The IASB issued a number of new IFRS standards which will become effective for the Company’s financial year beginning on January 1, 2017 and January 1, 2018, respectively.
| Standard | Effective date | Descriptions | ||
| IFRS 15 | 01/2017 | Revenue from Contracts with Customers | ||
| IFRS 9 | 01/2018 | Financial Instruments | ||
Company has not yet determined what impact the new standards, amendments or interpretations will have on the financial statements, as the concerned aspects are not relevant for the Company.
The interim financial statements as of and for the three months ended March 31, 2015 and 2014 were authorized for issue by the Management Board on May 12, 2015.
2. Summary of significant accounting policies
The principal accounting policies applied in the preparation of these interim financial statements are set out in the financial statements as of December 31, 2014, which can be found in the Company’s Annual Report on Form 20-F that was filed with the U.S. Securities and Exchange Commission. These policies have been applied to all financial periods presented.
3. Financial assets
The financial assets as of March 31, 2015 primarily consisted of shares of five bond funds (kEUR 39,065) and two customer loans (kEUR 458). The investments in the bond funds are measured at fair value, and any unrealized gain or loss in the value of such shares is recorded as other comprehensive income on our consolidated statement of comprehensive loss.
4. Other assets
The other assets at March 31, 2015 primarily included kEUR 541 of prepaid expenses and kEUR 188 VAT refund claim.
5. Business Combination Propshop
On October 1, 2014, voxeljet AG acquired 100% of the outstanding shares of Propshop (Model Makers) Limited (“Propshop”, which we renamed voxeljet UK Ltd. (“voxeljet UK”)) for €1.0 million in cash. voxeljet UK mainly renders 3D printing services for the film and entertainment industry in the UK. In addition, the Company entered into an earn out agreement with revenue and earnings targets for each of the years 2015, 2016 and 2017 with the former owner of Propshop; payments under the earn out agreement could total up to €1.5 million in the aggregate and would be recorded as compensation.
voxeljet performed a preliminary purchase price allocation as of
December 31, 2014 with respect to certain separately identified
intangible assets. As of March 31, 2015, the Company adjusted the
purchase price allocation according to the fair values of the intangible
assets and deferred taxes. Intangible assets have been reduced by kEUR
118 with a corresponding increase of the goodwill and deferred tax
adjustments decreased goodwill by kEUR 263. The acquired assets and
liabilities comprise the following items based on the adjusted purchase
price allocation:
