Document and Entity Information
Document and Entity Information - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Document and Entity Information | |||
Document Type | 20-F | ||
Document Registration Statement | false | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Document Shell Company Report | false | ||
Entity File Number | 001-36130 | ||
Entity Registrant Name | voxeljet AG | ||
Entity Incorporation, State or Country Code | 2M | ||
Entity Address, Address Line One | Paul-Lenz Straße 1a | ||
Entity Address, Postal Zip Code | 86316 | ||
Entity Address, City or Town | Friedberg | ||
Entity Address, Country | DE | ||
Entity Common Stock, Shares Outstanding | 7,026,711 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Auditor Firm ID | 1275 | 1275 | 1021 |
Auditor Name | PricewaterhouseCoopers GmbH | PricewaterhouseCoopers GmbH | KPMG AG Wirtschaftsprüfungsgesellschaft |
Auditor Location | Munich, Germany | Munich, Germany | Munich, Germany |
Entity Shell Company | false | ||
Entity Central Index Key | 0001582581 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Document Accounting Standard | International Financial Reporting Standards | ||
Business contact | |||
Document and Entity Information | |||
Entity Address, Address Line One | Paul-Lenz Straße 1a | ||
Entity Address, Postal Zip Code | 86316 | ||
Entity Address, City or Town | Friedberg | ||
Entity Address, Country | DE | ||
Contact Personnel Name | Rudolf Franz | ||
City Area Code | 49 | ||
Local Phone Number | 821 7483 100 | ||
American Depositary Shares | |||
Document and Entity Information | |||
Title of 12(b) Security | American Depositary Shares | ||
Trading Symbol | VJET | ||
Security Exchange Name | NASDAQ | ||
Ordinary shares | |||
Document and Entity Information | |||
Title of 12(b) Security | Ordinary shares |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Current assets | € 42,748 | € 28,137 |
Cash and cash equivalents | 7,027 | 5,324 |
Financial assets | 18,522 | 5,351 |
Trade receivables | 6,107 | 4,680 |
Inventories | 9,482 | 11,394 |
Income tax receivables | 23 | 31 |
Other assets | 1,587 | 1,357 |
Non-current assets | ||
Non-current assets | 24,711 | 25,090 |
Financial assets | 4 | 5 |
Intangible assets | 878 | 1,143 |
Property, plant and equipment | 23,719 | 23,774 |
Investments in joint venture | 27 | |
Other assets | 110 | 141 |
Total assets | 67,459 | 53,227 |
Current liabilities | ||
Current liabilities | 21,716 | 26,215 |
Trade payables | 2,594 | 1,956 |
Contract liabilities | 2,132 | 2,911 |
Financial liabilities | 14,882 | 19,770 |
Other liabilities and provisions | 2,108 | 1,578 |
Non-current liabilities | ||
Non-current liabilities | 13,256 | 7,371 |
Contract liabilities | 231 | |
Deferred tax liabilities | 87 | 52 |
Financial liabilities | 12,938 | 7,314 |
Other liabilities and provisions | 5 | |
Equity | ||
Equity | 32,487 | 19,641 |
Subscribed capital | 7,027 | 4,836 |
Capital reserves | 110,264 | 88,748 |
Accumulated deficit | (85,974) | (75,463) |
Accumulated other comprehensive income | 1,400 | 1,675 |
Equity attributable to the owners of the company | 32,717 | 19,796 |
Non-controlling interests | (230) | (155) |
Total equity and liabilities | € 67,459 | € 53,227 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | |||
Revenues | € 24,826 | € 21,567 | € 24,602 |
Cost of sales | (16,876) | (14,812) | (17,426) |
Gross profit | 7,950 | 6,755 | 7,176 |
Selling expenses | (6,420) | (5,816) | (7,118) |
Administrative expenses | (6,577) | (6,407) | (6,952) |
Research and development expenses | (6,149) | (6,500) | (7,212) |
Other operating expenses | (618) | (2,799) | (945) |
Other operating income | 2,970 | 1,603 | 2,143 |
Operating loss | (8,844) | (13,164) | (12,908) |
Finance expense | (2,601) | (2,589) | (1,349) |
Finance income | 924 | 184 | 318 |
Financial result | (1,677) | (2,405) | (1,031) |
Loss before income taxes | (10,521) | (15,569) | (13,939) |
Income tax (expense) income | (65) | 88 | (39) |
Net loss | (10,586) | (15,481) | (13,978) |
Other comprehensive income (loss) that may be reclassified subsequently to profit or loss | (304) | 933 | (577) |
Total comprehensive loss | (10,890) | (14,548) | (14,555) |
Loss attributable to: | |||
Owner of the Company | (10,511) | (15,339) | (13,714) |
Non-controlling interests | (75) | (142) | (264) |
Net loss | (10,586) | (15,481) | (13,978) |
Total comprehensive loss attributable to: | |||
Owner of the Company | (10,815) | (14,406) | (14,291) |
Non-controlling interests | (75) | (142) | (264) |
Total comprehensive loss | € (10,890) | € (14,548) | € (14,555) |
Weighted average number of shares outstanding - basic (in shares) | 6,302,458 | 4,836,000 | 4,836,000 |
Weighted average number of shares outstanding - diluted (in shares) | 6,302,458 | 4,836,000 | 4,836,000 |
Loss per share - basic (in EUR per share) | € (1.68) | € (3.20) | € (2.89) |
Loss per share - diluted (in EUR per share) | € (1.68) | € (3.20) | € (2.89) |
CONDENSED CONSOLIDATED STATEM_3
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, 2018 | € 46,549 | € 4,836 | € 86,803 | € (46,410) | € 1,320 | € 35 | € 46,584 |
Loss for the period | (13,714) | (13,714) | (264) | (13,978) | |||
Foreign currency translations | (578) | (578) | (578) | ||||
Equity-settled share-based payment | 671 | 671 | 671 | ||||
Share-based payment transaction with the non-controlling shareholder of a subsidiary | 603 | 603 | 216 | 819 | |||
Balance at the end at Dec. 31, 2019 | 33,531 | 4,836 | 88,077 | (60,124) | 742 | (13) | 33,518 |
Loss for the period | (15,339) | (15,339) | (142) | (15,481) | |||
Foreign currency translations | 933 | 933 | 933 | ||||
Equity-settled share-based payment | 671 | 671 | 671 | ||||
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 | (10,511) | (10,511) | (75) | (10,586) | |||
Foreign currency translations | (304) | (304) | (304) | ||||
Issue of ordinary shares in the form of ADS, net of transaction costs and tax | 23,403 | 2,191 | 21,212 | 23,403 | |||
Equity-settled share-based payment | 304 | 304 | 304 | ||||
Change in deferred tax asset | 29 | 29 | 29 | ||||
Balance at the end at Dec. 31, 2021 | € 32,717 | € 7,027 | € 110,264 | € (85,974) | € 1,400 | € (230) | € 32,487 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flow from operating activities | |||
Loss for the period | € (10,586) | € (15,481) | € (13,978) |
Depreciation and amortization | 3,100 | 3,442 | 4,211 |
Foreign currency exchange differences on loans to subsidiaries | (1,200) | 1,466 | (828) |
Changes in financial assets due to fair value valuation | 291 | 11 | (174) |
Share-based compensation expense | 305 | 671 | 671 |
Change in impairment of trade receivables | 99 | 29 | 15 |
Non-cash expense on financial liabilities | 1,976 | 1,505 | 874 |
Change in fair value of derivative equity forward | (752) | 715 | 106 |
Change in inventory allowance | 851 | (1) | (21) |
Interest paid | 263 | 258 | 320 |
Interest received | (85) | (92) | (93) |
Loss on disposal of intangibles and property, plant and equipment | 17 | 42 | 354 |
Other | 92 | 63 | 92 |
Change in working capital | (908) | 774 | 1,859 |
Trade and other receivables, inventories and current assets | (1,375) | 1,501 | (759) |
Trade payables | 585 | (781) | 358 |
Other liabilities, contract liabilities and provisions | (82) | (417) | 2,286 |
Change in restricted cash | (44) | 463 | |
Income tax payable/receivables | 8 | 8 | (26) |
Total | (6,537) | (6,598) | (6,592) |
Cash Flow from investing activities | |||
Payments to acquire property, plant and equipment and intangible assets | (1,041) | (139) | (1,100) |
Proceeds from disposal of financial assets | 4,962 | 8,373 | |
Payments to acquire financial assets | (10,486) | (994) | (2,725) |
Interest received | 85 | 92 | 93 |
Total | (11,442) | 3,921 | 4,641 |
Cash Flow from financing activities | |||
Change in security deposit | 16 | ||
Repayment of lease liabilities | (334) | (412) | (397) |
Repayment of long-term debt | (1,004) | (863) | (969) |
Proceeds from issuance of long-term debt | 5,000 | 529 | |
Proceeds from issuance of shares | 26,619 | ||
Share issue cost | (3,217) | ||
Change in restricted cash | (2,298) | ||
Interest paid | (263) | (258) | (320) |
Total | 19,519 | 3,467 | (1,157) |
Net increase (decrease) in cash and cash equivalents | 1,540 | 790 | (3,108) |
Cash and cash equivalents at beginning of period | 5,324 | 4,368 | 7,402 |
Changes to cash and equivalents due to foreign exchanges rates | 163 | 166 | 74 |
Cash and cash equivalents at end of period | € 7,027 | € 5,324 | € 4,368 |
The reporting entity
The reporting entity | 12 Months Ended |
Dec. 31, 2021 | |
The reporting entity | |
The reporting entity | NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Basis of preparation 1. The reporting entity voxeljet AG (in the following referred to as ‘ voxeljet’ ) voxeljet America voxeljet UK voxeljet India voxeljet China voxeljet voxeljet Fast Manufacturing Technology Co., Ltd. (“Meimai”), on September 1, 2021 transferred half of its equity interest in voxeljet China, or The Company’s American Depositary Shares (“ADSs”) were listed on the New York Stock Exchange (the “NYSE”) from October 2013 to August 2020, and have been listed on the NASDAQ since August 2020, under the ticker symbol “VJET.” As a manufacturer of three-dimensional (“3D”) printing systems, voxeljet specializes in the development, production and distribution of industrial printing machines and the production and sale of customized printed products to industrial customers. The Company operates in two business divisions: Systems and Services. The voxeljet Systems business division develops, manufactures and sells innovative 3D printers. Today, voxeljet has a product range that reaches from smaller entry models to large-format machines, and therefore offers 3D printer systems for a wide range of application areas. Through its Services business division, the Company offers customized printed products such as sand molds and plastic models based on CAD data through its “on-demand production” service centers. In addition, the Company offers casting services to its customers. In those cases, the casting process is performed by external suppliers supported by voxeljet’s molds and models. Small-batch and prototype manufacturers utilize the Company’s machines for the automatic, patternless manufacture of their casting molds and 3D models. The Company’s customer base includes automotive manufacturers, aerospace industries, foundries and suppliers as well as companies from the arts and design industries as well as universities and research institutes. |
Preparation of financial statem
Preparation of financial statements | 12 Months Ended |
Dec. 31, 2021 | |
Preparation of financial statements | |
Preparation of financial statements | 2. Preparation of financial statements The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as set forth by the International Accounting Standards Board (IASB) and interpretations of the IFRS Interpretations Committee (IFRIC). The consolidated financial statements were authorized for issue by the Management Board on March 31, 2022. These consolidated financial statements were prepared on the basis of historical cost except for the following items, which are measured on an alternative basis on each reporting date. Debt securities at fair value through profit or loss Fair value Non-derivative financial instruments at fair value through profit or loss Fair value Derivative financial instruments at fair value through profit or loss Fair value The consolidated financial statements are presented in thousands of Euros (kEUR) except where otherwise stated. Due to rounding, numbers presented throughout these notes may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 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 years 2021, 2020 and 2019 amounting to kEUR 10,586, kEUR 15,481 and kEUR 13,978, respectively. Additionally, voxeljet had negative cash flows from operating activities in 2021, 2020 and 2019 of kEUR 6,537, kEUR 6,598, kEUR 6,592, respectively, mainly due to continuous net losses. The impacts from the global outbreak of COVID-19, like lower demand in both, the Systems and the Services segment due to postponements of larger investments and lower business activities from voxeljet’s clients, or travel restrictions which prohibited or hindered visits to the Company’s customers, almost disappeared during the fiscal year 2021. The worldwide market demand recovered to the same level compared to before the outbreak of the pandemic and the Company is able to offer installations and service visits in most regions of the world. In spite of the recovery as well as the positive trends, the continuing prevalence of the COVID-19 pandemic in certain countries as well as globally continues to pose the risk and likelihood for further lockdowns, travel restrictions and drops in demand. Further actions taken by government institutions, such as lockdowns, could result in a decrease in market demand, which could potentially result in lower cash inflows. In January 2021, the Company successfully completed its registered direct offering and sale of 621,170 ordinary shares in the form of 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, in July 2021, 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, voxeljet has significant financial obligations, related to the repayment of tranche A including the performance participation interest from the loan received from the EIB. Tranche A will become due in December 2022 amounting to € 14.6 million reduced or increased by fair value changes of the performance participation interest. Additionally, the Company has to ensure, compliance with all covenants, in the Finance Contract, including a Minimum Cash/Cash Equivalents requirement (the “Minimum Cash Covenant”). Management is taking several steps to mitigate the situation. Currently management is in discussion with the EIB in order to agree upon a drawn down of tranche B2 and tranche C of the loan amounting to € 10.0 million and therefore restructure the debt. Moreover, 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. The ongoing conflict between Russia and Ukraine raises further risks and uncertainties. The heightened use of trade restrictions and sanctions, including tariffs or prohibitions on technology transfers to achieve diplomatic ends could impact voxeljet’s ability to conduct its business as planned. A spill-over of the conflict to neighboring countries, the European Union or NATO members, could result into further adverse impacts on the Company’s business, like a drop in market demand, price increases for raw materials and energy or delays in the global supply chain. These events and conditions described above raise material uncertainties that may cast significant doubt upon voxeljet’s ability to continue as a going concern. Despite the ongoing losses, reduced cash flow and cash facilities as well as the significant financial obligations becoming due, management assumes that voxeljet will continue as a going concern. However, while management assumes of continuing as a going concern, the going concern is dependent upon management and the Company being successful in: - successful negotiations with the EIB over the draw down of tranche B2 and tranche C under the Finance Contract - achievement of budgeted sales - successful fund raising in form of equity or debt If these dependencies are not successfully achieved, management would consider the sale of voxeljet AG’s properties to raise sufficient funds for continuing the business as a going concern. Those assumptions are included in the Company’s current liquidity forecasts and management believes that the Company has the ability to meet its financial obligations for at least the next 12 months from the authorization for issuance of these consolidated financial statements as of and for the year ended December 31, 2021 by the Management Board on March 31, 2022 and therefore continues as a going concern. As a U.S. SEC registrant, the Company is required to have its financial statements audited in accordance with Public Company Oversight Board (“PCAOB”) standards. References in these IFRS financial statements to matters that may cast significant doubt about the Company’s ability to continue as a going concern also raise substantial doubt as contemplated by the PCAOB standards. Impairment test Non-financial assets are tested for impairment if there are indicators that the carrying amounts may not be recoverable, or as of year end if no impairment indicators are present. Therefore, the Company 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, performed by management, did not lead to any write downs. Revision to prior periods for correction of immaterial errors and retrospective adjustments to presentations and disclosures All corrections and adjustments stated below were performed within the fiscal year 2020. a) Amendment of classification of short-term investments In the first quarter of 2020, the Company amended the 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 led 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, the Company 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 led to adjustments in non current financial assets, deferred tax liabilities 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 118. As a result, the loss for the year ended December 2019 decreased by kEUR 253. As of December 31, 2019, non current financial assets as well as deferred tax liabilities have increased by kEUR 260 and kEUR 73, respectively. For the period ending December 31, 2019 the balance of accumulated deficit decreased by kEUR 243, whereas the balance of accumulated other comprehensive gain decreased by kEUR 56. The loss for the three months ended December 2019 was increased by kEUR 93 whereas net changes in fair value of debt investments at FVOCI was increased by kEUR 14. For the year ended December 2019 the loss was reduced by kEUR 253 whereas net changes in fair value of debt investments at FVOCI was reduced by kEUR 174. 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. d) Retrospective adjustments to presentations and disclosures of prior period information Additionally, the Company has applied retrospective adjustments to presentations and disclosures of prior period information within the following footnotes: - Consolidated statements of cash flow: The Company has revised the presentation of interest paid and interest received for the year ended December 31, 2019, previously disclosed under supplemental cash flow information, now presented in cash flow from operating activities, cash flow from investing activities and cash flow from financing activities, respectively. Further, the Company has revised the presentation of changes in financial assets due to fair value valuation as well as change in fair value of derivative equity forward for the year ended December 31, 2019 related to the amendment of classification of short-term investments and the recalculation of performance participation interest related to the Finance Contract with the EIB. As a consequence, the line item others has also been revised. - Note 12. Additional disclosures to financial instruments: The Company has changed the categorization of the fair value of long-term debt in financial liabilities as of December 31, 2019 from level 2 to level 3. - Note 19. Financial risk management: The Company revised the table contractual cash out flow as of December 31, 2019 regarding the three to five years bucket by including the cash outflow of kEUR 2,918 from the performance participation interest related to tranche A of the loan granted by the EIB. - Note 24. Related party transactions: The Company has included Michele Neuber for his employment as working student within the related party disclosure. His father Volker Neuber has served as a member of voxeljet’s supervisory board since July 2020. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2021 | |
Summary of significant accounting policies | |
Summary of significant accounting policies | 3. Summary of significant accounting policies The principal accounting policies applied in the preparation of these financial statements are set out below. Expect as described below, these policies have been consistently applied to all years presented. Consolidation Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intercompany balances and transactions are eliminated in preparing the consolidated financial statements. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in the joint venture are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income of equity-accounted investees, until the date on which significant influence or joint control ceases. Revenues from contracts with customers The Company estimates the transaction price at contract inception, including any variable consideration. The revenue is measured at the transaction price agreed under the contract, net of discount. In most cases, the consideration is due when legal title has been transferred. Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on a relative stand-alone selling price. List prices are considered as the stand-alone selling price of the product. Under IFRS 15, the Company recognizes revenue on the maintenance contracts based on the input method, such as the number of service visits or the provision of certain goods, in particular printheads, to measure the progress that depicts the transfer of control of the goods or services to the customer toward complete satisfaction of a performance obligation over time. Therefore, the expected number of service visits and goods to be provided under a contract have been estimated by the Company’s service department based on historical experience. Revenue on the sale of new or refurbished 3D printers is recognized at the point in time after completed installation of 3D printers at the customer site and evidenced through final acceptance by the customer. Customers obtain control of the 3D printers when the customers have accepted the assets. Refurbished 3D printers usually were produced for and used in our Services segment. On average, these refurbished printers have been operating within a voxeljet service center for 1.5 to 2.5 years prior to their sale. Before these 3D printers are sold, they are fully refurbished and a new printhead is installed. The cost of sales include the residual value as well as the costs related to the refurbishment. The Group provides customers with statutory warranty on all 3D printers for one year. The warranty presents assurance-type warranty and is not treated as a separate performance obligation. After the initial one-year warranty period, the Group offers its customers optional maintenance contracts, which are accounted for as separate performance obligations. The Company, from time to time, offers to customers, to operate their purchased 3D printer and perform 3D printing on custom-ordered printed products for a temporary period before the customers’ facility is configured according to required technical specifications. The Company recognizes revenue for the use of space on Company premises over time under the term of the contracts. The Company recognizes revenue from the sale of customized printed products from the customer’s purchased 3D printer, upon transfer of control of ownership to the customers, generally upon shipment. Revenue on the sale of customized printed products is recognized at the point in time when the control of ownership of the assets is transferred to the customers, generally upon shipment. Shipping, packaging and handling costs billed to customers for the sales of customized printed products and consumables are not considered as a separate performance obligation. The Company recognized the gross revenue at the point in time as the service is provided, i.e. upon shipment. Costs incurred by the Company associated with shipping, packaging and handling are included in selling expenses in the consolidated statements of comprehensive loss. Invoices from revenue streams, besides the sale of new or refurbished 3D printers are usually payable within 30 of credit. These advance payments are recognized as contract liabilities. Maintenance contracts are generally billed to customers in advance on a monthly, quarterly, or annual basis, and are initially recorded as a contract liability as the Company has an enforceable right to payment after the contract has been signed. It is the Group’s policy that it does not offer products to the end customer with a right of return. Therefore, neither a refund liability nor a right to the returned goods are recognized. A contract liability is recognized when the Company has received consideration (i.e. advance payment) from customers before satisfying a performance obligation or has an unconditional right to payment under a non-cancellable contract before it transfers the related goods or services to the customer under maintenance and extended warranty contracts. The extended warranty is considered as service-type warranty and therefore accounted as a separate performance obligation. The contract liabilities primarily relate to (1) the advance consideration received from customers before satisfying a performance obligation, or an unconditional right to payment under a non-cancellable contract before it transfers the related goods or services to the customer under maintenance contracts, for which revenue is recognized over time; and (2) the advance consideration received from customers for the sale of new or refurbished 3D printers, for which revenue is recognized when the customer has accepted the assets. The total amount of unfulfilled performance obligations for 3D printer sales is € 3.9 million. The Company expects to realize the entire amount in 2022. The amount of kEUR 2,742 included in contract liabilities at December 31, 2020 has been recognized as revenue in 2021 (2020: kEUR 772). Management expects that 90% (kEUR 2,131 ) of the transaction price allocated to unsatisfied performance obligations as of December 31, 2021 will be recognized as revenue during the next reporting period. The remaining 10% (kEUR 230) will be recognised in the 2023 fiscal year. In the following table, revenue from contracts with customers is disaggregated by primary geographical market, and timing of revenue recognition. The table also includes a reconciliation of the disaggregated revenue with the Group’s reportable segments (see Note 18). Year ended December 31, SYSTEMS SERVICES 2021 2020 2019 2021 2020 2019 Primary geographical markets EMEA 6,646 5,926 4,951 5,582 5,540 6,314 Asia Pacific 6,099 3,612 5,371 1,008 909 931 Americas 2,983 3,018 3,132 2,508 2,562 3,903 15,728 12,556 13,454 9,098 9,011 11,148 Timing of revenue recognition Products transferred at a point in time 14,634 11,366 12,332 9,098 9,011 11,148 Products and services transferred over time 1,094 1,190 1,122 -- -- -- Revenue from contracts with customers 15,728 12,556 13,454 9,098 9,011 11,148 In 2021, voxeljet leased zero 3D printers (2020: one 3D printer and 2019: two 3D printers) to customers under operating leases. Rental income is recognized on a straight-line basis over the term of the lease as revenue and is reported within the Systems segment. Financial instruments Financial instruments are contracts that give rise to a financial asset in one entity and a financial liability or equity instrument in another entity. voxeljet recognizes financial assets and financial liabilities in the balance sheet when an entity of the Group becomes a contractual party to the financial instrument. All customary purchases and sales of financial assets are recognized on the trading date, i.e. the date on which the Company enters into the obligation to purchase the asset. Financial assets and financial liabilities are generally reported at gross value. Netting only applies if the offsetting of the amounts is legally enforceable and it is intended to actually offset them. In general, voxeljet does not intend to offset any amounts. Initial measurement At initial recognition, voxeljet measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transactions costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed immediately. A trade receivable without a significant financing component is initially measured at the transaction price. Financial liability is initially measured at its fair value minus, in the case of a financial liability not at fair value through profit or loss, transactions costs that are directly attributable to the issue of the financial liability. Transaction costs of financial liabilities carried at fair value through profit or loss are expensed immediately. Classification and subsequent measurement of financial assets and financial liabilities Under IFRS 9, on initial recognition, a financial asset is classified as measured at: amortized cost (AC), fair value through other comprehensive income (FVOCI), or fair value through profit or loss (FVTPL). The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at amortized cost (AC) if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold financial assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial debt instrument is measured at fair value through other comprehensive income (FVOCI) if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objectives are both to hold financial assets to collect contractual cash flows and to sell financial assets; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to record subsequent changes in the investment’s fair value in OCI (FVOCI) without recycling. This election is made on an investment-by-investment basis. The company has not utilized the option to record subsequent changes in the equity investment’s fair value in OCI (FVOCI) as of December 31, 2021 and 2020. All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. The company has not utilized this option as of December 31, 2021 and 2020. Under IFRS 9, initially our short-term investments in bond funds were classified as fair value through other comprehensive income (FVOCI). In the first quarter of 2020, we amended our classification of short-term investments included in current financial assets as FVTPL. For further information, see Note 2. On initial recognition, a financial liability is classified as measured at: amortized cost (AC) or fair value through profit or loss (FVTPL). A financial liability is measured at amortized cost (AC) unless it is either held for trading or designated as at FVTPL. Financial liability is subsequently measured at amortised cost using the effective interest method, which allocates interest expense at a constant rate over the term of the instrument. The effective interest rate of a financial liability is calculated at initial recognition and is the rate that exactly discounts the expected cash flows through the expected life of the financial liability. The Company may irrevocably designate a financial liability as measured at FVTPL which is either managed on a portfolio basis and its performance is evaluated on a fair value basis, or if its designation would eliminate or significantly reduce an accounting mismatch that would otherwise arise or if it is a hybrid instrument that contains one or more embedded derivatives. The company has not utilized this option as of December 31, 2021 and 2020. Recognition of gains and losses (by category) The recognition of gains and losses of voxeljet's financial assets is based on their classification: - At amortized cost: Interest income from these financial assets is reported in the financial income using the effective interest method. Gains and losses on derecognition are recorded in the income statement and, considering related foreign currency gains and losses, reported under other operating income and expenses. - At fair value through profit or loss: Gains or losses of derivative financial instruments and short term investments, which are subsequently measured at fair value through profit or loss, are included in the income statement as finance income or finance expense in the period in which they arise. The recognition of gains and losses of voxeljet’s financial liabilities depends on their classification: - Financial liabilities at fair value through profit or loss: This category includes derivative financial instruments that are not designated as hedging instruments in accordance with IFRS 9 hedge accounting rules. Gains and losses are recognized in the income statement as finance income or finance expense in the period in which they arise. - Financial liabilities measured at amortized cost: This category includes trade payables and interest-bearing loans. After initial recognition, these are measured at amortized cost using the effective interest method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as in case of amortization using the effective interest method. Amortization according to the effective interest method is included in interest expenses in the profit and loss account. Derecognition voxeljet derecognizes financial assets (or parts of their financial assets where applicable) when the rights to receive cash flows from the financial asset have expired or have been transferred and the Group substantially transferred all opportunities and risks associated with the ownership. A financial liability is derecognized when the obligation under the liability is settled, cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, this exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability. In case of minor changes in conditions a change in the present value will be considered in profit or loss. Impairment of financial assets voxeljet assesses expected credit losses associated with financial assets measured at amortized cost, lease receivables and contract assets, based on future expectations. A respective risk provision or, in case of an actual loss that already occurred, an impairment loss is recognized as other operating income or expenses. The Company’s financial assets at amortized cost consist of trade receivables, restricted cash, term deposits and cash and cash equivalents. - General approach: Generally, financial assets are considered as having a low default risk at initial recognition resulting in a 12-month expected credit loss provision. In case of a significant increase in credit risk, the lifetime expected credit losses are recognized. Amongst others debtor’s payment delays of more than 90 days are considered as an indicator for increase in default risk. Further, when determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, voxeljet considers reasonable and supportable information that is relevant and available without undue cost or effort. An objective evidence of impairment is considered to be for example bankruptcy filing of the counterparty. - Simplified approach: For trade receivables with no significant financing component voxeljet applies the simplified approach as required by IFRS 9, which requires lifetime expected credit losses to be recognized from initial recognition of the receivables. The expected credit losses are based on both quantitative and qualitative information and analysis, based on the Group’s historical experience and third party credit risk assessment and including forward-looking information. A default on a financial asset is when the counterparty fails to make contractual payments within 90 days of when they fall due and there are no information available, which are contradictory e.g. the counterparty commits the payment to a later time or the Company and the counterparty agreed upon a payment plan. Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Company or a counterparty had declared insolvency. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognised in profit or loss. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group’s historical experience and informed credit assessment and including forward-looking information. voxeljet AG only recognizes expected credit losses for trade receivables based on the simplified approach. Trade receivables The Company measures loss allowances for trade receivables at an amount equal to lifetime ECLs. ECLs are a probability-weighted estimate of credit losses. The Company calculates the ECL based on the risk scoring of its customers’ according to an external rating agency. Following the risk score of each customer, the trade receivables are clustered into different grades. For each grade, the ECL is determined based on the risk score received from the external rating agency and actual credit loss experience. In addition, the Company uses qualitative assessment of the trade receivables, where default has incurred. For information about the exposure to credit risk and ECLs for trade receivables as of December 31, 2021 and 2020, please refer to Note 19. Presentation of impairment Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets and presented within other operating expenses or other operating income. Other financial assets at AC Cash and cash equivalents like short term bank deposits, restricted cash and term deposits are subject to the general approach of impairment. However, no significant ECL was identified for these financial assets due to the excellent ratings of those banks to which voxeljet entrusted its funds. Leases Definition of a lease The Company assesses whether a contract is or contains a lease based on the definition of a lease. Under IFRS 16, a contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. At inception or on reassessment of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease and non-lease component on the basis of their relative stand-alone prices. The Company as a lessee The Company leases assets, including properties, production equipment and vehicles. As a lessee, the Company previously classified leases as operating or finance leases based on its assessment of whether the lease transferred substantially all of the risks and rewards of ownership. Under IFRS 16, the Company recognizes right-of-use assets and lease liabilities for most leases. These leases are on-balance sheet. However, the Company has elected not to recognize right-of-use assets and lease liabilities for some leases of low-value assets (where the value of underlying asset, when new is of EUR 5000 or less, e.g. tools) as well as short-term leases (leases with less than 12 months of lease term). The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. The Company presents right-of-use assets in “property, plant and equipment”, in the same line item as it presents underlying assets of the same nature that it owns. The carrying amounts of right-of-use assets are as below: Property, plant and equipment Property Production equipment Others Total (€ in thousands) Balance at January 1, 2021 2,892 45 254 3,191 Balance at December 31, 2021 2,648 19 239 2,906 The Company presents lease liabilities within “financial liabilities” in the consolidated statements of financial position. Leases under IFRS 16 The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at an amount equal to the lease liability, unless cash flows or incentives are present before or at lease commencement which may affect the right-of-use asset. The right-of-use asset is subsequently at cost less any accumulated depreciation and impairment losses, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the Company’s incremental borrowing rate. The lease liability is subsequently measured at amortized cost using the effective interest method. It is remeasured when there is a change in the future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether it will exercise a purchase, extension or termination option. The Company has applied judgement to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The assessment of whether the Company is reasonably certain to exercise such options impacts the lease term, which significantly affects the amount of lease liabilities and right-of-use assets recognized. The Company as a lessor The Company leases out a small number of 3D printers. Those leases have been classified as operating leases. Beginning December 2021, the Company has leased out office space to a third party in Friedberg, Germany. This lease has been classified as an operating lease. The lease income from operating leases where the group is a lessor is recognized in other operating income on a straight-line basis over the lease term. Lease payments from the contract do not include any variable lease payments. The credit risk arising in connection with lease receivables is considered to be immaterial. Also residual value risk arising in connection with the underlying leased asset is considered to be immaterial. The accounting policies applicable to the Company as a lessor are not different from those under IAS 17. The Company is not required to make any adjustments on transition to IFRS 16 for leases in which it acts as a lessor. Impacts on financial statements Impacts for the period As per our assessment under IFRS 16, as of December 31, 2021, the Company recognized kEUR 2,906 of right-of-use assets (as of December 2020: kEUR 3,191) and kEUR 3,210 of lease liabilities (as of December 31, 2020: kEUR 3,124). Also in relation to those leases under IFRS 16, the Company has recognized depreciation and interest costs, instead of operating lease expenses. During the twelve months ended December 31, 2021, the Company recognized kEUR 651 (2020: kEUR 682, 2019: kEUR 765) of depreciation expenses and kEUR 149 (2020: kEUR 167, 2019: kEUR 190) of interest expense from these leases. Within the statement of cash flows, cash payments for the principal portion of lease payments, as well as for the interest portion, have been classified as financing activities. Payments for short-term leases have been classified as operating activities. Research and development expenses All research and development costs are charged to expense as incurred as the criteria set forth in IAS 38 for capitalizing such costs have not yet been met. Government grants Government grants awarded for project funding are recorded within other operating income in the consolidated statement of comprehensive loss if the related research and development costs have been incurred and provided that the conditions for the funding have been met. Until then, amounts received under government grants are recorded as deferred income in the statements of financial position. Government grants in connection with government assistance to help businesses to mitigate adverse impacts from the COVID-19 global pandemic are recognized in profit or loss on a systematic basis over the periods in which the entity recognizes as expenses the related costs for which the grants are intended to compensate, provided that the entity complies with the conditions for the funding. Employee stock option plan In April 2017, the Supervisory Board adopted and approved Option Plan 2017. The plan authorizes to grant shares of equity-settled stock options to employees and members of the management board. The Company’s stock-based compensation expense is estimated at the grant date based on the fair value of the award and is recognized as expense ratably over the requisite service period of the award. The Company calculated the fair value of each option award on the date of grant under the Monte Carlo simulation model. The determination of the grant date fair value of the awards using a simulation model is affected by our stock price as well as assumptions regarding a number of complex and subjective variables. These variables include the expected stock price volatility over the expected life of the awards, risk-free interest rates, and expected dividends. The risk free interest rate is equal to the U.S. Treasury constant maturity rates for the period equal to the expected life. The Company does not currently pay cash dividends on common stock and does not anticipate doing so in the foreseeable future. Accordingly, the expected dividend yield is zero. Foreign currencies The financial statements are presented in Euros, the functional currency of voxeljet AG. Monetary transactions denominated in foreign currencies are translated to Euro at the exchange rates prevailing on the transaction date. Gains and losses on foreign currency transactions are shown within other operating income and other operating expenses, respectively, in the consolidated statement of comprehensive loss. The financial statements of foreign subsidiaries are translated using the concept of the functional currency in accordance with IAS 21. The assets and liabilities of foreign subsidiaries are translated at the spot rate at the end of the period, while their income statement items are translated at average exchange rates for the respective periods. All resulting exchange differences are recognized in other comprehensive income. The loans provided to voxeljet AG’s subsidiaries are not considered as net investments in foreign operations. Therefore, gains or losses from foreign exchange differences thereon are recognized in the statement of comprehensive loss as “other operating income or expenses”. The exchange rates that are most relevant for voxeljet’s consolidated financial statements are as follows: Average exchange rates to Euro December 31, Average Rate USD GBP INR CNY 2021 1.1827 0.8596 87.4392 7.6282 2020 1.1422 0.8897 84.6392 7.8747 2019 1.1195 0.8778 78.8361 7.7355 Year end exchange rates to Euro December 31, Year End Rate USD GBP INR CNY 2021 1.1326 0.8403 84.2292 7.1947 2020 1.2271 0.8990 89.6605 8.0225 Income Tax Income tax expense (benefit) consists of current and deferred tax expense and benefit in accordance with IAS 12. Current income tax expense (benefit) is based on taxable profit (loss) for the year. Taxable profit (loss) differs from profit (loss) as reported in the statements of comprehensive income (loss) because it excludes items of income or expense that are taxable or deductible in other years and further excludes items that are never taxable or deductible. Current income tax expense (benefit) is calculated using tax rates that have been enacted or substantively enacted by the end of the respective reporting period. Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of the current tax payable or receivable is the best estimate of the tax amount to be paid or received that reflects uncertainty related to income tax, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Deferred income tax expense (benefit) is recognized on temporary differences between the carrying amounts of assets and liabilities in the statement of financial position and the corresponding tax basis used in the computation of taxable profit (loss). Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets, including for carry forward losses to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer more probable than not that sufficient taxable profits will be available to allow all or a part of the assets to be recovered. Deferred tax expense (benefit) is calculated at the tax rates that are expected to apply in the periods when the liability is settled or the asset is realized, based on tax rates (and tax regulations) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax expense (benefit) is charged or credited to profit or loss, except when it relates to items charged or credited directly to equity, in which case the deferred taxation is also recorded to equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off tax assets against tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and |
New standards and interpretatio
New standards and interpretations not yet adopted | 12 Months Ended |
Dec. 31, 2021 | |
New standards and interpretations not yet adopted | |
New standards and interpretations not yet adopted | 4. New standards and interpretations not yet adopted The IASB issued a number of new IFRS standards or amendments to existing standards which are required to be adopted in annual periods beginning after December 31, 2020. Standard Effective date Descriptions IFRS 4 01/2021 Extension of the Temporary Exemption from Applying IFRS 9 IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 01/2021 Interest Rate Benchmark Reform IFRS 16 04/2021 Covid-19-Related Rent Concessions 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 financial statements as of and for the year ended December 31, 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 does not expect they will have a significant impact. |
Critical accounting judgment an
Critical accounting judgment and key sources of estimation and uncertainty | 12 Months Ended |
Dec. 31, 2021 | |
Critical accounting judgment and key sources of estimation and uncertainty | |
Critical accounting judgment and key sources of estimation and uncertainty | 5. Critical accounting judgment and key sources of estimation and uncertainty In the process of applying the Company’s accounting policies, Management is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on the knowledge available as of the preparation date of the financial statements and historical experiences as well as other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis. Developments outside management’s control may cause actual amounts to differ from the original estimates. In that case, the underlying assumptions and, if necessary, the carrying amounts of the pertinent assets and liabilities are adjusted accordingly. Revisions to accounting estimates are recognized in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. The assumptions and estimates refer primarily to the assessment of the Company of the ability to continue as a going concern (see further discussion in Note 2), recognition of revenue, and the consideration of the renewal options of the lease contracts in determining the appropriate lease terms. The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next fiscal year are discussed below. Revenue recognition Revenue is measured based on the consideration specified in a contract with a customer. The Group recognizes revenue when it transfers control over a good or service to a customer. Revenue on the sale of new or refurbished 3D printers is recognized at the point in time after completed installation of 3D printers at the customer site and evidenced through final acceptance by the customer. Customers obtain control of the 3D printers when the customers have accepted the assets. The Company recognizes revenue on the maintenance contracts for 3D printers by applying the input method to measure the progress that depicts the transfer of control of the goods or services to the customer toward complete satisfaction of a performance obligation over time. The determination of the expected number of service visits and goods to be provided under a contract require significant judgment and have been estimated by the Company’s service department based on historical experience. Recognition of derivative financial instruments The embedded derivative financial instruments, which are embedded in Tranche A and B1 of the loan granted in Euros by the EIB, are required to be bifurcated and accounted for separately from the host contract because their value is dependent on the share price of the Company, which is not closely related to the host contract. The embedded derivative financial instruments are revalued at each balance sheet date, with changes in their fair value recorded within financial result of the consolidated statements of comprehensive loss. The fair value of the embedded derivative financial instruments, which are not traded in an active market, is determined by management using valuation techniques which are dependent on inputs such as share prices, share volume, discount rates and foreign currency exchange rates. For the year ended December 31, 2021, finance income related to Tranche A and Tranche B1 resulting from the revaluations described above amounted to kEUR 460 (2020: kEUR 93) and kEUR 292 (2020: finance expense kEUR 808), respectively. Lease term as a lessee The Company leases certain properties which contain extension options exercisable by the Company after the end of the non-cancellable contract period. The extension options held are exercisable only by the Company and not by the lessors. The Company assesses at lease commencement date whether it is reasonably certain to exercise the extension options. The Company reassesses whether it is reasonably certain to exercise the options if there is a significant event or significant changes in circumstances within its control. |
Share based payment arrangement
Share based payment arrangements | 12 Months Ended |
Dec. 31, 2021 | |
Share based payment arrangements | |
Share based payment arrangements | 6. Share based payment arrangements Share option plan On April 7, 2017, voxeljet AG established a share option plan that entitles key management personnel and senior employees of voxeljet AG and its subsidiaries to purchase shares of the parent company. Total options available under the share option plan are 372,000. 279,000 options (75%, tranche 1) were granted on April 7, 2017. 93,000 options (25%, tranche 2) were granted on April 12, 2018. The vesting conditions include a service condition (the options vest after a period of four years of continued service from the respective grant date) and a market condition (the options may only be exercised if the share price exceeds the exercise price over a period of 90 consecutive days by at least 20% in the period between the grant date and the respective exercise time frame) of which both conditions must be met. The options from tranche 1 and tranche 2 have an expiration date of April 7, 2027 and April 12, 2028, respectively. The fair value of the employee share option plan has been measured for tranches 1 and 2 using a Monte Carlo simulation. The market condition has been incorporated into the fair value at grant date. The inputs used in the measurement of the fair value at grant date are as follows: Tranche 1 Tranche 2 Parameter Share price at grant date USD 13.80 USD 16.15 Exercise price USD 13.90 USD 16.15 Expected volatility 55.00% 58.40% Expected dividends -- -- Risk-free interest rate 2.49% 2.85% Fair value at grant date USD 8.00 USD 9.74 December 31, 2021 2020 2019 Number of options Weighted-average exercise price (USD) Number of options Weighted-average exercise price (USD) Number of options Weighted-average exercise price (USD) Outstanding at January 1 353,400 14.46 353,400 14.46 353,400 14.46 Granted during the year -- -- -- -- -- -- Exercised during the year -- -- -- -- -- -- Forfeited during the year -- -- -- -- -- -- Outstanding at December 31 353,400 14.46 353,400 14.46 353,400 14.46 Vested and exercisable at December 31 265,050 13.90 -- -- -- -- The respective expected volatility has been based on an evaluation of the historical volatility of the Company’s share price as at the grant date. As at December 31, 2021 265,050 options are exercisable and 353,400 options are outstanding. The weighted-average contractual life of outstanding options at December 31, 2021 amounts to 5.5 years (December 31, 2020: 6.5 years). The expense recognized in the statement of comprehensive loss totaled kEUR 304, kEUR 671 and kEUR 671 for the years ended December 31, 2021, 2020 and 2019, respectively. Minority shareholding of voxeljet China Set out below is summarized financial information for the subsidiary that has non-controlling interests that are material to the Group. The amounts disclosed for the subsidiary are based on IFRS and before inter-company eliminations. December 31, 2021 2020 (€ in thousands) voxeljet China Co. Ltd. Summarized balance sheet Current assets 3,442 2,603 Current liabilities 5,195 4,351 Current net liabilities 1,753 1,748 Non-current assets 1,459 1,831 Non-current liabilities 735 852 Non-current net assets 724 979 Net liabilities 1,029 769 Accumulated NCI (230) (155) Year Ended December 31, 2021 2020 (€ in thousands) voxeljet China Co. Ltd. Summarized statement of comprehensive income Revenue 3,843 2,179 Loss for the period (251) (473) Other comprehensive income -- -- Total comprehensive loss (251) (473) Loss allocated to NCI (75) (142) Year Ended December 31, 2021 2020 (€ in thousands) voxeljet China Co. Ltd. Summarized cash flows Cash flows from operating activities 373 (1,504) Cash flows from investing activities (28) (39) Cash flows from financing activities 36 963 Net increase/ (decrease) in cash and cash equivalents 381 (580) On March 1, 2019, voxeljet China moved into a new facility. Also on March 1, 2019, the minority shareholder of voxeljet China Suzhou Meimai Fast Manufacturing Technology Co., Ltd., has increased its shareholding in the entity from 4.175% to 30% through an in-kind capital contribution of a lease contract on the new facility. The lease term under IFRS 16 of the contract is six years, including a rent-free period during the first three years. The transaction is accounted for as a share-based payment transaction under IFRS 2 and resulted in an increase of non-controlling interest of kEUR 216 and capital reserves of kEUR 604. The Company also recorded a right-of-use asset of kEUR 813 and the corresponding lease liability On September 1, 2021, the minority shareholder, Meimai transferred half of its equity interest in voxeljet China, or 15% of voxeljet China’s equity, to its shareholder MK Holding GmbH and the remaining half of its equity interest, or 15% of voxeljet China’s equity to its shareholder Mr. Jin Tianshi, the managing director of voxeljet China. On February 22, 2022, shortly before its expiration, the lease contract of voxeljet China was renewed for further two years, extending from March 1, 2022 to February 29, 2024. The renewal period previously agreed in the original contract was three years. The decrease in lease term is accounted as lease term reassessment in March 2022. |
Trade receivables
Trade receivables | 12 Months Ended |
Dec. 31, 2021 | |
Trade receivables. | |
Trade receivables | 7. Trade receivables Credit terms provided to customers are determined individually and are dependent on already existing customer relationships and the customer’s payment history. Impairment This table presents the reconciliation of the loss allowance provision for trade receivables. Year Ended December 31, 2021 2020 (€ in thousands) Balance at beginning of period 183 187 Additions 96 52 Utilization (4) (26) Reversal (12) (30) Balance at end of period 263 183 Reversal includes changes in expected loss allowance which amounted to a gain of kEUR 0 for the business year 2021 (2020: kEUR 23), and were recorded in other operating income in the Company’s consolidated statements of comprehensive loss. Furthermore, reversals includes recovery of trade receivables previously reserved against, which amounted to a gain of kEUR 12 for the business year 2021 (2020: KEUR 7). |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventories | |
Inventories | 8. Inventories Inventories consisted of the following for the years reported: INVENTORIES BY CATEGORY December 31, 2021 2020 (€ in thousands) Raw materials 2,978 3,733 Work in progress 6,504 7,661 Total 9,482 11,394 The reserve for slow-moving inventory regarding work in progress was kEUR 29 and kEUR 0 in 2021 and 2020, respectively. Related raw materials, in 2021 and 2020 of an amount of kEUR 810 and kEUR 104 have been written off, respectively, following the Company’s inventory reserve policy. |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring | |
Restructuring | 9. Restructuring voxeljet AG At the end of 2019, a provision of kEUR 453 was made to cover the costs associated with a restructuring program announced by Management in November 2019 for the German operation. This program included the reduction of headcount mainly in production in order to adjust the capacity but also in further functions. Estimated restructuring costs mainly include employee termination benefits based on a voluntary program which started on February 17, 2020. This program has been agreed with the workers’ council in a company agreement. On April 16, 2020, the voluntary program expired with the result that the desired reduction in headcount has been completely achieved through the voluntary program, and therefore the cost saving targets have been fully implemented. The provision for the restructuring was completely used within 2020. Twelve months ended December 31, 2019 Line items in statement of comprehensive loss / Components of restructuring charges (€ in thousands) Cost of sales 302 Employee termination costs 302 Selling expenses 77 Employee termination costs 77 Administrative expenses 45 Employee termination costs 45 Research and development expenses 29 Employee termination costs 29 Impact of restructuring 453 voxeljet UK In 2019, the Company decided to consolidate 3D printing to serve all customers in Europe from the German service center and restructure the voxeljet UK entity. The restructuring included reduction in headcount and disposal of certain assets. Consequently the lease of the Milton Keynes facility was early-terminated and ended at the end of May 2020. Twelve months ended December 31, 2019 Line items in statement of comprehensive loss / Components of restructuring charges (€ in thousands) Cost of sales 312 Loss on disposal of assets 226 Employee termination costs 67 Impairment of Inventories 19 Selling expenses 42 Loss on disposal of assets 20 Employee termination costs 16 Write-off right-of-use asset 6 Administrative expenses 274 Loss on disposal of assets 81 Employee termination costs 35 Lease maintenance costs 100 Settlement of agreements 14 Legal Consulting 25 Write-off right-of-use asset 19 Impact of restructuring 628 After the restructuring launched in 2019, management initiated in December 2020 the liquidation process of voxeljet UK. Following cost-benefit considerations and taking into account the subsidiary's main purpose -particularly attracting customers attention to voxeljet’s products- management came to the conclusion, that it is not necessary to maintain a legal entity in the UK. The remaining employees, solely sales representatives, have been transferred to voxeljet AG and will continue to focus on selling 3D printed parts and 3D printers in the United Kingdom and Northern Europe. The wind-up will help to reduce overall costs, especially within the function administration, but not at all adversely affect the activities of the UK colleagues. The liquidation process of voxeljet UK was finalized on February 17, 2022, when upon submission of final account by liquidators to the Companies House, the affairs of voxeljet UK were fully wound up. |
Intangible assets and property,
Intangible assets and property, plant and equipment | 12 Months Ended |
Dec. 31, 2021 | |
Intangible assets and property, plant and equipment | |
