted the assets. The Company recognizes revenue on the maintenance contracts for 3D printers by applying the input method to measure the progress that depicts the transfer of control of the goods or services to the customer toward complete satisfaction of a performance obligation over time. The determination of the expected number of service visits and goods to be provided under a contract require significant judgment have been estimated by the Company’s service department based on historical experience. Expected credit losses on trade receivables Loss allowances are recognized for estimated losses resulting from customers’ inability to meet payment obligations. Upon the adoption of IFRS 9, the Group applies a simplified approach to recognizing a loss allowance on trade receivables based on measurement of lifetime expected credit losses arising from trade receivables. Estimation and judgment are required in determining the value of loss allowances at each reporting date. The Company evaluates customer accounts with past‑due outstanding balances or specific accounts for which it has information that the customer may be unable to meet its financial obligations. Based upon qualitative assessment of these accounts and Management’s analysis and judgment, the Company estimates the future cash flows expected to be recovered from these receivables. The amount of the impairment on doubtful receivables is measured individually and recorded as a specific allowance against that customer’s receivable balance so as to equal the amount expected to be recovered. 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. |
Correction of errors
Correction of errors | 12 Months Ended |
Dec. 31, 2018 | |
Correction of errors | |
Correction of errors | 6. 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 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 Consolidated statement of comprehensive loss 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) Segment reporting 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 % % % % % There is no impact on the Company’s operating, investing or financing cash flows for the year-ended December 31, 2017. |
Share based payment arrangement
Share based payment arrangements | 12 Months Ended |
Dec. 31, 2018 | |
Share based payment arrangements | |
Share based payment arrangements | 7. 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 December 31, 2018 2017 Number of options Weighted-average exercise price (USD) Number of options Weighted-average exercise price (USD) Outstanding at January 1 -- -- Granted during the year Exercised during the year -- -- -- -- Forfeited during the year -- -- Outstanding at December 31 Exercisable at December 31 -- -- -- -- 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 December 31, 2018 no options are exercisable and 353,400 options are outstanding. The weighted-average contractual life of the options at December 31, 2018 amounts to 8.5 years (December 31, 2017: 9.5 years). The expense recognized in the statement of comprehensive loss totaled kEUR 604 for the year ended December 31, 2018, compared to kEUR 386 for last year’s same period. |
Trade receivables
Trade receivables | 12 Months Ended |
Dec. 31, 2018 | |
Trade receivables | |
Trade receivables | 8. Trade receivables Credit terms provided to customers are determined individually and are dependent on already existing customer relationships and the customer’s payment history. The aging of trade receivables was as follows at each reporting date: AGING STRUCTURE OF TRADE RECEIVABLES An analysis of the credit quality of trade receivables that were not past due and the aging of trade receivables that were past due as at December 31, 2017 is as follows. December 31, 2017 Not due at the end of the reporting period Amount past due for the following time ranges Less than 3 months Between 3 and 6 months Between 6 and 9 months Between 9 and 12 months More than 12 months Total The movement in the allowance for impairment in respect of trade receivables and contract assets during the year was as follows. Comparative amounts for 2017 represent the allowance account for impairment losses under IAS 39. Change in the allowance for doubtful accounts Year Ended December 31, 2018 2017 (€ in thousands) Loss allowance at December 31, 2017 under IAS 39 Trade and other receivables as at December 31, 2017 -- Additional trade receivables recognized on adoption of IFRS 15 -- Loss allowance at January 1, 2018 under IFRS 9 Provisions 227 Write-offs Release to income Balance at end of period 383 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventories | |
Inventories | 9. Inventories Inventories consisted of the following for the years reported: INVENTORIES BY CATEGORY December 31, 2018 2017 (1) (€ in thousands) Raw materials and merchandise Work in progress Total (1) Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6 to the consolidated financial statements. The reserve for slow-moving inventory regarding work in progress was kEUR 22 and kEUR 440 in 2018 and 2017, respectively. |
voxeljet UK
voxeljet UK | 12 Months Ended |
Dec. 31, 2018 | |
voxeljet UK | |
voxeljet UK | 10. voxeljet UK Impairment charges 2016 On October 7, 2016 voxeljet UK’s most significant customer went into bankruptcy administration. Considering that development, voxeljet assessed the recoverability of the assets as of September 30, 2016, which resulted in a full impairment of trade receivables due from that customer of kEUR 293 and the goodwill for the CGU related to voxeljet UK. The carrying amount of the CGU exceeded its recoverable amount of kEUR 1,471 (or kGBP 1,266) and consequently an impairment loss of kEUR 1,130 (or kGBP 907) covering the entire balance of goodwill was recognized in other operating expenses in the consolidated statements of comprehensive loss. The recoverable amount of the CGU was based on its value in use. The value in use was determined by discounting the future cash flows expected to be generated from the continued use of the CGU. The projections of cash flows cover the remainder of the year 2016 (forecast) and the financial years 2017 to 2021 (terminal value). The projected cash flows were estimated taking into account the cease of operations of the CGU’s most significant customer, management’s experience in the UK marketplace and from the Company's other service centers in Germany and the United States. The cost of capital (weighted average cost of capital, WACC) and the terminal value growth rate are other assumptions used in the estimation of the value in use: 2016 WACC Terminal value growth rate The parameters of the WACC are based on market observations as at September 30, 2016 (risk-free rate, spread, market risk premium, beta factor, leverage) and reflect the specific risks of voxeljet UK. The terminal value growth rate was determined on the basis of the expected long term development of prices in the UK and the relevant market for the CGU’s services. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2018 | |
Intangible assets | |
Intangible assets | 11. Intangible assets December 31, 2018 2017 (€ in thousands) Software Licenses Prepayments made on intangible assets Total The increase in software and prepayments made on intangible assets is due to the purchase of software licenses in connection with our new ERP system as well as related capitalized customizing cost. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, plant and equipment | |
Property, plant and equipment | 12. Property, plant and equipment December 31, 2018 2017 (1) (€ in thousands) Land, buildings and leasehold improvements Plant and machinery (includes assets under finance lease) Other facilities, factory and office equipment Assets under construction and prepayments made Total Thereof pledged assets of Property, Plant and Equipment Leased assets included in Property, Plant and Equipment: Printers under sales and lease back -- Printers leased to customers under operating lease Other factory equipment (1) Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6. The pledged assets consist of the new office building and the new production hall, which were completed in 2017, as well as six 3D printers that serve as collateral for certain credit lines and loan agreements. Amounts added to plant and machinery relating to self‑constructed 3D printers are considered non‑cash transactions, which totaled to kEUR 2,531 and kEUR 4,638 in the years ended December 31, 2018 and 2017, respectively. During 2018, the Group acquired equipment with a carrying amount of kEUR 0 (2017: kEUR 116) under a finance lease. The following table presents the composition of, and annual movement in, intangible assets and property, plant and equipment for the years 2018 and 2017, respectively: 2018 (€ in thousands) Acquisition and manufacturing cost Depreciation and amortization Carrying amount 01/01/2018 (1) Additions Disposals Transfer FX 12/31/2018 01/01/2018 Current year Disposals Transfer FX 12/31/2018 12/31/2018 Intangible assets Software 1,004 230 0 211 1 1,446 431 228 0 0 0 659 787 Licenses 245 0 0 0 245 109 27 0 0 0 136 109 Prepayments made on intangible assets 402 333 0 0 524 -- 0 0 0 0 0 524 Total 1,651 563 0 0 1 2,215 540 255 0 0 0 795 1,420 Property, plant and equipment Land, buildings and leasehold improvements 18,703 152 0 0 54 18,909 1,288 533 0 0 3 1,824 17,085 Plant and machinery 16,328 3,836 2,964 1,909 102 19,211 8,065 2,128 1,494 1,425 40 10,164 9,047 Other facilities, factory and office equipment 3,484 329 19 0 7 3,801 2,005 427 12 0 3 2,423 1,378 Assets under construction and prepayments made 8 17 0 0 16 -- 0 0 0 0 0 16 Subtotal 38,523 4,334 2,983 1,900 163 41,937 11,358 3,088 1,506 1,425 46 14,411 27,526 Leased products 2,098 2 0 3 203 1,314 163 0 2 54 149 Total 40,621 4,336 2,983 0 166 42,140 12,672 3,251 1,506 0 48 14,465 27,675 2017 (€ in thousands) Acquisition and manufacturing cost Depreciation and amortization Carrying amount 01/01/2017 Additions Disposals Transfer FX 12/31/2017 01/01/2017 Current year Disposals Transfer FX 12/31/2017 12/31/2017 (1) Intangible assets Software 798 137 17 91 1,004 283 166 16 -- 431 573 Licenses 245 -- -- -- -- 245 83 26 -- -- -- 109 136 Prepayments made on intangible assets 205 328 40 -- 402 40 -- 40 -- -- -- 402 Total 1,248 465 57 0 0 1,651 406 192 56 0 540 1,111 Property, plant and equipment Land, buildings and leasehold improvements 12,948 2,878 30 3,076 18,703 928 400 30 -- 1,288 17,415 Plant and machinery 13,160 5,780 2,665 429 16,328 7,429 1,830 1,276 196 8,065 8,263 Other facilities, factory and office equipment 3,228 479 180 4 3,484 1,762 432 169 -- 2,005 1,479 Assets under construction and prepayments made 3,249 9 -- 8 -- -- -- -- -- -- 8 Subtotal 32,585 9,146 2,875 273 38,523 10,119 2,662 1,475 196 11,358 27,165 Leased products 2,258 123 -- 2,098 1,203 309 0 1,314 784 Total 34,843 9,269 2,875 -- 40,621 11,322 2,971 1,475 -- 12,672 27,949 (1) Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6. The Company previously entered into sale and leaseback transactions for self‑produced 3D printers, which were sold to banks and leased back. As of December 31, 2018 and 2017, the Company had zero and four active sale and leaseback contracts, respectively, as all the contracts have ended in 2018. |
Other liabilities and provision
Other liabilities and provisions | 12 Months Ended |
Dec. 31, 2018 | |
Other liabilities and provisions | |
Other liabilities and provisions | 13. Other liabilities and provisions December 31, 2018 2017 (€ in thousands) Customer deposits -- Liabilities from VAT Employee bonus Accruals for vacation and overtime Accruals for licenses Liabilities from payroll Accruals for commissions Accruals for compensation of Supervisory board Accrual for warranty Others Total After the adoption of IFRS 15 customer deposits amounting to kEUR 177 were presented within contract liabilities. (€ in thousands) January 1, 2018 Usage Addition Reversal December 31, 2018 Accrual for warranty voxeljet has a Long‑Term Cash Incentive Plan (“LTCIP”) that provides for cash awards to non‑executive employees. Under the plan, which was announced on October 2, 2013, the Company may grant individual award units of EUR 5,000 each up to a total maximum amount of 10% of the net proceeds received by the Company upon closing of its initial public offering. An initial grant of 684 award units was made to participants on October 2, 2013. The vesting of the awards occurs during three separate performance periods, with 20% of the awards vesting in performance period 1 ended December 31, 2013, 40% of the awards vesting in performance period 2 ended December 31, 2015, and the remaining 40% vesting in performance period 3 ending December 31, 2017. Vesting of the award during performance period 3 is subject to performance and market conditions, including revenue growth and market capitalization as of December 31, 2017. In determining the fair value of the liability for the third period of the LTCIP, the Company originally estimated an 80% probability of achievement for each target and an employee turnover rate of 5.8% based on the past experience. However, in 2016, management updated its assessment and estimated that the achievement of the underlying targets on the third performance period of LTCIP would no longer be probable, resulting in a gain of kEUR 478 to the consolidated statements of comprehensive loss reflecting the reversal of previously accrued expected costs. As of December 31, 2017 the targets were not achieved and the LTCIP ceased. The Group expects to settle the majority of the other liabilities and provisions over the next year. |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2018 | |
Financial instruments | |
Financial instruments | 14. Financial instruments Fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy defines the following levels: · Level 1: Quoted prices of the respective financial asset or financial liability in active markets · Level 2: Other directly observable input parameters which contribute to establishing the fair value based on a valuation model · Level 3: Input parameters not based on observable market data Under IFRS 9 there are the following categories: (I) FVOCI (II) Mandatorily at FVTPL (III) Amortized cost The effect of initially applying IFRS 9 on the Group’s financial instruments is described in Note 3. Due to the transition method chosen, comparative information has not been restated to reflect the new requirements. 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 12/31/2018 FVTPL FVOCI cost cost amount Level 1 Level 2 Level 3 Total Level Financial assets measured at fair value Non-current assets Derivative financial instruments 2,229 -- -- -- 2,229 -- 2,229 -- 2,229 Level 2 Equity securities -- 5 -- -- 5 -- -- 5 5 Level 3 Current assets Bond funds -- 12,905 -- -- 12,905 12,905 -- -- 12,905 Level 1 Financial assets not measured at fair value Current assets Cash and cash equivalents -- -- 7,402 -- 7,402 7,402 -- -- 7,402 Level 1 Trade and other receivables -- -- 6,030 -- 6,030 -- -- -- -- Financial liabilities not measured at fair value Non-current liabilities Long-term debt -- -- -- 16,250 16,250 -- 15,231 -- 15,231 Level 2 Finance lease obligation -- -- -- 71 71 -- 69 -- 69 Level 2 Current liabilities Long-term debt -- -- -- 816 816 -- 809 -- 809 Level 2 Finance lease obligation -- -- -- 34 34 -- 34 -- 34 Level 2 Trade payables -- -- -- 2,945 2,945 -- -- -- -- 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 financial assets with a carrying amount of € 15.1 million reported on the Company’s statement of financial position at December 31, 2018 were comprised of investments in seven bond funds (kEUR 11,847) and one note receivable (kEUR 1,058), all reported as current financial assets, an equity forward (kEUR 2,229) and equity securities (kEUR 5) reported as a noncurrent asset. The financial assets with a carrying amount of € 14.4 million reported on the Company’s statement of financial position at December 31, 2017 were comprised of investments in four bond funds (kEUR 14,044), all reported as current financial assets, an equity forward (kEUR 352) and equity securities (kEUR 5) reported as a noncurrent asset. The fair value of the Company’s investments in the bond funds was determined based on the unit prices quoted by the respective fund management company. The funds pursue the goal of daily liquidity and invest in short‑term notes. The funds are open‑ended; the units can be redeemed to the fund on a daily basis. Unit prices updated by the fund management company on a daily basis represent a quoted price in an active market. The fair value of long‑term debt was determined using discounted cash flow models based on the relevant forward interest rate yield curves. The fair value of finance lease obligations was determined using discounted cash flow models based on market interest rates available to the Company for similar transactions at the relevant date. The fair value of the derivative financial instruments was determined based on the Company’s stock price and the risk-free interest rate for the remaining term of the derivative using a forward pricing formula. |
Cost of sales
Cost of sales | 12 Months Ended |
Dec. 31, 2018 | |
Cost of sales | |
Cost of sales | 15. Cost of sales Cost of sales includes personnel expenses, cost of material, purchased services, cost for finished goods and allocated indirect costs related to production. COST OF SALES Year Ended December 31, 2018 2017 (1) 2016 (€ in thousands) Personnel expenses Material costs Depreciation Other expenses Allowance for slow-moving inventory 417 515 Total (1) Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6. In 2018, other expenses consisted of rental and building expenses (kEUR 491), travel expenses (kEUR 294) and license fees (kEUR 92). In 2017, other expenses consisted of license fees (kEUR 404), rental and building expenses (kEUR 463) and travel expenses (kEUR 296). I n 2016, other expenses consisted of rental and building expenses (kEUR 644), license fees (kEUR 421), travel expenses (kEUR 414) and tooling kits (kEUR 198). |
Other operating income and expe
Other operating income and expense | 12 Months Ended |
Dec. 31, 2018 | |
Other operating income and expense | |
Other operating income and expense | 16. Other operating income and expense The details of other operating income and expenses are presented for the years reported in the tables below: OTHER OPERATING INCOME Year Ended December 31, 2018 2017 2016 (€ in thousands) Government grant income Amortization of gain on sale and leaseback transactions Reimbursement of transaction costs Gains from foreign exchange transactions Other Total Other operating income includes an amount of kEUR 38 (2017: kEUR 33) for the movement of impairment on trade receivables. OTHER OPERATING EXPENSE Year Ended December 31, 2018 2017 2016 (€ in thousands) Impairment loss on trade receivables Losses from foreign exchange transactions Impairment of Goodwill -- -- Equity-settled share-based payment transaction in relation to the establishment of a subsidiary with non-controlling interest -- -- Other Total |
Financial result
Financial result | 12 Months Ended |
Dec. 31, 2018 | |
Financial result | |
Financial result | 17. Financial result The details of financial result are presented for the years reported in the table below: Year Ended December 31, 2018 2017 2016 (€ in thousands) Interest expense Finance lease obligations Long-term debt Other Interest income 1,952 Payout of bond funds Income from revaluation of derivative financial instruments 1,877 -- Other Financial result |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income taxes | |
Income Tax | 18. Income taxes Income taxes consist of the following for the years reported: Income tax (expense) benefit Year Ended December 31, 2018 2017 2016 (€ in thousands) Current tax expense -- -- (2) Deferred tax (expense) benefit (11) (80) -- Total (11) (80) (2) Deferred tax assets and liabilities The components of net deferred income taxes at the end of the respective reporting periods were as follows: SOURCES OF DEFERRED TAX ASSETS AND LIABILITIES December 31, 2018 2017 (€ in thousands) Deferred tax assets Deferred tax liabilities Deferred tax assets Deferred tax liabilities Trade receivables Other receivables and current assets Inventories Property, Plant & Equipment Non-current other assets -- -- -- Current deferred income -- -- -- Trade liabilities 231 -- -- Current financial liabilities 209 -- 126 -- Current financial assets Other current liabilities and provisions -- Contract liabilities -- -- Non-current deferred income -- -- 1,076 -- Non-current financial liabilities -- -- Non-current financial assets -- -- -- Non-current liabilities and provisions -- -- -- Intangible assets -- -- Tax losses carried forward -- -- Valuation allowance -- -- Tax assets (liabilities) 1,670 1,645 Set off of tax 1,670 1,645 Net tax 0 At December 31, 2018 voxeljet had gross loss carry‑forwards for corporation tax and trade tax losses of kEUR 26,617 and kEUR 26,033, respectively, for which no deferred taxes have been recognized. These tax losses can be carried forward without restriction for future offset against taxable profits. In addition, there are foreign tax loss carry‑forwards of kEUR 14,352, primarily related to our subsidiary in the UK. Reconciliation of profit before income taxes to income tax The reconciliation between profit before income taxes and income tax benefit (expense) for the reporting periods presented was as follows: RECONCILIATION OF INCOME TAX BENEFIT (EXPENSE) Year Ended December 31, 2018 2017 (1) 2016 (€ in thousands) Loss before tax Tax expense at prevailing statutory rate (28%) 2,451 2,373 3,167 Non-deductible expenses Non-taxable income 242 266 116 Tax-rate related differences Unrecognized temporary differences and tax losses Income tax expense |
Personnel expenses
