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 equity securities is determined by multiplying their share price and the number of shares held.
The fair values of the derivative financial instruments that are not traded in an active market are 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 each quarter. As of March 31, 2022, there were no transfers of financial instruments measured at fair value between level 1, level 2 and level 3.
As of March 31, 2022, the Company was in compliance with all covenants related to the loan granted by the EIB.
8. Financial result
|
|
|
|
|
|
|
Quarter Ended March 31, |
||
|
|
2022 |
|
2021 |
|
|
(€ in thousands) |
||
Finance expense |
|
(1,048) |
|
(5,801) |
Interest expense on lease liabilities |
|
(36) |
|
(36) |
Long-term debt |
|
(567) |
|
(524) |
Expense from revaluation of derivative financial instruments |
|
-- |
|
(5,188) |
Change in fair value of bond funds |
|
(443) |
|
(49) |
Other |
|
(2) |
|
(4) |
Finance income |
|
1,399 |
|
103 |
Payout of bond funds |
|
77 |
|
31 |
Income from revaluation of derivative financial instruments |
|
1,316 |
|
-- |
Change in fair value of bond funds |
|
-- |
|
4 |
Other |
|
6 |
|
68 |
Financial result |
|
351 |
|
(5,698) |
