5. Other assets
The other assets at September 30, 2015 primarily included kEUR 573 of prepaid expenses (December 31, 2014: kEUR 453), thereof kEUR 392 related to insurances (December 31, 2014: kEUR 396), and kEUR 544 VAT refund claim (December 31, 2014: kEUR 135).
6. 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:
| October 1, 2014 | |||
| (€ in thousands) | |||
| Fair value | |||
|
Current assets |
514 | ||
| Cash and cash equivalents | 2 | ||
| Trade receivables | 211 | ||
| Inventories | 301 | ||
|
Non-current assets |
3 936 | ||
| Intangible assets | 1 134 | ||
| Property, plant and equipment | 2 802 | ||
| Total assets | 4 450 | ||
|
Current liabilities |
3 466 | ||
| Financial liabilities | 1 542 | ||
|
Trade liabilities |
1 126 | ||
| Accruals | 200 | ||
| Bank overdraft | 71 | ||
|
Other liabilities |
527 | ||
|
Non-current liabilities |
1 430 | ||
| Financial liabilities | 1 430 | ||
| Total liabilities | 4 896 | ||
| Net assets (liabilities) acquired | (446) | ||
| Purchase price | 967 | ||
| Goodwill | 1 413 | ||
