voxeljet (VJTTY) 6-K 13 Aug 20 2020 Q2 Current report (foreign) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2020
Document and Entity Information
Document Type	6-K
Document Period End Date	Jun. 30, 2020
Entity Registrant Name	voxeljet AG
Entity Central Index Key	0001582581
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - EUR (€) € in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets
Current assets	€ 30,473	€ 31,513
Cash and cash equivalents	6,451	4,368
Financial assets	4,295	7,408
Trade receivables, net	4,289	5,915
Inventories	13,685	12,459
Income tax receivables	61	39
Other assets	1,692	1,324
Non-current assets
Non-current assets	30,605	31,052
Financial assets	2,852	2,279
Intangible assets	1,265	1,356
Property, plant and equipment, net	26,416	27,343
Investments in joint venture	28	30
Other assets	44	44
Total assets	61,078	62,565
Current liabilities
Current liabilities	8,774	18,855
Trade payables	2,148	2,797
Contract liabilities	3,874	2,623
Financial liabilities	1,110	11,290
Other liabilities and provisions	1,642	2,145
Non-current liabilities
Non-current liabilities	25,365	10,192
Deferred tax liabilities	198	142
Financial liabilities	24,983	9,866
Other liabilities and provisions	184	184
Equity
Equity	26,939	33,518
Subscribed capital	4,836	4,836
Capital reserves	88,410	88,077
Accumulated deficit	(67,806)	(60,124)
Accumulated other comprehensive income	1,554	742
Equity attributable to the owners of the company	26,994	33,531
Non-controlling interests	(55)	(13)
Total equity and liabilities	€ 61,078	€ 62,565

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Revenues	€ 3,916	€ 5,050	€ 7,800	€ 10,615
Cost of sales	(2,901)	(3,524)	(5,630)	(7,176)
Gross profit	1,015	1,526	2,170	3,439
Selling expenses	(1,305)	(1,762)	(2,841)	(3,438)
Administrative expenses	(1,841)	(1,585)	(3,217)	(3,024)
Research and development expenses	(1,620)	(1,702)	(3,255)	(3,407)
Other operating expenses	(709)	(818)	(1,368)	(434)
Other operating income	503	148	1,035	729
Thereof income (expense) from changes in impairment allowance included in other operating income (expense)	21	124	(15)	152
Operating loss	(3,957)	(4,193)	(7,476)	(6,135)
Finance expense	(1,316)	(306)	(822)	(623)
Finance income	144	621	631	278
Financial result	(1,172)	315	(191)	(345)
Loss before income taxes	(5,129)	(3,878)	(7,667)	(6,480)
Income tax income (expense)	6	(41)	(57)	(55)
Net loss	(5,123)	(3,919)	(7,724)	(6,535)
Other comprehensive income (loss) that may be reclassified subsequently to profit or loss	395	416	812	16
Total comprehensive loss	(4,728)	(3,503)	(6,912)	(6,519)
Loss attributable to:
Owner of the Company	(5,126)	(3,824)	(7,682)	(6,436)
Non-controlling interests	3	(95)	(42)	(99)
Net loss	(5,123)	(3,919)	(7,724)	(6,535)
Total comprehensive loss attributable to:
Owner of the Company	(4,731)	(3,408)	(6,870)	(6,420)
Non-controlling interests	3	(95)	(42)	(99)
Total comprehensive loss	€ (4,728)	€ (3,503)	€ (6,912)	€ (6,519)
Weighted average number of ordinary shares outstanding (in shares)	4,836,000	4,836,000	4,836,000	4,836,000
Loss per share - basic/ diluted (in EUR per share)	€ (1.06)	€ (0.79)	€ (1.59)	€ (1.33)

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, 2018	€ 46,549	€ 4,836	€ 86,803	€ (46,410)	€ 1,320	€ 35	€ 46,584
Loss for the period	(6,436)			(6,436)		(99)	(6,535)
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	41,065	4,836	87,739	(52,846)	1,336	152	41,217
Balance at the beginning at Dec. 31, 2018	46,549	4,836	86,803	(46,410)	1,320	35	46,584
Loss for the period							(14,231)
Balance at the end at Dec. 31, 2019	33,531	4,836	88,077	(60,124)	742	(13)	33,518
Loss for the period	(7,682)			(7,682)		(42)	(7,724)
Foreign currency translations	812				812		812
Equity-settled share-based payment	333		333				333
Balance at the end at Jun. 30, 2020	€ 26,994	€ 4,836	€ 88,410	€ (67,806)	€ 1,554	€ (55)	€ 26,939

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash Flow from operating activities
Loss for the period	€ (7,724)	€ (6,535)
Depreciation and amortization	1,842	2,143
Foreign currency exchange differences on loans to subsidiaries	812	(41)
Changes in financial assets due to fair value valuation	121	(125)
Share-based compensation expense	334	332
Change in impairment of trade receivables	(40)	(15)
Non-cash interest expense on financial liabilities	564	428
Change in fair value of derivative equity forward	(574)	(57)
Change in inventory allowance	(1)	(16)
Loss on disposal of property, plant and equipment and intangible assets	59
Interest paid	138	182
Interest received	(58)	(42)
Other	81	45
Change in working capital	(1,523)	(719)
Trade and other receivables, inventories and current assets	(711)	(115)
Trade payables	(607)	(690)
Other liabilities, contract liabilities and provisions	774	112
Change in restricted cash	(956)
Income tax payable/receivables	(23)	(26)
Net cash used in operating activities	(5,969)	(4,420)
Cash Flow from investing activities
Payments to acquire property, plant and equipment and intangible assets	(102)	(637)
Proceeds from disposal of financial assets	3,969	5,176
Payments to acquire financial assets	(2)	(1,243)
Interest received	58	42
Net cash from (used in) investing activities	3,923	3,338
Cash Flow from financing activities
Repayment of lease liabilities	(246)	(137)
Repayment of long-term debt	(466)	(524)
Proceeds from issuance of long-term debt	5,000	500
Interest paid	(138)	(182)
Net cash from (used in) financing activities	4,150	(343)
Net increase (decrease) in cash and cash equivalents	2,104	(1,425)
Cash and cash equivalents at beginning of period	4,368	7,402
Changes to cash and equivalents due to foreign exchanges rates	(21)	9
Cash and cash equivalents at end of period	€ 6,451	€ 5,986

