Interested parties may access the live audio broadcast by dialing 1-877-705-6003 in the United States/Canada, or 1-201-493-6725 for international, Conference Title “voxeljet AG Fourth Quarter and Full Year 2017 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 13677245. The recording will be available for replay through April 6, 2018.
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://event.webcasts.com/starthere.jsp?ei=1183989&tp_key=19ed902f66 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.
Exchange rate
This press release contains translations of certain U.S. dollar amounts into euros at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from U.S. dollars to euros in this press release were made at a rate of USD 1.1993 to EUR 1.00, the noon buying rate of the Federal Reserve Bank of New York for the euro on December 31, 2017.
About voxeljet
voxeljet is a leading 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,’’ ‘‘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.
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voxeljet AG CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
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| Year Ended December 31, | |||||
| 2017 | 2016 | ||||
| (€ in thousands) | |||||
| Current assets | 37,774 | 37,506 | |||
| Cash and cash equivalents | 7,569 | 7,849 | |||
| Financial assets | 14,044 | 12,579 | |||
| Trade receivables | 5,093 | 4,133 | |||
| Inventories | 9,539 | 11,213 | |||
| Income tax receivables | 3 | 8 | |||
| Other assets | 1,526 | 1,724 | |||
| Non-current assets | 29,257 | 24,633 | |||
| Financial assets | 357 | 211 | |||
| Intangible assets | 1,111 | 842 | |||
| Property, plant and equipment | 27,698 | 23,521 | |||
| Investments in joint venture | 39 | -- | |||
| Other assets | 52 | 59 | |||
| Total assets | 67,031 | 62,139 | |||
| Year Ended December 31, | |||||
| 2017 | 2016 | ||||
| (€ in thousands) | |||||
| Current liabilities | 6,576 | 5,517 | |||
| Deferred income | 271 | 332 | |||
| Trade payables | 3,059 | 1,765 | |||
| Financial liabilities | 1,162 | 1,297 | |||
| Other liabilities and provisions | 2,084 | 2,123 | |||
| Non-current liabilities | 16,537 | 5,086 | |||
| Deferred income | 18 | 177 | |||
| Deferred tax liabilities | 66 | 1 | |||
| Financial liabilities | 16,413 | 4,817 | |||
| Other liabilities and provisions | 40 | 91 | |||
| Equity | 43,918 | 51,536 | |||
| Subscribed capital | 3,720 | 3,720 | |||
| Capital reserves | 76,227 | 75,827 | |||
| Accumulated deficit | (37,480) | (28,971) | |||
| Accumulated other comprehensive income | 1,380 | 873 | |||
| Equity attributable to the owners of the company | 43,847 | 51,449 | |||
| Non-controlling interests | 71 | 87 | |||
| Total equity and liabilities | 67,031 | 62,139 | |||
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voxeljet AG CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS |
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| Quarter Ended December 31, (unaudited) | Year Ended December 31, | ||||||||
| 2017 | 2016 | 2017 | 2016 | ||||||
| (€ in thousands, except share and share data) | |||||||||
| Revenues | 6,108 | 6,275 | 23,178 | 22,338 | |||||
| Cost of sales | (3,662) | (5,021) | (13,824) | (15,435) | |||||
| Gross profit | 2,446 | 1,254 | 9,354 | 6,903 | |||||
| Selling expenses | (2,074) | (1,638) | (6,474) | (5,312) | |||||
| Administrative expenses | (1,427) | (1,200) | (5,129) | (4,563) | |||||
| Research and development expenses | (1,574) | (1,840) | (5,528) | (5,683) | |||||
| Other operating expenses | (239) | (35) | (1,844) | (3,881) | |||||
| Other operating income | 235 | 569 | 1,001 | 1,417 | |||||
| Operating loss | (2,633) | (2,890) | (8,620) | (11,119) | |||||
| Finance expense | (100) | (95) | (190) | (230) | |||||
| Finance income | 353 | 24 | 365 | 38 | |||||
| Financial result | 253 | (71) | 175 | (192) | |||||
