voxeljet AG (NASDAQ: VJET) (the “Company”, or “voxeljet”), a
provider of high-speed, large-format 3D printers and on-demand
parts services to industrial and commercial customers, today
announced consolidated financial results for the first quarter
ended March 31, 2022.
Highlights - First Quarter 2022
- Total revenues for the first quarter increased 14.3% to kEUR
4,640 from kEUR 4,060
- Gross profit margin and gross profit increased to 34.3% from
25.6% and to kEUR 1,591 from kEUR 1,039, respectively
- Systems revenues decreased 32.1% to kEUR 1,418 from kEUR
2,087
- Services revenues increased 63.3% to kEUR 3,222 from kEUR
1,973
- Reaffirm full year 2022 guidance
Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented:
“We were extremely busy in our on-demand 3D printing segment with
revenue up more than 60 percent year-over-year. It is great to see
that this growth comes from a wide variety of applications:
projects in space exploration in the US, large orders from the art
& architecture sector in Germany, components for cooling of
parts in electric vehicles in the UK, and so on. What we have seen
in the past is that on-demand printing revenue is a leading
indicator for future sales of 3D printers, so this makes us very
optimistic for the rest of the year.”
First Quarter 2022 Results
Revenues for the first quarter of 2022 increased by 14.3% to
kEUR 4,640 compared to kEUR 4,060 in the first quarter of 2021.
Revenues from our Systems segment, which focuses on the
development, production and sale of 3D printers, decreased 32.1% to
kEUR 1,418 in the first quarter of 2022 from kEUR 2,087 in last
year’s first quarter. The Company delivered one new 3D printer in
the first quarter of 2022, compared to two new printers delivered
in last year’s first quarter. Systems revenues also include all
Systems-related revenues from consumables, spare parts and
maintenance. The decrease of revenues from our Systems segment was
mainly due to lower revenues from the sale of 3D printers in line
with the lower number of transactions. Systems-related revenues
were almost flat. Systems revenues represented 30.6% of total
revenues in the first quarter of 2022 compared to 51.4% in last
year’s first quarter.
Revenues from our Services segment, which focuses on the
printing of on-demand parts for our customers, increased 63.3% to
kEUR 3,222 in the first quarter of 2022 from kEUR 1,973 in the
comparative period of 2021. This was mainly due to significantly
higher revenue contributions from the German operation as well as
from our subsidiaries voxeljet America Inc. (“voxeljet America”)
and voxeljet China Co. Ltd (“voxeljet China”).
Cost of sales were kEUR 3,049 for the first quarter of 2022
compared to kEUR 3,021 for the first quarter of 2021.
Gross profit and gross profit margin were kEUR 1,591 and 34.3%,
respectively, in the first quarter of 2022 compared to kEUR 1,039
and 25.6%, respectively in the first quarter of 2021.
Gross profit for our Systems segment decreased to kEUR 246 in
the first quarter of 2022 from kEUR 581 in the first quarter of
2021. This was mainly related to the decrease in revenues. Also
gross profit margin for this segment decreased to 17.3% in the
first quarter of 2022 compared to 27.8% in the first quarter of
2021 related to a less favorable product mix, especially regarding
Systems-related revenues.
Gross profit for our Services segment significantly increased to
kEUR 1,345 in the first quarter of 2022 compared to kEUR 458 in the
first quarter of 2021. The gross profit margin for this segment
also significantly increased to 41.7% in the first quarter of 2022
from 23.2% in the first quarter of 2021. Both, the increase of
gross profit as well as gross profit margin was mainly related to
higher contributions from each of our German, our American and our
Chinese service center related to a higher utilization in line with
the increases in revenues.
Selling expenses increased to kEUR 1,637 for the first quarter
of 2022 compared to kEUR 1,448 in the first quarter of 2021,
related to higher distribution expenses, in line with the increase
in revenues. Expenses such as shipping and packaging vary from
quarter to quarter depending on quantity and types of products
being sold, as well as the destinations where those goods are being
delivered.
Administrative expenses were kEUR 1,677 for the first quarter of
2022 compared to kEUR 1,483 in the first quarter of 2021. The
increase is mainly related to higher legal advisor and regulatory
fees related to our stock market listing as well as our
communication to financial institutions.
Research and development (“R&D”) expenses decreased to kEUR
1,441 in the first quarter of 2022 from kEUR 1,604 in the first
quarter of 2021. The decrease of kEUR 163 was mainly due to lower
personnel expenses as well as lower material expenses.
Other operating expenses in the first quarter of 2022 were kEUR
158 compared to kEUR 101 in the prior year period. This was mainly
related to a negative impact from changes in impairment allowance
leading to an expense of kEUR 73 for the first quarter of 2022
compared to an income of kEUR 18 in the comparative period in 2021.
This was partially offset by lower losses from foreign currency
transactions, amounting to kEUR 59 for the first quarter of 2022
compared to kEUR 89 in the last year’s first quarter.
Other operating income was kEUR 2,204 for the first quarter of
2022 compared to kEUR 914 in the first quarter of 2021. This
increase was mainly due to the reclassification of foreign currency
translation reserve, which was previously recognized in other
comprehensive income on consolidation of voxeljet UK accounts, to
profit and loss account on deconsolidation amounting to kEUR 1,475,
related to the finalization of the wind-up on February 17, 2022.