Intangible assets and property, plant and equipment | 10. Intangible assets and property, plant and equipment Intangible assets December 31, 2021 2020 (€ in thousands) Software 565 806 Licenses 31 56 Prepayments made on intangible assets 282 281 Total 878 1,143 In 2021, prepayments amounting to kEUR 30 related to capitalized customizing cost in connection with our ERP system have been transferred to software as the project has been completed. The decrease related to software is related to the scheduled amortization partially offset by additions. Property, plant and equipment December 31, 2021 2020 (€ in thousands) Land, buildings and leasehold improvements 18,048 18,698 Plant and machinery 4,329 3,982 Other facilities, factory and office equipment 894 1,039 Assets under construction and prepayments made 448 55 Total 23,719 23,774 Thereof pledged assets of Property, Plant and Equipment 12,261 13,069 The pledged assets consist of the new office building and the new production hall, which were completed in 2017, as well as five (in 2020: seven) 3D printers that serve as collateral for certain credit lines and loan agreements. In March 2020, voxeljet pledged land and facilities located in Friedberg, Germany in favor of the EIB. Amounts added to plant and machinery relating to self-constructed 3D printers are considered non-cash transactions, which totaled to kEUR 1,896 and kEUR 516 in the years ended December 31, 2021 and 2020, respectively. The following table presents the composition of, and annual movement in, intangible assets and property, plant and equipment for the years 2021 and 2020, respectively: 2021 (€ in thousands) Acquisition and manufacturing cost Accumulated depreciation and amortization Carrying amount 01/01/2021 Additions Disposals Transfer FX 12/31/2021 01/01/2021 Current year Disposals FX 12/31/2021 12/31/2021 Intangible assets Software 2,046 45 (61) 30 4 2,064 1,240 317 (61) 3 1,499 565 Licenses 245 -- -- -- -- 245 189 25 -- -- 214 31 Prepayments made on intangible assets 281 31 -- (30) -- 282 -- -- -- -- -- 282 Total 2,572 76 (61) -- 4 2,591 1,429 342 (61) 3 1,713 878 Property, plant and equipment Land, buildings and leasehold improvements 22,463 7 (65) 59 479 22,943 3,765 984 -- 146 4,895 18,048 Plant and machinery 9,660 2,327 (3,063) -- 434 9,358 5,678 1,332 (2,222) 241 5,029 4,329 Other facilities, factory and office equipment 3,976 295 (148) -- 65 4,188 2,937 442 (133) 48 3,294 894 Assets under construction and prepayments made 55 448 (1) (59) 5 448 -- -- -- -- -- 448 Total 36,154 3,077 (3,277) -- 983 36,937 12,380 2,758 (2,355) 435 13,218 23,719 The office space leased out to a third party in Friedberg, Germany has been classified as an operating lease and the proportional leased asset based on office space amounting to kEUR 911 included in land, buildings and leasehold improvements. 2020 (€ in thousands) Carrying Acquisition and manufacturing cost Accumulated depreciation and amortization amount Current 01/01/2020 Additions Disposals Transfer FX 12/31/2020 01/01/2020 year Disposals FX 12/31/2020 12/31/2020 Intangible assets Software 1,551 69 (26) 454 (2) 2,046 940 327 (26) (1) 1,240 806 Licenses 245 -- -- -- -- 245 162 27 -- -- 189 56 Prepayments made on intangible assets 662 89 (16) (454) -- 281 -- -- -- -- -- 281 Total 2,458 158 (42) -- (2) 2,572 1,102 354 (26) (1) 1,429 1,143 Property, plant and equipment -- -- Land, buildings and leasehold improvements 22,885 13 (65) -- (370) 22,463 2,840 1,001 (2) (74) 3,765 18,698 Plant and machinery 14,032 752 (4,595) -- (529) 9,660 8,253 1,551 (3,921) (205) 5,678 3,982 Other facilities, factory and office equipment 4,142 189 (314) -- (41) 3,976 2,683 536 (257) (25) 2,937 1,039 Assets under construction and prepayments made 60 -- -- -- (5) 55 -- -- -- -- -- 55 Total 41,119 954 (4,974) -- (945) 36,154 13,776 3,088 (4,180) (304) 12,380 23,774 |
Other liabilities and provision
Other liabilities and provisions | 12 Months Ended |
Dec. 31, 2021 | |
Other liabilities and provisions | |
Other liabilities and provisions | 11. Other liabilities and provisions December 31, 2021 2020 (€ in thousands) Employee bonus 512 334 Accruals for commissions 298 236 Accrual for warranty 292 228 Liabilities from payroll 255 237 Accruals for vacation and overtime 230 124 Accruals for compensation of supervisory board 180 180 Accruals for licenses 92 68 Accruals for management compensation 83 -- Liabilities from VAT 50 27 Others 116 149 Total 2,108 1,583 As of December 31, 2021, other liabilities and provisions include kEUR 0 (2020: kEUR 5) as non-current related to the line item others. (€ in thousands) January 1, 2021 Usage Addition Reversal December 31, 2021 Employee bonus 334 (334) 512 -- 512 Liabilities from payroll 237 (237) 255 -- 255 Accruals for commissions 236 (236) 298 -- 298 Accrual for warranty 228 (228) 292 -- 292 Accruals for compensation of supervisory board 180 (180) 180 -- 180 Accruals for vacation and overtime 124 (124) 230 -- 230 Accruals for licenses 68 (68) 92 -- 92 Accruals for education and training 41 (41) -- -- -- Accruals for management compensation -- -- 83 -- 83 Total 1,448 (1,448) 1,942 -- 1,942 The Group expects to settle the majority of the other liabilities and provisions over the next year. |
Additional disclosures to finan
Additional disclosures to financial instruments | 12 Months Ended |
Dec. 31, 2021 | |
Additional disclosures to financial instruments | |
Additional disclosures to financial instruments | 12. Additional disclosures to financial instruments Fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Based on the inputs used, the following hierarchy for determining the fair value of financial instruments is defined: ● Level 1: Quoted prices of the respective financial asset or financial liability in active markets ● Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). ● Level 3: Input parameters not based on observable market data The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. Carrying amount Fair Value Assets at Liabilities Total amortized at amortized carrying 12/31/2021 FVTPL FVOCI cost cost amount Level 1 Level 2 Level 3 Total Total assets 13,525 4 18,131 -- 31,660 Current assets 13,525 -- 18,131 -- 31,656 Cash and cash equivalents -- -- 7,027 -- 7,027 Financial assets 13,525 -- 4,997 -- 18,522 10,699 2,826 -- 13,525 Bond funds 10,699 -- -- -- 10,699 10,699 -- -- 10,699 Term deposit -- -- 2,655 -- 2,655 -- -- -- -- Restricted cash -- -- 2,342 -- 2,342 -- -- -- -- Derivative financial instruments 2,826 -- -- -- 2,826 -- 2,826 -- 2,826 Trade receivables, net -- -- 6,107 -- 6,107 Non-current assets -- 4 -- -- 4 Financial assets -- 4 -- -- 4 4 -- -- 4 Equity securities -- 4 -- -- 4 4 -- -- 4 Total liabilities 516 -- -- 26,672 30,414 Current liabilities -- -- -- 16,879 17,476 Trade payables -- -- -- 2,594 2,594 Financial liabilities -- -- -- 14,285 14,882 -- -- 15,362 15,362 Long-term debt -- -- -- 14,285 14,285 -- -- 15,362 15,362 Lease liability -- -- -- -- 597 -- -- -- n/a Non-current liabilities 516 -- -- 9,793 12,938 Financial liabilities 516 -- -- 9,793 12,938 -- 516 13,826 14,342 Derivative financial instruments 516 -- -- -- 516 -- 516 -- 516 Long-term debt -- -- -- 9,793 9,793 -- -- 13,826 13,826 Lease liability -- -- -- -- 2,613 -- -- -- n/a Security deposit -- -- -- -- 16 -- -- -- n/a Carrying amount Fair Value Assets at Liabilities Total amortized at amortized carrying 12/31/2020 FVTPL FVOCI cost cost amount Level 1 Level 2 Level 3 Total Total assets 5,351 5 20,008 -- 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 financial assets with a carrying amount of kEUR 18,526 reported on the Company’s statement of financial position at December 31, 2021 were comprised of investments in three bond funds (kEUR 10,699, thereof kEUR 0 restricted), a term deposit (kEUR 2,655), restricted cash (kEUR 2,342) and a derivative financial instrument (kEUR 2,826), all reported as current financial assets and equity securities (kEUR 4), reported as a non-current asset. The financial assets with a carrying amount of kEUR 5,356, reported on the Company’s statement of financial position at December 31, 2020 were comprised of investments in two bond funds (kEUR 2,984, thereof kEUR 2,000 restricted), a derivative financial instrument (kEUR 2,367), all reported as current financial assets and equity securities (kEUR 5), reported as a non-current asset. The valuation techniques used to determine the fair value of 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. Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair values. The fair values of the derivative financial instruments that are not traded in an active market are 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 each quarter. As of December 31, 2021 and 2020, 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 twelve months ended December 31, 2021: Non-current assets (€ in thousands) Equity securities Balance at December 31, 2020 5 Transfer from level 3 into level 1 (5) Income (expense) recognised in other comprehensive income — Balance at December 31, 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. The following table provides an overview of the gains and losses for financial assets and liabilities measured at AC and FVTPL: Year Ended December 31, 2021 2020 (€ in thousands) Financial assets measured at amortized cost 347 (31) Total interest expense (9) (3) Other operating income from change of impairment 62 182 Other operating income from unrealized foreign currency translation 511 50 Other operating expense from change of impairment (120) (120) Other operating expense from unrealized foreign currency translation (97) (140) Financial assets measured at fair value through profit or loss 265 94 Income from revaluation of derivative financial instruments 460 93 Fair value valuation of financial assets (291) (10) Payout of bond funds 96 78 Other operating income from unrealized foreign currency translation -- 32 Other operating expense from unrealized foreign currency translation -- (99) Financial liabilities measured at amortized cost (2,305) (1,769) Total interest expense (2,299) (1,769) Other operating income from unrealized foreign currency translation -- 3 Other operating expense from unrealized foreign currency translation (6) (3) Financial liabilities measured at fair value through profit or loss 292 (808) Income from revaluation of derivative financial instruments 292 -- Expense from revaluation of derivative financial instruments -- (808) Total (1,401) (2,514) Total interest income from financial assets measured at FVTPL is a combination of fair value changes in kEUR 460 (2020: kEUR 93) and interest income from bond funds of kEUR 96 (2020: kEUR 78). Total interest expense from financial assets measured at FVTPL is a combination of fair value changes in kEUR 291 (2020: kEUR 10) and interest expense from bond funds of kEUR 0 (2020: kEUR 0). Total interest income from financial liabilities measured at FVTPL is the fair value changes in kEUR 292 (2020: kEUR 0). Total interest expense from financial liabilities measured at FVTPL is the fair value changes in kEUR 0 (2020: kEUR 808). The following table provides an overview of all outstanding loans voxeljet entered into: December 31, 2021 December 31, 2020 Currency Nominal interest rate Year of maturity Face value Carrying amount Face value Carrying amount (€ in thousands) Secured bank loan EUR 2.29% 2021 700 -- 700 110 Secured bank loan EUR 2.35% 2021 1,000 -- 1,000 70 Secured bank loan EUR 2.47% 2038 2,000 1,616 2,000 1,695 Secured bank loan EUR 2.72% 2038 1,000 809 1,000 848 Secured bank loan EUR 2.42% 2038 500 409 500 429 Secured bank loan EUR 2.73% 2037 500 411 500 472 Secured bank loan EUR 1.75% 2040 1,000 823 1,000 887 Secured bank loan EUR 2.48% 2022 675 96 675 238 Secured bank loan EUR 2.49% 2024 500 233 500 332 Unsecured bank loan EUR 3.92% 2025 29 19 29 24 Unsecured bank loan USD 2.90% 2022 40 2 40 10 Secured bank loan EUR 0.00% 2022 10,000 13,528 10,000 12,549 Secured bank loan EUR 12.00% 2025 5,000 6,124 5,000 5,478 Total interest-bearing liabilities 22,944 24,070 22,944 23,142 The secured bank loans are secured over land and buildings with land charges amounting to kEUR 15,000 (2020: kEUR 15,000), machinery and equipment, restricted cash and pledged bond funds with a carrying amount of kEUR 569 (2020: kEUR 1,104), kEUR 2,342 (2020: kEUR 0) and kEUR 0 (2020: kEUR 2,000), respectively. In 2016, voxeljet concluded loan agreements with Kreissparkasse Augsburg, Germany, to finance the construction of new office and production facilities in Friedberg: (i) in February 2016, the Company entered into a € 2.0 million loan agreement due May 31, 2038. Interest is payable at a fixed rate of 2.47%; (ii) in February 2016, the Company entered into a € 1.0 million loan agreement due April 30, 2038. Interest is payable at a fixed rate of 2.72%; (iii) in February 2016, the Company entered into a € 1.0 million loan agreement due April 30, 2040. Interest is payable at a variable rate of 1.75%; (iv) In December 2016, the Company entered into a € 0.5 million loan agreement due July 30, 2038. Interest is payable at a fixed rate of 2.42%; and (v) in December 2016, the Company entered into a € 0.5 million loan agreement due September 30, 2037. Interest is payable at a fixed rate of 2.73%. Among other terms, the loan agreements contain (i) certain covenants, including that voxeljet deposit € 2.0 million with Kreissparkasse Augsburg until it has reached a certain ratio with respect to its ability to service the debt by the end of fiscal year 2019, and (ii) change of control provisions concerning the ownership of the Company by its executive officers, Dr. Ingo Ederer and Rudolf Franz. As of December 31, 2019, voxeljet was in non-compliance with that ratio and therefore pledged € 2.0 million of bond funds for the benefit of the lender. In 2021, the pledged bond funds were exchanged by a pledge of an USD amount equivalent to € 2.0 million. The collateral is pledged until voxeljet reaches certain ratio with respect to its ability to service the debt. In addition, the land owned by voxeljet upon which the facilities will be built as well as three 3D printers will serve as collateral under the loan agreements. In April 2019, voxeljet entered into a loan agreement with Kreissparkasse Augsburg, Germany, to finance self-manufactured 3D printers which are operated in the German service center amounting to kEUR 500. The maturity date is five years after draw down and the drawn down occurred at the end of April 2019. The fixed interest rate amounts to 2.49%. voxeljet pledged two 3D printers from property plant and equipment as collateral. On November 9, 2017, the EIB and the Company entered into the Finance Contract and a Synthetic Warrant Agreement (the “Synthetic Warrant Agreement”) to support the Company’s undertaking of research and development projects for growth from 2017 to 2020 and beyond. The contract provides a credit of up to € 25 million in three tranches of € 10 million, € 8 million, and € 7 million. Under the Finance Contract, the Company may borrow under the credit up to € 25 million, subject to a limit of 50% of the total research and development expenditures and manufacturing capital expenditures from 2017 to 2020 and beyond. The interest rates for the three tranches are 0%, 7% and 3%, respectively. The Company may borrow the second and third tranche only if certain revenue and EBITDA levels are met. The Finance Contract also includes a financial covenant that requires the Company to meet certain minimum financial ratios from 2019 to 2025. Under a First Demand Guarantee Agreement the Finance Contract is guaranteed by the voxeljet USA subsidiary. At the time the first tranche of € 10 million was received on December 22, 2017, the EIB under the Synthetic Warrant Agreement was entitled to receive as consideration cash equal to the market value of 195,790 ordinary shares of the Company (or equivalent number of ADS of the Company) at the maturity date ( 5 years after draw down), after the occurrence of a trigger event, or on the expiration date ( 10 years after draw down). Under the anti-dilution protection clause of the agreement the number of ordinary shares under the Synthetic Warrant Agreement was increased to 254,527 as a result of the capital increase effective October 17, 2018 and November 1, 2018. As a result of the capital increases in January and February 2021, also under the anti-dilution protection clause, the number of ordinary shares under the Synthetic Warrant Agreement was increased to 310,558. Due to a further capital increase in July 2021, also under the anti-dilution protection clause, the number of ordinary shares under the Synthetic Warrant Agreement was increased to 369,828. The Company has breached its Total Net Financial Debt to EBITDA ratio financial covenant and was in non-compliance with the letters of credit limit under the Finance Contract with the EIB as of December 31, 2019, under which the Company has to comply with certain minimum thresholds. As a result of the breach, the Company reclassified the face value of the loan of kEUR 10,000 from a non-current liability to a current liability as of December 31, 2019. After negotiations with the EIB, which started in July 2019, in March 2020, voxeljet received a waiver for the covenant breach in 2019 and also a grace period until March 31, 2021, within which voxeljet could rectify the breach and during which the EIB could not demand immediate repayment. In return, the Company 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 EIB in March 2020. In June 2020, the Company announced that the EIB and voxeljet further expanded their partnership. The EIB disbursed € 5.0 million of the second tranche (tranche B1) of the loan in June 2020 with a bullet repayment after five years. In addition, the EIB and the Company amended the financial covenants in the Finance Contract to replace the Total Net Financial Debt to EBITDA ratio with the Minimum Cash Covenant. As of June 30, 2020, pursuant to the semi-annual financial testing prescribed by the Finance Contract, as amended, the Company was in compliance with the Minimum Cash Covenant. For further information related to covenants, refer to Note 21. “Capital management” At the time tranche B1 of € 5 million was received in June 2020, the EIB under the Synthetic Warrant Agreement, as last amended on May 29, 2020, was entitled to receive as consideration cash equal to the market value of 404,928 ordinary shares of the Company (or equivalent number of ADS of the Company) at the maturity date ( 5 years after draw down), after the occurrence of a trigger event, or on the expiration date ( 10 years after draw down of the first tranche). Related to tranche B1, voxeljet and the EIB also agreed under the Finance Contract, last amended on May 29, 2020, a PIK interest (payment in kind interest) rate of 5% in addition to a 7% fixed interest rate. As a result of the capital increases in January and February 2021, under the anti-dilution protection clause, the number of ordinary shares under the Synthetic Warrant Agreement was increased to 494,068 . Due to the further capital increase in July 2021, also under the anti-dilution protection clause, the number of ordinary shares under the Synthetic Warrant Agreement was increased to 588,361 . In March 2021, the Company discovered that its calculation of cash and cash equivalents for determining compliance with the Minimum Cash Covenant was incorrect and, accordingly, the Company was not in compliance with the Minimum Cash Covenant as of December 31, 2020. Also in March 2021, the Company received a waiver from the EIB for the noncompliance with the Minimum Cash Covenant, pursuant to which (i) the EIB agreed that it will not demand immediate repayment of the outstanding amounts owed and (ii) the EIB and the Company amended the financial covenants in the Finance Contract to clarify the calculation of cash and cash equivalents for determining compliance with the Minimum Cash Covenant. Since March 2021, the Company has been in compliance with the Minimum Cash Covenant, and all other requirements under the Finance Contract. |
Cost of sales
Cost of sales | 12 Months Ended |
Dec. 31, 2021 | |
Cost of sales | |
Cost of sales | 13. Cost of sales Cost of sales includes personnel expenses, cost of material, purchased services, cost for finished goods and allocated indirect costs related to production. COST OF SALES Year Ended December 31, 2021 2020 2019 (€ in thousands) Personnel expenses (4,563) (4,594) (5,583) Material costs (7,744) (6,559) (6,796) Depreciation (1,983) (2,158) (2,686) Other expenses (1,735) (1,502) (2,382) Allowance for slow-moving inventory (851) 1 21 Total (16,876) (14,812) (17,426) In 2021, other expenses primarily consisted of expenses related to insurances (kEUR 306), cost of maintenance (kEUR 283), travel expenses (kEUR 177), rental and building expenses (kEUR 38) and license fees (kEUR 30). In 2020, other expenses primarily consisted of expenses related to insurances (kEUR 283), cost of maintenance (kEUR 208), travel expenses (kEUR 171), rental and building expenses (kEUR 104) and license fees (kEUR 53). In 2019, other expenses primarily consisted of cost of maintenance (kEUR 535), travel expenses (kEUR 312), expenses related to insurances (kEUR 269) rental and building expenses (kEUR 149) and license fees (kEUR 57). |
Other operating income and expe
Other operating income and expense | 12 Months Ended |
Dec. 31, 2021 | |
Other operating income and expense | |
Other operating income and expense | 14. Other operating income and expense The details of other operating income and expenses are presented for the years reported in the tables below: OTHER OPERATING INCOME Year Ended December 31, 2021 2020 2019 (€ in thousands) Government grant income 617 321 21 Reimbursement of research and development costs 110 -- -- Reimbursement of transaction costs 63 68 127 Gains from foreign exchange transactions 1,812 849 1,657 Other 368 365 338 Total 2,970 1,603 2,143 Other operating income includes an amount of kEUR 46 (2020: kEUR 75, 2019: kEUR 132) for the movement of impairment on trade receivables. OTHER OPERATING EXPENSE Year Ended December 31, 2021 2020 2019 (€ in thousands) Impairment loss on trade receivables 120 120 60 Losses from foreign exchange transactions 460 2,545 880 Impairment loss on inventory -- 100 -- Other 38 34 5 Total 618 2,799 945 |
Financial result
Financial result | 12 Months Ended |
Dec. 31, 2021 | |
Financial result | |
Financial result | 15. Financial result The details of financial result are presented for the years reported in the table below: Year Ended December 31, 2021 2020 2019 (1) (2) (€ in thousands) Interest expense (2,601) (2,589) (1,349) Interest expense on lease liability (149) (167) (190) Long-term debt (2,150) (1,602) (993) Expense from revaluation of derivative financial instruments -- (808) (106) Fair value valuation of financial assets (291) (10) -- Other (11) (2) (60) Interest income 924 184 318 Payout of bond funds 96 78 126 Income from revaluation of derivative financial instruments 752 93 -- Fair value valuation of financial assets -- -- 174 Other 76 13 18 Financial result (1,677) (2,405) (1,031) (1) (2) |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income taxes | |
Income Taxes | 16. Income taxes Income taxes consist of the following for the years reported: Income tax (expense) income Year Ended December 31, 2021 2020 2019 (1) (2) (€ in thousands) Current tax (expense) income -- -- -- Deferred tax (expense) income (65) 88 (39) Total (65) 88 (39) (1) (2) Deferred tax assets and liabilities The components of net deferred income taxes at the end of the respective reporting periods were as follows: SOURCES OF DEFERRED TAX ASSETS AND LIABILITIES December 31, 2021 2020 (€ in thousands) Deferred tax assets Deferred tax liabilities Deferred tax assets Deferred tax liabilities Trade receivables -- (7) -- (8) Other receivables and current assets 722 (7) 1,092 (92) Inventories 8 (4) 16 (291) Property, Plant & Equipment 5 (309) 5 (559) Trade liabilities 320 -- 429 -- Current financial liabilities 90 (1,406) 1,148 -- Current financial assets -- (838) 65 -- Other current liabilities and provisions 19 (2,109) 239 (2,053) Contract liabilities 543 (607) 762 (762) Contract liabilities non current 65 -- -- -- Non-current other assets -- (79) -- (28) Non-current financial liabilities 3,405 -- 764 -- Non-current financial assets -- -- -- (663) Tax losses carried forward 467 -- 138 -- Valuation allowance (203) (162) (248) (6) Tax assets (liabilities) 5,441 (5,528) 4,410 (4,462) Set off of tax (5,441) 5,441 (4,410) 4,410 Net tax -- (87) -- (52) At December 31, 2021 voxeljet AG had gross loss carry-forwards for corporation tax and trade tax losses of kEUR 65,983 and kEUR 64,632, respectively (2020: kEUR 49,698 / kEUR 48,630). These tax losses can be carried forward without restriction for future offset against taxable profits. Due to the Company's continuing loss situation, deferred tax assets regarding the loss-carryforward are recognized only to the extent that deferred tax liabilities exist, taking into account the minimum taxation in accordance with section 10d EStG. For voxeljet this means that deferred tax assets resulting from the loss carry-forward (kEUR 18,311 ) c In addition, there are foreign tax loss carry-forwards from voxeljet America amounting to kEUR 3,025 (2020: kEUR 2,480), also without restriction for future offset against taxable profits. Deferred tax assets resulting from the loss carry-forward (kEUR 635) cannot be recognized because no deferred tax liabilities are existing in correspondent amounts. A tax rate of 21 % (2020: 27 %) was applied. Foreign tax loss carry-forwards from voxeljet China and voxeljet India amounting to kEUR 3,592 (2020: kEUR 3,126) and kEUR 241 (20 Reconciliation of profit before income taxes to income tax The reconciliation between profit before income taxes and income tax benefit (expense) for the reporting periods presented was as follows: RECONCILIATION OF INCOME TAX BENEFIT (EXPENSE) Year Ended December 31, 2021 2020 2019 (1) (2) (€ in thousands) Loss before tax (10,521) (15,569) (13,939) Tax expense at prevailing statutory rate (28%) 2,946 4,359 3,903 Non-deductible expenses (875) (732) (447) Non-taxable income 146 80 -- Tax-rate related differences (45) (69) (198) Unrecognized temporary differences and tax losses (2,237) (3,550) (3,297) Income tax (expense) income (65) 88 (39) (1) (2) |
Personnel expenses
Personnel expenses | 12 Months Ended |
Dec. 31, 2021 | |
Personnel expenses | |
Personnel expenses | 17. Personnel expenses Personnel expenses included in cost of sales, research and development, and selling and administrative expenses are comprised of the following: PERSONNEL EXPENSES Year Ended December 31, 2021 2020 2019 (€ in thousands) Wages and salaries 11,490 11,568 13,885 Employee stock option plan 304 671 671 Social security contributions 2,391 2,289 2,710 Total 14,185 14,528 17,266 voxeljet AG offers to its employees a defined contribution plan called “MetallRente”. The contributions paid by the Company amounted to kEUR 59, kEUR 65 and kEUR 66 for the years ended December 31, 2021, 2020 and 2019, respectively and is presented within social security contributions. The employer’s contribution into the mandatory defined contribution plan (publicly administered contribution plan) amounted to kEUR 719, kEUR 754 and kEUR 889 for the years ended December 31, 2021, 2020, and 2019, respectively. |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2021 | |
Segment reporting | |
Segment reporting | 18. Segment reporting voxeljet operates in two reportable segments—Systems and Services—which reflect the internal organizational and management structure according to the distinct nature of the two businesses. The Systems business derives its revenues from the manufacture and sale of 3D printers, from the sale of consumables, as well as from lease, maintenance and extended warranty agreements with customers, while the Services business provides customized printed products to customers. The Management Board of voxeljet is the chief operating decision maker. The chief operating decision maker mainly monitors the Company’s revenues and gross profit, as the performance indicators. The following table summarizes segment reporting for each of the reporting periods ended December 31. As management’s controlling instruments are mainly revenue-based, the reporting information does not include a detailed breakdown of all assets and liabilities by category. The sum of the amounts for the two segments equals the total for the Company for each of the years presented. SEGMENT REPORTING Year Ended December 31, 2021 2020 (€ in thousands) CONSO CONSO SYSTEMS SERVICES LIDATION GROUP SYSTEMS SERVICES LIDATION GROUP Revenues 17,700 9,098 (1,972) 24,826 13,159 9,011 (603) 21,567 third party 15,728 9,098 — 12,556 9,011 — 21,567 inter-segment 1,972 — (1,972) — 603 — (603) — Cost of sales (10,477) (6,399) (16,876) (8,115) (6,697) (14,812) Gross profit 5,251 2,699 7,950 4,441 2,314 6,755 Gross profit in % 33.4% 29.7% 32.0% 35.4% 25.7% 31.3% Operating Expenses (19,146) (18,723) Other operating expenses (618) (2,799) Other operating income 2,970 1,603 Operating loss (8,844) (13,164) Finance expense (2,601) (2,589) Finance income 924 184 Financial result (1,677) (2,405) Loss before income taxes (10,521) (15,569) Income tax income (expense) (65) 88 Net loss (10,586) (15,481) Year Ended December 31, 2019 (€ in thousands) SYSTEMS SERVICES Revenues 13,454 11,148 Gross profit 4,284 2,892 Gross profit in % 31.8% 25.9% Systems revenues include revenues from the sales of used 3D printers of kEUR 2,601, kEUR 2,328, and kEUR 2,007 for the years ended December 31, 2021, 2020, and 2019, respectively. Geographic information REVENUES BY GEOGRAPHICAL REGION voxeljet’s revenues and non-current assets are presented below by geographic region. For purposes of this presentation, revenues are based on the geographic location of customers and assets are based on their geographic location. voxeljet’s revenues were generated in the following geographical regions for the years reported: Year Ended December 31, 2021 2020 2019 (€ in thousands) EMEA 12,228 11,466 11,265 Germany 4,269 4,647 4,474 France 1,391 841 1,314 Great Britain 1,413 963 1,224 Others 5,155 5,015 4,253 Asia Pacific 7,107 4,521 6,302 South Korea 623 1,787 1,242 China 3,004 1,101 3,993 Indonesia -- 93 55 Others 3,480 1,540 1,012 Americas 5,491 5,580 7,035 United States 5,389 5,453 6,843 Others 102 127 192 Total 24,826 21,567 24,602 Revenues generated in the region Asia Pacific included kEUR 2,563 and kEUR 31 related to India and Japan respectively, for the business year 2021, presented in others (2020: kEUR 93 and kEUR 1,406, respectively). Revenues generated in the region EMEA included kEUR 1,931 and kEUR 21 related to Spain and Russia respectively, for the business year 2021, presented in others (2020: kEUR 644 and kEUR 1,322, respectively). NON-CURRENT ASSETS BY GEOGRAPHICAL REGION December 31, 2021 2020 (€ in thousands) EMEA 19,279 19,730 Germany 19,279 19,730 Asia Pacific 1,343 1,609 Americas 4,089 3,751 United States 4,089 3,751 Total 24,711 25,090 |
Financial risk management
Financial risk management | 12 Months Ended |
Dec. 31, 2021 | |
Financial risk management | |