Personnel expenses | 12 Months Ended |
Dec. 31, 2018 | |
Personnel expenses | |
Personnel expenses | 19. Personnel expenses Personnel expenses included in cost of sales, research and development, and selling and administrative expenses are comprised of the following: PERSONNEL EXPENSES Year Ended December 31, 2018 2017 2016 (€ in thousands) Wages and salaries LTCIP -- -- Employee stock option plan 604 386 -- Social security contributions Total voxeljet AG offers to its employees a defined contribution plan called “MetallRente”. The contributions paid by the Company amounted to kEUR 61, kEUR 62 and kEUR 57 for the years ended December 31, 2018, 2017 and 2016, respectively. The employer’s contribution into the mandatory German state plan amounted to kEUR 849, kEUR 710 and kEUR 697 for the years ended December 31, 2018, 2017, and 2016, respectively. |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2018 | |
Segment reporting | |
Segment reporting | 20. Segment reporting voxeljet operates in two reportable segments—Systems and Services—which reflect the internal organizational and management structure according to the distinct nature of the two businesses. The Systems business derives its revenues from the manufacture and sale of 3D printers, from the sale of consumables, as well as from lease, maintenance and extended warranty agreements with customers, while the Services business provides customized printed products to customers. The Management Board of voxeljet is the chief operating decision maker. As a performance indicator, the chief operating decision maker mainly monitors the Company’s revenues and gross profit. The following table summarizes segment reporting for each of the reporting periods ended December 31. As management’s controlling instruments are mainly revenue‑based, the reporting information does not include a detailed breakdown of all assets and liabilities by category. The sum of the amounts for the two segments equals the total for the Company for each of the years presented. SEGMENT REPORTING Year Ended December 31, 2018 2017 (1) 2016 (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES SYSTEMS SERVICES Revenues Gross profit Gross profit in % PPE Trade receivables Trade payables Systems revenues include revenues from the sales of used 3D printers of kEUR 1,489, kEUR 2,556, and kEUR 1,235 for the years ended December 31, 2018, 2017, and 2016, respectively. Geographic information REVENUES BY GEOGRAPHICAL REGION voxeljet’s revenues and non‑current assets are presented below by geographic region. For purposes of this presentation, revenues are based on the geographic location of customers and assets are based on their geographic location. voxeljet’s revenues were generated in the following geographical regions for the years reported: Year Ended December 31, 2018 2017 2016 (€ in thousands) EMEA Germany France Great Britain Others Asia Pacific Indonesia -- -- China South Korea Thailand Taiwan Others Americas United States Others Total NON‑CURRENT ASSETS BY GEOGRAPHICAL REGION December 31, 2018 2017 (1) (€ in thousands) EMEA Germany Great Britain Asia Pacific Americas United States Total (1) Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6. |
Financial risk management
Financial risk management | 12 Months Ended |
Dec. 31, 2018 | |
Financial risk management | |
Financial risk management | 21. Financial risk management The Company’s Management Board is responsible for implementing the finance policy and for ongoing financial risk management. Therefore the Management Board has established a Risk Management Committee, which is responsible for developing and monitoring of the Group’s risk management policies, especially regarding financial risks. Generally the committee provides an overview of financial risks on a quarterly basis to the Management Board as part of the Company’s quarterly management reporting procedures. The Company’s principal financial instruments are comprised of short‑term bank deposits at commercial institutions, bond funds, lease obligations and long‑term debt. The main purpose of the financial asset instruments is to provide a return on investments with minimal risk. The main purpose of the financial liability instruments is to help fund the Company’s operations. The Company has various other financial assets and liabilities including trade receivables and trade payables, which arise directly from its operations. The main purpose of the financial liability instruments is to fund the Company’s operations and research and development activities. A portion of the long-term debt includes a derivative financial instrument related to a future interest payment which is linked to the Company’s stock price (Performance Participation Interest). The main risks arising from the Group’s financial instruments are foreign exchange risk, credit risk and equity price risks. The measures taken by Management to manage each of these risks are summarized below. Transactions related to activities in the area of financial instruments require the prior approval of the Chief Financial Officer. The Company did not enter into any derivative financial instruments for hedging purposes in 2018. Management receives a weekly reporting of the current liquidity of the Group by entity. Furthermore, a monthly cash flow plan meeting has been established, where Management reviews the cash forecasts and the future development of flows of funds on an ongoing basis. Foreign exchange risk The Company is exposed to foreign exchange risk to the extent that there is a difference between the currencies in which sales, purchases and borrowings are denominated and the respective functional currencies of subsidiaries of the Group. The functional currencies of the parent company voxeljet AG and its subsidiaries are Euro, US Dollars, British Pound Sterling, Indian rupee and Chinese yuan renminbi. The majority of the sale, purchase and borrowing transactions are denominated in the functional currency of the parent company or its subsidiaries. The Company’s most significant foreign exchange risk relates to intercompany loans made to subsidiaries, as described below. voxeljet has provided intercompany loans to its subsidiaries to finance their operations. The loans were granted in the local currency of the subsidiaries. Gains and losses from movements in exchange rates are recorded within other operating income or expense in the consolidated statement of comprehensive loss. As of December 31, 2018 the amount loaned to voxeljet UK by voxeljet AG totaled GBP 8.1 million (€ 9.0 million). A relative increase in the value of the Euro against British Pound Sterling of 10% would lead to a loss of € 0.8 million. The amount of loaned to voxeljet America totaled to USD 6.8 million (€ 5.9 million) as of December 31, 2018. An increase in the value of the Euro against US Dollars of 10% would lead to a loss of € 0.5 million. For the year ended December 31, 2018, voxeljet generated 41.9% of its revenues in the eurozone. Additionally, the majority of the Company’s sourcing transactions are also transacted in Euros in that zone. The Company invoiced 70% in 2018, 70% in 2017 and 84% in 2016 of total revenues in Euro. As revenues in foreign currency usually correspond to costs which are incurred in the same currency, we consider the risk as minor. The significant exchange rates which have been applied during the years presented are disclosed in Note 3. Interest rate risk voxeljet’s principal interest-bearing positions are liabilities for bank borrowings and finance lease obligations. These liabilities are entirely at a fixed interest rate, with one exception. As such, changes in market interest rates have no material effect on future interest expenses. A change of 10% in interest rates would increase or decrease interest expense less than kEUR 2. In connection with the first tranche of the loan received by the European Investment Bank amounting to € 10.0 million, the Company issued a warrant, Performance Participation Interest (PPI), accounted for separately as derivative financial instruments from the host contract (loan financial liability), with changes in fair value reported in the consolidated statements of comprehensive loss until the derivative financial instruments settle or expire. The loan is accounted for according to the effective interest method. The effective interest rate of the loan with the European Investment Bank is 7.58%, which is imputed based on the fair value of the derivative financial instruments on the date of the loan disbursement. Changes in the market interest will not affect the loan accounting. However, the derivative instrument is affected by changes in the risk-free rate. Increases in the risk-free rate will lead to a decrease of the fair value of the derivative instrument; decreases in the risk-free rate will lead to an increase in the fair value of the derivative instrument. Equity price risk The Company is also exposed to equity price risks which arise from derivative financial instruments (PPI) associated with the loan received by the European Investment Bank which depend upon the Company’s share price. Changes in the Company’s share price will affect the value of an equity forward derivative instrument (increasing share prices as compared to the share price at disbursement date will lead to a negative fair value of the derivative, decreasing share prices will lead to a positive fair value of the derivative). An increase/decrease of the price per ADR by USD 1.00 leads to an increase/decrease of the derivative financials instrument by € 1.1 million. Credit risk Credit risk is the risk of the Company suffering a financial loss as the result of its counterparties being unable to perform their obligations. The Company is exposed to credit risk from its operating activities (mainly trade receivables) and from its financing activities, including deposits and investments with financial institutions. Therefore, the carrying amount of cash and cash equivalents, financial assets, and trade receivables represents the maximum credit exposure of € 26.4 million (2017: € 27.1 million). The Company’s exposure to credit risk is influenced by the individual characteristics of each customer. However, Management also considers factors that influence the credit risk of its customer base, including the default risk of the industry and the country in which the customer operates. voxeljet seeks to minimize such risk by entering into transactions with counterparties that are believed to be creditworthy business partners or with financial institutions which meet high credit rating requirements. In addition, the portfolio of receivables and customer advances is monitored on a continuous basis. Credit risk is limited to a specified amount with regard to individual receivables. There were no customer loans outstanding as of December 31, 2018 and 2017. Since 2018, the Company calculates an expected credit loss (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. The Group limits its exposure to credit risk by investing only in bond funds which are fully guaranteed by the financial institutions and therefore represents short term credit rating of A‑3 based on Standard & Poor’s or P‑2 based on Moody’s. The bank deposit are held with financial institutions, which are rated BBB to A2 based on Standard & Poor’s and Moody’s. Reconciliation of movements of liabilities to cash flows arising from financing activities Liabilities Equity (€ in thousands) Bank overdrafts used for cash management purposes Other loans and borrowings Finance lease Subscribed capital Capital reserves Accumulated (1) (2) Non-controlling interests Total Restated balance at January 1, 2018 58 17,038 479 3,720 76,227 (37,672) 71 59,921 Changes from financing cash flows Proceeds from loans and borrowings — 1,639 — — — — — 1,639 Repayment of borrowings (58) (2,764) — — — — — (2,822) Payment of finance lease liabilities — — (361) — — — — (361) Proceeds from issuance of shares — — — 1,116 9,972 — — 11,088 Total changes from financing cash flows (58) (1,125) (361) 1,116 9,972 — — 9,544 Other changes Liability-related Capitalized borrowing costs — — — — — — — Reclassification — 1,152 (13) 1,139 Interest expense — 944 69 — — — — 1,013 Interest paid — (943) (69) — — — — (1,012) Total liability-related other changes — 1,153 (13) — — — — 1,140 Total equity-related other changes — — — — 604 (8,728) (36) (8,160) Balance at December 31, 2018 — 17,066 105 4,836 86,803 (46,400) 35 62,445 (1) Restated balance at January 1, 2018 includes restatement for immaterial errors. For further information, see Note 6. (2) Restated balance at January 1, 2018 includes impact of the adoption of IFRS 9 and IFRS 15. Liabilities Equity (€ in thousands) Bank overdrafts used for cash management purposes Other loans and borrowings Finance lease Subscribed capital Capital reserves Accumulated Non-controlling interests Total Restated balance at January 1, 2017 224 5,099 791 3,720 75,827 (28,971) 87 56,777 Changes from financing cash flows Proceeds from loans and borrowings — 12,612 — — — — — 12,612 Repayment of borrowings (165) (732) — — — — — (897) Payment of finance lease liabilities — — (436) — — — — (436) Total changes from financing cash flows (165) 11,880 (436) — — — — 11,279 Other changes Liability-related Capitalized borrowing costs — — — — — — 78 Reclassification — 42 123 165 Interest expense — 100 45 — — — — 145 Interest paid — (161) (45) — — — — (206) Total liability-related other changes — 59 123 — — — — 182 Total equity-related other changes — — — — 400 (8,509) (16) (8,125) Balance at December 31, 2017 59 17,038 478 3,720 76,227 (37,480) 71 60,113 Liquidity risk Liquidity risk is the risk that voxeljet might not have sufficient cash to meet its payment obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the reputation of the Company . Liquidity risk is countered by systematic, day‑by‑day liquidity management whose fundamental requirement is that solvency must be guaranteed at all times. A major responsibility of management is to monitor the cash balances and to set up and update cash planning on a monthly basis to ensure liquidity. At all times cash and cash equivalents are projected on the basis of a regular financial and liquidity planning. The monitoring includes the expected cash inflows on trade and other receivables together with expected cash outflows from trade and other payables. In 2016, voxeljet concluded new loan agreements with Kreissparkasse Augsburg, Germany, to finance the construction of new office and production facilities in Friedberg: (i) in May 2016, the Company entered into a € 1.0 million loan agreement due April 30, 2021. Interest is payable at a fixed rate of 2.35%; (ii) in September 2016, the Company entered into a € 2.0 million loan agreement due May 31, 2038. Interest is payable at a fixed rate of 2.47%; (iii) In October 2016, the Company entered into a € 0.7 million loan agreement due September 30, 2021. Interest is payable at a fixed rate of 2.29%; and (iv) in December 2016, the Company entered into a € 1.0 million loan agreement due January 31, 2038. Interest is payable at a fixed rate of 2.72%. Among other terms, the loan agreements contain (i) certain covenants, including that voxeljet deposit € 2.0 million with Kreissparkasse Augsburg until it has reached certain ratio with respect to its ability to service the debt by the end of fiscal year 2019, and (ii) change of control provisions concerning the ownership of the Company by its executive officers, Dr. Ingo Ederer and Rudolf Franz. In case voxeljet fails to meet that ratio by the end of its fiscal year 2019, voxeljet is obliged to pledge € 2.0 million for the benefit of the lender. In addition, the land owned by voxeljet upon which the facilities will be built as well as three 3D printers will serve as collateral under the loan agreements. On November 9, 2017, the European Investment Bank (“EIB”) and the Company entered into a Finance Contract and Synthetic Warrant Agreement to support the Company’s undertaking of research and development projects for growth from 2017 to 2020. The contract provides a credit of up to € 25 million in three tranches of € 10 million, € 8 million, and € 7 million. Under the Contract, the Company may borrow under the credit up to €25 million, subject to a limit of 50% of the total research and development expenditures and manufacturing capital expenditures from 2017 to 2020. The interest rates for the three tranches are 0%, 7% and 3%, respectively. The Company may borrow the second and third tranche only if certain revenue and EBITDA levels are met. The Contract also includes a financial covenant that requires the Company to meet certain minimum financial ratios from 2019 to 2025. Under a First Demand Guarantee Agreement the Finance Contract is guaranteed by the voxeljet USA subsidiary. In 2018, voxeljet did not enter into any new loan agreement. The total research and development expenditures and manufacturing capital expenditures are expected to be € 14.0 million and € 16.2 million for the fiscal year 2019 and 2020, respectively. The first tranche of € 10 million received on December 22, 2017, the EIB under the Synthetic Warrant Agreement was entitled to receive as consideration in cash equal to the market value of 195,790 ordinary shares of the Company (or equivalent number of ADS of the Company) at the maturity date (5 years after draw down), after the occurrence of a trigger event, or on the expiration date (10 years after draw down). Under the anti-dilution protection clause of the agreement the number of ordinary shares under the Synthetic Warrant Agreement was increased to 254,527 as a result of the capital increase effective October 17, 2018 and November 1, 2018. voxeljet may prepay all or part of any Tranche before the maturity date, together with accrued interest. The following are the remaining contractual maturities of financial liabilities and trade payables at the reporting date. The amounts are gross and undiscounted and include contractual interest payments. December 31, 2018 (€ in thousands) Contractual cash flow carrying amount Total 2 months or less 2-12 months 1-3 years 3-5 years More than 5 years Long-term debt 17,066 Finance lease obligations -- Trade payables 2,945 -- -- -- -- Total 20,116 December 31, 2017 (€ in thousands) Contractual cash flow carrying amount Total 2 months or less 2-12 months 1-3 years 3-5 years More than 5 years Bank overdrafts and lines of credit -- -- -- -- Long-term debt 17,038 Finance lease obligations -- Trade payables 3,059 -- -- -- -- Total 20,634 In spite of the significant cash outflow in 2018 and 2017, the Company’s short and mid-term liquidity needs are currently covered. This is supported through the capital increase finalized in the fourth quarter of 2018 with net proceeds of approximately € 11.1 million. The mid-term business plan includes the raising of additional capital through additional debt, equity or other alternatives to ensure the cash requirements of the Company. In order to be prepared for additional public fund raising the Company filed a form F-3 with the SEC in August 2017. As the cash position of the Company is still sufficient, mid-term liquidity risk is considered low. |
Capital management
Capital management | 12 Months Ended |
Dec. 31, 2018 | |
Capital management | |
Capital management | 22. Capital management Management’s aim is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Equity is monitored by the Company using financial ratios. The equity used as a basis for determining the equity ratio corresponds to the equity disclosed in the Consolidated Statement of Financial Position. Part of the capital management strategy is to reduce the number of sale and leaseback transactions for 3D printing equipment used in the production of printed products for customers. As a result of the Company’s increased liquidity from its public equity offerings, certain lease contracts have been terminated prior to their scheduled maturity. voxeljet’s capital structure as of the end of the reporting periods 2018 and 2017 was as follows: CAPITAL STRUCTURE December 31, 2018 2017 (1) (€ in thousands) Equity Share of total equity and liabilities Current financial liabilities Non-current financial liabilities Total financial liabilities Share of total equity and liabilities Total equity and liabilities |
Leases
Leases | 12 Months Ended |
Dec. 31, 2018 | |
Leases | |
Leases | 23. Leases Finance leases Lessee Future minimum lease payments under financing lease arrangements at the end of the considered reporting periods were as follows: PRESENT VALUE OF MINIMUM LEASE PAYMENTS December 31, 2018 (€ in thousands) Minimum future lease payments obligation Unamortized interest expense Present value of minimum future lease payments obligation due within 1 year 36 34 due between 1 and 5 years 73 71 Total 109 (4 ) 105 December 31, 2017 (€ in thousands) Minimum future lease payments obligation Unamortized interest expense Present value of minimum future lease payments obligation due within 1 year 320 308 due between 1 and 5 years 175 171 Total 495 479 Operating Leases Lessee The estimated payment schedule regarding operating leases at the end of the considered reporting periods was as follows: OPERATING LEASE OBLIGATIONS December 31, 2018 2017 (€ in thousands) Less than 1 year 1 to 5 years Over five years Total Operating lease expenses were kEUR 528, kEUR 537, and kEUR 630 in the financial years 2018, 2017, and 2016, respectively. Operating lease expenses are primarily related to the rental agreements for real estate regarding our foreign operations. Lessor voxeljet leased two of its self‑produced 3D printers to two customers. Under the lease contract, voxeljet bears a majority of the substantial risks and rewards of the underlying assets. Operating lease payments receivable for subleases December 31, 2018 2017 (€ in thousands) Less than 1 year 1 to 5 years -- -- Total The operating lease income was kEUR 31, kEUR 145 and kEUR 89 in the financial years 2018, 2017, and 2016, respectively. |
