voxeljet AG Reports Financial Results for the Fourth Quarter and

voxeljet AG Reports Financial Results for the Fourth Quarter and Full Year Ended December 31, 2018

Webcast and Conference Call Details

The Company will host a conference call and webcast to review the results for the fourth quarter and full year ended December 31, 2018 on Friday, March 29, 2019 at 8:30 a.m. Eastern Time. Participants from voxeljet will include its Chief Executive Officer, Dr. Ingo Ederer, and its Chief Financial Officer, Rudolf Franz, who will provide a general business update and respond to investor questions.

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 Fourth Quarter and Full Year 2018 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 1-844-512-2921 or 1-412-317-6671, Replay Conference ID number 13688141. The recording will be available for replay through April 5, 2019.

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 https://event.webcasts.com/starthere.jsp?ei=1234697&tp_key=da79266d3c 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 1.1450 to EUR 1.00, the noon buying rate of the Federal Reserve Bank of New York for the euro on December 31, 2018.

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,” “projects”, “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

	Year Ended December 31,
	2018	2017 ^{(1) (2)}
	(€ in thousands)
Current assets	37,936	37,494
Cash and cash equivalents	7,402	7,569
Financial assets	12,905	14,044
Trade receivables	6,030	5,093
Inventories	10,064	9,259
Income tax receivables	13	3
Other assets	1,522	1,526

Non-current assets	31,416	29,508
Financial assets	2,234	357
Intangible assets	1,420	1,111
Property, plant and equipment	27,675	27,949
Investments in joint venture	33	39
Other assets	54	52

Total assets	69,352	67,002


	Year Ended December 31,
	2018	2017 ^{(1) (2)}
	(€ in thousands)
Current liabilities	6,302	6,576
Deferred income	--	271
Trade payables	2,945	3,059
Contract liabilities	817	--
Financial liabilities	850	1,162
Other liabilities and provisions	1,690	2,084

Non-current liabilities	16,575	16,537
Deferred income	--	18
Deferred tax liabilities	76	66
Financial liabilities	16,321	16,413
Other liabilities and provisions	178	40

Equity	46,475	43,889
Subscribed capital	4,836	3,720
Capital reserves	86,803	76,227
Accumulated deficit	(46,400)	(37,509)
Accumulated other comprehensive income	1,201	1,380
Equity attributable to the owners of the company	46,440	43,818
Non-controlling interests	35	71

Total equity and liabilities	69,352	67,002

⁽¹⁾ Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Form 20-F filed with the SEC on March 28, 2019, Part III, Item 18. Financial Statements, Note 6 “Correction of errors”

⁽²⁾ voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated.


voxeljet AG
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

	Quarter Ended December 31, (unaudited)		Year Ended December 31,
	2018	2017 ^{(1) (2)}	2018	2017 ^{(1) (2)}
	(€ in thousands, except share and share data)
Revenues	8,574	6,108	26,009	23,178
Cost of sales	(5,723)	(3,504)	(16,864)	(13,853)
Gross profit	2,851	2,604	9,145	9,325
Selling expenses	(1,948)	(2,074)	(7,332)	(6,474)
Administrative expenses	(1,469)	(1,427)	(5,587)	(5,129)
Research and development expenses	(1,563)	(1,574)	(6,334)	(5,528)
Other operating expenses	(139)	(239)	(751)	(1,844)
Other operating income	261	235	1,297	1,001
Operating loss	(2,007)	(2,475)	(9,562)	(8,649)
Finance expense	(897)	(100)	(1,143)	(190)
Finance income	2,608	353	1,952	365
Financial result	1,711	253	809	175
Loss before income taxes	(296)	(2,222)	(8,753)	(8,474)
Income tax expense	(4)	(80)	(11)	(80)
Net loss	(300)	(2,222)	(8,764)	(8,554)
Other comprehensive income (loss)	(70)	108	(179)	505
Total comprehensive loss	(370)	(2,114)	(8,943)	(8,049)

Loss attributable to:
Owner of the Company	(289)	(2,300)	(8,728)	(8,538)
Non-controlling interests	(11)	(2)	(36)	(16)
	(300)	(2,460)	(8,764)	(8,554)

Total comprehensive loss attributable to:
Owner of the Company	(359)	(2,192)	(8,907)	(8,033)
Non-controlling interests	(11)	(2)	(36)	(16)
	(370)	(2,194)	(8,943)	(8,049)

Weighted average number of ordinary shares outstanding	4,595,348	3,720,000	3,940,636	3,720,000
Loss per share - basic/ diluted (EUR)	(0.063)	(0.62)	(2.21)	(2.30)

⁽²⁾ voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated.


voxeljet AG
CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2018	2017 ^{(1) (2)}
	(€ in thousands)
Cash Flow from operating activities
Loss for the period	(8,764)	(8,554)
Depreciation and amortization	3,506	3,163
Foreign currency exchange differences on loans to subsidiaries	(340)	1,056
Share-based compensation expense	604	386
Impairment losses on trade receivables	227	237
Non-cash interest expense on long-term debt	781	17
Change in fair value of derivative equity forward	(1,877)	(352)
Change in inventory allowance	(417)	(515)
Other	68	105

Change in working capital	(1,502)	(2,373)
Trade and other receivables, inventories and current assets	(1,556)	(2,697)
Trade payables	(310)	629
Other liabilities and provisions and deferred income	375	(310)
Income tax payable/receivables	(11)	5
Total	(7,714)	(6,830)

Cash Flow from investing activities

Payments to acquire property, plant and equipment and intangible assets	(3,812)	(3,626)
Proceeds from disposal of financial assets	10,475	4,077
Payments to acquire financial assets	(8,690)	(5,542)
Other	--	156
Total	(2,027)	(4,935)

Cash Flow from financing activities

Repayment of bank overdrafts and lines of credit	(58)	(167)
Repayment of sale and leaseback obligation	(324)	(383)
Repayment of finance lease obligation	(37)	(51)
Repayment of long-term debt	(2,764)	(732)
Proceeds from issuance of long-term debt	1,639	12,612
Proceeds from issuance of shares	11,088	--
Total	9,544	11,279

Net increase (decrease) in cash and cash equivalents	(197)	(486)

Cash and cash equivalents at beginning of period	7,569	7,849
Changes to cash and equivalents due to foreign exchanges rates	30	206
Cash and cash equivalents at end of period	7,402	7,569

Supplemental Cash Flow Information
Interest paid	231	210
Interest received	42	16
Income taxes paid	--	--

Property, plant and equipment added under finance lease	--	123

⁽²⁾ voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition methods chosen, comparative information has not been restated.

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