voxeljet AG (NASDAQ: VJET) (the “Company”, or “voxeljet”), a
provider of high-speed, large-format 3D printers and on-demand
parts services to industrial and commercial customers, today
announced consolidated financial results for the first quarter
ended March 31, 2023.
Highlights - First Quarter 2023
- Total revenues for the first quarter increased 29.6% to kEUR
6,015 from kEUR 4,640
- Gross profit margin decreased from 34.3% to 31.9%, while gross
profit increased from kEUR 1,591 to kEUR 1,917
- Systems revenues increased 122.8% to kEUR 3,159 from kEUR
1,418
- Services revenues decreased 11.4% to kEUR 2,856 from kEUR
3,222
- Reaffirm full year 2023 guidance
Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented:
“In our on-demand printing Services segment, demand continues to be
very robust - both in Europe and the US. This high demand is driven
by large production orders, which is very exciting. Based on those
high revenues from on-demand printing Services, we expect higher
revenues for Systems as customers move from buying parts to running
their own 3D printers and producing more cost-effectively.”
First Quarter 2023 Results
Revenues for the first quarter of 2023 increased by 29.6% to
kEUR 6,015 compared to kEUR 4,640 in the first quarter of 2022.
Revenues from our Systems segment, which focuses on the
development, production and sale of 3D printers, increased 122.8%
to kEUR 3,159 in the first quarter of 2023 from kEUR 1,418 in last
year’s first quarter. The Company delivered one new 3D printer in
the first quarter of 2023, compared to one new printer delivered in
last year’s first quarter. Systems revenues also include all
Systems-related revenues from consumables, spare parts and
maintenance. The increase of revenues from our Systems segment was
mainly due to higher revenues from the sale of 3D printers as we
sold a larger scale platform in the first quarter of 2023, compared
to a smaller scale platform in the comparative period. In addition,
Systems-related revenues increased, reflecting the higher installed
base of our 3D printers in the market. Systems revenues represented
52.5% of total revenues in the first quarter of 2023 compared to
30.6% in last year’s first quarter.
Revenues from our Services segment, which focuses on the
printing of on-demand parts for our customers, decreased 11.4% to
kEUR 2,856 in the first quarter of 2023 from kEUR 3,222 in the
comparative period of 2022. This was mainly due to lower revenue
contributions from our German operation as well as from our
subsidiary voxeljet China Co. Ltd (“voxeljet China”). This was
partially offset by slightly higher revenue contributions from our
subsidiary voxeljet America Inc. (“voxeljet America”).
Cost of sales were kEUR 4,098 for the first quarter of 2023
compared to kEUR 3,049 for the first quarter of 2022.
Gross profit and gross profit margin were kEUR 1,917 and 31.9%,
respectively, in the first quarter of 2023 compared to kEUR 1,591
and 34.3%, respectively, in the first quarter of 2022.
Gross profit for our Systems segment increased to kEUR 1,059 in
the first quarter of 2023 from kEUR 246 in the first quarter of
2022. This improvement was mainly related to the increase in
revenues. Also gross profit margin for this segment increased to
33.5% in the first quarter of 2023 compared to 17.3% in the first
quarter of 2022 mainly due to a more favorable product mix,
especially regarding the 3D printer sale. The sale of larger scale
platforms usually provides higher gross profit (margins) compared
to smaller platforms.
Gross profit for our Services segment significantly decreased to
kEUR 858 in the first quarter of 2023 compared to kEUR 1,345 in the
first quarter of 2022. The gross profit margin for this segment
also significantly decreased to 30.0% in the first quarter of 2023
from 41.7% in the first quarter of 2022. Both, the decrease of
gross profit as well as gross profit margin were mainly related to
the overall decrease in revenues which resulted in a lower
utilization of our German and Chinese service centers which was
less cost efficient.
Selling expenses increased to kEUR 1,919 for the first quarter
of 2023 compared to kEUR 1,637 in the first quarter of 2022, mainly
related to higher distribution expenses, in line with the increase
in revenues. Expenses such as shipping and packaging vary from
quarter to quarter depending on quantity and types of products
being sold, as well as the destinations where those goods are being
delivered.
Administrative expenses were kEUR 1,507 for the first quarter of
2023 compared to kEUR 1,677 in the first quarter of 2022. The
decrease is mainly related to lower legal advisor and regulatory
fees related to our stock market listing as well as our
communication with financial institutions.
Research and development (“R&D”) expenses increased to kEUR
1,599 in the first quarter of 2023 from kEUR 1,441 in the first
quarter of 2022. The increase of kEUR 158 was mainly due to higher
personnel expenses, higher usage of external services as well as
higher material expenses.
Other operating expenses in the first quarter of 2023 were kEUR
459 compared to kEUR 158 in the prior year period. This was mainly
related to higher losses from foreign currency transactions,
amounting to kEUR 456 for the first quarter of 2023 compared to
kEUR 59 in the last year’s first quarter.
Other operating income was kEUR 736 for the first quarter of
2023 compared to kEUR 2,204 for the first quarter of 2022. The
reduction was mainly due to the first quarter 2022 one-off impact
from the reclassification of the foreign currency translation
reserve, which was previously recognized in other comprehensive
income on consolidation of voxeljet UK accounts. This amount was
reclassified to profit and loss account on deconsolidation
amounting to kEUR 1,475, related to the finalization of the wind-up
of voxeljet UK Ltd, our UK subsidiary, on February 17, 2022. In
addition, gains from foreign currency transactions decreased from
kEUR 433 for the first quarter of 2022 compared to kEUR 159 for the
first quarter of 2023. This was partially offset by higher other
operating income from reimbursement of research and development
costs amounting to kEUR 312 for the first quarter of 2023, compared
to kEUR 81 for the comparative period. Moreover, other operating
income included kEUR 201 from the receipt of government grants
awarded for research and development project funding for the first
quarter of 2023 compared to kEUR 45 for the first quarter of
2022.
The changes in foreign currency losses and gains were primarily
driven by the valuation of the intercompany loans granted by the
parent company to our US subsidiary.
Operating loss was kEUR 2,831 in the first quarter of 2023
compared to an operating loss of kEUR 1,118 in the comparative
period in 2022. This was primarily related to the net impact of the
quarter over quarter changes in other operating expenses and other
operating income, which was kEUR 1,769 negative. In addition,
selling expenses as well as research and development expenses
increased. This was partially offset by an increase in gross profit
and slightly lower administrative expenses.
Financial result was negative kEUR 420 in the first quarter of
2023, compared to a financial result of positive kEUR 351 in the
comparative period in 2022. This was mainly due to lower income
from revaluation of derivative financial instruments related to the
performance participation interest related to the loan received
from the European Investment Bank (the ‘EIB’) amounting to kEUR 0
for the first quarter of 2023, compared to kEUR 1,316 for the
comparative period in 2022. Those derivative financial instruments
were revalued on each balance sheet date, with changes in the fair
value between reporting periods recorded within the financial
result of the consolidated statements of comprehensive loss. An
increase in our share price resulted in a finance expense, while a
decrease led to a finance income, holding other parameters
constant. In October 2022, the loan granted by EIB including all
interest was early settled and consequently the loan as well as the
related derivative financial instruments were derecognized.
In addition, interest expense on lease liabilities amounted to
kEUR 292 for the first quarter of 2023, compared to kEUR 36 for the
comparative period in 2022. This increase was related to the sale
and leaseback transaction regarding voxeljet AG’s properties
located in Friedberg, Bavaria, Germany. The transaction closed on
October 31, 2022 and the lease term commenced on November 1, 2022.
As a result of completion of this transaction, the Company
derecognized a carrying amount of kEUR 14,062 relating to land and
buildings and recognized a right of use asset and lease liability
at an amount of kEUR 9,161 and kEUR 17,263, respectively.
This increase was partially offset by lower interest expense
from long term debt, which amounted to kEUR 122 for the first
quarter of 2023, compared to kEUR 567 for the first quarter of
2022. This significant decrease was related to the early repayment
of the EIB loan in October 2022 as well as further loans which were
granted by Sparkasse Schwaben-Bodensee, Germany (formerly
Kreissparkasse Augsburg) in August and October 2022. In addition,
finance expense related to the change in fair value of bond funds
decreased from kEUR 443 for the first quarter of 2022 to kEUR 0 for
the first quarter of 2023.
Net loss for the first quarter of 2023 was kEUR 3,251 or EUR
0.35 per share, as compared to net loss of kEUR 753 or EUR 0.10 per
share, in the first quarter of 2022.
Business Outlook
Our revenue guidance for the second quarter of 2023 is expected
to be in the range of kEUR 4,250 to kEUR 5,750.
We reaffirm our guidance for the full year ending December 31,
2023:
- Full year revenue is expected to be in the
range of kEUR 27,500 to kEUR 32,500
- Gross margin for the full year is expected
to be above 31.5%
- Operating expenses for the full year are
expected as follows: selling and administrative expenses are
expected to be in the range of kEUR 14,000 to kEUR 16,000 and
R&D expenses are projected to be between approximately kEUR
7,500 and kEUR 8,500. Depreciation and amortization expense is
expected to be between kEUR 3,000 and kEUR 3,250.
