voxeljet AG Reports Financial Results for Q3 2015

Interested parties may access the live audio broadcast by dialing 1-877-705-6003 in the United States/Canada, or +1-201-493-6725 for international, Conference Title “voxeljet AG Third Quarter 2015 Financial Results Conference Call.” Investors are requested to access the call at least five minutes before the scheduled start time in order to complete a brief registration. An audio replay will be available approximately two hours after the completion of the call at 1-877-870-5176 or +1-858-384-5517, Replay Conference ID number 13622949. The recording will be available for replay through November 20, 2015.

A live webcast of the call will also be available on the investor relations section of the Company’s website. Please go to the website ( http://www.voxeljet.de/en/) at least fifteen minutes prior to the start of the call to register, download and install any necessary audio software. A replay will also be available as a webcast on the investor relations section of the Company’s website.

Exchange rate

This press release contains translations of certain U.S. dollar amounts into Euros at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from U.S. dollars to Euros in this press release were made at a rate of USD 1.1203 to EUR 1.00, the noon buying rate of the Federal Reserve Bank of New York for the Euro on September 30, 2015.

About voxeljet

voxeljet is a leading provider of high-speed, large-format 3D printers and on-demand parts services to industrial and commercial customers. The Company’s 3D printers employ a powder binding, additive manufacturing technology to produce parts using various material sets, which consist of particulate materials and proprietary chemical binding agents. The Company provides its 3D printers and on-demand parts services to industrial and commercial customers serving the automotive, aerospace, film and entertainment, art and architecture, engineering and consumer product end markets. For more information, visit http://www.voxeljet.de/en/.

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 STATEMENTS OF FINANCIAL POSITION

                     
  Notes 09/30/2015       12/31/2014
(€ in thousands)
unaudited
Current assets 52 873 58 509
Cash and cash equivalents 3 593 8 031
Financial assets 3, 9 35 292 41 142
Trade receivables 3 149 3 148
Inventories 4 9 269 5 247
Income tax receivables 229 65
Other assets 5 1 341 876
 
Non-current assets 24 771 22 586
Financial assets 3, 9 207 247
Intangible assets 7 984 1 315
Goodwill 1 413 1 558
Property, plant and equipment 8 22 087 19 466
Other assets 5 80 −
 
Total assets 77 644 81 095
 
         
  Notes 09/30/2015 12/31/2014
(€ in thousands)
Current liabilities 11 131 5 567
Deferred income 1 038 469
Trade payables 2 784 2 326
Financial liabilities 9 1 251 1 241
Other liabilities and provisions 10 6 058 1 531
 
Non-current liabilities 2 591 4 228
Deferred income 481 826
Deferred tax liabilities − 213
Financial liabilites 9 1 673 2 263
Other liabilities and provisions 10 437 926
 
Equity 63 922 71 300
Subscribed capital 3 720 3 720
Capital reserves 75 671 75 671
Accumulated deficit (15 253) (8 090)
Accumulated other comprehensive income (loss) (216) (1)
Total equity and liabilities 77 644 81 095
 

voxeljet AG

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)

         
Three months ended September 30, Nine months ended September 30,
  Notes 2015       2014   2015       2014
(€ in thousands except share and share data) unaudited
Revenues 11 12 4 710 3 756 15 783 9 225
Cost of sales (3 172) (2 358) (10 532) (5 888)
Gross profit 11 1 538 1 398 5 251 3 337
Selling expenses (1 788) (1 090) (4 947) (2 628)
Administrative expenses (1 317) (1 077) (4 033) (2 643)
Research and development expenses (1 685) (1 032) (4 662) (2 711)
Other operating expenses (394) (18) (391) (104)
Other operating income 119 155 1 694 1 103
Operating loss (3 527) (1 664) (7 088) (3 646)
Finance expense (53) (71) (203) (237)
Finance income 182 217 192 249
Financial result 129 146 (11) 12
Loss before income taxes (3 398) (1 518) (7 099) (3 634)
Income taxes 1 − (64) −
Net loss (3 397) (1 518) (7 163) (3 634)
 
Other comprehensive income (loss) 52 (145) (215) (65)
Total comprehensive loss (3 345) (1 663) (7 378) (3 699)
Weighted average number of ordinary shares outstanding 3 720 000 3 720 000 3 720 000 3 500 220
Loss per share - basic/ diluted (EUR) (0,91) (0,41) (1,93) (1,04)
 

voxeljet AG

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

                 
(€ in thousands)

Subscribed capital

Capital
reserves

Accumulated

deficit

Accumulated other
comprehensive
income (loss)

Total equity
Balance at January 1, 2014 3 120 46 038 (3 758)   --   45 400
Loss for the period -- -- (3 634) -- (3 634)
Follow-on public offering 600 29 633 -- -- 30 233
Net changes in fair value of available for sale financial assets -- -- -- (118) (118)
Foreign currency translations -- -- -- 53 53
Balance at September 30, 2014 3 720 75 671 (7 392) (65) 71 934
 
(€ in thousands) Subscribed capital

Capital
reserves

 

Accumulated

deficit

Accumulated other
comprehensive
income (loss)

Total equity
Balance at January 1, 2015 3 720 75 671 (8 090) (1) 71 300
Loss for the period -- -- (7 163) -- (7 163)
Net changes in fair value of available for sale financial assets -- -- -- (205) (205)
Foreign currency translations -- -- -- (10) (10)
Balance at September 30, 2015 3 720 75 671 (15 253) (216) 63 922
 

voxeljet AG

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

       
Nine months ended September 30,
  2015 2014
(€ in thousands)
Cash Flow from operating activities
 
Profit (loss) for the period (7 163) (3 634)
 
Depreciation and amortisation 2 289 1 425
Impairment losses on intangible assets 309 −
Impairment losses on inventories 26 −
Proceeds from customer loans 836 173
Changes in deferred income taxes (213) −
Loss on disposal of assets − 183
Deferred income (281) (663)
 
Change in working capital 686 (2 315)
Trade and other receivables and current assets (546) (291)
Inventories (4 048) (1 754)
Trade payables 458 577
Other liabilities and provisions 4 986 (833)
Income tax payable/receivables (164) (14)
 
Total (3 511) (4 831)
 
Cash Flow from investing activities
 
Proceeds from disposal of property, plant, equipment and intangible assets 1 −
Payments to acquire property, plant, equipment and intangible assets (4 744) (1 946)
Payments to acquire/ proceeds from sale of financial assets 4 849 (44 695)
 
Total 106 (46 641)
 
Cash Flow from financing activities
 
Proceeds (repayment) from bank overdrafts and lines of credit (69) (278)
Repayment of sale and leaseback (695) −
Repayment of finance lease obligations (107) (1 276)
Repayment of long-term debt (152) (1 302)
Proceeds from borrowings − 800
Proceeds from issuance of shares −       30 233
 
Total (1 023) 28 177
 
Net increase (decrease) in cash and cash equivalents (4 428) (23 295)
 
Cash and cash equivalents at beginning of period 8 031 33 459
 
Changes to cash and equivalents due to foreign exchanges rates (10) 53
Cash and cash equivalents at end of period 3 593 10 217
 
Supplemental Cash Flow Information
Interest paid net 24 81
 

voxeljet AG

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