| Loss before income taxes | (2,380) | (2,961) | (8,445) | (11,311) | |||||
| Income tax expense | (80) | -- | (80) | (2) | |||||
| Net loss | (2,460) | (2,961) | (8,525) | (11,313) | |||||
| Other comprehensive income (loss) | 108 | (99) | 505 | 1,111 | |||||
| Total comprehensive loss | (2,352) | (3,060) | (8,020) | (10,202) | |||||
| Loss attributable to: | |||||||||
| Owner of the Company | (2,458) | (2,955) | (8,509) | (11,287) | |||||
| Non-controlling interests | (2) | (6) | (16) | (26) | |||||
| (2,460) | (2,961) | (8,525) | (11,313) | ||||||
| Total comprehensive loss attributable to: | |||||||||
| Owner of the Company | (2,350) | (3,054) | (8,004) | (10,176) | |||||
| Non-controlling interests | (2) | (6) | (16) | (26) | |||||
| (2,352) | (3,060) | (8,020) | (10,202) | ||||||
| Weighted average number of ordinary shares outstanding | 3,720,000 | 3,720,000 | 3,720,000 | 3,720,000 | |||||
| Loss per share - basic/ diluted (EUR) | (0.66) | (0.80) | (2.29) | (3.04) | |||||
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voxeljet AG CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||
| Year Ended December 31, | |||||
| 2017 | 2016 | ||||
| (€ in thousands) | |||||
| Cash Flow from operating activities | |||||
| Loss for the period | (8,525) | (11,313) | |||
| Depreciation and amortization | 3,163 | 2,542 | |||
| Foreign currency exchange differences on loans to subsidiaries | 1,056 | 1,092 | |||
| Impairment losses on goodwill and intangible assets | -- | 1,130 | |||
|
Equity-settled share-based payment transaction in relation to the
establishment of a
|
-- | 256 | |||
| Share-based compensation expense | 386 | -- | |||
| Impairment losses on trade receivables | 237 | 367 | |||
| Change in investment in joint venture | 11 | -- | |||
| Change in fair value of the Performance Participation Interest | 17 | -- | |||
| Change in derivative equity forward | (352) | -- | |||
| Change in inventory allowance | (515) | 954 | |||
| Proceeds from customer loans | -- | 10 | |||
| Deferred income taxes | 79 | -- | |||
| Loss on disposal of assets | 15 | 46 | |||
| Change in working capital | (2,654) | (8,422) | |||
| Trade and other receivables, inventories and current assets | (2,978) | (6,784) | |||
| Trade payables | 629 | (27) | |||
| Other liabilities and provisions and deferred income | (310) | (1,657) | |||
| Income tax payable/receivables | 5 | 46 | |||
| Total | (7,082) | (13,338) | |||
| Cash Flow from investing activities | |||||
| Decrease in Restricted Cash | 206 | -- | |||
| Proceeds from disposal of property, plant and equipment and intangible assets | -- | 14 | |||
| Payments to acquire property, plant and equipment and intangible assets | (3,374) | (3,700) | |||
| Proceeds from disposal of financial assets | 4,077 | 34,979 | |||
| Payments to acquire financial assets | (5,542) | (15,827) | |||
| Investment in Joint Venture | (50) | -- | |||
| Total | (4,683) | 15,466 | |||
| Cash Flow from financing activities | |||||
| Repayment from bank overdrafts and lines of credit |
(166) |
(159) | |||
| Repayment of sale and leaseback obligation |
(384) |
(535) | |||
| Repayment of finance lease obligation | (51) | (36) | |||
| Repayment from long-term debt | (732) | (378) | |||
| Proceeds of long-term debt | 12,612 | 4,724 | |||
| Total | 11,279 | 3,616 | |||
| Net increase (decrease) in cash and cash equivalents | (486) | 5,744 | |||
| Cash and cash equivalents at beginning of period | 7,849 | 2,086 | |||
| Changes to cash and equivalents due to foreign exchanges rates | 206 | 19 | |||
| Cash and cash equivalents at end of period | 7,569 | 7,849 | |||
| Supplemental Cash Flow Information | |||||
| Interest paid |
206 |
201 | |||
| Interest received | 16 | 39 | |||
| Income taxes paid | -- | 2 | |||
| Property, plant and equipment added under finance lease | 123 | 57 | |||