Financial risk management | 19. Financial risk management The Company’s Management Board is responsible for implementing the finance policy and for ongoing financial risk management. Therefore, the Management Board has established a Risk Management Committee, which is responsible for developing and monitoring of the Group’s risk management policies, especially regarding financial risks. Generally, the committee provides an overview of financial risks on a quarterly basis to the Management Board as part of the Company’s quarterly management reporting procedures. The Company’s principal financial instruments are comprised of cash, short-term bank deposits at commercial institutions, bond funds, lease obligations and long-term debt. The main purpose of the financial investments is to provide a return on investments with minimal risk. The Company has other financial assets and liabilities including trade receivables and trade payables, which arise directly from its operations. The main purpose of the financial liabilities is to fund the Company’s operations and research and development activities. Portions of the long-term debt include two embedded derivative financial instruments, one recorded as a financial asset and one recorded as a financial liability, related to a future interest payment which are linked to the Company’s stock price (Performance Participation Interest). The main risks arising from the Group’s financial instruments are liquidity risk, foreign exchange risk, credit risk, interest rate risk and equity price risks. The measures taken by Management to manage each of these risks are summarized below. Material transactions related to activities in the area of financial instruments like entering into loan agreements or investments in bond funds require the prior approval of the Chief Financial Officer. The Company did not enter into any derivative financial instruments including those entered into for hedging purposes in 2021. Foreign exchange risk The Company is exposed to foreign exchange risk to the extent that there is a difference between the currencies in which sales, purchases and borrowings are denominated and the respective functional currencies of subsidiaries of the Group. The functional currencies of the parent company voxeljet AG and its subsidiaries are the Euro, U.S. Dollar, British Pound Sterling, Indian rupee and Chinese yuan renminbi. The majority of the sale, purchase and borrowing transactions are denominated in the functional currency of the parent company or its subsidiaries. The Company’s most significant foreign exchange risk relates to intercompany loans made from voxeljet AG to subsidiaries, as described below. The Company invoiced 61% in 2021, 68% in 2020 and 62% in 2019 of total revenues in Euros. As revenues in foreign currency usually correspond to costs which are incurred in the same currency, we consider the foreign exchange risk as minor. For the year ended December 31, 2021, voxeljet generated 36.1% of its revenues in the eurozone. Additionally, the majority of the Company’s sourcing transactions are also transacted in Euros in that zone. voxeljet AG has provided intercompany loans to its subsidiaries to finance their operations. The loans were granted in the local currency of the subsidiaries. Gains and losses from movements in exchange rates are recorded within other operating income or expense in the consolidated statement of comprehensive loss. The amount loaned to voxeljet America totaled to USD 9.0 million (€ 7.9 million) as of December 31, 2021. An increase/decrease in the value of the Euro against the U.S. Dollar of 10% would lead to a loss of € 0.7 million/gain of € 0.9 million. As of December 31, 2020 the amount loaned to voxeljet America totaled to USD 9.0 million (€ 7.4 million). An increase/decrease in the value of the Euro against the U.S. Dollar of 10% would led to a loss of € 0.7 million/gain of € 0.8 million. The significant exchange rates which have been applied during the years presented are disclosed in Note 3. Interest rate risk voxeljet’s principal interest-bearing positions are liabilities for bank borrowings and lease liabilities. These liabilities are entirely at a fixed interest rate, with one exception. As such, changes in market interest rates for these instruments have no material effect on future interest expenses. In connection with tranche A amounting to € 10.0 million and the first portion of the second tranche (tranche B1) amounting to € 5.0 million, both related to the loan received by the EIB, the Company issued in each case a warrant, Performance Participation Interest (PPI), accounted for separately as derivative financial instruments bifurcated from the host contract (loan financial liability), with changes in fair value reported in the consolidated statements of comprehensive loss until the derivative financial instruments are settled or expired. Both portions of the loan are accounted for according to the effective interest method. Changes in the market interest rate will not affect the loan accounting. However, the derivative instruments are affected by changes in the risk-free rate. The sensitivity analysis of changes in the risk-free rate (increase or decrease by 10%) did not yield any significant effects. Equity price risk The Company is also exposed to equity price risks which arise from embedded derivative financial instruments (PPI) bifurcated from the loans received by the EIB as mentioned above, which depend upon the Company’s share price. Changes in the Company’s share price will affect the value of the equity forward derivative instruments (increasing share prices as compared to the share price at disbursement date will lead to decrease in fair value of derivatives, decreasing share prices will lead to an increase in fair value of derivatives). An increase/decrease of the price per share by USD 1.00 leads to a decrease/ increase of the derivative asset (tranche A) by approximately kEUR 326. An increase/decrease of the price per share by USD 1.00 leads to a increase/ decrease of the derivative liability (tranche B1) by approximately kEUR 519. Credit risk Credit risk is the risk of the Company suffering a financial loss as the result of its counterparties being unable to perform their obligations. The Company is exposed to credit risk from its operating activities (mainly trade receivables) and from its financing activities, including deposits and investments with financial institutions. Therefore, the carrying amount of cash and cash equivalents, other current financial assets, and trade receivables represents the maximum credit exposure of € 31.7 million (2020: € 15.4 million). The Company’s exposure to credit risk is influenced by the individual characteristics of each counterparty. However, Management also considers factors that influence the credit risk of its counterparty base, including the default risk of the industry and the country in which the counterparty operates. voxeljet seeks to minimize such risk by entering into transactions with counterparties that are believed to be creditworthy business partners or with financial institutions which meet high credit rating requirements. In addition, the portfolio of receivables and customer advances is monitored on a continuous basis. There were no customer loans outstanding as of December 31, 2021 and 2020. Since 2018, the Company calculates an expected credit loss (ECL) for trade receivables based on the risk scoring of its customers according to an external rating agency. Following the risk score of each customer, the trade receivables are clustered into different grades. For each grade, the ECL is calculated after deducting from trade receivables a loss allowance based on actual credit loss experience. December 31, 2021 Equivalent to external credit rating Weighted-average Gross carrying Impairment loss Net carrying Grades (Standard & Poor’s) loss rate amount allowance amount (€ in thousands) Grades 1-4: Low risk BBB+ to AAA 0.2% 3,103 5 3,098 Grades 5-7: Fair risk B+ to BBB 1.3% 2,787 37 2,750 Grades 8-9: Substandard CCC- to B 7.0% 130 9 121 Grade 10: Doubtful C to CC 25.0% 184 46 138 Grade 11: Loss D 100.0% 21 21 -- 6,225 118 6,107 December 31, 2020 Equivalent to external credit rating Weighted-average Gross carrying Impairment loss Net carrying Grades (Standard & Poor’s) loss rate amount allowance amount (€ in thousands) Grades 1-4: Low risk BBB+ to AAA 0.2% 1,686 2 1,684 Grades 5-7: Fair risk B+ to BBB 1.3% 2,209 29 2,180 Grades 8-9: Substandard CCC- to B 7.0% 876 61 815 Grade 10: Doubtful C to CC 25.0% 2 1 1 Grade 11: Loss D 100.0% 15 15 -- 4,788 108 4,680 The Group limits its exposure to credit risk by investing only in bond funds which are fully guaranteed by the financial institutions and therefore represents short term credit rating of A-3 based on Standard & Poor’s or P-2 based on Moody’s. The bank deposit, cash and cash equivalents, term deposits and restricted cash are held with financial institutions, which are rated BBB+ to AAA based on Standard & Poor’s and Moody’s which is equivalent to low risk. Liquidity risk Management receives a weekly reporting of the current liquidity of the Group by entity. Furthermore, a monthly cash flow plan meeting has been established, where Management reviews the cash forecasts and the future development of flows of funds on an ongoing basis. Liquidity risk is the risk that voxeljet might not have sufficient cash to meet its payment obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the reputation of the Company. Liquidity risk is countered by systematic, day-by-day liquidity management whose fundamental requirement is that solvency must be guaranteed at all times. A major responsibility of management is to monitor the cash balances and to set up and update cash planning on a monthly basis to ensure liquidity. At all times cash and cash equivalents are projected on the basis of a regular financial and liquidity planning. The monitoring includes the expected cash inflows on trade and other receivables together with expected cash outflows from trade and other payables and financial liabilities. For further discussion see Note 2. The following are the contractual cash flows of financial liabilities and trade payables at the reporting date. The amounts are gross and undiscounted and include contractual interest payments. December 31, 2021 (€ in thousands) Contractual cash flow carrying amount Total 2 months or less 2-12 months 1-3 years 3-5 years More than 5 years Long-term debt 24,078 (31,042) (109) (15,363) (1,528) (10,595) (3,447) Lease liability 3,210 (3,704) (76) (659) (1,472) (678) (819) Trade payables 2,594 (2,594) (2,594) -- -- -- -- Total 29,882 (37,340) (2,779) (16,022) (3,000) (11,273) (4,266) December 31, 2020 (€ in thousands) Contractual cash flow carrying amount Total 2 months or less 2-12 months 1-3 years 3-5 years More than 5 years Long-term debt 23,152 (31,280) (295) (25,236) (915) (625) (4,209) Lease liability 3,124 (3,715) (71) (341) (1,627) (637) (1,039) Trade payables 1,956 (1,956) (1,956) -- -- -- -- Total 28,232 (36,951) (2,322) (25,577) (2,542) (1,262) (5,248) voxeljet has significant financial obligations, related to the repayment of tranche A including the performance participation interest from the loan received from the EIB, which will become due in December 2022. Additionally, the Company has to ensure at all times compliance with all covenants, especially the minimum cash covenant. For further discussion see Note 2. |
Reconciliation of movements of
Reconciliation of movements of liabilities to cash flows arising from financing activities | 12 Months Ended |
Dec. 31, 2021 | |
Reconciliation of movements of liabilities to cash flows arising from financing activities | |
Reconciliation of movements of liabilities to cash flows arising from financing activities | 20. Reconciliation of movements of liabilities to cash flows arising from financing activities Only liabilities are presented in the below table which have cash and non-cash movement, other liabilities are not presented. Liabilities (€ in thousands) Other loans and borrowings Lease liabilities Balance at January 1, 2021 23,152 3,124 Changes from financing cash flows Proceeds from loans and borrowings -- — Repayment of borrowings (1,004) — Payment of lease liabilities — (334) Total changes from financing cash flows (1,004) (334) Other changes Liability-related New leases — 133 Remeasurements — (6) Terminations — (9) Adjustment (70) — Foreign currency effects — 256 Interest expense 2,150 149 Interest paid (150) (103) Total liability-related other changes 1,930 420 Total equity-related other changes — — Balance at December 31, 2021 24,078 3,210 Liabilities (€ in thousands) Other loans and borrowings Lease liabilities Balance at January 1, 2020 17,546 3,610 Changes from financing cash flows Proceeds from loans and borrowings 5,000 — Repayment of borrowings (863) — Payment of lease liabilities — (412) Total changes from financing cash flows 4,137 (412) Other changes Liability-related New leases — (138) Adjustment — 22 Interest expense 1,602 167 Interest paid (133) (125) Total liability-related other changes 1,469 (74) Total equity-related other changes — — Balance at December 31, 2020 23,152 3,124 |
Capital management
Capital management | 12 Months Ended |
Dec. 31, 2021 | |
Capital management | |
Capital management | 21. Capital management Management’s aim is to maintain a sufficient capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Equity is monitored by the Company using financial ratios. The equity used as a basis for determining the equity ratio corresponds to the equity disclosed in the Consolidated Statement of Financial Position. voxeljet’s capital structure as of the end of the reporting periods 2021 and 2020 was as follows: CAPITAL STRUCTURE December 31, 2021 2020 (€ in thousands) Equity 32,487 19,641 Share of total equity and liabilities 48.2% 36.9% Current financial liabilities 14,882 19,770 Non-current financial liabilities 12,938 7,314 Total financial liabilities 27,820 27,084 Share of total equity and liabilities 41.2% 50.9% Total equity and liabilities 67,459 53,227 LOAN COVENANTS Under the terms of the major borrowing facilities, voxeljet is required to comply with the following financial covenants: - Maintain a minimum amount of cash and cash equivalents - Maintain a minimum total net financial debt ratio to total equity - Pledge of a certain security deposit As of December 31, 2021, the Company was in compliance with all covenants. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases | |
Leases | 22. Leases Leases as lessee The Company leases assets, including properties, production equipment and vehicles. As a lessee, the Company previously classified leases as operating or finance leases based on its assessment of whether the lease transferred substantially all of the risks and rewards of ownership. Under IFRS 16, the Company recognizes right-of-use assets and lease liabilities for most leases. These leases are on-balance sheet. However, the Company has elected not to recognize right-of-use assets and lease liabilities for some leases of low-value assets (e.g. tools) as well as short-term leases (leases with less than 12 months of lease term). The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. Right-of-use assets: Property, plant and equipment Property Production equipment Others Total (€ in thousands) Balance at January 1, 2021 2,892 45 254 3,191 Depreciation charge of the year (493) (26) (132) (651) Additions to the right-of-use assets -- -- 132 132 Derecognition of the right-of-use assets -- -- (15) (15) Foreign currency effects 249 -- -- 249 Balance at December 31, 2021 2,648 19 239 2,906 Amounts recognized in profit or loss: 2021 2020 2019 (€ in thousands) Leases under IFRS 16 Interest on lease liabilities 149 167 190 Expenses relating to short-term-leases -- -- 39 Depreciation charge of the year 651 682 765 We had an immaterial amount of low value leases in years 2021 and 2020. Amounts recognized in statement of cash flows: 2021 2020 2019 (€ in thousands) Total cash outflow for leases (334) (412) (397) Some property leases contain extension options exercisable by the Group up to one year before the end of the non-cancellable contract period. Where practicable, voxeljet seeks to include extension options in new leases to provide operational flexibility. The extension options held are exercisable only by the Group and not by the lessors. The Group assesses at lease commencement date whether it is reasonably certain to exercise the extension options. The Group reassesses whether it is reasonably certain to exercise the options, if there is a significant event or significant changes in circumstances within its control. For all existing extension options, voxeljet assessed that the exercise of those is reasonably certain. Therefore, the impact is already included within the lease liabilities. Leases as lessor The Company leases out a small number of 3D printers. Those leases have been classified as operating leases. In 2021, voxeljet leased out zero 3D printers (2020: one 3D printer) to customers under operating leases. Beginning December 2021, the Company has leased out office space to a third party in Friedberg, Germany. This lease has been classified as an operating lease. The office space has been leased out under operating leases with rentals payable monthly. Lease income from operating leases where the group is a lessor is recognized in other operating income on a straightline basis over the lease term. Lease payments from the contract do not include any variable lease payments. During the year ended December 31, 2021, lease income amounting to kEUR 9 was recorded in other operating income. Lease income from operating lease: 2021 2020 2019 (€ in thousands) Operating lease under IFRS 16 Less than one year 106 -- 38 1-3 years 212 -- -- 3-5 years 203 -- -- |
Commitments, contingent assets
Commitments, contingent assets and liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Commitments, contingent assets and liabilities | |
Commitments, contingent assets and liabilities | 23. Commitments, contingent assets and liabilities In connection with the enforcement of voxeljet’s intellectual property rights, the acquisition of third-party intellectual property rights, or disputes related to the validity or alleged infringement of the Company’s or a third-party’s intellectual property rights, including patent rights, voxeljet has been and may in the future be subject or party to claims, negotiations or complex, protracted litigation. In March 2018, ExOne GmbH, a subsidiary of The ExOne Company, notified voxeljet of its intent not to pay its annual license fees under an existing intellectual property-related agreement and asserted its rights to claim damages pursuant to an alleged material breach of the agreement. At this time, the Company cannot reasonably estimate a contingency, if any, related to this matter. On November 12, 2021, The ExOne Company and its affiliates were by DESKTOP METAL, INC. voxeljet AG issued letters of support to voxeljet’s subsidiaries voxeljet China and voxeljet America to provide financial support to enable the companies to meet its obligation or liabilities as and when they fall due. The guarantee is irrecoverable for at least 12 months from the date of financial statements for the financial year ended December 31, 2021, are signed. Management assessed that it is unlikely that subsidiaries would exercise this letter. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related party transactions | |
Related party transactions | 24. Related party transactions Related party transactions at voxeljet mainly consist of transactions with individuals on the Management Board and Supervisory Board. Key management is defined as those individuals having authority and responsibility for planning, directing and controlling the activities of the Company within their function and within the interest of the Company. The following table presents the amount and components of Management Board compensation: MANAGEMENT COMPENSATION Year Ended December 31, 2021 2020 2019 (€ in thousands) Fixed compensation 709 761 782 Variable compensation 83 -- -- Compensation from stock option plan 160 353 353 Total 952 1,114 1,135 Management Board remuneration currently consists of a fixed monetary remuneration, other fixed benefits (including Company car allowances and contributions to a defined contribution plan) as well as the participation in a stock options plan, which was executed on April 7, 2017. There were no variable compensations for the years 2020 and 2019. Ordinary members of the Supervisory Board receive a fixed remuneration in the amount of kEUR 40 per annum. The chairman and vice chairman of the Supervisory Board receive a higher fixed remuneration in the amount of kEUR 80 per annum and kEUR 60 per annum, respectively. If a member of the Supervisory Board does not serve for a full year term, the remuneration is paid pro rata temporis. In 2021, the total remuneration for the Supervisory Board amounted to kEUR 180. Transactions with related parties A related party relationship could have an effect on the profit and loss and financial position of the Company. Defined as related parties are individuals or other third parties with whom voxeljet has common control relationships. OTHER RELATED PARTIES Name Nature of relationship Duration of relationship Franz Industriebeteiligungen AG, Augsburg Lessor 10/01/2003 - Current Schlosserei und Metallbau Ederer, Dießen Supplier 05/01/1999 - Current Andreas Schmid Logistik AG, Gersthofen Supplier 05/01/2017 - 12/31/2020 Suzhou Meimai Fast Manufacturing Technology Co., Ltd, Suzhou Minority shareholder of voxeljet China, Customer 04/11/2016 - 09/01/2021 DSCS Digital Supply Chain Solutions GmbH, Gersthofen Customer 05/11/2017 - Current Michele Neuber Employee 07/01/2019 - Current Susanne Ederer-Pausewang Customer 03/17/2021 - Current Lisa Franz Employee 10/01/2021 - Current Transactions with Franz Industriebeteiligungen AG comprise the rental of office space in Augsburg, Germany. Rental expenses amounted to kEUR 3, kEUR 3, and kEUR 2 in 2021, 2020 and 2019, respectively. The rental of office space is ongoing and will continue in 2022. In addition, Franz Industriebeteiligungen AG received payments related to the use of certain paintings which are placed in the administrative building in Friedberg. Associated rental expenses amounted to kEUR 2 in 2018. At the beginning of 2019, voxeljet acquired those paintings at a price of kEUR 2 and consequently the rental agreement pertaining to the paintings was terminated. In addition, voxeljet received logistics services amounting to kEUR 0, kEUR 25 and kEUR 56 in 2021, 2020 and 2019, respectively from ‘Andreas Schmid Logistik’, where voxeljet’s Supervisory Board member Dr. Stefan Söhn served as the Chief Financial Officer until December 2020. Dr. Stefan Söhn resigned from his office as vice chairperson and member of the supervisory board of the Company for professional reasons with effect from the end of the general shareholders’ meeting on May 26, 2021. Moreover, voxeljet received orders amounting to kEUR 146, kEUR 25 and kEUR 164 in 2021, 2020 and 2019, respectively from ‘Suzhou Meimai Fast Manufacturing Technology Co., Ltd., which was our minority shareholder for voxeljet China until September 1, 2021. On this date, Meimai transferred half of its equity interest in voxeljet China, or 15% of voxeljet China’s equity, to its shareholder MK Holding GmbH and the remaining half of its equity interest, or 15% of voxeljet China’s equity to its shareholder Mr. Jin Tianshi, the managing director of voxeljet China. As a result, as of September 1, 2021, Meimai is no longer a related party. Further, voxeljet received orders amounting to kEUR 0, kEUR 0 and kEUR 13 in 2021, 2020 and 2019, respectively from DSCS Digital Supply Chain Solutions GmbH (“DSCS”), which was an associated company of which we own 33.3% . In addition, voxeljet employs Michele Neuber as an intern. Michele Neuber is the son of Volker Neuber, who has been a member of voxeljet’s Supervisory Board since July 2020. Michele Neuber received a salary of kEUR 2, kEUR 2 and kEUR 2 in 2021, 2020 and 2019 respectively. voxeljet employed Simon Franz, who is the son of voxeljet’s Chief Financial Officer Rudolf Franz, as an intern until July 31, 2019. He received a salary of kEUR 9 in 2019. Moreover, voxeljet sold a used car in the first quarter of 2021 to Susanne Ederer-Pausewang, who is the wife of Dr. Ingo Ederer, the Chief Executive Officer of voxeljet, amounting to kEUR 27. In addition, voxeljet has employed Lisa Franz, who is the daughter of Rudolf Franz, the Chief Operating Officer and Chief Financial Officer of voxeljet, as an intern since October 1, 2021. She received a salary of kEUR 2 in 2021. All related party transactions, voxeljet entered into, were made on an arm’s length basis. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity. | |
Equity | 25. Equity At December 31, 2021, 7,026,711 no-par value ordinary shares were issued and outstanding On July 31, 2020, the Company announced that it would change the ratio of its ADSs to ordinary shares from each ADS representing one one On August 18, 2020, the Company announced that it would voluntarily transfer the listing of the ADSs from the New York Stock Exchange (the “NYSE”) to the NASDAQ, effective August 28, 2020, after market close. voxeljet’s ADSs began trading as a NASDAQ-listed security at market open on August 31, 2020, and have continued to be listed under the ticker symbol “VJET.” Due to the transfer of the listing to the NASDAQ, the Company is no longer subject to the listing requirements of the NYSE. As of December 31, 2021, voxeljet was in compliance with the NASDAQ Listing Rules. In January 2021, the Company has successfully completed its registered direct offering and sale of 621,170 ordinary shares in the form of ADS 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 approximately $10 million (€ 8.3 million) before deducting fees and expenses, amounting to kEUR 1,073. In February 2021, voxeljet completed another registered direct offering and sale of 443,414 ordinary shares in the form of ADS 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 the Company with gross proceeds of approximately $12 million (€ 9.9 million) before deducting fees and expenses, amounting to kEUR 1,127. In the general shareholders’ meeting on May 26,2021, Management Board is authorized to increase the authorized capital in to In July 2021, the Company has successfully completed another registered direct offering and sale of 1,126,127 ordinary shares in the form of ADS 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). This provided the Company with gross proceeds of approximately USD 10.0 million (€ 8.5 million) before deducting fees and expenses, amounting to kEUR 1,017. After the capital increase in July, 2021, the remaining amount of ordinary shares that can be issued is 1,824,165. The Articles of Association authorize the Management Board, subject to the consent of the Supervisory Board, to increase the Company’s registered share capital in one or more tranches by up to € 1,824,165 by issuing up to 1,824,165 new no-par value ordinary shares against contribution in cash or in kind until May 25, 2026. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent events | |
Subsequent events | 26. Subsequent events Finalization of liquidation of voxeljet UK The liquidation process of voxeljet UK was finalized on February 17, 2022, when upon submission of final account by liquidators to the Companies House, the affairs of voxeljet UK were fully wound up. voxeljet UK will be deconsolidated in February 2022. On deconsolidation, the foreign currency translation reserve amounting to kEUR 1,476 recorded in other comprehensive income is reclassified to profit and loss account. Extension of lease contract voxeljet China On February 22, 2022, shortly before its expiration, the lease contract of voxeljet’s subsidiary voxeljet China was renewed for two years, extending from March 1, 2022 to February 29, 2024. The renewal period previously agreed in the original contract was three years. The lease liability will be reduced from kEUR 1,027 to kEUR 709 and the right of use asset will be reduced from kEUR 884 to kEUR 566. Conflict between Russia and Ukraine On February 24, 2022, Russian invasion of Ukraine started, which heightened use of trade restrictions and sanctions, including tariffs or prohibitions on technology transfers to achieve diplomatic ends. As a consequence, voxeljet wrote off kEUR 97 of receivables from Russian clients in the first quarter of 2022 and stopped all business transactions with clients from Russia, Belarus and Ukraine. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of significant accounting policies | |
Consolidation | Consolidation Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intercompany balances and transactions are eliminated in preparing the consolidated financial statements. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in the joint venture are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income of equity-accounted investees, until the date on which significant influence or joint control ceases. |
Revenues from contracts with customers | Revenues from contracts with customers The Company estimates the transaction price at contract inception, including any variable consideration. The revenue is measured at the transaction price agreed under the contract, net of discount. In most cases, the consideration is due when legal title has been transferred. Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on a relative stand-alone selling price. List prices are considered as the stand-alone selling price of the product. Under IFRS 15, the Company recognizes revenue on the maintenance contracts based on the input method, such as the number of service visits or the provision of certain goods, in particular printheads, to measure the progress that depicts the transfer of control of the goods or services to the customer toward complete satisfaction of a performance obligation over time. Therefore, the expected number of service visits and goods to be provided under a contract have been estimated by the Company’s service department based on historical experience. Revenue on the sale of new or refurbished 3D printers is recognized at the point in time after completed installation of 3D printers at the customer site and evidenced through final acceptance by the customer. Customers obtain control of the 3D printers when the customers have accepted the assets. Refurbished 3D printers usually were produced for and used in our Services segment. On average, these refurbished printers have been operating within a voxeljet service center for 1.5 to 2.5 years prior to their sale. Before these 3D printers are sold, they are fully refurbished and a new printhead is installed. The cost of sales include the residual value as well as the costs related to the refurbishment. The Group provides customers with statutory warranty on all 3D printers for one year. The warranty presents assurance-type warranty and is not treated as a separate performance obligation. After the initial one-year warranty period, the Group offers its customers optional maintenance contracts, which are accounted for as separate performance obligations. The Company, from time to time, offers to customers, to operate their purchased 3D printer and perform 3D printing on custom-ordered printed products for a temporary period before the customers’ facility is configured according to required technical specifications. The Company recognizes revenue for the use of space on Company premises over time under the term of the contracts. The Company recognizes revenue from the sale of customized printed products from the customer’s purchased 3D printer, upon transfer of control of ownership to the customers, generally upon shipment. Revenue on the sale of customized printed products is recognized at the point in time when the control of ownership of the assets is transferred to the customers, generally upon shipment. Shipping, packaging and handling costs billed to customers for the sales of customized printed products and consumables are not considered as a separate performance obligation. The Company recognized the gross revenue at the point in time as the service is provided, i.e. upon shipment. Costs incurred by the Company associated with shipping, packaging and handling are included in selling expenses in the consolidated statements of comprehensive loss. Invoices from revenue streams, besides the sale of new or refurbished 3D printers are usually payable within 30 of credit. These advance payments are recognized as contract liabilities. Maintenance contracts are generally billed to customers in advance on a monthly, quarterly, or annual basis, and are initially recorded as a contract liability as the Company has an enforceable right to payment after the contract has been signed. It is the Group’s policy that it does not offer products to the end customer with a right of return. Therefore, neither a refund liability nor a right to the returned goods are recognized. A contract liability is recognized when the Company has received consideration (i.e. advance payment) from customers before satisfying a performance obligation or has an unconditional right to payment under a non-cancellable contract before it transfers the related goods or services to the customer under maintenance and extended warranty contracts. The extended warranty is considered as service-type warranty and therefore accounted as a separate performance obligation. The contract liabilities primarily relate to (1) the advance consideration received from customers before satisfying a performance obligation, or an unconditional right to payment under a non-cancellable contract before it transfers the related goods or services to the customer under maintenance contracts, for which revenue is recognized over time; and (2) the advance consideration received from customers for the sale of new or refurbished 3D printers, for which revenue is recognized when the customer has accepted the assets. The total amount of unfulfilled performance obligations for 3D printer sales is € 3.9 million. The Company expects to realize the entire amount in 2022. The amount of kEUR 2,742 included in contract liabilities at December 31, 2020 has been recognized as revenue in 2021 (2020: kEUR 772). Management expects that 90% (kEUR 2,131 ) of the transaction price allocated to unsatisfied performance obligations as of December 31, 2021 will be recognized as revenue during the next reporting period. The remaining 10% (kEUR 230) will be recognised in the 2023 fiscal year. In the following table, revenue from contracts with customers is disaggregated by primary geographical market, and timing of revenue recognition. The table also includes a reconciliation of the disaggregated revenue with the Group’s reportable segments (see Note 18). Year ended December 31, SYSTEMS SERVICES 2021 2020 2019 2021 2020 2019 Primary geographical markets EMEA 6,646 5,926 4,951 5,582 5,540 6,314 Asia Pacific 6,099 3,612 5,371 1,008 909 931 Americas 2,983 3,018 3,132 2,508 2,562 3,903 15,728 12,556 13,454 9,098 9,011 11,148 Timing of revenue recognition Products transferred at a point in time 14,634 11,366 12,332 9,098 9,011 11,148 Products and services transferred over time 1,094 1,190 1,122 -- -- -- Revenue from contracts with customers 15,728 12,556 13,454 9,098 9,011 11,148 In 2021, voxeljet leased zero 3D printers (2020: one 3D printer and 2019: two 3D printers) to customers under operating leases. Rental income is recognized on a straight-line basis over the term of the lease as revenue and is reported within the Systems segment. |
