Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2021 | |
Document and Entity Information | |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2021 |
Entity Registrant Name | voxeljet AG |
Entity Central Index Key | 0001582581 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - EUR (€) € in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Current assets | € 36,933 | € 28,137 |
Cash and cash equivalents | 5,849 | 5,324 |
Financial assets | 12,622 | 5,351 |
Trade receivables | 5,387 | 4,680 |
Inventories | 10,992 | 11,394 |
Income tax receivables | 40 | 31 |
Other assets | 2,043 | 1,357 |
Non-current assets | ||
Non-current assets | 26,192 | 25,090 |
Financial assets | 1,197 | 5 |
Intangible assets | 1,013 | 1,143 |
Property, plant and equipment | 23,831 | 23,774 |
Investments in joint venture | 25 | 27 |
Other assets | 126 | 141 |
Total assets | 63,125 | 53,227 |
Current liabilities | ||
Current liabilities | 10,154 | 26,215 |
Trade payables | 2,170 | 1,956 |
Contract liabilities | 4,953 | 2,911 |
Financial liabilities | 1,234 | 19,770 |
Other liabilities and provisions | 1,797 | 1,578 |
Non-current liabilities | ||
Non-current liabilities | 28,112 | 7,371 |
Deferred tax liabilities | 52 | |
Financial liabilities | 28,107 | 7,314 |
Other liabilities and provisions | 5 | 5 |
Equity | ||
Equity | 24,859 | 19,641 |
Subscribed capital | 5,901 | 4,836 |
Capital reserves | 103,854 | 88,748 |
Accumulated deficit | (86,187) | (75,463) |
Accumulated other comprehensive income | 1,555 | 1,675 |
Equity attributable to the owners of the company | 25,123 | 19,796 |
Non-controlling interest | (264) | (155) |
Total equity and liabilities | € 63,125 | € 53,227 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||
Revenues | € 4,943 | € 3,916 | € 9,003 | € 7,800 |
Cost of sales | (3,531) | (2,901) | (6,552) | (5,630) |
Gross profit | 1,412 | 1,015 | 2,451 | 2,170 |
Selling expenses | (1,466) | (1,305) | (2,914) | (2,841) |
Administrative expenses | (1,986) | (1,841) | (3,469) | (3,217) |
Research and development expenses | (1,670) | (1,620) | (3,274) | (3,255) |
Other operating expenses | (284) | (709) | (385) | (1,368) |
Other operating income | 112 | 503 | 1,026 | 1,035 |
Operating loss | (3,882) | (3,957) | (6,565) | (7,476) |
Finance costs | (596) | (1,316) | (4,427) | (822) |
Finance income | 1,974 | 144 | 107 | 631 |
Financial result | 1,378 | (1,172) | (4,320) | (191) |
Loss before income taxes | (2,504) | (5,129) | (10,885) | (7,667) |
Income tax income (expense) | 6 | 52 | (57) | |
Net loss | (2,504) | (5,123) | (10,833) | (7,724) |
Other comprehensive income (loss) that may be reclassified subsequently to profit or loss | 51 | 395 | (120) | 812 |
Total comprehensive loss | (2,453) | (4,728) | (10,953) | (6,912) |
Loss attributable to: | ||||
Owners of the Company | (2,421) | (5,126) | (10,724) | (7,682) |
Non-controlling interests | (83) | 3 | (109) | (42) |
Net loss | (2,504) | (5,123) | (10,833) | (7,724) |
Total comprehensive loss attributable to: | ||||
Owners of the Company | (2,370) | (4,731) | (10,844) | (6,870) |
Non-controlling interests | (83) | 3 | (109) | (42) |
Total comprehensive loss | € (2,453) | € (4,728) | € (10,953) | € (6,912) |
Weighted average number of ordinary shares outstanding | 5,900,584 | 4,836,000 | 5,703,078 | 4,836,000 |
Loss per share - basic (in EUR per share) | € (0.41) | € (1.06) | € (1.88) | € (1.59) |
Loss per share - diluted (in EUR per share) | € (0.41) | € (1.06) | € (1.88) | € (1.59) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (parenthetical) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||
Thereof income (expense) from changes in impairment allowance included in other operating income (expense) | € (31) | € 21 | € (13) | € (15) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED 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, 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 |
Balance at the beginning at Dec. 31, 2019 | 33,531 | 4,836 | 88,077 | (60,124) | 742 | (13) | 33,518 |
Loss for the period | (15,481) | ||||||
Balance at the end at Dec. 31, 2020 | 19,796 | 4,836 | 88,748 | (75,463) | 1,675 | (155) | 19,641 |
Loss for the period | (10,724) | (10,724) | (109) | (10,833) | |||
Foreign currency translations | (120) | (120) | (120) | ||||
Issue of ordinary shares in the form of ADS, net of transaction costs and tax | 15,953 | 1,065 | 14,888 | 15,953 | |||
Equity-settled share-based payment | 218 | 218 | 218 | ||||
Balance at the end at Jun. 30, 2021 | € 25,123 | € 5,901 | € 103,854 | € (86,187) | € 1,555 | € (264) | € 24,859 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash Flow from operating activities | ||
Loss for the period | € (10,833) | € (7,724) |
Depreciation and amortization | 1,570 | 1,842 |
Foreign currency exchange differences on loans to subsidiaries | (516) | 812 |
Changes in financial assets due to fair value valuation | 66 | 121 |
Share-based compensation expense | 218 | 334 |
Change in impairment of trade receivables | 13 | (40) |
Non-cash interest expense on long-term debt | 933 | 564 |
Change in fair value of derivative equity forward | 3,222 | (574) |
Change in inventory allowance | (57) | (1) |
Loss on disposal of property, plant and equipment and intangible assets | 17 | 59 |
Interest paid | 129 | 138 |
Interest received | (35) | (58) |
Change in deferred tax | (52) | 81 |
Change in working capital | 374 | (1,523) |
Trade and other receivables, inventories and current assets | (1,917) | (711) |
Trade payables | 192 | (607) |
Other liabilities, contract liabilities and provisions | 2,235 | 774 |
Change in restricted cash | (127) | (956) |
Income tax payable/receivables | (9) | (23) |
Total | (4,951) | (5,969) |
Cash Flow from investing activities | ||
Payments to acquire property, plant and equipment and intangible assets | (78) | (102) |
Proceeds from disposal of financial assets | 3,969 | |
Payments to acquire financial assets | (7,464) | (2) |
Interest received | 35 | 58 |
Total | (7,507) | 3,923 |
Cash Flow from financing activities | ||
Repayment of lease liabilities | (160) | (246) |
Repayment of long-term debt | (727) | (466) |
Proceeds from issuance of long-term debt | 5,000 | |
Proceeds from issue of ordinary shares in the form of ADS | 18,153 | |
Share issue cost | (2,200) | |
Change in restricted cash | (2,000) | |
Interest paid | (129) | (138) |
Total | 12,937 | 4,150 |
Net increase (decrease) in cash and cash equivalents | 479 | 2,104 |
Cash and cash equivalents at beginning of period | 5,324 | 4,368 |
Changes to cash and cash equivalents due to foreign exchanges rates | 46 | (21) |
Cash and cash equivalents at end of period | € 5,849 | € 6,451 |
Preparation of financial statem
Preparation of financial statements | 6 Months Ended |
Jun. 30, 2021 | |
Preparation of financial statements | |
