| Financial instruments | 7. Financial instruments The following tables 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 FVTPL FVOCI amortized at amortized carrying 9/30/2021 cost cost amount Level 1 Level 2 Level 3 Total Total assets 12,596 5 18,591 — 31,192 Current assets 10,854 — 18,591 — 29,445 Cash and cash equivalents — — 8,777 — 8,777 Financial assets 10,854 — 4,840 — 15,694 10,854 — — 10,854 Bond funds 10,854 — — — 10,854 10,854 — — 10,854 Term deposit — — 2,595 — 2,595 — — — — Restricted cash — — 2,245 — 2,245 — — — — Trade receivables, net — — 4,974 — 4,974 Non-current assets 1,742 5 — — 1,747 Financial assets 1,742 5 — — 1,747 5 1,742 — 1,747 Derivative financial instruments 1,742 — — — 1,742 — 1,742 — 1,742 Equity securities — 5 — — 5 5 — — 5 Total liabilities 2,124 — — 26,349 31,633 Current liabilities — — — 3,445 3,946 Trade payables — — — 2,666 2,666 Financial liabilities — — — 779 1,280 — — 911 911 Long-term debt — — — 779 779 — — 911 911 Lease liability — — — — 501 — — — n/a Non-current liabilities 2,124 — — 22,904 27,687 Financial liabilities 2,124 — — 22,904 27,687 — 2,124 28,154 30,278 Derivative financial instruments 2,124 — — — 2,124 — 2,124 — 2,124 Long-term debt — — — 22,904 22,904 — — 28,154 28,154 Lease liability — — — — 2,659 — — — 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. On September 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 nine months ended September 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 September 30, 2021 — The investment in equity securities has been 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 on June 30, 2021. |
