The fair value of the Company’s investments in the bond funds was determined based on the quoted unit prices received by the fund management company.
The fair value of the derivative financial instruments that are not traded in an active market is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. The fair values have been determined based on share prices and the relevant discount rates.
The fair value of long-term debt was determined using discounted cash flow models based on the relevant forward interest rate yield curves, considering the credit risk of voxeljet.
Due to their short maturity and the current low level of interest rates, the carrying amounts of cash and cash equivalents, restricted cash, trade receivables, trade payables, term deposit, credit lines and bank overdrafts approximate their fair values.
The group’s policy is to recognize transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period.
In March 2021, there were no transfers of financial instruments measured at fair value between level 1 and level 2.
As of March 31, 2021, the Company was in compliance with all covenants related to the loan granted by the EIB. Therefore, the related financial liabilities are classified as non-current.
8. Financial result
|
|
Quarter Ended March 31, |
||||
|
|
2021 |
|
2020 |
||
|
|
(€ in thousands) |
||||
Interest expense |
|
(5,801 |
) |
|
(613 |
) |
Interest expense on lease liability |
|
(36 |
) |
|
(49 |
) |
Interest expense from long-term debt valuation |
|
(524 |
) |
|
(319 |
) |
Expense from revaluation of derivative financial instruments |
|
(5,188 |
) |
|
-- |
|
Fair value valuation of financial assets |
|
(49 |
) |
|
(244 |
) |
Other |
|
(4 |
) |
|
(1 |
) |
Interest income |
|
103 |
|
|
1,594 |
|
Payout of bond funds |
|
31 |
|
|
33 |
|
Income from revaluation of derivative financial instruments |
|
-- |
|
|
1,557 |
|
Fair value valuation of financial assets |
|
4 |
|
|
-- |
|
| Other |
|
68 |
|
|
4 |
|
| Financial result |
|
(5,698 |
) |
|
981 |
|
