Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2019 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | voxeljet AG |
Entity Central Index Key | 0001582581 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2019 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - EUR (€) € in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets | ||
Current assets | € 33,366 | € 37,936 |
Cash and cash equivalents | 5,986 | 7,402 |
Financial assets | 9,104 | 12,905 |
Trade receivables | 4,502 | 6,030 |
Inventories | 12,174 | 10,064 |
Income tax receivables | 39 | 13 |
Other assets | 1,561 | 1,522 |
Non-current assets | ||
Non-current assets | 34,553 | 31,416 |
Financial assets | 2,252 | 2,234 |
Intangible assets | 1,371 | 1,420 |
Property, plant and equipment | 30,849 | 27,675 |
Investments in joint venture | 33 | 33 |
Other assets | 48 | 54 |
Total assets | 67,919 | 69,352 |
Current liabilities | ||
Current liabilities | 6,123 | 6,302 |
Trade payables | 2,171 | 2,945 |
Contract liabilities | 1,079 | 817 |
Financial liabilities | 1,363 | 850 |
Other liabilities and provisions | 1,510 | 1,690 |
Non-current liabilities | ||
Non-current liabilities | 20,716 | 16,575 |
Deferred tax liabilities | 120 | 76 |
Financial liabilities | 20,420 | 16,321 |
Other liabilities and provisions | 176 | 178 |
Equity | ||
Equity | 41,080 | 46,475 |
Subscribed capital | 4,836 | 4,836 |
Capital reserves | 87,739 | 86,803 |
Accumulated deficit | (53,004) | (46,400) |
Accumulated other comprehensive income | 1,357 | 1,201 |
Equity attributable to the owners of the company | 40,928 | 46,440 |
Non controlling interest | 152 | 35 |
Total equity and liabilities | € 67,919 | € 69,352 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||
Revenues | € 5,050 | € 5,262 | € 10,615 | € 10,314 |
Cost of sales | (3,524) | (3,410) | (7,176) | (6,331) |
Gross profit | 1,526 | 1,852 | 3,439 | 3,983 |
Selling expenses | (1,762) | (1,658) | (3,438) | (3,394) |
Administrative expenses | (1,585) | (1,392) | (3,024) | (2,624) |
Research and development expenses | (1,702) | (1,514) | (3,407) | (3,111) |
Other operating expenses | (818) | (132) | (434) | (490) |
Other operating income | 148 | 440 | 729 | 842 |
Operating loss | (4,193) | (2,404) | (6,135) | (4,794) |
Finance expense | (307) | (549) | (622) | (592) |
Finance income | 641 | 11 | 98 | 732 |
Financial result | 334 | (538) | (524) | 140 |
Loss before income taxes | (3,859) | (2,942) | (6,659) | (4,654) |
Income taxes | (56) | (7) | (44) | (13) |
Net loss | (3,915) | (2,949) | (6,703) | (4,667) |
Debt investment at FVOCI - net change in fair value | 34 | (3) | 140 | (18) |
Foreign currency translation differences | 416 | (9) | 16 | (73) |
Other comprehensive income | 450 | (12) | 156 | (91) |
Total comprehensive loss | (3,465) | (2,961) | (6,547) | (4,758) |
Loss attributable to: | ||||
Owners of the Company | (3,820) | (2,940) | (6,604) | (4,652) |
Non-controlling interests | (95) | (9) | (99) | (15) |
Net loss | (3,915) | (2,949) | (6,703) | (4,667) |
Total comprehensive loss attributable to: | ||||
Owners of the Company | (3,370) | (2,952) | (6,448) | (4,743) |
Non-controlling interests | (95) | (9) | (99) | (15) |
Total comprehensive loss | € (3,465) | € (2,961) | € (6,547) | € (4,758) |
Weighted average number of ordinary shares outstanding (in shares) | 4,836,000 | 3,720,000 | 4,836,000 | 3,720,000 |
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, 2017 | € 43,818 | € 3,720 | € 76,227 | € (37,509) | € 1,380 | € 71 | € 43,889 |
Loss for the period | (4,652) | (4,652) | (15) | (4,667) | |||
Net changes in fair value of debt investments at FVOCI | (18) | (18) | (18) | ||||
Foreign currency translations | (73) | (73) | (73) | ||||
Equity-settled share-based payment | 299 | 299 | 299 | ||||
Balance at the end (Adjustment on initial application of IFRS 15) at Jun. 30, 2018 | (100) | (100) | (100) | ||||
Balance at the end (Adjustment on initial application of IFRS 9) at Jun. 30, 2018 | (63) | (63) | (63) | ||||
Balance at the end at Jun. 30, 2018 | 39,211 | 3,720 | 76,526 | (42,324) | 1,289 | 56 | 39,267 |
Adjusted balance | Adjustment on initial application of IFRS 9 | 43,655 | 3,720 | 76,227 | (37,672) | 1,380 | 71 | 43,726 |
Balance at the beginning (Previously stated) at Dec. 31, 2018 | 46,440 | 4,836 | 86,803 | (46,400) | 1,201 | 35 | 46,475 |
Balance at the beginning at Dec. 31, 2018 | 46,475 | ||||||
Loss for the period | (6,604) | (6,604) | (99) | (6,703) | |||
Net changes in fair value of debt investments at FVOCI | 140 | 140 | 140 | ||||
Foreign currency translations | 16 | 16 | 16 | ||||
Equity-settled share-based payment | 332 | 332 | 332 | ||||
Share-based payment transaction with the non-controlling shareholder of a subsidiary | 604 | 604 | 216 | 820 | |||
Balance at the end at Jun. 30, 2019 | € 40,928 | € 4,836 | € 87,739 | € (53,004) | € 1,357 | € 152 | € 41,080 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Flow from operating activities | ||
Loss for the period | € (6,703) | € (4,667) |
Depreciation and amortization | 2,143 | 1,702 |
Foreign currency exchange differences on loans to subsidiaries | (41) | (146) |
Share-based compensation expense | 332 | 299 |
Change in impairment of trade receivables | (15) | 152 |
Non-cash expense on financial liabilities | 428 | 382 |
Change in fair value of derivative equity forward | (18) | (715) |
Change in inventory allowance | (16) | (327) |
Other | 60 | 20 |
Change in working capital | (729) | (59) |
Trade and other receivables, inventories and current assets | (125) | (2,370) |
Trade payables | (690) | 191 |
Other liabilities, contract liabilities and provisions | 112 | 2,122 |
Income tax payable/receivables | (26) | (2) |
Net cash used in operating activities | (4,559) | (3,359) |
Cash Flow from investing activities | ||
Payments to acquire property, plant and equipment and intangible assets | (637) | (813) |
Proceeds from disposal of financial assets | 5,176 | 7,025 |
Payments to acquire financial assets | (1,243) | (6,175) |
Net cash from (used in) investing activities | 3,296 | 37 |
Cash Flow from financing activities | ||
Repayment of bank overdrafts and lines of credit | (49) | |
Repayment of sale and leaseback obligation | (211) | |
Repayment of lease liabilities (2018: Repayment of finance lease obligations) | (137) | (23) |
Repayment of long-term debt | (525) | (393) |
Proceeds from issuance of long-term debt | 500 | 40 |
Net cash from (used in) financing activities | (162) | (636) |
Net increase (decrease) in cash and cash equivalents | (1,425) | (3,958) |
Cash and cash equivalents at beginning of period | 7,402 | 7,569 |
Changes to cash and cash equivalents due to foreign exchanges rates | 9 | 32 |
Cash and cash equivalents at end of period | 5,986 | 3,643 |
Supplemental Cash Flow Information | ||
Interest paid | 182 | 111 |
Interest received | € 42 | € 3 |
Preparation of financial statem
Preparation of financial statements | 6 Months Ended |
Jun. 30, 2019 | |
Preparation of financial statements | |