This was partially offset by lower gains from foreign currency
transactions amounting to kEUR 433 in the first quarter of 2022
compared to kEUR 778 in the last year’s first quarter.
The changes in foreign currency gains and losses were primarily
driven by the valuation of the intercompany loans granted by the
parent company to our US subsidiary.
Operating loss was kEUR 1,118 in the first quarter of 2022
compared to an operating loss of kEUR 2,683 in the comparative
period in 2021. The improvement was primarily related to the net
impact of the quarter over quarter changes in other operating
expenses and other operating income, which was kEUR 1,233 positive.
In addition, gross profit significantly improved and research and
development expenses slightly decreased. This was partially offset
by slightly higher operating expenses from our functions
administration as well as sales and marketing.
Financial result was positive kEUR 351 in the first quarter of
2022, compared to a financial result of negative kEUR 5,698 in the
comparative period in 2021. This was mainly due to the finance
income from the revaluation of the derivative financial instruments
related to the performance participation interest (“PPI”) for
tranche A and tranche B1 of the European Investment Bank (the
“EIB”) loan amounting to kEUR 1,316. In the first quarter of 2021,
the revaluation of the derivative financial instruments related to
the PPI including the anti-dilution protection clause for tranche A
and tranche B1 resulted in a finance expense of kEUR 1,906 and kEUR
3,282, respectively, largely due to the two capital increases,
which have been successfully completed in January and February
2021.
The derivative financial instruments are revalued on each
balance sheet date, with changes in the fair value between
reporting periods recorded within financial result of the
consolidated statements of comprehensive loss. An increase in our
share price results in a finance expense, while a decrease leads to
a finance income, holding other parameters constant.
Finance expense included interest from long term debt, which
amounted to kEUR 567 for the first quarter of 2022, compared to
kEUR 524 in the comparative period in 2021.
Net loss for the first quarter of 2022 was kEUR 753 or EUR 0.10
per share, as compared to net loss of kEUR 8,329, or EUR 1.51 per
share, in the first quarter of 2021.
Business Outlook
Our revenue guidance for the second quarter of 2022 is expected
to be in the range of kEUR 5,000 to kEUR 6,000.
We reaffirm our guidance for the full year ending December 31,
2022:
- Full year revenue is expected to be in the
range of kEUR 25,000 to kEUR 30,000
- Gross margin for the full year is expected
to be above 32.5%
- Operating expenses for the full year are
expected as follows: selling and administrative expenses are
expected to be in the range of kEUR 13,250 to kEUR 13,750 and
R&D expenses are projected to be between approximately kEUR
7,250 and kEUR 7,500. Depreciation and amortization expense is
expected to be between kEUR 3,000 and kEUR 3,250.
- Adjusted EBITDA for the fourth quarter of
2022 is expected to be neutral-to-positive. Adjusted EBITDA is
defined as net income (loss), as calculated under IFRS accounting
principles before interest (income) expense, provision (benefit)
for income taxes, depreciation and amortization, and excluding
other operating (income) expense resulting from foreign exchange
gains or losses on the intercompany loans granted to the
subsidiaries.
- Capital expenditures for the full year are
projected to be in the range of kEUR 4,500 to kEUR 4,750, which
primarily includes ongoing investments in our subsidiaries.
Our total backlog of 3D printer orders at March 31, 2022 was
kEUR 5,707, which represents nine 3D printers. This compares to a
backlog of kEUR 3,880 representing seven 3D printers, at December
31, 2021. As production and delivery of our printers is generally
characterized by lead times ranging between three to nine months,
the conversion rate of order backlog into revenue is dependent on
the equipping process for the respective 3D printer as well as the
timing of customers’ requested deliveries.
At March 31, 2022, we had cash and cash equivalents of kEUR
7,396, additionally we held restricted cash of kEUR 2,390 and held
kEUR 10,257 of investments in bond funds, which are included in
current financial assets on our consolidated statements of
financial position.
Webcast and Conference Call Details
The Company will host a conference call and webcast to review
the results for the first quarter of 2022 on Friday, May 20, 2022
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 1-877-704-4453 in the United States/Canada, or
1-201-389-0920 for international, Conference Title “voxeljet AG
First Quarter 2022 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 13729038. The recording will be available for
replay through May 27, 2022.
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://events.q4inc.com/attendee/473372882 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.
Non-IFRS Measure
Management regularly uses both IFRS and non-IFRS results and
expectations internally to assess its overall performance of the
business, making operating decisions, and forecasting and planning
for future periods. Management believes that Adjusted EBITDA is a
useful financial measure to the Company’s investors as it helps
investors better understand and evaluate the projections our
management board provides. The Company’s calculation of Adjusted
EBITDA may not be comparable to similarly titled financial measures
reported by other peer companies. Adjusted EBITDA should not be
considered as a substitute to financial measures prepared in
accordance with IFRS.
