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 Second Quarter 2018 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 13681620. The recording will be available for replay through August 24, 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=1201968&tp_key=019c83f6da 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
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 which are difficult to forecast for future periods. 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.
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 1.1658 to EUR 1.00, the noon buying rate of the Federal Reserve Bank of New York for the euro on June 30, 2018.
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
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| Notes | 6/30/2018 | 12/31/2017 | ||||
| (€ in thousands) | ||||||
| unaudited | ||||||
| Current assets | 35,781 | 37,774 | ||||
| Cash and cash equivalents | 7 | 3,643 | 7,569 | |||
| Financial assets | 2, 7 | 13,194 | 14,044 | |||
| Trade receivables | 2 | 4,211 | 5,093 | |||
| Inventories | 4 | 13,116 | 9,539 | |||
| Income tax receivables | 5 | 3 | ||||
| Other assets | 1,612 | 1,526 | ||||
| Non-current assets | 29,056 | 29,257 | ||||
| Financial assets | 2, 7 | 1,072 | 357 | |||
| Intangible assets | 1,340 | 1,111 | ||||
| Property, plant and equipment | 5 | 26,550 | 27,698 | |||
| Investments in joint venture | 32 | 39 | ||||
| Other assets | 62 | 52 | ||||
| Total assets | 64,837 | 67,031 | ||||
| Notes | 6/30/2018 | 12/31/2017 | ||||
| Current liabilities | 8,592 | 6,576 | ||||
| Deferred income | 2 | 37 | 271 | |||
| Trade payables | 2 | 3,269 | 3,059 | |||
| Contract liabilities | 2 | 2,558 | -- | |||
| Financial liabilities | 2, 7 | 972 | 1,162 | |||
| Other liabilities and provisions | 6 | 1,756 | 2,084 | |||
| Non-current liabilities | 16,612 | 16,537 | ||||
| Deferred income | 2 | — | 18 | |||
| Deferred tax liabilities | 79 | 66 | ||||
| Financial liabilities | 2, 7 | 16,349 | 16,413 | |||
| Other liabilities and provisions | 6 | 184 | 40 | |||
| Equity | 39,633 | 43,918 | ||||
| Subscribed capital | 3,720 | 3,720 | ||||
| Capital reserves | 76,526 | 76,227 | ||||
| Accumulated deficit | 2 | (41,958) | (37,480) | |||
| Accumulated other comprehensive income | 1,289 | 1,380 | ||||
| Equity attributable to the owners of the company | 39,577 | 43,847 | ||||
| Non controlling interest | 56 | 71 | ||||
| Total equity and liabilities | 64,837 | 67,031 | ||||
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See accompanying notes to unaudited consolidated interim financial statements. |
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voxeljet AG CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) |
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| Three months ended June 30, | Six months ended June 30, | |||||||||
| Notes | 2018 | 2017 | 2018 | 2017 | ||||||
| (€ in thousands except share and share data) | ||||||||||
| Revenues | 2, 9, 10 | 5,262 | 5,153 | 10,314 | 9,683 | |||||
| Cost of sales | (3,209) | (3,043) | (5,994) | (5,992) | ||||||
| Gross profit | 2, 9 | 2,053 | 2,110 | 4,320 | 3,691 | |||||
| Selling expenses | (1,658) | (1,400) | (3,394) | (2,785) | ||||||
| Administrative expenses | (1,392) | (1,154) | (2,624) | (2,348) | ||||||
| Research and development expenses | (1,514) | (1,315) | (3,111) | (2,812) | ||||||
| Other operating expenses | (132) | (1,001) | (490) | (1,191) | ||||||
| Other operating income | 440 | 85 | 842 | 382 | ||||||
| Operating loss | (2,203) | (2,675) | (4,457) | (5,063) | ||||||
| Finance expense | 8 | (549) | (2) | (592) | (49) | |||||
| Finance income | 8 | 11 | 3 | 732 | 7 | |||||
| Financial result | 8 | (538) | 1 | 140 | (42) | |||||
| Loss before income taxes | (2,741) | (2,674) | (4,317) | (5,105) | ||||||
| Income taxes | (7) | -- | (13) | -- | ||||||
| Net loss | (2,748) | (2,674) | (4,330) | (5,105) | ||||||
| Other comprehensive income | (12) | 315 | (91) | 330 | ||||||
| Total comprehensive loss | (2,760) | (2,359) | (4,421) | (4,775) | ||||||
| Loss attributable to: | ||||||||||
| Owners of the Company | (2,739) | (2,667) | (4,315) | (5,096) | ||||||
| Non-controlling interests | (9) | (7) | (15) | (9) | ||||||
| (2,748) | (2,674) | (4,330) | (5,105) | |||||||
| Total comprehensive loss attributable to: | ||||||||||
| Owners of the Company | (2,751) | (2,352) | (4,406) | (4,766) | ||||||
| Non-controlling interests | (9) | (7) | (15) | (9) | ||||||
| (2,760) | (2,359) | (4,421) | (4,775) | |||||||
| 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) | (0.74) | (0.72) | (1.16) | (1.37) | ||||||