Preparation of financial statements | 1. Preparation of financial statements Our condensed consolidated interim financial statements include the accounts of voxeljet AG , which is listed on the New York Stock Exchange, and its wholly-owned subsidiaries voxeljet America Inc., voxeljet UK Ltd. and voxeljet India Pvt. Ltd., as well as voxeljet China Co. Ltd., which are collectively referred to herein as the ‘Group’ or the ‘Company.’ Our condensed consolidated interim financial statements were prepared in compliance with all applicable measurement and presentation rules contained in International Financial Reporting Standards (‘IFRS’) as set forth by the International Accounting Standards Board (‘IASB’) and Interpretations of the IFRS Interpretations Committee (‘IFRIC’). The designation IFRS also includes all valid International Accounting Standards (‘IAS’); and the designation IFRIC also includes all valid interpretations of the Standing Interpretations Committee (‘SIC’). Specifically, these financial statements were prepared in accordance with the disclosure requirements and the measurement principles for interim financial reporting purposes specified by IAS 34. The IASB issued a number of new IFRS standards which are required to be adopted in annual periods beginning after January 1, 2019. Standard Effective date Descriptions 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 The Company has not yet determined what impact the new standards, amendments or interpretations will have on its financial statements. The interim financial statements as of and for the six months ended June 30, 2019 and 2018 were authorized for issue by the Management Board on August 15, 2019. |
Summary of significant accounti
Summary of significant accounting policies | 6 Months Ended |
Jun. 30, 2019 | |
Summary of significant accounting policies | |
Summary of significant accounting policies | 2. Summary of significant accounting policies Except as described below, the accounting policies applied in these condensed consolidated interim financial statements are the same as those applied in the Company’s consolidated financial statements as of and for the year ended December 31, 2018, which can be found in its Annual Report on Form 20-F that was filed with the U.S. Securities and Exchange Commission on March 28, 2019. The changes in accounting policies are also expected to be reflected in the Company’s consolidated financial statements as of and for the year ending December 31, 2019. The Group has initially adopted IFRS 16 Leases from January 1, 2019. A number of other new standards are effective from January 1, 2019 but these do not have a material effect on the Company’s consolidated financial statements. IFRS 16 introduced a single, on-balance sheet accounting model for lessees. As a result, the Group, as a lessee, has recognized right-of-use assets representing its rights to use the underlying assets and lease liabilities representing its obligation to make lease payments. Lessor accounting remains similar to previous accounting policies. The Group has applied IFRS 16 using the modified retrospective approach, under which the cumulative effect of initial application is recognized in retained earnings as of January 1, 2019. Accordingly, the comparative information presented for 2018 has not been restated and is therefore presented as previously reported, under IAS 17 and related interpretations. The details of changes in accounting are disclosed below. Definition of a lease Previously, the Company determined at contract inception whether an arrangement was or contained a lease under IFRIC 4 Determining Whether an Arrangement contains a Lease . The Company now assesses whether a contract is or contains a lease based on the new definition of a lease. Under IFRS 16, a contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. On transition to IFRS 16, the Company elected to apply the practical expedient to grandfather the assessment of which transactions are leases. It applies IFRS 16 only to contracts that were previously identified as leases. Contracts that were not identified as leases under IAS 17 and IFRIC 4 were not reassessed. Therefore, the definition of a lease under IFRS 16 has been applied only to contracts entered into or changed on or after January 1, 2019. At inception or on reassessment of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease and non-lease component on the basis of their relative stand-alone prices. The Company as a lessee The Company leases assets, including properties, production equipment and vehicles. As a lessee, the Company previously classified leases as operating or finance leases based on its assessment of whether the lease transferred substantially all of the risks and rewards of ownership. Under IFRS 16, the Company recognizes right-of-use assets and lease liabilities for most leases. These leases are on-balance sheet. However, the Company has elected not to recognize right-of-use assets and lease liabilities for some leases of low-value assets (e.g. tools) as well as short-term leases (leases with less than 12 months of lease term). The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. The Company presents right-of-use assets in “property, plant and equipment”, in the same line item as it presents underlying assets of the same nature that it owns. The carrying amounts of right-of-use assets are as below: Property, plant and equipment Property Production equipment Others Total (€ in thousands) Balance at January 1, 2019 Balance at June 30, 2019 The Company presents lease liabilities within “financial liabilities” in the condensed consolidated statements of financial position. Leases under IFRS 16 The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at an amount equal to the lease liability, and subsequently at cost less any accumulated depreciation and impairment losses, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the Company’s incremental borrowing rate. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in the future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonable certain not to be exercised. The Company has applied judgement to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The assessment of whether the Company is reasonably certain to exercise such options impacts the lease term, which significantly affects the amount of lease liabilities and right-of-use assets recognized. Transition Previously, the Company classified property plant and equipment leases as operating leases under IAS 17. These include manufacturing facilities. The leases typically run for a period of three to ten years. Some leases include an option to renew the lease for an additional three to five years after the end of the non-cancelable period. At transition, for leases classified as operating leases under IAS 17, lease liabilities were measured at the present value of the remaining lease payments, discounted at the Company’s incremental borrowing rates for similar assets as of January 1, 2019. Right-of-use assets are measured at an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments. The Company used the following practical expedients when