| January 1, 2019 | ||
| (€ in thousands) | ||
| Operating lease commitment at December 31, 2018, as disclosed in the Group's consolidated financial statements | 2,584 | |
| Discounted using the incremental borrowing rate at January 1, 2019 | 1,973 | |
| Finance lease liability recognized as at December 31, 2018 | 105 | |
| Recognition exemption for leases with less than 12 months of lease term at transition | (84) | |
| Extension options reasonably certain to be exercised | 1,532 | |
| Lease liabilities recognized at January 1, 2019 | 3,526 |
Impacts for the period
As a result of initially applying IFRS 16, in relation to the leases that were previously classified as operating leases, the Company recognized kEUR 5,140 of right-of-use assets and kEUR 4,348 of lease liabilities as of March 31, 2019.
Also in relation to those leases under IFRS 16, the Company has recognized depreciation and interest costs, instead of operating lease expenses. During the three-months ended March 31, 2019, the Company recognized kEUR 155 of depreciation expenses and kEUR 43 of interest expense from these leases.
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. 279,000 options (75%, Tranche 1) were granted on April 7, 2017. 93,000 options (25%, Tranche 2) were granted on April 12, 2018.
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.