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See accompanying notes to unaudited consolidated interim financial statements. |
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voxeljet AG CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) |
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| 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 January 1, 2017 | 3,720 | 75,827 | (28,971) | 873 | 51,449 | 87 | 51,536 | |||||||||||||||||
| Loss for the period | -- | -- | (5,096) | -- | (5,096) | (9) | (5,105) | |||||||||||||||||
| Foreign currency translations | -- | -- | -- | 330 | 330 | -- | 330 | |||||||||||||||||
| Equity-settled share-based payment | -- | 122 | -- | -- | 122 | -- | 122 | |||||||||||||||||
| Balance at June 30, 2017 | 3,720 | 75,949 | (34,067) | 1,203 | 46,805 | 78 | 46,883 | |||||||||||||||||
| 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, 2017 | 3,720 | 76,227 | (37,480) | 1,380 | 43,847 | 71 | 43,918 | |||||||||||||||||
| Adjustment on initial application of IFRS 15 | -- | -- | (100) | -- | (100) | -- | (100) | |||||||||||||||||
| Adjustment on initial application of IFRS 9 | -- | -- | (63) | -- | (63) | -- | (63) | |||||||||||||||||
| Adjusted balance at January 1, 2018 | 3,720 | 76,227 | (37,643) | 1,380 | 43,684 | 71 | 43,755 | |||||||||||||||||
| Loss for the period | -- | -- | (4,315) | -- | (4,315) | (15) | (4,330) | |||||||||||||||||
| Net changes in fair value of available for sale financial assets | -- | -- | -- | (18) | (18) | -- | (18) | |||||||||||||||||
| Foreign currency translations | -- | -- | -- | (73) | (73) | -- | (73) | |||||||||||||||||
| Equity-settled share-based payment | -- | 299 | -- | -- | 299 | -- | 299 | |||||||||||||||||
| Balance at June 30, 2018 | 3,720 | 76,526 | (41,958) | 1,289 | 39,577 | 56 | 39,633 | |||||||||||||||||
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See accompanying notes to unaudited consolidated interim financial statements. |
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voxeljet AG CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
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| Six months ended June 30, | ||||
| 2018 | 2017 | |||
| (€ in thousands) | ||||
| Cash Flow from operating activities | ||||
| Loss for the period | (4,330) | (5,105) | ||
| Depreciation and amortization | 1,702 | 1,463 | ||
| Foreign currency exchange differences on loans to subsidiaries | (146) | 194 | ||
| Equity-settled share-based payment transaction | 299 | 122 | ||
| Impairment losses on trade receivables | 152 | 147 | ||
| Change in investment in joint venture | 7 | 3 | ||
| Non-cash interest expense on long-term debt | 382 | -- | ||
| Change in fair value of derivative equity forward | (715) | -- | ||
| Change in inventory allowance | (327) | (214) | ||
| Deferred income taxes | 13 | -- | ||
| Change in working capital | (396) | (453) | ||
| Trade and other receivables, inventories and current assets | (2,707) | (1,103) | ||
| Trade payables | 191 | 342 | ||
| Other liabilities, contract liabilities, provisions and deferred income | 2,122 | 308 | ||
| Income tax receivable and payable | (2) | -- | ||
| Total | (3,359) | (3,843) | ||
| Cash Flow from investing activities | ||||
| Payments to acquire property, plant and equipment and intangible assets | (813) | (1,999) | ||
| Proceeds from disposal of financial assets | 7,025 | 922 | ||
| Payments to acquire financial assets | (6,175) | -- | ||
| Investment in joint venture | -- | (50) | ||
| Total | 37 | (1,127) | ||
| Cash Flow from financing activities | ||||
| Repayment of bank overdrafts and lines of credit | (49) | (93) | ||
| Repayment of sale and leaseback obligation | (211) | (201) | ||
| Repayment of finance lease obligation | (23) | (21) | ||
| Repayment of long-term debt | (393) | (350) | ||
| Proceeds from long-term debt issuance | 40 | 1,678 | ||
| Total | (636) | 1,013 | ||
| Net increase (decrease) in cash and cash equivalents | (3,958) | (3,957) | ||
| Cash and cash equivalents at beginning of period | 7,569 | 7,849 | ||
| Changes to cash and cash equivalents due to foreign exchanges rates | 32 | 136 | ||
| Cash and cash equivalents at end of period | 3,643 | 4,028 | ||
| Supplemental Cash Flow Information | ||||
| Interest paid | 111 | 107 | ||
| Interest received | 3 | 5 | ||
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See accompanying notes to unaudited consolidated interim financial statements. |
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voxeljet AG
