Document and Entity Information
Document and Entity Information | 3 Months Ended | 9 Months Ended |
Mar. 31, 2022 | Sep. 30, 2021 | |
Document and Entity Information | ||
Document Type | 6-K | 6-K |
Document Period End Date | Mar. 31, 2022 | Mar. 31, 2022 |
Entity Registrant Name | voxeljet AG | voxeljet AG |
Entity Central Index Key | 0001582581 | 0001582581 |
Current Fiscal Year End Date | --12-31 | --12-31 |
Document Fiscal Year Focus | 2022 | 2022 |
Document Fiscal Period Focus | Q1 | Q1 |
Amendment Flag | false | false |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - EUR (€) € in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Current assets | € 41,918 | € 42,748 |
Cash and cash equivalents | 7,396 | 7,027 |
Other financial assets | 16,042 | 18,522 |
Trade receivables | 5,015 | 6,107 |
Inventories | 11,486 | 9,482 |
Income tax receivables | 25 | 23 |
Other assets | 1,954 | 1,587 |
Non-current assets | ||
Non-current assets | 24,307 | 24,711 |
Other financial assets | 235 | 4 |
Intangible assets | 822 | 878 |
Property, plant and equipment | 23,149 | 23,719 |
Other assets | 101 | 110 |
Total assets | 66,225 | 67,459 |
Current liabilities | ||
Current liabilities | 23,570 | 21,716 |
Trade payables | 3,026 | 2,594 |
Contract liabilities | 3,281 | 2,132 |
Other financial liabilities | 15,198 | 14,882 |
Other liabilities and provisions | 2,065 | 2,108 |
Non-current liabilities | ||
Non-current liabilities | 12,441 | 13,256 |
Contract liabilities | 211 | 231 |
Deferred tax liabilities | 53 | 87 |
Other financial liabilities | 12,177 | 12,938 |
Equity | ||
Equity | 30,214 | 32,487 |
Subscribed capital | 7,027 | 7,027 |
Capital reserves | 110,307 | 110,264 |
Accumulated deficit | (86,662) | (85,974) |
Accumulated other comprehensive gain (loss) | (163) | 1,400 |
Equity attributable to the owners of the company | 30,509 | 32,717 |
Non-controlling interests | (295) | (230) |
Total equity and liabilities | € 66,225 | € 67,459 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - EUR (€) € in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||
Revenues | € 4,640 | € 4,060 |
Cost of sales | (3,049) | (3,021) |
Gross profit | 1,591 | 1,039 |
Selling expenses | (1,637) | (1,448) |
Administrative expenses | (1,677) | (1,483) |
Research and development expenses | (1,441) | (1,604) |
Other operating expenses | (158) | (101) |
Other operating income | 2,204 | 914 |
Operating loss | (1,118) | (2,683) |
Finance expense | (1,048) | (5,801) |
Finance income | 1,399 | 103 |
Financial result | 351 | (5,698) |
Loss before income taxes | (767) | (8,381) |
Income tax (expense) income | 14 | 52 |
Net loss | (753) | (8,329) |
Other comprehensive income (loss) that may be reclassified subsequently to profit or loss | (88) | (171) |
Total comprehensive loss | (841) | (8,500) |
Loss attributable to: | ||
Owner of the Company | (688) | (8,303) |
Non-controlling interests | (65) | (26) |
Net loss | (753) | (8,329) |
Total comprehensive loss attributable to: | ||
Owner of the Company | (776) | (8,474) |
Non-controlling interests | (65) | (26) |
Total comprehensive loss | € (841) | € (8,500) |
Weighted average number of shares outstanding - basic (in shares) | 7,026,711 | 5,503,378 |
Loss per share - basic (in EUR per share) | € (0.10) | € (1.51) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (parenthetical) - EUR (€) € in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||
Thereof income (expense) from changes in impairment allowance included in other operating income (expense) | € (73) | € 18 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - EUR (€) € in Thousands | Equity attributable to owners of parent | Subscribed capital | Capital reserves | Accumulated deficit | Accumulated other comprehensive gain (loss) | Non-controlling interests | Total |
Balance at the beginning at Dec. 31, 2020 | € 19,796 | € 4,836 | € 88,748 | € (75,463) | € 1,675 | € (155) | € 19,641 |
Loss for the period | (8,303) | (8,303) | (26) | (8,329) | |||
Foreign currency translations | (171) | (171) | (171) | ||||
Issue of ordinary shares in the form of ADS, net of transaction costs and tax | 15,953 | 1,065 | 14,888 | 15,953 | |||
Equity-settled share-based payment | 166 | 166 | 166 | ||||
Balance at the end at Mar. 31, 2021 | 27,441 | 5,901 | 103,802 | (83,766) | 1,504 | (181) | 27,260 |
Balance at the beginning at Dec. 31, 2020 | 19,796 | 4,836 | 88,748 | (75,463) | 1,675 | (155) | 19,641 |
Loss for the period | (10,586) | ||||||
Balance at the end at Dec. 31, 2021 | 32,717 | 7,027 | 110,264 | (85,974) | 1,400 | (230) | 32,487 |
Loss for the period | (688) | (688) | (65) | (753) | |||
Foreign currency translations | (88) | (88) | (88) | ||||
Reclassification to profit or loss on deconsolidation of subsidiary | (1,475) | (1,475) | (1,475) | ||||
Equity-settled share-based payment | 43 | 43 | 43 | ||||
Balance at the end at Mar. 31, 2022 | € 30,509 | € 7,027 | € 110,307 | € (86,662) | € (163) | € (295) | € 30,214 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS € in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2022EUR (€) | Mar. 31, 2021EUR (€) | |
Cash Flow from operating activities | ||
Loss for the period | € (753) | € (8,329) |
Depreciation and amortization | 719 | 786 |
Foreign currency exchange differences on loans to subsidiaries | (462) | (672) |
Foreign currency translation reserve reclassified to profit or loss | (1,475) | |
Change in fair value of bond funds | 443 | 45 |
Share-based compensation expense | 43 | 166 |
Change in impairment of trade receivables | 73 | (18) |
Non-cash interest expense on long-term debt | 544 | 421 |
Change in fair value of derivative equity forward | (1,316) | 5,188 |
Change in inventory allowance | 164 | |
Loss on disposal of intangibles and property, plant and equipment | 19 | 1 |
Interest paid | 189 | 67 |
Interest received | (87) | (30) |
Other | (32) | (160) |
Change in working capital | 207 | 778 |
Trade and other receivables, inventories and current assets | (1,328) | (162) |
Trade payables | 390 | 472 |
Other liabilities, contract liabilities and provisions | 1,147 | 996 |
Change in restricted cash | (520) | |
Income tax payable/receivables | (2) | (8) |
Total | (1,724) | (1,757) |
Cash Flow from investing activities | ||
Payments to acquire property, plant and equipment and intangible assets | (264) | (44) |
Proceeds from disposal of financial assets | 2,653 | |
Payments to acquire financial assets | (7,462) | |