Financial instruments | Financial instruments Financial instruments are contracts that give rise to a financial asset in one entity and a financial liability or equity instrument in another entity. voxeljet recognizes financial assets and financial liabilities in the balance sheet when an entity of the Group becomes a contractual party to the financial instrument. All customary purchases and sales of financial assets are recognized on the trading date, i.e. the date on which the Company enters into the obligation to purchase the asset. Financial assets and financial liabilities are generally reported at gross value. Netting only applies if the offsetting of the amounts is legally enforceable and it is intended to actually offset them. In general, voxeljet does not intend to offset any amounts. Initial measurement At initial recognition, voxeljet measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transactions costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed immediately. A trade receivable without a significant financing component is initially measured at the transaction price. Financial liability is initially measured at its fair value minus, in the case of a financial liability not at fair value through profit or loss, transactions costs that are directly attributable to the issue of the financial liability. Transaction costs of financial liabilities carried at fair value through profit or loss are expensed immediately. Classification and subsequent measurement of financial assets and financial liabilities Under IFRS 9, on initial recognition, a financial asset is classified as measured at: amortized cost (AC), fair value through other comprehensive income (FVOCI), or fair value through profit or loss (FVTPL). The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at amortized cost (AC) if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold financial assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial debt instrument is measured at fair value through other comprehensive income (FVOCI) if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objectives are both to hold financial assets to collect contractual cash flows and to sell financial assets; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to record subsequent changes in the investment’s fair value in OCI (FVOCI) without recycling. This election is made on an investment-by-investment basis. The company has not utilized the option to record subsequent changes in the equity investment’s fair value in OCI (FVOCI) as of December 31, 2021 and 2020. All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. The company has not utilized this option as of December 31, 2021 and 2020. Under IFRS 9, initially our short-term investments in bond funds were classified as fair value through other comprehensive income (FVOCI). In the first quarter of 2020, we amended our classification of short-term investments included in current financial assets as FVTPL. For further information, see Note 2. On initial recognition, a financial liability is classified as measured at: amortized cost (AC) or fair value through profit or loss (FVTPL). A financial liability is measured at amortized cost (AC) unless it is either held for trading or designated as at FVTPL. Financial liability is subsequently measured at amortised cost using the effective interest method, which allocates interest expense at a constant rate over the term of the instrument. The effective interest rate of a financial liability is calculated at initial recognition and is the rate that exactly discounts the expected cash flows through the expected life of the financial liability. The Company may irrevocably designate a financial liability as measured at FVTPL which is either managed on a portfolio basis and its performance is evaluated on a fair value basis, or if its designation would eliminate or significantly reduce an accounting mismatch that would otherwise arise or if it is a hybrid instrument that contains one or more embedded derivatives. The company has not utilized this option as of December 31, 2021 and 2020. Recognition of gains and losses (by category) The recognition of gains and losses of voxeljet's financial assets is based on their classification: - At amortized cost: Interest income from these financial assets is reported in the financial income using the effective interest method. Gains and losses on derecognition are recorded in the income statement and, considering related foreign currency gains and losses, reported under other operating income and expenses. - At fair value through profit or loss: Gains or losses of derivative financial instruments and short term investments, which are subsequently measured at fair value through profit or loss, are included in the income statement as finance income or finance expense in the period in which they arise. The recognition of gains and losses of voxeljet’s financial liabilities depends on their classification: - Financial liabilities at fair value through profit or loss: This category includes derivative financial instruments that are not designated as hedging instruments in accordance with IFRS 9 hedge accounting rules. Gains and losses are recognized in the income statement as finance income or finance expense in the period in which they arise. - Financial liabilities measured at amortized cost: This category includes trade payables and interest-bearing loans. After initial recognition, these are measured at amortized cost using the effective interest method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as in case of amortization using the effective interest method. Amortization according to the effective interest method is included in interest expenses in the profit and loss account. Derecognition voxeljet derecognizes financial assets (or parts of their financial assets where applicable) when the rights to receive cash flows from the financial asset have expired or have been transferred and the Group substantially transferred all opportunities and risks associated with the ownership. A financial liability is derecognized when the obligation under the liability is settled, cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, this exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability. In case of minor changes in conditions a change in the present value will be considered in profit or loss. Impairment of financial assets voxeljet assesses expected credit losses associated with financial assets measured at amortized cost, lease receivables and contract assets, based on future expectations. A respective risk provision or, in case of an actual loss that already occurred, an impairment loss is recognized as other operating income or expenses. The Company’s financial assets at amortized cost consist of trade receivables, restricted cash, term deposits and cash and cash equivalents. - General approach: Generally, financial assets are considered as having a low default risk at initial recognition resulting in a 12-month expected credit loss provision. In case of a significant increase in credit risk, the lifetime expected credit losses are recognized. Amongst others debtor’s payment delays of more than 90 days are considered as an indicator for increase in default risk. Further, when determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, voxeljet considers reasonable and supportable information that is relevant and available without undue cost or effort. An objective evidence of impairment is considered to be for example bankruptcy filing of the counterparty. - Simplified approach: For trade receivables with no significant financing component voxeljet applies the simplified approach as required by IFRS 9, which requires lifetime expected credit losses to be recognized from initial recognition of the receivables. The expected credit losses are based on both quantitative and qualitative information and analysis, based on the Group’s historical experience and third party credit risk assessment and including forward-looking information. A default on a financial asset is when the counterparty fails to make contractual payments within 90 days of when they fall due and there are no information available, which are contradictory e.g. the counterparty commits the payment to a later time or the Company and the counterparty agreed upon a payment plan. Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Company or a counterparty had declared insolvency. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognised in profit or loss. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group’s historical experience and informed credit assessment and including forward-looking information. voxeljet AG only recognizes expected credit losses for trade receivables based on the simplified approach. Trade receivables The Company measures loss allowances for trade receivables at an amount equal to lifetime ECLs. ECLs are a probability-weighted estimate of credit losses. The Company calculates the ECL based on the risk scoring of its customers’ according to an external rating agency. Following the risk score of each customer, the trade receivables are clustered into different grades. For each grade, the ECL is determined based on the risk score received from the external rating agency and actual credit loss experience. In addition, the Company uses qualitative assessment of the trade receivables, where default has incurred. For information about the exposure to credit risk and ECLs for trade receivables as of December 31, 2021 and 2020, please refer to Note 19. Presentation of impairment Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets and presented within other operating expenses or other operating income. Other financial assets at AC Cash and cash equivalents like short term bank deposits, restricted cash and term deposits are subject to the general approach of impairment. However, no significant ECL was identified for these financial assets due to the excellent ratings of those banks to which voxeljet entrusted its funds. |
Leases | Leases Definition of a lease The Company assesses whether a contract is or contains a lease based on the definition of a lease. Under IFRS 16, a contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. At inception or on reassessment of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease and non-lease component on the basis of their relative stand-alone prices. The Company as a lessee The Company leases assets, including properties, production equipment and vehicles. As a lessee, the Company previously classified leases as operating or finance leases based on its assessment of whether the lease transferred substantially all of the risks and rewards of ownership. Under IFRS 16, the Company recognizes right-of-use assets and lease liabilities for most leases. These leases are on-balance sheet. However, the Company has elected not to recognize right-of-use assets and lease liabilities for some leases of low-value assets (where the value of underlying asset, when new is of EUR 5000 or less, e.g. tools) as well as short-term leases (leases with less than 12 months of lease term). The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. The Company presents right-of-use assets in “property, plant and equipment”, in the same line item as it presents underlying assets of the same nature that it owns. The carrying amounts of right-of-use assets are as below: Property, plant and equipment Property Production equipment Others Total (€ in thousands) Balance at January 1, 2021 2,892 45 254 3,191 Balance at December 31, 2021 2,648 19 239 2,906 The Company presents lease liabilities within “financial liabilities” in the consolidated statements of financial position. Leases under IFRS 16 The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at an amount equal to the lease liability, unless cash flows or incentives are present before or at lease commencement which may affect the right-of-use asset. The right-of-use asset is subsequently at cost less any accumulated depreciation and impairment losses, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the Company’s incremental borrowing rate. The lease liability is subsequently measured at amortized cost using the effective interest method. It is remeasured when there is a change in the future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether it will exercise a purchase, extension or termination option. The Company has applied judgement to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The assessment of whether the Company is reasonably certain to exercise such options impacts the lease term, which significantly affects the amount of lease liabilities and right-of-use assets recognized. The Company as a lessor The Company leases out a small number of 3D printers. Those leases have been classified as operating leases. Beginning December 2021, the Company has leased out office space to a third party in Friedberg, Germany. This lease has been classified as an operating lease. The lease income from operating leases where the group is a lessor is recognized in other operating income on a straight-line basis over the lease term. Lease payments from the contract do not include any variable lease payments. The credit risk arising in connection with lease receivables is considered to be immaterial. Also residual value risk arising in connection with the underlying leased asset is considered to be immaterial. The accounting policies applicable to the Company as a lessor are not different from those under IAS 17. The Company is not required to make any adjustments on transition to IFRS 16 for leases in which it acts as a lessor. Impacts on financial statements Impacts for the period As per our assessment under IFRS 16, as of December 31, 2021, the Company recognized kEUR 2,906 of right-of-use assets (as of December 2020: kEUR 3,191) and kEUR 3,210 of lease liabilities (as of December 31, 2020: kEUR 3,124). Also in relation to those leases under IFRS 16, the Company has recognized depreciation and interest costs, instead of operating lease expenses. During the twelve months ended December 31, 2021, the Company recognized kEUR 651 (2020: kEUR 682, 2019: kEUR 765) of depreciation expenses and kEUR 149 (2020: kEUR 167, 2019: kEUR 190) of interest expense from these leases. Within the statement of cash flows, cash payments for the principal portion of lease payments, as well as for the interest portion, have been classified as financing activities. Payments for short-term leases have been classified as operating activities. |
Research and development expense | Research and development expenses All research and development costs are charged to expense as incurred as the criteria set forth in IAS 38 for capitalizing such costs have not yet been met. |
Government grants | Government grants Government grants awarded for project funding are recorded within other operating income in the consolidated statement of comprehensive loss if the related research and development costs have been incurred and provided that the conditions for the funding have been met. Until then, amounts received under government grants are recorded as deferred income in the statements of financial position. Government grants in connection with government assistance to help businesses to mitigate adverse impacts from the COVID-19 global pandemic are recognized in profit or loss on a systematic basis over the periods in which the entity recognizes as expenses the related costs for which the grants are intended to compensate, provided that the entity complies with the conditions for the funding. |
Employee stock option plan | Employee stock option plan In April 2017, the Supervisory Board adopted and approved Option Plan 2017. The plan authorizes to grant shares of equity-settled stock options to employees and members of the management board. The Company’s stock-based compensation expense is estimated at the grant date based on the fair value of the award and is recognized as expense ratably over the requisite service period of the award. The Company calculated the fair value of each option award on the date of grant under the Monte Carlo simulation model. The determination of the grant date fair value of the awards using a simulation model is affected by our stock price as well as assumptions regarding a number of complex and subjective variables. These variables include the expected stock price volatility over the expected life of the awards, risk-free interest rates, and expected dividends. The risk free interest rate is equal to the U.S. Treasury constant maturity rates for the period equal to the expected life. The Company does not currently pay cash dividends on common stock and does not anticipate doing so in the foreseeable future. Accordingly, the expected dividend yield is zero. |
Foreign currencies | Foreign currencies The financial statements are presented in Euros, the functional currency of voxeljet AG. Monetary transactions denominated in foreign currencies are translated to Euro at the exchange rates prevailing on the transaction date. Gains and losses on foreign currency transactions are shown within other operating income and other operating expenses, respectively, in the consolidated statement of comprehensive loss. The financial statements of foreign subsidiaries are translated using the concept of the functional currency in accordance with IAS 21. The assets and liabilities of foreign subsidiaries are translated at the spot rate at the end of the period, while their income statement items are translated at average exchange rates for the respective periods. All resulting exchange differences are recognized in other comprehensive income. The loans provided to voxeljet AG’s subsidiaries are not considered as net investments in foreign operations. Therefore, gains or losses from foreign exchange differences thereon are recognized in the statement of comprehensive loss as “other operating income or expenses”. The exchange rates that are most relevant for voxeljet’s consolidated financial statements are as follows: Average exchange rates to Euro December 31, Average Rate USD GBP INR CNY 2021 1.1827 0.8596 87.4392 7.6282 2020 1.1422 0.8897 84.6392 7.8747 2019 1.1195 0.8778 78.8361 7.7355 Year end exchange rates to Euro December 31, Year End Rate USD GBP INR CNY 2021 1.1326 0.8403 84.2292 7.1947 2020 1.2271 0.8990 89.6605 8.0225 |
Income Tax | Income Tax Income tax expense (benefit) consists of current and deferred tax expense and benefit in accordance with IAS 12. Current income tax expense (benefit) is based on taxable profit (loss) for the year. Taxable profit (loss) differs from profit (loss) as reported in the statements of comprehensive income (loss) because it excludes items of income or expense that are taxable or deductible in other years and further excludes items that are never taxable or deductible. Current income tax expense (benefit) is calculated using tax rates that have been enacted or substantively enacted by the end of the respective reporting period. Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of the current tax payable or receivable is the best estimate of the tax amount to be paid or received that reflects uncertainty related to income tax, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Deferred income tax expense (benefit) is recognized on temporary differences between the carrying amounts of assets and liabilities in the statement of financial position and the corresponding tax basis used in the computation of taxable profit (loss). Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets, including for carry forward losses to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer more probable than not that sufficient taxable profits will be available to allow all or a part of the assets to be recovered. Deferred tax expense (benefit) is calculated at the tax rates that are expected to apply in the periods when the liability is settled or the asset is realized, based on tax rates (and tax regulations) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax expense (benefit) is charged or credited to profit or loss, except when it relates to items charged or credited directly to equity, in which case the deferred taxation is also recorded to equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off tax assets against tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. |
Intangible Assets | Intangible Assets Intangible assets, including software and licenses, that are acquired by the Company and have a finite useful life are measured at cost less accumulated amortization and any impairment losses. Amortization for intangible assets with finite useful lives is recognized on a straight-line basis over their useful lives. The amortization of licenses is allocated to the cost of inventory and is included in cost of sales as 3D printers are sold; the amortization of software is mainly included in selling and administrative expenses. The estimated useful economic lives of acquired intangible assets are presented in the following table: USEFUL LIFE OF INTANGIBLE ASSETS Software 3 - 5 years Licenses 6 - 8 years An intangible asset is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in profit or loss in the period in which the item is derecognized. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment is carried at acquisition or manufacturing cost (for internally manufactured printers used in the Services segment or the research and development function) and depreciated on a straight-line basis over the estimated useful lives of the related assets, taking into account estimated residual values. Except the sale of used printers, realized gains and losses are recognized upon disposal or retirement of the related assets and are reflected within other operating income or other operating expenses in the consolidated statement of comprehensive loss. Subsequent expenditures are capitalized only if it is probable that voxeljet will receive additional economic benefits from the particular asset associated with these expenditures, and the costs can be determined reliably. In those cases the assets are depreciated over their useful lives. Repair and maintenance expenditures are expensed as incurred. Land is not depreciated. Additions to property, plant and equipment relating to self-constructed 3D printers are considered non-cash transactions. The estimated useful economic lives of items of property, plant and equipment are as follows: USEFUL LIFE OF PROPERTY, PLANT AND EQUIPMENT Leasehold improvements 6 - 9 years Buildings 33 years Plant and machinery 7 - 8 years Printers leased to customers under operating lease 7 - 8 years Other facilities, machinery and factory equipment 2 - 20 years Office equipment 3 - 12 years Useful lives, depreciation methods and residual values are reviewed at least annually and, if they change significantly, depreciation charges for current and future periods are adjusted accordingly. |
Inventories | Inventories Raw materials and merchandise Raw materials are measured at the lower of acquisition cost, as determined on the weighted average costs method, and net realizable value. Obsolete inventories are written off directly into cost of sales. Work in progress Work in progress is measured at the lower of manufacturing cost and net realizable value. Manufacturing costs comprise all costs that are directly attributable to the manufacturing process, such as direct material and labor, and production related overheads (based on normal operating capacity and normal consumption of material, labor and other production costs), including depreciation charges. Net realizable value is defined as the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs of the sale. For purposes of determining net realizable value, selling expenses include all costs expected to be incurred to make the sale, primarily shipping, packaging and handling as well as commissions. We also use our own printers in our service centers. Unfinished printers are generally available to be sold if a customer requests a product with a specification which can be met by one of the products in progress. Accordingly, we classify printers as inventory until we remove a finished printer from our manufacturing warehouse to use it in a service center. The reclassification as property, plant and equipment, as a non-cash transaction, occurs at cost and depreciation starts at inception of service. We evaluate the adequacy of our inventory reserves on a periodic basis in order to determine the need for an inventory reserve. |
Impairment of non-financial assets | Impairment of non-financial assets The Company continuously assesses if there is a triggering event whether there is an indication that a non-financial asset may be impaired. Such assets are tested for impairment if there are indicators that the carrying amounts may not be recoverable. An impairment loss is recognized in the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is defined as the higher of an asset’s fair value less cost to sell and its value in use. As individual assets do not generate largely independent cash flows, impairment testing is performed at the cash generating unit level. An individual fixed asset within a CGU cannot be written down below fair value less cost incurred to sell the individual asset. |
Earnings (loss) per share | Earnings (loss) per share Basic earnings per share amounts are calculated by dividing profit (loss) by the weighted average number of ordinary shares outstanding. The weighted average number of shares is calculated by multiplying the outstanding number of shares after considering the issuance of shares in January, February, and July 2021 with its time-weighted portion and thereafter summing up their respective portion. Regarding the outstanding and exercisable options refer to Note 6. 2021 2020 2019 (in thousands of shares) Weighted-average number of ordinary shares at 31 December 6,302 4,836 4,836 |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Initial application | |
Schedule of disaggregated revenue with reportable segments | Year ended December 31, SYSTEMS SERVICES 2021 2020 2019 2021 2020 2019 Primary geographical markets EMEA 6,646 5,926 4,951 5,582 5,540 6,314 Asia Pacific 6,099 3,612 5,371 1,008 909 931 Americas 2,983 3,018 3,132 2,508 2,562 3,903 15,728 12,556 13,454 9,098 9,011 11,148 Timing of revenue recognition Products transferred at a point in time 14,634 11,366 12,332 9,098 9,011 11,148 Products and services transferred over time 1,094 1,190 1,122 -- -- -- Revenue from contracts with customers 15,728 12,556 13,454 9,098 9,011 11,148 |
Schedule of carrying amount of right-of use assets | Property, plant and equipment Property Production equipment Others Total (€ in thousands) Balance at January 1, 2021 2,892 45 254 3,191 Depreciation charge of the year (493) (26) (132) (651) Additions to the right-of-use assets -- -- 132 132 Derecognition of the right-of-use assets -- -- (15) (15) Foreign currency effects 249 -- -- 249 Balance at December 31, 2021 2,648 19 239 2,906 |
Schedule of exchange rates | Average exchange rates to Euro December 31, Average Rate USD GBP INR CNY 2021 1.1827 0.8596 87.4392 7.6282 2020 1.1422 0.8897 84.6392 7.8747 2019 1.1195 0.8778 78.8361 7.7355 Year end exchange rates to Euro December 31, Year End Rate USD GBP INR CNY 2021 1.1326 0.8403 84.2292 7.1947 2020 1.2271 0.8990 89.6605 8.0225 |
Useful life of intangible assets | Software 3 - 5 years Licenses 6 - 8 years |
Useful life of property, plant and equipment | Leasehold improvements 6 - 9 years Buildings 33 years Plant and machinery 7 - 8 years Printers leased to customers under operating lease 7 - 8 years Other facilities, machinery and factory equipment 2 - 20 years Office equipment 3 - 12 years |
Schedule of weighted average number of ordinary shares outstanding | 2021 2020 2019 (in thousands of shares) Weighted-average number of ordinary shares at 31 December 6,302 4,836 4,836 |
Right-of-use assets | |
Initial application | |
Schedule of carrying amount of right-of use assets | Property, plant and equipment Property Production equipment Others Total (€ in thousands) Balance at January 1, 2021 2,892 45 254 3,191 Balance at December 31, 2021 2,648 19 239 2,906 |
Share based payment arrangeme_2
Share based payment arrangements (Tables) | 12 Months Ended |
Dec. 31, 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 |