The Company uses Adjusted EBITDA as a supplemental financial
measure of its financial performance. Adjusted EBITDA is defined as
net income (loss), as calculated under IFRS accounting principles,
interest (income) expense, provision (benefit) for income taxes,
depreciation and amortization, and excluding other (income) expense
resulting from foreign exchange gains or losses on the intercompany
loans granted to the subsidiaries. Management believes Adjusted
EBITDA to be an important financial measure because it excludes the
effects of fluctuating foreign exchange gains or losses on the
intercompany loans granted to its subsidiaries. We are unable to
reasonably estimate the potential full-year financial impact of
foreign currency translation because of volatility in foreign
exchange rates. Therefore, we are unable to provide a
reconciliation to our forward-looking guidance for non-GAAP
Adjusted EBITDA without unreasonable effort as certain information
necessary to calculate such measure on an IFRS basis is
unavailable, dependent on future events outside of our control and
cannot be predicted without unreasonable efforts by the
Company.
About voxeljet
voxeljet is a 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,’’ ‘‘projects,’’ ‘‘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
CONDENSED CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION
Notes
3/31/2022
12/31/2021
(€ in thousands)
unaudited
Current assets
41,918
42,748
Cash and cash equivalents
7
7,396
7,027
Other financial assets
7
16,042
18,522
Trade receivables, net
5,015
6,107
Inventories
4
11,486
9,482
Income tax receivables
25
23
Other assets
1,954
1,587
Non-current assets
24,307
24,711
Other financial assets
7
235
4
Intangible assets
822
878
Property, plant and equipment, net
5
23,149
23,719
Other assets
101
110
Total assets
66,225
67,459
Notes
3/31/2022
12/31/2021
Current liabilities
23,570
21,716
Trade payables
7
3,026
2,594
Contract liabilities
3,281
2,132
Other financial liabilities
7
15,198
14,882
Other liabilities and provisions
6
2,065
2,108
Non-current liabilities
12,441
13,256
Deferred tax liabilities
53
87
Contract liabilities
211
231
Other financial liabilities
7
12,177
12,938
Equity
30,214
32,487
Subscribed capital
7,027
7,027
Capital reserves
110,307
110,264
Accumulated deficit
(86,662)
(85,974)
Accumulated other comprehensive gain
(loss)
(163)
1,400
Equity attributable to the owners of
the company
30,509
32,717
Non-controlling interest
(295)
(230)
Total equity and liabilities
66,225
67,459
See accompanying notes to unaudited condensed
consolidated interim financial statements.
voxeljet AG
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS (UNAUDITED)
Three months ended March
31,
Notes
2022
2021
(€ in thousands except share
and share data)
Revenues
9, 10
4,640
4,060
Cost of sales
(3,049)
(3,021)
Gross profit
9
1,591
1,039
Selling expenses
(1,637)
(1,448)
Administrative expenses
(1,677)
(1,483)
Research and development expenses
(1,441)
(1,604)
Other operating expenses
(158)
(101)
Other operating income
2,204
914
Thereof income (expense) from changes in
impairment allowance included in other operating income
(expense)
(73)
18
Operating loss
(1,118)
(2,683)
Finance expense
8
(1,048)
(5,801)
Finance income
8
1,399
103
Financial result
8
351
(5,698)
Loss before income taxes
(767)
(8,381)
Income tax income (expense)
14
52
Net loss
(753)
(8,329)
Other comprehensive income (loss) that may
be reclassified subsequently to profit or loss
(88)
(171)
Total comprehensive loss
(841)
(8,500)
Loss attributable to:
Owners of the Company
(688)
(8,303)
Non-controlling interests
(65)
(26)
(753)
(8,329)
Total comprehensive loss attributable
to:
Owners of the Company
(776)
(8,474)
Non-controlling interests
(65)
(26)
(841)
(8,500)
Weighted average number of ordinary shares
outstanding
7,026,711
5,503,378
Loss per share - basic/ diluted (EUR)
(0.10)
(1.51)
See accompanying notes to unaudited condensed
consolidated interim financial statements.
voxeljet AG
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES
IN EQUITY (UNAUDITED)
Attributable to the owners of
the company
Accumulated
other
Subscribed
Capital
Accumulated
comprehensive
Non-controlling
(€ in thousands)
capital
reserves
deficit
gain (loss)
Total
interests
Total equity
Balance at December 31, 2020
4,836
88,748
(75,463)
1,675
19,796
(155)
19,641
Loss for the period
--
--
(8,303)
--
(8,303)
(26)
(8,329)
Foreign currency translations
--
--
--
(171)
(171)
--
(171)
Issue of ordinary shares in the form of
ADS, net of transaction costs and tax
1,065
14,888
--
--
15,953
--
15,953
Equity-settled share-based payment
--
166
--
--
166
--
166
Balance at
March 31, 2021
5,901
103,802
(83,766)
1,504
27,441
(181)
27,260
Attributable to the owners of
the company
Accumulated
other
Subscribed
Capital
Accumulated
comprehensive
Non-controlling
(€ in thousands)
capital
reserves
deficit
gain (loss)
Total
interests
Total equity
Balance at December 31, 2021
7,027
110,264
(85,974)
1,400
32,717
(230)
32,487
Loss for the period
--
--
(688)
--
(688)
(65)
(753)
Foreign currency translations
--
--
--
(88)
(88)
--
(88)
Reclassification to profit or loss on
deconsolidation of subsidiary
--
--
--
(1,475)
(1,475)
--
(1,475)
Equity-settled share-based payment
--
43
--
--
43
--
43
Balance at
March 31, 2022
7,027
110,307
(86,662)
(163)
30,509
(295)
30,214
See accompanying notes to unaudited condensed
consolidated interim financial statements.