Preparation of financial statem

Preparation of financial statements	6 Months Ended
	Jun. 30, 2020
Preparation of financial statements
Preparation of financial statements	voxeljet AG NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 1. Preparation of financial statements Our condensed consolidated interim financial statements include the accounts of voxeljet AG and its wholly-owned subsidiaries voxeljet America Inc., voxeljet UK Ltd. and voxeljet India Pvt. Ltd., as well as voxeljet China Co. Ltd., which are collectively referred to herein as the ‘Group’ or the ‘Company.’, which is listed on the New York Stock Exchange. 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. Our condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto that are included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2019. The results of operations for the three months ended June 30, 2020, are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2020. The IASB issued a number of new IFRS standards which are required to be adopted in annual periods beginning after January 1, 2020. 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 9, IAS 39, IFRS 7 01/2020 Amendments to IFRS 9, IAS 39 and IFRS 7 - Interest rate benchmark reform IFRS 16 06/2020 COVID-19 related rent concessions amendment to IFRS 16 IFRS 17 01/2021 Insurance Contracts IAS 1 01/2022 Classifications of Liabilities as Current or Non-Current (Amendment to IAS 1) The adoption of standards effective 01/2020 did not have a material impact on the interim financial statements as of and for the three and six months ended June 30, 2020. The Company has not yet conclusively determined what impact the new standards, amendments or interpretations effective 01/2021 or later will have on its financial statements, but does not expect they will have a significant impact. The interim financial statements as of and for the three and six months ended June 30, 2020 and 2019 were authorized for issue by the Management Board on August 13, 2020. Going concern The financial statements have been prepared on the basis of going concern which contemplates continuity of normal business activities and the realization of assets and settlement of liabilities in the ordinary course of business. voxeljet has recognized continuous net losses during the first half of 2020, full year 2019, 2018 and 2017 amounting to kEUR 7,724, kEUR 14,231, kEUR 8,764 and kEUR 8,554, respectively. Additionally, voxeljet had negative cash flows from operating activities in the first half of 2020, full year 2019, 2018 and 2017 of kEUR 5,969, kEUR 6,819, kEUR 7,714 and kEUR 6,830, respectively, mainly due to continuous net losses. Due to the global outbreak of a new strain of coronavirus (“COVID-19 situation”), we have experienced and expect to continue to experience lower demand in both, our Systems and Services segment. Our clients may continue to postpone larger investments and therefore, the demand for 3D printers may also decrease. In addition, the COVID-19 situation could cause further delays in installation of 3D printers at customers’ facilities, which could lead to postponed revenue recognition for those transactions. Both a decrease in revenues as well as potential delays in the installations increase the risk and likelihood of lower cash inflows. Such risks have been evaluated by management and consequently have been considered in our liquidity forecast, which assumes our business plan is executed appropriately and sales track as expected. We update our liquidity forecast on an ongoing basis. As we experience difficulty in generating sufficient cash flow to meet our obligations and sustain our operations, the COVID-19 situation raises material uncertainties that may cast substantial doubt about our ability to continue as a going concern. Further, material deviations from our forecasts could lead to a covenant breach in the future, which could result in an acceleration of our obligation to repay all amounts outstanding under those facilities. Despite the ongoing losses, reduced cash flow and cash facilities, and the other negative financial conditions, management assumes that voxeljet will continue as a going concern, as the Company has been successful in drawing down kEUR 5,000 of the second tranche of the loan granted by the EIB under the Finance Contract in June 2020. This improved our liquidity significantly. Also, the financial covenants under the Finance Contract have been renegotiated to replace the Total Net Financial Debt to EBITDA ratio with a minimum cash/cash equivalents requirement. In addition, the restructuring of the voxeljet UK entity, which included consolidating 3D printing to serve all customers in Europe from the German service center has been finished. This helps to reduce overall costs and will lead to improved gross profit margins by realizing economies of scale in the German service center. Further, management initiated a restructuring program at the German entity during the fourth quarter of 2019. This program included the reduction of headcount mainly in the Systems segment in order to streamline the Company’s operations and optimize efficiency. This restructuring was successfully completed at the end of June 2020 and will provide further cost reductions. Management is also taking steps to raise further funds which may include debt or equity financing. There can be no assurance that we will be able to raise further funds on terms favorable to us, if at all. Based on our current liquidity and capital resources in combination with our current liquidity forecasts, as well as the implemented cost reduction program, management believes that the Company has the ability to meet its financial obligations for at least the next 12 months and therefore continues as a going concern. However, the matters described above give rise to material uncertainties that may cast substantial doubt about the Company’s ability to continue as a going concern. Impairment test Non-financial assets are tested for impairment if there are indicators that the carrying amounts may not be recoverable. The Company considers the COVID-19 situation as such an indicator. Therefore, voxeljet performed an impairment test for the non‑financial assets for the end of the reporting period. An impairment loss is recognized in the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is defined as the higher of an asset’s fair value less cost to sell and its value in use. As individual assets do not generate largely independent cash flows, impairment testing is performed at the cash generating unit level. An individual fixed asset within a CGU cannot be written down below fair value less cost incurred to sell the individual asset. The impairment test, which we performed, did not lead to any write downs. Amendment and recalculation a) Amendment of classification of short-term investments In the first quarter of 2020, we amended our classification of short-term investments included in current financial assets. Before the amendment, those short-term investments have been classified in the category at fair value through OCI (FVOCI). The new classification shall be the category at fair value through profit and loss (FVTPL). Accordingly, prior periods have been revised, which leads to movements between profit and loss and other comprehensive income as the changes in fair value are now presented within finance income or expense. b) Recalculation of performance participation interest related to the Finance Contract with the EIB In the first quarter of 2020, we recalculated the performance participation interest related to the Finance Contract with the EIB, due to a mistake in the calculation logic. Accordingly, prior periods have been revised, which leads to adjustmenets in non current financial asstes, deferred tax libilities as well as equity. c) Impacts of amendment and recalculation Due to the amendments and recalculations, which are described above, the opening balance as of January 1, 2019 of non current financial assets as well as deferred tax liabilities have increased by kEUR 151 and kEUR 43 respectively. The opening balance as of January 1, 2019 of accumulated deficit increased by kEUR 10, whereas the opening balance of accumulated other comprehensive gain increased by kEUR 119. As a result the loss for the six month ended June 2019 decreased by kEUR 168. As of June 30, 2019 non current financial assets as well as deferred tax liabilities have increased by kEUR 190 and kEUR 54 respectively. For the period ending June 30, 2019 the balance of accumulated deficit decreased by kEUR 158, whereas the balance of accumulated other comprehensive gain decreased by kEUR 21. As a result the loss for the three month ended June 2019 was increased by kEUR 5 whereas net changes in fair value of debt investments at FVOCI was reduced by kEUR 34. For the six month ended June 2019 the loss was reduced by kEUR 168 whereas net changes in fair value of debt investments at FVOCI was reduced by kEUR 140. As of December 31, 2019 non current financial assets as well as deferred tax liabilities have increased by kEUR 260 and kEUR 73, respectively. As of December 31, 2019 the balance of accumulated deficit decreased by kEUR 243 whereas the balance of accumulated other comprehensive gain was reduced by kEUR 56. The Company has evaluated the effect of these amendments, both qualitatively and quantitatively, and concluded that the change did not have a material impact on, nor require amendment of, any previously filed financial statements. Affected financial statement line items for prior periods are appended with a footnote.