applying IFRS 16 to leases previously classified as operating leases under IAS 17: - Applied a single discount rate to a portfolio of leases with reasonably similar characteristics. - Applied the exemption not to recognize right-of-use assets and liabilities for leases with less than 12 months of lease term. - Used hindsight when determining the lease term if the contract contains options to extend or terminate the lease. The Company leases a small number of items of production equipment. These leases were classified as finance leases under IAS 17. For these finance leases, the carrying amount of the right-of-use asset and the lease liability at January 1, 2019 were determined at the carrying amount of the lease asset and lease liability under IAS 17 immediately before that date. The Company as a lessor The Company leases out a small number of 3D printers. Those leases have been classified as operating leases. The accounting policies applicable to the Company as a lessor are not different from those under IAS 17. The Company is not required to make any adjustments on transition to IFRS 16 for leases in which it acts as a lessor. Impacts on financial statements Impacts on transition On transition to IFRS 16, the Company recognized additional right-of-use assets, including property, plant and equipment and additional lease liabilities. The impact on transition is summarized below. Impact on adopting IFRS 16 at January 1, 2019 (€ in thousands) Right-of-use assets presented in property plant and equipment Lease liabilities as presented in financial liabilities When measuring lease liabilities for leases that were classified as operating lease, the Company discounted lease payments using its incremental borrowing rates as of January 1, 2019. The weighted-average rate applied is 4.55%. January 1, 2019 (€ in thousands) Operating lease commitment at December 31, 2018, as disclosed in the Group's consolidated financial statements Discounted using the incremental borrowing rate at January 1, 2019 Finance lease liability recognized as at December 31, 2018 Recognition exemption for leases with less than 12 months of lease term at transition Extension options reasonably certain to be exercised Lease liabilities recognized at January 1, 2019 Impacts for the period As a result of initially applying IFRS 16, in relation to the leases that were previously classified as operating leases, the Company recognized kEUR 4,825 of right-of-use assets and kEUR 4,233 of lease liabilities as of June 30, 2019. Also in relation to those leases under IFRS 16, the Company has recognized depreciation and interest costs, instead of operating lease expenses. During the six-months ended June 30, 2019, the Company recognized kEUR 354 of depreciation expenses and kEUR 95 of interest expense from these leases. |
Share based payment arrangement
Share based payment arrangements | 6 Months Ended |
Jun. 30, 2019 | |
Share based payment arrangements | |
Share based payment arrangements | 3. Share based payment arrangements On April 7, 2017, voxeljet AG established a share option plan that entitles key management personnel and senior employees of voxeljet AG and its subsidiaries to purchase shares of the parent company. Total options available under the share option plan are 372,000. 279,000 options (75%, Tranche 1) were granted on April 7, 2017. 93,000 options (25%, Tranche 2) were granted on April 12, 2018. The vesting conditions include a service condition (the options vest after a period of four years of continued service from the respective grant date) and a market condition (the options may only be exercised if the share price exceeds the exercise price over a period of 90 consecutive days by at least 20% in the period between the grant date and the respective exercise time frame) which both conditions must be met. The fair value of the employee share option plan has been measured for Tranches 1 and 2 using a Monte Carlo simulation. The market condition has been incorporated into the fair value at grant date. The inputs used in the measurement of the fair value at grant date are as follows: Tranche 1 Tranche 2 Parameter Share price at grant date USD 13.80 USD 16.15 Exercise price USD 13.90 USD 16.15 Expected volatility 55.00% 58.40% Expected dividends -- -- Risk-free interest rate 2.49% 2.85% Fair value at grant date USD 8.00 USD 9.74 The respective expected volatility has been based on an evaluation of the historical volatility of the Company’s share price as at the grant date. As at June 30, 2019 no options are exercisable and 353,400 options are outstanding. The weighted-average contractual life of the options at June 30, 2019 amounts to 8.0 years (June 30, 2018: 9.0 years). The expenses recognized in the profit and loss statement in relation to the share-based payment arrangements amounted to kEUR 167 in the three months and kEUR 332 in the six months ended June 30, 2019. (Three months and six months ended June 30, 2018: kEUR 171 and kEUR 299, respectively). |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2019 | |
Inventories | |
Inventories | 4. Inventories 6/30/2019 12/31/2018 (€ in thousands) Raw materials and merchandise 3,994 4,628 Work in progress 8,180 5,436 Total 12,174 10,064 |
Property, plant and equipment,
Property, plant and equipment, net | 6 Months Ended |
Jun. 30, 2019 | |
Property, plant and equipment, net | |
Property, plant and equipment, net | 5. Property, plant and equipment, net 6/30/2019 12/31/2018 (1) (€ in thousands) Land, buildings and leasehold improvements 21,339 17,085 Plant and machinery (2018: includes assets under finance lease) 7,849 9,072 Other facilities, factory and office equipment 1,635 1,502 Assets under construction and prepayments made 26 16 Total 30,849 27,675 Thereof pledged assets of Property, Plant and Equipment 6,408 6,691 Leased assets included in Property, Plant and Equipment: 180 357 Printers leased to customers under operating lease 180 208 Other factory equipment — 149 (1) The Company has initially applied IFRS 16 as of January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated and the cumulative effect of initially applying IFRS 16 is recognized in retained earnings at the date of initial application. For further information, see Note 2 of the condensed consolidated interim financial statements. |
Other liabilities and provision
Other liabilities and provisions | 6 Months Ended |
Jun. 30, 2019 | |
Other liabilities and provisions | |
Other liabilities and provisions | 6. Other liabilities and provisions 6/30/2019 12/31/2018 (€ in thousands) Liabilities from VAT 62 24 Employee bonus 137 413 Accruals for vacation and overtime 440 210 Accruals for licenses 55 69 Liabilities from payroll 348 298 Accruals for commissions 42 47 Accruals for compensation of Supervisory board 130 180 Accrual for warranty 178 240 Others 294 387 Total 1,686 1,868 |
Financial instruments
Financial instruments | 6 Months Ended |
Jun. 30, 2019 | |
Financial instruments | |