- Adjusted EBITDA for the fourth quarter of
2023 is expected to be slightly negative to neutral. Adjusted
EBITDA is defined as net income (loss), as calculated under IFRS
accounting principles before interest (income) expense, provision
(benefit) for income taxes, depreciation and amortization, and
excluding other operating (income) expense resulting from foreign
exchange gains or losses on the intercompany loans granted to the
subsidiaries.
- Capital expenditures for the full year are
projected to be in the range of kEUR 3,750 to kEUR 4,250, which
primarily includes ongoing investments in our subsidiaries.
Our total backlog of 3D printer orders at March 31, 2023 was
kEUR 9,249, which represents twelve 3D printers. This compares to a
backlog of kEUR 9,975 representing eleven 3D printers, at December
31, 2022. As production and delivery of our printers is generally
characterized by lead times ranging between three to nine months,
the conversion rate of order backlog into revenue is dependent on
the equipping process for the respective 3D printer as well as the
timing of customers’ requested deliveries.
At March 31, 2023, we had cash and cash equivalents of kEUR
8,285, additionally we held restricted cash of kEUR 2,986 and held
kEUR 3,680 of term deposits, which are included in current and
non-current other financial assets on our consolidated statements
of financial position.
Webcast and Conference Call Details
The Company will host a conference call and webcast to review
the results for the first quarter of 2023 on Friday, May 19, 2023
at 8:30 a.m. Eastern Time. Participants from voxeljet will include
its Chief Executive Officer, Dr. Ingo Ederer, and its Chief
Financial Officer, Rudolf Franz, who will provide a general
business update and respond to investor questions.
Interested parties may access the live audio broadcast by
dialing 1-877-704-4453 in the United States/Canada, or
1-201-389-0920 for international, Conference Title “voxeljet AG
First Quarter 2023 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 13738147. The recording will be available for
replay through May 26, 2023.
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://events.q4inc.com/attendee/552705295 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
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.
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. We are unable to
reasonably estimate the potential full-year financial impact of
foreign currency translation because of volatility in foreign
exchange rates. Therefore, we are unable to provide a
reconciliation to our forward-looking guidance for non-GAAP
Adjusted EBITDA without unreasonable effort as certain information
necessary to calculate such measure on an IFRS basis is
unavailable, dependent on future events outside of our control and
cannot be predicted without unreasonable efforts by the
Company.
About voxeljet
voxeljet is a 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,’’ ‘‘projects,’’ ‘‘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.
voxeljet AG CONDENSED CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
Notes
3/31/2023
12/31/2022
(€ in thousands)
Current assets
34,759
35,481
Cash and cash equivalents
7
8,285
12,119
Other financial assets
7
5,726
2,047
Trade receivables
7
5,477
6,165
Inventories
4
12,355
11,136
Income tax receivables
30
23
Other assets
2,886
3,991
Non-current assets
19,560
19,639
Other financial assets
7
944
944
Intangible assets
905
819
Property, plant and
equipment
5
17,644
17,799
Other assets
67
77
Total assets
54,319
55,120
Notes
3/31/2023
12/31/2022
Current liabilities
11,061
11,374
Trade payables
7
2,590
2,683
Contract liabilities
4,550
4,877
Other financial liabilities
7
1,232
1,161
Other liabilities and
provisions
6
2,689
2,653
Non-current liabilities
21,714
19,024
Contract liabilities
384
281
Other financial liabilities
7
21,330
18,743
Equity
21,544
24,722
Subscribed capital
9,135
9,135
Capital reserves
113,033
112,996
Accumulated deficit
(100,457)
(97,240)
Accumulated other comprehensive
income (loss)
(428)
(464)
Equity attributable to the
owners of the company
21,283
24,427
Non-controlling
interest
261
295
Total equity and liabilities
54,319
55,120
See accompanying notes to unaudited condensed
consolidated interim financial statements.