Summary of significant accounti

Summary of significant accounting policies	6 Months Ended
	Jun. 30, 2020
Summary of significant accounting policies
Summary of significant accounting policies	2. Summary of significant accounting policies The principal accounting policies applied in the preparation of these interim financial statements are set out in the Company’s financial statements as of December 31, 2019, which can be found in its Annual Report on Form 20-F that was filed with the U.S. Securities and Exchange Commission. These policies have been applied to all financial periods presented. Government grants Government grants in connection with government assistance to help businesses to mitigate adverse impacts from the COVID-19 global pandemic are recognised in profit or loss on a systematic basis over the periods in which the entity recognises as expenses the related costs for which the grants are intended to compensate, provided that the entity complies with the conditions for the funding. Short-term investments In the first quarter of 2020, we amended our classification of short-term investments included in current financial assets. Before the amendment, those short-term investments have been classified in the category at fair value through OCI (FVOCI). For further information, see Note 1.

Share based payment arrangement

Share based payment arrangements	6 Months Ended
	Jun. 30, 2020
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. On April 7, 2017 279,000 options (75%, Tranche 1) were granted. On April 12, 2018 93,000 options (25%, Tranche 2) were granted . The vesting conditions include a service condition (the options vest after a period of four years of continued service from the respective grant date) and a market condition (the options may only be exercised if the share price exceeds the exercise price over a period of 90 consecutive days by at least 20% in the period between the grant date and the respective exercise time frame) which 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, 2020 no options are exercisable and 353,400 options are outstanding. The weighted-average contractual life of the options at June 30, 2020 amounts to 7.0 years (June 30, 2019: 8.0 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 334 in the six months ended June 30, 2020. (Three months and six months ended June 30, 2019: kEUR 167 and kEUR 332, respectively).

Inventories

Inventories	6 Months Ended
	Jun. 30, 2020
Inventories
Inventories	4. Inventories 6/30/2020 12/31/2019 (€ in thousands) Raw materials and merchandise 4,220 4,109 Work in progress 9,465 8,350 Total 13,685 12,459

Property, plant and equipment

Property, plant and equipment	6 Months Ended
	Jun. 30, 2020
Property, plant and equipment
Property, plant and equipment	5. Property, plant and equipment, net 6/30/2020 12/31/2019 (€ in thousands) Land, buildings and leasehold improvements 19,510 20,045 Plant and machinery 5,546 5,779 Other facilities, factory and office equipment 1,300 1,459 Assets under construction and prepayments made 60 60 Total 26,416 27,343 Thereof pledged assets of Property, Plant and Equipment 13,528 6,618 In March 2020, voxeljet registered a first rank land charge amounting to kEUR 10,000 on its land and facility located in Friedberg, Germany as collateral in favor of the European Investment Bank (“EIB”) related to the loan, entered into with the EIB under the Finance Contract, dated November 9, 2017.

Other liabilities and provision

Other liabilities and provisions	6 Months Ended
	Jun. 30, 2020
Other liabilities and provisions
Other liabilities and provisions	6. Other liabilities and provisions 6/30/2020 12/31/2019 (€ in thousands) Liabilities from payroll 347 301 Accruals for vacation and overtime 365 190 Accrual for restructuring 268 604 Employee bonus 244 397 Security deposit 179 178 Accruals for compensation of Supervisory board 130 180 Customers with a bredit balance 69 8 Accrual for warranty 45 241 Accruals for licenses 33 62 Liabilities from VAT 29 32 Accruals for commissions 28 38 Others 89 98 Total 1,826 2,329

Financial instruments

Financial instruments	6 Months Ended
	Jun. 30, 2020
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 Total FVTPL FVOCI amortized at amortized carrying fair 6/30/2020 cost cost amount Level 1 Level 2 Level 3 value Current assets Cash and cash equivalents -- -- 6,451 -- 6,451 -- -- -- -- Financial assets 2,875 -- 1,420 -- 4,295 Bond funds 875 -- -- -- 875 875 -- -- 875 Bond funds (restricted) 2,000 -- -- -- 2,000 2,000 -- -- 2,000 Restricted Cash -- -- 1,420 -- 1,420 -- -- -- -- Trade receivables, net -- -- 4,289 -- 4,289 -- -- -- -- Non-current assets Financial assets 2,847 5 -- -- 2,852 -- 2,847 5 2,852 Derivative financial instruments 2,847 -- -- -- 2,847 -- 2,847 -- 2,847 Equity securities -- 5 -- -- 5 -- -- 5 5 Current liabilities Trade payables -- -- -- 2,148 2,148 -- -- -- -- Financial liabilities -- -- -- 750 1,110 -- -- 1,156 1,156 Long-term debt -- -- -- 750 750 -- -- 1,156 1,156 Lease liability -- -- -- na 360 -- -- -- -- Non-current liabilities Financial liabilities -- -- -- 21,871 24,983 -- -- 27,635 27,635 Long-term debt -- -- -- 21,871 21,871 -- -- 27,635 27,635 Lease liability -- -- -- na 3,112 -- -- -- -- Carrying amount Fair Value Assets at Liabilities Total FVTPL FVOCI amortized at amortized carrying 12/31/2019 cost cost amount Level 1 Level 2 Level 3 Total Current assets Cash and cash equivalents -- -- 4,368 -- 4,368 -- -- -- -- Financial assets 6,945 -- 463 -- 7,408 6,945 -- -- 6,945 Bond funds (1) 3,667 -- -- -- 3,667 3,667 -- -- 3,667 Bond funds (restricted) (1) 2,000 -- -- -- 2,000 2,000 -- -- 2,000 Note receivable (1) 1,278 -- -- -- 1,278 1,278 -- -- 1,278 Restricted Cash -- -- 463 -- 463 -- -- -- -- Trade receivables, net -- -- 5,915 -- 5,915 -- -- -- -- Non-current assets Financial assets 2,274 -- -- -- 2,279 -- 2,014 5 2,019 Derivative financial instruments (2) 2,274 -- -- -- 2,274 -- 2,014 -- 2,014 Equity securities -- 5 -- -- 5 -- -- 5 5 Current liabilities Trade payables -- -- -- 2,797 2,797 -- -- -- -- Financial liabilities -- -- -- 10,864 11,290 -- -- 10,858 10,858 Long-term debt (2) (3) -- -- -- 10,864 10,864 -- -- 10,858 10,858 Lease liability -- -- -- na 426 -- -- -- -- Non-current liabilities Financial liabilities -- -- -- 6,682 9,866 -- -- 6,148 6,148 Long-term debt (2) (3) -- -- -- 6,682 6,682 -- -- 6,148 6,148 Lease liability -- -- -- na 3,184 -- -- -- -- (1 ) Comparative figures for the year ended December 31, 2019 were revised related to the amendment of classification of short-term investments. For further information, see Note 1 of the interim consolidated financial statements. (2) Comparative figures for the year ended December 31, 2019 were revised related to the recalculation of the performance participation interest related to the Finance Contract with the EIB. For further information, see Note 1 of the interim consolidated financial statements. (3) Priviously presented under level 2. The fair value of the Company’s investments in the bond funds and note receivable 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, considering the credit risk of voxeljet. Due to their short maturity and the current low level of interest rates, the carrying amounts of cash and cash equivalents, restricted cash, trade receivables, trade payables, credit lines and bank overdrafts approximate fair value. The group’s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period. In June 2020, there were no transfers of financial instruments measured at fair value between level 1 and level 2.