Financial instruments | 7. Financial instruments The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. In addition, for the current year the fair value disclosure of lease liabilities is not required. Carrying amount Fair Value Assets at Liabilities Total FVTPL FVOCI amortized at amortized carrying 6/30/2019 cost cost amount Level 1 Level 2 Level 3 Total Financial assets measured at fair value Non-current assets Derivative financial instruments 2,247 -- -- -- 2,247 -- 2,247 -- 2,247 Equity securities -- 5 -- -- 5 -- -- 5 5 Current assets Bond funds -- 7,859 -- -- 7,859 7,859 -- -- 7,859 Note receivable -- 1,245 -- -- 1,245 1,245 -- -- 1,245 Financial assets not measured at fair value Current assets Cash and cash equivalents -- -- 5,986 -- 5,986 5,986 -- 5,986 Trade and other receivables -- -- 4,502 -- 4,502 -- -- -- -- Financial liabilities not measured at fair value Non-current liabilities Long-term debt -- -- -- 16,628 16,628 -- 15,928 -- 15,928 Current liabilities Long-term debt -- -- -- 922 922 -- 914 -- 914 Trade payables -- -- -- 2,171 2,171 -- -- -- -- Carrying amount Fair Value Assets at Liabilities Total FVTPL FVOCI amortized at amortized carrying 12/31/2018 cost cost amount Level 1 Level 2 Level 3 Total Financial assets measured at fair value Non-current assets Derivative financial instruments 2,229 -- -- -- 2,229 -- 2,229 -- 2,229 Equity securities -- 5 -- -- 5 -- -- 5 5 Current assets Bond funds -- 12,905 -- -- 12,905 12,905 -- -- 12,905 Financial assets not measured at fair value Current assets Cash and cash equivalents -- -- 7,402 -- 7,402 7,402 -- 7,402 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 Finance lease obligation -- -- -- 71 71 -- 69 -- 69 Current liabilities Long-term debt -- -- -- 816 816 -- 809 -- 809 Finance lease obligation -- -- -- 34 34 -- 34 -- 34 Trade payables -- -- -- 2,945 2,945 -- -- -- -- The fair value of the Company’s investments in the bond funds was determined based on the unit prices quoted by the fund management company. The fair value of long-term debt was determined using discounted cash flow models based on the relevant forward interest rate yield curves. The fair value of finance lease obligations was determined using discounted cash flow models on market interest rates available to the Company for similar transactions at the relevant date. Due to their short maturity and the current low level of interest rates, the carrying amounts of credit lines and bank overdrafts approximate fair value. |
Financial result
Financial result | 6 Months Ended |
Jun. 30, 2019 | |
Financial result | |
Financial result | 8. Financial result Three months ended June 30, 2019 2018 (1) (€ in thousands) Interest expense (307) (549) Interest expense on lease liability (2018: Finance lease obligations) (52) (23) Long-term debt (253) (236) Expense from revaluation of derivative financial instruments -- (225) Other (2) (65) Interest income 641 11 Payout of bond funds 18 9 Income from revaluation of derivative financial instruments 620 — Other 3 2 Financial result 334 (538) Six months ended June 30, 2019 2018 (1) (€ in thousands) Interest expense (622) (592) Interest expense on lease liability (2018: Finance lease obligations) (95) (59) Long-term debt (494) (467) Other (33) (66) Interest income 98 732 Payout of bond funds 71 14 Income from revaluation of derivative financial instruments 19 716 Other 8 2 Financial result (524) 140 (1) The Company has initially applied IFRS 16 as of January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated and the cumulative effect of initially applying IFRS 16 is recognized in retained earnings at the date of initial application. For further information, see Note 2 of the condensed consolidated interim financial statements. |
Segment reporting
Segment reporting | 6 Months Ended |
Jun. 30, 2019 | |
Segment reporting | |
Segment reporting | 9. Segment reporting The following table summarizes segment reporting. The sum of the amounts of the two segments equals the total for the Group in each of the periods. Three months ended June 30, 2019 2018 (1) (2) (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES Revenues 2,129 2,921 1,883 3,379 Gross profit 531 995 474 1,378 Gross profit margin % % % % Six months ended June 30, 2019 2018 (1) (2) (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES Revenues 4,544 6,071 3,258 7,056 Gross profit 1,360 2,079 854 3,129 Gross profit margin % % % % (1) The Company has initially applied IFRS 16 as of January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated and the cumulative effect of initially applying IFRS 16 is recognized in retained earnings at the date of initial application. For further information, see Note 2 of the condensed consolidated interim financial statements. (2) Certain comparative figures for the three-month period and six-month periods ended June 30, 2018 were restated for immaterial errors. For further information, see Note 9 of the Q3-2018 condensed consolidated interim financial statements. |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2020 | |
Revenues | |
Revenues | 10. Revenues Three months ended June 30, SYSTEMS SERVICES 2019 2018 2019 2018 (€ in thousands) Primary geographical markets EMEA Asia Pacific Americas Timing of revenue recognition Products transferred at a point in time Products and services transferred over time -- -- Revenue from contracts with customers Six months ended June 30, SYSTEMS SERVICES 2019 2018 2019 2018 (€ in thousands) Primary geographical markets EMEA Asia Pacific Americas Timing of revenue recognition Products transferred at a point in time Products and services transferred over time -- -- Revenue from contracts with customers Three months ended June 30, Six months ended June 30, 2018 2019 2018 (€ in thousands) (€ in thousands) EMEA 2,566 3,690 5,316 6,822 Germany 1,025 1,220 2,376 2,737 France 267 1,160 640 1,749 Switzerland 370 131 441 200 Great Britain 261 236 710 510 Others 643 943 1,149 1,626 Asia Pacific 600 449 1,430 1,217 China 295 135 492 328 South Korea 258 181 346 307 Others 47 133 592 582 Americas 1,884 1,123 3,869 2,275 United States 1,859 1,115 3,807 2,254 Others 25 8 62 21 Total 5,050 5,262 10,615 10,314 |
Commitments, contingent assets
Commitments, contingent assets and liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Commitments, contingent assets and liabilities | |
Commitments, contingent assets and liabilities | 11. Commitments, contingent assets and liabilities In March 2018, ExOne GmbH, a subsidiary of The ExOne Company, notified voxeljet of its intent not to pay its annual license fees under an existing intellectual property-related agreement and asserted its rights to claim damages pursuant to an alleged material breach of the agreement. At this time, the Company cannot reasonably estimate a contingency, if any, related to this matter. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Summary of significant accounting policies | |
Leases | Definition of a lease Previously, the Company determined at contract inception whether an arrangement was or contained a lease under IFRIC 4 Determining Whether an Arrangement contains a Lease . The Company now assesses whether a contract is or contains a lease based on the new definition of a lease. Under IFRS 16, a contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. On transition to IFRS 16, the Company elected to apply the practical expedient to grandfather the assessment of which transactions are leases. It applies IFRS 16 only to contracts that were previously identified as leases. Contracts that were not identified as leases under IAS 17 and IFRIC 4 were not reassessed. Therefore, the definition of a lease under IFRS 16 has been applied only to contracts entered into or changed on or after January 1, 2019. At inception or on reassessment of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease and non-lease component on the basis of their relative stand-alone prices. The Company as a lessee The Company leases assets, including properties, production equipment and vehicles. As a lessee, the Company previously classified leases as operating or finance leases based on its assessment of whether the lease transferred substantially all of the risks and rewards of ownership. Under IFRS 16, the Company recognizes right-of-use assets and lease liabilities for most leases. These leases are on-balance sheet. However, the Company has elected not to recognize right-of-use assets and lease liabilities for some leases of low-value assets (e.g. tools) as well as short-term leases (leases with less than 12 months of lease term). The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. The Company presents right-of-use assets in “property, plant and equipment”, in the same line item as it presents underlying assets of the same nature that it owns. The carrying amounts of right-of-use assets are as below: Property, plant and equipment Property Production equipment Others Total (€ in thousands) Balance at January 1, 2019 Balance at June 30, 2019 The Company presents lease liabilities within “financial liabilities” in the condensed consolidated statements of financial position. Leases under IFRS 16 The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at an amount equal to the lease liability, and subsequently at cost less any accumulated depreciation and impairment losses, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the Company’s incremental borrowing rate. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in the future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonable certain not to be exercised. The Company has applied judgement to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The assessment of whether the Company is reasonably certain to exercise such options impacts the lease term, which significantly affects the amount of lease liabilities and right-of-use assets recognized. Transition Previously, the Company classified property plant and equipment leases as operating leases under IAS 17. These include manufacturing facilities. The leases typically run for a period of three to ten years. Some leases include an option to renew the lease for an additional three to five years after the end of the non-cancelable period. At transition, for leases classified as operating leases under IAS 17, lease liabilities were measured at the present value of the remaining lease payments, discounted at the Company’s incremental borrowing rates for similar assets as of January 1, 2019. Right-of-use assets are measured at an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments. The Company used the following practical expedients when applying IFRS 16 to leases previously classified as operating leases under IAS 17: - Applied a single discount rate to a portfolio of leases with reasonably similar characteristics. - Applied the exemption not to recognize right-of-use assets and liabilities for leases with less than 12 months of lease term. - Used hindsight when determining the lease term if the contract contains options to extend or terminate the lease. The Company leases a small number of items of production equipment. These leases were classified as finance leases under IAS 17. For these finance leases, the carrying amount of the right-of-use asset and the lease liability at January 1, 2019 were determined at the carrying amount of the lease asset and lease liability under IAS 17 immediately before that date. The Company as a lessor The Company leases out a small number of 3D printers. Those leases have been classified as operating leases. The accounting policies applicable to the Company as a lessor are not different from those under IAS 17. The Company is not required to make any adjustments on transition to IFRS 16 for leases in which it acts as a lessor. Impacts on financial statements Impacts on transition On transition to IFRS 16, the Company recognized additional right-of-use assets, including property, plant and equipment and additional lease liabilities. The impact on transition is summarized below. Impact on adopting IFRS 16 at January 1, 2019 (€ in thousands) Right-of-use assets presented in property plant and equipment Lease liabilities as presented in financial liabilities When measuring lease liabilities for leases that were classified as operating lease, the Company discounted lease payments using its incremental borrowing rates as of January 1, 2019. The weighted-average rate applied is 4.55%. January 1, 2019 (€ in thousands) Operating lease commitment at December 31, 2018, as disclosed in the Group's consolidated financial statements Discounted using the incremental borrowing rate at January 1, 2019 Finance lease liability recognized as at December 31, 2018 Recognition exemption for leases with less than 12 months of lease term at transition Extension options reasonably certain to be exercised Lease liabilities recognized at January 1, 2019 Impacts for the period As a result of initially applying IFRS 16, in relation to the leases that were previously classified as operating leases, the Company recognized kEUR 4,825 of right-of-use assets and kEUR 4,233 of lease liabilities as of June 30, 2019. Also in relation to those leases under IFRS 16, the Company has recognized depreciation and interest costs, instead of operating lease expenses. During the six-months ended June 30, 2019, the Company recognized kEUR 354 of depreciation expenses and kEUR 95 of interest expense from these leases. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Summary of significant accounting policies | |
Schedule of carrying amount of right-of use assets | Property, plant and equipment Property Production equipment Others Total (€ in thousands) Balance at January 1, 2019 Balance at June 30, 2019 |
Schedule of impact on transition | Impact on adopting IFRS 16 at January 1, 2019 (€ in thousands) Right-of-use assets presented in property plant and equipment Lease liabilities as presented in financial liabilities |
Schedule of operating lease commitment to lease liabilities | January 1, 2019 (€ in thousands) Operating lease commitment at December 31, 2018, as disclosed in the Group's consolidated financial statements Discounted using the incremental borrowing rate at January 1, 2019 Finance lease liability recognized as at December 31, 2018 Recognition exemption for leases with less than 12 months of lease term at transition Extension options reasonably certain to be exercised Lease liabilities recognized at January 1, 2019 |