voxeljet AG CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)
Three months ended March
31,
Notes
2023
2022
(€ in thousands except share
and share data)
Revenues
9, 10
6,015
4,640
Cost of sales
(4,098)
(3,049)
Gross profit
9
1,917
1,591
Selling expenses
(1,919)
(1,637)
Administrative expenses
(1,507)
(1,677)
Research and development expenses
(1,599)
(1,441)
Other operating expenses
(459)
(158)
Other operating income
736
2,204
Thereof income (expense) from
changes in impairment allowance included in other operating income
(expense)
5
(73)
Operating loss
(2,831)
(1,118)
Finance expense
8
(449)
(1,048)
Finance income
8
29
1,399
Financial result
8
(420)
351
Loss before income taxes
(3,251)
(767)
Income tax income (expense)
--
14
Net loss
(3,251)
(753)
Other comprehensive income (loss) that may
be reclassified subsequently to profit or loss(1)
36
(1,563)
Total comprehensive loss(1)
(3,215)
(2,316)
Loss attributable to:
Owners of the Company
(3,217)
(688)
Non-controlling interests
(34)
(65)
(3,251)
(753)
Total comprehensive loss attributable
to:
Owners of the Company(1)
(3,181)
(2,251)
Non-controlling interests
(34)
(65)
(3,215)
(2,316)
Weighted average number of ordinary shares
outstanding
9,134,724
7,026,711
Loss per share - basic/ diluted (EUR)
(0.35)
(0.10)
See accompanying notes to unaudited condensed
consolidated interim financial statements.
(1) The amount of other comprehensive income (loss) that may be
reclassified subsequently to profit or loss was restated related to
the correction of reclassification of foreign currency translation
reserve. For further information, see Note 1 of the interim
consolidated financial statements.
voxeljet AG CONDENSED CONSOLIDATED
STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
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, 2021
7,027
110,264
(85,974)
1,400
32,717
(230)
32,487
Loss for the period
--
--
(688)
--
(688)
(65)
(753)
Foreign currency translations
--
--
--
(88)
(88)
--
(88)
Reclassification to profit or loss on
deconsolidation of subsidiary
--
--
--
(1,475)
(1,475)
--
(1,475)
Equity-settled share-based payment
--
43
--
--
43
--
43
Balance at March 31, 2022
7,027
110,307
(86,662)
(163)
30,509
(295)
30,214
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, 2022
9,135
112,996
(97,240)
(464)
24,427
295
24,722
Loss for the period
--
--
(3,217)
--
(3,217)
(34)
(3,251)
Foreign currency translations
--
--
--
36
36
--
36
Equity-settled share-based payment
--
37
--
--
37
--
37
Balance at March 31, 2023
9,135
113,033
(100,457)
(428)
21,283
261
21,544
See accompanying notes to unaudited condensed
consolidated interim financial statements.
voxeljet AG CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED)
Three months ended March
31,
2023
2022
(€ in thousands)
Cash Flow from operating
activities
Loss for the period
(3,251)
(753)
Depreciation and amortization
731
719
Foreign currency exchange differences on
loans to subsidiaries
133
(462)
Foreign currency translation reserve
reclassified to profit or loss
--
(1,475)
Change in fair value of bond funds
--
443
Share-based compensation expense
37
43
Change in impairment of trade
receivables
(5)
73
Non-cash interest expense on long-term
debt
111
544
Change in fair value of derivative equity
forward
--
(1,316)
Change in fair value of derivative put
option
35
--
Change in inventory allowance
83
164
Loss on disposal of property, plant and
equipment and intangible assets
--
19
Interest paid
303
189
Interest received
(26)
(87)
Other
--
(32)
Change in working capital
(1,253)
207
Trade and other receivables, inventories
and current assets
(1,026)
(1,328)
Trade payables
(49)
390
Other liabilities, contract liabilities
and provisions
(171)
1,147
Income tax payable/receivables
(7)
(2)
Total
(3,102)
(1,724)
Cash Flow from investing
activities
Payments to acquire property, plant and
equipment and intangible assets
(168)
(264)
Proceeds from disposal of financial
assets
--
2,653
Payments to acquire financial assets
(3,714)
--
Interest received
26
87
Total
(3,856)
2,476
Cash Flow from financing
activities
Repayment of lease liabilities
(219)
(89)
Repayment of long-term debt
(26)
(140)
Proceeds from long-term debt
3,028
--
Debt transaction cost
(124)
--
Proceeds from issuance of shares
860
--
Share issue cost
(71)
--
Interest paid
(307)
(189)
Total
3,141
(418)
Net increase (decrease) in cash and
cash equivalents
(3,817)
334
Cash and cash equivalents at beginning
of period
12,119
7,027
Changes to cash and cash equivalents due
to foreign exchanges rates
(17)
35
Cash and cash equivalents at end of
period
8,285
7,396
See accompanying notes to unaudited condensed
consolidated interim financial statements.
voxeljet AG
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
1. Preparation of financial statements
Our condensed consolidated interim financial statements include
the accounts of voxeljet AG and its wholly-owned subsidiaries
voxeljet America Inc. (‘voxeljet America’) and voxeljet India Pvt.