Interest received | 87 | 30 |
Total | 2,476 | (7,476) |
Cash Flow from financing activities | ||
Repayment of lease liabilities | (89) | (82) |
Repayment of long-term debt | (140) | (202) |
Proceeds from issue of ordinary shares in the form of ADS | 18,153 | |
Share issue cost | (2,200) | |
Change in restricted cash | (2,000) | |
Interest paid | (189) | (67) |
Total | (418) | 13,602 |
Net increase (decrease) in cash and cash equivalents | 334 | 4,369 |
Cash and cash equivalents at beginning of period | 7,027 | 5,324 |
Changes to cash and equivalents due to foreign exchanges rates | 35 | 68 |
Cash and cash equivalents at end of period | € 7,396 | € 9,761 |
Preparation of financial statem
Preparation of financial statements | 3 Months Ended |
Mar. 31, 2022 | |
Preparation of financial statements | |
Preparation of financial statements | voxeljet AG NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 1. Preparation of financial statements Our condensed consolidated interim financial statements include the accounts of voxeljet AG Our condensed consolidated interim financial statements were prepared in compliance with all applicable measurement and presentation rules contained in International Financial Reporting Standards (‘IFRS’) as set forth by the International Accounting Standards Board (‘IASB’) and Interpretations of the IFRS Interpretations Committee (‘IFRIC’). The designation IFRS also includes all valid International Accounting Standards (‘IAS’); and the designation IFRIC also includes all valid interpretations of the Standing Interpretations Committee (‘SIC’). Specifically, these financial statements were prepared in accordance with the disclosure requirements and the measurement principles for interim financial reporting purposes specified by IAS 34. Our condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto that are included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2021. The results of operations for the three months ended March 31, 2022, are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022. The IASB issued a number of new IFRS standards which are required to be adopted in annual periods beginning after December 31, 2021. Standard Effective date Descriptions 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 IFRS 17 and IFRS 9 01/2023 Initial Application of IFRS 17 and IFRS 9―Comparative Information (Amendment to IFRS 17) The adoption of standards effective 01/2022 did not have a material impact on the interim financial statements as of and for the three months ended March 31, 2022. The Company has not yet conclusively determined what impact the new standards, amendments or interpretations effective 01/2023 or later will have on its financial statements, but does not expect they will have a significant impact. The condensed consolidated interim financial statements as of and for the three months ended March 31, 2022 and 2021 were authorized for issue by the Management Board on May 19, 2022. 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 three months ended March 31, 2022, full year 2021, 2020 and 2019 amounting to kEUR 753, kEUR 10,586, kEUR 15,481 and kEUR 13,978, respectively. Additionally, voxeljet had negative cash flows from operating activities in the three months ended March 31, 2022, full year 2021, 2020 and 2019 of kEUR 1,724, 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, lessened throughout fiscal year 2021 and into the first quarter of 2022. 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. During 2021, in January, February and July, the Company successfully completed three registered direct offerings and sales of a total of 2,190,711 ADSs, which provided voxeljet with total gross proceeds of approximately USD 32.0 million (€ 26.6 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 and prepares currently for two different scenarios. Scenario 1: Restructuring of debt with EIB and fund raising Currently management is in discussion with the EIB in order to agree upon a drawdown of tranche B2 and tranche C of the loan amounting to € 10.0 million and therefore restructure the debt. After several promising meetings with representatives of EIB, management feels confident that a drawdown of tranche B2 as well as tranche C would be feasible in the next months. In addition, management is taking further steps to raise additional 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 steps already initiated by management include several meetings with potential new as well as existing investors and banks, which have taken place in early April 2022 in New York City. The overall feedback was positive and different parties indicated that there is serious interest for participations in further capital increases from both, new as well as existing investors. Management assesses scenario 1 as reasonably certain if triggered by the Company and believes that an execution would ensure that voxeljet will continue as a going concern. Scenario 2: Sale and leaseback of voxeljet AG’s properties located in Germany and settlement of loan contract with EIB Management initiated steps in order to sell the properties of voxeljet AG in Germany to an investor and lease those back by negotiating for a long term lease contract. In this course, the Company has already identified several investors who have serious interest. Visits of the premises at voxeljet’s headquarters have already taken place in the first quarter of 2022 and management actually received several letters of intent from different parties. voxeljet has assessed the different offers and awarded exclusivity period to one of the investors in order to start the due diligence. Due to the positive development of the market for real estate in Germany during the last years, management would expect a favorable selling price of the properties. At the same time, the Company would fully settle the loan contract with EIB including the repayment of tranche A and B1, including all interests. Representatives of EIB already indicated that they would not deny such a settlement. Management is of the opinion that scenario 2 is reasonably certain if triggered by the Company and believes that an execution of scenario 2 would also ensure that voxeljet will continue as a going concern. 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: - achievement of budgeted sales, and - successful negotiations with the EIB over the drawdown of tranche B2 and tranche C under the Finance Contract, and successful fund raising in form of equity or debt, or - successful agreement on a sale and leaseback transaction with an investor regarding voxeljet AG’s properties in Germany in combination with a early settlement of the loans granted by the EIB including all interests Those assumptions and both scenarios 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 condensed consolidated interim financial statements as of and for the three months ended March 31, 2022 by the Management Board on May 19, 2022 and therefore continues as a going concern. |
