The fair value of the Company’s investments in the bond funds was determined based on the quoted unit prices received by the fund management company.
The fair value of the derivative financial instruments that are not traded in an active market is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. The fair values have been determined based on share prices and the relevant discount rates.
The fair value of long-term debt was determined using discounted cash flow models based on the relevant forward interest rate yield curves, considering the credit risk of voxeljet.
Due to their short maturity and the current low level of interest rates, the carrying amounts of cash and cash equivalents, restricted cash, trade receivables, trade payables, term deposit, credit lines and bank overdrafts approximate their fair values.
The Group’s policy is to recognize transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period.
On September 30, 2021, there were no transfers of financial instruments measured at fair value between level 1 and level 2.
The following table presents the changes in level 3 instruments for the nine months ended September 30, 2021:
|
|
|
|
|
Non-current assets |
(€ in thousands) |
|
Equity securities |
Balance at December 31, 2020 |
|
5 |
Transfer from level 3 |
|
(5) |
Income (expense) recognised in other comprehensive income |
|
— |
Balance at September 30, 2021 |
|
— |
The investment in equity securities has been listed on a stock exchange. As it is now possible to determine the fair value of this investment using quoted prices or observable market data, it has been reclassified from level 3 into level 1 on June 30, 2021.
8. Financial result
|
|
|
|
|
|
|
Three months ended September 30, |
||
|
|
2021 |
|
2020 |
|
|
(€ in thousands) |
||
Interest expense |
|
(648) |
|
(1,005) |
Interest expense on lease liability |
|
(38) |
|
(36) |
Interest expense from long-term debt valuation |
|
(538) |
|
(486) |
Expense from revaluation of derivative financial instruments |
|
-- |
|
(481) |
Fair value valuation of financial assets |
|
(70) |
|
-- |
Other |
|
(2) |
|
(2) |
Interest income |
|
1,336 |
|
77 |
| Payout of bond funds |
|
54 |
|
29 |
| Income from revaluation of derivative financial instruments |
|
1,280 |
|
-- |
| Fair value valuation of financial assets |
|
-- |
|
47 |
| Other |
|
2 |
|
1 |
| Financial result |
|
688 |
|
(928) |
|
|
|
|
|
|
|
|
|
Nine months ended September 30, |
||
|
|
|
2021 |
|
2020 |
|
|
|
(€ in thousands) |
||
| Interest expense |
|
(3,795) |
|
(1,692) |
| Interest expense on lease liability |
|
(110) |
|
(127) |
| Interest expense from long-term debt valuation |
|
(1,598) |
|
(1,094) |
| Expense from revaluation of derivative financial instruments |
|
(1,942) |
|
(394) |
| Fair value valuation of financial assets |
|
(137) |
|
(73) |
| Other |
|
(8) |
|
(4) |
| Interest income |
|
163 |
|
573 |
| Payout of bond funds |
|
90 |
|
74 |
| Income from revaluation of derivative financial instruments |
|
-- |
|
486 |
| Other |
|
73 |
|
13 |
| Financial result |
|
(3,632) |
|
(1,119) |