Ltd. (‘voxeljet India’), as well as voxeljet China Co. Ltd.
(‘voxeljet China’), where voxeljet AG holds 88.52%, which are
collectively referred to herein as the ‘Group’ or the ‘Company’,
which is listed on the NASDAQ Capital Market (‘NASDAQ’). The
liquidation of voxeljet UK Ltd. (‘voxeljet UK’), our UK subsidiary,
was finalized on February 17, 2022, upon submission of final
account by liquidators to the Companies House, the affairs of
voxeljet UK were fully wound up. Therefore, voxeljet UK accounts
were deconsolidated in the first quarter of 2022.
Our condensed consolidated interim financial statements were
prepared in compliance with all applicable measurement and
presentation rules contained in International Financial Reporting
Standards (‘IFRS’) as set forth by the International Accounting
Standards Board (‘IASB’) and Interpretations of the IFRS
Interpretations Committee (‘IFRIC’). The designation IFRS also
includes all valid International Accounting Standards (‘IAS’); and
the designation IFRIC also includes all valid interpretations of
the Standing Interpretations Committee (‘SIC’). Specifically, these
financial statements were prepared in accordance with the
disclosure requirements and the measurement principles for interim
financial reporting purposes specified by IAS 34. Our condensed
consolidated interim financial statements should be read in
conjunction with the audited consolidated financial statements and
notes thereto that are included in the Company’s Annual Report on
Form 20-F for the year ended December 31, 2022. The results of
operations for the three months ended March 31, 2023, are not
necessarily indicative of the results that may be expected for the
fiscal year ending December 31, 2023.
The IASB issued a number of new IFRS standards which are
required to be adopted in annual periods beginning after December
31, 2022.
Standard
Effective date
Descriptions
IFRS 17
01/2023
Amendments to IFRS 17 Insurance
Contracts
IAS 1
01/2023
Amendments to IAS 1 and IFRS Practice
Statement 2 Making Materiality Judgments
IAS 8
01/2023
Amendment to IAS 8 - Definition of
Accounting Estimate
IAS 12
01/2023
Amendments to IAS 12 - Deferred Taxes in
Connection with Assets and Liabilities arising from a single
transaction
IFRS 17 and IFRS 9
01/2023
Initial Application of IFRS 17 and IFRS
9―Comparative Information (Amendment to IFRS 17)
IAS 1
01/2024
Classification of Liabilities as Current
or Non-current and Non-current Liabilities with Covenants
(Amendments to IAS 1)
IFRS 16
01/2024
Lease Liability in a Sale and
Leaseback
The adoption of standards effective 01/2023 did not have a
material impact on the interim financial statements as of and for
the three months ended March 31, 2023. The Company has not yet
conclusively determined what impact the new standards, amendments
or interpretations effective 01/2024 will have on its financial
statements, but does not expect they will have a significant
impact. The Company has not early adopted any of these new and
amended standards and interpretations and intends to adopt them, if
applicable, when they become effective.
The condensed consolidated interim financial statements as of
and for the three months ended March 31, 2023 and 2022 were
authorized for issue by the Management Board on May 17, 2023.
Going concern
The financial statements have been prepared on the basis of
going concern which contemplates continuity of normal business
activities and the realization of assets and settlement of
liabilities in the ordinary course of business.
voxeljet has recognized continuous net losses during the three
months ended March 31, 2023, full year 2022, 2021 and 2020
amounting to kEUR 3,251, kEUR 11,409, kEUR 10,586 and kEUR 15,481,
respectively. Additionally, voxeljet had negative cash flows from
operating activities in the three months ended March 31, 2023, full
year 2022, 2021 and 2020 of kEUR 3,102, kEUR 9,184, kEUR 6,537 and
kEUR 6,598, respectively, mainly due to continuous net losses.
During 2021, in January, February and July, the Company
completed three registered direct offerings and sales of a total of
2,190,711 ADSs, which provided voxeljet with total gross proceeds
of approximately USD 32.0 million (€ 26.6 million) before deducting
fees and expenses. Further, on October 13, 2022, the Company
announced that it has completed another registered direct offering
and sale of 1,279,070 ordinary shares in the form of ADSs at a
purchase price of USD 3.44 (€ 3.60) per share. The gross proceeds
of the offering amounted to approximately USD 4.4 million (€ 4.6
million).