Share based payment arrangeme_2
Share based payment arrangements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Share based payment arrangements | |
Schedule of inputs used in the measurement of the fair value at grant date | Tranche 1 Tranche 2 Parameter Share price at grant date USD 13.80 USD 16.15 Exercise price USD 13.90 USD 16.15 Expected volatility 55.00% 58.40% Expected dividends -- -- Risk-free interest rate 2.49% 2.85% Fair value at grant date USD 8.00 USD 9.74 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Inventories | |
Inventories by category | 6/30/2019 12/31/2018 (€ in thousands) Raw materials and merchandise 3,994 4,628 Work in progress 8,180 5,436 Total 12,174 10,064 |
Other liabilities and provisi_2
Other liabilities and provisions (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Other liabilities and provisions | |
Summary of other liabilities and provisions | 6/30/2019 12/31/2018 (€ in thousands) Liabilities from VAT 62 24 Employee bonus 137 413 Accruals for vacation and overtime 440 210 Accruals for licenses 55 69 Liabilities from payroll 348 298 Accruals for commissions 42 47 Accruals for compensation of Supervisory board 130 180 Accrual for warranty 178 240 Others 294 387 Total 1,686 1,868 |
Financial instruments (Tables)
Financial instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Financial instruments | |
Summary of carrying amounts and fair values of financial assets and financial liabilities | Carrying amount Fair Value Assets at Liabilities Total FVTPL FVOCI amortized at amortized carrying 6/30/2019 cost cost amount Level 1 Level 2 Level 3 Total Financial assets measured at fair value Non-current assets Derivative financial instruments 2,247 -- -- -- 2,247 -- 2,247 -- 2,247 Equity securities -- 5 -- -- 5 -- -- 5 5 Current assets Bond funds -- 7,859 -- -- 7,859 7,859 -- -- 7,859 Note receivable -- 1,245 -- -- 1,245 1,245 -- -- 1,245 Financial assets not measured at fair value Current assets Cash and cash equivalents -- -- 5,986 -- 5,986 5,986 -- 5,986 Trade and other receivables -- -- 4,502 -- 4,502 -- -- -- -- Financial liabilities not measured at fair value Non-current liabilities Long-term debt -- -- -- 16,628 16,628 -- 15,928 -- 15,928 Current liabilities Long-term debt -- -- -- 922 922 -- 914 -- 914 Trade payables -- -- -- 2,171 2,171 -- -- -- -- Carrying amount Fair Value Assets at Liabilities Total FVTPL FVOCI amortized at amortized carrying 12/31/2018 cost cost amount Level 1 Level 2 Level 3 Total Financial assets measured at fair value Non-current assets Derivative financial instruments 2,229 -- -- -- 2,229 -- 2,229 -- 2,229 Equity securities -- 5 -- -- 5 -- -- 5 5 Current assets Bond funds -- 12,905 -- -- 12,905 12,905 -- -- 12,905 Financial assets not measured at fair value Current assets Cash and cash equivalents -- -- 7,402 -- 7,402 7,402 -- 7,402 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 Finance lease obligation -- -- -- 71 71 -- 69 -- 69 Current liabilities Long-term debt -- -- -- 816 816 -- 809 -- 809 Finance lease obligation -- -- -- 34 34 -- 34 -- 34 Trade payables -- -- -- 2,945 2,945 -- -- -- -- |
Financial result (Tables)
Financial result (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Financial result | |
Schedule of financial result | Three months ended June 30, 2019 2018 (1) (€ in thousands) Interest expense (307) (549) Interest expense on lease liability (2018: Finance lease obligations) (52) (23) Long-term debt (253) (236) Expense from revaluation of derivative financial instruments -- (225) Other (2) (65) Interest income 641 11 Payout of bond funds 18 9 Income from revaluation of derivative financial instruments 620 — Other 3 2 Financial result 334 (538) Six months ended June 30, 2019 2018 (1) (€ in thousands) Interest expense (622) (592) Interest expense on lease liability (2018: Finance lease obligations) (95) (59) Long-term debt (494) (467) Other (33) (66) Interest income 98 732 Payout of bond funds 71 14 Income from revaluation of derivative financial instruments 19 716 Other 8 2 Financial result (524) 140 (1) The Company has initially applied IFRS 16 as of January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated and the cumulative effect of initially applying IFRS 16 is recognized in retained earnings at the date of initial application. For further information, see Note 2 of the condensed consolidated interim financial statements. |
Segment reporting (Tables)
Segment reporting (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment reporting | |
Schedule of segment reporting | Three months ended June 30, 2019 2018 (1) (2) (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES Revenues 2,129 2,921 1,883 3,379 Gross profit 531 995 474 1,378 Gross profit margin % % % % Six months ended June 30, 2019 2018 (1) (2) (€ in thousands) SYSTEMS SERVICES SYSTEMS SERVICES Revenues 4,544 6,071 3,258 7,056 Gross profit 1,360 2,079 854 3,129 Gross profit margin % % % % (1) The Company has initially applied IFRS 16 as of January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated and the cumulative effect of initially applying IFRS 16 is recognized in retained earnings at the date of initial application. For further information, see Note 2 of the condensed consolidated interim financial statements. (2) Certain comparative figures for the three-month period and six-month periods ended June 30, 2018 were restated for immaterial errors. For further information, see Note 9 of the Q3-2018 condensed consolidated interim financial statements. |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenues | |
Disclosure of information about revenue recognition | Three months ended June 30, SYSTEMS SERVICES 2019 2018 2019 2018 (€ in thousands) Primary geographical markets EMEA Asia Pacific Americas Timing of revenue recognition Products transferred at a point in time Products and services transferred over time -- -- Revenue from contracts with customers Six months ended June 30, SYSTEMS SERVICES 2019 2018 2019 2018 (€ in thousands) Primary geographical markets EMEA Asia Pacific Americas Timing of revenue recognition Products transferred at a point in time Products and services transferred over time -- -- Revenue from contracts with customers |
Schedule of revenues by geographic region | Three months ended June 30, Six months ended June 30, 2018 2019 2018 (€ in thousands) (€ in thousands) EMEA 2,566 3,690 5,316 6,822 Germany 1,025 1,220 2,376 2,737 France 267 1,160 640 1,749 Switzerland 370 131 441 200 Great Britain 261 236 710 510 Others 643 943 1,149 1,626 Asia Pacific 600 449 1,430 1,217 China 295 135 492 328 South Korea 258 181 346 307 Others 47 133 592 582 Americas 1,884 1,123 3,869 2,275 United States 1,859 1,115 3,807 2,254 Others 25 8 62 21 Total 5,050 5,262 10,615 10,314 |
Summary of significant accoun_4
Summary of significant accounting policies - Right-of-use assets (Details) - EUR (€) € in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