Preparation of financial statements | voxeljet AG NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 1. Preparation of financial statements The condensed consolidated interim financial statements include the accounts of voxeljet AG The 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 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, 2020. The results of operations for the three and six months ended June 30, 2021, are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2021. The IASB issued a number of new IFRS standards which are required to be adopted in annual periods beginning after January 1, 2021. Standard Effective date Descriptions IFRS 4 01/2021 Extension of the Temporary Exemption from Applying IFRS 9 IFRS 16 04/2021 Covid-19-Related Rent Concessions IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 01/2022 Interest Rate Benchmark Reform IFRS 3 01/2022 Reference to the Conceptual Framework IAS 16 01/2022 Proceeds before intended use IAS 37 01/2022 Onerous contracts – Cost of Fulfilling a Contract IFRS 1, IFRS 9, IFRS 16 and IAS 41 01/2022 Annual Improvements to IFRS Standards 2018–2020 (IFRS 1, IFRS 9, IFRS 16 and IAS 41) IFRS 17 01/2023 Amendments to IFRS 17 Insurance Contracts IAS 1 01/2023 Classifications of Liabilities as Current or Non-Current (Amendment to IAS 1) IAS 1 01/2023 Amendment to IAS 1 - Disclosure of Accounting Policies IAS 8 01/2023 Amendment to IAS 8 - Definition of Accounting Estimate IAS 12 01/2023 Amendments to IAS 12 - Deferred Taxes in Connection with Assets and Liabilities Arising from a Single Transaction The adoption of standards effective 01/2021 and 04/2021 did not have a material impact on the interim financial statements as of and for the three and six months ended June 30, 2021. The Company has not yet conclusively determined what impact the new standards, amendments or interpretations effective 01/2022 or later will have on its financial statements, but is currently performing an assessment of potential impacts. The condensed consolidated interim financial statements as of and for the three and six months ended June 30, 2021 and 2020 were authorized for issue by the Management Board on August 12, 2021. Going concern The condensed consolidated 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 2021, full year 2020, 2019 and 2018 amounting to kEUR 10,833, kEUR, 15,481, kEUR 13,978 and kEUR 8,747, respectively. Additionally, voxeljet had negative cash flows from operating activities in the six months ended June 30, 2021, full year 2020, 2019 and 2018 of kEUR 4,951, kEUR 6,598, kEUR 6,592, kEUR 7,331, respectively, mainly due to continuous net losses. Since the global outbreak of COVID-19, the Company has experienced and expects to continue to experience lower demand in both, the Systems and the Services segment compared to before the pandemic. voxeljet’s clients have postponed and 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. Since the third quarter of 2020, the Company experienced a slight recovery of demand and this positive trend has continued, although, demand is not on the same level as before COVID-19. 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 the Company’s liquidity forecast, which assumes voxeljet’s business plan is executed appropriately and sales track as expected. Management updates the liquidity forecast on an ongoing basis. In January 2021, the Company has successfully completed its registered direct offering and sale of 621,170 ordinary shares in the form of American Depositary Shares (ADSs) at a purchase price of € 13.33 per share (this equals $16.16 per ordinary share based on the exchange rate as of the close of business in New York on January 14, 2021). This provided voxeljet with gross proceeds of the offering amounting to approximately $10 million (€ 8.3 million) before deducting fees and expenses. In February 2021, the Company completed another registered direct offering and sale of 443,414 ordinary shares in the form of ADSs at a purchase price of € 22.27 per ordinary share (this equals $26.95 per ordinary share based on the exchange rate as of the close of business in New York on February 9, 2021). This provided voxeljet with gross proceeds of the offering amounting to approximately $12 million (€ 9.9 million) before deducting fees and expenses. Furthermore, the Company has successfully completed its registered direct offering and sale of 1,126,127 ordinary shares in the form of ADSs at a purchase price of € 7.52 per share (this equals $8.88 per ordinary share based on the exchange rate as of the close of business in New York on July 14, 2021). This provided voxeljet with gross proceeds of the offering amounting to approximately $10 million (€ 8.5 million) before deducting fees and expenses. Those capital increases improved the Company’s liquidity as well as equity ratio significantly. In spite of this success, management is taking further steps to raise further funds which may include debt or equity financing, not without mentioning, that there can be no assurance that voxeljet will be able to raise further funds on terms favorable to the Company, if at all. Based on the Company’s current liquidity and capital resources in combination with the current liquidity forecasts, management believes that the Company has the ability to meet its financial obligations for at least the next 24 months from the issuance date of this report and therefore continues 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 the Company performed, did not lead to any write downs. |
Summary of significant accounti
Summary of significant accounting policies | 6 Months Ended |
Jun. 30, 2021 | |
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, 2020, 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 30, 2021. These policies have been applied to all financial periods presented. |
Share based payment arrangement
Share based payment arrangements | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 265,050 options are exercisable and 353,400 options are outstanding. The weighted-average contractual life of the options at June 30, 2021 amounts to 6.0 years (June 30, 2020: 7.0 years). The expenses recognized in the profit and loss statement in relation to the share-based payment arrangements amounted to kEUR 52 in the three months and kEUR 217 in the six months ended June 30, 2021. (Three months and six months ended June 30, 2020: kEUR 167 and kEUR 334, respectively). |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2021 | |
Inventories | |
Inventories | 4. Inventories 6/30/2021 12/31/2020 (€ in thousands) Raw materials and merchandise 3,501 3,733 Work in progress 7,491 7,661 Total 10,992 11,394 |
Property, plant and equipment,
Property, plant and equipment, net | 6 Months Ended |
Jun. 30, 2021 | |
Property, plant and equipment, net | |
Property, plant and equipment, net | 5. Property, plant and equipment, net 6/30/2021 12/31/2020 (€ in thousands) Land, buildings and leasehold improvements 18,353 18,698 Plant and machinery 4,519 3,982 Other facilities, factory and office equipment 902 1,039 Assets under construction and prepayments made 57 55 Total 23,831 23,774 Thereof pledged assets of Property, Plant and Equipment 12,697 13,069 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, 2021 | |
Other liabilities and provisions | |