On October 31, 2022 the Company closed a sale and leaseback
transaction (the “Sale-Leaseback”) regarding voxeljet AG’s
properties located in Friedberg, Free State of Bavaria, Germany
with IntReal International Real Estate
Kapitalverwaltungsgesellschaft mbH, which was initiated on August
11, 2022. Under this agreement, voxeljet was entitled to receive
proceeds from the sale amounting to € 26.5 million and entered into
a long-term lease contract. Simultaneously, on August 11, 2022,
voxeljet initiated the full settlement of the Finance Contract
entered into with the European Investment Bank (the “EIB”), dated
November 9, 2017 (the “Finance Contract”), including the repayment
of tranche A and B1 thereunder, including all interest for a fixed
amount of € 22.0 million. In addition, the Company initiated the
early settlement of certain loans for which the sold properties
were collateralized, which were granted by Sparkasse
Schwaben-Bodensee, Germany (formerly Kreissparkasse Augsburg)
(“Sparkasse”) with a settlement of € 0.8 million in August 2022 and
€ 3.1 million in October 2022. Consequently, the Company has
written down the bifurcated embedded derivative financial
instruments relating to the performance participation interest for
tranche A and tranche B. The write-down resulted from the early
repayment of the Finance Contract with EIB in October 2022. The
write-down of the bifurcated embedded derivative financial asset
relating to the performance participation interest for tranche A
resulted in finance expense amounting to kEUR 2,827, and the
bifurcated embedded derivative financial liability for the
performance participation interest for tranche B1 resulted in
finance income of kEUR 516.
The closing process of the transaction, which began through the
initiation of the Sale-Leaseback at the notary on August 11, 2022,
was successfully finalized on October 31, 2022. The closing
included the receipt of the proceeds from IntReal International
Real Estate Kapitalverwaltungsgesellschaft mbH, the settlements
with EIB and Sparkasse and the subsequent initiation of the release
process for land charges and commencement of the long-term lease
contract on November 1, 2022. These steps further improved
voxeljet’s liquidity and financial flexibility, and released the
Company from all covenants in the Finance Contract, including a
Minimum Cash/Cash Equivalents requirement (the “Minimum Cash
Covenant”).
In December 2022, the Company privately placed 828,943 ADSs,
each representing one ordinary share, at a purchase price of USD
2.16 (€ 2.04), with the institutional investor Anzu Ventures II LLC
(“Anzu”). The capital increase was registered on December 22, 2022
and the private placement was completed when voxeljet received the
remaining portion of the related funds amounting to USD 0.9 million
(€ 0.9 million) in January 2023. The first portion of USD 0.9
million (€ 0.8 million) was received in December 2022. This capital
increase provided the Company with gross proceeds of USD 1.8
million (€ 1.7 million) before deducting fees and expenses.
In January 2023, the Company issued a promissory note to Anzu
(the “Anzu Note”), in a principal amount of USD 3.2 million (€ 3.0
million). The Anzu Note matures on January 3, 2028, and includes
interest payable monthly at a rate of 3% per annum. In addition,
the Anzu Note includes a voluntary prepayment right for voxeljet,
and, in the case of fundamental changes including a change of
control in voxeljet, a right by voxeljet to repay the Anzu Note and
a right by Anzu to require that voxeljet repurchases the Anzu Note.
The aforementioned rights are considered to be embedded derivatives
that have to be bifurcated. A one-time interest payment equal to
the above principal amount of USD 3.2 million (€ 3.0 million) is
required to be paid upon maturity or at time of prepayment. The
terms of the Anzu Note include certain covenants and events of
default.
The capital increases described above improved voxeljet’s
liquidity as well as equity ratio significantly. Also the financing
received through the Anzu Note had a positive impact on the
Company’s cash reserves. In addition, the closing of the
Sale-Leaseback in connection with the early settlement of certain
loans, released voxeljet from significant financial obligations
mainly related to the repayment of tranche A thereunder, including
the performance participation interest from the loan received from
the EIB. Tranche A would have become due in December 2022 amounting
to approximately € 14.6 million reduced or increased by the fair
value of the performance participation interest. The early
settlement further released the Company from all the covenants in
the Finance Contract with the EIB, including the Minimum Cash
Covenant.
In spite of this success, according to the Group’s current
liquidity forecasts, voxeljet will require further funding in the
second half of 2023 to maintain its operations. Therefore,
management is taking steps to raise additional funds, including
meetings with potential new and existing investors and banks, which
may include debt and/or equity financing, and there can be no
assurance that the Company will be able to raise further funds on
terms favorable to the Company, if at all.