Commitments, contingent assets
Commitments, contingent assets and liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Commitments, contingent assets and liabilities | |
Commitments, contingent assets and liabilities | 24. Commitments, contingent assets and liabilities In connection with the enforcement of voxeljet’s intellectual property rights, the acquisition of third‑party intellectual property rights, or disputes related to the validity or alleged infringement of the Company ’s or a third‑party’s intellectual property rights, including patent rights, voxeljet has been and may in the future be subject or party to claims, negotiations or complex, protracted litigation. In March 2018, ExOne GmbH, a subsidiary of ExOne, notified voxeljet of its intent not to pay its annual license fees under an existing intellectual property-related agreement and asserted its rights to claim damages pursuant to an alleged material breach of the agreement. At this time, the Company cannot reasonably estimate a contingency, if any, related to this matter. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related party transactions | |
Related party transactions | 25. Related party transactions Related party transactions at voxeljet mainly consist of transactions with individuals on the Management Board and Supervisory Board. Key management is defined as those individuals having authority and responsibility for planning, directing and controlling the activities of the Company within their function and within the interest of the Company . The following table presents the amount and components of Management Board compensation: MANAGEMENT COMPENSATION Year Ended December 31, 2018 2017 2016 (€ in thousands) Fixed compensation Compensation arisen from stock option plan -- Total Management Board remuneration currently consists of a fixed monetary remuneration, other fixed benefits (including Company car allowances and contributions to a defined contribution plan), a variable bonus as well as the participation in a stock options plan, which was executed on April 7, 2017. Transactions with related parties A related party relationship could have an effect on the profit and loss and financial position of the Company . Defined as related parties are individuals or other third parties with whom voxeljet has common control relationships. OTHER RELATED PARTIES Name Nature of relationship Duration of relationship Franz Industriebeteiligungen AG, Augsburg Lessor 10/01/2003-Current Schlosserei und Metallbau Ederer, Dießen Supplier 05/01/1999-Current Andreas Schmid Logistik AG Supplier 05/01/2017-Current Suzhou Meimai Fast Manufacturing Technology Co., Ltd Customer 04/11/2016-Current Simon Franz Employee 04/11/2017-Current DSCS Digital Supply Chain Solutions GmbH Customer 05/11/2017-Current Transactions with Franz Industriebeteiligungen AG comprise the rental of office space in Augsburg, Germany. Rental expenses amounted to kEUR 2, in each of 2018, 2017 and 2016. In addition, Franz Industriebeteiligungen AG received payments related to the use of certain paintings which are placed in the administrative building in Friedberg. Associated rental expenses amount to kEUR 2 in each of 2018, 2017, and 2016. Further, voxeljet acquired goods amounting to kEUR 7, kEUR 15, and kEUR 15 in 2018, 2017 and 2016 from ‘Schlosserei und Metallbau Ederer’, which is owned by the brother of Dr. Ingo Ederer, the Chief Executive Officer of voxeljet . In addition, voxeljet received logistics services amounting to kEUR 74 and kEUR 43 in 2018 and 2017 from ‘Andreas Schmid Logistik’, where the member of our supervisory board Dr. Stefan Söhn serves as CFO. Moreover, voxeljet received orders amounting to kEUR 175, kEUR 244 and kEUR 87 in 2018, 2017 and 2016 from ‘ Suzhou Meimai Fast Manufacturing Technology Co., Ltd. , which is our joint venture partner for voxeljet China. Further, voxeljet received orders amounting to kEUR 0 and kEUR 0 in 2018 and 2017 from ‘DSCS Digital Supply Chain Solutions GmbH’, which is an associated company where we own 33.3%. In addition, voxeljet employed Simon Franz, who is the son of voxeljet’s CFO Rudolf Franz. He received a salary of kEUR 12 and kEUR 3 in 2018 and 2017, respectively. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity. | |
Equity | 26. Equity At December 31, 2018, 4,836,000 no‑par value ordinary shares were issued and outstanding. There is only a single class of ordinary shares with the same rights, preferences and restrictions. Each share entitles the holder to one vote at the shareholders’ meeting. Shareholders participate in the profits according to their share in the share capital, based on their number of shares held. The general shareholders’ meeting resolves the appropriation of the balance sheet profit established in the annual financial statements and the dividends. On October 17, 2018, voxeljet issued 972,000 ordinary shares, equivalent to 4,860,000 American Depository Shares (“ADS”), at an offering price of USD 2.57 per ADS (the “Public Offering Price”). The Company received net proceeds of approximately EUR 9.7 million. Members of the Management Board, who are also significant shareholders, purchased an aggregate number of 233,462 ADSs in this offering at the Public Offering Price. On November 8, 2018, voxeljet closed the over-allotment transaction in which it issued additional 144,000 ordinary shares, equivalent to 720,000 ADSs, upon the exercise of the over-allotment option exercised by the underwriter on November 1, 2018. The Company received net proceeds of approximately EUR 1.4 million. Incremental costs of EUR 0.6 million directly attributable to the issue of ordinary shares are recognized as a deduction from equity. The Articles of Association authorize the Management Board, subject to the consent of the Supervisory Board, to increase the Company’s registered share capital in one or more tranches by up to kEUR 744 new no par value ordinary shares against contribution in cash or in kind until May 29, 2023. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent events | |
Subsequent events | 27. Subsequent events At March 1, 2019, voxeljet China moved into a new facility. The new facility comprises production floor, storage as well as office space. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Summary of significant accounting policies | |
Consolidation | Consolidation Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intercompany balances and transactions are eliminated in preparing the consolidated financial statements. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in the joint venture are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income of equity-accounted investees, until the date on which significant influence or joint control ceases. |
Revenues from contracts with customers | Revenues 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. Additionally, the disclosure requirements in IFRS 15 have not generally been applied to comparative information. 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 following table summarizes the impact 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 tables summarize the impacts of adopting IFRS 15 on the Company’s consolidated statement of financial position as of December 31, 2018 and its consolidated statement of comprehensive loss for the year then ended for each of the line items affected. There was no material impact on the Company’s consolidated statements of cash flows for the year ended December 31, 2018. Amounts without 12/31/2018 As reported Adjustments adoption of IFRS 15 (€ in thousands) Total assets 69,352 (405) 68,947 Current assets 37,936 (405) 37,531 Trade receivables 6,030 (405) 5,625 Total equity and liabilities 69,352 (405) 68,947 Current liabilities 6,302 (424) 5,878 Deferred income — 228 228 Contract liabilities 817 (817) -- Other liabilities and provisions 1,690 165 1,855 Equity 46,475 19 46,494 Accumulated deficit (46,400) 19 (46,381) A contract liability is recognized when the Company has received consideration (i.e. advance payment) from customers before satisfying a performance obligation, or has an unconditional right to payment under a non-cancellable contract before it transfers the related goods or services to the customer under maintenance and extended warranty contracts. Upon the adoption of IFRS 15, the Company reclassified the deferred income balance, which represents advance payment from customers, to contract liabilities. Amounts without 12/31/2018 As reported Adjustments adoption of IFRS 15 (€ in thousands) Revenue 26,009 (81) 25,928 Impairment loss on trade receivables under IFRS 15 (10) 10 -- Operating loss (9,562) (71) (9,633) Loss before income taxes (8,753) (71) (8,824) Net loss (8,764) (71) (8,835) Total comprehensive loss (8,943) (71) (9,014) The following table provides information about receivables and contract liabilities from contracts with customers. Note December 31, 2018 January 1, 2018 (€ in thousands) Receivables, which are in included in 'trade and other receivables' Contract liabilities Upon adoption of IFRS 15, the Company changed the accounting policy on the revenue recognition relating to maintenance contracts are set out below. Under IFRS 15, the Company recognizes revenue on the maintenance contracts based on the input method, such as the number of service visits or the provision of certain goods, in particular printheads, to measure the progress that depicts the transfer of control of the goods or services to the customer toward complete satisfaction of a performance obligation over time. 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. Under IAS 18, the Company recognized revenue on a straight-line basis over the contract term. IFRS 15 did not have a significant impact on the Group’s accounting policies with respect to other revenue streams. Revenue on the sale of new or refurbished 3D printers is recognized on at the point in time after completed installation of 3D printers at the customer site and evidenced through final acceptance by the customer. Customers obtain control of the 3D printers when the customers have accepted the assets. From time to time, refurbished 3D printers which have been operating at the Company’s service centers for an average of 1.5 to 2.5 years, are routinely sold to customers. Prior to sale, such printers are fully refurbished, which includes the installation of a new printhead. The Group provides customers with statutory warranty on all 3D printers for one year. The warranty presents assurance-type warranty and is not treated as a separate performance obligation. After the initial one-year warranty period, the Group offers its customers optional maintenance contracts, which are considered as individual performance obligations. The Company, from time to time, offers to customers, to operate their purchased 3D printer and perform 3D printing on custom-ordered printed products for a temporary period before the customers’ facility is configured according to required technical specifications. The Company recognizes revenue for the use of space on Company premises over time under the term of the contracts. The Company recognizes revenue from the sale of customized printed products from the customer’s purchased 3D printer, upon transfer of the significant risks and rewards of ownership to the customers, generally upon shipment. Revenue on the sale of customized printed products at the point in time when the significant risks and rewards of ownership of the assets is transferred to the customers, generally upon shipment. Shipping, packaging and handling costs billed to customers for the sales of customized printed products and consumables are considered as separate performance obligation where the Company acts as a principal for the transportation service. The Company recognized the gross revenue at the point in time as the service is provided, i.e. upon shipment. Costs incurred by the Company associated with shipping, packaging and handling are included in selling expenses in the consolidated statements of comprehensive loss. Invoices from revenue streams besides the sale of new or refurbished 3D printers are usually payable within 30 to 60 days. The Company also recognizes that longer payment periods are customary in some countries where it transacts business. To reduce credit risk in connection with machine sales, the Company may, depending upon the circumstances, require advance payments prior to shipment. On the sale of new or refurbished 3D printers, the Company generally require advance payments in full prior to shipment and require international customers to furnish letters of credit. These advance payments are recognized as contract liabilities. Maintenance contracts are generally billed to customers in advance on a monthly, quarterly, or annual basis, and are initially recorded as a contract liability as the Company has an enforceable right to payment after the contract has been signed. The amount of revenue recognized for the fiscal year ended December, 31 2018 from performance obligations satisfied (or partially satisfied) in previous periods is € 0.1 million. This is mainly due to changes in the revenue recognition method on maintenance contracts. The contract liabilities primarily relate to (1) the advance consideration received from customers before satisfying a performance obligation, or an unconditional right to payment under a non-cancellable contract before it transfers the related goods or services to the customer under maintenance contracts, for which revenue is recognized over time; and (2) the advance consideration received from customers for the sale of new or refurbished 3D printers, for which revenue is recognized when the customer has accepted the assets. The total amount of unfulfilled performance obligations for 3D printer sales and long term volume contracts is € 4.9 million. The Company expects to realize approximately 56% of such amount in 2019 and the remainder in 2020. The contract liabilities at the beginning of the current year have been fully recognized as revenue for the fiscal year ended December 31, 2018. In the following table, revenue from contracts with customers is disaggregated by primary geographical market, and timing of revenue recognition. The table also includes a reconciliation of the disaggregated revenue with the Group’s reportable segments (see Note 20). Year ended December 31, SYSTEMS SERVICES 2018 2017 2018 2017 Primary geographical markets EMEA 5,592 6,717 9,081 8,115 Asia Pacific 4,704 1,760 746 766 Americas 1,952 3,057 3,934 2,763 12,248 11,534 13,761 11,644 Timing of revenue recognition Products transferred at a point in time 11,188 10,627 13,761 11,644 Products and services transferred over time 1,060 907 -- -- Revenue from contracts with customers 12,248 11,534 13,761 11,644 In 2018, voxeljet leased two 3D printers (2017: one 3D printer and 2016: five 3D printers) to customers under operating leases. Rental income is recognized on a straight‑line basis over the term of the lease as revenue and is reported within the Systems segment. |
Financial instruments | Financial instruments The adoption of IFRS 9 resulted in a minor increase in impairment losses recognized on trade receivables. 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 accounting policies under IFRS 9 and the nature and effect of the changes to previous accounting policies are set out below. The following table summarizes the impact, net of tax, of transition to IFRS 9 on the opening balance of retained earnings. Impact on adopting IFRS 9 Impact at January 1, 2018 on opening balance (€ in thousands) Retained earnings Recognition of additional expected credit losses under IFRS 9 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 fund are classified as fair value through other comprehensive income (FVOCI). As permitted by IFRS 9, the Company has designated these investments at the date of initial application as measured at FVOCI. 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 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 considers trade receivables which are in default individually prior to the application of the ECL model to the remaining population. 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. Debt securities The Group considers debt securities 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 FVOCI 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. The effect of adopting IFRS 9 on the carrying amounts of financial assets at January 1, 2018 relates solely to the new impairment requirements. 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 The following table reconciles the carrying amounts of financial assets under IAS 39 to the carrying amounts under IFRS 9 on transition to IFRS 9 on 1 January 2018. IAS 39 carrying amount Reclassification Remeasurement IFRS 9 carrying amount (€ in thousands) Financial assets Amortized cost Trade and other receivables: Brought forward: Loans and receivables -- -- -- Remeasurement -- -- -- Carried forward: Amortized cost -- -- -- Total 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 provide information about the exposure to credit risk and ECLs for trade receivables as of January 1, 2018 and December 31, 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 Weighted-average Gross carrying Impairment loss Net carrying Grades (Standard & Poor’s) loss rate 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 -- December 31, 2018 Equivalent to external credit rating Weighted-average Gross carrying Impairment loss Net carrying Grades (Standard & Poor’s) loss rate amount allowance amount (€ in thousands) Grades 1-4: Low risk BBB+ to AAA 3,274 5 3,269 Grades 5-7: Fair risk B+ to BBB 2,171 29 2,142 Grades 8-9: Substandard CCC- to B 648 45 603 Grade 10: Doubtful C to CC 22 6 16 Grade 11: Loss D 72 72 -- 6,187 157 6,030 |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents are short‑term bank deposits and are not subject to a significant risk of change in value. |
Research and development expenses | Research and development expenses All research and development costs are charged to expense as incurred. |
Government grants | Government grants Government grants awarded for project funding are recorded within other operating income in the consolidated statement of comprehensive loss if the related research and development costs have been incurred and provided that the conditions for the funding have been met. Until then, amounts received under government grants are recorded as deferred income in the statements of financial position. |
Leases | Leases Operating leases consist of various lease agreements for the rental of manufacturing facilities, office and warehouse space, vehicles, and office and IT equipment, expiring in various years through 2020. Rent expense under operating leases is charged to profit or loss on a straight‑line basis over the term of the lease. |
Long Term Cash Incentive Plan | Long Term Cash Incentive Plan voxeljet has a Long-Term Cash Incentive Plan ("LTCIP"), a cash-settled share-based payment arrangement, that provides for cash awards to non-executive employees. Compensation cost is determined based on the grant-date fair value of the awards and recognized, net of estimated forfeitures due to termination of employment, on a straight-line basis over the requisite service period of the award and depending on the evaluation of certain performance and market conditions. The requisite service period is generally the vesting period stated in the award. The liability for these awards is measured at fair value at each reporting date until settlement and is classified within "other liabilities and provisions in the consolidated statement of financial position. As of December 31, 2017 the targets were not achieved and the LTCIP ceased. |
Employee stock option plan | Employee stock option plan In April 2017, the Supervisory Board adopted and approved Option Plan 2017. The plan authorizes to grant shares of equity-settled stock options to employees and members of the management board. The Company’s stock-based compensation expense is estimated at the grant date based on the fair value of the award and is recognized as expense ratably over the requisite service period of the award. The Company calculates the fair value of each option award on the date of grant under the Monte Carlo simulation model. The determination of the grant date fair value of the awards using a simulation model is affected by our stock price as well as assumptions regarding a number of complex and subjective variables. These variables include the expected stock price volatility over the expected life of the awards, risk-free interest rates, and expected dividends. The risk free interest rate is equal to the U.S. Treasury constant maturity rates for the period equal to the expected life. The Company does not currently pay cash dividends on common stock and does not anticipate doing so in the foreseeable future. Accordingly, the expected dividend yield is zero. |
Foreign currencies | Foreign currencies The financial statements are presented in Euros, the functional currency of voxeljet AG . Monetary transactions denominated in foreign currencies are translated to Euros at the exchange rates prevailing on the transaction date. The financial statements of foreign subsidiaries are translated using the concept of the functional currency in accordance with IAS 21. The assets and liabilities of foreign subsidiaries are translated at the spot rate at the end of the period, while their income statement items are translated at average exchange rates for the respective periods. All resulting exchange differences are recognized in other comprehensive income. Gains and losses on foreign currency transactions are shown within other operating income and other operating expenses, respectively, in the consolidated statement of comprehensive loss. The loans provided to voxeljet AG ’s subsidiaries are not considered as net investments in foreign operations. Therefore, gains or losses from foreign exchange differences thereon are recognized in the statement of other comprehensive loss as “other operating income or expenses”. |