Schedule of option activity | December 31, 2021 2020 2019 Number of options Weighted-average exercise price (USD) Number of options Weighted-average exercise price (USD) Number of options Weighted-average exercise price (USD) Outstanding at January 1 353,400 14.46 353,400 14.46 353,400 14.46 Granted during the year -- -- -- -- -- -- Exercised during the year -- -- -- -- -- -- Forfeited during the year -- -- -- -- -- -- Outstanding at December 31 353,400 14.46 353,400 14.46 353,400 14.46 Vested and exercisable at December 31 265,050 13.90 -- -- -- -- |
Summarized subsidiary financial information | December 31, 2021 2020 (€ in thousands) voxeljet China Co. Ltd. Summarized balance sheet Current assets 3,442 2,603 Current liabilities 5,195 4,351 Current net liabilities 1,753 1,748 Non-current assets 1,459 1,831 Non-current liabilities 735 852 Non-current net assets 724 979 Net liabilities 1,029 769 Accumulated NCI (230) (155) Year Ended December 31, 2021 2020 (€ in thousands) voxeljet China Co. Ltd. Summarized statement of comprehensive income Revenue 3,843 2,179 Loss for the period (251) (473) Other comprehensive income -- -- Total comprehensive loss (251) (473) Loss allocated to NCI (75) (142) Year Ended December 31, 2021 2020 (€ in thousands) voxeljet China Co. Ltd. Summarized cash flows Cash flows from operating activities 373 (1,504) Cash flows from investing activities (28) (39) Cash flows from financing activities 36 963 Net increase/ (decrease) in cash and cash equivalents 381 (580) |
Trade receivables (Tables)
Trade receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade receivables. | |
Change in the allowance for doubtful accounts | Year Ended December 31, 2021 2020 (€ in thousands) Balance at beginning of period 183 187 Additions 96 52 Utilization (4) (26) Reversal (12) (30) Balance at end of period 263 183 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventories | |
Inventories by category | December 31, 2021 2020 (€ in thousands) Raw materials 2,978 3,733 Work in progress 6,504 7,661 Total 9,482 11,394 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
voxeljet AG | |
Disclosure of subsidiaries [line items] | |
Summary of amounts related to restructuring charges | Twelve months ended December 31, 2019 Line items in statement of comprehensive loss / Components of restructuring charges (€ in thousands) Cost of sales 302 Employee termination costs 302 Selling expenses 77 Employee termination costs 77 Administrative expenses 45 Employee termination costs 45 Research and development expenses 29 Employee termination costs 29 Impact of restructuring 453 |
voxeljet UK | |
Disclosure of subsidiaries [line items] | |
Summary of amounts related to restructuring charges | Twelve months ended December 31, 2019 Line items in statement of comprehensive loss / Components of restructuring charges (€ in thousands) Cost of sales 312 Loss on disposal of assets 226 Employee termination costs 67 Impairment of Inventories 19 Selling expenses 42 Loss on disposal of assets 20 Employee termination costs 16 Write-off right-of-use asset 6 Administrative expenses 274 Loss on disposal of assets 81 Employee termination costs 35 Lease maintenance costs 100 Settlement of agreements 14 Legal Consulting 25 Write-off right-of-use asset 19 Impact of restructuring 628 |
Intangible assets and propert_2
Intangible assets and property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Intangible assets and property, plant and equipment | |
Schedule of intangible assets | December 31, 2021 2020 (€ in thousands) Software 565 806 Licenses 31 56 Prepayments made on intangible assets 282 281 Total 878 1,143 |
Schedule of property, plant and equipment | December 31, 2021 2020 (€ in thousands) Land, buildings and leasehold improvements 18,048 18,698 Plant and machinery 4,329 3,982 Other facilities, factory and office equipment 894 1,039 Assets under construction and prepayments made 448 55 Total 23,719 23,774 Thereof pledged assets of Property, Plant and Equipment 12,261 13,069 |
Other liabilities and provisi_2
Other liabilities and provisions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other liabilities and provisions | |
Summary of other liabilities and provisions | December 31, 2021 2020 (€ in thousands) Employee bonus 512 334 Accruals for commissions 298 236 Accrual for warranty 292 228 Liabilities from payroll 255 237 Accruals for vacation and overtime 230 124 Accruals for compensation of supervisory board 180 180 Accruals for licenses 92 68 Accruals for management compensation 83 -- Liabilities from VAT 50 27 Others 116 149 Total 2,108 1,583 As of December 31, 2021, other liabilities and provisions include kEUR 0 (2020: kEUR 5) as non-current related to the line item others. (€ in thousands) January 1, 2021 Usage Addition Reversal December 31, 2021 Employee bonus 334 (334) 512 -- 512 Liabilities from payroll 237 (237) 255 -- 255 Accruals for commissions 236 (236) 298 -- 298 Accrual for warranty 228 (228) 292 -- 292 Accruals for compensation of supervisory board 180 (180) 180 -- 180 Accruals for vacation and overtime 124 (124) 230 -- 230 Accruals for licenses 68 (68) 92 -- 92 Accruals for education and training 41 (41) -- -- -- Accruals for management compensation -- -- 83 -- 83 Total 1,448 (1,448) 1,942 -- 1,942 |
Additional disclosures to fin_2
Additional disclosures to financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Additional disclosures to financial instruments | |
Summary of carrying amounts and fair values of financial assets and financial liabilities | Carrying amount Fair Value Assets at Liabilities Total amortized at amortized carrying 12/31/2021 FVTPL FVOCI cost cost amount Level 1 Level 2 Level 3 Total Total assets 13,525 4 18,131 -- 31,660 Current assets 13,525 -- 18,131 -- 31,656 Cash and cash equivalents -- -- 7,027 -- 7,027 Financial assets 13,525 -- 4,997 -- 18,522 10,699 2,826 -- 13,525 Bond funds 10,699 -- -- -- 10,699 10,699 -- -- 10,699 Term deposit -- -- 2,655 -- 2,655 -- -- -- -- Restricted cash -- -- 2,342 -- 2,342 -- -- -- -- Derivative financial instruments 2,826 -- -- -- 2,826 -- 2,826 -- 2,826 Trade receivables, net -- -- 6,107 -- 6,107 Non-current assets -- 4 -- -- 4 Financial assets -- 4 -- -- 4 4 -- -- 4 Equity securities -- 4 -- -- 4 4 -- -- 4 Total liabilities 516 -- -- 26,672 30,414 Current liabilities -- -- -- 16,879 17,476 Trade payables -- -- -- 2,594 2,594 Financial liabilities -- -- -- 14,285 14,882 -- -- 15,362 15,362 Long-term debt -- -- -- 14,285 14,285 -- -- 15,362 15,362 Lease liability -- -- -- -- 597 -- -- -- n/a Non-current liabilities 516 -- -- 9,793 12,938 Financial liabilities 516 -- -- 9,793 12,938 -- 516 13,826 14,342 Derivative financial instruments 516 -- -- -- 516 -- 516 -- 516 Long-term debt -- -- -- 9,793 9,793 -- -- 13,826 13,826 Lease liability -- -- -- -- 2,613 -- -- -- n/a Security deposit -- -- -- -- 16 -- -- -- n/a Carrying amount Fair Value Assets at Liabilities Total amortized at amortized carrying 12/31/2020 FVTPL FVOCI cost cost amount Level 1 Level 2 Level 3 Total Total assets 5,351 5 20,008 -- 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 into level 1 (5) Income (expense) recognised in other comprehensive income — Balance at December 31, 2021 — |
Schedule of gains and losses for financial assets and liabilities | Year Ended December 31, 2021 2020 (€ in thousands) Financial assets measured at amortized cost 347 (31) Total interest expense (9) (3) Other operating income from change of impairment 62 182 Other operating income from unrealized foreign currency translation 511 50 Other operating expense from change of impairment (120) (120) Other operating expense from unrealized foreign currency translation (97) (140) Financial assets measured at fair value through profit or loss 265 94 Income from revaluation of derivative financial instruments 460 93 Fair value valuation of financial assets (291) (10) Payout of bond funds 96 78 Other operating income from unrealized foreign currency translation -- 32 Other operating expense from unrealized foreign currency translation -- (99) Financial liabilities measured at amortized cost (2,305) (1,769) Total interest expense (2,299) (1,769) Other operating income from unrealized foreign currency translation -- 3 Other operating expense from unrealized foreign currency translation (6) (3) Financial liabilities measured at fair value through profit or loss 292 (808) Income from revaluation of derivative financial instruments 292 -- Expense from revaluation of derivative financial instruments -- (808) Total (1,401) (2,514) |
Summary of overview of all outstanding loans | December 31, 2021 December 31, 2020 Currency Nominal interest rate Year of maturity Face value Carrying amount Face value Carrying amount (€ in thousands) Secured bank loan EUR 2.29% 2021 700 -- 700 110 Secured bank loan EUR 2.35% 2021 1,000 -- 1,000 70 Secured bank loan EUR 2.47% 2038 2,000 1,616 2,000 1,695 Secured bank loan EUR 2.72% 2038 1,000 809 1,000 848 Secured bank loan EUR 2.42% 2038 500 409 500 429 Secured bank loan EUR 2.73% 2037 500 411 500 472 Secured bank loan EUR 1.75% 2040 1,000 823 1,000 887 Secured bank loan EUR 2.48% 2022 675 96 675 238 Secured bank loan EUR 2.49% 2024 500 233 500 332 Unsecured bank loan EUR 3.92% 2025 29 19 29 24 Unsecured bank loan USD 2.90% 2022 40 2 40 10 Secured bank loan EUR 0.00% 2022 10,000 13,528 10,000 12,549 Secured bank loan EUR 12.00% 2025 5,000 6,124 5,000 5,478 Total interest-bearing liabilities 22,944 24,070 22,944 23,142 |
Cost of sales (Tables)
Cost of sales (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cost of sales | |
Summary of cost of sales | Year Ended December 31, 2021 2020 2019 (€ in thousands) Personnel expenses (4,563) (4,594) (5,583) Material costs (7,744) (6,559) (6,796) Depreciation (1,983) (2,158) (2,686) Other expenses (1,735) (1,502) (2,382) Allowance for slow-moving inventory (851) 1 21 Total (16,876) (14,812) (17,426) |
Other operating income and ex_2
Other operating income and expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other operating income and expense | |
Other operating income | Year Ended December 31, 2021 2020 2019 (€ in thousands) Government grant income 617 321 21 Reimbursement of research and development costs 110 -- -- Reimbursement of transaction costs 63 68 127 Gains from foreign exchange transactions 1,812 849 1,657 Other 368 365 338 Total 2,970 1,603 2,143 |
Other operating expense | Year Ended December 31, 2021 2020 2019 (€ in thousands) Impairment loss on trade receivables 120 120 60 Losses from foreign exchange transactions 460 2,545 880 Impairment loss on inventory -- 100 -- Other 38 34 5 Total 618 2,799 945 |
Financial result (Tables)
Financial result (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial result | |
Schedule of financial result | Year Ended December 31, 2021 2020 2019 (1) (2) (€ in thousands) Interest expense (2,601) (2,589) (1,349) Interest expense on lease liability (149) (167) (190) Long-term debt (2,150) (1,602) (993) Expense from revaluation of derivative financial instruments -- (808) (106) Fair value valuation of financial assets (291) (10) -- Other (11) (2) (60) Interest income 924 184 318 Payout of bond funds 96 78 126 Income from revaluation of derivative financial instruments 752 93 -- Fair value valuation of financial assets -- -- 174 Other 76 13 18 Financial result (1,677) (2,405) (1,031) (1) (2) |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income taxes | |
Schedule of income tax (expense) benefit | Year Ended December 31, 2021 2020 2019 (1) (2) (€ in thousands) Current tax (expense) income -- -- -- Deferred tax (expense) income (65) 88 (39) Total (65) 88 (39) (1) (2) |
Sources of deferred tax assets and liabilities | December 31, 2021 2020 (€ in thousands) Deferred tax assets Deferred tax liabilities Deferred tax assets Deferred tax liabilities Trade receivables -- (7) -- (8) Other receivables and current assets 722 (7) 1,092 (92) Inventories 8 (4) 16 (291) Property, Plant & Equipment 5 (309) 5 (559) Trade liabilities 320 -- 429 -- Current financial liabilities 90 (1,406) 1,148 -- Current financial assets -- (838) 65 -- Other current liabilities and provisions 19 (2,109) 239 (2,053) Contract liabilities 543 (607) 762 (762) Contract liabilities non current 65 -- -- -- Non-current other assets -- (79) -- (28) Non-current financial liabilities 3,405 -- 764 -- Non-current financial assets -- -- -- (663) Tax losses carried forward 467 -- 138 -- Valuation allowance (203) (162) (248) (6) Tax assets (liabilities) 5,441 (5,528) 4,410 (4,462) Set off of tax (5,441) 5,441 (4,410) 4,410 Net tax -- (87) -- (52) |
Reconciliation of income tax benefit (expense) | Year Ended December 31, 2021 2020 2019 (1) (2) (€ in thousands) Loss before tax (10,521) (15,569) (13,939) Tax expense at prevailing statutory rate (28%) 2,946 4,359 3,903 Non-deductible expenses (875) (732) (447) Non-taxable income 146 80 -- Tax-rate related differences (45) (69) (198) Unrecognized temporary differences and tax losses (2,237) (3,550) (3,297) Income tax (expense) income (65) 88 (39) (1) (2) |
Personnel expenses (Tables)
Personnel expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Personnel expenses | |
Summary of personnel expenses | Year Ended December 31, 2021 2020 2019 (€ in thousands) Wages and salaries 11,490 11,568 13,885 Employee stock option plan 304 671 671 Social security contributions 2,391 2,289 2,710 Total 14,185 14,528 17,266 |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment reporting | |
Schedule of segment reporting | Year Ended December 31, 2021 2020 (€ in thousands) CONSO CONSO SYSTEMS SERVICES LIDATION GROUP SYSTEMS SERVICES LIDATION GROUP Revenues 17,700 9,098 (1,972) 24,826 13,159 9,011 (603) 21,567 third party 15,728 9,098 — 12,556 9,011 — 21,567 inter-segment 1,972 — (1,972) — 603 — (603) — Cost of sales (10,477) (6,399) (16,876) (8,115) (6,697) (14,812) Gross profit 5,251 2,699 7,950 4,441 2,314 6,755 Gross profit in % 33.4% 29.7% 32.0% 35.4% 25.7% 31.3% Operating Expenses (19,146) (18,723) Other operating expenses (618) (2,799) Other operating income 2,970 1,603 Operating loss (8,844) (13,164) Finance expense (2,601) (2,589) Finance income 924 184 Financial result (1,677) (2,405) Loss before income taxes (10,521) (15,569) Income tax income (expense) (65) 88 Net loss (10,586) (15,481) Year Ended December 31, 2019 (€ in thousands) SYSTEMS SERVICES Revenues 13,454 11,148 Gross profit 4,284 2,892 Gross profit in % 31.8% 25.9% |
Schedule of revenues and non-current assets by geographic region | Year Ended December 31, 2021 2020 2019 (€ in thousands) EMEA 12,228 11,466 11,265 Germany 4,269 4,647 4,474 France 1,391 841 1,314 Great Britain 1,413 963 1,224 Others 5,155 5,015 4,253 Asia Pacific 7,107 4,521 6,302 South Korea 623 1,787 1,242 China 3,004 1,101 3,993 Indonesia -- 93 55 Others 3,480 1,540 1,012 Americas 5,491 5,580 7,035 United States 5,389 5,453 6,843 Others 102 127 192 Total 24,826 21,567 24,602 December 31, 2021 2020 (€ in thousands) EMEA 19,279 19,730 Germany 19,279 19,730 Asia Pacific 1,343 1,609 Americas 4,089 3,751 United States 4,089 3,751 Total 24,711 25,090 |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial risk management | |
Schedule of expected credit loss regarding trade receivables | December 31, 2021 Equivalent to external credit rating Weighted-average Gross carrying Impairment loss Net carrying Grades (Standard & Poor’s) loss rate amount allowance amount (€ in thousands) Grades 1-4: Low risk BBB+ to AAA 0.2% 3,103 5 3,098 Grades 5-7: Fair risk B+ to BBB 1.3% 2,787 37 2,750 Grades 8-9: Substandard CCC- to B 7.0% 130 9 121 Grade 10: Doubtful C to CC 25.0% 184 46 138 Grade 11: Loss D 100.0% 21 21 -- 6,225 118 6,107 December 31, 2020 Equivalent to external credit rating Weighted-average Gross carrying Impairment loss Net carrying Grades (Standard & Poor’s) loss rate amount allowance amount (€ in thousands) Grades 1-4: Low risk BBB+ to AAA 0.2% 1,686 2 1,684 Grades 5-7: Fair risk B+ to BBB 1.3% 2,209 29 2,180 Grades 8-9: Substandard CCC- to B 7.0% 876 61 815 Grade 10: Doubtful C to CC 25.0% 2 1 1 Grade 11: Loss D 100.0% 15 15 -- 4,788 108 4,680 |
Summary of contractual cash flow | December 31, 2021 (€ in thousands) Contractual cash flow carrying amount Total 2 months or less 2-12 months 1-3 years 3-5 years More than 5 years Long-term debt 24,078 (31,042) (109) (15,363) (1,528) (10,595) (3,447) Lease liability 3,210 (3,704) (76) (659) (1,472) (678) (819) Trade payables 2,594 (2,594) (2,594) -- -- -- -- Total 29,882 (37,340) (2,779) (16,022) (3,000) (11,273) (4,266) December 31, 2020 (€ in thousands) Contractual cash flow carrying amount Total 2 months or less 2-12 months 1-3 years 3-5 years More than 5 years Long-term debt 23,152 (31,280) (295) (25,236) (915) (625) (4,209) Lease liability 3,124 (3,715) (71) (341) (1,627) (637) (1,039) Trade payables 1,956 (1,956) (1,956) -- -- -- -- Total 28,232 (36,951) (2,322) (25,577) (2,542) (1,262) (5,248) |
Reconciliation of movements o_2
Reconciliation of movements of liabilities to cash flows arising from financing activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Reconciliation of movements of liabilities to cash flows arising from financing activities | |
Reconciliation of movements of liabilities to cash flows arising from financing activities. | Liabilities (€ in thousands) Other loans and borrowings Lease liabilities Balance at January 1, 2021 23,152 3,124 Changes from financing cash flows Proceeds from loans and borrowings -- — Repayment of borrowings (1,004) — Payment of lease liabilities — (334) Total changes from financing cash flows (1,004) (334) Other changes Liability-related New leases — 133 Remeasurements — (6) Terminations — (9) Adjustment (70) — Foreign currency effects — 256 Interest expense 2,150 149 Interest paid (150) (103) Total liability-related other changes 1,930 420 Total equity-related other changes — — Balance at December 31, 2021 24,078 3,210 Liabilities (€ in thousands) Other loans and borrowings Lease liabilities Balance at January 1, 2020 17,546 3,610 Changes from financing cash flows Proceeds from loans and borrowings 5,000 — Repayment of borrowings (863) — Payment of lease liabilities — (412) Total changes from financing cash flows 4,137 (412) Other changes Liability-related New leases — (138) Adjustment — 22 Interest expense 1,602 167 Interest paid (133) (125) Total liability-related other changes 1,469 (74) Total equity-related other changes — — Balance at December 31, 2020 23,152 3,124 |
Capital management (Tables)
Capital management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Capital management | |
Capital structure | December 31, 2021 2020 (€ in thousands) Equity 32,487 19,641 Share of total equity and liabilities 48.2% 36.9% Current financial liabilities 14,882 19,770 Non-current financial liabilities 12,938 7,314 Total financial liabilities 27,820 27,084 Share of total equity and liabilities 41.2% 50.9% Total equity and liabilities 67,459 53,227 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases | |
Schedule of carrying amount of right-of use assets | Property, plant and equipment Property Production equipment Others Total (€ in thousands) Balance at January 1, 2021 2,892 45 254 3,191 Depreciation charge of the year (493) (26) (132) (651) Additions to the right-of-use assets -- -- 132 132 Derecognition of the right-of-use assets -- -- (15) (15) Foreign currency effects 249 -- -- 249 Balance at December 31, 2021 2,648 19 239 2,906 |
Summary of amounts recognized in profit or loss and in statement of cash flows | Amounts recognized in profit or loss: 2021 2020 2019 (€ in thousands) Leases under IFRS 16 Interest on lease liabilities 149 167 190 Expenses relating to short-term-leases -- -- 39 Depreciation charge of the year 651 682 765 We had an immaterial amount of low value leases in years 2021 and 2020. Amounts recognized in statement of cash flows: 2021 2020 2019 (€ in thousands) Total cash outflow for leases (334) (412) (397) |
Schedule of future lease payments to be received | 2021 2020 2019 (€ in thousands) Operating lease under IFRS 16 Less than one year 106 -- 38 1-3 years 212 -- -- 3-5 years 203 -- -- |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related party transactions | |
Management compensation | Year Ended December 31, 2021 2020 2019 (€ in thousands) Fixed compensation 709 761 782 Variable compensation 83 -- -- Compensation from stock option plan 160 353 353 Total 952 1,114 1,135 |
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, Gersthofen Supplier 05/01/2017 - 12/31/2020 Suzhou Meimai Fast Manufacturing Technology Co., Ltd, Suzhou Minority shareholder of voxeljet China, Customer 04/11/2016 - 09/01/2021 DSCS Digital Supply Chain Solutions GmbH, Gersthofen Customer 05/11/2017 - Current Michele Neuber Employee 07/01/2019 - Current Susanne Ederer-Pausewang Customer 03/17/2021 - Current Lisa Franz Employee 10/01/2021 - Current |
The reporting entity (Details)
The reporting entity (Details) - segment | Sep. 01, 2021 | Dec. 31, 2021 |
Reporting entity | ||
Number of reportable segments | 2 | |
voxeljet America | ||
Reporting entity | ||
Ownership percentage | 100.00% | |
voxeljet UK | ||
Reporting entity | ||
Ownership percentage | 100.00% | |
voxeljet India | ||
Reporting entity | ||
Ownership percentage | 100.00% | |
voxeljet China | ||
Reporting entity | ||
Ownership percentage | 70.00% | |
voxeljet China | MK Technology GmbH | ||
Reporting entity | ||
Ownership interest in associate (as a percent) | 15.00% | |
voxeljet China | Jin Tianshi | ||
Reporting entity | ||
Ownership interest in associate (as a percent) | 15.00% |
Preparation of financial stat_2
Preparation of financial statements (Details) € / shares in Units, $ / shares in Units, € in Thousands, $ in Millions | Nov. 01, 2018shares | Dec. 22, 2017EUR (€)shares | Jul. 31, 2021EUR (€)€ / sharesshares | Jul. 31, 2021USD ($)shares | Feb. 28, 2021EUR (€)€ / sharesshares | Feb. 28, 2021USD ($)shares | Jan. 31, 2021EUR (€)€ / sharesshares | Jan. 31, 2021USD ($)shares | Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Jul. 31, 2021$ / shares | Jul. 14, 2021$ / shares | Feb. 28, 2021$ / shares | Jan. 31, 2021$ / shares | Nov. 09, 2017EUR (€) |
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Net loss | € (10,586) | € (15,481) | € (13,978) | |||||||||||||
Negative cash flows from operating activities | (6,537) | (6,598) | (6,592) | |||||||||||||
Proceeds from issuance of shares | 26,619 | |||||||||||||||
Financial liabilities | 14,882 | 19,770 | ||||||||||||||
Proceeds from issuance of long-term debt | € 5,000 | € 529 | ||||||||||||||
American Depositary Shares | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Increase in shares issued (in shares) | shares | 1,126,127 | 1,126,127 | 443,414 | 443,414 | 621,170 | 621,170 | ||||||||||
Offering price (in currency per share) | (per share) | € 7.52 | € 22.27 | € 13.33 | $ 8.88 | $ 8.88 | $ 26.95 | $ 16.16 | |||||||||
Proceeds from issuance of shares | € 8,500 | $ 10 | € 9,900 | $ 12 | € 8,300 | $ 10 | ||||||||||
European Investment Bank | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Financial liabilities | € 14,600 | |||||||||||||||
Maximum borrowing capacity | € 25,000 | |||||||||||||||
EIB-Tranche A | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Increase in shares issued (in shares) | shares | 254,527 | 195,790 | 369,828 | 369,828 | 310,558 | 310,558 | 310,558 | 310,558 | ||||||||
Maximum borrowing capacity | € 10,000 | |||||||||||||||
Proceeds from issuance of long-term debt | € 10,000 |
Preparation of financial stat_3
Preparation of financial statements - Revisions (Details) - EUR (€) € in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Initial application | |||||
Financial assets | € 4 | € 5 | |||
Deferred tax liabilities | 87 | 52 | |||
Accumulated deficit | (85,974) | (75,463) | |||
Accumulated other comprehensive income | 1,400 | 1,675 | |||
Net loss | € (10,586) | (15,481) | € (13,978) | ||
Impacts of amendment and recalculation | |||||
Initial application | |||||
Financial assets | € 260 | 260 | € 151 | ||
Deferred tax liabilities | 73 | 73 | 43 | ||
Accumulated deficit | 243 | 243 | (10) | ||
Accumulated other comprehensive income | (56) | (56) | € 118 | ||
Net loss | (93) | 253 | |||
Debt investment at FVOCI - net change in fair value | € 14 | € (174) | |||
Bank borrowings, undiscounted cash flows | € 2,918 |
Summary of significant accoun_4
Summary of significant accounting policies (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Initial application | ||
Standard warranty period | 1 year | |
Total deferred income | € 3,900 | |
Recognition of performance obligations | € 2,742 | € 772 |
Minimum | ||
Initial application | ||
Operating period for 3D printer in Services segment | 1 year 6 months | |
Payment term | 30 days | |
Maximum | ||
Initial application | ||
Operating period for 3D printer in Services segment | 2 years 6 months | |
Payment term | 60 days | |
Less than one year | ||
Initial application | ||
Satisfy performance obligations (as a percent) | 90.00% | |
Transaction price allocated to unsatisfied performance obligations | € 2,131 | |
Two years | ||
Initial application | ||
Satisfy performance obligations (as a percent) | 10.00% | |
Transaction price allocated to unsatisfied performance obligations | € 230 |
Summary of significant accoun_5
Summary of significant accounting policies - Revenue (Details) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021EUR (€)item | Dec. 31, 2020EUR (€)item | Dec. 31, 2019EUR (€)item | |
Revenues | |||
Revenue from contracts with customers | € 24,826 | € 21,567 | € 24,602 |
Number of leased printers | item | 0 | 1 | 2 |
EMEA | |||
Revenues | |||
Revenue from contracts with customers | € 12,228 | € 11,466 | € 11,265 |
Asia Pacific | |||
Revenues | |||
Revenue from contracts with customers | 7,107 | 4,521 | 6,302 |
Americas | |||
Revenues | |||
Revenue from contracts with customers | 5,491 | 5,580 | 7,035 |
Systems | |||
Revenues | |||
Revenue from contracts with customers | 15,728 | 12,556 | 13,454 |
Systems | Products transferred at a point in time | |||
Revenues | |||
Revenue from contracts with customers | 14,634 | 11,366 | 12,332 |
Systems | Products and services transferred over time | |||
Revenues | |||
Revenue from contracts with customers | 1,094 | 1,190 | 1,122 |
Systems | EMEA | |||
Revenues | |||
Revenue from contracts with customers | 6,646 | 5,926 | 4,951 |
Systems | Asia Pacific | |||
Revenues | |||
Revenue from contracts with customers | 6,099 | 3,612 | 5,371 |
Systems | Americas | |||
Revenues | |||
Revenue from contracts with customers | 2,983 | 3,018 | 3,132 |
Services | |||
Revenues | |||
Revenue from contracts with customers | 9,098 | 9,011 | 11,148 |
Services | Products transferred at a point in time | |||
Revenues | |||
Revenue from contracts with customers | 9,098 | 9,011 | 11,148 |
Services | EMEA | |||
Revenues | |||
Revenue from contracts with customers | 5,582 | 5,540 | 6,314 |
Services | Asia Pacific | |||
Revenues | |||
Revenue from contracts with customers | 1,008 | 909 | 931 |
Services | Americas | |||
Revenues | |||
Revenue from contracts with customers | € 2,508 | € 2,562 | € 3,903 |
Summary of significant accoun_6
Summary of significant accounting policies - Right-of-use assets (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases | ||
Right-of-use asset | € 2,906 | € 3,191 |
Property | ||
Leases | ||
Right-of-use asset | 2,648 | 2,892 |
Production equipment | ||
Leases | ||
Right-of-use asset | 19 | 45 |
Other PPE | ||
Leases | ||
Right-of-use asset | € 239 | € 254 |
Summary of significant accoun_7
Summary of significant accounting policies - Leases (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Summary of significant accounting policies | |||
Right-of-use assets presented in property plant and equipment | € 2,906 | € 3,191 | |
Lease liabilities as presented in financial liabilities | 3,210 | 3,124 | |
Depreciation expense | 651 | 682 | € 765 |
interest expense | € 149 | € 167 | € 190 |
Summary of significant accoun_8
Summary of significant accounting policies - Foreign currencies (Details) € in Thousands | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2021EUR (€)$ / € | Dec. 31, 2021$ / € | Dec. 31, 2021$ / €£ / € | Dec. 31, 2021₨ / €$ / € | Dec. 31, 2021$ / €¥ / € | Dec. 31, 2020$ / € | Dec. 31, 2020$ / €£ / € | Dec. 31, 2020$ / €₨ / € | Dec. 31, 2020$ / €¥ / € | Dec. 31, 2019$ / € | Dec. 31, 2019£ / € | Dec. 31, 2019₨ / € | Dec. 31, 2019¥ / € | Dec. 31, 2021£ / € | Dec. 31, 2021₨ / € | Dec. 31, 2021¥ / € | Dec. 31, 2020£ / € | Dec. 31, 2020₨ / € | Dec. 31, 2020¥ / € | |
Summary of significant accounting policies | |||||||||||||||||||
Expected dividends | € 0 | ||||||||||||||||||
Foreign exchange rates | |||||||||||||||||||
Average foreign exchange rate | 1.1827 | 0.8596 | 87.4392 | 7.6282 | 1.1422 | 0.8897 | 84.6392 | 7.8747 | 1.1195 | 0.8778 | 78.8361 | 7.7355 | |||||||
Closing foreign exchange rate | 1.1326 | 1.1326 | 1.1326 | 1.1326 | 1.1326 | 1.2271 | 1.2271 | 1.2271 | 1.2271 | 0.8403 | 84.2292 | 7.1947 | 0.8990 | 89.6605 | 8.0225 |
Summary of significant accoun_9
Summary of significant accounting policies - Useful lives (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Buildings | |
Initial application | |
Useful life of property, plant and equipment | 33 years |
Office equipment | |
Initial application | |
Useful life of property, plant and equipment | 12 years |
Minimum | Leasehold improvements | |
Initial application | |
Useful life of property, plant and equipment | 6 years |
Minimum | Production equipment | |
Initial application | |
Useful life of property, plant and equipment | 7 years |
Minimum | Leased assets | |
Initial application | |
Useful life of property, plant and equipment | 7 years |
Minimum | Other PPE | |
Initial application | |
Useful life of property, plant and equipment | 2 years |
Minimum | Office equipment | |
Initial application | |
Useful life of property, plant and equipment | 3 years |
Minimum | Software | |
Initial application | |
Useful life of intangible assets | 3 years |
Minimum | Licenses | |
Initial application | |
Useful life of intangible assets | 6 years |
Maximum | Leasehold improvements | |
Initial application | |
Useful life of property, plant and equipment | 9 years |
Maximum | Production equipment | |
Initial application | |
Useful life of property, plant and equipment | 8 years |
Maximum | Leased assets | |
Initial application | |
Useful life of property, plant and equipment | 8 years |
Maximum | Other PPE | |
Initial application | |
Useful life of property, plant and equipment | 20 years |
Maximum | Software | |
Initial application | |
Useful life of intangible assets | 5 years |
Maximum | Licenses | |
Initial application | |
Useful life of intangible assets | 8 years |
Summary of significant accou_10
Summary of significant accounting policies - Earnings (loss) per share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Summary of significant accounting policies | |||
Weighted average number of shares outstanding - basic (in shares) | 6,302,458 | 4,836,000 | 4,836,000 |
Critical accounting judgment _2
Critical accounting judgment and key sources of estimation and uncertainty (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about borrowings [line items] | |||
Change in fair value of the derivative | € 752 | € (715) | € (106) |
Finance income | 924 | 184 | € 318 |
EIB-Tranche A | |||
Disclosure of detailed information about borrowings [line items] | |||
Change in fair value of the derivative | 460 | 93 | |
EIB-Tranche B | |||
Disclosure of detailed information about borrowings [line items] | |||
Change in fair value of the derivative | € 292 | € (808) |