Right of use assets | ||
Right-of-use assets | € 4,825 | € 3,501 |
Property | ||
Right of use assets | ||
Right-of-use assets | 4,466 | 3,109 |
Production equipment | ||
Right of use assets | ||
Right-of-use assets | 94 | 112 |
Others | ||
Right of use assets | ||
Right-of-use assets | € 265 | € 280 |
Summary of significant accoun_5
Summary of significant accounting policies - Impact of transition (Details) - EUR (€) € in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets presented in property plant and equipment | € 4,825 | € 3,501 |
Lease liabilities as presented in financial liabilities | € 4,233 | 3,574 |
Property, Plant & Equipment | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets presented in property plant and equipment | 3,501 | |
Lease liabilities as presented in financial liabilities | € 3,574 |
Summary of significant accoun_6
Summary of significant accounting policies - Operating lease commitment to lease liabilities (Details) - EUR (€) € in Thousands | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Summary of significant accounting policies | |||
Operating lease commitment at December 31, 2018, as disclosed in the Group's consolidated financial statements | € 2,584 | ||
Discounted using the incremental borrowing rate at January 1, 2019 | € 2,021 | ||
Finance lease liability recognized as at December 31, 2018 | € 105 | ||
Recognition exemption for leases with less than 12 months of lease term at transition | (84) | ||
Extension options reasonably certain to be exercised | 1,532 | ||
Lease liabilities | € 4,233 | € 3,574 |
Summary of significant accoun_7
Summary of significant accounting policies - Narrative (Details) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jan. 01, 2019 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets | € 4,825 | € 3,501 |
Lease liabilities | 4,233 | € 3,574 |
Depreciation expense | 354 | |
Interest expense | € 95 | |
Minimum | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Lease period | 3 years | |
Lease period, option to renew | 3 years | |
Maximum | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Lease period | 10 years | |
Lease period, option to renew | 5 years |
Share based payment arrangeme_3
Share based payment arrangements - Narrative (Details) € in Thousands | Apr. 12, 2018EquityInstruments | Apr. 07, 2017EquityInstrumentsshares | Jun. 30, 2019EUR (€)EquityInstruments | Jun. 30, 2018EUR (€) | Jun. 30, 2019EUR (€)EquityInstruments | Jun. 30, 2018EUR (€) |
Share based payment arrangements | ||||||
Number of shares authorized | shares | 372,000 | |||||
Options granted (in shares) | 93,000 | 279,000 | ||||
Options granted (in percent) | 25.00% | 75.00% | ||||
Vesting period | 4 years | |||||
Number of consecutive days option may be exercised | 90 days | |||||
Share price exceeds the exercise price (as a percent) | 20.00% | |||||
Options exercisable (in shares) | 0 | 0 | ||||
Options outstanding | 353,400 | 353,400 | ||||
Expenses recognized in profit and loss | € | € 167 | € 171 | € 332 | € 299 |
Share based payment arrangeme_4
Share based payment arrangements - Inputs used in measurement (Details) - EUR (€) | Apr. 12, 2018 | Apr. 07, 2017 |
Share based payment arrangements | ||
Expected dividends | € 0 | € 0 |
Inventories (Details)
Inventories (Details) - EUR (€) € in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Inventories | ||
Raw materials and merchandise | € 3,994 | € 4,628 |
Work in progress | 8,180 | 5,436 |
Total | € 12,174 | € 10,064 |
Property, plant and equipment_2
Property, plant and equipment, net (Details) - EUR (€) € in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Property, plant and equipment | ||
Property, plant and equipment. | € 30,849 | € 27,675 |
Thereof pledged assets of Property, Plant and Equipment | 6,408 | 6,691 |
Land, buildings and leasehold improvements | ||
Property, plant and equipment | ||
Property, plant and equipment. | 21,339 | 17,085 |
Other facilities, factory and office equipment | ||
Property, plant and equipment | ||
Property, plant and equipment. | 1,635 | 1,502 |
Assets under construction and prepayments made | ||
Property, plant and equipment | ||
Property, plant and equipment. | 26 | 16 |
Plant and machinery (includes assets under finance lease) | ||
Property, plant and equipment | ||
Property, plant and equipment. | 7,849 | 9,072 |
Leased assets included in Property, Plant and Equipment: | ||
Property, plant and equipment | ||
Property, plant and equipment. | 180 | 357 |
Printers leased to customers under operating lease | ||
Property, plant and equipment | ||
Property, plant and equipment. | € 180 | 208 |
Other factory equipment | ||
Property, plant and equipment | ||
Property, plant and equipment. | € 149 |
Other liabilities and provisi_3
Other liabilities and provisions (Details) - EUR (€) € in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Other liabilities and provisions | ||
Liabilities from VAT | € 62 | € 24 |
Employee bonus | 137 | 413 |
Accruals for vacation and overtime | 440 | 210 |
Accruals for licenses | 55 | 69 |
Liabilities from payroll | 348 | 298 |
Accruals for commissions | 42 | 47 |
Accruals for compensation of Supervisory board | 130 | 180 |
Accrual for warranty | 178 | 240 |
Others | 294 | 387 |
Total | € 1,686 | € 1,868 |
Financial instruments (Details)
Financial instruments (Details) - EUR (€) € in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Non-current long term debt | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities | € 16,628 | € 16,250 |
Financial liabilities, at fair value | 15,928 | 15,231 |
Non-current long term debt | Level Two | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities, at fair value | 15,928 | 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 | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities, at fair value | 69 | |
Current long term debt | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities | 922 | 816 |
Financial liabilities, at fair value | 914 | 809 |
Current long term debt | Level Two | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities, at fair value | 914 | 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 | 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 | 2,171 | 2,945 |
Non-current derivative financial instruments | Fair value | ||
Financial instruments | ||
Financial assets | 2,247 | 2,229 |
Financial assets, at fair value | 2,247 | 2,229 |
Non-current derivative financial instruments | Level Two | Fair value | ||
Financial instruments | ||
Financial assets, at fair value | 2,247 | 2,229 |
Non-current equity securities | Fair value | ||
Financial instruments | ||
Financial assets | 5 | 5 |
Financial assets, at fair value | 5 | 5 |
Non-current equity securities | Level Three | Fair value | ||
Financial instruments | ||
Financial assets, at fair value | 5 | 5 |
Current bond funds | Fair value | ||
Financial instruments | ||
Financial assets | 7,859 | 12,905 |
Financial assets, at fair value | 7,859 | 12,905 |
Current bond funds | Level One | Fair value | ||
Financial instruments | ||