Income Tax | Income Tax Income tax expense (benefit) consists of current and deferred tax expense and benefit in accordance with IAS 12. Current income tax expense (benefit) is based on taxable profit (loss) for the year. Taxable profit (loss) differs from profit (loss) as reported in the statements of comprehensive income (loss) because it excludes items of income or expense that are taxable or deductible in other years and further excludes items that are never taxable or deductible. Current income tax expense (benefit) is calculated using tax rates that have been enacted or substantively enacted by the end of the respective reporting period. Deferred income tax expense (benefit) is recognized on temporary differences between the carrying amounts of assets and liabilities in the statement of financial position and the corresponding tax basis used in the computation of taxable profit (loss). Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets, including for carry forward losses to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer more probable than not that sufficient taxable profits will be available to allow all or a part of the assets to be recovered. Deferred tax expense (benefit) is calculated at the tax rates that are expected to apply in the periods when the liability is settled or the asset is realized, based on tax rates (and tax regulations) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax expense (benefit) is charged or credited to profit or loss, except when it relates to items charged or credited directly to equity, in which case the deferred taxation is also recorded to equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off tax assets against tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. |
Intangible Assets | Intangible Assets Intangible assets, including software, licenses and customer relationships, that are acquired by the Company and have a finite useful life are measured at cost less accumulated amortization and any impairment losses. Amortization for intangible assets with finite useful lives is recognized on a straight‑line basis over their useful lives. The amortization of licenses is allocated to the cost of inventory and is included in cost of sales as 3D printers are sold; the amortization of software is mainly included in selling and administrative expenses. The estimated useful economic lives of acquired intangible assets are presented in the following table: USEFUL LIFE OF INTANGIBLE ASSETS Software 3-5 years Licenses 6-8 years An intangible asset is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in profit or loss in the period in which the item is derecognized. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment is carried at acquisition or manufacturing cost (for internally manufactured printers used in the Services segment) and depreciated on a straight‑line basis over the estimated useful lives of the related assets, taking into account estimated residual values. Except the sale of used printers, realized gains and losses are recognized upon disposal or retirement of the related assets and are reflected within other operating income or other operating expenses in the consolidated statement of comprehensive loss. Subsequent expenditures are capitalized only if it is probable that voxeljet will receive additional economic benefits from the particular asset associated with these expenditures, and the costs can be determined reliably. Repair and maintenance expenditures are expensed as incurred. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Company will obtain ownership by the end of the lease term. In those cases the assets are depreciated over their useful lives. Land is not depreciated. Additions to property, plant and equipment relating to self‑constructed 3D printers are considered non‑cash transactions. The estimated useful economic lives of items of property, plant and equipment are as follows: USEFUL LIFE OF PROPERTY, PLANT AND EQUIPMENT Leasehold improvements 6-9 years Buildings 33 years Plant and machinery 7-8 years Printers leased to customers under operating lease 7-8 years Other facilities, machinery and factory equipment 2-20 years Office equipment 3-12 years Useful lives, depreciation methods and residual values are reviewed at least annually and, in case they change significantly, depreciation charges for current and future periods are adjusted accordingly. |
Inventories | Inventories Raw materials Raw materials are measured at the lower of acquisition cost, as determined on the weighted average costs method, and net realizable value. Obsolete inventories are written off directly into cost of sales. Work in progress and finished goods Work in progress and finished goods are measured at the lower of manufacturing cost and net realizable value. Manufacturing costs comprise all costs that are directly attributable to the manufacturing process, such as direct material and labor, and production related overheads (based on normal operating capacity and normal consumption of material, labor and other production costs), including depreciation charges. Net realizable value is defined as the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs of the sale. For purposes of determining net realizable value, selling expenses include all costs expected to be incurred to make the sale, primarily shipping, packaging and handling as well as commissions. We also use our own printers in our service centers. Unfinished printers are generally available to be sold if a customer requests a product with a specification which can be met by one of the products in progress. Accordingly, we classify printers as inventory until we remove a finished printer from our manufacturing warehouse to use it in a service center. The reclassification as property, plant and equipment, as a non-cash transaction, occurs at cost and depreciation starts at inception of service. We evaluate the adequacy of our inventory reserves on a periodic basis in order to determine the need for an inventory reserve. |
Impairment of non-financial assets | Impairment of non‑financial assets The Company assesses at the end of each reporting period whether there is an indication that a non‑financial asset may be impaired. Such assets are tested for impairment if there are indicators that the carrying amounts may not be recoverable. An impairment loss is recognized in the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is defined as the higher of an asset’s fair value less cost to sell and its value in use. As individual assets do not generate largely independent cash flows, impairment testing is performed at the cash generating unit level. An individual fixed asset within a CGU cannot be written-down below fair value less cost incurred to sell the individual asset. |
Earnings (loss) per share | Earnings (loss) per share Basic earnings per share amounts are calculated by dividing profit (loss) by the weighted average number of ordinary shares outstanding. There are no dilutive instruments issued and outstanding. 2018 2017 (in thousands of shares) Issued ordinary shares at 1 January 3,720 3,720 Effect of shares issued on October 17, 2018 192 -- Effect of shares issued on November 8, 2018 29 -- Weighted-average number of ordinary shares at 31 December 3,941 3,720 |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Significant accounting policies | |
Information about receivables and contract liabilities from contracts with customers | Note December 31, 2018 January 1, 2018 (€ in thousands) Receivables, which are in included in 'trade and other receivables' Contract liabilities |
Disclosure of information about revenue recognition | Year ended December 31, SYSTEMS SERVICES 2018 2017 2018 2017 Primary geographical markets EMEA 5,592 6,717 9,081 8,115 Asia Pacific 4,704 1,760 746 766 Americas 1,952 3,057 3,934 2,763 12,248 11,534 13,761 11,644 Timing of revenue recognition Products transferred at a point in time 11,188 10,627 13,761 11,644 Products and services transferred over time 1,060 907 -- -- Revenue from contracts with customers 12,248 11,534 13,761 11,644 |
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 | The following tables provide information about the exposure to credit risk and ECLs for trade receivables as of January 1, 2018 and December 31, 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 Weighted-average Gross carrying Impairment loss Net carrying Grades (Standard & Poor’s) loss rate 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 -- December 31, 2018 Equivalent to external credit rating Weighted-average Gross carrying Impairment loss Net carrying Grades (Standard & Poor’s) loss rate amount allowance amount (€ in thousands) Grades 1-4: Low risk BBB+ to AAA 3,274 5 3,269 Grades 5-7: Fair risk B+ to BBB 2,171 29 2,142 Grades 8-9: Substandard CCC- to B 648 45 603 Grade 10: Doubtful C to CC 22 6 16 Grade 11: Loss D 72 72 -- 6,187 157 6,030 |
Schedule of exchange rates | Average exchange rates to Euro December 31, Average Rate USD GBP INR CNY 2018 1.1810 0.8847 80.7332 7.8081 2017 1.1297 0.8767 73.5324 7.6290 2016 1.1069 0.8195 74.3717 7.3522 Year end exchange rates to Euro December 31, Year End Rate USD GBP INR CNY 2018 1.1450 0.8945 79.7298 7.8751 2017 1.1993 0.8872 76.6055 7.8044 |
Useful life of intangible assets | Software 3-5 years Licenses 6-8 years |
Useful life of property, plant and equipment | Leasehold improvements 6-9 years Buildings 33 years Plant and machinery 7-8 years Printers leased to customers under operating lease 7-8 years Other facilities, machinery and factory equipment 2-20 years Office equipment 3-12 years |
Schedule of weighted average number of ordinary shares outstanding | 2018 2017 (in thousands of shares) Issued ordinary shares at 1 January 3,720 3,720 Effect of shares issued on October 17, 2018 192 -- Effect of shares issued on November 8, 2018 29 -- Weighted-average number of ordinary shares at 31 December 3,941 3,720 |
IFRS 15-Revenue from Contracts with Customers | |
Significant accounting policies | |
Impact of adopting IFRS on retained earnings and non-controlling interests | 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 |
Schedule of initial application of standards | Amounts without 12/31/2018 As reported Adjustments adoption of IFRS 15 (€ in thousands) Total assets 69,352 (405) 68,947 Current assets 37,936 (405) 37,531 Trade receivables 6,030 (405) 5,625 Total equity and liabilities 69,352 (405) 68,947 Current liabilities 6,302 (424) 5,878 Deferred income — 228 228 Contract liabilities 817 (817) -- Other liabilities and provisions 1,690 165 1,855 Equity 46,475 19 46,494 Accumulated deficit (46,400) 19 (46,381) A contract liability is recognized when the Company has received consideration (i.e. advance payment) from customers before satisfying a performance obligation, or has an unconditional right to payment under a non-cancellable contract before it transfers the related goods or services to the customer under maintenance and extended warranty contracts. Upon the adoption of IFRS 15, the Company reclassified the deferred income balance, which represents advance payment from customers, to contract liabilities. Amounts without 12/31/2018 As reported Adjustments adoption of IFRS 15 (€ in thousands) Revenue 26,009 (81) 25,928 Impairment loss on trade receivables under IFRS 15 (10) 10 -- Operating loss (9,562) (71) (9,633) Loss before income taxes (8,753) (71) (8,824) Net loss (8,764) (71) (8,835) Total comprehensive loss (8,943) (71) (9,014) |
IFRS 9-Financial Instruments | |
Significant accounting policies | |
Impact of adopting IFRS on retained earnings and non-controlling interests | Impact on adopting IFRS 9 Impact at January 1, 2018 on opening balance (€ in thousands) Retained earnings Recognition of additional expected credit losses under IFRS 9 |
Schedule of initial application of standards | The effect of adopting IFRS 9 on the carrying amounts of financial assets at January 1, 2018 relates solely to the new impairment requirements. 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 The following table reconciles the carrying amounts of financial assets under IAS 39 to the carrying amounts under IFRS 9 on transition to IFRS 9 on 1 January 2018. IAS 39 carrying amount Reclassification Remeasurement IFRS 9 carrying amount (€ in thousands) Financial assets Amortized cost Trade and other receivables: Brought forward: Loans and receivables -- -- -- Remeasurement -- -- -- Carried forward: Amortized cost -- -- -- Total amortized cost -- |
Correction of errors (Tables)
Correction of errors (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Correction of errors | |
Correction of errors | Consolidated statement of financial position 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 Consolidated statement of comprehensive loss 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) Segment reporting 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 % % % % % |
Share based payment arrangeme_2
Share based payment arrangements (Tables) | 12 Months Ended |
Dec. 31, 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 |
Schedule of number and weighted-average exercise price of options | December 31, 2018 2017 Number of options Weighted-average exercise price (USD) Number of options Weighted-average exercise price (USD) Outstanding at January 1 -- -- Granted during the year Exercised during the year -- -- -- -- Forfeited during the year -- -- Outstanding at December 31 Exercisable at December 31 -- -- -- -- |
Trade receivables (Tables)
Trade receivables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Trade receivables | |
Aging structure of trade receivables | December 31, 2017 Not due at the end of the reporting period Amount past due for the following time ranges Less than 3 months Between 3 and 6 months Between 6 and 9 months Between 9 and 12 months More than 12 months Total |
Change in the allowance for doubtful accounts | Year Ended December 31, 2018 2017 (€ in thousands) Loss allowance at December 31, 2017 under IAS 39 Trade and other receivables as at December 31, 2017 -- Additional trade receivables recognized on adoption of IFRS 15 -- Loss allowance at January 1, 2018 under IFRS 9 Provisions 227 Write-offs Release to income Balance at end of period 383 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventories | |
Inventories by category | December 31, 2018 2017 (1) (€ in thousands) Raw materials and merchandise Work in progress Total (1) Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6 to the consolidated financial statements. |
voxeljet UK (Tables)
voxeljet UK (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
voxeljet UK | |
Cost of capital and terminal growth rate used in estimating the value in use | 2016 WACC Terminal value growth rate |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Intangible assets | |
Breakdown of intangible assets | December 31, 2018 2017 (€ in thousands) Software Licenses Prepayments made on intangible assets Total |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, plant and equipment | |
Schedule of property, plant and equipment | December 31, 2018 2017 (1) (€ in thousands) Land, buildings and leasehold improvements Plant and machinery (includes assets under finance lease) Other facilities, factory and office equipment Assets under construction and prepayments made Total Thereof pledged assets of Property, Plant and Equipment Leased assets included in Property, Plant and Equipment: Printers under sales and lease back -- Printers leased to customers under operating lease Other factory equipment (1) Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6. |
Composition of, and annual movement in, intangible assets and property, plant and equipment | 2018 (€ in thousands) Acquisition and manufacturing cost Depreciation and amortization Carrying amount 01/01/2018 (1) Additions Disposals Transfer FX 12/31/2018 01/01/2018 Current year Disposals Transfer FX 12/31/2018 12/31/2018 Intangible assets Software 1,004 230 0 211 1 1,446 431 228 0 0 0 659 787 Licenses 245 0 0 0 245 109 27 0 0 0 136 109 Prepayments made on intangible assets 402 333 0 0 524 -- 0 0 0 0 0 524 Total 1,651 563 0 0 1 2,215 540 255 0 0 0 795 1,420 Property, plant and equipment Land, buildings and leasehold improvements 18,703 152 0 0 54 18,909 1,288 533 0 0 3 1,824 17,085 Plant and machinery 16,328 3,836 2,964 1,909 102 19,211 8,065 2,128 1,494 1,425 40 10,164 9,047 Other facilities, factory and office equipment 3,484 329 19 0 7 3,801 2,005 427 12 0 3 2,423 1,378 Assets under construction and prepayments made 8 17 0 0 16 -- 0 0 0 0 0 16 Subtotal 38,523 4,334 2,983 1,900 163 41,937 11,358 3,088 1,506 1,425 46 14,411 27,526 Leased products 2,098 2 0 3 203 1,314 163 0 2 54 149 Total 40,621 4,336 2,983 0 166 42,140 12,672 3,251 1,506 0 48 14,465 27,675 2017 (€ in thousands) Acquisition and manufacturing cost Depreciation and amortization Carrying amount 01/01/2017 Additions Disposals Transfer FX 12/31/2017 01/01/2017 Current year Disposals Transfer FX 12/31/2017 12/31/2017 (1) Intangible assets Software 798 137 17 91 1,004 283 166 16 -- 431 573 Licenses 245 -- -- -- -- 245 83 26 -- -- -- 109 136 Prepayments made on intangible assets 205 328 40 -- 402 40 -- 40 -- -- -- 402 Total 1,248 465 57 0 0 1,651 406 192 56 0 540 1,111 Property, plant and equipment Land, buildings and leasehold improvements 12,948 2,878 30 3,076 18,703 928 400 30 -- 1,288 17,415 Plant and machinery 13,160 5,780 2,665 429 16,328 7,429 1,830 1,276 196 8,065 8,263 Other facilities, factory and office equipment 3,228 479 180 4 3,484 1,762 432 169 -- 2,005 1,479 Assets under construction and prepayments made 3,249 9 -- 8 -- -- -- -- -- -- 8 Subtotal 32,585 9,146 2,875 273 38,523 10,119 2,662 1,475 196 11,358 27,165 Leased products 2,258 123 -- 2,098 1,203 309 0 1,314 784 Total 34,843 9,269 2,875 -- 40,621 11,322 2,971 1,475 -- 12,672 27,949 (1) Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6. |
Other liabilities and provisi_2
Other liabilities and provisions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other liabilities and provisions | |
Summary of other liabilities and provisions | December 31, 2018 2017 (€ in thousands) Customer deposits -- Liabilities from VAT Employee bonus Accruals for vacation and overtime Accruals for licenses Liabilities from payroll Accruals for commissions Accruals for compensation of Supervisory board Accrual for warranty Others Total After the adoption of IFRS 15 customer deposits amounting to kEUR 177 were presented within contract liabilities. (€ in thousands) January 1, 2018 Usage Addition Reversal December 31, 2018 Accrual for warranty |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 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 12/31/2018 FVTPL FVOCI cost cost amount Level 1 Level 2 Level 3 Total Level Financial assets measured at fair value Non-current assets Derivative financial instruments 2,229 -- -- -- 2,229 -- 2,229 -- 2,229 Level 2 Equity securities -- 5 -- -- 5 -- -- 5 5 Level 3 Current assets Bond funds -- 12,905 -- -- 12,905 12,905 -- -- 12,905 Level 1 Financial assets not measured at fair value Current assets Cash and cash equivalents -- -- 7,402 -- 7,402 7,402 -- -- 7,402 Level 1 Trade and other receivables -- -- 6,030 -- 6,030 -- -- -- -- Financial liabilities not measured at fair value Non-current liabilities Long-term debt -- -- -- 16,250 16,250 -- 15,231 -- 15,231 Level 2 Finance lease obligation -- -- -- 71 71 -- 69 -- 69 Level 2 Current liabilities Long-term debt -- -- -- 816 816 -- 809 -- 809 Level 2 Finance lease obligation -- -- -- 34 34 -- 34 -- 34 Level 2 Trade payables -- -- -- 2,945 2,945 -- -- -- -- 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 |
Cost of sales (Tables)
Cost of sales (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Cost of sales | |
Summary of cost of sales | Year Ended December 31, 2018 2017 (1) 2016 (€ in thousands) Personnel expenses Material costs Depreciation Other expenses Allowance for slow-moving inventory 417 515 Total |
Other operating income and ex_2
Other operating income and expense (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other operating income and expense | |
Other operating income | Year Ended December 31, 2018 2017 2016 (€ in thousands) Government grant income Amortization of gain on sale and leaseback transactions Reimbursement of transaction costs Gains from foreign exchange transactions Other Total |
Other operating expense | Year Ended December 31, 2018 2017 2016 (€ in thousands) Impairment loss on trade receivables Losses from foreign exchange transactions Impairment of Goodwill -- -- Equity-settled share-based payment transaction in relation to the establishment of a subsidiary with non-controlling interest -- -- Other Total |
Financial result (Tables)
Financial result (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Financial result | |
Schedule of financial result | Year Ended December 31, 2018 2017 2016 (€ in thousands) Interest expense Finance lease obligations Long-term debt Other Interest income 1,952 Payout of bond funds Income from revaluation of derivative financial instruments 1,877 -- Other Financial result |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income taxes | |
Schedule of income tax (expense) benefit | Year Ended December 31, 2018 2017 2016 (€ in thousands) Current tax expense -- -- (2) Deferred tax (expense) benefit (11) (80) -- Total (11) (80) (2) |