Share based payment arrangeme_3
Share based payment arrangements - Narrative (Details) | Apr. 12, 2018EquityInstruments | Apr. 07, 2017EquityInstrumentsshares | Dec. 31, 2021 |
Share based payment arrangements | |||
Share based compensation, options authorized | shares | 372,000 | ||
Options granted (in shares) | EquityInstruments | 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% |
Share based payment arrangeme_4
Share based payment arrangements - Measurement inputs (Details) | Apr. 12, 2018EUR (€)$ / shares | Apr. 07, 2017EUR (€)$ / shares | Dec. 31, 2021EUR (€) |
Share based payment arrangements | |||
Share price at grant date | $ / shares | $ 16.15 | $ 13.80 | |
Exercise price | $ / shares | $ 16.15 | $ 13.90 | |
Expected volatility | 58.40% | 55.00% | |
Expected dividends | € | € 0 | ||
Risk-free interest rate | 2.85% | 2.49% | |
Fair value at grant date | € | $ 9.74 | $ 8 |
Share based payment arrangeme_5
Share based payment arrangements - Options (Details) € in Thousands | Apr. 12, 2018EquityInstruments | Apr. 07, 2017EquityInstruments | Dec. 31, 2021EquityInstruments$ / shares | Dec. 31, 2021EUR (€)EquityInstruments | Dec. 31, 2020$ / shares | Dec. 31, 2020EUR (€)EquityInstruments | Dec. 31, 2019$ / shares | Dec. 31, 2019EUR (€)EquityInstruments |
Share based payment arrangements | ||||||||
Options outstanding, beginning balance (in shares) | EquityInstruments | 353,400 | 353,400 | 353,400 | |||||
Options granted (in shares) | EquityInstruments | 93,000 | 279,000 | ||||||
Options outstanding, ending balance (in shares) | EquityInstruments | 353,400 | 353,400 | 353,400 | |||||
Options exercisable (in shares) | EquityInstruments | 265,050 | |||||||
Weighted average exercise price of options outstanding, beginning balance (in dollars per share) | $ / shares | $ 14.46 | $ 14.46 | $ 14.46 | |||||
Weighted average exercise price of options forfeited (in dollars per share) | $ / shares | ||||||||
Weighted average exercise price of options outstanding, ending balance (in dollars per share) | $ / shares | 14.46 | $ 14.46 | $ 14.46 | |||||
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ / shares | $ 13.90 | |||||||
Weighted-average contractual life | 5 years 6 months | 6 years 6 months | ||||||
Expenses recognized in profit and loss | € | € 304 | € 671 | € 671 |
Share based payment arrangeme_6
Share based payment arrangements - Summarized Balance Sheet (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Current assets | € 42,748 | € 28,137 |
Current liabilities | 21,716 | 26,215 |
Non-current assets | 24,711 | 25,090 |
Non-current liabilities | 13,256 | 7,371 |
Accumulated NCI | (230) | (155) |
voxeljet China | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Current assets | 3,442 | 2,603 |
Current liabilities | 5,195 | 4,351 |
Current net liabilities | 1,753 | 1,748 |
Non-current assets | 1,459 | 1,831 |
Non-current liabilities | 735 | 852 |
Non-current net assets | 724 | 979 |
Net liabilities | 1,029 | 769 |
Accumulated NCI | € (230) | € (155) |
Share based payment arrangeme_7
Share based payment arrangements - Summarized Income (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Revenue | € 24,826 | € 21,567 | € 24,602 |
Loss for the period | (10,586) | (15,481) | (13,978) |
Other comprehensive income | (304) | 933 | (577) |
Total comprehensive loss | (10,890) | (14,548) | (14,555) |
Loss allocated to NCI | (75) | (142) | € (264) |
voxeljet China | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Revenue | 3,843 | 2,179 | |
Loss for the period | (251) | (473) | |
Total comprehensive loss | (251) | (473) | |
Loss allocated to NCI | € (75) | € (142) |
Share based payment arrangeme_8
Share based payment arrangements - Summarized Cash Flows (Details) - EUR (€) € in Thousands | Feb. 22, 2022 | Feb. 21, 2022 | Sep. 01, 2021 | Mar. 01, 2019 | Feb. 28, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Cash flows from operating activities | € (6,537) | € (6,598) | € (6,592) | |||||
Cash flows from investing activities | (11,442) | 3,921 | 4,641 | |||||
Cash flows from financing activities | 19,519 | 3,467 | (1,157) | |||||
Net increase/ (decrease) in cash and cash equivalents | 1,540 | 790 | (3,108) | |||||
Share-based payment transaction with the non-controlling shareholder of a subsidiary | 819 | |||||||
Right-of-use asset | 2,906 | 3,191 | ||||||
Lease liabilities | 3,210 | 3,124 | ||||||
Non-controlling interests | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Share-based payment transaction with the non-controlling shareholder of a subsidiary | 216 | |||||||
Capital reserves | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Share-based payment transaction with the non-controlling shareholder of a subsidiary | € 603 | |||||||
voxeljet China | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Cash flows from operating activities | 373 | (1,504) | ||||||
Cash flows from investing activities | (28) | (39) | ||||||
Cash flows from financing activities | 36 | 963 | ||||||
Net increase/ (decrease) in cash and cash equivalents | € 381 | € (580) | ||||||
Lease period | 6 years | |||||||
Rent free lease period | 3 years | |||||||
Right-of-use asset | € 813 | |||||||
Lease liabilities | € 813 | |||||||
voxeljet China | Entering into significant commitments | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Right-of-use asset | € 566 | € 884 | ||||||
Lease liabilities | € 709 | € 1,027 | ||||||
Lease extension term | 2 years | 3 years | ||||||
voxeljet China | Suzhou Meimai Fast Manufacturing Technology | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Ownership interest in associate (as a percent) | 30.00% | 4.175% | ||||||
voxeljet China | MK Technology GmbH | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Ownership interest in associate (as a percent) | 15.00% | |||||||
voxeljet China | Jin Tianshi | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Ownership interest in associate (as a percent) | 15.00% | |||||||
voxeljet China | Non-controlling interests | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Share-based payment transaction with the non-controlling shareholder of a subsidiary | € 216 | |||||||
voxeljet China | Capital reserves | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Share-based payment transaction with the non-controlling shareholder of a subsidiary | € 604 |
Trade receivables (Details)
Trade receivables (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Summary of significant accounting policies | ||
Beginning of period | € 183 | € 187 |
Additions | 96 | 52 |
Utilization | (4) | (26) |
Reversal | (12) | (30) |
End of period | 263 | 183 |
Change in expected loss allowance | 0 | 23 |
Reversal of impairment on trade receivables | € 12 | € 7 |
Inventories (Details)
Inventories (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Inventories | ||
Raw materials | € 2,978 | € 3,733 |
Work in progress | 6,504 | 7,661 |
Total | 9,482 | 11,394 |
Reserve for slow-moving work in process inventory | 29 | 0 |
Reserve for slow-moving raw material inventory | € 810 | € 104 |
Restructuring (Details)
Restructuring (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Subsidiaries | |||
Cost of sales | € 16,876 | € 14,812 | € 17,426 |
Selling expenses | 6,420 | 5,816 | 7,118 |
Administrative expenses | 6,577 | 6,407 | 6,952 |
Research and development expenses | € 6,149 | € 6,500 | 7,212 |
voxeljet AG | Restructuring. | |||
Subsidiaries | |||
Cost of sales | 302 | ||
Selling expenses | 77 | ||
Administrative expenses | 45 | ||
Research and development expenses | 29 | ||
Impact of restructuring | 453 | ||
voxeljet AG | Employee termination costs | |||
Subsidiaries | |||
Cost of sales | 302 | ||
Selling expenses | 77 | ||
Administrative expenses | 45 | ||
Research and development expenses | 29 | ||
voxeljet UK | Restructuring. | |||
Subsidiaries | |||
Cost of sales | 312 | ||
Selling expenses | 42 | ||
Administrative expenses | 274 | ||
Impact of restructuring | 628 | ||
voxeljet UK | Loss on disposal of assets | |||
Subsidiaries | |||
Cost of sales | 226 | ||
Selling expenses | 20 | ||
Administrative expenses | 81 | ||
voxeljet UK | Employee termination costs | |||
Subsidiaries | |||
Cost of sales | 67 | ||
Selling expenses | 16 | ||
Administrative expenses | 35 | ||
voxeljet UK | Impairment Of Inventories | |||
Subsidiaries | |||
Cost of sales | 19 | ||
voxeljet UK | Lease maintenance costs | |||
Subsidiaries | |||
Administrative expenses | 100 | ||
voxeljet UK | Settlement of agreements | |||
Subsidiaries | |||
Administrative expenses | 14 | ||
voxeljet UK | Legal Consulting | |||
Subsidiaries | |||
Administrative expenses | 25 | ||
voxeljet UK | Right-of-use assets | |||
Subsidiaries | |||
Selling expenses | 6 | ||
Administrative expenses | € 19 |
Intangible assets and propert_3
Intangible assets and property, plant and equipment - Intangibles (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Intangible assets and goodwill | ||
Intangible assets | € 878 | € 1,143 |
Software | ||
Intangible assets and goodwill | ||
Intangible assets | 565 | 806 |
Licenses | ||
Intangible assets and goodwill | ||
Intangible assets | 31 | 56 |
Prepayments made on intangible assets | ||
Intangible assets and goodwill | ||
Intangible assets | 282 | € 281 |
Capitalized cost | ||
Intangible assets and goodwill | ||
Intangible assets | € 30 |
Intangible assets and propert_4
Intangible assets and property, plant and equipment - PPE (Details) € in Thousands | 12 Months Ended | |
Dec. 31, 2021EUR (€)item | Dec. 31, 2020EUR (€)item | |
Property, plant and equipment | ||
Property, plant and equipment, net | € 23,719 | € 23,774 |
Thereof pledged assets of Property, Plant and Equipment | € 12,261 | € 13,069 |
Number of pledged 3D printers | item | 5 | 7 |
Self constructed 3D printers | € 1,896 | € 516 |
Property | ||
Property, plant and equipment | ||
Property, plant and equipment, net | 18,048 | 18,698 |
Production equipment | ||
Property, plant and equipment | ||
Property, plant and equipment, net | 4,329 | 3,982 |
Other PPE | ||
Property, plant and equipment | ||
Property, plant and equipment, net | 894 | 1,039 |
Assets under construction and prepayments made | ||
Property, plant and equipment | ||
Property, plant and equipment, net | € 448 | € 55 |
Intangible assets and propert_5
Intangible assets and property, plant and equipment - Activity (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in intangible assets and goodwill | ||
Beginning balance | € 1,143 | |
Ending balance | 878 | € 1,143 |
Changes in property, plant and equipment | ||
Balance, at beginning of the period | 23,774 | |
Balance, at end of the period | 23,719 | 23,774 |
Gross carrying amount | ||
Changes in intangible assets and goodwill | ||
Beginning balance | 2,572 | 2,458 |
Additions | 76 | 158 |
Disposals | 61 | 42 |
FX | 4 | (2) |
Ending balance | 2,591 | 2,572 |
Changes in property, plant and equipment | ||
Balance, at beginning of the period | 36,154 | 41,119 |
Additions | 3,077 | 954 |
Disposals | 3,277 | 4,974 |
FX | 983 | (945) |
Balance, at end of the period | 36,937 | 36,154 |
Depreciation and amortization | ||
Changes in intangible assets and goodwill | ||
Beginning balance | (1,429) | (1,102) |
Additions | 342 | 354 |
Disposals | (61) | (26) |
FX | (3) | (1) |
Ending balance | (1,713) | (1,429) |
Changes in property, plant and equipment | ||
Balance, at beginning of the period | (12,380) | (13,776) |
Additions | 2,758 | 3,088 |
Disposals | (2,355) | (4,180) |
FX | 435 | (304) |
Balance, at end of the period | (13,218) | (12,380) |
Property | ||
Changes in property, plant and equipment | ||
Balance, at beginning of the period | 18,698 | |
Balance, at end of the period | 18,048 | 18,698 |
Property | Gross carrying amount | ||
Changes in property, plant and equipment | ||
Balance, at beginning of the period | 22,463 | 22,885 |
Additions | 7 | 13 |
Disposals | 65 | 65 |
Transfers | 59 | |
FX | 479 | (370) |
Balance, at end of the period | 22,943 | 22,463 |
Property | Depreciation and amortization | ||
Changes in property, plant and equipment | ||
Balance, at beginning of the period | (3,765) | (2,840) |
Additions | 984 | 1,001 |
Disposals | (2) | |
FX | 146 | (74) |
Balance, at end of the period | (4,895) | (3,765) |
Production equipment | ||
Changes in property, plant and equipment | ||
Balance, at beginning of the period | 3,982 | |
Balance, at end of the period | 4,329 | 3,982 |
Production equipment | Gross carrying amount | ||
Changes in property, plant and equipment | ||
Balance, at beginning of the period | 9,660 | 14,032 |
Additions | 2,327 | 752 |
Disposals | 3,063 | 4,595 |
FX | 434 | (529) |
Balance, at end of the period | 9,358 | 9,660 |
Production equipment | Depreciation and amortization | ||
Changes in property, plant and equipment | ||
Balance, at beginning of the period | (5,678) | (8,253) |
Additions | 1,332 | 1,551 |
Disposals | (2,222) | (3,921) |
FX | 241 | (205) |
Balance, at end of the period | (5,029) | (5,678) |
Other PPE | ||
Changes in property, plant and equipment | ||
Balance, at beginning of the period | 1,039 | |
Balance, at end of the period | 894 | 1,039 |
Other PPE | Gross carrying amount | ||
Changes in property, plant and equipment | ||
Balance, at beginning of the period | 3,976 | 4,142 |
Additions | 295 | 189 |
Disposals | 148 | 314 |
FX | 65 | (41) |
Balance, at end of the period | 4,188 | 3,976 |
Other PPE | Depreciation and amortization | ||
Changes in property, plant and equipment | ||
Balance, at beginning of the period | (2,937) | (2,683) |
Additions | 442 | 536 |
Disposals | (133) | (257) |
FX | 48 | (25) |
Balance, at end of the period | (3,294) | (2,937) |
Assets under construction and prepayments made | ||
Changes in property, plant and equipment | ||
Balance, at beginning of the period | 55 | |
Balance, at end of the period | 448 | 55 |
Assets under construction and prepayments made | Gross carrying amount | ||
Changes in property, plant and equipment | ||
Balance, at beginning of the period | 55 | 60 |
Additions | 448 | |
Disposals | 1 | |
Transfers | (59) | |
FX | 5 | (5) |
Balance, at end of the period | 448 | 55 |
Software | ||
Changes in intangible assets and goodwill | ||
Beginning balance | 806 | |
Ending balance | 565 | 806 |
Software | Gross carrying amount | ||
Changes in intangible assets and goodwill | ||
Beginning balance | 2,046 | 1,551 |
Additions | 45 | 69 |
Disposals | 61 | 26 |
Transfer | 30 | 454 |
FX | 4 | (2) |
Ending balance | 2,064 | 2,046 |
Software | Depreciation and amortization | ||
Changes in intangible assets and goodwill | ||
Beginning balance | (1,240) | (940) |
Additions | 317 | 327 |
Disposals | (61) | (26) |
FX | (3) | (1) |
Ending balance | (1,499) | (1,240) |
Licenses | ||
Changes in intangible assets and goodwill | ||
Beginning balance | 56 | |
Ending balance | 31 | 56 |
Licenses | Gross carrying amount | ||
Changes in intangible assets and goodwill | ||
Beginning balance | 245 | 245 |
Ending balance | 245 | 245 |
Licenses | Depreciation and amortization | ||
Changes in intangible assets and goodwill | ||
Beginning balance | (189) | (162) |
Additions | 25 | 27 |
Ending balance | (214) | (189) |
Prepayments made on intangible assets | ||
Changes in intangible assets and goodwill | ||
Beginning balance | 281 | |
Ending balance | 282 | 281 |
Prepayments made on intangible assets | Gross carrying amount | ||
Changes in intangible assets and goodwill | ||
Beginning balance | 281 | 662 |
Additions | 31 | 89 |
Disposals | 16 | |
Transfer | (30) | (454) |
Ending balance | € 282 | € 281 |
Other liabilities and provisi_3
Other liabilities and provisions (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other liabilities and provisions | ||
Employee bonus | € 512 | € 334 |
Accruals for commissions | 298 | 236 |
Accrual for warranty | 292 | 228 |
Liabilities from payroll | 255 | 237 |
Accruals for vacation and overtime | 230 | 124 |
Accruals for compensation of supervisory board | 180 | 180 |
Accruals for licenses | 92 | 68 |
Accruals for management compensation | 83 | |
Liabilities from VAT | 50 | 27 |
Others | 116 | 149 |
Total | 2,108 | 1,583 |
Other non-current liabilities | € 0 | € 5 |
Other liabilities and provisi_4
Other liabilities and provisions - Activity (Details) € in Thousands | 12 Months Ended |
Dec. 31, 2021EUR (€) | |
Disclosure of other provisions [line items] | |
Beginning balance | € 1,448 |
Usage | (1,448) |
Addition | 1,942 |
Ending balance | 1,942 |
Employee bonus | |
Disclosure of other provisions [line items] | |
Beginning balance | 334 |
Usage | (334) |
Addition | 512 |
Ending balance | 512 |
Liabilities from payroll | |
Disclosure of other provisions [line items] | |
Beginning balance | 237 |
Usage | (237) |
Addition | 255 |
Ending balance | 255 |
Accruals for commissions. | |
Disclosure of other provisions [line items] | |
Beginning balance | 236 |
Usage | (236) |
Addition | 298 |
Ending balance | 298 |
Accrual for warranty | |
Disclosure of other provisions [line items] | |
Beginning balance | 228 |
Usage | (228) |
Addition | 292 |
Ending balance | 292 |
Accruals for compensation of supervisory board | |
Disclosure of other provisions [line items] | |
Beginning balance | 180 |
Usage | (180) |
Addition | 180 |
Ending balance | 180 |
Accruals for vacation and overtime | |
Disclosure of other provisions [line items] | |
Beginning balance | 124 |
Usage | (124) |
Addition | 230 |
Ending balance | 230 |
Accruals for licenses | |
Disclosure of other provisions [line items] | |
Beginning balance | 68 |
Usage | (68) |
Addition | 92 |
Ending balance | 92 |
Accruals for education and training | |
Disclosure of other provisions [line items] | |
Beginning balance | 41 |
Usage | (41) |
Accruals for management compensation | |
Disclosure of other provisions [line items] | |
Addition | 83 |
Ending balance | € 83 |
Additional disclosures to fin_3
Additional disclosures to financial instruments (Details) € in Thousands | Dec. 31, 2021EUR (€)item | Dec. 31, 2020EUR (€)item |
Financial instruments | ||
Financial liabilities | € 27,820 | € 27,084 |
Level Three | ||
Financial instruments | ||
Financial assets, at fair value | 5 | |
Total liabilities | ||
Financial instruments | ||
Financial liabilities | 30,414 | 29,040 |
Current liabilities. | ||
Financial instruments | ||
Financial liabilities | 17,476 | 21,726 |
Trade payables | ||
Financial instruments | ||
Financial liabilities | 2,594 | 1,956 |
Current financial liabilities. | ||
Financial instruments | ||
Financial liabilities | 14,882 | 19,770 |
Financial liabilities, at fair value | 15,362 | 25,666 |
Current financial liabilities. | Level Two | ||
Financial instruments | ||
Financial liabilities, at fair value | 808 | |
Current financial liabilities. | Level Three | ||
Financial instruments | ||
Financial liabilities, at fair value | 15,362 | 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 | 14,285 | 18,650 |
Financial liabilities, at fair value | 15,362 | 24,858 |
Long term debt | Level Three | ||
Financial instruments | ||
Financial liabilities, at fair value | 15,362 | 24,858 |
Lease liability | ||
Financial instruments | ||
Financial liabilities | 597 | 312 |
Non-current liabilities. | ||
Financial instruments | ||
Financial liabilities | 12,938 | 7,314 |
Non-current financial liabilities. | ||
Financial instruments | ||
Financial assets | 7,314 | |
Financial liabilities | 12,938 | |
Financial liabilities, at fair value | 14,342 | 4,203 |
Non-current financial liabilities. | Level Two | ||
Financial instruments | ||
Financial liabilities, at fair value | 516 | |
Non-current financial liabilities. | Level Three | ||
Financial instruments | ||
Financial liabilities, at fair value | 13,826 | 4,203 |
Non-current derivative financial instruments | ||
Financial instruments | ||
Financial liabilities | 516 | |
Financial liabilities, at fair value | 516 | |
Non-current derivative financial instruments | Level Two | ||
Financial instruments | ||
Financial liabilities, at fair value | 516 | |
Non-current long term debt | ||
Financial instruments | ||
Financial liabilities | 9,793 | 4,502 |
Financial liabilities, at fair value | 13,826 | 4,203 |
Non-current long term debt | Level Three | ||
Financial instruments | ||
Financial liabilities, at fair value | 13,826 | 4,203 |
Non-current lease liability | ||
Financial instruments | ||
Financial liabilities | 2,613 | 2,812 |
Non Current Security Deposits | ||
Financial instruments | ||
Financial liabilities | 16 | |
Financial liabilities measured at amortized cost | Total liabilities | ||
Financial instruments | ||
Financial liabilities | 26,672 | 25,108 |
Financial liabilities measured at amortized cost | Current liabilities. | ||
Financial instruments | ||
Financial liabilities | 16,879 | 20,606 |
Financial liabilities measured at amortized cost | Trade payables | ||
Financial instruments | ||
Financial liabilities | 2,594 | 1,956 |
Financial liabilities measured at amortized cost | Current financial liabilities. | ||
Financial instruments | ||
Financial liabilities | 14,285 | 18,650 |
Financial liabilities measured at amortized cost | Long term debt | ||
Financial instruments | ||
Financial liabilities | 14,285 | 18,650 |
Financial liabilities measured at amortized cost | Non-current liabilities. | ||
Financial instruments | ||
Financial liabilities | 9,793 | 4,502 |
Financial liabilities measured at amortized cost | Non-current financial liabilities. | ||
Financial instruments | ||
Financial liabilities | 9,793 | 4,502 |
Financial liabilities measured at amortized cost | Non-current long term debt | ||
Financial instruments | ||
Financial liabilities | 9,793 | 4,502 |
Total assets | ||
Financial instruments | ||
Financial assets | 31,660 | 15,360 |
Current assets. | ||
Financial instruments | ||
Financial assets | 31,656 | 15,355 |
Cash and cash equivalents. | ||
Financial instruments | ||
Financial assets | 7,027 | 5,324 |
Current financial assets. | ||
Financial instruments | ||
Financial assets | 18,522 | 5,351 |
Financial assets, at fair value | 13,525 | 5,351 |
Current financial assets. | Level One | ||
Financial instruments | ||
Financial assets, at fair value | 10,699 | 2,984 |
Current financial assets. | Level Two | ||
Financial instruments | ||
Financial assets, at fair value | 2,826 | 2,367 |
Bond funds | ||
Financial instruments | ||
Financial assets | 10,699 | 984 |
Financial assets, at fair value | € 10,699 | € 984 |
Number of bond fund instruments held | item | 3 | 2 |
Bond funds | Level One | ||
Financial instruments | ||
Financial assets, at fair value | € 10,699 | € 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 | 2,655 | |
Derivative financial instruments | ||
Financial instruments | ||
Financial assets | 2,826 | 2,367 |
Financial assets, at fair value | 2,826 | 2,367 |
Derivative financial instruments | Level Two | ||
Financial instruments | ||
Financial assets, at fair value | 2,826 | 2,367 |
Restricted cash | ||
Financial instruments | ||
Financial assets | 2,342 | |
Trade receivables, net | ||
Financial instruments | ||
Financial assets | 6,107 | 4,680 |
Non-current assets. | ||
Financial instruments | ||
Financial assets | 4 | 5 |
Non-current financial assets. | ||
Financial instruments | ||
Financial assets | 4 | 5 |
Financial assets, at fair value | 4 | 5 |
Non-current financial assets. | Level One | ||
Financial instruments | ||
Financial assets, at fair value | 4 | |
Non-current financial assets. | Level Three | ||
Financial instruments | ||
Financial assets, at fair value | 5 | |
Non-current equity securities | ||
Financial instruments | ||
Financial assets | 4 | 5 |
Financial assets, at fair value | 4 | 5 |
Non-current equity securities | Level One | ||
Financial instruments | ||
Financial assets, at fair value | 4 | |
Non-current equity securities | Level Three | ||
Financial instruments | ||
Financial assets, at fair value | 5 | |
FVTPL | Total liabilities | ||
Financial instruments | ||
Financial liabilities | 516 | 808 |
FVTPL | Current liabilities. | ||
Financial instruments | ||
Financial liabilities | 808 | |
FVTPL | Current financial liabilities. | ||
Financial instruments | ||
Financial liabilities | 808 | |
FVTPL | Derivative financial instruments. | ||
Financial instruments | ||
Financial liabilities | 808 | |
FVTPL | Non-current liabilities. | ||
Financial instruments | ||
Financial liabilities | 516 | |
FVTPL | Non-current financial liabilities. | ||
Financial instruments | ||
Financial liabilities | 516 | |
FVTPL | Non-current derivative financial instruments | ||
Financial instruments | ||
Financial liabilities | 516 | |
FVTPL | Total assets | ||
Financial instruments | ||
Financial assets | 13,525 | 5,351 |
FVTPL | Current assets. | ||
Financial instruments | ||
Financial assets | 13,525 | 5,351 |
FVTPL | Current financial assets. | ||
Financial instruments | ||
Financial assets | 13,525 | 5,351 |
FVTPL | Bond funds | ||
Financial instruments | ||
Financial assets | 10,699 | 984 |
FVTPL | Bond funds (restricted) | ||
Financial instruments | ||
Financial assets | 2,000 | |
FVTPL | Derivative financial instruments | ||
Financial instruments | ||
Financial assets | 2,826 | 2,367 |
FVOCI | Total assets | ||
Financial instruments | ||
Financial assets | 4 | 5 |
FVOCI | Non-current assets. | ||
Financial instruments | ||
Financial assets | 4 | 5 |
FVOCI | Non-current financial assets. | ||
Financial instruments | ||
Financial assets | 4 | 5 |
FVOCI | Non-current equity securities | ||
Financial instruments | ||
Financial assets | 4 | 5 |
Assets at amortized cost | Total assets | ||
Financial instruments | ||
Financial assets | 18,131 | 20,008 |
Assets at amortized cost | Current assets. | ||
Financial instruments | ||
Financial assets | 18,131 | 10,004 |
Assets at amortized cost | Cash and cash equivalents. | ||
Financial instruments | ||
Financial assets | 7,027 | 5,324 |
Assets at amortized cost | Current financial assets. | ||
Financial instruments | ||
Financial assets | 4,997 | |
Assets at amortized cost | Term deposit | ||
Financial instruments | ||
Financial assets | 2,655 | |
Assets at amortized cost | Restricted cash | ||
Financial instruments | ||
Financial assets | 2,342 | |
Assets at amortized cost | Trade receivables, net | ||
Financial instruments | ||
Financial assets | 6,107 | 4,680 |
Fair value | ||
Financial instruments | ||
Financial assets | 18,526 | 5,356 |
Fair value | Bond funds | ||
Financial instruments | ||
Financial assets | 10,699 | 2,984 |
Fair value | Bond funds (restricted) | ||
Financial instruments | ||
Financial assets | 0 | 2,000 |
Fair value | Term deposit | ||
Financial instruments | ||
Financial assets | 2,655 | |
Fair value | Derivative financial instruments | ||
Financial instruments | ||
Financial assets | 2,826 | 2,367 |
Fair value | Restricted cash | ||
Financial instruments | ||
Financial assets | 2,342 | |
Fair value | Equity securities | ||
Financial instruments | ||
Financial assets | € 4 | € 5 |
Additional disclosures to fin_4
Additional disclosures to financial instruments - Reconciliation (Details) - Level Three € in Thousands | 12 Months Ended |
Dec. 31, 2021EUR (€) | |
Disclosure of detailed information about financial instruments [line items] | |
Beginning balance | € 5 |
Transfer from level 3 | € (5) |
Additional disclosures to fin_5
Additional disclosures to financial instruments - Gains and losses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Additional disclosures to financial instruments | |||
Financial asset measured at amortized cost | € 347 | € (31) | |
Total interest expense | (9) | (3) | |
Other operating income from change of impairment | 62 | 182 | |
Other operating income from unrealized foreign currency translation | 511 | 50 | |
Other operating expense from change of impairment | (120) | (120) | |
Other operating expense from unrealized foreign currency translation | (97) | (140) | |
Financial asset measured at fair value through profit or loss | 265 | 94 | |
Income from revaluation of derivative financial instruments | 460 | 93 | |
Fair value valuation of financial assets | (291) | (10) | |
Payout of bond funds | 96 | 78 | € 126 |
Other operating income from unrealized foreign currency translation | 32 | ||
Other operating expense from unrealized foreign currency translation | (99) | ||
Financial liabilities measured at amortized cost | (2,305) | (1,769) | |
Total interest expense | (2,299) | (1,769) | |
Other operating income from unrealized foreign currency translation | 3 | ||
Other operating expense from unrealized foreign currency translation | (6) | (3) | |
Financial liabilities measured at fair value through profit or loss | 292 | (808) | |
Total interest income | 292 | ||
Total interest expense | (808) | ||
Total | € (1,401) | € (2,514) |
Additional disclosures to fin_6
Additional disclosures to financial instruments - Interest (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial instruments | |||
Interest income from financial assets measured at FVTPL | € 174 | ||
Interest expense from financial assets measured at FVTPL | € 291 | € 10 | |
Fair value change | |||
Financial instruments | |||
Interest income from financial assets measured at FVTPL | 460 | 93 | |
Interest expense from financial assets measured at FVTPL | 291 | 10 | |
Interest income from financial liabilities measured at FVTPL | 292 | 0 | |
Interest expense from financial liabilities measured at FVTPL | 0 | 808 | |
Bond funds | |||
Financial instruments | |||
Interest income from financial assets measured at FVTPL | 96 | 78 | |
Interest expense from financial assets measured at FVTPL | € 0 | € 0 |
Additional disclosures to fin_7
Additional disclosures to financial instruments - Loans (Details) € in Thousands | Nov. 01, 2018shares | Dec. 22, 2017EUR (€)shares | Nov. 09, 2017EUR (€)tranche | Jul. 31, 2021shares | Feb. 28, 2021shares | Jan. 31, 2021shares | Jun. 30, 2020EUR (€)shares | Apr. 30, 2019EUR (€)item | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€)item | Dec. 31, 2021EUR (€) | May 29, 2020 | Mar. 31, 2020EUR (€) | Dec. 31, 2016EUR (€) | Feb. 29, 2016EUR (€) |
Additional disclosures to financial instruments | |||||||||||||||
Face value | € 22,944 | € 22,944 | |||||||||||||
Carrying amount | 23,142 | 24,070 | |||||||||||||
Proceeds from issuance of long-term debt | 5,000 | € 529 | |||||||||||||
Restricted cash | |||||||||||||||
Additional disclosures to financial instruments | |||||||||||||||
Assets as collateral to bank | 0 | 2,342 | |||||||||||||
Bond funds (restricted) | |||||||||||||||
Additional disclosures to financial instruments | |||||||||||||||
Assets as collateral to bank | 2,000 | 0 | |||||||||||||
Property | |||||||||||||||
Additional disclosures to financial instruments | |||||||||||||||
Assets as collateral to bank | 15,000 | 15,000 | |||||||||||||
Production equipment | |||||||||||||||
Additional disclosures to financial instruments | |||||||||||||||
Assets as collateral to bank | 1,104 | 569 | |||||||||||||
Kreissparkasse Augsburg, Germany | |||||||||||||||
Additional disclosures to financial instruments | |||||||||||||||
Number of 3D printers serving as collateral | item | 3 | ||||||||||||||
Kreissparkasse Augsburg, Germany | Restricted cash | |||||||||||||||
Additional disclosures to financial instruments | |||||||||||||||
Assets as collateral to bank | € 2,000 | ||||||||||||||
Kreissparkasse Augsburg, Germany | Bond funds (restricted) | |||||||||||||||
Additional disclosures to financial instruments | |||||||||||||||
Assets as collateral to bank | € 2,000 | ||||||||||||||
Secured Bank Loan, 2.47% | |||||||||||||||
Additional disclosures to financial instruments | |||||||||||||||
Nominal interest rate | 2.47% | 2.47% | |||||||||||||
Face value | 2,000 | € 2,000 | € 2,000 | ||||||||||||
Carrying amount | 1,695 | € 1,616 | |||||||||||||