Summary of significant accounti
Summary of significant accounting policies | 3 Months Ended |
Mar. 31, 2022 | |
Summary of significant accounting policies | |
Summary of significant accounting policies | 2. Summary of significant accounting policies The principal accounting policies applied in the preparation of these interim financial statements are set out in the Company’s financial statements as of December 31, 2021, which can be found in its Annual Report on Form 20-F that was filed with the U.S. Securities and Exchange Commission on March 31, 2022. These policies have been applied to all financial periods presented. |
Share based payment arrangement
Share based payment arrangements | 3 Months Ended |
Mar. 31, 2022 | |
Share based payment arrangements | |
Share based payment arrangements | 3. Share based payment arrangements On April 7, 2017, voxeljet AG established a share option plan that entitles key management personnel and senior employees of voxeljet AG and its subsidiaries to purchase shares of the parent company. Total options available under the share option plan are 372,000. On April 7, 2017, 279,000 options (75%, Tranche 1) were granted. On April 12, 2018, 93,000 options (25%, Tranche 2) were granted. The vesting conditions include a service condition (the options vest after a period of four years of continued service from the respective grant date) and a market condition (the options may only be exercised if the share price exceeds the exercise price over a period of 90 consecutive days by at least 20% in the period between the grant date and the respective exercise time frame) of which both conditions must be met. The fair value of the employee share option plan has been measured for Tranches 1 and 2 using a Monte Carlo simulation. The market condition has been incorporated into the fair value at grant date. The inputs used in the measurement of the fair value at grant date are as follows: Tranche 1 Tranche 2 Parameter Share price at grant date USD 13.80 USD 16.15 Exercise price USD 13.90 USD 16.15 Expected volatility 55.00% 58.40% Expected dividends -- -- Risk-free interest rate 2.49% 2.85% Fair value at grant date USD 8.00 USD 9.74 The respective expected volatility has been based on an evaluation of the historical volatility of the Company’s share price as of the grant date. As of March 31, 2022 265,050 options are exercisable and 353,400 options are outstanding. The weighted-average contractual life of the options at March 31, 2022 amounts to 5.3 years (March 31, 2021: 6.3 years). The expenses recognized in the profit and loss statement in relation to the share-based payment arrangements amounted to kEUR 43 in the three months ended March 31, 2022 (three months ended March 31, 2021: kEUR 166). |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2022 | |
Inventories | |
Inventories | 4. Inventories 3/31/2022 12/31/2021 (€ in thousands) Raw materials and merchandise 3,618 2,978 Work in progress 7,868 6,504 Total 11,486 9,482 |
Property, plant and equipment,
Property, plant and equipment, net | 3 Months Ended |
Mar. 31, 2022 | |
Property, plant and equipment, net | |
Property, plant and equipment, net | 5. Property, plant and equipment, net 3/31/2022 12/31/2021 (€ in thousands) Land, buildings and leasehold improvements 17,550 18,048 Plant and machinery 4,117 4,329 Other facilities, factory and office equipment 861 894 Assets under construction and prepayments made 621 448 Total 23,149 23,719 Thereof pledged assets of Property, Plant and Equipment 12,080 12,261 In March 2020, voxeljet registered a first rank land charge amounting to kEUR 10,000 on its land and facility located in Friedberg, Germany as collateral in favor of the European Investment Bank (the ‘EIB’) related to the loan, entered into with the EIB under the Finance Contract, dated November 9, 2017. |
Other liabilities and provision
Other liabilities and provisions | 3 Months Ended |
Mar. 31, 2022 | |
Other liabilities and provisions | |
Other liabilities and provisions | 6. Other liabilities and provisions 3/31/2022 12/31/2021 (€ in thousands) Employee bonus 495 512 Accruals for vacation and overtime 367 230 Liabilities from payroll 285 255 Accruals for compensation of Supervisory board 225 180 Accrual for warranty 215 292 Accruals for management compensation 150 83 Accruals for commissions 115 298 Accruals for licenses 59 92 Liabilities from VAT 36 50 Others 118 116 Total 2,065 2,108 |
Financial instruments
Financial instruments | 3 Months Ended |
Mar. 31, 2022 | |
Financial instruments | |
Financial instruments | 7. Financial instruments The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. Carrying amount Fair Value Assets at Liabilities Total Total FVTPL FVOCI amortized at amortized carrying fair 3/31/2022 cost cost amount Level 1 Level 2 Level 3 value Total assets 13,884 3 14,801 -- 28,688 Current assets 13,652 -- 14,801 -- 28,453 Cash and cash equivalents -- -- 7,396 -- 7,396 Other financial assets 13,652 -- 2,390 -- 16,042 10,257 3,395 -- 13,652 Derivative financial instruments 3,395 -- -- -- 3,395 -- 3,395 -- 3,395 Bond funds 10,257 -- -- -- 10,257 10,257 -- -- 10,257 Restricted cash -- -- 2,390 -- 2,390 -- -- -- -- Trade receivables, net -- -- 5,015 -- 5,015 Non-current assets 232 3 -- -- 235 Other financial assets 232 3 -- -- 235 3 232 -- 235 Derivative financial instruments 232 -- -- -- 232 -- 232 -- 232 Equity securities -- 3 -- -- 3 3 -- -- 3 Total liabilities -- -- -- 27,522 30,401 Current liabilities -- -- -- 17,541 18,224 Trade payables -- -- -- 3,026 3,026 Other financial liabilities -- -- -- 14,515 15,198 -- -- 15,073 15,073 Current portion of long-term debt -- -- -- 14,515 14,515 -- -- 15,073 15,073 Lease liability -- -- -- -- 683 -- -- -- n/a Non-current liabilities -- -- -- 9,981 12,177 Other financial liabilities -- -- -- 9,981 12,177 -- -- 12,307 12,307 Long-term debt -- -- -- 9,981 9,981 -- -- 12,307 12,307 Lease liability -- -- -- -- 2,180 -- -- -- n/a Security deposit -- -- -- -- 16 -- -- -- n/a Carrying amount Fair Value Assets at Liabilities Total FVTPL FVOCI amortized at amortized carrying 12/31/2021 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 Other 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 Other 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 Other financial liabilities -- -- -- 14,285 14,882 -- -- 15,362 15,362 Current portion of long-term debt -- -- -- 14,285 14,285 -- -- 15,362 15,362 Lease liability -- -- -- -- 597 -- -- -- n/a Non-current liabilities 516 -- -- 9,793 12,938 Other 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 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. The fair value of equity securities is determined by multiplying their share price and the number of shares held. 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 March 31, 2022, there were no transfers of financial instruments measured at fair value between level 1, level 2 and level 3. As of March 31, 2022, the Company was in compliance with all covenants related to the loan granted by the EIB. |
Financial result
Financial result | 3 Months Ended |
Mar. 31, 2022 | |
Financial result | |
Financial result | 8. Financial result Quarter Ended March 31, 2022 2021 (€ in thousands) Finance expense (1,048) (5,801) Interest expense on lease liabilities (36) (36) Long-term debt (567) (524) Expense from revaluation of derivative financial instruments -- (5,188) Change in fair value of bond funds (443) (49) Other (2) (4) Finance income 1,399 103 Payout of bond funds 77 31 Income from revaluation of derivative financial instruments 1,316 -- Change in fair value of bond funds -- 4 Other 6 68 Financial result 351 (5,698) |
Segment reporting
Segment reporting | 3 Months Ended |
Mar. 31, 2022 | |
Segment reporting | |
Segment reporting | 9. Segment reporting The following table summarizes segment reporting. The sum of the amounts of the two segments equals the total for the Group in each of the periods. Three months ended March 31, 2022 (€ in thousands) SYSTEMS SERVICES CONSOLIDATION GROUP Revenues 1,438 3,222 (20) 4,640 third party 1,418 3,222 -- 4,640 inter-segment 20 -- (20) — Cost of sales 1,172 1,877 3,049 Gross profit 246 1,345 1,591 Gross profit in % 17.3 % 41.7 % 34.3 % Operating Expenses (4,755) Other operating expenses (158) Other operating income 2,204 Operating loss (1,118) Finance expense (1,048) Finance income 1,399 Financial result 351 Loss before income taxes (767) Income tax income (expense) 14 Net loss (753) Three months ended March 31, 2021 (€ in thousands) SYSTEMS SERVICES CONSOLIDATION GROUP Revenues 2,979 1,973 (892) 4,060 third party 2,087 1,973 -- 4,060 inter-segment 892 -- (892) — Cost of sales 1,506 1,515 3,021 Gross profit 581 458 1,039 Gross profit in % 27.8 % 23.2 % 25.6% Operating Expenses (4,535) Other operating expenses (101) Other operating income 914 Operating loss (2,683) Finance expense (5,801) Finance income 103 Financial result (5,698) Loss before income taxes (8,381) Income tax income (expense) 52 Net loss (8,329) |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2022 | |
Revenues | |
Revenues | 10. Revenues Three months ended March 31, SYSTEMS SERVICES 2022 2021 2022 2021 (€ in thousands) Primary geographical markets EMEA 900 1,424 2,193 1,382 Asia Pacific 144 394 220 141 Americas 374 269 809 450 1,418 2,087 3,222 1,973 Timing of revenue recognition Products transferred at a point in time 1,278 1,816 3,222 1,973 Products and services transferred over time 140 271 -- -- Revenue from contracts with customers 1,418 2,087 3,222 1,973 Three months ended March 31, 2022 2021 (€ in thousands) EMEA 3,093 2,806 Germany 1,553 846 Finland 8 657 Great Britain 429 375 Switzerland 143 247 France 264 138 Others 696 543 Asia Pacific 364 535 South Korea 70 256 China 200 232 India 33 9 Others 61 38 Americas 1,183 719 United States 1,176 711 Others 7 8 Total 4,640 4,060 |
Commitments, contingent assets
Commitments, contingent assets and liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Commitments, contingent assets and liabilities | |
Commitments, contingent assets and liabilities | 11. 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 acquired 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 subsidiaries to meet their 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 the subsidiaries would exercise this letter. |
Related party transactions
Related party transactions | 3 Months Ended |
Mar. 31, 2022 | |
Related party transactions | |
Related party transactions | 12. Related party transactions Name Nature of relationship Duration of relationship Franz Industriebeteiligungen AG, Augsburg Lessor 10/01/2003-Current Schlosserei und Metallbau Ederer, Dießen Supplier 05/01/1999-Current 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 - 03/31/2022 Susanne Ederer-Pausewang Customer 03/17/2021-Current Lisa Franz Employee 10/01/2021-02/18/2022 Transactions with Franz Industriebeteiligungen AG comprise the rental of office space in Augsburg, Germany. Rental expenses amounted to kEUR 1, in each, first quarter 2022 and first quarter 2021. Further, voxeljet acquired goods amounting to kEUR 0 and kEUR 0 in the first quarter of 2022 and 2021, respectively from ‘Schlosserei und Metallbau Ederer’, which is owned by the brother of Dr. Ingo Ederer, the Chief Executive Officer of voxeljet. Moreover, voxeljet received orders amounting to kEUR 99 and kEUR 5 in the first quarter of 2022 and 2021, 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 and kEUR 0 in the first quarter 2022 and 2021, respectively from ‘DSCS Digital Supply Chain Solutions GmbH’, which is an associated company where the Company owns 33.3%. Shareholders of DSCS have initiated the wind-up of DSCS, which will be finalized by DSCS’s removal from the commercial register, expected to take place in the first half of 2022. In addition, voxeljet employed Michele Neuber as an intern, the son of Volker Neuber, who has been a member of voxeljet’s supervisory board since July 2020. He received a salary of kEUR 1 and kEUR 1 in the first quarter of 2022 and 2021, respectively. Moreover, voxeljet sold a used car in the first quarter of 2021 to Susanne Ederer-Pausewang amounting to kEUR 27, who is the wife of Dr. Ingo Ederer, the Chief Executive Officer of voxeljet. In addition, voxeljet employed Lisa Franz, who is the daughter of Rudolf Franz, the Chief Operating Officer and Chief Financial Officer of voxeljet, as an intern between October 2021 and February 2022. She received a salary of kEUR 1 in the first quarter of 2022. All related party transactions voxeljet entered into were made on an arm's length basis. |