Sources of deferred tax assets and liabilities | December 31, 2018 2017 (€ in thousands) Deferred tax assets Deferred tax liabilities Deferred tax assets Deferred tax liabilities Trade receivables Other receivables and current assets Inventories Property, Plant & Equipment Non-current other assets -- -- -- Current deferred income -- -- -- Trade liabilities 231 -- -- Current financial liabilities 209 -- 126 -- Current financial assets Other current liabilities and provisions -- Contract liabilities -- -- Non-current deferred income -- -- 1,076 -- Non-current financial liabilities -- -- Non-current financial assets -- -- -- Non-current liabilities and provisions -- -- -- Intangible assets -- -- Tax losses carried forward -- -- Valuation allowance -- -- Tax assets (liabilities) 1,670 1,645 Set off of tax 1,670 1,645 Net tax 0 |
Reconciliation of income tax benefit (expense) | Year Ended December 31, 2018 2017 (1) 2016 (€ in thousands) Loss before tax Tax expense at prevailing statutory rate (28%) 2,451 2,373 3,167 Non-deductible expenses Non-taxable income 242 266 116 Tax-rate related differences Unrecognized temporary differences and tax losses Income tax expense |
Personnel expenses (Tables)
Personnel expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Personnel expenses | |
Summary of personnel expenses | Year Ended December 31, 2018 2017 2016 (€ in thousands) Wages and salaries LTCIP -- -- Employee stock option plan 604 386 -- Social security contributions Total |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment reporting | |
Schedule of segment reporting | Year Ended December 31, 2018 2017 (1) 2016 (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES SYSTEMS SERVICES Revenues Gross profit Gross profit in % PPE Trade receivables Trade payables |
Schedule of revenues and non-current assets by geographic region | Year Ended December 31, 2018 2017 2016 (€ in thousands) EMEA Germany France Great Britain Others Asia Pacific Indonesia -- -- China South Korea Thailand Taiwan Others Americas United States Others Total NON‑CURRENT ASSETS BY GEOGRAPHICAL REGION December 31, 2018 2017 (1) (€ in thousands) EMEA Germany Great Britain Asia Pacific Americas United States Total (1) Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6. |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Financial risk management | |
Reconciliation of movements of liabilities to cash flows arising from financing activities | Liabilities Equity (€ in thousands) Bank overdrafts used for cash management purposes Other loans and borrowings Finance lease Subscribed capital Capital reserves Accumulated (1) (2) Non-controlling interests Total Restated balance at January 1, 2018 58 17,038 479 3,720 76,227 (37,672) 71 59,921 Changes from financing cash flows Proceeds from loans and borrowings — 1,639 — — — — — 1,639 Repayment of borrowings (58) (2,764) — — — — — (2,822) Payment of finance lease liabilities — — (361) — — — — (361) Proceeds from issuance of shares — — — 1,116 9,972 — — 11,088 Total changes from financing cash flows (58) (1,125) (361) 1,116 9,972 — — 9,544 Other changes Liability-related Capitalized borrowing costs — — — — — — — Reclassification — 1,152 (13) 1,139 Interest expense — 944 69 — — — — 1,013 Interest paid — (943) (69) — — — — (1,012) Total liability-related other changes — 1,153 (13) — — — — 1,140 Total equity-related other changes — — — — 604 (8,728) (36) (8,160) Balance at December 31, 2018 — 17,066 105 4,836 86,803 (46,400) 35 62,445 (1) Restated balance at January 1, 2018 includes restatement for immaterial errors. For further information, see Note 6. (2) Restated balance at January 1, 2018 includes impact of the adoption of IFRS 9 and IFRS 15. Liabilities Equity (€ in thousands) Bank overdrafts used for cash management purposes Other loans and borrowings Finance lease Subscribed capital Capital reserves Accumulated Non-controlling interests Total Restated balance at January 1, 2017 224 5,099 791 3,720 75,827 (28,971) 87 56,777 Changes from financing cash flows Proceeds from loans and borrowings — 12,612 — — — — — 12,612 Repayment of borrowings (165) (732) — — — — — (897) Payment of finance lease liabilities — — (436) — — — — (436) Total changes from financing cash flows (165) 11,880 (436) — — — — 11,279 Other changes Liability-related Capitalized borrowing costs — — — — — — 78 Reclassification — 42 123 165 Interest expense — 100 45 — — — — 145 Interest paid — (161) (45) — — — — (206) Total liability-related other changes — 59 123 — — — — 182 Total equity-related other changes — — — — 400 (8,509) (16) (8,125) Balance at December 31, 2017 59 17,038 478 3,720 76,227 (37,480) 71 60,113 |
Summary of contractual cash flow | December 31, 2018 (€ in thousands) Contractual cash flow carrying amount Total 2 months or less 2-12 months 1-3 years 3-5 years More than 5 years Long-term debt 17,066 Finance lease obligations -- Trade payables 2,945 -- -- -- -- Total 20,116 December 31, 2017 (€ in thousands) Contractual cash flow carrying amount Total 2 months or less 2-12 months 1-3 years 3-5 years More than 5 years Bank overdrafts and lines of credit -- -- -- -- Long-term debt 17,038 Finance lease obligations -- Trade payables 3,059 -- -- -- -- Total 20,634 |
Capital management (Tables)
Capital management (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Capital management | |
Capital structure | December 31, 2018 2017 (1) (€ in thousands) Equity Share of total equity and liabilities Current financial liabilities Non-current financial liabilities Total financial liabilities Share of total equity and liabilities Total equity and liabilities |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases | |
Finance lease obligations | December 31, 2018 (€ in thousands) Minimum future lease payments obligation Unamortized interest expense Present value of minimum future lease payments obligation due within 1 year 36 34 due between 1 and 5 years 73 71 Total 109 (4 ) 105 December 31, 2017 (€ in thousands) Minimum future lease payments obligation Unamortized interest expense Present value of minimum future lease payments obligation due within 1 year 320 308 due between 1 and 5 years 175 171 Total 495 479 |
Operating lease obligations | December 31, 2018 2017 (€ in thousands) Less than 1 year 1 to 5 years Over five years Total |
Operating lease payments receivable for subleases. | December 31, 2018 2017 (€ in thousands) Less than 1 year 1 to 5 years -- -- Total |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related party transactions | |
Management compensation | Year Ended December 31, 2018 2017 2016 (€ in thousands) Fixed compensation Compensation arisen from stock option plan -- Total |
Other Related Parties | Name Nature of relationship Duration of relationship Franz Industriebeteiligungen AG, Augsburg Lessor 10/01/2003-Current Schlosserei und Metallbau Ederer, Dießen Supplier 05/01/1999-Current Andreas Schmid Logistik AG Supplier 05/01/2017-Current Suzhou Meimai Fast Manufacturing Technology Co., Ltd Customer 04/11/2016-Current Simon Franz Employee 04/11/2017-Current DSCS Digital Supply Chain Solutions GmbH Customer 05/11/2017-Current |
The reporting entity (Details)
The reporting entity (Details) | 12 Months Ended |
Dec. 31, 2018segment | |
Reporting entity | |
Number of reportable segments | 2 |
voxeljet America | |
Reporting entity | |
Ownership percentage | 100.00% |
voxeljet UK | |
Reporting entity | |
Ownership percentage | 100.00% |
voxeljet India | |
Reporting entity | |
Ownership percentage | 100.00% |
voxeljet China | |
Reporting entity | |
Ownership percentage | 95.83% |
Summary of significant accoun_4
Summary of significant accounting policies - Adopting IFRS 15 (Details) - EUR (€) € in Thousands | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Significant accounting policies | ||||||||||
Total assets | € 67,002 | [1],[2] | € 69,352 | € 67,002 | [1],[2] | |||||
Current assets | 37,494 | [1],[2] | 37,936 | 37,494 | [1],[2] | |||||
Trade receivables | € 5,270 | 5,093 | [1],[2] | 6,030 | 5,093 | [1],[2] | ||||
Total equity and liabilities | 67,002 | [1],[2] | 69,352 | 67,002 | [1],[2] | |||||
Current liabilities | 6,576 | [1],[2] | 6,302 | 6,576 | [1],[2] | |||||
Deferred income | [1],[2] | 271 | 271 | |||||||
Contract liabilities | 507 | 817 | ||||||||
Other liabilities and provisions | 2,084 | [1],[2] | 1,690 | 2,084 | [1],[2] | |||||
Equity | 43,889 | [1],[2] | 46,475 | 43,889 | [1],[2] | € 51,536 | [2] | € 61,469 | ||
Accumulated deficit | (37,509) | [1],[2] | (46,400) | (37,509) | [1],[2] | |||||
Revenues | 26,009 | 23,178 | [1],[2] | 22,338 | [2] | |||||
Impairment loss on trade receivables | (224) | (240) | (379) | |||||||
Operating loss | (2,475) | (9,562) | (8,649) | [1],[2] | (11,119) | [2] | ||||
Loss before income tax | (8,753) | (8,474) | [1],[2] | (11,311) | [2] | |||||
Net loss | (2,302) | (8,764) | (8,554) | [1],[2] | (11,313) | [2] | ||||
Total comprehensive loss | (2,194) | (8,943) | (8,049) | [1],[2] | € (10,202) | [2] | ||||
IFRS 15-Revenue from Contracts with Customers | ||||||||||
Significant accounting policies | ||||||||||
Total assets | (405) | |||||||||
Current assets | (405) | |||||||||
Trade receivables | (405) | |||||||||
Total equity and liabilities | (405) | |||||||||
Current liabilities | (424) | |||||||||
Deferred income | 228 | |||||||||
Contract liabilities | (817) | |||||||||
Other liabilities and provisions | 165 | |||||||||
Equity | € (100) | 19 | € (100) | |||||||
Accumulated deficit | (100) | 19 | ||||||||
Revenues | (81) | |||||||||
Recognition of revenues from maintenance and extended warranty contracts | € (100) | |||||||||
Impairment loss on trade receivables | 10 | |||||||||
Operating loss | (71) | |||||||||
Loss before income tax | (71) | |||||||||
Net loss | (71) | |||||||||
Total comprehensive loss | (71) | |||||||||
IFRS 15 | ||||||||||
Significant accounting policies | ||||||||||
Impairment loss on trade receivables | (10) | |||||||||
Previously stated | ||||||||||
Significant accounting policies | ||||||||||
Total assets | 68,947 | |||||||||
Current assets | 37,531 | |||||||||
Trade receivables | 5,625 | |||||||||
Total equity and liabilities | 68,947 | |||||||||
Current liabilities | 5,878 | |||||||||
Deferred income | 228 | |||||||||
Other liabilities and provisions | 1,855 | |||||||||
Equity | 46,494 | |||||||||
Accumulated deficit | (46,381) | |||||||||
Revenues | 25,928 | |||||||||
Operating loss | (9,633) | |||||||||
Loss before income tax | (8,824) | |||||||||
Net loss | (8,835) | |||||||||
Total comprehensive loss | € (9,014) | |||||||||
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6 to the consolidated financial statements. | |||||||||
[2] | voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated. For further information, see Note 3 to the consolidated financial statements. |
Summary of significant accoun_5
Summary of significant accounting policies - Performance Obligations and Exchange Rates (Details) € in Millions | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2018item | Dec. 31, 2018$ / €item | Dec. 31, 2018₨ / €item | Dec. 31, 2018£ / €item | Dec. 31, 2018¥ / €item | Dec. 31, 2018EUR (€)item | Dec. 31, 2017$ / €item | Dec. 31, 2017₨ / €item | Dec. 31, 2017£ / €item | Dec. 31, 2017¥ / €item | Dec. 31, 2016$ / €item | Dec. 31, 2016₨ / €item | Dec. 31, 2016£ / €item | Dec. 31, 2016¥ / €item | Dec. 31, 2018$ / € | Dec. 31, 2018₨ / € | Dec. 31, 2018£ / € | Dec. 31, 2018¥ / € | Dec. 31, 2017$ / € | Dec. 31, 2017₨ / € | Dec. 31, 2017£ / € | Dec. 31, 2017¥ / € | |
Significant accounting policies | ||||||||||||||||||||||
Standard warranty period | 1 year | |||||||||||||||||||||
Recognition of performance obligations | € | € 0.1 | |||||||||||||||||||||
Number of leased printers | item | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 5 | 5 | 5 | 5 | ||||||||
Foreign exchange rates | ||||||||||||||||||||||
Average foreign exchange rate | 1.1810 | 80.7332 | 0.8847 | 7.8081 | 1.1297 | 73.5324 | 0.8767 | 7.6290 | 1.1069 | 74.3717 | 0.8195 | 7.3522 | ||||||||||
Closing foreign exchange rate | 1.1450 | 79.7298 | 0.8945 | 7.8751 | 1.1993 | 76.6055 | 0.8872 | 7.8044 | ||||||||||||||
Minimum | ||||||||||||||||||||||
Significant accounting policies | ||||||||||||||||||||||
Operating period for 3D printer in Services segment | 1 year 6 months | |||||||||||||||||||||
Maximum | ||||||||||||||||||||||
Significant accounting policies | ||||||||||||||||||||||
Operating period for 3D printer in Services segment | 2 years 6 months |
Summary of significant accoun_6
Summary of significant accounting policies - Disaggregation (Details) - EUR (€) € in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Revenue from contracts with customers | € 26,009 | € 23,178 | [1],[2] | € 22,338 | [2] | |
EMEA | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Revenue from contracts with customers | 14,673 | 14,832 | 13,364 | |||
Asia Pacific | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Revenue from contracts with customers | 5,450 | 2,526 | 4,831 | |||
Americas | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Revenue from contracts with customers | 5,886 | 5,820 | 4,143 | |||
Systems | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Revenue from contracts with customers | € 3,146 | 12,248 | 11,534 | 13,081 | ||
Systems | Products transferred at a point in time | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Revenue from contracts with customers | 11,188 | 10,627 | ||||
Systems | Products and services transferred over time | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Revenue from contracts with customers | 1,060 | 907 | ||||
Systems | EMEA | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Revenue from contracts with customers | 5,592 | 6,717 | ||||
Systems | Asia Pacific | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Revenue from contracts with customers | 4,704 | 1,760 | ||||
Systems | Americas | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Revenue from contracts with customers | 1,952 | 3,057 | ||||
Services | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Revenue from contracts with customers | € 2,962 | 13,761 | 11,644 | € 9,257 | ||
Services | Products transferred at a point in time | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Revenue from contracts with customers | 13,761 | 11,644 | ||||
Services | EMEA | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Revenue from contracts with customers | 9,081 | 8,115 | ||||
Services | Asia Pacific | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Revenue from contracts with customers | 746 | 766 | ||||
Services | Americas | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Revenue from contracts with customers | € 3,934 | € 2,763 | ||||
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6 to the consolidated financial statements. | |||||
[2] | voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated. For further information, see Note 3 to the consolidated financial statements. |
Summary of significant accoun_7
Summary of significant accounting policies - Useful Life of PPE and Intangibles (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Buildings | |
Significant accounting policies | |
Useful life of property, plant and equipment | 33 years |
Minimum | Leasehold improvements | |
Significant accounting policies | |
Useful life of property, plant and equipment | 6 years |
Minimum | Plant and machinery | |
Significant accounting policies | |
Useful life of property, plant and equipment | 7 years |
Minimum | Leased assets | |
Significant accounting policies | |
Useful life of property, plant and equipment | 7 years |
Minimum | Other facilities, machinery and factory equipment | |
Significant accounting policies | |
Useful life of property, plant and equipment | 2 years |
Minimum | Office equipment | |
Significant accounting policies | |
Useful life of property, plant and equipment | 3 years |
Minimum | Software | |
Significant accounting policies | |
Useful life of intangible assets | 3 years |
Minimum | Licenses | |
Significant accounting policies | |
Useful life of intangible assets | 6 years |
Maximum | Leasehold improvements | |
Significant accounting policies | |
Useful life of property, plant and equipment | 9 years |
Maximum | Plant and machinery | |
Significant accounting policies | |
Useful life of property, plant and equipment | 8 years |
Maximum | Leased assets | |
Significant accounting policies | |
Useful life of property, plant and equipment | 8 years |
Maximum | Other facilities, machinery and factory equipment | |
Significant accounting policies | |
Useful life of property, plant and equipment | 20 years |
Maximum | Office equipment | |
Significant accounting policies | |
Useful life of property, plant and equipment | 12 years |
Maximum | Software | |
Significant accounting policies | |
Useful life of intangible assets | 5 years |
Maximum | Licenses | |
Significant accounting policies | |
Useful life of intangible assets | 8 years |
Summary of significant accoun_8
Summary of significant accounting policies - Measurement Categories and Financial Assets Under IAS 39 to IFRS 9 (Details) - EUR (€) € in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Financial instruments | |||
Financial liabilities | € 17,171 | € 17,575 | |
Non-current assets | |||
Financial instruments | |||
Financial assets | 15,100 | 14,400 | |
Non-current equity securities | |||
Financial instruments | |||
Financial assets | 5 | 5 | |
Current bond funds | |||
Financial instruments | |||
Financial assets | 11,847 | 14,044 | |
Current note receivable | |||
Financial instruments | |||
Financial assets | € 1,058 | ||
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 | Non-current long term debt | |||
Financial instruments | |||
Financial liabilities | 16,242 | ||
Financial liabilities measured at amortized cost | Non-current finance lease obligation | |||
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 | |||
Financial instruments | |||
Financial liabilities | 796 | ||
Financial liabilities measured at amortized cost | Current finance lease obligation | |||
Financial instruments | |||
Financial liabilities | 308 | ||
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 | Previously stated | Non-current equity securities | |||
Financial instruments | |||
Financial assets | 5 | ||
FVOCI | Previously stated | Current bond funds | |||
Financial instruments | |||
Financial assets | 14,044 | ||
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 | Previously stated | Non-current derivative financial instruments | |||
Financial instruments | |||
Financial assets | 352 | ||
FVTPL | IFRS 9-Financial Instruments | Non-current derivative financial instruments | |||
Financial instruments | |||
Financial assets | 352 | ||
Assets at amortised cost | Previously stated | Current cash and cash equivalents | |||
Financial instruments | |||
Financial assets | 7,569 | ||
Assets at amortised cost | Previously stated | Trade and other receivables | |||
Financial instruments | |||
Financial assets | 5,093 | 5,093 | |
Assets at amortised cost | Remeasurement | Trade and other receivables | |||
Financial instruments | |||
Remeasurement | 63 | ||
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 | Non-current equity securities | |||
Financial instruments | |||
Financial assets | 5 | ||
Available-for-sale financial assets | Current bond funds | |||
Financial instruments | |||
Financial assets | 14,044 | ||
A financial asset or financial liability at fair value through profit or loss | Non-current derivative financial instruments | |||
Financial instruments | |||
Financial assets | 352 | ||
Loans and receivables | Current cash and cash equivalents | |||
Financial instruments | |||
Financial assets | € 7,569 |
Summary of significant accoun_9
Summary of significant accounting policies - Impact of IFRS 9 (Details) - EUR (€) € in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | [2] | Dec. 31, 2015 | |
Summary of significant accounting policies | |||||||
Retained earnings | € (46,400) | € (37,509) | [1],[2] | ||||
Impact at 1, January 2018 | 46,475 | 43,889 | [1],[2] | € 51,536 | € 61,469 | ||
Accumulated deficit | |||||||
Summary of significant accounting policies | |||||||
Impact at 1, January 2018 | (46,400) | (37,509) | [1],[2] | (28,971) | € (17,684) | ||
Non-controlling interests | |||||||
Summary of significant accounting policies | |||||||
Impact at 1, January 2018 | € 35 | 71 | [1],[2] | € 87 | |||
IFRS 9-Financial Instruments | |||||||
Summary of significant accounting policies | |||||||
Retained earnings | € 63 | ||||||
Recognition of expected credit losses under IFRS 9 | € 63 | ||||||
Impact at 1, January 2018 | (63) | ||||||
IFRS 9-Financial Instruments | Accumulated deficit | |||||||
Summary of significant accounting policies | |||||||
Impact at 1, January 2018 | € (63) | ||||||
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6 to the consolidated financial statements. | ||||||
[2] | voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated. For further information, see Note 3 to the consolidated financial statements. |
Summary of significant accou_10
Summary of significant accounting policies - New Impairment Model (Details) € in Thousands | Jan. 01, 2018EUR (€) |
Change in allowance for doubtful accounts | |
Allowance for doubtful accounts, beginning of period | € 482 |
Trade and other receivables | 62 |
Allowance for doubtful accounts, end of period | 545 |
IFRS 15-Revenue from Contracts with Customers | |
Change in allowance for doubtful accounts | |
Allowance for doubtful accounts, beginning of period | 482 |
Trade and other receivables | 1 |
Allowance for doubtful accounts, end of period | € 1 |
Summary of significant accou_11
Summary of significant accounting policies - Exposure to Credit Risk and ECLs (Details) - EUR (€) € in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | [1],[2] |