voxeljet AG
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (UNAUDITED)
Three months ended March
31,
2022
2021
(€ in thousands)
Cash Flow from operating
activities
Loss for the period
(753)
(8,329)
Depreciation and amortization
719
786
Foreign currency exchange differences on
loans to subsidiaries
(462)
(672)
Foreign currency translation reserve
reclassified to profit or loss
(1,475)
--
Change in fair value of bond funds
443
45
Share-based compensation expense
43
166
Change in impairment of trade
receivables
73
(18)
Non-cash interest expense on long-term
debt
544
421
Change in fair value of derivative equity
forward
(1,316)
5,188
Change in inventory allowance
164
--
Loss on disposal of property, plant and
equipment and intangible assets
19
1
Interest paid
189
67
Interest received
(87)
(30)
Other
(32)
(160)
Change in working capital
207
778
Trade and other receivables, inventories
and current assets
(1,328)
(162)
Trade payables
390
472
Other liabilities, contract liabilities
and provisions
1,147
996
Change in restricted cash
--
(520)
Income tax payable/receivables
(2)
(8)
Total
(1,724)
(1,757)
Cash Flow from investing
activities
Payments to acquire property, plant and
equipment and intangible assets
(264)
(44)
Proceeds from disposal of financial
assets
2,653
--
Payments to acquire financial assets
--
(7,462)
Interest received
87
30
Total
2,476
(7,476)
Cash Flow from financing
activities
Repayment of lease liabilities
(89)
(82)
Repayment of long-term debt
(140)
(202)
Proceeds from issue of ordinary shares in
the form of ADS
--
18,153
Share issue cost
--
(2,200)
Change in restricted cash
--
(2,000)
Interest paid
(189)
(67)
Total
(418)
13,602
Net increase (decrease) in cash and
cash equivalents
334
4,369
Cash and cash equivalents at beginning
of period
7,027
5,324
Changes to cash and cash equivalents due
to foreign exchanges rates
35
68
Cash and cash equivalents at end of
period
7,396
9,761
See accompanying notes to unaudited condensed
consolidated interim financial statements.
voxeljet AG
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
1. Preparation of financial statements
Our condensed consolidated interim financial statements include
the accounts of voxeljet AG and its wholly-owned subsidiaries
voxeljet America Inc. (‘voxeljet America’) and voxeljet India Pvt.
Ltd. (‘voxeljet India’), as well as voxeljet China Co. Ltd.
(‘voxeljet China’), which are collectively referred to herein as
the ‘Group’ or the ‘Company’, which is listed on the NASDAQ Capital
Market (‘NASDAQ’). The liquidation of voxeljet UK Ltd. (‘voxeljet
UK’), our UK subsidiary, was finalized on February 17, 2022, upon
submission of final account by liquidators to the Companies House,
the affairs of voxeljet UK were fully wound up. Therefore, voxeljet
UK accounts are deconsolidated in the first quarter of 2022.
Our condensed consolidated interim financial statements were
prepared in compliance with all applicable measurement and
presentation rules contained in International Financial Reporting
Standards (‘IFRS’) as set forth by the International Accounting
Standards Board (‘IASB’) and Interpretations of the IFRS
Interpretations Committee (‘IFRIC’). The designation IFRS also
includes all valid International Accounting Standards (‘IAS’); and
the designation IFRIC also includes all valid interpretations of
the Standing Interpretations Committee (‘SIC’). Specifically, these
financial statements were prepared in accordance with the
disclosure requirements and the measurement principles for interim
financial reporting purposes specified by IAS 34. Our condensed
consolidated interim financial statements should be read in
conjunction with the audited consolidated financial statements and
notes thereto that are included in the Company’s Annual Report on
Form 20-F for the year ended December 31, 2021. The results of
operations for the three months ended March 31, 2022, are not
necessarily indicative of the results that may be expected for the
fiscal year ending December 31, 2022.
The IASB issued a number of new IFRS standards which are
required to be adopted in annual periods beginning after December
31, 2021.
Standard
Effective date
Descriptions
IFRS 3
01/2022
Reference to the Conceptual Framework
IAS 16
01/2022
Proceeds before intended use
IAS 37
01/2022
Onerous contracts – Cost of Fulfilling a
Contract
IFRS 1, IFRS 9, IFRS 16 and IAS 41
01/2022
Annual Improvements to IFRS Standards
2018–2020 (IFRS 1, IFRS 9, IFRS 16 and IAS 41)
IFRS 17
01/2023
Amendments to IFRS 17 Insurance
Contracts
IAS 1
01/2023
Classifications of Liabilities as Current
or Non-Current (Amendment to IAS 1)
IAS 1
01/2023
Amendment to IAS 1 - Disclosure of
Accounting Policies
IAS 8
01/2023
Amendment to IAS 8 - Definition of
Accounting Estimate
IAS 12
01/2023
Amendments to IAS 12 - Deferred Taxes in
connection with Assets and Liabilities arising from a single
transaction
IFRS 17 and IFRS 9
01/2023
Initial Application of IFRS 17 and IFRS
9―Comparative Information (Amendment to IFRS 17)
The adoption of standards effective 01/2022 did not have a
material impact on the interim financial statements as of and for
the three months ended March 31, 2022. The Company has not yet
conclusively determined what impact the new standards, amendments
or interpretations effective 01/2023 or later will have on its
financial statements, but does not expect they will have a
significant impact.
