voxeljet AG Reports Financial Results for the Second Quarter Ended June 30, 2015

The IASB issued a number of new IFRS standards which will become effective for the Company’s financial year beginning on January 1, 2017 and January 1, 2018, respectively.

       
Standard   Effective date       Descriptions
IFRS 15 01/2017 Revenue from Contracts with Customers
IFRS 9 01/2018 Financial Instruments

Company has not yet determined what impact the new standards, amendments or interpretations will have on the financial statements.

The interim financial statements as of and for the six months ended June 30, 2015 and 2014 were authorized for issue by the Management Board on August 13, 2015.

2. Summary of significant accounting policies

The principal accounting policies applied in the preparation of these interim financial statements are set out in the financial statements as of December 31, 2014, which can be found in the Company’s Annual Report on Form 20-F that was filed with the U.S. Securities and Exchange Commission. These policies have been applied to all financial periods presented.

3. Financial assets

The financial assets as of June 30, 2015 primarily consisted of shares of five bond funds (kEUR 38,091) and one customer loan (kEUR 262). The investments in the bond funds are measured at fair value, and any unrealized gain or loss in the value of such shares is recorded as other comprehensive income on our consolidated statements of comprehensive loss.

4. Other assets

The other assets at June 30, 2015 primarily included kEUR 562 of prepaid expenses (December 31, 2014: kEUR 453), thereof kEUR 418 related to insurances (December 31, 2014: kEUR 396), and kEUR 349 VAT refund claim (December 31, 2014: kEUR 135).

5. Business Combination Propshop

On October 1, 2014, voxeljet AG acquired 100% of the outstanding shares of Propshop (Model Makers) Limited (“Propshop”, which we renamed voxeljet UK Ltd. (“voxeljet UK”)) for €1.0 million in cash. voxeljet UK mainly renders 3D printing services for the film and entertainment industry in the UK. In addition, the Company entered into an earn out agreement with revenue and earnings targets for each of the years 2015, 2016 and 2017 with the former owner of Propshop; payments under the earn out agreement could total up to €1.5 million in the aggregate and would be recorded as compensation.

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