Financial result

Financial result	6 Months Ended
	Jun. 30, 2020
Financial result
Financial result	8. Financial result Three months ended June 30, 2020 2019 (€ in thousands) Interest expense (1,316) (306) Interest expense on lease liability (43) (52) Long-term debt (290) (249) Expense from revaluation of derivative financial instruments (983) -- Fair value valuation of financial assets (1) -- -- Other -- (5) Interest income 144 621 Payout of bond funds 12 17 Income from revaluation of derivative financial instruments (2) -- 566 Fair value valuation of financial assets (1) 124 34 Other 8 4 Financial result (1,172) 315 Six months ended June 30, 2020 2019 (€ in thousands) Interest expense (822) (623) Interest expense on lease liability (91) (95) Long-term debt (2) (609) (491) Fair value valuation of financial assets (1) (120) (15) Other (2) (22) Interest income 631 278 Payout of bond funds 45 72 Income from revaluation of derivative financial instruments (2) 574 58 Fair value valuation of financial assets (1) -- 140 Other 12 8 Financial result (191) (345) (1) Comparative figures for the three and six months ended June 30, 2019 were revised related to the amendment of classification of short-term investments. For further information, see Note 1 of the interim consolidated financial statements. (2) Comparative figures for the three and six months ended June 30, 2019 were revised related to the recalculation of the performance participation interest related to the Finance Contract with the EIB. For further information, see Note 1 of the interim consolidated financial statements.

Segment reporting

Segment reporting	6 Months Ended
	Jun. 30, 2020
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, 2020 2019 (€ in thousands) CONSO CONSO SYSTEMS SERVICES LIDATION GROUP SYSTEMS SERVICES LIDATION GROUP Revenues 1,963 2,045 (92) 3,916 2,181 2,921 (52) 5,050 third party 1,871 2,045 -- 3,916 2,129 2,921 -- 5,050 intra-segment 92 - (92) — 52 -- (52) — Cost of sales 1,252 1,649 2,901 1,598 1,926 3,524 Gross profit 619 396 1,015 531 995 1,526 Gross profit in % % % % % % % Operating Expenses (4,766) (5,049) Other operating expenses (709) (818) Other operating income 503 148 Operating loss (3,957) (4,193) Finance expense (1) (2) (1,316) (306) Finance income (1) (2) 144 621 Financial result (1,172) 315 Loss before income taxes (5,129) (3,878) Income tax income (expense) (2) 6 (41) Net loss (5,123) (3,919) Six months ended June 30, 2020 2019 (€ in thousands) CONSO CONSO SYSTEMS SERVICES LIDATION GROUP SYSTEMS SERVICES LIDATION GROUP Revenues 3,601 4,624 (425) 7,800 4,811 6,071 (267) 10,615 third party 3,176 4,624 -- 7,800 4,544 6,071 -- 10,615 intra-segment 425 -- (425) — 267 -- (267) — Cost of sales 2,196 3,434 5,630 3,184 3,992 7,176 Gross profit 980 1,190 2,170 1,360 2,079 3,439 Gross profit in % % % % % % % Operating Expenses (9,313) (9,869) Other operating expenses (1,368) (434) Other operating income 1,035 729 Operating loss (7,476) (6,135) Finance expense (1) (2) (822) (623) Finance income (1) (2) 631 278 Financial result (191) (345) Loss before income taxes (7,667) (6,480) Income tax income (expense) (2) (57) (55) Net loss (7,724) (6,535) (1) Comparative figures for the three and six months ended June 30, 2019 were revised related to the amendment of classification of short-term investments. For further information, see Note 1 of the interim consolidated financial statements. (2) Comparative figures for the three and six months ended June 30, 2019 were revised related to the recalculation of the performance participation interest related to the Finance Contract with the EIB. For further information, see Note 1 of the interim consolidated financial statements.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2020
Revenues
Revenues	10. Revenues Three months ended June 30, SYSTEMS SERVICES 2020 2019 2020 2019 (€ 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 2020 2019 2020 2019 (€ 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, 2019 2020 2019 (€ in thousands) (€ in thousands) EMEA 2,648 2,566 5,091 5,316 Germany 1,719 1,025 2,810 2,376 France 233 267 497 640 Switzerland 25 370 93 441 Great Britain 231 261 559 710 Others 440 643 1,132 1,149 Asia Pacific 450 600 855 1,430 China 263 295 498 492 South Korea 159 258 268 346 Others 28 47 89 592 Americas 818 1,884 1,854 3,869 United States 814 1,859 1,739 3,807 Others 4 25 115 62 Total 3,916 5,050 7,800 10,615

Commitments, contingent assets

Commitments, contingent assets and liabilities	6 Months Ended
	Jun. 30, 2020
Commitments, contingent assets and liabilities
Commitments, contingent assets and liabilities	11. Commitments, contingent assets and liabilities In March 2018, ExOne GmbH, a subsidiary of ExOne, notified voxeljet of its intent not to pay its annual license fees under an existing intellectual property-related agreement and asserted its rights to claim damages pursuant to an alleged material breach of the agreement. At this time, the Company cannot reasonably estimate a contingency, if any, related to this matter. In connection with the enforcement of voxeljet’s intellectual property rights, the acquisition of third‑party intellectual property rights, or disputes related to the validity or alleged infringement of the Company’s or a third‑party’s intellectual property rights, including patent rights, voxeljet has been and may in the future be subject or party to claims, negotiations or complex, protracted litigation.

Related party transactions

Related party transactions	6 Months Ended
	Jun. 30, 2020
Related party transactions
Related party transactions	12. Related party transactions Name Nature of relationship Duration of relationship Franz Industriebeteiligungen AG, Augsburg Lessor 10/01/2003-Current Schlosserei und Metallbau Ederer, Dießen Supplier 05/01/1999-Current Andreas Schmid Logistik AG Supplier 05/01/2017-Current Suzhou Meimai Fast Manufacturing Technology Co., Ltd Minority shareholder of voxeljet China, Customer 04/11/2016-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 1, in each, six months ended June, 2020 and June 2019. Further, voxeljet acquired goods amounting to kEUR 0 and kEUR 0 in the six months ended June, 2020 and 2019, respectively from ‘Schlosserei und Metallbau Ederer’, which is owned by the brother of Dr. Ingo Ederer, the Chief Executive Officer of voxeljet. In addition, voxeljet received logistics services amounting to kEUR 18 and kEUR 28 in the six months ended June, 2020 and 2019, respectively from ‘Andreas Schmid Logistik’, where the member of our supervisory board Dr. Stefan Söhn serves as the Chief Financial Officer. Moreover, voxeljet received orders amounting to kEUR 15 and kEUR 86 in the six months ended June, 2020 and 2019, respectively from ‘Suzhou Meimai Fast Manufacturing Technology Co., Ltd., which is our minority shareholder for voxeljet China. Further, voxeljet received orders amounting to kEUR 0 and kEUR 11 in the in the six months ended June, 2020 and 2019, respectively from ‘DSCS Digital Supply Chain Solutions GmbH’, which is an associated company where we own 33.3%. All related party transactions, voxeljet entered into, were made on an arm’s length basis.