Other liabilities and provisions | 6. Other liabilities and provisions 6/30/2021 12/31/2020 (€ in thousands) Accruals for vacation and overtime 469 124 Liabilities from payroll 271 237 Accruals for commissions 220 236 Employee bonus 219 334 Accrual for warranty 185 228 Accruals for management compensation 97 -- Accruals for compensation of Supervisory board 90 180 Liabilities from VAT 33 27 Accruals for licenses 26 68 Accruals for education and training 18 41 Others 174 108 Total 1,802 1,583 |
Financial instruments
Financial instruments | 6 Months Ended |
Jun. 30, 2021 | |
Financial instruments | |
Financial instruments | 7. Financial instruments The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. Carrying amount Fair Value (€ in thousands) Assets at Liabilities Total Total FVTPL FVOCI amortized at amortized carrying fair 30.06.2021 cost cost amount Level 1 Level 2 Level 3 value Total assets 9,099 5 15,951 -- 25,055 Current assets 7,907 -- 15,951 -- 23,858 Cash and cash equivalents -- -- 5,849 -- 5,849 Financial assets 7,907 -- 4,715 -- 12,622 7,907 -- -- 7,907 Bond funds 7,907 -- -- -- 7,907 7,907 -- -- 7,907 Term deposit -- -- 2,527 -- 2,527 -- -- -- -- Restricted cash -- -- 2,188 -- 2,188 -- -- -- -- Trade receivables, net -- -- 5,387 -- 5,387 Non-current assets 1,192 5 -- -- 1,197 Financial assets 1,192 5 -- -- 1,197 5 1,192 -- 1,197 Derivative financial instruments 1,192 -- -- -- 1,192 -- 1,192 -- 1,192 Equity securities -- 5 -- -- 5 5 -- -- 5 Total liabilities 2,855 -- -- 25,509 31,511 Current liabilities -- -- -- 2,984 3,404 Trade payables -- -- -- 2,170 2,170 Financial liabilities -- -- -- 814 1,234 -- -- 964 964 Long-term debt -- -- -- 814 814 -- -- 964 964 Lease liability -- -- -- -- 420 -- -- -- n/a Non-current liabilities 2,855 -- -- 22,525 28,107 Financial liabilities 2,855 -- -- 22,525 28,107 -- 2,855 28,637 31,492 Derivative financial instruments 2,855 -- -- -- 2,855 -- 2,855 -- 2,855 Long-term debt -- -- -- 22,525 22,525 -- -- 28,637 28,637 Lease liability -- -- -- -- 2,727 -- -- -- n/a Carrying amount Fair Value (€ in thousands) Assets at Liabilities Total FVTPL FVOCI amortized at amortized carrying 12/31/2020 cost cost amount Level 1 Level 2 Level 3 Total Total assets 5,351 5 10,004 -- 15,360 Current assets 5,351 -- 10,004 -- 15,355 Cash and cash equivalents -- -- 5,324 -- 5,324 Financial assets 5,351 -- -- -- 5,351 2,984 2,367 -- 5,351 Bond funds 984 -- -- -- 984 984 -- -- 984 Bond funds (restricted) 2,000 -- -- -- 2,000 2,000 -- -- 2,000 Derivative financial instruments 2,367 -- -- -- 2,367 -- 2,367 -- 2,367 Trade receivables, net -- -- 4,680 -- 4,680 Non-current assets -- 5 -- -- 5 Financial assets -- 5 -- -- 5 -- -- 5 5 Equity securities -- 5 -- -- 5 -- -- 5 5 Total liabilities 808 -- -- 25,108 29,040 Current liabilities 808 -- -- 20,606 21,726 Trade payables -- -- -- 1,956 1,956 Financial liabilities 808 -- -- 18,650 19,770 -- 808 24,858 25,666 Derivative financial instruments 808 -- -- -- 808 -- 808 -- 808 Long-term debt -- -- -- 18,650 18,650 -- -- 24,858 24,858 Lease liability -- -- -- -- 312 -- -- -- n/a Non-current liabilities -- -- -- 4,502 7,314 Financial liabilities -- -- -- 4,502 7,314 -- -- 4,203 4,203 Long-term debt -- -- -- 4,502 4,502 -- -- 4,203 4,203 Lease liability -- -- -- -- 2,812 -- -- -- n/a The valuation techniques used to value financial instruments include the use of quoted market prices or dealer quotes for similar instruments as well as discounted cash flow analysis. The fair value of the Company’s investments in the bond funds was determined based on the quoted unit prices received by the fund management company. The fair value of the derivative financial instruments that are not traded in an active market is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. The fair values have been determined based on share prices and the relevant discount rates. 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, term deposit, credit lines and bank overdrafts approximate their fair values. The Group’s policy is to recognize transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period. In June 30, 2021, there were no transfers of financial instruments measured at fair value between level 1 and level 2. The following table presents the changes in level 3 instruments for the six months ended June 30, 2021: Non-current assets (€ in thousands) Equity securities Balance at December 31, 2020 5 Transfer from level 3 (5) Income (expense) recognised in other comprehensive income -- Balance at June 30, 2021 -- The investment in equity securities was listed on a stock exchange. As it is now possible to determine the fair value of this investment using quoted prices or observable market data, it has been reclassified from level 3 into level 1. |
Financial result
Financial result | 6 Months Ended |
Jun. 30, 2021 | |
Financial result | |
Financial result | 8. Financial result Three months ended June 30, 2021 2020 (€ in thousands) Interest expense (596) (1,316) Interest expense on lease liability (37) (43) Interest expense from long-term debt valuation (537) (290) Expense from revaluation of derivative financial instruments -- (983) Fair value valuation of financial assets (22) -- Interest income 1,974 144 Payout of bond funds 6 12 Income from revaluation of derivative financial instruments 1,966 -- Fair value valuation of financial assets -- 124 Other 2 8 Financial result 1,378 (1,172) Six months ended June 30, 2021 2020 (€ in thousands) Interest expense (4,427) (822) Interest expense on lease liability (73) (91) Interest expense from long-term debt valuation (1,061) (609) Expense from revaluation of derivative financial instruments (3,222) -- Fair value valuation of financial assets (66) (120) Other (5) (2) Interest income 107 631 Payout of bond funds 37 45 Income from revaluation of derivative financial instruments -- 574 Other 70 12 Financial result (4,320) (191) |
Segment reporting
Segment reporting | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 2020 (€ in thousands) CONSO CONSO SYSTEMS SERVICES LIDATION GROUP SYSTEMS SERVICES LIDATION GROUP Revenues 3,395 2,269 (721) 4,943 1,963 2,045 (92) 3,916 Third party 2,674 2,269 -- 4,943 1,871 2,045 -- 3,916 Intra-segment 721 - (721) — 92 -- (92) — Cost of sales 1,918 1,613 3,531 1,252 1,649 2,901 Gross profit 756 656 1,412 619 396 1,015 Gross profit in % 28.3 % 28.9 % 28.6 % 33.1 % 19.4 % 25.9 % Operating Expenses (5,122) (4,766) Other operating expenses (284) (709) Other operating income 112 503 Operating loss (3,882) (3,957) Finance expense (596) (1,316) Finance income 1,974 144 Financial result 1,378 (1,172) Loss before income taxes (2,504) (5,129) Income tax income (expense) — 6 Net loss (2,504) (5,123) Six months ended June 30, 2021 2020 (€ in thousands) CONSO CONSO SYSTEMS SERVICES LIDATION GROUP SYSTEMS SERVICES LIDATION GROUP Revenues 6,374 4,242 (1,613) 9,003 3,601 4,624 (425) 7,800 Third party 4,761 4,242 -- 9,003 3,176 4,624 -- 7,800 Intra-segment 1,613 -- (1,613) — 425 -- (425) — Cost of sales 3,424 3,128 6,552 2,196 3,434 5,630 Gross profit 1,337 1,114 2,451 980 1,190 2,170 Gross profit in % 28.1 % 26.3 % 27.2 % 30.9 % 25.7 % 27.8 % Operating Expenses (9,657) (9,313) Other operating expenses (385) (1,368) Other operating income 1,026 1,035 Operating loss (6,565) (7,476) Finance expense (4,427) (822) Finance income 107 631 Financial result (4,320) (191) Loss before income taxes (10,885) (7,667) Income tax income (expense) 52 (57) Net loss (10,833) (7,724) |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2021 | |