Secured Bank Loan, 2.72% | |||||||||||||||
Additional disclosures to financial instruments | |||||||||||||||
Nominal interest rate | 2.72% | 2.72% | |||||||||||||
Face value | 1,000 | € 1,000 | € 1,000 | ||||||||||||
Carrying amount | 848 | € 809 | |||||||||||||
Secured Bank Loan, 1.75% | |||||||||||||||
Additional disclosures to financial instruments | |||||||||||||||
Nominal interest rate | 1.75% | 1.75% | |||||||||||||
Face value | 1,000 | € 1,000 | € 1,000 | ||||||||||||
Carrying amount | 887 | € 823 | |||||||||||||
Secured Bank Loan, 2.42% | |||||||||||||||
Additional disclosures to financial instruments | |||||||||||||||
Nominal interest rate | 2.42% | 2.42% | |||||||||||||
Face value | 500 | € 500 | € 500 | ||||||||||||
Carrying amount | 429 | € 409 | |||||||||||||
Secured Bank Loan, 2.73% | |||||||||||||||
Additional disclosures to financial instruments | |||||||||||||||
Nominal interest rate | 2.73% | 2.73% | |||||||||||||
Face value | 500 | € 500 | € 500 | ||||||||||||
Carrying amount | 472 | € 411 | |||||||||||||
Secured Bank Loan, 2.49% | |||||||||||||||
Additional disclosures to financial instruments | |||||||||||||||
Nominal interest rate | 2.49% | 2.49% | |||||||||||||
Face value | € 500 | 500 | € 500 | ||||||||||||
Carrying amount | 332 | € 233 | |||||||||||||
Number of 3D printers serving as collateral | item | 2 | ||||||||||||||
Maturity term | 5 years | ||||||||||||||
Secured Bank Loan, 2.29% | |||||||||||||||
Additional disclosures to financial instruments | |||||||||||||||
Nominal interest rate | 2.29% | ||||||||||||||
Face value | 700 | € 700 | |||||||||||||
Carrying amount | 110 | ||||||||||||||
Secured Bank Loan, 2.35% | |||||||||||||||
Additional disclosures to financial instruments | |||||||||||||||
Nominal interest rate | 2.35% | ||||||||||||||
Face value | 1,000 | € 1,000 | |||||||||||||
Carrying amount | 70 | ||||||||||||||
Secured Bank Loan, 2.48% | |||||||||||||||
Additional disclosures to financial instruments | |||||||||||||||
Nominal interest rate | 2.48% | ||||||||||||||
Face value | 675 | € 675 | |||||||||||||
Carrying amount | 238 | € 96 | |||||||||||||
Unsecured Bank Loan, 3.92% | |||||||||||||||
Additional disclosures to financial instruments | |||||||||||||||
Nominal interest rate | 3.92% | ||||||||||||||
Face value | 29 | € 29 | |||||||||||||
Carrying amount | 24 | € 19 | |||||||||||||
Unsecured Bank Loan, 2.90% | |||||||||||||||
Additional disclosures to financial instruments | |||||||||||||||
Nominal interest rate | 2.90% | ||||||||||||||
Face value | 40 | € 40 | |||||||||||||
Carrying amount | 10 | € 2 | |||||||||||||
Secured Bank Loan, 0.00% | |||||||||||||||
Additional disclosures to financial instruments | |||||||||||||||
Nominal interest rate | 0.00% | ||||||||||||||
Face value | 10,000 | € 10,000 | |||||||||||||
Carrying amount | 12,549 | € 13,528 | |||||||||||||
Secured Bank Loan, 12.00% | |||||||||||||||
Additional disclosures to financial instruments | |||||||||||||||
Nominal interest rate | 12.00% | ||||||||||||||
Face value | 5,000 | € 5,000 | |||||||||||||
Carrying amount | € 5,478 | € 6,124 | |||||||||||||
European Investment Bank | |||||||||||||||
Additional disclosures to financial instruments | |||||||||||||||
Assets as collateral to bank | € 10,000 | ||||||||||||||
Maximum borrowing capacity | € 25,000 | ||||||||||||||
Number of tranches | tranche | 3 | ||||||||||||||
Maximum borrowing to total research and development and manufacturing capital expenditures (as a percent) | 50.00% | ||||||||||||||
Current debt | € 10,000 | ||||||||||||||
European Investment Bank | PIK interest rate | |||||||||||||||
Additional disclosures to financial instruments | |||||||||||||||
Nominal interest rate | 5.00% | ||||||||||||||
European Investment Bank | Fixed interest rate | |||||||||||||||
Additional disclosures to financial instruments | |||||||||||||||
Nominal interest rate | 7.00% | ||||||||||||||
EIB-Tranche A | |||||||||||||||
Additional disclosures to financial instruments | |||||||||||||||
Nominal interest rate | 0.00% | ||||||||||||||
Proceeds from issuance of long-term debt | € 10,000 | ||||||||||||||
Maturity term | 5 years | ||||||||||||||
Maximum borrowing capacity | € 10,000 | ||||||||||||||
Increase in shares issued (in shares) | shares | 254,527 | 195,790 | 369,828 | 310,558 | 310,558 | ||||||||||
Expiration term | 10 years | ||||||||||||||
EIB-Tranche B | |||||||||||||||
Additional disclosures to financial instruments | |||||||||||||||
Nominal interest rate | 7.00% | ||||||||||||||
Face value | € 5,000 | ||||||||||||||
Proceeds from issuance of long-term debt | € 5,000 | ||||||||||||||
Maturity term | 5 years | ||||||||||||||
Maximum borrowing capacity | € 8,000 | ||||||||||||||
Increase in shares issued (in shares) | shares | 588,361 | 494,068 | 494,068 | ||||||||||||
Consideration in cash equal to the market value of shares (in shares) | shares | 404,928 | ||||||||||||||
Expiration term | 10 years | ||||||||||||||
EIB-Tranche three | |||||||||||||||
Additional disclosures to financial instruments | |||||||||||||||
Nominal interest rate | 3.00% | ||||||||||||||
Maximum borrowing capacity | € 7,000 |
Cost of sales (Details)
Cost of sales (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cost of sales | |||
Personnel expenses | € (4,563) | € (4,594) | € (5,583) |
Material costs | (7,744) | (6,559) | (6,796) |
Depreciation | (1,983) | (2,158) | (2,686) |
Other expenses | (1,735) | (1,502) | (2,382) |
Allowance for slow-moving inventory | (851) | 1 | 21 |
Total | (16,876) | (14,812) | (17,426) |
Cost of maintenance | 283 | 208 | 535 |
Travel expense | 177 | 171 | 312 |
Insurance expense | 306 | 283 | 269 |
Rental and building expenses | 38 | 104 | 149 |
License fees | € 30 | € 53 | € 57 |
Other operating income and ex_3
Other operating income and expense (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other operating income | |||
Government grant income | € 617 | € 321 | € 21 |
Reimbursement of research and development costs | 110 | ||
Reimbursement of transaction costs | 63 | 68 | 127 |
Gains from foreign exchange transactions | 1,812 | 849 | 1,657 |
Other | 368 | 365 | 338 |
Total | 2,970 | 1,603 | 2,143 |
Impairment on trade receivables increase (decrease) | (46) | (75) | (132) |
Other operating expense | |||
Impairment loss on trade receivables | 120 | 120 | 60 |
Losses from foreign exchange transactions | 460 | 2,545 | 880 |
Impairment loss on inventory | 100 | ||
Other | 38 | 34 | 5 |
Total | € 618 | € 2,799 | € 945 |
Financial result (Details)
Financial result (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial result | |||
Interest expense | € (2,601) | € (2,589) | € (1,349) |
Interest expense on lease liability | (149) | (167) | (190) |
Long-term debt | (2,150) | (1,602) | (993) |
Expense from revaluation of derivative financial instruments | (808) | (106) | |
Fair value valuation of financial assets | (291) | (10) | |
Other | (11) | (2) | (60) |
Interest income | 924 | 184 | 318 |
Payout of bond funds | 96 | 78 | 126 |
Income from revaluation of derivative financial instruments | 752 | 93 | |
Fair value valuation of financial assets | 174 | ||
Other | 76 | 13 | 18 |
Financial result | € (1,677) | € (2,405) | € (1,031) |
Income taxes - Income Tax (Deta
Income taxes - Income Tax (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income taxes | |||
Deferred tax (expense) income | € (65) | € 88 | € (39) |
Income tax (expense) income | € (65) | € 88 | € (39) |
Income taxes - Deferred Tax (De
Income taxes - Deferred Tax (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets and liabilities | ||
Deferred tax liabilities, net | € (87) | € (52) |
Trade receivables | ||
Deferred tax assets and liabilities | ||
Deferred tax liabilities | (7) | (8) |
Other receivables and current assets | ||
Deferred tax assets and liabilities | ||
Deferred tax assets | 722 | 1,092 |
Deferred tax liabilities | (7) | (92) |
Inventories. | ||
Deferred tax assets and liabilities | ||
Deferred tax assets | 8 | 16 |
Deferred tax liabilities | (4) | (291) |
Property, Plant & Equipment | ||
Deferred tax assets and liabilities | ||
Deferred tax assets | 5 | 5 |
Deferred tax liabilities | (309) | (559) |
Trade liabilities | ||
Deferred tax assets and liabilities | ||
Deferred tax assets | 320 | 429 |
Current financial liabilities. | ||
Deferred tax assets and liabilities | ||
Deferred tax assets | 90 | 1,148 |
Deferred tax liabilities | (1,406) | |
Current financial assets. | ||
Deferred tax assets and liabilities | ||
Deferred tax assets | 65 | |
Deferred tax liabilities | (838) | |
Other current liabilities and provisions | ||
Deferred tax assets and liabilities | ||
Deferred tax assets | 19 | 239 |
Deferred tax liabilities | (2,109) | (2,053) |
Contract liabilities. | ||
Deferred tax assets and liabilities | ||
Deferred tax assets | 543 | 762 |
Deferred tax liabilities | (607) | (762) |
Contract liabilities non-current | ||
Deferred tax assets and liabilities | ||
Deferred tax assets | 65 | |
Non-current other assets | ||
Deferred tax assets and liabilities | ||
Deferred tax liabilities | (79) | (28) |
Non-current financial liabilities. | ||
Deferred tax assets and liabilities | ||
Deferred tax assets | 3,405 | 764 |
Non-current financial assets. | ||
Deferred tax assets and liabilities | ||
Deferred tax liabilities | (663) | |
Tax losses carried forward | ||
Deferred tax assets and liabilities | ||
Deferred tax assets | 467 | 138 |
Tax assets (liabilities) | ||
Deferred tax assets and liabilities | ||
Deferred tax assets | 5,441 | 4,410 |
Deferred tax liabilities | (5,528) | (4,462) |
Valuation allowance | ||
Deferred tax assets and liabilities | ||
Deferred tax assets | 203 | 248 |
Deferred tax liabilities | (162) | (6) |
Set off of tax | ||
Deferred tax assets and liabilities | ||
Deferred tax assets | 5,441 | 4,410 |
Deferred tax liabilities | € (5,441) | € (4,410) |
Income taxes - Loss Carryforwar
Income taxes - Loss Carryforwards (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Carryforward | ||
Prevailing statutory tax rate (as a percent) | 28.00% | 28.00% |
voxeljet America | ||
Carryforward | ||
Deferred tax assets | € 635 | |
Prevailing statutory tax rate (as a percent) | 21.00% | 27.00% |
Gross loss carryforwards with no deferred tax recognized | € 3,025 | € 2,480 |
voxeljet China | ||
Carryforward | ||
Tax loss carried forward | 3,592 | |
Deferred tax assets | 539 | |
Net deferred tax assets | 10 | |
Valuation allowance | € 529 | |
Prevailing statutory tax rate (as a percent) | 15.00% | 25.00% |
Gross loss carryforwards with no deferred tax recognized | € 3,126 | |
voxeljet India | ||
Carryforward | ||
Tax loss carried forward | 326 | |
Gross loss carryforwards with no deferred tax recognized | € 241 | |
Corporation tax | ||
Carryforward | ||
Tax loss carried forward | 65,983 | 49,698 |
Trade tax losses | ||
Carryforward | ||
Tax loss carried forward | 64,632 | € 48,630 |
Loss carryforward | ||
Carryforward | ||
Deferred tax assets | 18,311 | |
Net deferred tax assets | 411 | |
Valuation allowance | € 17,900 |
Income taxes - Reconciliation (
Income taxes - Reconciliation (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of profit before income taxes to income tax | |||
Loss before income taxes | € (10,521) | € (15,569) | € (13,939) |
Prevailing statutory tax rate (as a percent) | 28.00% | 28.00% | |
Tax expense at prevailing statutory rate (28%) | € 2,946 | € 4,359 | 3,903 |
Non-deductible expenses | (875) | (732) | (447) |
Non-taxable income | 146 | 80 | |
Tax-rate related differences | (45) | (69) | (198) |
Unrecognized temporary differences and tax losses | (2,237) | (3,550) | (3,297) |
Income tax (expense) income | € (65) | € 88 | € (39) |
Personnel expenses (Details)
Personnel expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Personnel expense | |||
Wages and salaries | € 11,490 | € 11,568 | € 13,885 |
Employee stock option plan | 304 | 671 | 671 |
Social security contributions | 2,391 | 2,289 | 2,710 |
Total employee benefits expense | 14,185 | 14,528 | 17,266 |
MetallRente | 59 | 65 | 66 |
German state plan | |||
Personnel expense | |||
Mandatory employer's contribution | € 719 | € 754 | € 889 |
Segment reporting - Segments (D
Segment reporting - Segments (Details) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021EUR (€)segment | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | |
Segment reporting | |||
Number of reportable segments | segment | 2 | ||
Revenues | € 24,826 | € 21,567 | € 24,602 |
Cost of sales | (16,876) | (14,812) | (17,426) |
Gross profit | € 7,950 | € 6,755 | 7,176 |
Gross profit margin (as a percent) | 32.00% | 31.30% | |
Operating Expenses | € (19,146) | € (18,723) | |
Other operating expenses | (618) | (2,799) | (945) |
Other operating income | 2,970 | 1,603 | 2,143 |
Operating loss | (8,844) | (13,164) | (12,908) |
Finance costs | (2,601) | (2,589) | (1,349) |
Finance income | 924 | 184 | 318 |
Financial result | (1,677) | (2,405) | (1,031) |
Loss before income taxes | (10,521) | (15,569) | (13,939) |
Income tax income (expense) | (65) | 88 | (39) |
Net loss | (10,586) | (15,481) | (13,978) |
Systems | |||
Segment reporting | |||
Revenues | 15,728 | 12,556 | 13,454 |
Cost of sales | (10,477) | (8,115) | |
Gross profit | € 5,251 | € 4,441 | € 4,284 |
Gross profit margin (as a percent) | 33.40% | 35.40% | 31.80% |
Sale of used printers | € 2,601 | € 2,328 | € 2,007 |
Services | |||
Segment reporting | |||
Revenues | 9,098 | 9,011 | 11,148 |
Cost of sales | (6,399) | (6,697) | |
Gross profit | € 2,699 | € 2,314 | € 2,892 |
Gross profit margin (as a percent) | 29.70% | 25.70% | 25.90% |
Operating segments | |||
Segment reporting | |||
Revenues | € 24,826 | € 21,567 | |
Operating segments | Systems | |||
Segment reporting | |||
Revenues | 17,700 | 13,159 | |
Operating segments | Services | |||
Segment reporting | |||
Revenues | 9,098 | 9,011 | |
Intra-segment | Systems | |||
Segment reporting | |||
Revenues | (1,972) | (603) | |
Intra-segment | Consolidation | |||
Segment reporting | |||
Revenues | € (1,972) | € (603) |
Segment reporting - Geographic
Segment reporting - Geographic (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues and non-current assets by geographical region | |||
Revenues | € 24,826 | € 21,567 | € 24,602 |
Non-current assets | 24,711 | 25,090 | |
EMEA | |||
Revenues and non-current assets by geographical region | |||
Revenues | 12,228 | 11,466 | 11,265 |
Non-current assets | 19,279 | 19,730 | |
Germany | |||
Revenues and non-current assets by geographical region | |||
Revenues | 4,269 | 4,647 | 4,474 |
Non-current assets | 19,279 | 19,730 | |
France | |||
Revenues and non-current assets by geographical region | |||
Revenues | 1,391 | 841 | 1,314 |
Great Britain | |||
Revenues and non-current assets by geographical region | |||
Revenues | 1,413 | 963 | 1,224 |
Other EMEA | |||
Revenues and non-current assets by geographical region | |||
Revenues | 5,155 | 5,015 | 4,253 |
Spain | |||
Revenues and non-current assets by geographical region | |||
Revenues | 1,931 | 644 | |
Russia | |||
Revenues and non-current assets by geographical region | |||
Revenues | 21 | 1,322 | |
Asia Pacific | |||
Revenues and non-current assets by geographical region | |||
Revenues | 7,107 | 4,521 | 6,302 |
Non-current assets | 1,343 | 1,609 | |
South Korea | |||
Revenues and non-current assets by geographical region | |||
Revenues | 623 | 1,787 | 1,242 |
China | |||
Revenues and non-current assets by geographical region | |||
Revenues | 3,004 | 1,101 | 3,993 |
Indonesia | |||
Revenues and non-current assets by geographical region | |||
Revenues | 93 | 55 | |
Other Asia Pacific | |||
Revenues and non-current assets by geographical region | |||
Revenues | 3,480 | 1,540 | 1,012 |
India | |||
Revenues and non-current assets by geographical region | |||
Revenues | 2,563 | 93 | |
Japan | |||
Revenues and non-current assets by geographical region | |||
Revenues | 31 | 1,406 | |
Americas | |||
Revenues and non-current assets by geographical region | |||
Revenues | 5,491 | 5,580 | 7,035 |
Non-current assets | 4,089 | 3,751 | |
United States | |||
Revenues and non-current assets by geographical region | |||
Revenues | 5,389 | 5,453 | 6,843 |
Non-current assets | 4,089 | 3,751 | |
Other Americas | |||
Revenues and non-current assets by geographical region | |||
Revenues | € 102 | € 127 | € 192 |
Financial risk management (Deta
Financial risk management (Details) $ / shares in Units, € in Thousands, $ in Millions | Dec. 22, 2017EUR (€) | Jun. 30, 2020EUR (€) | Dec. 31, 2021EUR (€) | Dec. 31, 2021EUR (€)$ / shares | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Financial risk | ||||||||
Percentage of revenue generated | 32.00% | 31.30% | ||||||
Proceeds from issuance of long-term debt | € 5,000 | € 529 | ||||||
Eurozone | ||||||||
Financial risk | ||||||||
Percentage of revenue generated | 36.10% | |||||||
Eurozone | Foreign exchange risk | ||||||||
Financial risk | ||||||||
Revenue invoiced (as a percent) | 61.00% | 68.00% | 62.00% | |||||
voxeljet America | ||||||||
Financial risk | ||||||||
Amount borrowed by affiliate | € 7,900 | € 7,900 | € 7,400 | $ 9 | $ 9 | |||
Increase/decrease in designated risk component (as a percent) | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | |||
Loss due to relative change | € 700 | € 700 | ||||||
Gain due to relative change | 900 | € 800 | ||||||
EIB-Tranche A | ||||||||
Financial risk | ||||||||
Proceeds from issuance of long-term debt | € 10,000 | |||||||
Increase/decrease of the price per ADR | $ / shares | € 1 | |||||||
Increase of derivative asset | 326 | |||||||
Decrease of derivative asset | 326 | |||||||
EIB-Tranche A | Interest rate risk | ||||||||
Financial risk | ||||||||
Proceeds from issuance of long-term debt | € 10,000 | |||||||
EIB-Tranche B | ||||||||
Financial risk | ||||||||
Proceeds from issuance of long-term debt | € 5,000 | |||||||
Increase/decrease of the price per ADR | $ / shares | € 1 | |||||||
Increase of derivative liability | 519 | |||||||
Decrease of derivative liability | € 519 | |||||||
EIB-Tranche B | Interest rate risk | ||||||||
Financial risk | ||||||||
Proceeds from issuance of long-term debt | € 5,000 |
Financial risk management - Cre
Financial risk management - Credit risk (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Customer loans | € 0 | € 0 |
Credit risk | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Maximum exposure to credit risk | € 31.7 | € 15.4 |
Financial risk management - ECL
Financial risk management - ECLs (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | € 6,107 | € 4,680 |
Gross carrying amount | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 6,225 | 4,788 |
Impairment loss allowance | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | € 118 | € 108 |
Grade 1 to 4, Low Risk | ||
Disclosure of detailed information about financial instruments [line items] | ||
Weighted-average loss rate | 0.20% | 0.20% |
Trade receivables | € 3,098 | € 1,684 |
Grade 1 to 4, Low Risk | Gross carrying amount | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 3,103 | 1,686 |
Grade 1 to 4, Low Risk | Impairment loss allowance | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | € 5 | € 2 |
Grade 5 to 7, Fair Risk | ||
Disclosure of detailed information about financial instruments [line items] | ||
Weighted-average loss rate | 1.30% | 1.30% |
Trade receivables | € 2,750 | € 2,180 |
Grade 5 to 7, Fair Risk | Gross carrying amount | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 2,787 | 2,209 |
Grade 5 to 7, Fair Risk | Impairment loss allowance | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | € 37 | € 29 |
Grade 8 to 9, Substandard | ||
Disclosure of detailed information about financial instruments [line items] | ||
Weighted-average loss rate | 7.00% | 7.00% |
Trade receivables | € 121 | € 815 |
Grade 8 to 9, Substandard | Gross carrying amount | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 130 | 876 |
Grade 8 to 9, Substandard | Impairment loss allowance | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | € 9 | € 61 |
Grade 10 Doubtful | ||
Disclosure of detailed information about financial instruments [line items] | ||
Weighted-average loss rate | 25.00% | 25.00% |
Trade receivables | € 138 | € 1 |
Grade 10 Doubtful | Gross carrying amount | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 184 | 2 |
Grade 10 Doubtful | Impairment loss allowance | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | € 46 | € 1 |
Grade 11 Loss | ||
Disclosure of detailed information about financial instruments [line items] | ||
Weighted-average loss rate | 100.00% | 100.00% |
Grade 11 Loss | Gross carrying amount | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | € 21 | € 15 |
Grade 11 Loss | Impairment loss allowance | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | € 21 | € 15 |
Financial risk management - Mat
Financial risk management - Maturities (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial liabilities | ||
Bank borrowings carrying amount | € 24,070 | € 23,142 |
Lease liabilities. | 3,210 | 3,124 |
Trade payables carrying amount | 2,594 | 1,956 |
Liquidity risk | ||
Financial liabilities | ||
Bank borrowings carrying amount | 24,078 | 23,152 |
Lease liabilities. | 3,210 | 3,124 |
Trade payables carrying amount | 2,594 | 1,956 |
Total carrying amount | 29,882 | 28,232 |
Bank borrowings contractual cash flow | (31,042) | (31,280) |
Lease liability contractual cash flow | (3,704) | (3,715) |
Trade payables contractual cash flow | (2,594) | (1,956) |
Total contractual cash flow | (37,340) | (36,951) |
Liquidity risk | 2 months or less | ||
Financial liabilities | ||
Bank borrowings contractual cash flow | (109) | (295) |
Lease liability contractual cash flow | (76) | (71) |
Trade payables contractual cash flow | (2,594) | (1,956) |
Total contractual cash flow | (2,779) | (2,322) |
Liquidity risk | 2 to 12 months | ||
Financial liabilities | ||
Bank borrowings contractual cash flow | (15,363) | (25,236) |
Lease liability contractual cash flow | (659) | (341) |
Total contractual cash flow | (16,022) | (25,577) |
Liquidity risk | 1 to 3 years | ||
Financial liabilities | ||
Bank borrowings contractual cash flow | (1,528) | (915) |
Lease liability contractual cash flow | (1,472) | (1,627) |
Total contractual cash flow | (3,000) | (2,542) |
Liquidity risk | 3 to 5 years | ||
Financial liabilities | ||
Bank borrowings contractual cash flow | (10,595) | (625) |
Lease liability contractual cash flow | (678) | (637) |
Total contractual cash flow | (11,273) | (1,262) |
Liquidity risk | More than 5 years | ||
Financial liabilities | ||
Bank borrowings contractual cash flow | (3,447) | (4,209) |
Lease liability contractual cash flow | (819) | (1,039) |
Total contractual cash flow | € (4,266) | € (5,248) |
Reconciliation of movements o_3
Reconciliation of movements of liabilities to cash flows arising from financing activities (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other changes Liability-related | |||
Interest paid | € (263) | € (258) | € (320) |
Other loans and borrowings | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balance at January 1 | 23,152 | 17,546 | |
Changes from financing cash flows | |||
Proceeds from loans and borrowings | 5,000 | ||
Repayment of borrowings | (1,004) | (863) | |
Total changes from financing cash flows | (1,004) | 4,137 | |
Other changes Liability-related | |||
Adjustment | (70) | ||
Interest expense | 2,150 | 1,602 | |
Interest paid | (150) | (133) | |
Total liability-related other changes | 1,930 | 1,469 | |
Balance at December 31 | 24,078 | 23,152 | 17,546 |
Lease liabilities | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balance at January 1 | 3,124 | 3,610 | |
Changes from financing cash flows | |||
Payment of finance lease liabilities | (334) | (412) | |
Total changes from financing cash flows | (334) | (412) | |
Other changes Liability-related | |||
New leases | 133 | (138) | |
Adjustment | 22 | ||
Foreign currency effects | 256 | ||
Interest expense | 149 | 167 | |
Interest paid | (103) | (125) | |
Total liability-related other changes | 420 | (74) | |
Balance at December 31 | € 3,210 | € 3,124 | € 3,610 |
Capital management (Details)
Capital management (Details) € in Thousands | 12 Months Ended | |||
Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
Capital management | ||||
Equity | € 32,487 | € 19,641 | € 33,518 | € 46,584 |
Share of total equity and liabilities | 48.2 | 36.9 | ||
Current financial liabilities | € 14,882 | € 19,770 | ||
Non-current financial liabilities | 12,938 | 7,314 | ||
Total financial liabilities | € 27,820 | € 27,084 | ||
Share of total equity and liabilities | 41.2 | 50.9 | ||
Total equity and liabilities | € 67,459 | € 53,227 |
Leases - Right-of-use assets (D
Leases - Right-of-use assets (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases | |||
Right-of-use asset at beginning | € 3,191 | ||
Depreciation charge of the year | (651) | € (682) | € (765) |
Right-of-use asset at ending | 2,906 | 3,191 | |
Right-of-use assets | |||
Leases | |||
Right-of-use asset at beginning | 3,191 | ||
Depreciation charge of the year | (651) | ||
Additions to the right-of-use assets | 132 | ||
Derecognition of the right-of-use assets | (15) | ||
Foreign currency effects | 249 | ||
Right-of-use asset at ending | 2,906 | 3,191 | |
Property | |||
Leases | |||
Right-of-use asset at beginning | 2,892 | ||
Depreciation charge of the year | (493) | ||
Foreign currency effects | 249 | ||
Right-of-use asset at ending | 2,648 | 2,892 | |
Production equipment | |||
Leases | |||
Right-of-use asset at beginning | 45 | ||
Depreciation charge of the year | (26) | ||
Right-of-use asset at ending | 19 | 45 | |
Other PPE | |||
Leases | |||
Right-of-use asset at beginning | 254 | ||
Depreciation charge of the year | (132) | ||
Additions to the right-of-use assets | 132 | ||
Derecognition of the right-of-use assets | (15) | ||
Right-of-use asset at ending | € 239 | € 254 |
Leases - Income and cash flow (
Leases - Income and cash flow (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases | |||
Interest expense on lease liabilities | € 149 | € 167 | € 190 |
Expenses relating to short-term-leases | 39 | ||
Depreciation charge of the year | 651 | 682 | 765 |
Total cash outflow for leases | € (334) | € (412) | € (397) |
Leases - Lessor (Details)
Leases - Lessor (Details) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021EUR (€)item | Dec. 31, 2020EUR (€)item | Dec. 31, 2019item | |
Leases | |||
Number of leased printers | item | 0 | 1 | 2 |
Operating lease income | € 9 | ||
Less than one year | |||
Leases | |||
Operating lease under IFRS 16 | 106 | € 38 | |
1 to 3 years | |||
Leases | |||
Operating lease under IFRS 16 | 212 | ||
3 to 5 years | |||
Leases | |||
Operating lease under IFRS 16 | € 203 |
Related party transactions - Ke
Related party transactions - Key Management (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [line items] | |||
Fixed compensation | € 709 | € 761 | € 782 |
Variable compensation | 83 | 0 | 0 |
Compensation from stock option plan | 160 | 353 | 353 |
Total | 952 | € 1,114 | € 1,135 |
Supervisory board remuneration | 180 | ||
Ordinary members | |||
Disclosure of transactions between related parties [line items] | |||
Supervisory board remuneration | 40 | ||
Chairman | |||
Disclosure of transactions between related parties [line items] | |||
Supervisory board remuneration | 80 | ||
Vice chairman | |||
Disclosure of transactions between related parties [line items] | |||
Supervisory board remuneration | € 60 |
Related party transactions - Ot
Related party transactions - Other (Details) - EUR (€) € in Thousands | Sep. 01, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
MK Technology GmbH | voxeljet China | ||||||
Related parties | ||||||
Ownership interest in associate (as a percent) | 15.00% | |||||
Jin Tianshi | voxeljet China | ||||||
Related parties | ||||||
Ownership interest in associate (as a percent) | 15.00% | |||||
Franz Industriebeteiligungen office space | ||||||
Related parties | ||||||
Rent expense | € 3 | € 3 | € 2 | |||
Paintings in administrative building | ||||||
Related parties | ||||||
Rent expense | € 2 | |||||
Acquired goods from related parties | 2 | |||||
Andreas Schmid Logistik AG, Gersthofen | ||||||
Related parties | ||||||
Services received from related parties | 0 | 25 | 56 | |||
Suzhou Meimai Fast Manufacturing Technology | ||||||
Related parties | ||||||
Revenue from related parties | 146 | 25 | 164 | |||
DSCS Digital Supply Chain Solutions GmbH, Gersthofen | ||||||
Related parties | ||||||
Revenue from related parties | € 0 | € 0 | € 13 | |||
Ownership interest in associate (as a percent) | 33.30% | 33.30% | 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 | € 2 | € 2 | € 2 | |||
Simon Franz | ||||||
Related parties | ||||||
Services received from related parties | € 9 | |||||
Lisa Franz | ||||||
Related parties | ||||||
Services received from related parties | € 2 |
Equity (Details)
Equity (Details) € / shares in Units, $ / shares in Units, $ in Millions | May 26, 2021EUR (€)€ / sharesshares | Aug. 14, 2020 | Jul. 31, 2020 | Jul. 31, 2021EUR (€)€ / sharesshares | Jul. 31, 2021USD ($)shares | Feb. 28, 2021EUR (€)€ / sharesshares | Feb. 28, 2021USD ($)shares | Jan. 31, 2021EUR (€)€ / sharesshares | Jan. 31, 2021USD ($)shares | Dec. 31, 2021EUR (€)Vote | Dec. 31, 2021$ / sharesshares | Jul. 31, 2021$ / shares | Jul. 14, 2021$ / shares | Feb. 28, 2021$ / shares | Jan. 31, 2021$ / shares |
Equity | |||||||||||||||
Shares issued (in shares) | shares | 7,026,711 | ||||||||||||||
Net proceeds from the offering | € | € 26,619,000 | ||||||||||||||
Ordinary shares | |||||||||||||||
Equity | |||||||||||||||
Par value (in currency per share) | (per share) | € 0 | € 0 | $ 0 | ||||||||||||
Shares outstanding (in shares) | shares | 7,026,711 | ||||||||||||||
Number of votes | Vote | 1 | ||||||||||||||
Additional authorized share capital | € | € 2,950,292 | ||||||||||||||
Number of new shares authorized (in shares) | shares | 2,950,292 | 1,824,165 | 1,824,165 | ||||||||||||
American Depositary Shares | |||||||||||||||
Equity | |||||||||||||||
Reverse stock split ratio | 0.2 | 0.2 | |||||||||||||
Increase in shares issued (in shares) | shares | 1,126,127 | 1,126,127 | 443,414 | 443,414 | 621,170 | 621,170 | |||||||||
Offering price (in currency per share) | (per share) | € 7.52 | € 22.27 | € 13.33 | $ 8.88 | $ 8.88 | $ 26.95 | $ 16.16 | ||||||||
Net proceeds from the offering | € 8,500,000 | $ 10 | € 9,900,000 | $ 12 | € 8,300,000 | $ 10 | |||||||||
Share issue costs | € | 1,017,000 | € 1,127,000 | € 1,073,000 | ||||||||||||
Additional authorized share capital | € | € 1,824,165 |
Subsequent events (Details)
Subsequent events (Details) - EUR (€) € in Thousands | Feb. 22, 2022 | Feb. 21, 2022 | Feb. 17, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 01, 2019 |
Subsequent events | ||||||||
Lease liabilities | € 3,210 | € 3,124 | ||||||
Right-of-use asset | 2,906 | 3,191 | ||||||
Impairment loss on trade receivables | € 120 | € 120 | € 60 | |||||
voxeljet China | ||||||||
Subsequent events | ||||||||
Lease liabilities | € 813 | |||||||
Right-of-use asset | € 813 | |||||||
Deconsolidated subsidiary | voxeljet UK | ||||||||
Subsequent events | ||||||||
Gains (losses) recognized with deconsolidation | € 1,476 | |||||||
Entering into significant commitments | voxeljet China | ||||||||
Subsequent events | ||||||||
Lease extension term | 2 years | 3 years | ||||||
Lease liabilities | € 709 | € 1,027 | ||||||
Right-of-use asset | € 566 | € 884 | ||||||
Trade Restrictions and Prohibitions Due to Conflict | Russian clients | ||||||||
Subsequent events | ||||||||
Impairment loss on trade receivables | € 97 |