Subsequent events

Subsequent events	6 Months Ended
	Jun. 30, 2020
Subsequent events
Subsequent events	13. Subsequent events ADS to Ordinary Share Ratio Change On Friday , July 31 , 2020, the Company announced that it will change the ratio of its American Depositary Shares (“ADSs”) to ordinary shares from each ADS representing one-fifth (1/5) of one ordinary share (5:1) to each ADS representing one ordinary share (1:1). For ADS holders, the ratio change will have the same effect as a 1 for 5 reverse ADS split. The ratio change is expected to be effective on or about August 14, 2020 (the “Effective Date”). On the Effective Date, each ADS holder will be required to exchange every five (5) ADSs then held for one (1) new ADS (e.g., if a holder of ADSs previously held 50 ADSs, following the ratio change on the Effective Date, such holder will hold 10 ADSs). Citibank, N.A., as depositary bank, will arrange for the exchange of the current ADSs for the new ones. There is no change to voxeljet’s underlying ordinary shares, and the ADSs will continue to trade on the New York Stock Exchange under the symbol “VJET”. It should be noted that, as of the Effective Date, the CUSIP Number for the ADSs will be updated. No fractional new ADSs will be issued in connection with the change in the ADS ratio. Instead, fractional entitlements to new ADSs will be aggregated and sold by the depositary bank and the net cash proceeds from the sale of the fractional ADS entitlements (after deduction of fees, taxes and expenses) will be distributed to the applicable ADS holders by the depositary bank.

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	6 Months Ended
	Jun. 30, 2020
Summary of significant accounting policies
Government grants	Government grants Government grants in connection with government assistance to help businesses to mitigate adverse impacts from the COVID-19 global pandemic are recognised in profit or loss on a systematic basis over the periods in which the entity recognises as expenses the related costs for which the grants are intended to compensate, provided that the entity complies with the conditions for the funding.
Short-term investments	Short-term investments In the first quarter of 2020, we amended our classification of short-term investments included in current financial assets. Before the amendment, those short-term investments have been classified in the category at fair value through OCI (FVOCI). For further information, see Note 1.

Share based payment arrangeme_2

Share based payment arrangements (Tables)	6 Months Ended
	Jun. 30, 2020
Share based payment arrangements
Schedule of fair value inputs	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, 2020
Inventories
Inventories by category	6/30/2020 12/31/2019 (€ in thousands) Raw materials and merchandise 4,220 4,109 Work in progress 9,465 8,350 Total 13,685 12,459

Property, plant and equipment (

Property, plant and equipment (Tables)	6 Months Ended
	Jun. 30, 2020
Property, plant and equipment
Schedule of property, plant and equipment	6/30/2020 12/31/2019 (€ in thousands) Land, buildings and leasehold improvements 19,510 20,045 Plant and machinery 5,546 5,779 Other facilities, factory and office equipment 1,300 1,459 Assets under construction and prepayments made 60 60 Total 26,416 27,343 Thereof pledged assets of Property, Plant and Equipment 13,528 6,618

Other liabilities and provisi_2

Other liabilities and provisions (Tables)	6 Months Ended
	Jun. 30, 2020
Other liabilities and provisions
Summary of other liabilities and provisions	6/30/2020 12/31/2019 (€ in thousands) Liabilities from payroll 347 301 Accruals for vacation and overtime 365 190 Accrual for restructuring 268 604 Employee bonus 244 397 Security deposit 179 178 Accruals for compensation of Supervisory board 130 180 Customers with a bredit balance 69 8 Accrual for warranty 45 241 Accruals for licenses 33 62 Liabilities from VAT 29 32 Accruals for commissions 28 38 Others 89 98 Total 1,826 2,329

Financial instruments (Tables)

Financial instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Financial instruments
Summary of carrying amounts and fair values of financial assets and financial liabilities	Carrying amount Fair Value Assets at Liabilities Total Total FVTPL FVOCI amortized at amortized carrying fair 6/30/2020 cost cost amount Level 1 Level 2 Level 3 value Current assets Cash and cash equivalents -- -- 6,451 -- 6,451 -- -- -- -- Financial assets 2,875 -- 1,420 -- 4,295 Bond funds 875 -- -- -- 875 875 -- -- 875 Bond funds (restricted) 2,000 -- -- -- 2,000 2,000 -- -- 2,000 Restricted Cash -- -- 1,420 -- 1,420 -- -- -- -- Trade receivables, net -- -- 4,289 -- 4,289 -- -- -- -- Non-current assets Financial assets 2,847 5 -- -- 2,852 -- 2,847 5 2,852 Derivative financial instruments 2,847 -- -- -- 2,847 -- 2,847 -- 2,847 Equity securities -- 5 -- -- 5 -- -- 5 5 Current liabilities Trade payables -- -- -- 2,148 2,148 -- -- -- -- Financial liabilities -- -- -- 750 1,110 -- -- 1,156 1,156 Long-term debt -- -- -- 750 750 -- -- 1,156 1,156 Lease liability -- -- -- na 360 -- -- -- -- Non-current liabilities Financial liabilities -- -- -- 21,871 24,983 -- -- 27,635 27,635 Long-term debt -- -- -- 21,871 21,871 -- -- 27,635 27,635 Lease liability -- -- -- na 3,112 -- -- -- -- Carrying amount Fair Value Assets at Liabilities Total FVTPL FVOCI amortized at amortized carrying 12/31/2019 cost cost amount Level 1 Level 2 Level 3 Total Current assets Cash and cash equivalents -- -- 4,368 -- 4,368 -- -- -- -- Financial assets 6,945 -- 463 -- 7,408 6,945 -- -- 6,945 Bond funds (1) 3,667 -- -- -- 3,667 3,667 -- -- 3,667 Bond funds (restricted) (1) 2,000 -- -- -- 2,000 2,000 -- -- 2,000 Note receivable (1) 1,278 -- -- -- 1,278 1,278 -- -- 1,278 Restricted Cash -- -- 463 -- 463 -- -- -- -- Trade receivables, net -- -- 5,915 -- 5,915 -- -- -- -- Non-current assets Financial assets 2,274 -- -- -- 2,279 -- 2,014 5 2,019 Derivative financial instruments (2) 2,274 -- -- -- 2,274 -- 2,014 -- 2,014 Equity securities -- 5 -- -- 5 -- -- 5 5 Current liabilities Trade payables -- -- -- 2,797 2,797 -- -- -- -- Financial liabilities -- -- -- 10,864 11,290 -- -- 10,858 10,858 Long-term debt (2) (3) -- -- -- 10,864 10,864 -- -- 10,858 10,858 Lease liability -- -- -- na 426 -- -- -- -- Non-current liabilities Financial liabilities -- -- -- 6,682 9,866 -- -- 6,148 6,148 Long-term debt (2) (3) -- -- -- 6,682 6,682 -- -- 6,148 6,148 Lease liability -- -- -- na 3,184 -- -- -- -- (1 ) Comparative figures for the year ended December 31, 2019 were revised related to the amendment of classification of short-term investments. For further information, see Note 1 of the interim consolidated financial statements. (2) Comparative figures for the year ended December 31, 2019 were revised related to the recalculation of the performance participation interest related to the Finance Contract with the EIB. For further information, see Note 1 of the interim consolidated financial statements. (3) Priviously presented under level 2