Revenues | |
Revenues | 10. Revenues Three months ended June 30, SYSTEMS SERVICES 2021 2020 2021 2020 (€ in thousands) Primary geographical markets EMEA 1,279 1,479 1,305 1,169 Asia Pacific 211 199 303 251 Americas 1,184 193 661 625 2,674 1,871 2,269 2,045 Timing of revenue recognition Products transferred at a point in time 2,336 1,660 2,269 2,045 Products and services transferred over time 338 211 -- -- Revenue from contracts with customers 2,674 1,871 2,269 2,045 Six months ended June 30, SYSTEMS SERVICES 2021 2020 2021 2020 (€ in thousands) Primary geographical markets EMEA 2,703 2,265 2,687 2,826 Asia Pacific 605 395 444 460 Americas 1,453 516 1,111 1,338 4,761 3,176 4,242 4,624 Timing of revenue recognition Products transferred at a point in time 4,152 2,682 4,242 4,624 Products and services transferred over time 609 494 -- -- Revenue from contracts with customers 4,761 3,176 4,242 4,624 Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 (€ in thousands) EMEA 2,584 2,648 5,390 5,091 Germany 790 1,719 1,637 2,810 France 837 233 975 497 Great Britain 355 231 730 559 Finland 7 2 665 5 Others 595 463 1,383 1,220 Asia Pacific 514 450 1,049 855 China 286 263 519 498 Others 228 187 530 357 Americas 1,845 818 2,564 1,854 United States 1,767 814 2,479 1,739 Others 78 4 85 115 Total 4,943 3,916 9,003 7,800 |
Commitments, contingent assets
Commitments, contingent assets and liabilities | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 | |
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 05/01/2017-12/31/2020 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 Michele Neuber Employee 07/01/2019 - Current Susanne Ederer-Pausewang Customer 03/17/2021-Current Transactions with Franz Industriebeteiligungen AG comprise the rental of office space in Augsburg, Germany. Rental expenses amounted to kEUR 2 and kEUR 1 in the six months ended June 2021 and June 2020, respectively. Further, voxeljet acquired goods amounting to kEUR 0 and kEUR 0 in the six months ended June 2021 and June 2020, respectivel,y 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 0 and kEUR 18 in the six months ended June 2021 and June 2020, respectively, from ‘Andreas Schmid Logistik’, where the former member of voxeljet’s supervisory board Dr. Stefan Söhn served as Chief Financial Officer until December 2020. Dr. Stefan Söhn resigned from his office as member of the supervisory board of the Company for professional reasons with effect from the end of the General Meeting on May 26, 2021. Moreover, voxeljet received orders amounting to kEUR 37 and kEUR 15 in the six months ended June 2021 and June 2020, respectively, from ‘Suzhou Meimai Fast Manufacturing Technology Co., Ltd, which is a minority shareholder for voxeljet China. Further, voxeljet received orders amounting to kEUR 0 and kEUR 0 in the in the six months ended June 2021 and June 2020, respectively, from ‘DSCS Digital Supply Chain Solutions GmbH’, which is an associated company where the Company owns 33.3%. In addition, voxeljet employs Michele Neuber as an intern, the son of Volker Neuber, who has been a member of voxeljet’s supervisory board since July 2020. He received a salary of kEUR 1 and kEUR 1 in the first quarter of 2021 and 2020, respectively. Moreover, voxeljet sold a used car in the first quarter of 2021 to Susanne Ederer-Pausewang amounting to kEUR 27, who is the wife of Dr. Ingo Ederer, the Chief Executive Officer of voxeljet. All related party transactions, voxeljet entered into, were made on an arm’s length basis. |
Subsequent events
Subsequent events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent events | |
Subsequent events | 13. Subsequent events Capital Increase On July 23, 2021, the Company announced that it has completed its registered direct offering and sale of 1,126,127 ordinary shares in the form of ADSs at a purchase price of EUR 7.52 per share (this equals $8.88 per ordinary share based on the exchange rate as of the close of business in New York on July 14, 2021). The gross proceeds of the offering amounted to USD 10 million (approx. EUR 8.5 million). The Company intends to use the net proceeds of the offering for general corporate purposes. A.G.P./Alliance Global Partners acted as sole placement agent for the offering. |
Share based payment arrangeme_2
Share based payment arrangements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 | |
Inventories | |
Inventories by category | 6/30/2021 12/31/2020 (€ in thousands) Raw materials and merchandise 3,501 3,733 Work in progress 7,491 7,661 Total 10,992 11,394 |
Property, plant and equipment_2
Property, plant and equipment, net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property, plant and equipment, net | |
Schedule of property, plant and equipment | 6/30/2021 12/31/2020 (€ in thousands) Land, buildings and leasehold improvements 18,353 18,698 Plant and machinery 4,519 3,982 Other facilities, factory and office equipment 902 1,039 Assets under construction and prepayments made 57 55 Total 23,831 23,774 Thereof pledged assets of Property, Plant and Equipment 12,697 13,069 |
Other liabilities and provisi_2
Other liabilities and provisions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Other liabilities and provisions | |
Summary of other liabilities and provisions | 6/30/2021 12/31/2020 (€ in thousands) Accruals for vacation and overtime 469 124 Liabilities from payroll 271 237 Accruals for commissions 220 236 Employee bonus 219 334 Accrual for warranty 185 228 Accruals for management compensation 97 -- Accruals for compensation of Supervisory board 90 180 Liabilities from VAT 33 27 Accruals for licenses 26 68 Accruals for education and training 18 41 Others 174 108 Total 1,802 1,583 |
Financial instruments (Tables)
Financial instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Financial instruments | |
Summary of carrying amounts and fair values of financial assets and financial liabilities | Carrying amount Fair Value (€ in thousands) Assets at Liabilities Total Total FVTPL FVOCI amortized at amortized carrying fair 30.06.2021 cost cost amount Level 1 Level 2 Level 3 value Total assets 9,099 5 15,951 -- 25,055 Current assets 7,907 -- 15,951 -- 23,858 Cash and cash equivalents -- -- 5,849 -- 5,849 Financial assets 7,907 -- 4,715 -- 12,622 7,907 -- -- 7,907 Bond funds 7,907 -- -- -- 7,907 7,907 -- -- 7,907 Term deposit -- -- 2,527 -- 2,527 -- -- -- -- Restricted cash -- -- 2,188 -- 2,188 -- -- -- -- Trade receivables, net -- -- 5,387 -- 5,387 Non-current assets 1,192 5 -- -- 1,197 Financial assets 1,192 5 -- -- 1,197 5 1,192 -- 1,197 Derivative financial instruments 1,192 -- -- -- 1,192 -- 1,192 -- 1,192 Equity securities -- 5 -- -- 5 5 -- -- 5 Total liabilities 2,855 -- -- 25,509 31,511 Current liabilities -- -- -- 2,984 3,404 Trade payables -- -- -- 2,170 2,170 Financial liabilities -- -- -- 814 1,234 -- -- 964 964 Long-term debt -- -- -- 814 814 -- -- 964 964 Lease liability -- -- -- -- 420 -- -- -- n/a Non-current liabilities 2,855 -- -- 22,525 28,107 Financial liabilities 2,855 -- -- 22,525 28,107 -- 2,855 28,637 31,492 Derivative financial instruments 2,855 -- -- -- 2,855 -- 2,855 -- 2,855 Long-term debt -- -- -- 22,525 22,525 -- -- 28,637 28,637 Lease liability -- -- -- -- 2,727 -- -- -- n/a Carrying amount Fair Value (€ in thousands) Assets at Liabilities Total FVTPL FVOCI amortized at amortized carrying 12/31/2020 cost cost amount Level 1 Level 2 Level 3 Total Total assets 5,351 5 10,004 -- 15,360 Current assets 5,351 -- 10,004 -- 15,355 Cash and cash equivalents -- -- 5,324 -- 5,324 Financial assets 5,351 -- -- -- 5,351 2,984 2,367 -- 5,351 Bond funds 984 -- -- -- 984 984 -- -- 984 Bond funds (restricted) 2,000 -- -- -- 2,000 2,000 -- -- 2,000 Derivative financial instruments 2,367 -- -- -- 2,367 -- 2,367 -- 2,367 Trade receivables, net -- -- 4,680 -- 4,680 Non-current assets -- 5 -- -- 5 Financial assets -- 5 -- -- 5 -- -- 5 5 Equity securities -- 5 -- -- 5 -- -- 5 5 Total liabilities 808 -- -- 25,108 29,040 Current liabilities 808 -- -- 20,606 21,726 Trade payables -- -- -- 1,956 1,956 Financial liabilities 808 -- -- 18,650 19,770 -- 808 24,858 25,666 Derivative financial instruments 808 -- -- -- 808 -- 808 -- 808 Long-term debt -- -- -- 18,650 18,650 -- -- 24,858 24,858 Lease liability -- -- -- -- 312 -- -- -- n/a Non-current liabilities -- -- -- 4,502 7,314 Financial liabilities -- -- -- 4,502 7,314 -- -- 4,203 4,203 Long-term debt -- -- -- 4,502 4,502 -- -- 4,203 4,203 Lease liability -- -- -- -- 2,812 -- -- -- n/a |
Tabular disclosure of Reconciliation of changes in fair value measurement assets. | Non-current assets (€ in thousands) Equity securities Balance at December 31, 2020 5 Transfer from level 3 (5) Income (expense) recognised in other comprehensive income -- Balance at June 30, 2021 -- |
Financial result (Tables)
Financial result (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Financial result | |
Schedule of financial result | Three months ended June 30, 2021 2020 (€ in thousands) Interest expense (596) (1,316) Interest expense on lease liability (37) (43) Interest expense from long-term debt valuation (537) (290) Expense from revaluation of derivative financial instruments -- (983) Fair value valuation of financial assets (22) -- Interest income 1,974 144 Payout of bond funds 6 12 Income from revaluation of derivative financial instruments 1,966 -- Fair value valuation of financial assets -- 124 Other 2 8 Financial result 1,378 (1,172) Six months ended June 30, 2021 2020 (€ in thousands) Interest expense (4,427) (822) Interest expense on lease liability (73) (91) Interest expense from long-term debt valuation (1,061) (609) Expense from revaluation of derivative financial instruments (3,222) -- Fair value valuation of financial assets (66) (120) Other (5) (2) Interest income 107 631 Payout of bond funds 37 45 Income from revaluation of derivative financial instruments -- 574 Other 70 12 Financial result (4,320) (191) |
Segment reporting (Tables)
Segment reporting (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment reporting | |
Schedule of segment reporting | Three months ended June 30, 2021 2020 (€ in thousands) CONSO CONSO SYSTEMS SERVICES LIDATION GROUP SYSTEMS SERVICES LIDATION GROUP Revenues 3,395 2,269 (721) 4,943 1,963 2,045 (92) 3,916 Third party 2,674 2,269 -- 4,943 1,871 2,045 -- 3,916 Intra-segment 721 - (721) — 92 -- (92) — Cost of sales 1,918 1,613 3,531 1,252 1,649 2,901 Gross profit 756 656 1,412 619 396 1,015 Gross profit in % 28.3 % 28.9 % 28.6 % 33.1 % 19.4 % 25.9 % Operating Expenses (5,122) (4,766) Other operating expenses (284) (709) Other operating income 112 503 Operating loss (3,882) (3,957) Finance expense (596) (1,316) Finance income 1,974 144 Financial result 1,378 (1,172) Loss before income taxes (2,504) (5,129) Income tax income (expense) — 6 Net loss (2,504) (5,123) Six months ended June 30, 2021 2020 (€ in thousands) CONSO CONSO SYSTEMS SERVICES LIDATION GROUP SYSTEMS SERVICES LIDATION GROUP Revenues 6,374 4,242 (1,613) 9,003 3,601 4,624 (425) 7,800 Third party 4,761 4,242 -- 9,003 3,176 4,624 -- 7,800 Intra-segment 1,613 -- (1,613) — 425 -- (425) — Cost of sales 3,424 3,128 6,552 2,196 3,434 5,630 Gross profit 1,337 1,114 2,451 980 1,190 2,170 Gross profit in % 28.1 % 26.3 % 27.2 % 30.9 % 25.7 % 27.8 % Operating Expenses (9,657) (9,313) Other operating expenses (385) (1,368) Other operating income 1,026 1,035 Operating loss (6,565) (7,476) Finance expense (4,427) (822) Finance income 107 631 Financial result (4,320) (191) Loss before income taxes (10,885) (7,667) Income tax income (expense) 52 (57) Net loss (10,833) (7,724) |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenues | |
Disclosure of information about revenue recognition | Three months ended June 30, SYSTEMS SERVICES 2021 2020 2021 2020 (€ in thousands) Primary geographical markets EMEA 1,279 1,479 1,305 1,169 Asia Pacific 211 199 303 251 Americas 1,184 193 661 625 2,674 1,871 2,269 2,045 Timing of revenue recognition Products transferred at a point in time 2,336 1,660 2,269 2,045 Products and services transferred over time 338 211 -- -- Revenue from contracts with customers 2,674 1,871 2,269 2,045 Six months ended June 30, SYSTEMS SERVICES 2021 2020 2021 2020 (€ in thousands) Primary geographical markets EMEA 2,703 2,265 2,687 2,826 Asia Pacific 605 395 444 460 Americas 1,453 516 1,111 1,338 4,761 3,176 4,242 4,624 Timing of revenue recognition Products transferred at a point in time 4,152 2,682 4,242 4,624 Products and services transferred over time 609 494 -- -- Revenue from contracts with customers 4,761 3,176 4,242 4,624 |
Schedule of revenues by geographic region | Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 (€ in thousands) EMEA 2,584 2,648 5,390 5,091 Germany 790 1,719 1,637 2,810 France 837 233 975 497 Great Britain 355 231 730 559 Finland 7 2 665 5 Others 595 463 1,383 1,220 Asia Pacific 514 450 1,049 855 China 286 263 519 498 Others 228 187 530 357 Americas 1,845 818 2,564 1,854 United States 1,767 814 2,479 1,739 Others 78 4 85 115 Total 4,943 3,916 9,003 7,800 |
Related party transactions (Tab
Related party transactions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 05/01/2017-12/31/2020 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 Michele Neuber Employee 07/01/2019 - Current Susanne Ederer-Pausewang Customer 03/17/2021-Current |
Preparation of financial stat_2
Preparation of financial statements (Details) € / shares in Units, $ / shares in Units, € in Thousands, $ in Millions | Jul. 23, 2021EUR (€)€ / sharesshares | Jul. 23, 2021USD ($)shares | Feb. 28, 2021EUR (€)€ / sharesshares | Feb. 28, 2021USD ($)shares | Jan. 31, 2021EUR (€)€ / sharesshares | Jan. 31, 2021USD ($)shares | Jun. 30, 2021EUR (€) | Jun. 30, 2020EUR (€) | Jun. 30, 2021EUR (€) | Jun. 30, 2020EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Jul. 14, 2021€ / shares | Jul. 14, 2021$ / shares | Feb. 09, 2021$ / shares | Jan. 14, 2021$ / shares |
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Net loss | € (2,504) | € (5,123) | € (10,833) | € (7,724) | € (15,481) | € (13,978) | € (8,747) | ||||||||||