Financial instruments | ||||
Trade receivables | € 6,030 | € 5,270 | € 5,093 | |
Gross carrying amount | ||||
Financial instruments | ||||
Trade receivables | 6,187 | 5,333 | ||
Impairment loss allowance | ||||
Financial instruments | ||||
Trade receivables | € 157 | € 63 | ||
Grade 1 to 4, Low Risk | ||||
Financial instruments | ||||
Weighted-average loss rate | 0.20% | 0.20% | ||
Trade receivables | € 3,269 | € 3,269 | ||
Grade 1 to 4, Low Risk | Gross carrying amount | ||||
Financial instruments | ||||
Trade receivables | 3,274 | 3,274 | ||
Grade 1 to 4, Low Risk | Impairment loss allowance | ||||
Financial instruments | ||||
Trade receivables | € 5 | € 5 | ||
Grade 5 to 7, Fair Risk | ||||
Financial instruments | ||||
Weighted-average loss rate | 1.30% | 1.30% | ||
Trade receivables | € 2,142 | € 1,652 | ||
Grade 5 to 7, Fair Risk | Gross carrying amount | ||||
Financial instruments | ||||
Trade receivables | 2,171 | 1,674 | ||
Grade 5 to 7, Fair Risk | Impairment loss allowance | ||||
Financial instruments | ||||
Trade receivables | € 29 | € 22 | ||
Grade 8 to 9, Substandard | ||||
Financial instruments | ||||
Weighted-average loss rate | 7.00% | 7.00% | ||
Trade receivables | € 603 | € 338 | ||
Grade 8 to 9, Substandard | Gross carrying amount | ||||
Financial instruments | ||||
Trade receivables | 648 | 363 | ||
Grade 8 to 9, Substandard | Impairment loss allowance | ||||
Financial instruments | ||||
Trade receivables | € 45 | € 25 | ||
Grade 10 Doubtful | ||||
Financial instruments | ||||
Weighted-average loss rate | 25.00% | 25.00% | ||
Trade receivables | € 16 | € 11 | ||
Grade 10 Doubtful | Gross carrying amount | ||||
Financial instruments | ||||
Trade receivables | 22 | 14 | ||
Grade 10 Doubtful | Impairment loss allowance | ||||
Financial instruments | ||||
Trade receivables | € 6 | € 3 | ||
Grade 11 Loss | ||||
Financial instruments | ||||
Weighted-average loss rate | 100.00% | 100.00% | ||
Grade 11 Loss | Gross carrying amount | ||||
Financial instruments | ||||
Trade receivables | € 72 | € 8 | ||
Grade 11 Loss | Impairment loss allowance | ||||
Financial instruments | ||||
Trade receivables | € 72 | € 8 | ||
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6 to the consolidated financial statements. | |||
[2] | voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated. For further information, see Note 3 to the consolidated financial statements. |
Summary of significant accou_12
Summary of significant accounting policies - Earnings (loss) per share (Details) - shares | Dec. 31, 2018 | Nov. 08, 2018 | Oct. 17, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | [1],[2] | Dec. 31, 2016 | [2] | Jan. 01, 2018 | Jan. 01, 2017 |
Summary of significant accounting policies | |||||||||||
Dilutive instruments (in shares) | 0 | ||||||||||
Number of shares issued | 3,720,000 | 3,720,000 | |||||||||
Effect of shares issued | 29,000 | 192,000 | |||||||||
Weighted average number of ordinary shares outstanding | 3,941,000 | 3,720,000 | 3,940,636 | 3,720,000 | 3,720,000 | ||||||
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6 to the consolidated financial statements. | ||||||||||
[2] | voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated. For further information, see Note 3 to the consolidated financial statements. |
New standards and interpretat_2
New standards and interpretations not yet adopted (Details) € in Millions | Jan. 01, 2019EUR (€) |
New standards and interpretations not yet adopted | |
Right-of-use assets | € 3.8 |
Lease liabilities | € 3.8 |
Correction of errors - Financia
Correction of errors - Financial position (Details) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | [2] | Dec. 31, 2015 | |
Correction of errors | ||||||
Current assets | € 37,936 | € 37,494 | [1],[2] | |||
Inventories | 10,064 | 9,259 | [1],[2] | |||
Non-current assets | 31,416 | 29,508 | [1],[2] | |||
Property, plant and equipment | 27,675 | 27,949 | [1],[2] | |||
Total assets | 69,352 | 67,002 | [1],[2] | |||
Equity | 46,475 | 43,889 | [1],[2] | € 51,536 | € 61,469 | |
Accumulated deficit | (46,400) | (37,509) | [1],[2] | |||
Total equity and liabilities | € 69,352 | 67,002 | [1],[2] | |||
As previously reported | ||||||
Correction of errors | ||||||
Current assets | 37,774 | |||||
Inventories | 9,539 | |||||
Non-current assets | 29,257 | |||||
Property, plant and equipment | 27,698 | |||||
Total assets | 67,031 | |||||
Equity | 43,918 | |||||
Accumulated deficit | (37,480) | |||||
Total equity and liabilities | 67,031 | |||||
Adjustments | ||||||
Correction of errors | ||||||
Current assets | (280) | |||||
Inventories | (280) | |||||
Non-current assets | 251 | |||||
Property, plant and equipment | 251 | |||||
Total assets | (29) | |||||
Equity | (29) | |||||
Accumulated deficit | (29) | |||||
Total equity and liabilities | € (29) | |||||
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6 to the consolidated financial statements. | |||||
[2] | voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated. For further information, see Note 3 to the consolidated financial statements. |
Correction of errors - Comprehe
Correction of errors - Comprehensive loss (Details) - EUR (€) € / shares in Units, € in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | [2] | ||
Correction of errors | ||||||
Cost of sales | € (3,504) | € (16,864) | € (13,853) | [1],[2] | € (15,435) | |
Gross profit | 2,604 | 9,145 | 9,325 | [1],[2] | 6,903 | |
Operating loss | (2,475) | (9,562) | (8,649) | [1],[2] | (11,119) | |
Net loss | (2,302) | (8,764) | (8,554) | [1],[2] | (11,313) | |
Total comprehensive loss | (2,194) | (8,943) | (8,049) | [1],[2] | (10,202) | |
Loss attributable to owners of the company | (2,300) | (8,728) | (8,538) | [1],[2] | (11,287) | |
Total comprehensive loss attributable to owners of the company | € (2,192) | € (8,907) | € (8,033) | [1],[2] | € (10,176) | |
Loss per share - basic/ diluted (in EUR per share) | € (0.62) | € (2.21) | € (2.30) | [1],[2] | € (3.04) | |
As previously reported | ||||||
Correction of errors | ||||||
Cost of sales | € (3,662) | € (13,824) | ||||
Gross profit | 2,446 | 9,354 | ||||
Operating loss | (2,633) | (8,620) | ||||
Net loss | (2,460) | (8,525) | ||||
Total comprehensive loss | (2,352) | (8,020) | ||||
Loss attributable to owners of the company | (2,458) | (8,509) | ||||
Total comprehensive loss attributable to owners of the company | € (2,350) | € (8,004) | ||||
Loss per share - basic/ diluted (in EUR per share) | € (0.66) | € (2.29) | ||||
Adjustments | ||||||
Correction of errors | ||||||
Cost of sales | € 158 | € (29) | ||||
Gross profit | 158 | (29) | ||||
Operating loss | 158 | (29) | ||||
Net loss | 158 | (29) | ||||
Total comprehensive loss | 158 | (29) | ||||
Loss attributable to owners of the company | 158 | (29) | ||||
Total comprehensive loss attributable to owners of the company | € 158 | € (29) | ||||
Loss per share - basic/ diluted (in EUR per share) | € 0.04 | € (0.01) | ||||
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6 to the consolidated financial statements. | |||||
[2] | voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated. For further information, see Note 3 to the consolidated financial statements. |
Correction of errors - Segments
Correction of errors - Segments (Details) - EUR (€) € in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Correction of errors | ||||||
Revenues | € 26,009 | € 23,178 | [1],[2] | € 22,338 | [2] | |
Gross profit | (8,753) | (8,474) | [1],[2] | (11,311) | [2] | |
Systems | ||||||
Correction of errors | ||||||
Revenues | € 3,146 | 12,248 | 11,534 | 13,081 | ||
Gross profit | € 1,329 | € 3,708 | € 4,258 | € 3,197 | ||
Gross profit in % | 42.20% | 30.30% | 36.90% | 24.40% | ||
Services | ||||||
Correction of errors | ||||||
Revenues | € 2,962 | € 13,761 | € 11,644 | € 9,257 | ||
Gross profit | € 1,275 | € 5,437 | € 5,067 | € 3,706 | ||
Gross profit in % | 43.00% | 39.50% | 43.50% | 40.00% | ||
As previously reported | Systems | ||||||
Correction of errors | ||||||
Revenues | € 3,146 | € 11,534 | ||||
Gross profit | € 1,059 | € 3,921 | ||||
Gross profit in % | 33.70% | 34.00% | ||||
As previously reported | Services | ||||||
Correction of errors | ||||||
Revenues | € 2,962 | € 11,644 | ||||
Gross profit | € 1,387 | € 5,433 | ||||
Gross profit in % | 46.80% | 46.70% | ||||
Adjustments | Systems | ||||||
Correction of errors | ||||||
Gross profit | € 270 | € 337 | ||||
Adjustments | Services | ||||||
Correction of errors | ||||||
Gross profit | € (112) | € (366) | ||||
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6 to the consolidated financial statements. | |||||
[2] | voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated. For further information, see Note 3 to the consolidated financial statements. |
Share based payment arrangeme_3
Share based payment arrangements (Details) € in Thousands | Apr. 12, 2018EquityInstruments | Apr. 07, 2017EquityInstruments | Dec. 31, 2018EUR (€)YEquityInstruments | Dec. 31, 2017EUR (€)YEquityInstruments |
Share based payment arrangements | ||||
Share based compensation, options authorized | 372,000 | |||
Options granted (in shares) | 93,000 | 279,000 | (18,600) | |
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% | |||
Options exercisable | 0 | |||
Options outstanding | 353,400 | 279,000 | ||
Weighted-average contractual life | Y | 8.5 | 9.5 | ||
Employee stock option plan | € | € 604 | € 386 |
Share based payment arrangeme_4
Share based payment arrangements - Fair value inputs (Details) - EUR (€) | Apr. 12, 2018 | Apr. 07, 2017 |
Share based payment arrangements | ||
Share price at grant date | € 16.15 | € 13.80 |
Exercise price | € 16.15 | € 13.90 |
Expected volatility | 58.40% | 55.00% |
Expected dividends | € 0 | |
Risk-free interest rate | 2.85% | 2.49% |
Fair value at grant date | € 9.74 | € 8 |
Share based payment arrangeme_5
Share based payment arrangements - Options (Details) | Apr. 12, 2018EquityInstruments | Apr. 07, 2017EquityInstruments | Dec. 31, 2018EUR (€)EquityInstruments | Dec. 31, 2017EUR (€)EquityInstruments |
Share based payment arrangements | ||||
Number of options, Outstanding, beginning of the year | 279,000 | |||
Number of options, Forfeited during the year | 93,000 | 279,000 | ||
Number of options, Granted during the year | 93,000 | 279,000 | (18,600) | |
Number of options, Outstanding, ending of the year | 353,400 | 279,000 | ||
Number of options, Exercisable | 0 | |||
Weighted-average exercise price, beginning of the year | € | € 13.90 | |||
Weighted-average exercise price, Forfeited during the year | € | 16.15 | € 13.90 | ||
Weighted-average exercise price, Granted during the year | € | 14.46 | |||
Weighted-average exercise price, ending of the year | € | € 14.46 | € 13.90 |
Trade receivables - Aging Struc
Trade receivables - Aging Structure (Details) - EUR (€) € in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
AGING STRUCTURE OF TRADE RECEIVABLES | ||||
Trade receivables | € 6,030 | € 5,270 | € 5,093 | [1],[2] |
Not due at the end of the reporting period | ||||
AGING STRUCTURE OF TRADE RECEIVABLES | ||||
Trade receivables | 1,560 | |||
Less than 3 months | ||||
AGING STRUCTURE OF TRADE RECEIVABLES | ||||
Trade receivables | 2,998 | |||
Between 3 and 6 months | ||||
AGING STRUCTURE OF TRADE RECEIVABLES | ||||
Trade receivables | 363 | |||
Between 6 and 9 months | ||||
AGING STRUCTURE OF TRADE RECEIVABLES | ||||
Trade receivables | 68 | |||
Between 9 and 12 months | ||||
AGING STRUCTURE OF TRADE RECEIVABLES | ||||
Trade receivables | 70 | |||
More than 12 months | ||||
AGING STRUCTURE OF TRADE RECEIVABLES | ||||
Trade receivables | € 34 | |||
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6 to the consolidated financial statements. | |||
[2] | voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated. For further information, see Note 3 to the consolidated financial statements. |
Trade receivables - Expected Cr
Trade receivables - Expected Credit Loss (Details) - EUR (€) € in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | [1],[2] |
Financial instruments | ||||
Trade receivables | € 6,030 | € 5,270 | € 5,093 | |
Gross carrying amount | ||||
Financial instruments | ||||
Trade receivables | 6,187 | 5,333 | ||
Impairment loss allowance | ||||
Financial instruments | ||||
Trade receivables | € 157 | € 63 | ||
Grade 1 to 4, Low Risk | ||||
Financial instruments | ||||
Weighted-average loss rate | 0.20% | 0.20% | ||
Trade receivables | € 3,269 | € 3,269 | ||
Grade 1 to 4, Low Risk | Gross carrying amount | ||||
Financial instruments | ||||
Trade receivables | 3,274 | 3,274 | ||
Grade 1 to 4, Low Risk | Impairment loss allowance | ||||
Financial instruments | ||||
Trade receivables | € 5 | € 5 | ||
Grade 5 to 7, Fair Risk | ||||
Financial instruments | ||||
Weighted-average loss rate | 1.30% | 1.30% | ||
Trade receivables | € 2,142 | € 1,652 | ||
Grade 5 to 7, Fair Risk | Gross carrying amount | ||||
Financial instruments | ||||
Trade receivables | 2,171 | 1,674 | ||
Grade 5 to 7, Fair Risk | Impairment loss allowance | ||||
Financial instruments | ||||
Trade receivables | € 29 | € 22 | ||
Grade 8 to 9, Substandard | ||||
Financial instruments | ||||
Weighted-average loss rate | 7.00% | 7.00% | ||
Trade receivables | € 603 | € 338 | ||
Grade 8 to 9, Substandard | Gross carrying amount | ||||
Financial instruments | ||||
Trade receivables | 648 | 363 | ||
Grade 8 to 9, Substandard | Impairment loss allowance | ||||
Financial instruments | ||||
Trade receivables | € 45 | € 25 | ||
Grade 10 Doubtful | ||||
Financial instruments | ||||
Weighted-average loss rate | 25.00% | 25.00% | ||
Trade receivables | € 16 | € 11 | ||
Grade 10 Doubtful | Gross carrying amount | ||||
Financial instruments | ||||
Trade receivables | 22 | 14 | ||
Grade 10 Doubtful | Impairment loss allowance | ||||
Financial instruments | ||||
Trade receivables | € 6 | € 3 | ||
Grade 11 Loss | ||||
Financial instruments | ||||
Weighted-average loss rate | 100.00% | 100.00% | ||
Grade 11 Loss | Gross carrying amount | ||||
Financial instruments | ||||
Trade receivables | € 72 | € 8 | ||
Grade 11 Loss | Impairment loss allowance | ||||
Financial instruments | ||||
Trade receivables | € 72 | € 8 | ||
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6 to the consolidated financial statements. | |||
[2] | voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated. For further information, see Note 3 to the consolidated financial statements. |
Trade receivables - Change in t
Trade receivables - Change in the allowance for doubtful accounts (Details) - EUR (€) € in Thousands | Jan. 01, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Change in allowance for doubtful accounts | |||
Allowance for doubtful accounts, beginning of period | € 482 | € 482 | € 336 |
Trade and other receivables | 62 | ||
Allowance for doubtful accounts, end of period | 545 | 482 | |
IFRS 15-Revenue from Contracts with Customers | |||
Change in allowance for doubtful accounts | |||
Allowance for doubtful accounts, beginning of period | 482 | 482 | |
Trade and other receivables | 1 | ||
Provisions | 227 | 237 | |
Write-off | (351) | (58) | |
Release to income | (38) | (33) | |
Allowance for doubtful accounts, end of period | 1 | 383 | 482 |
IFRS 9 [member] | |||
Change in allowance for doubtful accounts | |||
Allowance for doubtful accounts, beginning of period | 336 | € 336 | |
Allowance for doubtful accounts, end of period | € 545 | € 336 |
Inventories (Details)
Inventories (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Inventories | ||||
Raw materials and merchandise | € 4,628 | € 2,737 | ||
Work in progress | 5,436 | 6,522 | ||
Total current inventories | 10,064 | 9,259 | [1],[2] | |
Change in inventory allowance | € (417) | € (515) | € 954 | |
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6 to the consolidated financial statements. | |||
[2] | voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated. For further information, see Note 3 to the consolidated financial statements. |
voxeljet UK (Details)
voxeljet UK (Details) € in Thousands, £ in Thousands | Oct. 07, 2016GBP (£) | Oct. 07, 2016EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | Oct. 07, 2016EUR (€) | |
Cash generating unit | |||||||
Carrying value | € 69,352 | € 67,002 | [1],[2] | ||||
Impairment of trade receivables | € 227 | € 237 | € 367 | ||||
voxeljet UK | |||||||
Cash generating unit | |||||||
Recoverable amount | £ 1,266 | € 1,471 | |||||
WACC (as a percent) | 15.41% | ||||||
Terminal value growth rate (as a percent) | 1.00% | ||||||
Impairment of trade receivables | € 293 | ||||||
Impairment loss | £ 907 | € 1,130 | |||||
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6 to the consolidated financial statements. | ||||||
[2] | voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated. For further information, see Note 3 to the consolidated financial statements. |
Intangible assets (Details)
Intangible assets (Details) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Intangible assets and goodwill | |||
Intangible assets | € 1,420 | € 1,111 | [1],[2] |
Software | |||
Intangible assets and goodwill | |||
Intangible assets | 787 | 573 | |
Licenses | |||
Intangible assets and goodwill | |||
Intangible assets | 109 | 136 | |
Prepayments made on intangible assets | |||
Intangible assets and goodwill | |||
Intangible assets | € 524 | € 402 | |
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6 to the consolidated financial statements. | ||
[2] | voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated. For further information, see Note 3 to the consolidated financial statements. |
Property, plant and equipment -
Property, plant and equipment - Summary (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Property, plant and equipment | |||
Property, plant and equipment. | € 27,675 | € 27,949 | [1],[2] |
Thereof pledged assets of Property, Plant and Equipment | 6,691 | 7,046 | |
Self constructed 3D printers | 2,531 | 4,638 | |
Finance lease obligations | 0 | 116 | |
Land, buildings and leasehold improvements | |||
Property, plant and equipment | |||
Property, plant and equipment. | 17,085 | 17,415 | |
Plant and machinery | |||
Property, plant and equipment | |||
Property, plant and equipment. | 9,047 | 8,263 | |
Other facilities, factory and office equipment | |||
Property, plant and equipment | |||
Property, plant and equipment. | 1,378 | 1,479 | |
Other facilities, factory and office equipment including leased products | |||
Property, plant and equipment | |||
Property, plant and equipment. | 1,502 | 1,625 | |
Assets under construction and prepayments made | |||
Property, plant and equipment | |||
Property, plant and equipment. | 16 | 8 | |
Plant and machinery (includes assets under finance lease) | |||
Property, plant and equipment | |||
Property, plant and equipment. | 9,072 | 8,901 | |
Leased assets | |||
Property, plant and equipment | |||
Property, plant and equipment. | 357 | 881 | |
Printers | |||
Property, plant and equipment | |||
Property, plant and equipment. | 613 | ||
Printers leased to customers under operating lease | |||
Property, plant and equipment | |||
Property, plant and equipment. | 208 | 97 | |
Other factory equipment | |||
Property, plant and equipment | |||
Property, plant and equipment. | € 149 | € 171 | |
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6 to the consolidated financial statements. | ||
[2] | voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated. For further information, see Note 3 to the consolidated financial statements. |
Property, plant and equipment_2
Property, plant and equipment - Activity (Details) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2018EUR (€)item | Dec. 31, 2017EUR (€)item | Dec. 31, 2016item | |||
Changes in intangible assets and goodwill | |||||
Beginning balance | € 1,111 | ||||
Ending balance | 1,420 | € 1,111 | |||
Changes in property, plant and equipment | |||||
Balance, at beginning of the period | [1],[2] | 27,949 | |||
Balance, at end of the period | € 27,675 | € 27,949 | [1],[2] | ||
Additional information | |||||
Number of leased printers | item | 2 | 1 | 5 | ||
Number of active leasing contracts | item | 0 | 4 | |||
Gross carrying amount | |||||
Changes in intangible assets and goodwill | |||||
Beginning balance | € 1,651 | € 1,248 | |||
Additions | 563 | 465 | |||
Disposals | 0 | 57 | |||
Transfer | 0 | 0 | |||
FX | 1 | (5) | |||
Ending balance | 2,215 | 1,651 | |||
Changes in property, plant and equipment | |||||
Balance, at beginning of the period | 40,621 | 34,843 | |||
Additions | 4,336 | 9,269 | |||
Disposals | 2,983 | 2,875 | |||
Transfers | 0 | ||||
FX | 166 | (616) | |||
Balance, at end of the period | 42,140 | 40,621 | |||
Depreciation and amortization | |||||
Changes in intangible assets and goodwill | |||||
Beginning balance | 540 | (406) | |||
Additions | 255 | (192) | |||
Disposals | 0 | (56) | |||
Transfer | 0 | ||||
FX | 0 | (2) | |||
Ending balance | 795 | 540 | |||
Changes in property, plant and equipment | |||||
Balance, at beginning of the period | 12,672 | (11,322) | |||
Additions | 3,251 | (2,971) | |||
Disposals | 1,506 | 1,475 | |||
Transfers | 0 | 0 | |||
FX | 48 | (146) | |||
Balance, at end of the period | 14,465 | 12,672 | |||
Property, plant and equipment apart from those under operating leases | |||||
Changes in property, plant and equipment | |||||
Balance, at beginning of the period | 27,165 | ||||
Balance, at end of the period | 27,526 | 27,165 | |||
Property, plant and equipment apart from those under operating leases | Gross carrying amount | |||||
Changes in property, plant and equipment | |||||
Balance, at beginning of the period | 38,523 | 32,585 | |||
Additions | 4,334 | 9,146 | |||
Disposals | 2,983 | 2,875 | |||
Transfers | 1,900 | 273 | |||
FX | 163 | (606) | |||
Balance, at end of the period | 41,937 | 38,523 | |||
Property, plant and equipment apart from those under operating leases | Depreciation and amortization | |||||