Financial result (Tables)

Financial result (Tables)	6 Months Ended
	Jun. 30, 2020
Financial result
Schedule of financial result	Three months ended June 30, 2020 2019 (€ in thousands) Interest expense (1,316) (306) Interest expense on lease liability (43) (52) Long-term debt (290) (249) Expense from revaluation of derivative financial instruments (983) -- Fair value valuation of financial assets (1) -- -- Other -- (5) Interest income 144 621 Payout of bond funds 12 17 Income from revaluation of derivative financial instruments (2) -- 566 Fair value valuation of financial assets (1) 124 34 Other 8 4 Financial result (1,172) 315 Six months ended June 30, 2020 2019 (€ in thousands) Interest expense (822) (623) Interest expense on lease liability (91) (95) Long-term debt (2) (609) (491) Fair value valuation of financial assets (1) (120) (15) Other (2) (22) Interest income 631 278 Payout of bond funds 45 72 Income from revaluation of derivative financial instruments (2) 574 58 Fair value valuation of financial assets (1) -- 140 Other 12 8 Financial result (191) (345) (1) Comparative figures for the three and six months ended June 30, 2019 were revised related to the amendment of classification of short-term investments. For further information, see Note 1 of the interim consolidated financial statements. (2) Comparative figures for the three and six months ended June 30, 2019 were revised related to the recalculation of the performance participation interest related to the Finance Contract with the EIB. For further information, see Note 1 of the interim consolidated financial statements.

Segment reporting (Tables)

Segment reporting (Tables)	6 Months Ended
	Jun. 30, 2020
Segment reporting
Schedule of segment reporting	Three months ended June 30, 2020 2019 (€ in thousands) CONSO CONSO SYSTEMS SERVICES LIDATION GROUP SYSTEMS SERVICES LIDATION GROUP Revenues 1,963 2,045 (92) 3,916 2,181 2,921 (52) 5,050 third party 1,871 2,045 -- 3,916 2,129 2,921 -- 5,050 intra-segment 92 - (92) — 52 -- (52) — Cost of sales 1,252 1,649 2,901 1,598 1,926 3,524 Gross profit 619 396 1,015 531 995 1,526 Gross profit in % % % % % % % Operating Expenses (4,766) (5,049) Other operating expenses (709) (818) Other operating income 503 148 Operating loss (3,957) (4,193) Finance expense (1) (2) (1,316) (306) Finance income (1) (2) 144 621 Financial result (1,172) 315 Loss before income taxes (5,129) (3,878) Income tax income (expense) (2) 6 (41) Net loss (5,123) (3,919) Six months ended June 30, 2020 2019 (€ in thousands) CONSO CONSO SYSTEMS SERVICES LIDATION GROUP SYSTEMS SERVICES LIDATION GROUP Revenues 3,601 4,624 (425) 7,800 4,811 6,071 (267) 10,615 third party 3,176 4,624 -- 7,800 4,544 6,071 -- 10,615 intra-segment 425 -- (425) — 267 -- (267) — Cost of sales 2,196 3,434 5,630 3,184 3,992 7,176 Gross profit 980 1,190 2,170 1,360 2,079 3,439 Gross profit in % % % % % % % Operating Expenses (9,313) (9,869) Other operating expenses (1,368) (434) Other operating income 1,035 729 Operating loss (7,476) (6,135) Finance expense (1) (2) (822) (623) Finance income (1) (2) 631 278 Financial result (191) (345) Loss before income taxes (7,667) (6,480) Income tax income (expense) (2) (57) (55) Net loss (7,724) (6,535) (1) Comparative figures for the three and six months ended June 30, 2019 were revised related to the amendment of classification of short-term investments. For further information, see Note 1 of the interim consolidated financial statements. (2) Comparative figures for the three and six months ended June 30, 2019 were revised related to the recalculation of the performance participation interest related to the Finance Contract with the EIB. For further information, see Note 1 of the interim consolidated 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 2020 2019 2020 2019 (€ 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 2020 2019 2020 2019 (€ 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, 2019 2020 2019 (€ in thousands) (€ in thousands) EMEA 2,648 2,566 5,091 5,316 Germany 1,719 1,025 2,810 2,376 France 233 267 497 640 Switzerland 25 370 93 441 Great Britain 231 261 559 710 Others 440 643 1,132 1,149 Asia Pacific 450 600 855 1,430 China 263 295 498 492 South Korea 159 258 268 346 Others 28 47 89 592 Americas 818 1,884 1,854 3,869 United States 814 1,859 1,739 3,807 Others 4 25 115 62 Total 3,916 5,050 7,800 10,615

Related party transactions (Tab

Related party transactions (Tables)	6 Months Ended
	Jun. 30, 2020
Related party transactions
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 Minority shareholder of voxeljet China, Customer 04/11/2016-Current DSCS Digital Supply Chain Solutions GmbH Customer 05/11/2017-Current

Preparation of financial stat_2

Preparation of financial statements (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about borrowings [line items]
Net loss	€ (5,123)	€ (3,919)	€ (7,724)	€ (6,535)	€ (14,231)	€ (8,764)	€ (8,554)
Negative cash flows from operating activities			(5,969)	(4,420)	(6,819)	€ (7,714)	€ (6,830)
Proceeds from issuance of long-term debt			5,000	€ 500
Accumulated deficit	(67,806)		(67,806)		€ (60,124)
EIB-Tranche two
Disclosure of detailed information about borrowings [line items]
Indebtedness	€ 5,000		€ 5,000

Preparation of financial stat_3

Preparation of financial statements - Adjustments (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2019
Initial application
Financial assets	€ 2,852		€ 2,852		€ 2,279
Deferred tax liabilities	198		198		142
Accumulated deficit	(67,806)		(67,806)		(60,124)
Accumulated other comprehensive income	1,554		1,554		742
Net loss	€ (5,123)	€ (3,919)	€ (7,724)	€ (6,535)	(14,231)	€ (8,764)	€ (8,554)
Impacts of amemdnemt and recalculation
Initial application
Financial assets		190		190	260			€ 151
Deferred tax liabilities		54		54	73			43
Accumulated deficit		158		158	243			(10)
Accumulated other comprehensive income		(21)		(21)	€ (56)			€ 119
Net loss		(5)		168
Debt investment at FVOCI - net change in fair value		€ (34)		€ (140)

Share based payment arrangeme_3

Share based payment arrangements - Narrative (Details) € in Thousands	Apr. 12, 2018EquityInstruments	Apr. 07, 2017EquityInstrumentsshares	Jun. 30, 2020EUR (€)EquityInstruments	Jun. 30, 2019EUR (€)	Jun. 30, 2020EUR (€)EquityInstruments	Jun. 30, 2019EUR (€)
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
Weighted-average contractual life					7 years	8 years
Expenses recognized in profit and loss | €			€ 167	€ 167	€ 334	€ 332