Negative cash flows from operating activities | (4,951) | € (5,969) | € (6,598) | € (6,592) | € (7,331) | ||||||||||||
Proceeds from issue of ordinary shares in the form of ADS | € 18,153 | ||||||||||||||||
ADS | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Increase in shares issued (in shares) | shares | 443,414 | 443,414 | 621,170 | 621,170 | |||||||||||||
Purchase price | (per share) | € 22.27 | € 13.33 | $ 26.95 | $ 16.16 | |||||||||||||
Proceeds from issue of ordinary shares in the form of ADS | € 9,900 | $ 12 | € 8,300 | $ 10 | |||||||||||||
ADS | Share transaction | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Increase in shares issued (in shares) | shares | 1,126,127 | 1,126,127 | |||||||||||||||
Purchase price | (per share) | € 7.52 | € 8.88 | $ 8.88 | ||||||||||||||
Proceeds from issue of ordinary shares in the form of ADS | € 8,500 | $ 10 |
Share based payment arrangeme_3
Share based payment arrangements - Narrative (Details) € in Thousands | Apr. 12, 2018EquityInstruments | Apr. 07, 2017EquityInstrumentsshares | Jun. 30, 2021EUR (€)EquityInstruments | Jun. 30, 2020EUR (€) | Jun. 30, 2021EUR (€)EquityInstruments | Jun. 30, 2020EUR (€) |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
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) | 265,050 | 265,050 | ||||
Options outstanding | 353,400 | 353,400 | ||||
Weighted-average contractual life | 6 years | 7 years | ||||
Expenses recognized in profit and loss | € | € 52 | € 167 | € 217 | € 334 |
Share based payment arrangeme_4
Share based payment arrangements - Measurement inputs (Details) - USD ($) | Apr. 12, 2018 | Apr. 07, 2017 |
Share based payment arrangements | ||
Share price at grant date | $ 16.15 | $ 13.80 |
Exercise price | $ 16.15 | $ 13.90 |
Expected volatility | 58.40% | 55.00% |
Risk-free interest rate | 2.85% | 2.49% |
Fair value at grant date | $ 9.74 | $ 8 |
Inventories (Details)
Inventories (Details) - EUR (€) € in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Inventories | ||
Raw materials and merchandise | € 3,501 | € 3,733 |
Work in progress | 7,491 | 7,661 |
Total | € 10,992 | € 11,394 |
Property, plant and equipment_3
Property, plant and equipment, net (Details) - EUR (€) € in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Property, plant and equipment | |||
Property, plant and equipment, net | € 23,831 | € 23,774 | |
Thereof pledged assets of Property, Plant and Equipment | 12,697 | 13,069 | |
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 | 18,353 | 18,698 | |
Machinery | |||
Property, plant and equipment | |||
Property, plant and equipment, net | 4,519 | 3,982 | |
Other PPE | |||
Property, plant and equipment | |||
Property, plant and equipment, net | 902 | 1,039 | |
Assets under construction and prepayments made | |||
Property, plant and equipment | |||
Property, plant and equipment, net | € 57 | € 55 |
Other liabilities and provisi_3
Other liabilities and provisions (Details) - EUR (€) € in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Disclosure of other provisions [line items] | ||
Accruals for vacation and overtime | € 469 | € 124 |
Liabilities from payroll | 271 | 237 |
Accruals for commissions | 220 | 236 |
Employee bonus | 219 | 334 |
Accrual for warranty | 185 | 228 |
Accruals for management compensation | 97 | |
Accruals for compensation of supervisory board | 90 | 180 |
Liabilities from VAT | 33 | 27 |
Accruals for licenses | 26 | 68 |
Accruals for education and training | 18 | 41 |
Others | 174 | 108 |
Total | € 1,802 | € 1,583 |
Financial instruments (Details)
Financial instruments (Details) - EUR (€) € in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Level Three | ||
Financial instruments | ||
Financial assets, at fair value | € 5 | |
Total liabilities | ||
Financial instruments | ||
Financial liabilities | € 31,511 | 29,040 |
Current liabilities | ||
Financial instruments | ||
Financial liabilities | 3,404 | 21,726 |
Trade payables | ||
Financial instruments | ||
Financial liabilities | 2,170 | 1,956 |
Financial liabilities | ||
Financial instruments | ||
Financial liabilities | 1,234 | 19,770 |
Financial liabilities, at fair value | 964 | 25,666 |
Financial liabilities | Level Two | ||
Financial instruments | ||
Financial liabilities, at fair value | 808 | |
Financial liabilities | Level Three | ||
Financial instruments | ||
Financial liabilities, at fair value | 964 | 24,858 |
Derivative financial instruments | ||
Financial instruments | ||
Financial liabilities | 808 | |
Financial liabilities, at fair value | 808 | |
Derivative financial instruments | Level Two | ||
Financial instruments | ||
Financial liabilities, at fair value | 808 | |
Long term debt | ||
Financial instruments | ||
Financial liabilities | 814 | 18,650 |
Financial liabilities, at fair value | 964 | 24,858 |
Long term debt | Level Three | ||
Financial instruments | ||
Financial liabilities, at fair value | 964 | 24,858 |
Lease liability | ||
Financial instruments | ||
Financial liabilities | 420 | 312 |
Non-current liabilities | ||
Financial instruments | ||
Financial liabilities | 28,107 | 7,314 |
Non-current financial liabilities | ||
Financial instruments | ||
Financial liabilities | 28,107 | 7,314 |
Financial liabilities, at fair value | 31,492 | 4,203 |
Non-current financial liabilities | Level Two | ||
Financial instruments | ||
Financial liabilities, at fair value | 2,855 | |
Non-current financial liabilities | Level Three | ||
Financial instruments | ||
Financial liabilities, at fair value | 28,637 | 4,203 |
Non-current derivative financial instruments | ||
Financial instruments | ||
Financial liabilities | 2,855 | |
Financial liabilities, at fair value | 2,855 | |
Non-current derivative financial instruments | Level Two | ||
Financial instruments | ||
Financial liabilities, at fair value | 2,855 | |
Non-current long term debt | ||
Financial instruments | ||
Financial liabilities | 22,525 | 4,502 |
Financial liabilities, at fair value | 28,637 | 4,203 |
Non-current long term debt | Level Three | ||
Financial instruments | ||
Financial liabilities, at fair value | 28,637 | 4,203 |
Non-current lease liability | ||
Financial instruments | ||
Financial liabilities | 2,727 | 2,812 |
Financial liabilities measured at amortized cost | Total liabilities | ||
Financial instruments | ||
Financial liabilities | 25,509 | 25,108 |
Financial liabilities measured at amortized cost | Current liabilities | ||
Financial instruments | ||
Financial liabilities | 2,984 | 20,606 |
Financial liabilities measured at amortized cost | Trade payables | ||
Financial instruments | ||
Financial liabilities | 2,170 | 1,956 |
Financial liabilities measured at amortized cost | Financial liabilities | ||
Financial instruments | ||
Financial liabilities | 814 | 18,650 |
Financial liabilities measured at amortized cost | Long term debt | ||
Financial instruments | ||
Financial liabilities | 814 | 18,650 |
Financial liabilities measured at amortized cost | Non-current liabilities | ||
Financial instruments | ||
Financial liabilities | 22,525 | 4,502 |
Financial liabilities measured at amortized cost | Non-current financial liabilities | ||
Financial instruments | ||
Financial liabilities | 22,525 | 4,502 |
