| 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.
The interim financial statements as of and for the six months ended June 30, 2015 and 2014 were authorized for issue by the Management Board on August 13, 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 June 30, 2015 primarily consisted of shares of five bond funds (kEUR 38,091) and one customer loan (kEUR 262). 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 statements of comprehensive loss.
4. Other assets
The other assets at June 30, 2015 primarily included kEUR 562 of prepaid expenses (December 31, 2014: kEUR 453), thereof kEUR 418 related to insurances (December 31, 2014: kEUR 396), and kEUR 349 VAT refund claim (December 31, 2014: kEUR 135).
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.