Share based payment arrangeme_4

Share based payment arrangements - Measurement inputs (Details)	Apr. 12, 2018USD ($)$ / shares	Apr. 12, 2018EUR (€)	Apr. 07, 2017USD ($)$ / shares	Apr. 07, 2017EUR (€)
Share based payment arrangements
Share price at grant date (in dollars per share)	$ 16.15		$ 13.80
Exercise price (in dollars per share)	$ 16.15		$ 13.90
Expected volatility (as a percent)		58.40%		55.00%
Expected dividends | €		€ 0		€ 0
Risk-free interest rate (as a percent)		2.85%		2.49%
Fair value at grant date (in dollars per share) | $	$ 9.74		$ 8

Inventories (Details)

Inventories (Details) - EUR (€) € in Thousands	Jun. 30, 2020	Dec. 31, 2019
Inventories
Raw materials and merchandise	€ 4,220	€ 4,109
Work in progress	9,465	8,350
Total	€ 13,685	€ 12,459

Property, plant and equipment,

Property, plant and equipment, net (Details) - EUR (€) € in Thousands	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Property, plant and equipment
Property, plant and equipment, net	€ 26,416		€ 27,343
Thereof pledged assets of Property, Plant and Equipment	13,528		6,618
European Investment Bank
Property, plant and equipment
Thereof pledged assets of Property, Plant and Equipment		€ 10,000
Property | Leased assets
Property, plant and equipment
Property, plant and equipment, net	19,510		20,045
Machinery
Property, plant and equipment
Property, plant and equipment, net	5,546		5,779
Other PPE
Property, plant and equipment
Property, plant and equipment, net	1,300		1,459
Assets under construction and prepayments made
Property, plant and equipment
Property, plant and equipment, net	€ 60		€ 60

Other liabilities and provisi_3

Other liabilities and provisions (Details) - EUR (€) € in Thousands	Jun. 30, 2020	Dec. 31, 2019
Other liabilities and provisions
Liabilities from payroll	€ 347	€ 301
Accruals for vacation and overtime	365	190
Accrual for restructuring	268	604
Employee bonus	244	397
Security deposit	179	178
Accruals for compensation of Supervisory board	130	180
Customers with a bredit balance	69	8
Accrual for warranty	45	241
Accruals for licenses	33	62
Liabilities from VAT	29	32
Accruals for commissions	28	38
Others	89	98
Total	€ 1,826	€ 2,329

Financial instruments (Details)

Financial instruments (Details) - EUR (€) € in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current trade payables
Financial instruments
Financial liabilities	€ 2,148	€ 2,797
Current financial liabilities
Financial instruments
Financial liabilities	1,110	11,290
Financial liabilities, at fair value	1,156	10,858
Current financial liabilities | Level Three
Financial instruments
Financial liabilities, at fair value	1,156	10,858
Current long term debt
Financial instruments
Financial liabilities	750	10,864
Financial liabilities, at fair value	1,156	10,858
Current long term debt | Level Three
Financial instruments
Financial liabilities, at fair value	1,156	10,858
Current lease liability
Financial instruments
Financial liabilities	360	426
Non-current financial liabilities
Financial instruments
Financial liabilities	24,983	9,866
Financial liabilities, at fair value	27,635	6,148
Non-current financial liabilities | Level Three
Financial instruments
Financial liabilities, at fair value	27,635	6,148
Non-current long term debt
Financial instruments
Financial liabilities	21,871	6,682
Financial liabilities, at fair value	27,635	6,148
Non-current long term debt | Level Three
Financial instruments
Financial liabilities, at fair value	27,635	6,148
Non-current lease liability
Financial instruments
Financial liabilities	3,112	3,184
Financial liabilities measured at amortized cost | Current trade payables
Financial instruments
Financial liabilities	2,148	2,797
Financial liabilities measured at amortized cost | Current financial liabilities
Financial instruments
Financial liabilities	750	10,864
Financial liabilities measured at amortized cost | Current long term debt
Financial instruments
Financial liabilities	750	10,864
Financial liabilities measured at amortized cost | Non-current financial liabilities
Financial instruments
Financial liabilities	21,871	6,682
Financial liabilities measured at amortized cost | Non-current long term debt
Financial instruments
Financial liabilities	21,871	6,682
Current cash and cash equivalents
Financial instruments
Financial assets	6,451	4,368
Current financial assets
Financial instruments
Financial assets	4,295	7,408
Financial assets, at fair value		6,945
Current financial assets | Level One
Financial instruments
Financial assets, at fair value		6,945
Bond funds
Financial instruments
Financial assets	875	3,667
Financial assets, at fair value	875	3,667
Bond funds | Level One
Financial instruments
Financial assets, at fair value	875	3,667
Bond funds (restricted)
Financial instruments
Financial assets	2,000	2,000
Financial assets, at fair value	2,000	2,000
Bond funds (restricted) | Level One
Financial instruments
Financial assets, at fair value	2,000	2,000
Current note receivable
Financial instruments
Financial assets		1,278
Financial assets, at fair value		1,278
Current note receivable | Level One
Financial instruments
Financial assets, at fair value		1,278
Restricted Cash
Financial instruments
Financial assets	1,420	463
Trade and other receivables
Financial instruments
Financial assets	4,289	5,915
Non-current financial assets
Financial instruments
Financial assets	2,852	2,279
Financial assets, at fair value	2,852	2,019
Non-current financial assets | Level Two
Financial instruments
Financial assets, at fair value	2,847	2,014
Non-current financial assets | Level Three
Financial instruments
Financial assets, at fair value	5	5
Non-current derivative financial instruments
Financial instruments
Financial assets	2,847	2,274
Financial assets, at fair value	2,847	2,014
Non-current derivative financial instruments | Level Two
Financial instruments
Financial assets, at fair value	2,847	2,014
Non-current equity securities
Financial instruments
Financial assets	5	5
Financial assets, at fair value	5	5
Non-current equity securities | Level Three
Financial instruments
Financial assets, at fair value	5	5
FVTPL | Current financial assets
Financial instruments
Financial assets	2,875	6,945
FVTPL | Bond funds
Financial instruments
Financial assets	875	3,667
FVTPL | Bond funds (restricted)
Financial instruments
Financial assets	2,000	2,000
FVTPL | Current note receivable
Financial instruments
Financial assets		1,278
FVTPL | Non-current financial assets
Financial instruments
Financial assets	2,847	2,274
FVTPL | Non-current derivative financial instruments
Financial instruments
Financial assets	2,847	2,274
FVOCI | Non-current financial assets
Financial instruments
Financial assets	5
FVOCI | Non-current equity securities
Financial instruments
Financial assets	5	5
Assets at amortised cost | Current cash and cash equivalents
Financial instruments
Financial assets	6,451
Financial liabilities		4,368
Assets at amortised cost | Current financial assets
Financial instruments
Financial assets	1,420
Financial liabilities		463
Assets at amortised cost | Restricted Cash
Financial instruments
Financial assets	1,420
Financial liabilities		463
Assets at amortised cost | Trade and other receivables
Financial instruments
Financial assets	€ 4,289
Financial liabilities		€ 5,915