The condensed consolidated interim financial statements as of
and for the three months ended March 31, 2022 and 2021 were
authorized for issue by the Management Board on May 19, 2022.
Going concern
The financial statements have been prepared on the basis of
going concern which contemplates continuity of normal business
activities and the realization of assets and settlement of
liabilities in the ordinary course of business.
voxeljet has recognized continuous net losses during the three
months ended March 31, 2022, full year 2021, 2020 and 2019
amounting to kEUR 753, kEUR 10,586, kEUR 15,481 and kEUR 13,978,
respectively. Additionally, voxeljet had negative cash flows from
operating activities in the three months ended March 31, 2022, full
year 2021, 2020 and 2019 of kEUR 1,724, kEUR 6,537, kEUR 6,598,
kEUR 6,592, respectively, mainly due to continuous net losses.
The impacts from the global outbreak of COVID-19, like lower
demand in both, the Systems and the Services segment due to
postponements of larger investments and lower business activities
from voxeljet’s clients, or travel restrictions which prohibited or
hindered visits to the Company’s customers, lessened throughout
fiscal year 2021 and into the first quarter of 2022. The worldwide
market demand recovered to the same level compared to before the
outbreak of the pandemic and the Company is able to offer
installations and service visits in most regions of the world. In
spite of the recovery as well as the positive trends, the
continuing prevalence of the COVID-19 pandemic in certain countries
as well as globally continues to pose the risk and likelihood for
further lockdowns, travel restrictions and drops in demand. Further
actions taken by government institutions, such as lockdowns, could
result in a decrease in market demand, which could potentially
result in lower cash inflows.
During 2021, in January, February and July, the Company
successfully completed three registered direct offerings and sales
of a total of 2,190,711 ADSs, which provided voxeljet with total
gross proceeds of approximately USD 32.0 million (€ 26.6 million)
before deducting fees and expenses.
Those capital increases improved the Company’s liquidity as well
as equity ratio significantly. In spite of this success, voxeljet
has significant financial obligations related to the repayment of
tranche A including the performance participation interest from the
loan received from the EIB. Tranche A will become due in December
2022 amounting to € 14.6 million reduced or increased by fair value
changes of the performance participation interest. Additionally,
the Company has to ensure, compliance with all covenants in the
Finance Contract, including a Minimum Cash/Cash Equivalents
requirement (the “Minimum Cash Covenant”).
Management is taking several steps to mitigate the situation and
prepares currently for two different scenarios.
Scenario 1: Restructuring of debt with EIB and fund raising
Currently management is in discussion with the EIB in order to
agree upon a drawdown of tranche B2 and tranche C of the loan
amounting to € 10.0 million and therefore restructure the debt.
After several promising meetings with representatives of EIB,
management feels confident that a drawdown of tranche B2 as well as
tranche C would be feasible in the next months. In addition,
management is taking further steps to raise additional funds which
may include debt or equity financing, not without mentioning that
there can be no assurance that voxeljet will be able to raise
further funds on terms favorable to the Company, if at all. The
steps already initiated by management include several meetings with
potential new as well as existing investors and banks, which have
taken place in early April 2022 in New York City. The overall
feedback was positive and different parties indicated that there is
serious interest for participations in further capital increases
from both, new as well as existing investors. Management assesses
scenario 1 as reasonably certain if triggered by the Company and
believes that an execution would ensure that voxeljet will continue
as a going concern.
Scenario 2: Sale and leaseback of voxeljet AG’s properties
located in Germany and settlement of loan contract with EIB
Management initiated steps in order to sell the properties of
voxeljet AG in Germany to an investor and lease those back by
negotiating for a long term lease contract. In this course, the
Company has already identified several investors who have serious
interest. Visits of the premises at voxeljet’s headquarters have
already taken place in the first quarter of 2022 and management
actually received several letters of intent from different parties.
voxeljet has assessed the different offers and awarded exclusivity
period to one of the investors in order to start the due diligence.
Due to the positive development of the market for real estate in
Germany during the last years, management would expect a favorable
selling price of the properties. At the same time, the Company
would fully settle the loan contract with EIB including the
repayment of tranche A and B1, including all interests.
Representatives of EIB already indicated that they would not deny
such a settlement. Management is of the opinion that scenario 2 is
reasonably certain if triggered by the Company and believes that an
execution of scenario 2 would also ensure that voxeljet will
continue as a going concern.
The ongoing conflict between Russia and Ukraine raises further
risks and uncertainties. The heightened use of trade restrictions
and sanctions, including tariffs or prohibitions on technology
transfers to achieve diplomatic ends could impact voxeljet’s
ability to conduct its business as planned. A spill-over of the
conflict to neighboring countries, the European Union or NATO
members, could result into further adverse impacts on the Company’s
business, like a drop in market demand, price increases for raw
materials and energy or delays in the global supply chain.