Share based payment arrangeme_2
Share based payment arrangements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share based payment arrangements | |
Schedule of fair value inputs | Tranche 1 Tranche 2 Parameter Share price at grant date USD 13.80 USD 16.15 Exercise price USD 13.90 USD 16.15 Expected volatility 55.00% 58.40% Expected dividends -- -- Risk-free interest rate 2.49% 2.85% Fair value at grant date USD 8.00 USD 9.74 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventories | |
Inventories by category | 3/31/2022 12/31/2021 (€ in thousands) Raw materials and merchandise 3,618 2,978 Work in progress 7,868 6,504 Total 11,486 9,482 |
Property, plant and equipment_2
Property, plant and equipment, net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property, plant and equipment, net | |
Schedule of property, plant and equipment | 3/31/2022 12/31/2021 (€ in thousands) Land, buildings and leasehold improvements 17,550 18,048 Plant and machinery 4,117 4,329 Other facilities, factory and office equipment 861 894 Assets under construction and prepayments made 621 448 Total 23,149 23,719 Thereof pledged assets of Property, Plant and Equipment 12,080 12,261 |
Other liabilities and provisi_2
Other liabilities and provisions (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other liabilities and provisions | |
Summary of other liabilities and provisions | 3/31/2022 12/31/2021 (€ in thousands) Employee bonus 495 512 Accruals for vacation and overtime 367 230 Liabilities from payroll 285 255 Accruals for compensation of Supervisory board 225 180 Accrual for warranty 215 292 Accruals for management compensation 150 83 Accruals for commissions 115 298 Accruals for licenses 59 92 Liabilities from VAT 36 50 Others 118 116 Total 2,065 2,108 |
Financial instruments (Tables)
Financial instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Financial instruments | |
Summary of carrying amounts and fair values of financial assets and financial liabilities | Carrying amount Fair Value Assets at Liabilities Total Total FVTPL FVOCI amortized at amortized carrying fair 3/31/2022 cost cost amount Level 1 Level 2 Level 3 value Total assets 13,884 3 14,801 -- 28,688 Current assets 13,652 -- 14,801 -- 28,453 Cash and cash equivalents -- -- 7,396 -- 7,396 Other financial assets 13,652 -- 2,390 -- 16,042 10,257 3,395 -- 13,652 Derivative financial instruments 3,395 -- -- -- 3,395 -- 3,395 -- 3,395 Bond funds 10,257 -- -- -- 10,257 10,257 -- -- 10,257 Restricted cash -- -- 2,390 -- 2,390 -- -- -- -- Trade receivables, net -- -- 5,015 -- 5,015 Non-current assets 232 3 -- -- 235 Other financial assets 232 3 -- -- 235 3 232 -- 235 Derivative financial instruments 232 -- -- -- 232 -- 232 -- 232 Equity securities -- 3 -- -- 3 3 -- -- 3 Total liabilities -- -- -- 27,522 30,401 Current liabilities -- -- -- 17,541 18,224 Trade payables -- -- -- 3,026 3,026 Other financial liabilities -- -- -- 14,515 15,198 -- -- 15,073 15,073 Current portion of long-term debt -- -- -- 14,515 14,515 -- -- 15,073 15,073 Lease liability -- -- -- -- 683 -- -- -- n/a Non-current liabilities -- -- -- 9,981 12,177 Other financial liabilities -- -- -- 9,981 12,177 -- -- 12,307 12,307 Long-term debt -- -- -- 9,981 9,981 -- -- 12,307 12,307 Lease liability -- -- -- -- 2,180 -- -- -- n/a Security deposit -- -- -- -- 16 -- -- -- n/a Carrying amount Fair Value Assets at Liabilities Total FVTPL FVOCI amortized at amortized carrying 12/31/2021 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 Other 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 Other 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 Other financial liabilities -- -- -- 14,285 14,882 -- -- 15,362 15,362 Current portion of long-term debt -- -- -- 14,285 14,285 -- -- 15,362 15,362 Lease liability -- -- -- -- 597 -- -- -- n/a Non-current liabilities 516 -- -- 9,793 12,938 Other 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 |
Financial result (Tables)
Financial result (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Financial result | |
Schedule of financial result | Quarter Ended March 31, 2022 2021 (€ in thousands) Finance expense (1,048) (5,801) Interest expense on lease liabilities (36) (36) Long-term debt (567) (524) Expense from revaluation of derivative financial instruments -- (5,188) Change in fair value of bond funds (443) (49) Other (2) (4) Finance income 1,399 103 Payout of bond funds 77 31 Income from revaluation of derivative financial instruments 1,316 -- Change in fair value of bond funds -- 4 Other 6 68 Financial result 351 (5,698) |
Segment reporting (Tables)
Segment reporting (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment reporting | |
Schedule of segment reporting | Three months ended March 31, 2022 (€ in thousands) SYSTEMS SERVICES CONSOLIDATION GROUP Revenues 1,438 3,222 (20) 4,640 third party 1,418 3,222 -- 4,640 inter-segment 20 -- (20) — Cost of sales 1,172 1,877 3,049 Gross profit 246 1,345 1,591 Gross profit in % 17.3 % 41.7 % 34.3 % Operating Expenses (4,755) Other operating expenses (158) Other operating income 2,204 Operating loss (1,118) Finance expense (1,048) Finance income 1,399 Financial result 351 Loss before income taxes (767) Income tax income (expense) 14 Net loss (753) Three months ended March 31, 2021 (€ in thousands) SYSTEMS SERVICES CONSOLIDATION GROUP Revenues 2,979 1,973 (892) 4,060 third party 2,087 1,973 -- 4,060 inter-segment 892 -- (892) — Cost of sales 1,506 1,515 3,021 Gross profit 581 458 1,039 Gross profit in % 27.8 % 23.2 % 25.6% Operating Expenses (4,535) Other operating expenses (101) Other operating income 914 Operating loss (2,683) Finance expense (5,801) Finance income 103 Financial result (5,698) Loss before income taxes (8,381) Income tax income (expense) 52 Net loss (8,329) |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenues | |
Disclosure of information about revenue recognition | Three months ended March 31, SYSTEMS SERVICES 2022 2021 2022 2021 (€ in thousands) Primary geographical markets EMEA 900 1,424 2,193 1,382 Asia Pacific 144 394 220 141 Americas 374 269 809 450 1,418 2,087 3,222 1,973 Timing of revenue recognition Products transferred at a point in time 1,278 1,816 3,222 1,973 Products and services transferred over time 140 271 -- -- Revenue from contracts with customers 1,418 2,087 3,222 1,973 |