The ongoing conflict between Russia and Ukraine raises further
risks and uncertainties. The heightened use of trade restrictions
and sanctions, including tariffs or prohibitions on technology
transfers to achieve diplomatic ends could impact voxeljet’s
ability to conduct its business as planned. A spill-over of the
conflict to neighboring countries, the European Union or NATO
members could result in further adverse impacts on the Company’s
business, including a drop in market demand, price increases for
raw materials and energy or delays in the global supply chain.
These events and conditions described above raise material
uncertainties that may cast significant doubt upon voxeljet’s
ability to continue as a going concern. Despite the ongoing losses,
reduced cash flow as well as with the existing financial
obligations, management assumes that voxeljet will continue as a
going concern. However, the going concern is dependent upon
management and the Company being successful in:
-
achievement of budgeted sales; and
-
successful fund raising in form of equity
and/or debt.
Those assumptions are included in the Company’s current
liquidity forecasts and management believes that the Company has
the ability to meet its financial obligations for at least the next
12 months from the authorization for issuance of these condensed
consolidated interim financial statements as of and for the three
months ended March 31, 2023 by the Management Board on May 17, 2023
and therefore continues as a going concern.
Correction of error
In the third quarter of 2022, the Company corrected the other
comprehensive income (loss) that may be reclassified subsequently
to profit or loss, which was misstated in the first quarter of
2022, relating to reclassification of the foreign currency
translation reserve to profit and loss accounts on deconsolidation
of voxeljet UK amounting to kEUR 1,475, related to the finalization
of the wind-up on February 17, 2022.
As a result, the amount of other comprehensive loss that may be
reclassified subsequently to profit or loss for the first quarter
of 2022 and for the six months ended June 30, 2022 was increased.
Accordingly, total comprehensive loss as of March 31, 2022 and June
30, 2022 amounts to kEUR 2,316, (thereof kEUR 2,251 attributable to
the owners of the Company and kEUR 65 attributable to
non-controlling interest) and kEUR 4,323 (thereof kEUR 4,282
attributable to the owners of the Company and kEUR 41 attributable
to non-controlling interest), respectively.
2. Summary of significant accounting policies
The principal accounting policies applied in the preparation of
these interim financial statements are set out in the Company’s
financial statements as of December 31, 2022, which can be found in
its Annual Report on Form 20-F that was filed with the U.S.
Securities and Exchange Commission on March 30, 2023. These
policies have been applied to all financial periods presented.
3. Share based payment arrangements
Option Plan 2017
On April 7, 2017, voxeljet AG established a share option plan
(Option Plan 2017) that entitles key management personnel and
senior employees of voxeljet AG and its subsidiaries to purchase
shares of the parent company.
Total options available under the share option plan are 372,000.
279,000 options (75%, tranche 1) were granted on April 7, 2017.
93,000 options (25%, tranche 2) were granted on April 12, 2018.
The vesting conditions include a service condition (the options
vest after a period of four years of continued service from the
respective grant date) and a market condition (the options may only
be exercised if the share price exceeds the exercise price over a
period of 90 consecutive days by at least 20% in the period between
the grant date and the respective exercise time frame) of which
both conditions must be met. The options from tranche 1 and tranche
2 have an expiration date of April 7, 2027 and April 12, 2028,
respectively.
In order to avoid insider trading, there are defined trading
windows during which the options can be exercised. When those
trading windows are closed, the exercise of options is not
possible.
The fair value of the employee share option plan has been
measured for tranches 1 and 2 using a Monte Carlo simulation. The
market condition has been incorporated into the fair value at grant
date.
The inputs used in the measurement of the fair value at grant
date are as follows:
Option Plan 2017
Tranche 1
Tranche 2
Parameter
Share price at grant date
USD 13.80
USD 16.15
Exercise price
USD 13.90
USD 16.15
Expected volatility
55.00%
58.40%
Expected dividends
--
--
Risk-free interest rate
2.49%
2.85%
Fair value at grant date
USD 8.00
USD 9.74
The respective expected volatility has been based on an
evaluation of the historical volatility of the Company’s share
price as of the grant date. As of March 31, 2023 265,050 options
are exercisable and 353,400 options are outstanding. The
weighted-average contractual life of the options at March 31, 2023
amounts to 4.3 years (March 31, 2022: 5.3 years).
The expenses recognized in the profit and loss statement related
to Option Plan 2017 totaled kEUR 0 in the three months ended March
31, 2023 (three months ended March 31, 2022: kEUR 43).
Option Plan 2022
On November 21, 2022, voxeljet AG established a second share
option plan (Option Plan 2022) that entitles key management
personnel and senior employees of voxeljet AG and its subsidiaries
to purchase shares of the parent company.