These events and conditions described above raise material
uncertainties that may cast significant doubt upon voxeljet’s
ability to continue as a going concern. Despite the ongoing losses,
reduced cash flow and cash facilities as well as the significant
financial obligations becoming due, management assumes that
voxeljet will continue as a going concern. However, while
management assumes of continuing as a going concern, the going
concern is dependent upon management and the Company being
successful in:
- achievement of budgeted sales, and
- successful negotiations with the EIB over
the drawdown of tranche B2 and tranche C under the Finance
Contract, and successful fund raising in form of equity or debt,
or
- successful agreement on a sale and
leaseback transaction with an investor regarding voxeljet AG’s
properties in Germany in combination with a early settlement of the
loans granted by the EIB including all interests
Those assumptions and both scenarios are included in the
Company’s current liquidity forecasts, and management believes that
the Company has the ability to meet its financial obligations for
at least the next 12 months from the authorization for issuance of
these condensed consolidated interim financial statements as of and
for the three months ended March 31, 2022 by the Management Board
on May 19, 2022 and therefore continues as a going concern.
2. Summary of significant accounting policies
The principal accounting policies applied in the preparation of
these interim financial statements are set out in the Company’s
financial statements as of December 31, 2021, which can be found in
its Annual Report on Form 20-F that was filed with the U.S.
Securities and Exchange Commission on March 31, 2022. These
policies have been applied to all financial periods presented.
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.
On April 7, 2017, 279,000 options (75%, Tranche 1) were granted. On
April 12, 2018, 93,000 options (25%, Tranche 2) were granted.
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.
The inputs used in the measurement of the fair value at grant
date are as follows:
Tranche 1
Tranche 2
Parameter
Share price at grant date
USD 13.80
USD 16.15
Exercise price
USD 13.90
USD 16.15
Expected volatility
55.00%
58.40%
Expected dividends
--
--
Risk-free interest rate
2.49%
2.85%
Fair value at grant date
USD 8.00
USD 9.74
The respective expected volatility has been based on an
evaluation of the historical volatility of the Company’s share
price as of the grant date. As of March 31, 2022 265,050 options
are exercisable and 353,400 options are outstanding. The
weighted-average contractual life of the options at March 31, 2022
amounts to 5.3 years (March 31, 2021: 6.3 years).
The expenses recognized in the profit and loss statement in
relation to the share-based payment arrangements amounted to kEUR
43 in the three months ended March 31, 2022 (three months ended
March 31, 2021: kEUR 166).
4. Inventories
3/31/2022
12/31/2021
(€ in thousands)
Raw materials and merchandise
3,618
2,978
Work in progress
7,868
6,504
Total
11,486
9,482
5. Property, plant and equipment, net
3/31/2022
12/31/2021
(€ in thousands)
Land, buildings and leasehold
improvements
17,550
18,048
Plant and machinery
4,117
4,329
Other facilities, factory and office
equipment
861
894
Assets under construction and prepayments
made
621
448
Total
23,149
23,719
Thereof pledged assets of Property, Plant
and Equipment
12,080
12,261
In March 2020, voxeljet registered a first rank land charge
amounting to kEUR 10,000 on its land and facility located in
Friedberg, Germany as collateral in favor of the European
Investment Bank (the ‘EIB’) related to the loan, entered into with
the EIB under the Finance Contract, dated November 9, 2017.
6. Other liabilities and provisions
3/31/2022
12/31/2021
(€ in thousands)
Employee bonus
495
512
Accruals for vacation and overtime
367
230
Liabilities from payroll
285
255
Accruals for compensation of Supervisory
board
225
180
Accrual for warranty
215
292
Accruals for management compensation
150
83
Accruals for commissions
115
298
Accruals for licenses
59
92
Liabilities from VAT
36
50
Others
118
116
Total
2,065
2,108
7. Financial instruments
The following table shows the carrying amounts and fair values
of financial assets and financial liabilities, including their
levels in the fair value hierarchy.