Changes in property, plant and equipment | |||||
Balance, at beginning of the period | 11,358 | (10,119) | |||
Additions | 3,088 | (2,662) | |||
Disposals | 1,506 | 1,475 | |||
Transfers | 1,425 | 196 | |||
FX | 46 | (144) | |||
Balance, at end of the period | 14,411 | 11,358 | |||
Land, buildings and leasehold improvements | |||||
Changes in property, plant and equipment | |||||
Balance, at beginning of the period | 17,415 | ||||
Balance, at end of the period | 17,085 | 17,415 | |||
Land, buildings and leasehold improvements | Gross carrying amount | |||||
Changes in property, plant and equipment | |||||
Balance, at beginning of the period | 18,703 | 12,948 | |||
Additions | 152 | 2,878 | |||
Disposals | 0 | 30 | |||
Transfers | 0 | 3,076 | |||
FX | 54 | (169) | |||
Balance, at end of the period | 18,909 | 18,703 | |||
Land, buildings and leasehold improvements | Depreciation and amortization | |||||
Changes in property, plant and equipment | |||||
Balance, at beginning of the period | 1,288 | (928) | |||
Additions | 533 | (400) | |||
Disposals | 0 | 30 | |||
Transfers | 0 | ||||
FX | 3 | (10) | |||
Balance, at end of the period | 1,824 | 1,288 | |||
Plant and machinery | |||||
Changes in property, plant and equipment | |||||
Balance, at beginning of the period | 8,263 | ||||
Balance, at end of the period | 9,047 | 8,263 | |||
Plant and machinery | Gross carrying amount | |||||
Changes in property, plant and equipment | |||||
Balance, at beginning of the period | 16,328 | 13,160 | |||
Additions | 3,836 | 5,780 | |||
Disposals | 2,964 | 2,665 | |||
Transfers | 1,909 | 429 | |||
FX | 102 | (376) | |||
Balance, at end of the period | 19,211 | 16,328 | |||
Plant and machinery | Depreciation and amortization | |||||
Changes in property, plant and equipment | |||||
Balance, at beginning of the period | 8,065 | (7,429) | |||
Additions | 2,128 | (1,830) | |||
Disposals | 1,494 | 1,276 | |||
Transfers | 1,425 | 196 | |||
FX | 40 | (114) | |||
Balance, at end of the period | 10,164 | 8,065 | |||
Other facilities, factory and office equipment | |||||
Changes in property, plant and equipment | |||||
Balance, at beginning of the period | 1,479 | ||||
Balance, at end of the period | 1,378 | 1,479 | |||
Other facilities, factory and office equipment | Gross carrying amount | |||||
Changes in property, plant and equipment | |||||
Balance, at beginning of the period | 3,484 | 3,228 | |||
Additions | 329 | 479 | |||
Disposals | 19 | 180 | |||
Transfers | 0 | 4 | |||
FX | 7 | (47) | |||
Balance, at end of the period | 3,801 | 3,484 | |||
Other facilities, factory and office equipment | Depreciation and amortization | |||||
Changes in property, plant and equipment | |||||
Balance, at beginning of the period | 2,005 | (1,762) | |||
Additions | 427 | (432) | |||
Disposals | 12 | 169 | |||
Transfers | 0 | ||||
FX | 3 | (20) | |||
Balance, at end of the period | 2,423 | 2,005 | |||
Assets under construction and prepayments made | |||||
Changes in property, plant and equipment | |||||
Balance, at beginning of the period | 8 | ||||
Balance, at end of the period | 16 | 8 | |||
Assets under construction and prepayments made | Gross carrying amount | |||||
Changes in property, plant and equipment | |||||
Balance, at beginning of the period | 8 | 3,249 | |||
Additions | 17 | 9 | |||
Disposals | 0 | ||||
Transfers | (9) | (3,236) | |||
FX | 0 | (14) | |||
Balance, at end of the period | 16 | 8 | |||
Assets under construction and prepayments made | Depreciation and amortization | |||||
Changes in property, plant and equipment | |||||
Additions | 0 | ||||
Disposals | 0 | ||||
Transfers | 0 | ||||
FX | 0 | ||||
Balance, at end of the period | 0 | ||||
Leased assets | |||||
Changes in property, plant and equipment | |||||
Balance, at beginning of the period | 784 | ||||
Balance, at end of the period | 149 | 784 | |||
Leased assets | Gross carrying amount | |||||
Changes in property, plant and equipment | |||||
Balance, at beginning of the period | 2,098 | 2,258 | |||
Additions | 2 | 123 | |||
Disposals | 0 | ||||
Transfers | (1,900) | (273) | |||
FX | 3 | (10) | |||
Balance, at end of the period | 203 | 2,098 | |||
Leased assets | Depreciation and amortization | |||||
Changes in property, plant and equipment | |||||
Balance, at beginning of the period | 1,314 | (1,203) | |||
Additions | 163 | (309) | |||
Disposals | 0 | 0 | |||
Transfers | (1,425) | (196) | |||
FX | 2 | (2) | |||
Balance, at end of the period | 54 | 1,314 | |||
Software | |||||
Changes in intangible assets and goodwill | |||||
Beginning balance | 573 | ||||
Ending balance | 787 | 573 | |||
Software | Gross carrying amount | |||||
Changes in intangible assets and goodwill | |||||
Beginning balance | 1,004 | 798 | |||
Additions | 230 | 137 | |||
Disposals | 0 | ||||
Transfer | 211 | 91 | |||
FX | 1 | (5) | |||
Ending balance | 1,446 | 1,004 | |||
Changes in property, plant and equipment | |||||
Disposals | 17 | ||||
Software | Depreciation and amortization | |||||
Changes in intangible assets and goodwill | |||||
Beginning balance | 431 | (283) | |||
Additions | 228 | (166) | |||
Disposals | 0 | ||||
Transfer | 0 | ||||
FX | 0 | (2) | |||
Ending balance | 659 | 431 | |||
Changes in property, plant and equipment | |||||
Disposals | 16 | ||||
Licenses | |||||
Changes in intangible assets and goodwill | |||||
Beginning balance | 136 | ||||
Ending balance | 109 | 136 | |||
Licenses | Gross carrying amount | |||||
Changes in intangible assets and goodwill | |||||
Beginning balance | 245 | 245 | |||
Disposals | 0 | ||||
Transfer | 0 | ||||
FX | 0 | ||||
Ending balance | 245 | 245 | |||
Licenses | Depreciation and amortization | |||||
Changes in intangible assets and goodwill | |||||
Beginning balance | 109 | (83) | |||
Additions | 27 | (26) | |||
Disposals | 0 | ||||
Transfer | 0 | ||||
FX | 0 | ||||
Ending balance | 136 | 109 | |||
Prepayments made on intangible assets | |||||
Changes in intangible assets and goodwill | |||||
Beginning balance | 402 | ||||
Ending balance | 524 | 402 | |||
Prepayments made on intangible assets | Gross carrying amount | |||||
Changes in intangible assets and goodwill | |||||
Beginning balance | 402 | 205 | |||
Additions | 333 | 328 | |||
Disposals | 0 | 40 | |||
Transfer | (211) | (91) | |||
FX | 0 | ||||
Ending balance | 524 | 402 | |||
Prepayments made on intangible assets | Depreciation and amortization | |||||
Changes in intangible assets and goodwill | |||||
Beginning balance | 40 | ||||
Additions | 0 | ||||
Disposals | 0 | (40) | |||
Transfer | 0 | ||||
FX | 0 | ||||
Ending balance | 0 | ||||
Intangible assets excluding order backlog, customer list, digital library and goodwill | Gross carrying amount | |||||
Changes in intangible assets and goodwill | |||||
Beginning balance | 1,651 | ||||
Ending balance | 1,651 | ||||
Intangible assets excluding order backlog, customer list, digital library and goodwill | Depreciation and amortization | |||||
Changes in intangible assets and goodwill | |||||
Beginning balance | 540 | ||||
Ending balance | 540 | ||||
Systems | |||||
Changes in property, plant and equipment | |||||
Balance, at beginning of the period | 13,070 | 9,936 | |||
Balance, at end of the period | 11,804 | 13,070 | |||
Services | |||||
Changes in property, plant and equipment | |||||
Balance, at beginning of the period | 14,628 | 13,585 | |||
Balance, at end of the period | € 15,871 | € 14,628 | |||
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6 to the consolidated financial statements. | ||||
[2] | voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated. For further information, see Note 3 to the consolidated financial statements. |
Other liabilities and provisi_3
Other liabilities and provisions - Summary (Details) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other liabilities and provisions | ||
Customer deposits | € 373 | |
Liabilities from VAT | € 24 | 12 |
Employee bonus | 413 | 303 |
Accruals for vacation and overtime | 210 | 222 |
Accruals for licenses | 69 | 140 |
Liabilities from payroll | 298 | 236 |
Accruals for commissions | 47 | 50 |
Accruals for compensation of Supervisory board | 180 | 180 |
Accrual for warranty | 240 | 286 |
Others | 387 | 322 |
Total | € 1,868 | € 2,124 |
Other liabilities and provisi_4
Other liabilities and provisions - Customer Deposits (Details) € in Thousands | 12 Months Ended |
Dec. 31, 2018EUR (€) | |
Disclosure of other provisions [line items] | |
Accrual for warranty, beginning balance | € 286 |
Accrual for warranty, end balance | 240 |
Accrual for warranty | |
Disclosure of other provisions [line items] | |
Accrual for warranty, beginning balance | 286 |
Usage | (273) |
Addition | 240 |
Reversal | (13) |
Accrual for warranty, end balance | € 240 |
Other liabilities and provisi_5
Other liabilities and provisions - LTCIP - Narrative (Details) | 12 Months Ended | ||||
Dec. 31, 2016EUR (€) | Dec. 31, 2018 | Nov. 30, 2015 | Dec. 31, 2013 | Oct. 02, 2013EUR (€)itemshares | |
Other liabilities and provisions | |||||
Value of individual award units | € 5,000 | ||||
Limit on grant of LTCIP awards units (as a percent) | 10 | ||||
Award units granted | shares | 684 | ||||
Number of performance periods for award vesting | item | 3 | ||||
Vesting percentage of performance awards | 40 | 40 | 20 | ||
Probability percentage of target achievement for LTCIP | 80 | ||||
Percentage of employee turnover | 5.8 | ||||
Gains (losses) on valuation of LTCIP | € 478,000 |
Financial instrument (Details)
Financial instrument (Details) € in Thousands | Dec. 31, 2018EUR (€)item | Dec. 31, 2017EUR (€)item |
Financial instruments | ||
Financial liabilities | € 17,171 | € 17,575 |
Non-current long term debt | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities | 16,250 | |
Financial liabilities, at fair value | 15,231 | |
Non-current long term debt | Level Two | ||
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 | 15,231 | |
Non-current finance lease obligation | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities | 71 | |
Financial liabilities, at fair value | 69 | |
Non-current finance lease obligation | Level Two | ||
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 | 69 | |
Current bank overdraft | Level Two | ||
Financial instruments | ||
Financial liabilities, at fair value | 58 | |
Current long term debt | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities | 816 | |
Financial liabilities, at fair value | 809 | |
Current long term debt | Level Two | ||
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 | 809 | |
Current finance lease obligation | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities | 34 | |
Financial liabilities, at fair value | 34 | |
Current finance lease obligation | Level Two | ||
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 | 34 | |
Current trade payables | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities | 2,945 | |
Non-current assets | ||
Financial instruments | ||
Financial assets | 15,100 | 14,400 |
Non-current derivative financial instruments | Fair value | ||
Financial instruments | ||
Financial assets | 2,229 | |
Financial assets, at fair value | 2,229 | |
Non-current derivative financial instruments | Level Two | ||
Financial instruments | ||
Financial assets, at fair value | 352 | |
Non-current derivative financial instruments | Level Two | Fair value | ||
Financial instruments | ||
Financial assets, at fair value | 2,229 | |
Non-current equity forward | ||
Financial instruments | ||
Financial assets | 2,229 | 352 |
Non-current equity securities | ||
Financial instruments | ||
Financial assets | 5 | 5 |
Non-current equity securities | Fair value | ||
Financial instruments | ||
Financial assets | 5 | |
Financial assets, at fair value | 5 | |
Non-current equity securities | Level Three | ||
Financial instruments | ||
Financial assets, at fair value | 5 | |
Non-current equity securities | Level Three | Fair value | ||
Financial instruments | ||
Financial assets, at fair value | 5 | |
Current bond funds | ||
Financial instruments | ||
Financial assets | € 11,847 | € 14,044 |
Number of bond fund instruments held | item | 7 | 4 |
Current bond funds | Fair value | ||
Financial instruments | ||
Financial assets | € 12,905 | |
Financial assets, at fair value | 12,905 | |
Current bond funds | Level One | ||
Financial instruments | ||
Financial assets, at fair value | € 14,044 | |
Current bond funds | Level One | Fair value | ||
Financial instruments | ||
Financial assets, at fair value | 12,905 | |
Current cash and cash equivalents | Not measured at fair value | ||
Financial instruments | ||
Financial assets | 7,402 | |
Financial assets, at fair value | 7,402 | |
Current cash and cash equivalents | Level One | ||
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 | 7,402 | |
Trade and other receivables | Not measured at fair value | ||
Financial instruments | ||
Financial assets | 6,030 | |
Current note receivable | ||
Financial instruments | ||
Financial assets | 1,058 | |
Financial liabilities measured at amortized cost | Non-current long term debt | ||
Financial instruments | ||
Financial liabilities | 16,242 | |
Financial liabilities measured at amortized cost | Non-current long term debt | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities | 16,250 | |
Financial liabilities measured at amortized cost | Non-current finance lease obligation | ||
Financial instruments | ||
Financial liabilities | 171 | |
Financial liabilities measured at amortized cost | Non-current finance lease obligation | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities | 71 | |
Financial liabilities measured at amortized cost | Current bank overdraft | ||
Financial instruments | ||
Financial liabilities | 58 | |
Financial liabilities measured at amortized cost | Current long term debt | ||
Financial instruments | ||
Financial liabilities | 796 | |
Financial liabilities measured at amortized cost | Current long term debt | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities | 816 | |
Financial liabilities measured at amortized cost | Current finance lease obligation | ||
Financial instruments | ||
Financial liabilities | 308 | |
Financial liabilities measured at amortized cost | Current finance lease obligation | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities | 34 | |
Financial liabilities measured at amortized cost | Current trade payables | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities | 2,945 | |
FVTPL | Non-current derivative financial instruments | Fair value | ||
Financial instruments | ||
Financial assets | 2,229 | |
FVOCI | Non-current equity securities | Fair value | ||
Financial instruments | ||
Financial assets | 5 | |
FVOCI | Current bond funds | Fair value | ||
Financial instruments | ||
Financial assets | 12,905 | |
Assets at amortised cost | Current cash and cash equivalents | Not measured at fair value | ||
Financial instruments | ||
Financial assets | 7,402 | |
Assets at amortised cost | Trade and other receivables | Not measured at fair value | ||
Financial instruments | ||
Financial assets | € 6,030 | |
A financial asset or financial liability at fair value through profit or loss | Non-current derivative financial instruments | ||
Financial instruments | ||
Financial assets | 352 | |
Available-for-sale financial assets | Non-current equity securities | ||
Financial instruments | ||
Financial assets | 5 | |
Available-for-sale financial assets | Current bond funds | ||
Financial instruments | ||
Financial assets | 14,044 | |
Loans and receivables | Current cash and cash equivalents | ||
Financial instruments | ||
Financial assets | € 7,569 |
Cost of sales (Details)
Cost of sales (Details) - EUR (€) € in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Cost of sales | ||||||
Personnel expenses | € (5,404) | € (4,344) | € (3,570) | |||
Material costs | (7,082) | (6,443) | (6,837) | |||
Depreciation | (2,197) | (2,071) | (1,562) | |||
Other expenses | (2,598) | (1,510) | (2,512) | |||
Allowance for slow-moving inventory | 417 | 515 | (954) | |||
Total | € (3,504) | (16,864) | (13,853) | [1],[2] | (15,435) | [2] |
Rental and building expenses | 491 | 463 | 644 | |||
Travel expenses | 294 | 296 | 414 | |||
License fees | € 92 | € 404 | 421 | |||
Tooling kits | € 198 | |||||
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6 to the consolidated financial statements. | |||||
[2] | voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated. For further information, see Note 3 to the consolidated financial statements. |
Other operating income and ex_3
Other operating income and expense (Details) - EUR (€) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Other operating income | |||||
Government grant income | € 11 | € 120 | € 75 | ||
Amortization of gain on sale and leaseback transactions | 119 | 206 | 283 | ||
Reimbursement of transaction costs | 121 | 254 | 127 | ||
Gains from foreign exchange transactions | 794 | 135 | 645 | ||
Other | 252 | 286 | 287 | ||
Total | 1,297 | 1,001 | [1],[2] | 1,417 | [2] |
Other operating expense | |||||
Impairment loss on trade and other receivables | 224 | 240 | 379 | ||
Losses from foreign exchange transactions | 511 | 1,585 | 2,077 | ||
Impairment of goodwill | 1,130 | ||||
Equity-settled share-based payment transaction in relation to the establishment of a subsidiary with non-controlling interest | 256 | ||||
Other | 16 | 19 | 39 | ||
Total | € 751 | € 1,844 | [1],[2] | € 3,881 | [2] |
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6 to the consolidated financial statements. | ||||
[2] | voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated. For further information, see Note 3 to the consolidated financial statements. |
Financial result (Details)
Financial result (Details) - EUR (€) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Financial result | |||||
Interest expense | € (1,143) | € (190) | [1],[2] | € (230) | [2] |
Finance lease obligations | (69) | (45) | (57) | ||
Long-term debt | (944) | (100) | (68) | ||
Other | (130) | (45) | (105) | ||
Interest income | 1,952 | 365 | [1],[2] | 38 | [2] |
Payout of bond funds | 58 | 11 | 35 | ||
Income from revaluation of derivative financial instruments | 1,877 | 352 | |||
Other | 17 | 2 | 3 | ||
Financial result | € 809 | € 175 | [1],[2] | € (192) | [2] |
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6 to the consolidated financial statements. | ||||
[2] | voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated. For further information, see Note 3 to the consolidated financial statements. |
Income taxes - Income Tax Expen
Income taxes - Income Tax Expense (Details) - EUR (€) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Income taxes | |||||
Current tax expense | € (2) | ||||
Deferred tax (expense) benefit | € (11) | € (80) | |||
Income tax benefit (expense) | € (11) | € (80) | [1],[2] | € (2) | [2] |
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6 to the consolidated financial statements. | ||||
[2] | voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated. For further information, see Note 3 to the consolidated financial statements. |
Income taxes - Deferred Tax Ass
Income taxes - Deferred Tax Assets and Liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred tax assets and liabilities | |||
Deferred tax assets | € 1,670 | € 1,645 | |
Deferred tax liabilities | (1,746) | (1,711) | |
Net deferred tax assets | 0 | 0 | |
Deferred tax liabilities, net | (76) | (66) | [1],[2] |
Trade receivables | |||
Deferred tax assets and liabilities | |||
Deferred tax assets | 1 | 6 | |
Deferred tax liabilities | (18) | (88) | |
Other receivables and current assets | |||
Deferred tax assets and liabilities | |||
Deferred tax assets | 959 | 26 | |
Deferred tax liabilities | (62) | (84) | |
Inventories | |||
Deferred tax assets and liabilities | |||
Deferred tax assets | 22 | 71 | |
Deferred tax liabilities | (10) | (4) | |
Property, Plant & Equipment | |||
Deferred tax assets and liabilities | |||
Deferred tax assets | 329 | 527 | |
Deferred tax liabilities | (85) | (374) | |
Non-current other assets | |||
Deferred tax assets and liabilities | |||
Deferred tax assets | 110 | ||
Current deferred income | |||
Deferred tax assets and liabilities | |||
Deferred tax assets | 1 | ||
Trade liabilities | |||
Deferred tax assets and liabilities | |||
Deferred tax assets | 231 | 22 | |
Current financial liabilities | |||
Deferred tax assets and liabilities | |||
Deferred tax assets | 209 | 126 | |
Current financial assets | |||
Deferred tax assets and liabilities | |||
Deferred tax assets | 3 | 12 | |
Deferred tax liabilities | (624) | (98) | |
Non-current deferred income | |||
Deferred tax assets and liabilities | |||
Deferred tax assets | 1,076 | ||
Other current liabilities and provisions | |||
Deferred tax assets and liabilities | |||
Deferred tax assets | 204 | 73 | |
Deferred tax liabilities | (729) | ||
Non-current financial liabilities | |||
Deferred tax assets and liabilities | |||
Deferred tax liabilities | (76) | (42) | |
Non-current financial assets | |||
Deferred tax assets and liabilities | |||
Deferred tax assets | 3 | ||
Non-current liabilities and provisions | |||
Deferred tax assets and liabilities | |||
Deferred tax liabilities | (1,020) | ||
Intangible assets | |||
Deferred tax assets and liabilities | |||
Deferred tax liabilities | (1) | (1) | |
Tax losses carried forward | |||
Deferred tax assets and liabilities | |||
Deferred tax assets | 113 | 97 | |
Valuation allowance | |||
Deferred tax assets and liabilities | |||
Deferred tax assets | 418 | 505 | |
Set off of tax | |||
Deferred tax assets and liabilities | |||
Deferred tax assets | 1,670 | 1,645 | |
Deferred tax liabilities | € (1,670) | € (1,645) | |
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6 to the consolidated financial statements. | ||
[2] | voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated. For further information, see Note 3 to the consolidated financial statements. |
