voxeljet AG Reports Financial Results for Q2 2014

Cautionary Statement on Forward-Looking Statements

This press release contains forward-looking statements concerning our business, operations and financial performance. Any statements that are not of historical facts may be deemed to be forward-looking statements. You can identify these forward-looking statements by words such as ‘‘believes,’’ ‘‘estimates,’’ ‘‘anticipates,’’ ‘‘expects,’’ ‘‘plans,’’ ‘‘intends,’’ ‘‘may,’’ ‘‘could,’’ ‘‘might,’’ ‘‘will,’’ ‘‘should,’’ ‘‘aims,’’ or other similar expressions that convey uncertainty of future events or outcomes. Forward-looking statements include statements regarding our intentions, beliefs, assumptions, projections, outlook, analyses or current expectations concerning, among other things, our results of operations, financial condition, business outlook, the industry in which we operate and the trends that may affect the industry or us. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that forward-looking statements are not guarantees of future performance. All of our forward-looking statements are subject to known and unknown risks, uncertainties and other factors that are in some cases beyond our control and that may cause our actual results to differ materially from our expectations, including those risks identified under the caption “Risk Factors” in the Company’s Annual Report on Form 20-F and in other reports the Company files with the U.S. Securities and Exchange Commission, as well as the risk that our revenues may fall short of the guidance we have provided in this press release. Except as required by law, the Company undertakes no obligation to publicly update any forward-looking statements for any reason after the date of this press release whether as a result of new information, future events or otherwise.

           

voxeljet AG

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

                   

06/30/2014

12/31/2013
Thousands of Euros Notes unaudited  
Current assets   64,610 39,977
Cash and cash equivalents 6 21,780 33,459
Financial assets 3, 6 35,418 744
Trade receivables 6 1,737 1,003
Inventories   4,642 3,641
Income tax receivables   6 129
Other assets 4 1,027 1,001
 
Non-current assets   18,118 17,939
Financial assets 3, 6 1,391 1,561
Intangible assets   67 62
Property, plant and equipment 5 16,660 16,316
 
Total assets   82,728 57,916
 
                   
06/30/2014 12/31/2013
Thousands of Euros Notes unaudited  
Current liabilities   4,901 7,090
Deferred income   386 622
Trade payables   1,757 1,502
Income tax payable   0 14
Financial liabilities 6 1,283 1,922
Other liabilities and provisions 7 1,475 3,030
     
Non-current liabilities   4,230 5,426
Deferred income   943 1,337

Financial liabilities

6 2,664 3,863
Other liabilities and provisions 7 623 226
 
Equity   73,597 45,400
 
 
Subscribed Capital   3,720 3,120
Capital reserves   75,671 46,038
Accumulated deficit  

(5,874)

(3,758)

Accumulated other comprehensive income   80 -
 
Total equity and liabilities   82,728 57,916
 
                   

voxeljet AG

CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS (UNAUDITED)

 
               
Three months Three months Six months Six months
ended ended ended ended
06/30/2014 06/30/2013 06/30/2014 06/30/2013
Thousands of Euros Notes        
Revenues 8,9 2,730 2,091 5,469 4,478
Cost of sales   (1,870) (1,491) (3,530) (2,965)
Gross profit 8 860 600 1,939 1,513
Selling expenses   (845) (472) (1,538) (829)
Administrative expenses   (952) (299) (1,566) (476)
Research and development expenses   (831) (490) (1,679) (921)
Other operating expenses   (8) (154) (86) (170)
Other operating income   397 253 948 530
Operating loss   (1,379) (562) (1,982) (353)
Finance expense   (41) (94) (166) (191)
Finance income   15 10 32 13
Financial result   (26) (84) (134) (178)
Loss before income taxes   (1,405) (646) (2,116) (531)
Income taxes   - 168 - 155
Loss   (1,405) (478) (2,116)   (376)
Other comprehensive income   44 - 80 -
Total comprehensive loss   (1,361) (478) (2,036) (376)
Weighted average number of ordinary shares outstanding   3,660,659 2,000,000 3,388,508 2,000,000
Loss per share - basic/ diluted (EUR)   (0.38) (0.24) (0.62) (0.19)
 
                   

voxeljet AG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

                               
 
Accumulated
other
Subscribed Capital Accumulated comprehensive
capital reserves deficit income Total equity
Thousands of Euros
 
Balance at January 1, 2013 1,000 1,262 (1,044) - 1,218
 
Loss for the period - - (376) - (376)
 
Balance at June 30, 2013 1,000 1,262 (1,420) - 842
 
 
Thousands of Euros          
 
Balance at January 1, 2014 3,120 46,038 (3,758) - 45,400
 
Loss for the period - - (2,116) - (2,116)
Follow-on public offering 600 29,633 -   30,233

Net changes in fair value of available for sale financial assets

-

0

- 71 71
Foreign currency translation - - - 9 9
 
Balance at June 30, 2014 3,720 75,671 (5,874) 80 73,597
 
         

voxeljet AG

CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

 
     
Six months Six months
ended ended
06/30/2014 06/30/2013
Thousands of Euros    
Cash Flow from operating activities    
 
Loss for the period (2,116) (376)
 
Depreciation 830 749
Proceeds from customer loans 143 14
Changes in deferred income taxes - (198)
Loss on disposal of assets 188 -
Deferred income (629) (228)
   
Change in working capital (2,556) (77)
Trade and other receivables and current assets (638) (1,198)
Inventories (1,001) (343)
Trade payables 255 196
Other liabilities and provisions (1,158) 1,271
Income tax payable/receivables (14) (3)
 
Total (4,140) (116)
 
Cash Flow from investing activities    
 
Payments to acquire property, plant and equipment and intangible assets (1,366) (83)
Payments to acquire financial assets (34,577) (239)
 
Total (35,943) (322)
 
Cash Flow from financing activities
 
Proceeds (repayment) from bank overdrafts and lines of credit (254) -
Proceeds from sale and leaseback - 1,900
Repayment of finance lease obligations (1,132) (737)
Repayment of long-term debt (1,252) (687)
Proceeds from borrowings 800  
Proceeds from issuance of shares 30,233 -
 
Total 28,395 476
 
Net increase (decrease) in cash and cash equivalents (11,688) 38
 
Cash and cash equivalents at beginning of period 33,459 301
 
Changes to cash and equivalents due to foreign exchanges rates 9 -
Cash and cash equivalents at end of period 21,780 339
 
Supplemental Cash Flow Information    
Interest paid net 110 60
Income taxes paid net - 60
Non-cash items:    
Additions to property, plant and equipment through lease - 1,900
 
 

voxeljet AG

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