Financial result (Details)

Financial result (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Financial result
Interest expense	€ (1,316)	€ (306)	€ (822)	€ (623)
Interest expense on lease liability	(43)	(52)	(91)	(95)
Long-term debt	(290)	(249)	(609)	(491)
Expense from revaluation of derivative financial instruments	(983)
Fair value valuation of financial assets			(120)	(15)
Other		(5)	(2)	(22)
Interest income	144	621	631	278
Payout of bond funds	12	17	45	72
Income from revaluation of derivative financial instruments		566	574	58
Fair value valuation of financial assets	124	34		140
Other	8	4	12	8
Financial result	€ (1,172)	€ 315	€ (191)	€ (345)

Segment reporting (Details)

Segment reporting (Details) € in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020EUR (€)	Jun. 30, 2019EUR (€)	Jun. 30, 2020EUR (€)segment	Jun. 30, 2019EUR (€)	Dec. 31, 2019EUR (€)	Dec. 31, 2018EUR (€)	Dec. 31, 2017EUR (€)
Segment reporting
Number of reportable segments | segment			2
Revenues	€ 3,916	€ 5,050	€ 7,800	€ 10,615
Cost of sales	2,901	3,524	5,630	7,176
Gross profit	€ 1,015	€ 1,526	€ 2,170	€ 3,439
Gross profit margin (as a percent)	25.90%	30.20%	27.80%	32.40%
Operating Expense	€ (4,766)	€ (5,049)	€ (9,313)	€ (9,869)
Other operating expenses	(709)	(818)	(1,368)	(434)
Other operating income	503	148	1,035	729
Operating loss	(3,957)	(4,193)	(7,476)	(6,135)
Finance expense	(1,316)	(306)	(822)	(623)
Finance income	144	621	631	278
Financial result	(1,172)	315	(191)	(345)
Loss before income tax	(5,129)	(3,878)	(7,667)	(6,480)
Income tax income (expense)	6	(41)	(57)	(55)
Net loss	(5,123)	(3,919)	(7,724)	(6,535)	€ (14,231)	€ (8,764)	€ (8,554)
Systems
Segment reporting
Revenues	1,871	2,129	3,176	4,544
Cost of sales	1,252	1,598	2,196	3,184
Gross profit	€ 619	€ 531	€ 980	€ 1,360
Gross profit margin (as a percent)	33.10%	24.90%	30.90%	29.90%
Services
Segment reporting
Revenues	€ 2,045	€ 2,921	€ 4,624	€ 6,071
Cost of sales	1,649	1,926	3,434	3,992
Gross profit	€ 396	€ 995	€ 1,190	€ 2,079
Gross profit margin (as a percent)	19.40%	34.10%	25.70%	34.20%
Operating segments | Systems
Segment reporting
Revenues	€ 1,963	€ 2,181	€ 3,601	€ 4,811
Operating segments | Services
Segment reporting
Revenues	2,045	2,921	4,624	6,071
Intra-segment
Segment reporting
Revenues	€ (92)	€ (52)	€ (425)	€ (267)

Revenue - Disaggregation (Detai

Revenue - Disaggregation (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Revenue from contracts with customers	€ 3,916	€ 5,050	€ 7,800	€ 10,615
EMEA
Revenues
Revenue from contracts with customers	2,648	2,566	5,091	5,316
Asia Pacific
Revenues
Revenue from contracts with customers	450	600	855	1,430
Americas
Revenues
Revenue from contracts with customers	818	1,884	1,854	3,869
Systems
Revenues
Revenue from contracts with customers	1,871	2,129	3,176	4,544
Systems | Products transferred at a point in time
Revenues
Revenue from contracts with customers	1,660	1,932	2,682	4,125
Systems | Products and services transferred over time
Revenues
Revenue from contracts with customers	211	197	494	419
Systems | EMEA
Revenues
Revenue from contracts with customers	1,479	908	2,265	1,836
Systems | Asia Pacific
Revenues
Revenue from contracts with customers	199	318	395	930
Systems | Americas
Revenues
Revenue from contracts with customers	193	903	516	1,778
Services
Revenues
Revenue from contracts with customers	2,045	2,921	4,624	6,071
Services | Products transferred at a point in time
Revenues
Revenue from contracts with customers	2,045	2,921	4,624	6,071
Services | EMEA
Revenues
Revenue from contracts with customers	1,169	1,658	2,826	3,480
Services | Asia Pacific
Revenues
Revenue from contracts with customers	251	282	460	500
Services | Americas
Revenues
Revenue from contracts with customers	€ 625	€ 981	€ 1,338	€ 2,091

Revenues - Geographic (Details)

Revenues - Geographic (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disclosure of geographical areas [line items]
Revenues	€ 3,916	€ 5,050	€ 7,800	€ 10,615
EMEA
Disclosure of geographical areas [line items]
Revenues	2,648	2,566	5,091	5,316
Germany
Disclosure of geographical areas [line items]
Revenues	1,719	1,025	2,810	2,376
France
Disclosure of geographical areas [line items]
Revenues	233	267	497	640
SWITZERLAND
Disclosure of geographical areas [line items]
Revenues	25	370	93	441
Great Britain
Disclosure of geographical areas [line items]
Revenues	231	261	559	710
Others-EMEA
Disclosure of geographical areas [line items]
Revenues	440	643	1,132	1,149
Asia Pacific
Disclosure of geographical areas [line items]
Revenues	450	600	855	1,430
China
Disclosure of geographical areas [line items]
Revenues	263	295	498	492
South Korea
Disclosure of geographical areas [line items]
Revenues	159	258	268	346
Others-Asia Pacific
Disclosure of geographical areas [line items]
Revenues	28	47	89	592
Americas
Disclosure of geographical areas [line items]
Revenues	818	1,884	1,854	3,869
United States
Disclosure of geographical areas [line items]
Revenues	814	1,859	1,739	3,807
Others-Americas
Disclosure of geographical areas [line items]
Revenues	€ 4	€ 25	€ 115	€ 62

Related party transactions - Ot

Related party transactions - Other (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Franz Industriebeteiligungen AG, Augsburg
Related parties
Rent expense	€ 1	€ 1
Schlosserei und Metallbau Ederer, Dieen
Related parties
Acquired goods from related parties	0	0
Andreas Schmid Logistik
Related parties
Services received from related parties	18	28
Suzhou Meimai Fast Manufacturing Technology Co. Ltd
Related parties
Revenue from related parties	15	86
Dscs Digital Supply Chain Solutions Gmbh
Related parties
Revenue from related parties	€ 0	€ 11
Ownership interest in associate (as a percent)	33.30%

Subsequent events (Details)

Subsequent events (Details) € in Thousands	Jul. 31, 2020	Jun. 30, 2020EUR (€)	Jun. 30, 2019EUR (€)
Subsequent events
Proceeds from borrowings, classified as financing activities		€ 5,000	€ 500
Share transaction | American Depositary Shares
Subsequent events
Reverse stock split ratio	0.2