Income taxes - Loss Carryforwar
Income taxes - Loss Carryforwards - Narrative (Details) € in Thousands | Dec. 31, 2017EUR (€) |
Corporation tax | |
Carryforward | |
Gross loss carryforwards | € 26 |
Trade tax losses | |
Carryforward | |
Gross loss carryforwards | 26 |
Foreign loss carryforwards | |
Carryforward | |
Gross loss carryforwards | € 14,352 |
Income taxes - Reconciliation (
Income taxes - Reconciliation (Details) - EUR (€) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Reconciliation of profit before income taxes to income tax | |||||
Loss before income tax | € (8,753) | € (8,474) | [1],[2] | € (11,311) | [2] |
Prevailing statutory tax rate (as a percent) | 28.00% | ||||
Tax expense at prevailing statutory rate (28%) | € 2,451 | 2,373 | 3,167 | ||
Non-deductible expenses | (196) | (326) | (170) | ||
Non-taxable income | 242 | 266 | 116 | ||
Tax-rate related differences | (128) | (139) | (128) | ||
Unrecognized temporary differences and tax losses | (2,380) | (2,254) | (2,987) | ||
Income tax benefit (expense) | € (11) | € (80) | [1],[2] | € (2) | [2] |
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6 to the consolidated financial statements. | ||||
[2] | voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated. For further information, see Note 3 to the consolidated financial statements. |
Personnel expenses (Details)
Personnel expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Personnel expense | |||
Wages and salaries | € 12,772 | € 10,769 | € 9,772 |
LTCIP | (478) | ||
Employee stock option plan | 604 | 386 | |
Social security contributions | 2,527 | 2,197 | 1,799 |
Total employee benefits expense | 15,903 | 13,352 | 11,093 |
MetallRente | 61 | 62 | 57 |
German state plan | |||
Personnel expense | |||
Mandatory employer's contribution | € 849 | € 710 | € 697 |
Segment reporting - Segments (D
Segment reporting - Segments (Details) € in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2017EUR (€) | Dec. 31, 2018EUR (€)segment | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | Jan. 01, 2018EUR (€) | ||||
Segment reporting | ||||||||
Number of reportable segments | segment | 2 | |||||||
Revenues | € 26,009 | € 23,178 | [1],[2] | € 22,338 | [2] | |||
Gross profit | (8,753) | (8,474) | [1],[2] | (11,311) | [2] | |||
PPE | € 27,949 | [1],[2] | 27,675 | 27,949 | [1],[2] | |||
Trade receivables | 5,093 | [1],[2] | 6,030 | 5,093 | [1],[2] | € 5,270 | ||
Trade payables | 3,059 | [1],[2] | 2,945 | 3,059 | [1],[2] | |||
Allowance for slow-moving inventory | (417) | (515) | 954 | |||||
Impairment of goodwill | 1,130 | |||||||
Sale of used printers | 123 | |||||||
Systems | ||||||||
Segment reporting | ||||||||
Revenues | 3,146 | 12,248 | 11,534 | 13,081 | ||||
Gross profit | € 1,329 | € 3,708 | € 4,258 | € 3,197 | ||||
Gross profit in % | 42.20% | 30.30% | 36.90% | 24.40% | ||||
PPE | € 13,070 | € 11,804 | € 13,070 | € 9,936 | ||||
Trade receivables | 2,899 | 3,479 | 2,899 | 2,566 | ||||
Trade payables | 1,885 | 1,726 | 1,885 | 833 | ||||
Sale of used printers | 1,489 | 2 | ||||||
Services | ||||||||
Segment reporting | ||||||||
Revenues | 2,962 | 13,761 | 11,644 | 9,257 | ||||
Gross profit | € 1,275 | € 5,437 | € 5,067 | € 3,706 | ||||
Gross profit in % | 43.00% | 39.50% | 43.50% | 40.00% | ||||
PPE | € 14,628 | € 15,871 | € 14,628 | € 13,585 | ||||
Trade receivables | 2,194 | 2,551 | 2,194 | 1,567 | ||||
Trade payables | € 1,174 | € 1,219 | € 1,174 | € 932 | ||||
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6 to the consolidated financial statements. | |||||||
[2] | voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated. For further information, see Note 3 to the consolidated financial statements. |
Segment reporting - Geographic
Segment reporting - Geographic (Details) - EUR (€) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Revenues and non-current assets by geographical region | |||||
Revenues | € 26,009 | € 23,178 | [1],[2] | € 22,338 | [2] |
Non-current assets | 31,416 | 29,508 | [1],[2] | ||
EMEA | |||||
Revenues and non-current assets by geographical region | |||||
Revenues | 14,673 | 14,832 | 13,364 | ||
Germany | |||||
Revenues and non-current assets by geographical region | |||||
Revenues | 6,605 | 5,677 | 6,132 | ||
France | |||||
Revenues and non-current assets by geographical region | |||||
Revenues | 2,667 | 2,611 | 2,725 | ||
Great Britain | |||||
Revenues and non-current assets by geographical region | |||||
Revenues | 1,050 | 1,459 | 1,135 | ||
Others-EMEA | |||||
Revenues and non-current assets by geographical region | |||||
Revenues | 4,351 | 5,085 | 3,372 | ||
Asia Pacific | |||||
Revenues and non-current assets by geographical region | |||||
Revenues | 5,450 | 2,526 | 4,831 | ||
Indonesia | |||||
Revenues and non-current assets by geographical region | |||||
Revenues | 1,819 | ||||
China | |||||
Revenues and non-current assets by geographical region | |||||
Revenues | 2,134 | 1,549 | 194 | ||
South Korea | |||||
Revenues and non-current assets by geographical region | |||||
Revenues | 888 | 721 | 1,680 | ||
Thailand | |||||
Revenues and non-current assets by geographical region | |||||
Revenues | 6 | 6 | 1,327 | ||
Taiwan | |||||
Revenues and non-current assets by geographical region | |||||
Revenues | 7 | 25 | 1,303 | ||
Others-Asia Pacific | |||||
Revenues and non-current assets by geographical region | |||||
Revenues | 596 | 225 | 327 | ||
Americas | |||||
Revenues and non-current assets by geographical region | |||||
Revenues | 5,886 | 5,820 | 4,143 | ||
United States | |||||
Revenues and non-current assets by geographical region | |||||
Revenues | 5,802 | 5,474 | 4,107 | ||
Others-Americas | |||||
Revenues and non-current assets by geographical region | |||||
Revenues | € 84 | € 346 | € 36 | ||
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6 to the consolidated financial statements. | ||||
[2] | voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated. For further information, see Note 3 to the consolidated financial statements. |
Financial risk management - For
Financial risk management - Foreign Exchange and Interest Rate Risk - Narrative (Details) € in Thousands, £ in Millions, $ in Millions | Dec. 22, 2017EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | Dec. 31, 2018USD ($) | Dec. 31, 2018GBP (£) | Dec. 31, 2018EUR (€) |
Financial risk | |||||||
Proceeds from issuance of long-term debt | € 1,639 | € 12,612 | € 4,724 | ||||
Interest rate risk | |||||||
Financial risk | |||||||
Change in interest rate( as a percent) | 10 | ||||||
Impact of change in interest rate | € 2 | ||||||
Eurozone | Foreign exchange risk | |||||||
Financial risk | |||||||
Percentage of revenue generated | 41.90% | ||||||
Revenue invoiced (as a percent) | 70.00% | 70.00% | 84.00% | ||||
voxeljet UK | |||||||
Financial risk | |||||||
Amount borrowed by affiliate | £ 8.1 | € 9,000 | |||||
Increase in designated risk component (as a percent) | 10.00% | 10.00% | 10.00% | ||||
Loss due to relative change | € 800 | ||||||
voxeljet America | |||||||
Financial risk | |||||||
Amount borrowed by affiliate | $ 6.8 | € 5,900 | |||||
Increase in designated risk component (as a percent) | 10.00% | 10.00% | 10.00% | ||||
Loss due to relative change | € 500 | ||||||
EIB-Tranche one | Interest rate risk | |||||||
Financial risk | |||||||
Proceeds from issuance of long-term debt | € 10,000 | ||||||
Effective interest rate (as a percent) | 7.58% | 7.58% | 7.58% |
Financial risk management - Cre
Financial risk management - Credit risk and Movements of Liabilities to Cash Flows (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Amount of outstanding customer loans | € 0 | € 0 | |
Restated balance at January 1 | 59,921 | € 56,777 | |
Changes from financing cash flows | |||
Proceeds from loans and borrowings | 1,639 | 12,612 | |
Repayment of borrowings | (2,822) | (897) | |
Payment of finance lease liabilities | (361) | (436) | |
Proceeds from issuance of shares | 11,088 | ||
Total changes from financing cash flows | 9,544 | 11,279 | |
Other changes Liability-related | |||
Capitalised borrowing costs | 78 | ||
Reclassification | 1,139 | 165 | |
Interest expense | 1,013 | 145 | |
Interest paid | (1,012) | (206) | |
Total liability-related other changes | 1,140 | 182 | |
Total equity-related other changes | (8,160) | (8,125) | |
Changes from capital increase | 11,088 | ||
Balance at December 31 | 62,445 | 60,113 | |
Bank overdrafts used for cash management purposes | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Restated balance at January 1 | 58 | 224 | |
Changes from financing cash flows | |||
Repayment of borrowings | (58) | (165) | |
Total changes from financing cash flows | (58) | (165) | |
Other changes Liability-related | |||
Balance at December 31 | 59 | ||
Other loans and borrowings | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Restated balance at January 1 | 17,038 | 5,099 | |
Changes from financing cash flows | |||
Proceeds from loans and borrowings | 1,639 | 12,612 | |
Repayment of borrowings | (2,764) | (732) | |
Total changes from financing cash flows | (1,125) | 11,880 | |
Other changes Liability-related | |||
Reclassification | 1,152 | 42 | |
Interest expense | 944 | 100 | |
Interest paid | (943) | (161) | |
Total liability-related other changes | 1,153 | 59 | |
Balance at December 31 | 17,066 | 17,038 | |
Finance lease obligations | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Restated balance at January 1 | 479 | 791 | |
Changes from financing cash flows | |||
Payment of finance lease liabilities | (361) | (436) | |
Total changes from financing cash flows | (361) | (436) | |
Other changes Liability-related | |||
Reclassification | (13) | 123 | |
Interest expense | 69 | 45 | |
Interest paid | (69) | (45) | |
Total liability-related other changes | (13) | 123 | |
Balance at December 31 | 105 | 478 | |
Equity attributable to owners of parent | |||
Other changes Liability-related | |||
Changes from capital increase | 11,088 | ||
Subscribed capital | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Restated balance at January 1 | 3,720 | 3,720 | |
Changes from financing cash flows | |||
Proceeds from issuance of shares | 1,116 | ||
Total changes from financing cash flows | 1,116 | ||
Other changes Liability-related | |||
Changes from capital increase | 1,116 | ||
Balance at December 31 | 4,836 | 3,720 | |
Capital Reserves | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Restated balance at January 1 | 76,227 | 75,827 | |
Changes from financing cash flows | |||
Proceeds from issuance of shares | 9,972 | ||
Total changes from financing cash flows | 9,972 | ||
Other changes Liability-related | |||
Total equity-related other changes | 604 | 400 | |
Changes from capital increase | 9,972 | ||
Balance at December 31 | 86,803 | 76,227 | |
Accumulated deficit | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Restated balance at January 1 | (37,672) | (28,971) | |
Other changes Liability-related | |||
Total equity-related other changes | (8,728) | (8,509) | |
Balance at December 31 | (46,400) | (37,480) | |
Non-controlling interests | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Restated balance at January 1 | 71 | € 87 | |
Other changes Liability-related | |||
Total equity-related other changes | (36) | (16) | |
Balance at December 31 | 35 | 71 | |
Credit risk | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Maximum exposure to credit risk | € 26,400 | € 27,100 |
Financial risk management - Liq
Financial risk management - Liquidity risk - Narrative (Details) € in Thousands | Dec. 22, 2017EUR (€)shares | Nov. 09, 2017EUR (€)tranche | Dec. 31, 2016EUR (€) | Oct. 31, 2016EUR (€) | Sep. 30, 2016EUR (€) | May 31, 2016EUR (€) | Dec. 31, 2018EUR (€)tranche | Dec. 31, 2017EUR (€)item | Dec. 31, 2016EUR (€) | Oct. 22, 2018shares | Jan. 01, 2018shares | Jan. 01, 2017shares |
Financial liabilities | ||||||||||||
Proceeds from issuance of long-term debt | € 1,639 | € 12,612 | € 4,724 | |||||||||
Number of ordinary shares | shares | 3,720,000 | 3,720,000 | ||||||||||
European Investment Bank | ||||||||||||
Financial liabilities | ||||||||||||
Number of tranches | tranche | 3 | |||||||||||
Liquidity risk | ||||||||||||
Financial liabilities | ||||||||||||
Number of ordinary shares | shares | 254,527 | |||||||||||
Liquidity risk | Kreissparkasse Augsburg, Germany | ||||||||||||
Financial liabilities | ||||||||||||
Proceeds from issuance of long-term debt | € 1,000 | € 700 | € 2,000 | € 1,000 | ||||||||
Interest rate (as a percent) | 2.72% | 2.29% | 2.47% | 2.35% | 2.72% | |||||||
Cash deposit | 2,000 | |||||||||||
Amount to be pledged to lender on failure to meet ability to service debt ratio | € 2,000 | |||||||||||
Number of 3D printers serving as collateral | item | 3 | |||||||||||
Liquidity risk | European Investment Bank | ||||||||||||
Financial liabilities | ||||||||||||
Maximum borrowing capacity | € 25,000 | |||||||||||
Number of tranches | tranche | 3 | |||||||||||
Maximum borrowing to total research and development and manufacturing capital expenditures (as a percent) | 50.00% | |||||||||||
2019 expected expenditures | € 14,000 | |||||||||||
2020 expected expenditures | € 16,200 | |||||||||||
Liquidity risk | EIB-Tranche one | ||||||||||||
Financial liabilities | ||||||||||||
Proceeds from issuance of long-term debt | € 10,000 | |||||||||||
Interest rate (as a percent) | 0.00% | |||||||||||
Maximum borrowing capacity | € 10,000 | |||||||||||
Consideration in cash equal to the market value of shares (in shares) | shares | 195,790 | |||||||||||
Maturity term | 5 years | |||||||||||
Expiration term | 10 years | |||||||||||
Liquidity risk | EIB-Tranche two | ||||||||||||
Financial liabilities | ||||||||||||
Interest rate (as a percent) | 7.00% | |||||||||||
Maximum borrowing capacity | € 8,000 | |||||||||||
Liquidity risk | EIB-Tranche three | ||||||||||||
Financial liabilities | ||||||||||||
Interest rate (as a percent) | 3.00% | |||||||||||
Maximum borrowing capacity | € 7,000 |
Financial risk management - Rem
Financial risk management - Remaining Maturities (Details) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Financial liabilities | |||
Finance lease obligation carrying amount | € 105 | € 479 | |
Trade payables | 2,945 | 3,059 | [1],[2] |
Liquidity risk | |||
Financial liabilities | |||
Finance lease obligation carrying amount | 105 | 479 | |
Trade payables | 2,945 | 3,059 | |
Total carrying amount | 20,116 | 20,634 | |
Finance lease obligations contractual cash flow | (109) | (495) | |
Trade payables contractual cash flow | (2,945) | (3,059) | |
Total contractual cash flow | (25,583) | (27,035) | |
Liquidity risk | Bank overdrafts and lines of credit | |||
Financial liabilities | |||
Bank borrowings carrying amount | 58 | ||
Bank borrowings contractual cash flow | (58) | ||
Liquidity risk | Long-term debt | |||
Financial liabilities | |||
Bank borrowings carrying amount | 17,066 | 17,038 | |
Bank borrowings contractual cash flow | (22,529) | (23,423) | |
2 months or less | Liquidity risk | |||
Financial liabilities | |||
Finance lease obligations contractual cash flow | (9) | (73) | |
Trade payables contractual cash flow | (2,945) | (3,059) | |
Total contractual cash flow | (3,114) | (3,350) | |
2 months or less | Liquidity risk | Bank overdrafts and lines of credit | |||
Financial liabilities | |||
Bank borrowings contractual cash flow | (58) | ||
2 months or less | Liquidity risk | Long-term debt | |||
Financial liabilities | |||
Bank borrowings contractual cash flow | (160) | (160) | |
2 to 12 months | Liquidity risk | |||
Financial liabilities | |||
Finance lease obligations contractual cash flow | (27) | (247) | |
Total contractual cash flow | (826) | (1,045) | |
2 to 12 months | Liquidity risk | Long-term debt | |||
Financial liabilities | |||
Bank borrowings contractual cash flow | (799) | (798) | |
1 to 3 years | Liquidity risk | |||
Financial liabilities | |||
Finance lease obligations contractual cash flow | (56) | (132) | |
Total contractual cash flow | (1,574) | (1,975) | |
1 to 3 years | Liquidity risk | Long-term debt | |||
Financial liabilities | |||
Bank borrowings contractual cash flow | (1,518) | (1,843) | |
3 to 5 years | Liquidity risk | |||
Financial liabilities | |||
Finance lease obligations contractual cash flow | (17) | (43) | |
Total contractual cash flow | (15,268) | (15,630) | |
3 to 5 years | Liquidity risk | Long-term debt | |||
Financial liabilities | |||
Bank borrowings contractual cash flow | (15,251) | (15,587) | |
More than 5 years | Liquidity risk | |||
Financial liabilities | |||
Total contractual cash flow | (4,801) | (5,035) | |
More than 5 years | Liquidity risk | Long-term debt | |||
Financial liabilities | |||
Bank borrowings contractual cash flow | € (4,801) | € (5,035) | |
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6 to the consolidated financial statements. | ||
[2] | voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated. For further information, see Note 3 to the consolidated financial statements. |
Capital management (Details)
Capital management (Details) € in Thousands | 12 Months Ended | |||||
Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | [2] | Dec. 31, 2015EUR (€) | ||
Capital management | ||||||
Equity | € 46,475 | € 43,889 | [1],[2] | € 51,536 | € 61,469 | |
Share of total equity and liabilities | 67 | 65.5 | ||||
Current financial liabilities | € 850 | € 1,162 | [1],[2] | |||
Non-current financial liabilities | 16,321 | 16,413 | [1],[2] | |||
Total financial liabilities | € 17,171 | € 17,575 | ||||
Share of total equity and liabilities | 24.8 | 26.2 | ||||
Total equity and liabilities | € 69,352 | € 67,002 | [1],[2] | |||
[1] | Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Note 6 to the consolidated financial statements. | |||||
[2] | voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated. For further information, see Note 3 to the consolidated financial statements. |
Leases (Details)
Leases (Details) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018EUR (€)item | Dec. 31, 2017EUR (€)item | Dec. 31, 2016EUR (€)item | |
Leases | |||
Minimum future lease payments obligation | € 109 | € 495 | |
Unamortized interest expense | (4) | (16) | |
Present value of minimum future lease payments obligation | 105 | 479 | |
Operating lease obligations | € 2,584 | 1,646 | |
Operating lease expense | € 537 | € 630 | |
Number of leased printers | item | 2 | 1 | 5 |
Number of customers leasing printers | item | 2 | ||
Operating lease payments receivable | € 94 | € 30 | |
Operating lease income | 31 | 145 | € 89 |
Due within 1 year | |||
Leases | |||
Minimum future lease payments obligation | 36 | 320 | |
Unamortized interest expense | (2) | (12) | |
Present value of minimum future lease payments obligation | 34 | 308 | |
Operating lease obligations | 554 | 486 | |
Operating lease payments receivable | 94 | 30 | |
due between 1 and 5 years | |||
Leases | |||
Minimum future lease payments obligation | 73 | 175 | |
Unamortized interest expense | (2) | (4) | |
Present value of minimum future lease payments obligation | 71 | 171 | |
Operating lease obligations | 1,666 | 762 | |
More than 5 years | |||
Leases | |||
Operating lease obligations | € 364 | € 398 |
Related party transactions - Ma
Related party transactions - Management Compensation (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related party transactions | |||
Fixed compensation | € 781 | € 778 | € 644 |
Variable compensation | 360 | 231 | |
Total | € 1,141 | € 1,009 | € 644 |
Related party transactions - Ot
Related party transactions - Other (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Office space Augsburg, Germany | |||
Related parties | |||
Rent expense | € 2 | € 2 | € 2 |
Use of paintings in administrative building | |||
Related parties | |||
Rent expense | 2 | 2 | 2 |
Schlosserei und Metallbau Ederer, Dießen | |||
Related parties | |||
Acquired goods | 7 | 15 | 15 |
Andreas Schmid Logistik | |||
Related parties | |||
Acquired goods | 74 | 43 | |
Suzhou Meimai Fast Manufacturing Technology Co., Ltd | |||
Related parties | |||
Acquired goods | 175 | 244 | € 87 |
DSCS Digital Supply Chain Solutions GmbH | |||
Related parties | |||
Acquired goods | € 0 | € 0 | |
Ownership interest in associate | 33.30% | 33.30% | |
Simon Franz | |||
Related parties | |||
Salary received | € 12 | € 3 |
Equity (Details)
Equity (Details) € / shares in Units, € in Thousands | Nov. 08, 2018shares | Nov. 01, 2018EUR (€) | Oct. 17, 2018EUR (€)shares | Dec. 31, 2018EUR (€) | Dec. 31, 2016Vote | Dec. 31, 2018$ / sharesshares | Dec. 31, 2018€ / sharesshares | Oct. 17, 2018$ / sharesshares | Jan. 01, 2018shares | Jan. 01, 2017shares |
Equity | ||||||||||
Number of shares purchased by management | 233,462 | |||||||||
Net proceeds from the offering | € | € 11,088 | |||||||||
Shares issued (in shares) | 3,720,000 | 3,720,000 | ||||||||
American Depositary Shares | ||||||||||
Equity | ||||||||||
Number of new shares issued (in shares) | 4,860,000 | |||||||||
Offering price (in dollars per share) | $ / shares | $ 2.57 | |||||||||
Net proceeds from the offering | € | € 9,000 | |||||||||
Ordinary shares | ||||||||||
Equity | ||||||||||
Number of new shares issued (in shares) | 972,000 | |||||||||
Par value per share | (per share) | $ 0 | € 0 | ||||||||
Shares issued (in shares) | 4,836,000 | 4,836,000 | ||||||||
Shares outstanding (in shares) | 4,836,000 | 4,836,000 | ||||||||
Number of votes | Vote | 1 | |||||||||
Maximum authorized share capital | € | € 744 | |||||||||
Over-allotment transaction | ||||||||||
Equity | ||||||||||
Net proceeds from the offering | € | € 1,400 | |||||||||
Over-allotment transaction | American Depositary Shares | ||||||||||
Equity | ||||||||||
Public offering (in shares) | 720,000 | |||||||||
Over-allotment transaction | Ordinary shares | ||||||||||
Equity | ||||||||||
Public offering (in shares) | 144,000 |