Carrying amount
Fair Value
Assets at
Liabilities
Total
Total
FVTPL
FVOCI
amortized
at amortized
carrying
fair
3/31/2022
cost
cost
amount
Level 1
Level 2
Level 3
value
Total assets
13,884
3
14,801
--
28,688
Current assets
13,652
--
14,801
--
28,453
Cash and cash equivalents
--
--
7,396
--
7,396
Other financial assets
13,652
--
2,390
--
16,042
10,257
3,395
--
13,652
Derivative financial instruments
3,395
--
--
--
3,395
--
3,395
--
3,395
Bond funds
10,257
--
--
--
10,257
10,257
--
--
10,257
Restricted cash
--
--
2,390
--
2,390
--
--
--
--
Trade receivables, net
--
--
5,015
--
5,015
Non-current assets
232
3
--
--
235
Other financial assets
232
3
--
--
235
3
232
--
235
Derivative financial instruments
232
--
--
--
232
--
232
--
232
Equity securities
--
3
--
--
3
3
--
--
3
Total liabilities
--
--
--
27,522
30,401
Current liabilities
--
--
--
17,541
18,224
Trade payables
--
--
--
3,026
3,026
Other financial liabilities
--
--
--
14,515
15,198
--
--
15,073
15,073
Current portion of long-term debt
--
--
--
14,515
14,515
--
--
15,073
15,073
Lease liability
--
--
--
--
683
--
--
--
n/a
Non-current liabilities
--
--
--
9,981
12,177
Other financial liabilities
--
--
--
9,981
12,177
--
--
12,307
12,307
Long-term debt
--
--
--
9,981
9,981
--
--
12,307
12,307
Lease liability
--
--
--
--
2,180
--
--
--
n/a
Security deposit
--
--
--
--
16
--
--
--
n/a
Carrying amount
Fair Value
Assets at
Liabilities
Total
FVTPL
FVOCI
amortized
at amortized
carrying
12/31/2021
cost
cost
amount
Level 1
Level 2
Level 3
Total
Total assets
13,525
4
18,131
--
31,660
Current assets
13,525
--
18,131
--
31,656
Cash and cash equivalents
--
--
7,027
--
7,027
Other financial assets
13,525
--
4,997
--
18,522
10,699
2,826
--
13,525
Bond funds
10,699
--
--
--
10,699
10,699
--
--
10,699
Term deposit
--
--
2,655
--
2,655
--
--
--
--
Restricted cash
--
--
2,342
--
2,342
--
--
--
--
Derivative financial instruments
2,826
--
--
--
2,826
--
2,826
--
2,826
Trade receivables, net
--
--
6,107
--
6,107
Non-current assets
--
4
--
--
4
Other financial assets
--
4
--
--
4
4
--
--
4
Equity securities
--
4
--
--
4
4
--
--
4
Total liabilities
516
--
--
26,672
30,414
Current liabilities
--
--
--
16,879
17,476
Trade payables
--
--
--
2,594
2,594
Other financial liabilities
--
--
--
14,285
14,882
--
--
15,362
15,362
Current portion of long-term debt
--
--
--
14,285
14,285
--
--
15,362
15,362
Lease liability
--
--
--
--
597
--
--
--
n/a
Non-current liabilities
516
--
--
9,793
12,938
Other financial liabilities
516
--
--
9,793
12,938
--
516
13,826
14,342
Derivative financial instruments
516
--
--
--
516
--
516
--
516
Long-term debt
--
--
--
9,793
9,793
--
--
13,826
13,826
Lease liability
--
--
--
--
2,613
--
--
--
n/a
Security deposit
--
--
--
--
16
--
--
--
n/a
The valuation techniques used to determine the fair value of
financial instruments include the use of quoted market prices or
dealer quotes for similar instruments as well as discounted cash
flow analysis.
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 equity securities is determined by multiplying
their share price and the number of shares held.
The fair values of the derivative financial instruments that are
not traded in an active market are 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 each quarter.
As of March 31, 2022, there were no transfers of financial
instruments measured at fair value between level 1, level 2 and
level 3.
As of March 31, 2022, the Company was in compliance with all
covenants related to the loan granted by the EIB.
8. Financial result
Quarter Ended March
31,
2022
2021
(€ in thousands)
Finance
expense
(1,048)
(5,801)
Interest expense on lease liabilities
(36)
(36)
Long-term debt
(567)
(524)
Expense from revaluation of derivative
financial instruments
--
(5,188)
Change in fair value of bond funds
(443)
(49)
Other
(2)
(4)
Finance
income
1,399
103
Payout of bond funds
77
31
Income from revaluation of derivative
financial instruments
1,316
--
Change in fair value of bond funds
--
4
Other
6
68
Financial result
351
(5,698)
9. Segment reporting
The following table summarizes segment reporting. The sum of the
amounts of the two segments equals the total for the Group in each
of the periods.
Three months ended March
31,
2022
(€ in thousands)
SYSTEMS
SERVICES
CONSOLIDATION
GROUP
Revenues
1,438
3,222
(20)
4,640
third party
1,418
3,222
--
4,640
inter-segment
20
--
(20)
—
Cost of sales
1,172
1,877
3,049
Gross profit
246
1,345
1,591
Gross profit in %
17.3
%
41.7
%
34.3
%
Operating Expenses
(4,755)
Other operating expenses
(158)
Other operating income
2,204
Operating loss
(1,118)
Finance expense
(1,048)
Finance income
1,399
Financial result
351
Loss before income taxes
(767)
Income tax income (expense)
14
Net loss
(753)
Three months ended March
31,
2021
(€ in thousands)
SYSTEMS
SERVICES
CONSOLIDATION
GROUP
Revenues
2,979
1,973
(892)
4,060
third party
2,087
1,973
--
4,060
inter-segment
892
--
(892)
—
Cost of sales
1,506
1,515
3,021
Gross profit
581
458
1,039
Gross profit in %
27.8
%
23.2
%
25.6%
Operating Expenses
(4,535)
Other operating expenses
(101)
Other operating income
914
Operating loss
(2,683)
Finance expense
(5,801)
Finance income
103
Financial result
(5,698)
Loss before income taxes
(8,381)
Income tax income (expense)
52
Net loss
(8,329)
10. Revenues
Three months ended March
31,
SYSTEMS
SERVICES
2022
2021
2022
2021
(€ in thousands)
Primary geographical markets
EMEA
900
1,424
2,193
1,382
Asia Pacific
144
394
220
141
Americas
374
269
809
450
1,418
2,087
3,222
1,973
Timing of revenue recognition
Products transferred at a point in
time
1,278
1,816
3,222
1,973
Products and services transferred over
time
140
271
--
--
Revenue from contracts with customers
1,418
2,087
3,222
1,973
Three months ended
March 31,
2022
2021
(€ in thousands)
EMEA
3,093
2,806
Germany
1,553
846
Finland
8
657
Great Britain
429
375
Switzerland
143
247
France
264
138
Others
696
543
Asia Pacific
364
535
South Korea
70
256
China
200
232
India
33
9
Others
61
38
Americas
1,183
719
United States
1,176
711
Others
7
8
Total
4,640
4,060
11. Commitments, contingent assets and liabilities
In connection with the enforcement of voxeljet’s intellectual
property rights, the acquisition of third‑party intellectual
property rights, or disputes related to the validity or alleged
infringement of the Company’s or a third party’s intellectual
property rights, including patent rights, voxeljet has been and may
in the future be subject or party to claims, negotiations or
complex, protracted litigation.