Schedule of revenues by geographic region | Three months ended March 31, 2022 2021 (€ in thousands) EMEA 3,093 2,806 Germany 1,553 846 Finland 8 657 Great Britain 429 375 Switzerland 143 247 France 264 138 Others 696 543 Asia Pacific 364 535 South Korea 70 256 China 200 232 India 33 9 Others 61 38 Americas 1,183 719 United States 1,176 711 Others 7 8 Total 4,640 4,060 |
Related party transactions (Tab
Related party transactions (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Related party transactions | |
Schedule of 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 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 - 03/31/2022 Susanne Ederer-Pausewang Customer 03/17/2021-Current Lisa Franz Employee 10/01/2021-02/18/2022 |
Preparation of financial stat_2
Preparation of financial statements (Details) € in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2022EUR (€) | Mar. 31, 2021EUR (€) | Dec. 31, 2021EUR (€)shares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | |
Disclosure of detailed information about borrowings [line items] | ||||||
Net loss | € (753) | € (8,329) | € (10,586) | € (15,481) | € (13,978) | |
Negative cash flows from operating activities | (1,724) | (1,757) | € (6,537) | € (6,598) | € (6,592) | |
Increase in shares issued (in shares) | shares | 2,190,711 | 2,190,711 | ||||
Proceeds from issue of ordinary shares in the form of ADS | € 18,153 | € 26,600 | $ 32 | |||
Other financial liabilities | 15,198 | € 14,882 | ||||
European Investment Bank | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Bank borrowings carrying amount | 14,600 | |||||
Maximum borrowing capacity | € 10,000 |
Share based payment arrangeme_3
Share based payment arrangements - Narrative (Details) | Apr. 12, 2018EquityInstruments | Apr. 07, 2017EquityInstrumentsshares | Mar. 31, 2022 |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
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) - USD ($) | Apr. 12, 2018 | Apr. 07, 2017 |
Share based payment arrangements | ||
Share price at grant date | $ 16.15 | $ 13.80 |
Exercise price | $ 16.15 | $ 13.90 |
Expected volatility | 58.40% | 55.00% |
Risk-free interest rate | 2.85% | 2.49% |
Fair value at grant date | $ 9.74 | $ 8 |
Share based payment arrangeme_5
Share based payment arrangements - Options (Details) € in Thousands | 3 Months Ended | |
Mar. 31, 2022EUR (€)EquityInstruments | Mar. 31, 2021EUR (€) | |
Share based payment arrangements | ||
Options outstanding, ending balance (in shares) | 353,400 | |
Options exercisable (in shares) | 265,050 | |
Weighted-average contractual life | 5 years 3 months 18 days | 6 years 3 months 18 days |
Expenses recognized in profit and loss | € | € 43 | € 166 |
Inventories (Details)
Inventories (Details) - EUR (€) € in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Inventories | ||
Raw materials | € 3,618 | € 2,978 |
Work in progress | 7,868 | 6,504 |
Total | € 11,486 | € 9,482 |
Property, plant and equipment_3
Property, plant and equipment, net (Details) - EUR (€) € in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2020 |
Property, plant and equipment | |||
Property, plant and equipment, net | € 23,149 | € 23,719 | |
Thereof pledged assets of Property, Plant and Equipment | 12,080 | 12,261 | |
European Investment Bank | |||
Property, plant and equipment | |||
Assets as collateral to bank | € 10,000 | ||
Property | |||
Property, plant and equipment | |||
Property, plant and equipment, net | 17,550 | 18,048 | |
Production equipment | |||
Property, plant and equipment | |||
Property, plant and equipment, net | 4,117 | 4,329 | |
Other PPE | |||
Property, plant and equipment | |||
Property, plant and equipment, net | 861 | 894 | |
Assets under construction and prepayments made | |||
Property, plant and equipment | |||
Property, plant and equipment, net | € 621 | € 448 |
Other liabilities and provisi_3
Other liabilities and provisions (Details) - EUR (€) € in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Other liabilities and provisions | ||
Employee bonus | € 495 | € 512 |
Accruals for vacation and overtime | 367 | 230 |
Liabilities from payroll | 285 | 255 |
Accruals for compensation of supervisory board | 225 | 180 |
Accrual for warranty | 215 | 292 |
Accruals for management compensation | 150 | 83 |
Accruals for commissions | 115 | 298 |
Accruals for licenses | 59 | 92 |
Liabilities from VAT | 36 | 50 |
Others | 118 | 116 |
Total | € 2,065 | € 2,108 |
Financial instruments (Details)
Financial instruments (Details) - EUR (€) € in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Total liabilities | ||
Financial instruments | ||
Financial liabilities | € 30,401 | € 30,414 |
Current liabilities. | ||
Financial instruments | ||
Financial liabilities | 18,224 | 17,476 |
Trade payables | ||
Financial instruments | ||
Financial liabilities | 3,026 | 2,594 |
Current financial liabilities. | ||
Financial instruments | ||
Financial liabilities | 15,198 | 14,882 |
Financial liabilities, at fair value | 15,073 | 15,362 |
Current financial liabilities. | Level Three | ||
Financial instruments | ||
Financial liabilities, at fair value | 15,073 | 15,362 |
Long term debt | ||
Financial instruments | ||
Financial liabilities | 14,515 | 14,285 |
Financial liabilities, at fair value | 15,073 | 15,362 |
Long term debt | Level Three | ||
Financial instruments | ||
Financial liabilities, at fair value | 15,073 | 15,362 |
Lease liability | ||
Financial instruments | ||
Financial liabilities | 683 | 597 |
Non-current liabilities. | ||
Financial instruments | ||
Financial liabilities | 12,177 | 12,938 |
Non-current financial liabilities. | ||
Financial instruments | ||
Financial liabilities | 12,177 | 12,938 |
Financial liabilities, at fair value | 12,307 | 14,342 |
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 | 12,307 | 13,826 |
Non-current derivative liabilities financial instruments | ||
Financial instruments | ||
Financial liabilities | 516 | |
Financial liabilities, at fair value | 516 | |
Non-current derivative liabilities financial instruments | Level Two | ||
Financial instruments | ||
Financial liabilities, at fair value | 516 | |
Non-current long term debt | ||
Financial instruments | ||
Financial liabilities | 9,981 | 9,793 |
Financial liabilities, at fair value | 12,307 | 13,826 |