Financial liabilities measured at amortized cost | Non-current long term debt | ||
Financial instruments | ||
Financial liabilities | 22,525 | 4,502 |
Total assets | ||
Financial instruments | ||
Financial assets | 25,055 | 15,360 |
Current assets | ||
Financial instruments | ||
Financial assets | 23,858 | 15,355 |
Cash and cash equivalents | ||
Financial instruments | ||
Financial assets | 5,849 | 5,324 |
Financial assets | ||
Financial instruments | ||
Financial assets | 12,622 | 5,351 |
Financial assets, at fair value | 7,907 | 5,351 |
Financial assets | Level One | ||
Financial instruments | ||
Financial assets, at fair value | 7,907 | 2,984 |
Financial assets | Level Two | ||
Financial instruments | ||
Financial assets, at fair value | 2,367 | |
Bond funds | ||
Financial instruments | ||
Financial assets | 7,907 | 984 |
Financial assets, at fair value | 7,907 | 984 |
Bond funds | Level One | ||
Financial instruments | ||
Financial assets, at fair value | 7,907 | 984 |
Bond funds (restricted) | ||
Financial instruments | ||
Financial assets | 2,000 | |
Financial assets, at fair value | 2,000 | |
Bond funds (restricted) | Level One | ||
Financial instruments | ||
Financial assets, at fair value | 2,000 | |
Term deposit | ||
Financial instruments | ||
Financial assets | 2,527 | |
Derivative financial instruments | ||
Financial instruments | ||
Financial assets | 2,367 | |
Financial assets, at fair value | 2,367 | |
Derivative financial instruments | Level Two | ||
Financial instruments | ||
Financial assets, at fair value | 2,367 | |
Restricted Cash | ||
Financial instruments | ||
Financial assets | 2,188 | |
Trade receivables, net | ||
Financial instruments | ||
Financial assets | 5,387 | 4,680 |
Non-current assets | ||
Financial instruments | ||
Financial assets | 1,197 | 5 |
Non-current financial assets | ||
Financial instruments | ||
Financial assets | 1,197 | 5 |
Financial assets, at fair value | 1,197 | 5 |
Non-current financial assets | Level One | ||
Financial instruments | ||
Financial assets, at fair value | 5 | |
Non-current financial assets | Level Two | ||
Financial instruments | ||
Financial assets, at fair value | 1,192 | |
Non-current financial assets | Level Three | ||
Financial instruments | ||
Financial assets, at fair value | 5 | |
Non-current derivative financial instruments | ||
Financial instruments | ||
Financial assets | 1,192 | |
Financial assets, at fair value | 1,192 | |
Non-current derivative financial instruments | Level Two | ||
Financial instruments | ||
Financial assets, at fair value | 1,192 | |
Non-current equity securities | ||
Financial instruments | ||
Financial assets | 5 | 5 |
Financial assets, at fair value | 5 | 5 |
Non-current equity securities | Level One | ||
Financial instruments | ||
Financial assets, at fair value | 5 | |
Non-current equity securities | Level Three | ||
Financial instruments | ||
Financial assets, at fair value | 5 | |
FVTPL | Total liabilities | ||
Financial instruments | ||
Financial assets | 2,855 | 808 |
FVTPL | Current liabilities | ||
Financial instruments | ||
Financial assets | 808 | |
FVTPL | Financial liabilities | ||
Financial instruments | ||
Financial assets | 808 | |
FVTPL | Derivative financial instruments | ||
Financial instruments | ||
Financial assets | 808 | |
FVTPL | Non-current liabilities | ||
Financial instruments | ||
Financial assets | 2,855 | |
FVTPL | Non-current financial liabilities | ||
Financial instruments | ||
Financial assets | 2,855 | |
FVTPL | Non-current derivative financial instruments | ||
Financial instruments | ||
Financial assets | 2,855 | |
FVTPL | Total assets | ||
Financial instruments | ||
Financial assets | 9,099 | 5,351 |
FVTPL | Current assets | ||
Financial instruments | ||
Financial assets | 7,907 | 5,351 |
FVTPL | Financial assets | ||
Financial instruments | ||
Financial assets | 7,907 | 5,351 |
FVTPL | Bond funds | ||
Financial instruments | ||
Financial assets | 7,907 | 984 |
FVTPL | Bond funds (restricted) | ||
Financial instruments | ||
Financial assets | 2,000 | |
FVTPL | Derivative financial instruments | ||
Financial instruments | ||
Financial assets | 2,367 | |
FVTPL | Non-current assets | ||
Financial instruments | ||
Financial assets | 1,192 | |
FVTPL | Non-current financial assets | ||
Financial instruments | ||
Financial assets | 1,192 | |
FVTPL | Non-current derivative financial instruments | ||
Financial instruments | ||
Financial assets | 1,192 | |
FVOCI | Total assets | ||
Financial instruments | ||
Financial assets | 5 | 5 |
FVOCI | Non-current assets | ||
Financial instruments | ||
Financial assets | 5 | 5 |
FVOCI | Non-current financial assets | ||
Financial instruments | ||
Financial assets | 5 | 5 |
FVOCI | Non-current equity securities | ||
Financial instruments | ||
Financial assets | 5 | 5 |
Assets at amortized cost | Total assets | ||
Financial instruments | ||
Financial assets | 15,951 | 10,004 |
Assets at amortized cost | Current assets | ||
Financial instruments | ||
Financial assets | 15,951 | 10,004 |
Assets at amortized cost | Cash and cash equivalents | ||
Financial instruments | ||
Financial assets | 5,849 | 5,324 |
Assets at amortized cost | Financial assets | ||
Financial instruments | ||
Financial assets | 4,715 | |
Assets at amortized cost | Term deposit | ||
Financial instruments | ||
Financial assets | 2,527 | |
Assets at amortized cost | Restricted Cash | ||
Financial instruments | ||
Financial assets | 2,188 | |
Assets at amortized cost | Trade receivables, net | ||
Financial instruments | ||
Financial assets | € 5,387 | € 4,680 |
Financial instruments - Reconci
Financial instruments - Reconciliation (Details) - Level Three € in Thousands | 6 Months Ended |
Jun. 30, 2021EUR (€) | |
Disclosure of detailed information about financial instruments [line items] | |
Beginning balance | € 5 |
Transfer from level 3 | € (5) |
Financial result (Details)
Financial result (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Financial result | ||||
Interest expense | € (596) | € (1,316) | € (4,427) | € (822) |
Interest expense on lease liability | (37) | (43) | (73) | (91) |
Interest expense from long-term debt valuation | (537) | (290) | (1,061) | (609) |
Expense from revaluation of derivative financial instruments | (983) | (3,222) | ||
Fair value valuation of financial assets | (22) | (66) | (120) | |
Other | (5) | (2) | ||
Interest income | 1,974 | 144 | 107 | 631 |
Payout of bond funds | 6 | 12 | 37 | 45 |
Income from revaluation of derivative financial instruments | 1,966 | 574 | ||
Fair value valuation of financial assets | 124 | |||
Other | 2 | 8 | 70 | 12 |
Financial result | € 1,378 | € (1,172) | € (4,320) | € (191) |
Segment reporting (Details)
Segment reporting (Details) € in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021EUR (€) | Jun. 30, 2020EUR (€) | Jun. 30, 2021EUR (€)segment | Jun. 30, 2020EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
Segment reporting | |||||||
Number of reportable segments | segment | 2 | ||||||
Revenues | € 4,943 | € 3,916 | € 9,003 | € 7,800 | |||
Cost of sales | (3,531) | (2,901) | (6,552) | (5,630) | |||
Gross profit | € 1,412 | € 1,015 | € 2,451 | € 2,170 | |||