In March 2018, ExOne GmbH, a subsidiary of The ExOne Company,
notified voxeljet of its intent not to pay its annual license fees
under an existing intellectual property-related agreement and
asserted its rights to claim damages pursuant to an alleged
material breach of the agreement. At this time, the Company cannot
reasonably estimate a contingency, if any, related to this matter.
On November 12, 2021, The ExOne Company and its affiliates were
acquired by DESKTOP METAL, INC.
voxeljet AG issued letters of support to voxeljet’s subsidiaries
voxeljet China and voxeljet America to provide financial support to
enable the subsidiaries to meet their obligation or liabilities as
and when they fall due. The guarantee is irrecoverable for at least
12 months from the date of financial statements for the financial
year ended December 31, 2021, are signed. Management assessed that
it is unlikely that the subsidiaries would exercise this
letter.
12. Related party transactions
Name
Nature of relationship
Duration of
relationship
Franz Industriebeteiligungen AG,
Augsburg
Lessor
10/01/2003-Current
Schlosserei und Metallbau Ederer,
Dießen
Supplier
05/01/1999-Current
Suzhou Meimai Fast Manufacturing
Technology Co., Ltd, Suzhou
Minority shareholder of voxeljet China,
Customer
04/11/2016-09/01/2021
DSCS Digital Supply Chain Solutions GmbH,
Gersthofen
Customer
05/11/2017-Current
Michele Neuber
Employee
07/01/2019 - 03/31/2022
Susanne Ederer-Pausewang
Customer
03/17/2021-Current
Lisa Franz
Employee
10/01/2021-02/18/2022
Transactions with Franz Industriebeteiligungen AG comprise the
rental of office space in Augsburg, Germany. Rental expenses
amounted to kEUR 1, in each, first quarter 2022 and first quarter
2021.
Further, voxeljet acquired goods amounting to kEUR 0 and kEUR 0
in the first quarter of 2022 and 2021, respectively from
‘Schlosserei und Metallbau Ederer’, which is owned by the brother
of Dr. Ingo Ederer, the Chief Executive Officer of voxeljet.
Moreover, voxeljet received orders amounting to kEUR 99 and kEUR
5 in the first quarter of 2022 and 2021, respectively from Suzhou
Meimai Fast Manufacturing Technology Co., Ltd., which was our
minority shareholder for voxeljet China until September 1, 2021. On
this date, Meimai transferred half of its equity interest in
voxeljet China, or 15% of voxeljet China’s equity, to its
shareholder MK Holding GmbH and the remaining half of its equity
interest, or 15% of voxeljet China’s equity to its shareholder Mr.
Jin Tianshi, the managing director of voxeljet China. As a result,
as of September 1, 2021, Meimai is no longer a related party.
Further, voxeljet received orders amounting to kEUR 0 and kEUR 0
in the first quarter 2022 and 2021, respectively from ‘DSCS Digital
Supply Chain Solutions GmbH’, which is an associated company where
the Company owns 33.3%. Shareholders of DSCS have initiated the
wind-up of DSCS, which will be finalized by DSCS’s removal from the
commercial register, expected to take place in the first half of
2022.
In addition, voxeljet employed Michele Neuber as an intern, the
son of Volker Neuber, who has been a member of voxeljet’s
supervisory board since July 2020. He received a salary of kEUR 1
and kEUR 1 in the first quarter of 2022 and 2021, respectively.
Moreover, voxeljet sold a used car in the first quarter of 2021
to Susanne Ederer-Pausewang amounting to kEUR 27, who is the wife
of Dr. Ingo Ederer, the Chief Executive Officer of voxeljet.
In addition, voxeljet employed Lisa Franz, who is the daughter
of Rudolf Franz, the Chief Operating Officer and Chief Financial
Officer of voxeljet, as an intern between October 2021 and February
2022. She received a salary of kEUR 1 in the first quarter of
2022.
All related party transactions voxeljet entered into were made
on an arm's length basis.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220519005868/en/
Investors and Media Johannes Pesch Director Investor
Relations and Business Development johannes.pesch@voxeljet.de
Office: +49 821 7483172 Mobile: +49 176 45398316
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