Financial assets, at fair value | 7,859 | 12,905 |
Current cash and cash equivalents | Not measured at fair value | ||
Financial instruments | ||
Financial assets | 5,986 | 7,402 |
Financial assets, at fair value | 5,986 | 7,402 |
Current cash and cash equivalents | Level One | Not measured at fair value | ||
Financial instruments | ||
Financial assets, at fair value | 5,986 | 7,402 |
Trade and other receivables | Not measured at fair value | ||
Financial instruments | ||
Financial assets | 4,502 | 6,030 |
Current note receivable | Fair value | ||
Financial instruments | ||
Financial assets | 1,245 | |
Financial assets, at fair value | 1,245 | |
Current note receivable | Level One | Fair value | ||
Financial instruments | ||
Financial assets, at fair value | 1,245 | |
Financial liabilities measured at amortized cost | Non-current long term debt | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities | 16,628 | 16,250 |
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 long term debt | Not measured at fair value | ||
Financial instruments | ||
Financial liabilities | 922 | 816 |
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 | 2,171 | 2,945 |
FVTPL | Non-current derivative financial instruments | Fair value | ||
Financial instruments | ||
Financial assets | 2,247 | 2,229 |
FVOCI | Non-current equity securities | Fair value | ||
Financial instruments | ||
Financial assets | 5 | 5 |
FVOCI | Current bond funds | Fair value | ||
Financial instruments | ||
Financial assets | 7,859 | 12,905 |
FVOCI | Current note receivable | Fair value | ||
Financial instruments | ||
Financial assets | 1,245 | |
Assets at amortised cost | Current cash and cash equivalents | Not measured at fair value | ||
Financial instruments | ||
Financial assets | 5,986 | 7,402 |
Assets at amortised cost | Trade and other receivables | Not measured at fair value | ||
Financial instruments | ||
Financial assets | € 4,502 | € 6,030 |
Financial result (Details)
Financial result (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Financial result | ||||
Interest expense | € (307) | € (549) | € (622) | € (592) |
Interest expense on lease liability (2018: Finance lease obligations) | (52) | (23) | (95) | (59) |
Long-term debt | (253) | (236) | (494) | (467) |
Expense from revaluation of derivative financial instruments | (225) | |||
Other | (2) | (65) | (33) | (66) |
Interest income | 641 | 11 | 98 | 732 |
Payout of bond funds | 18 | 9 | 71 | 14 |
Income from revaluation of derivative financial instruments | 620 | 19 | 716 | |
Other | 3 | 2 | 8 | 2 |
Financial result | € 334 | € (538) | € (524) | € 140 |
Segment reporting (Details)
Segment reporting (Details) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019EUR (€) | Jun. 30, 2018EUR (€) | Jun. 30, 2019EUR (€)segment | Jun. 30, 2018EUR (€) | |
Segment reporting | ||||
Number of reportable segments | segment | 2 | |||
Revenues | € 5,050 | € 5,262 | € 10,615 | € 10,314 |
Gross profit | (3,859) | (2,942) | (6,659) | (4,654) |
Systems | ||||
Segment reporting | ||||
Revenues | 2,129 | 1,883 | 4,544 | 3,258 |
Gross profit | 531 | 474 | 1,360 | 854 |
Services | ||||
Segment reporting | ||||
Revenues | 2,921 | 3,379 | 6,071 | 7,056 |
Gross profit | € 995 | € 1,378 | € 2,079 | € 3,129 |
Revenues - Disaggregation (Deta
Revenues - Disaggregation (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues | ||||
Revenue from contracts with customers | € 5,050 | € 5,262 | € 10,615 | € 10,314 |
EMEA | ||||
Revenues | ||||
Revenue from contracts with customers | 2,566 | 3,690 | 5,316 | 6,822 |
Asia Pacific | ||||
Revenues | ||||
Revenue from contracts with customers | 600 | 449 | 1,430 | 1,217 |
Americas | ||||
Revenues | ||||
Revenue from contracts with customers | 1,884 | 1,123 | 3,869 | 2,275 |
Systems | ||||
Revenues | ||||
Revenue from contracts with customers | 2,129 | 1,883 | 4,544 | 3,258 |
Systems | EMEA | ||||
Revenues | ||||
Revenue from contracts with customers | 908 | 1,350 | 1,836 | 2,062 |
Systems | Asia Pacific | ||||
Revenues | ||||
Revenue from contracts with customers | 318 | 299 | 930 | 851 |
Systems | Americas | ||||
Revenues | ||||
Revenue from contracts with customers | 903 | 234 | 1,778 | 345 |
Systems | Products transferred at a point in time | ||||
Revenues | ||||
Revenue from contracts with customers | 1,932 | 1,571 | 4,125 | 2,838 |
Systems | Products and services transferred over time | ||||
Revenues | ||||
Revenue from contracts with customers | 197 | 312 | 419 | 420 |
Services | ||||
Revenues | ||||
Revenue from contracts with customers | 2,921 | 3,379 | 6,071 | 7,056 |
Services | EMEA | ||||
Revenues | ||||
Revenue from contracts with customers | 1,658 | 2,340 | 3,480 | 4,760 |
Services | Asia Pacific | ||||
Revenues | ||||
Revenue from contracts with customers | 282 | 150 | 500 | 366 |
Services | Americas | ||||
Revenues | ||||
Revenue from contracts with customers | 981 | 889 | 2,091 | 1,930 |
Services | Products transferred at a point in time | ||||
Revenues | ||||
Revenue from contracts with customers | € 2,921 | € 3,379 | € 6,071 | € 7,056 |
Revenues - Geographics (Details
Revenues - Geographics (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of geographical areas [line items] | ||||
Revenue from contracts with customers | € 5,050 | € 5,262 | € 10,615 | € 10,314 |
EMEA | ||||
Disclosure of geographical areas [line items] | ||||
Revenue from contracts with customers | 2,566 | 3,690 | 5,316 | 6,822 |
Germany | ||||
Disclosure of geographical areas [line items] | ||||
Revenue from contracts with customers | 1,025 | 1,220 | 2,376 | 2,737 |
France | ||||
Disclosure of geographical areas [line items] | ||||
Revenue from contracts with customers | 267 | 1,160 | 640 | 1,749 |
SWITZERLAND | ||||
Disclosure of geographical areas [line items] | ||||
Revenue from contracts with customers | 370 | 131 | 441 | 200 |
Great Britain | ||||
Disclosure of geographical areas [line items] | ||||
Revenue from contracts with customers | 261 | 236 | 710 | 510 |
Others-EMEA | ||||
Disclosure of geographical areas [line items] | ||||
Revenue from contracts with customers | 643 | 943 | 1,149 | 1,626 |
Asia Pacific | ||||
Disclosure of geographical areas [line items] | ||||
Revenue from contracts with customers | 600 | 449 | 1,430 | 1,217 |
China | ||||
Disclosure of geographical areas [line items] | ||||
Revenue from contracts with customers | 295 | 135 | 492 | 328 |
South Korea | ||||
Disclosure of geographical areas [line items] | ||||
Revenue from contracts with customers | 258 | 181 | 346 | 307 |
Others-Asia Pacific | ||||
Disclosure of geographical areas [line items] | ||||
Revenue from contracts with customers | 47 | 133 | 592 | 582 |
Americas | ||||
Disclosure of geographical areas [line items] | ||||
Revenue from contracts with customers | 1,884 | 1,123 | 3,869 | 2,275 |
United States | ||||
Disclosure of geographical areas [line items] | ||||
Revenue from contracts with customers | 1,859 | 1,115 | 3,807 | 2,254 |
Others-Americas | ||||
Disclosure of geographical areas [line items] | ||||
Revenue from contracts with customers | € 25 | € 8 | € 62 | € 21 |