Gross profit margin (as a percent) | 28.60% | 25.90% | 27.20% | 27.80% | |||
Operating Expenses | € (5,122) | € (4,766) | € (9,657) | € (9,313) | |||
Other operating expenses | (284) | (709) | (385) | (1,368) | |||
Other operating income | 112 | 503 | 1,026 | 1,035 | |||
Operating loss | (3,882) | (3,957) | (6,565) | (7,476) | |||
Finance costs | (596) | (1,316) | (4,427) | (822) | |||
Finance income | 1,974 | 144 | 107 | 631 | |||
Financial result | 1,378 | (1,172) | (4,320) | (191) | |||
Loss before income taxes | (2,504) | (5,129) | (10,885) | (7,667) | |||
Income tax income (expense) | 6 | 52 | (57) | ||||
Net loss | (2,504) | (5,123) | (10,833) | (7,724) | € (15,481) | € (13,978) | € (8,747) |
Systems | |||||||
Segment reporting | |||||||
Revenues | 2,674 | 1,871 | 4,761 | 3,176 | |||
Cost of sales | (1,918) | (1,252) | (3,424) | (2,196) | |||
Gross profit | € 756 | € 619 | € 1,337 | € 980 | |||
Gross profit margin (as a percent) | 28.30% | 33.10% | 28.10% | 30.90% | |||
Services | |||||||
Segment reporting | |||||||
Revenues | € 2,269 | € 2,045 | € 4,242 | € 4,624 | |||
Cost of sales | (1,613) | (1,649) | (3,128) | (3,434) | |||
Gross profit | € 656 | € 396 | € 1,114 | € 1,190 | |||
Gross profit margin (as a percent) | 28.90% | 19.40% | 26.30% | 25.70% | |||
Operating segments | Systems | |||||||
Segment reporting | |||||||
Revenues | € 3,395 | € 1,963 | € 6,374 | € 3,601 | |||
Operating segments | Services | |||||||
Segment reporting | |||||||
Revenues | 2,269 | 2,045 | 4,242 | 4,624 | |||
Intra-segment | |||||||
Segment reporting | |||||||
Revenues | (721) | (92) | (1,613) | (425) | |||
Intra-segment | Systems | |||||||
Segment reporting | |||||||
Revenues | € 721 | € 92 | € 1,613 | € 425 |
Revenues - Disaggregation (Deta
Revenues - Disaggregation (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | ||||
Revenue from contracts with customers | € 4,943 | € 3,916 | € 9,003 | € 7,800 |
EMEA | ||||
Revenues | ||||
Revenue from contracts with customers | 2,584 | 2,648 | 5,390 | 5,091 |
Asia Pacific | ||||
Revenues | ||||
Revenue from contracts with customers | 514 | 450 | 1,049 | 855 |
Americas | ||||
Revenues | ||||
Revenue from contracts with customers | 1,845 | 818 | 2,564 | 1,854 |
Systems | ||||
Revenues | ||||
Revenue from contracts with customers | 2,674 | 1,871 | 4,761 | 3,176 |
Systems | Products transferred at a point in time | ||||
Revenues | ||||
Revenue from contracts with customers | 2,336 | 1,660 | 4,152 | 2,682 |
Systems | Products and services transferred over time | ||||
Revenues | ||||
Revenue from contracts with customers | 338 | 211 | 609 | 494 |
Systems | EMEA | ||||
Revenues | ||||
Revenue from contracts with customers | 1,279 | 1,479 | 2,703 | 2,265 |
Systems | Asia Pacific | ||||
Revenues | ||||
Revenue from contracts with customers | 211 | 199 | 605 | 395 |
Systems | Americas | ||||
Revenues | ||||
Revenue from contracts with customers | 1,184 | 193 | 1,453 | 516 |
Services | ||||
Revenues | ||||
Revenue from contracts with customers | 2,269 | 2,045 | 4,242 | 4,624 |
Services | Products transferred at a point in time | ||||
Revenues | ||||
Revenue from contracts with customers | 2,269 | 2,045 | 4,242 | 4,624 |
Services | EMEA | ||||
Revenues | ||||
Revenue from contracts with customers | 1,305 | 1,169 | 2,687 | 2,826 |
Services | Asia Pacific | ||||
Revenues | ||||
Revenue from contracts with customers | 303 | 251 | 444 | 460 |
Services | Americas | ||||
Revenues | ||||
Revenue from contracts with customers | € 661 | € 625 | € 1,111 | € 1,338 |
Revenues - Geographic (Details)
Revenues - Geographic (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of geographical areas [line items] | ||||
Revenues | € 4,943 | € 3,916 | € 9,003 | € 7,800 |
EMEA | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 2,584 | 2,648 | 5,390 | 5,091 |
Germany | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 790 | 1,719 | 1,637 | 2,810 |
France | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 837 | 233 | 975 | 497 |
Great Britain | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 355 | 231 | 730 | 559 |
Finland | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 7 | 2 | 665 | 5 |
Others | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 595 | 463 | 1,383 | 1,220 |
Asia Pacific | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 514 | 450 | 1,049 | 855 |
China | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 286 | 263 | 519 | 498 |
Others | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 228 | 187 | 530 | 357 |
Americas | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 1,845 | 818 | 2,564 | 1,854 |
United States | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 1,767 | 814 | 2,479 | 1,739 |
Others | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | € 78 | € 4 | € 85 | € 115 |
Related party transactions - Ot
Related party transactions - Other (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Franz Industriebeteiligungen AG, Augsburg | ||||
Related parties | ||||
Rent expense | € 2 | € 1 | ||
Schlosserei und Metallbau Ederer, Dieen | ||||
Related parties | ||||
Acquired goods from related parties | 0 | 0 | ||
Andreas Schmid Logistik AG, Gersthofen | ||||
Related parties | ||||
Services received from related parties | 0 | 18 | ||
Suzhou Meimai Fast Manufacturing Technology Co., Ltd, Suzhou | ||||
Related parties | ||||
Revenue from related parties | 37 | 15 | ||
DSCS Digital Supply Chain Solutions GmbH, Gersthofen | ||||
Related parties | ||||
Revenue from related parties | € 0 | € 0 | ||
Ownership interest in associate (as a percent) | 33.30% | |||
Susanne Ederer-Pausewang , Wife of Chief Executive Officer | ||||
Related parties | ||||
Sales of property and other assets from related parties | € 27 | |||
Michele Neuber | ||||
Related parties | ||||
Services received from related parties | € 1 | € 1 |
Subsequent events (Details)
Subsequent events (Details) € / shares in Units, $ / shares in Units, € in Thousands, $ in Millions | Jul. 23, 2021EUR (€)€ / sharesshares | Jul. 23, 2021USD ($)shares | Feb. 28, 2021EUR (€)€ / sharesshares | Feb. 28, 2021USD ($)shares | Jan. 31, 2021EUR (€)€ / sharesshares | Jan. 31, 2021USD ($)shares | Jun. 30, 2021EUR (€) | Jun. 30, 2020EUR (€) | Jul. 14, 2021€ / shares | Jul. 14, 2021$ / shares | Feb. 09, 2021$ / shares | Jan. 14, 2021$ / shares |
Subsequent events | ||||||||||||
Proceeds from issue of ordinary shares in the form of ADS | € | € 18,153 | |||||||||||
Proceeds from issuance of long-term debt | € | € 5,000 | |||||||||||
ADS | ||||||||||||
Subsequent events | ||||||||||||
Increase in shares issued (in shares) | shares | 443,414 | 443,414 | 621,170 | 621,170 | ||||||||
Purchase price | (per share) | € 22.27 | € 13.33 | $ 26.95 | $ 16.16 | ||||||||
Proceeds from issue of ordinary shares in the form of ADS | € 9,900 | $ 12 | € 8,300 | $ 10 | ||||||||
Share transaction | ADS | ||||||||||||
Subsequent events | ||||||||||||
Increase in shares issued (in shares) | shares | 1,126,127 | 1,126,127 | ||||||||||
Purchase price | (per share) | € 7.52 | € 8.88 | $ 8.88 | |||||||||
Proceeds from issue of ordinary shares in the form of ADS | € 8,500 | $ 10 |