Non-current long term debt | Level Three | ||
Financial instruments | ||
Financial liabilities, at fair value | 12,307 | 13,826 |
Non-current lease liability | ||
Financial instruments | ||
Financial liabilities | 2,180 | 2,613 |
Non Current Security Deposits | ||
Financial instruments | ||
Financial liabilities | 16 | 16 |
FVTPL - Liabilities | Total liabilities | ||
Financial instruments | ||
Financial liabilities | 516 | |
FVTPL - Liabilities | Non-current liabilities. | ||
Financial instruments | ||
Financial liabilities | 516 | |
FVTPL - Liabilities | Non-current financial liabilities. | ||
Financial instruments | ||
Financial liabilities | 516 | |
FVTPL - Liabilities | Non-current derivative liabilities financial instruments | ||
Financial instruments | ||
Financial liabilities | 516 | |
Financial liabilities measured at amortized cost | Total liabilities | ||
Financial instruments | ||
Financial liabilities | 27,522 | 26,672 |
Financial liabilities measured at amortized cost | Current liabilities. | ||
Financial instruments | ||
Financial liabilities | 17,541 | 16,879 |
Financial liabilities measured at amortized cost | Trade payables | ||
Financial instruments | ||
Financial liabilities | 3,026 | 2,594 |
Financial liabilities measured at amortized cost | Current financial liabilities. | ||
Financial instruments | ||
Financial liabilities | 14,515 | 14,285 |
Financial liabilities measured at amortized cost | Long term debt | ||
Financial instruments | ||
Financial liabilities | 14,515 | 14,285 |
Financial liabilities measured at amortized cost | Non-current liabilities. | ||
Financial instruments | ||
Financial liabilities | 9,981 | 9,793 |
Financial liabilities measured at amortized cost | Non-current financial liabilities. | ||
Financial instruments | ||
Financial liabilities | 9,981 | 9,793 |
Financial liabilities measured at amortized cost | Non-current long term debt | ||
Financial instruments | ||
Financial liabilities | 9,981 | 9,793 |
Total assets | ||
Financial instruments | ||
Financial assets | 28,688 | 31,660 |
Current assets. | ||
Financial instruments | ||
Financial assets | 28,453 | 31,656 |
Cash and cash equivalents. | ||
Financial instruments | ||
Financial assets | 7,396 | 7,027 |
Current financial assets. | ||
Financial instruments | ||
Financial assets | 16,042 | 18,522 |
Financial assets, at fair value | 13,652 | 13,525 |
Current financial assets. | Level One | ||
Financial instruments | ||
Financial assets, at fair value | 10,257 | 10,699 |
Current financial assets. | Level Two | ||
Financial instruments | ||
Financial assets, at fair value | 3,395 | 2,826 |
Bond funds | ||
Financial instruments | ||
Financial assets | 10,257 | 10,699 |
Financial assets, at fair value | 10,257 | 10,699 |
Bond funds | Level One | ||
Financial instruments | ||
Financial assets, at fair value | 10,257 | 10,699 |
Term deposit | ||
Financial instruments | ||
Financial assets | 2,655 | |
Current derivative assets financial instruments | ||
Financial instruments | ||
Financial assets | 3,395 | 2,826 |
Financial assets, at fair value | 3,395 | 2,826 |
Current derivative assets financial instruments | Level Two | ||
Financial instruments | ||
Financial assets, at fair value | 3,395 | 2,826 |
Restricted cash | ||
Financial instruments | ||
Financial assets | 2,390 | 2,342 |
Trade receivables, net | ||
Financial instruments | ||
Financial assets | 5,015 | 6,107 |
Non-current assets. | ||
Financial instruments | ||
Financial assets | 235 | 4 |
Non-current financial assets. | ||
Financial instruments | ||
Financial assets | 235 | 4 |
Financial assets, at fair value | 235 | 4 |
Non-current financial assets. | Level One | ||
Financial instruments | ||
Financial assets, at fair value | 3 | 4 |
Non-current financial assets. | Level Two | ||
Financial instruments | ||
Financial assets, at fair value | 232 | |
Non-current derivative assets financial instruments | ||
Financial instruments | ||
Financial assets | 232 | |
Financial assets, at fair value | 232 | |
Non-current derivative assets financial instruments | Level Two | ||
Financial instruments | ||
Financial assets, at fair value | 232 | |
Non-current equity securities | ||
Financial instruments | ||
Financial assets | 3 | 4 |
Financial assets, at fair value | 3 | 4 |
Non-current equity securities | Level One | ||
Financial instruments | ||
Financial assets, at fair value | 3 | 4 |
FVTPL - Assets | Total assets | ||
Financial instruments | ||
Financial assets | 13,884 | 13,525 |
FVTPL - Assets | Current assets. | ||
Financial instruments | ||
Financial assets | 13,652 | 13,525 |
FVTPL - Assets | Current financial assets. | ||
Financial instruments | ||
Financial assets | 13,652 | 13,525 |
FVTPL - Assets | Bond funds | ||
Financial instruments | ||
Financial assets | 10,257 | 10,699 |
FVTPL - Assets | Current derivative assets financial instruments | ||
Financial instruments | ||
Financial assets | 3,395 | 2,826 |
FVTPL - Assets | Non-current assets. | ||
Financial instruments | ||
Financial assets | 232 | |
FVTPL - Assets | Non-current financial assets. | ||
Financial instruments | ||
Financial assets | 232 | |
FVTPL - Assets | Non-current derivative assets financial instruments | ||
Financial instruments | ||
Financial assets | 232 | |
FVOCI - Assets | Total assets | ||
Financial instruments | ||
Financial assets | 3 | 4 |
FVOCI - Assets | Non-current assets. | ||
Financial instruments | ||
Financial assets | 3 | 4 |
FVOCI - Assets | Non-current financial assets. | ||
Financial instruments | ||
Financial assets | 3 | 4 |
FVOCI - Assets | Non-current equity securities | ||
Financial instruments | ||
Financial assets | 3 | 4 |
Assets at amortized cost | Total assets | ||
Financial instruments | ||
Financial assets | 14,801 | 18,131 |
Assets at amortized cost | Current assets. | ||
Financial instruments | ||
Financial assets | 14,801 | 18,131 |
Assets at amortized cost | Cash and cash equivalents. | ||
Financial instruments | ||
Financial assets | 7,396 | 7,027 |
Assets at amortized cost | Current financial assets. | ||
Financial instruments | ||
Financial assets | 2,390 | 4,997 |
Assets at amortized cost | Term deposit | ||
Financial instruments | ||
Financial assets | 2,655 | |
Assets at amortized cost | Restricted cash | ||
Financial instruments | ||
Financial assets | 2,390 | 2,342 |
Assets at amortized cost | Trade receivables, net | ||
Financial instruments | ||
Financial assets | € 5,015 | € 6,107 |
Financial result (Details)
Financial result (Details) - EUR (€) € in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Financial result | ||
Finance expense | € (1,048) | € (5,801) |
Interest expense on lease liability | (36) | (36) |
Long-term debt | (567) | (524) |
Expense from revaluation of derivative financial instruments | (5,188) | |
Change in fair value of bond funds | (443) | (49) |
Other | (2) | (4) |
Finance income | 1,399 | 103 |
Payout of bond funds | 77 | 31 |
Income from revaluation of derivative financial instruments | 1,316 | |
Change in fair value of bond funds | 4 | |
Other | 6 | 68 |
Financial result | € 351 | € (5,698) |
Segment reporting - Segments (D
Segment reporting - Segments (Details) € in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022EUR (€)segment | Mar. 31, 2021EUR (€) | Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | |
Segment reporting | |||||
Number of reportable segments | segment | 2 | ||||
Revenues | € 4,640 | € 4,060 | |||
Cost of sales | (3,049) | (3,021) | |||
Gross profit | € 1,591 | € 1,039 | |||
Gross profit margin (as a percent) | 34.30% | 25.60% | |||
Operating Expenses | € (4,755) | € (4,535) | |||
Other operating expenses | (158) | (101) | |||
Other operating income | 2,204 | 914 | |||
Operating loss | (1,118) | (2,683) | |||
Finance costs | (1,048) | (5,801) | |||
Finance income | 1,399 | 103 | |||
Financial result | 351 | (5,698) | |||
Loss before income taxes | (767) | (8,381) | |||
Income tax income (expense) | 14 | 52 | |||
Net loss | (753) | (8,329) | € (10,586) | € (15,481) | € (13,978) |
Systems | |||||
Segment reporting | |||||
Revenues | 1,418 | 2,087 | |||
Cost of sales | (1,172) | (1,506) | |||
Gross profit | € 246 | € 581 | |||
Gross profit margin (as a percent) | 17.30% | 27.80% | |||
Services | |||||
Segment reporting | |||||
Revenues | € 3,222 | € 1,973 | |||
Cost of sales | (1,877) | (1,515) | |||
Gross profit | € 1,345 | € 458 | |||
Gross profit margin (as a percent) | 41.70% | 23.20% | |||
Operating segments | Systems | |||||
Segment reporting | |||||
Revenues | € 1,438 | € 2,979 | |||
Operating segments | Services | |||||
Segment reporting | |||||
Revenues | 3,222 | 1,973 | |||
Inter-segment | |||||
Segment reporting | |||||
Revenues | (20) | (892) | |||
Inter-segment | Systems | |||||
Segment reporting | |||||
Revenues | € (20) | € (892) |
Revenues - Disaggregation (Deta
Revenues - Disaggregation (Details) - EUR (€) € in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues | ||
Revenue from contracts with customers | € 4,640 | € 4,060 |
EMEA | ||
Revenues | ||
Revenue from contracts with customers | 3,093 | 2,806 |
Asia Pacific | ||
Revenues | ||
Revenue from contracts with customers | 364 | 535 |
Americas | ||
Revenues | ||
Revenue from contracts with customers | 1,183 | 719 |
Systems | ||
Revenues | ||
Revenue from contracts with customers | 1,418 | 2,087 |
Systems | Products transferred at a point in time | ||
Revenues | ||
Revenue from contracts with customers | 1,278 | 1,816 |
Systems | Products and services transferred over time | ||
Revenues | ||
Revenue from contracts with customers | 140 | 271 |
Systems | EMEA | ||
Revenues | ||
Revenue from contracts with customers | 900 | 1,424 |
Systems | Asia Pacific | ||
Revenues | ||
Revenue from contracts with customers | 144 | 394 |
Systems | Americas | ||
Revenues | ||
Revenue from contracts with customers | 374 | 269 |
Services | ||
Revenues | ||
Revenue from contracts with customers | 3,222 | 1,973 |
Services | Products transferred at a point in time | ||
Revenues | ||
Revenue from contracts with customers | 3,222 | 1,973 |
Services | EMEA | ||
Revenues | ||
Revenue from contracts with customers | 2,193 | 1,382 |
Services | Asia Pacific | ||
Revenues | ||
Revenue from contracts with customers | 220 | 141 |
Services | Americas | ||
Revenues | ||
Revenue from contracts with customers | € 809 | € 450 |
Revenues - Geographic (Details)
Revenues - Geographic (Details) - EUR (€) € in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of geographical areas [line items] | ||
Revenues | € 4,640 | € 4,060 |
EMEA | ||
Disclosure of geographical areas [line items] | ||
Revenues | 3,093 | 2,806 |
Germany | ||
Disclosure of geographical areas [line items] | ||
Revenues | 1,553 | 846 |
France | ||
Disclosure of geographical areas [line items] | ||
Revenues | 264 | 138 |
Finland | ||
Disclosure of geographical areas [line items] | ||
Revenues | 8 | 657 |
Switzerland | ||
Disclosure of geographical areas [line items] | ||
Revenues | 143 | 247 |
Great Britain | ||
Disclosure of geographical areas [line items] | ||
Revenues | 429 | 375 |
Other EMEA | ||
Disclosure of geographical areas [line items] | ||
Revenues | 696 | 543 |
Asia Pacific | ||
Disclosure of geographical areas [line items] | ||
Revenues | 364 | 535 |
India | ||
Disclosure of geographical areas [line items] | ||
Revenues | 33 | 9 |
China | ||
Disclosure of geographical areas [line items] | ||
Revenues | 200 | 232 |
South Korea | ||
Disclosure of geographical areas [line items] | ||
Revenues | 70 | 256 |
Other Asia Pacific | ||
Disclosure of geographical areas [line items] | ||
Revenues | 61 | 38 |
Americas | ||
Disclosure of geographical areas [line items] | ||
Revenues | 1,183 | 719 |
United States | ||
Disclosure of geographical areas [line items] | ||
Revenues | 1,176 | 711 |
Other Americas | ||
Disclosure of geographical areas [line items] | ||
Revenues | € 7 | € 8 |
Related party transactions - Ot
Related party transactions - Other (Details) - EUR (€) € in Thousands | Sep. 01, 2021 | Mar. 31, 2022 | Mar. 31, 2021 |
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 | € 1 | € 1 | |
Schlosserei und Metallbau Ederer, Dieen | |||
Related parties | |||
Acquired goods from related parties | 0 | 0 | |
Suzhou Meimai Fast Manufacturing Technology | |||
Related parties | |||
Revenue from related parties | 99 | 5 | |
DSCS Digital Supply Chain Solutions GmbH, Gersthofen | |||
Related parties | |||
Revenue from related parties | € 0 | 0 | |
Ownership interest in associate (as a percent) | 33.30% | ||
Susanne Ederer-Pausewang , Wife of Chief Executive Officer | |||
Related parties | |||
Sales of property and other assets from related parties | € 27 | ||
Michele Neuber | |||
Related parties | |||
Services received from related parties | 1 | € 1 | |
Lisa Franz | |||
Related parties | |||
Services received from related parties | € 1 |