Total options available under this share option plan are
330,671. 330,669 options were granted on November 23, 2022. The
remaining two options will not be granted.
The vesting conditions include a service condition (the options
vest after a period of four years of continued service from the
respective grant date) and a market condition (the options may only
be exercised if the share price exceeds the exercise price over a
period of 90 consecutive days by at least 20% in the period between
the grant date and the respective exercise time frame) of which
both conditions must be met. The options have an expiration date of
November 23, 2032.
In order to avoid insider trading, there are defined trading
windows during which the options can be exercised. When those
trading windows are closed, the exercise of options is not
possible.
The fair value of the employee share option plan has been
measured using a Monte Carlo simulation. The market condition has
been incorporated into the fair value at grant date.
The inputs used in the measurement of the fair value at grant
date are as follows:
Option Plan 2022
Parameter
Share price at grant date
USD 3.04
Exercise price
USD 3.04
Expected volatility
66.80%
Expected dividends
--
Risk-free interest rate
3.68%
Fair value at grant date
USD 1.90
The respective expected volatility has been based on an
evaluation of the historical volatility of the Company’s share
price as at the grant date. As at March 31, 2023, 0 options are
exercisable and 330,669 options are outstanding. The
weighted-average contractual life of outstanding options at March
31, 2023 amounts to 9.7 years.
The expense recognized in the statement of comprehensive loss
related to Option Plan 2022 totaled kEUR 37 in the three months
ended March 31, 2023.
4. Inventories
3/31/2023
12/31/2022
(€ in thousands)
Raw materials
3,639
3,116
Work in progress
8,716
8,020
Total
12,355
11,136
5. Property, plant and equipment, net
3/31/2023
12/31/2022
(€ in thousands)
Land, buildings and leasehold
improvements
11,754
12,038
Plant and machinery
5,084
4,900
Other facilities, factory and office
equipment
726
784
Assets under construction and prepayments
made
80
77
Total
17,644
17,799
Thereof pledged assets of Property, Plant
and Equipment
288
310
As of March 31, 2023, the pledged assets consist of three
(December 31, 2022: three) 3D printers that serve as collateral for
certain credit lines and loan agreements.
6. Other liabilities and provisions
3/31/2023
12/31/2022
(€ in thousands)
Employee bonus
597
623
Liabilities from payroll
302
301
Management compensation
210
167
Accruals for vacation and overtime
405
294
Accruals for compensation of Supervisory
board
225
180
Liabilities from VAT
113
164
Accruals for licenses
12
46
Accruals for commissions
39
21
Others
97
193
Other liabilities
2,000
1,989
Accrual for warranty
336
358
Accruals for management compensation
240
192
Labour dispute
113
114
Provisions
689
664
Total
2,689
2,653
7. Financial instruments
The following table shows the carrying amounts and fair values
of financial assets and financial liabilities, including their
levels in the fair value hierarchy.
Carrying amount
Fair Value
Assets at
Liabilities
Total
amortized
at amortized
carrying
3/31/2023
FVTPL
FVOCI
cost
cost
amount
Level 1
Level 2
Level 3
Total
Total assets
--
4
20,428
--
20,432
Current assets
—
--
19,488
--
19,488
Cash and cash equivalents
--
--
8,285
--
8,285
Other financial assets
—
--
5,726
--
5,726
--
--
--
--
Term deposit
--
3,680
--
3,680
--
--
--
--
Restricted cash
--
--
2,046
--
2,046
--
--
--
--
Trade receivables, net
--
--
5,477
--
5,477
Non-current assets
--
4
940
--
944
Other financial assets
--
4
940
--
944
4
--
--
4
Equity securities
--
4
--
--
4
4
--
--
4
Restricted cash
--
--
940
--
940
Total liabilities
556
--
--
5,119
25,152
Current liabilities
--
--
--
2,778
3,822
Trade payables
--
--
--
2,590
2,590
Other financial liabilities
--
--
--
188
1,232
--
--
188
188
Current portion of long-term debt
--
--
--
188
188
--
--
188
188
Lease liability
--
--
--
--
1,044
--
--
--
n/a
Non-current liabilities
556
--
--
2,341
21,330
Other financial liabilities
556
--
--
2,341
21,330
--
--
3,476
3,476
Derivative financial instruments
556
--
--
--
556
--
--
556
556
Long-term debt
--
--
--
2,341
2,341
--
--
2,920
2,920
Lease liability
--
--
--
--
18,417
--
--
--
n/a
Security deposit
--
--
--
--
16
--
--
--
n/a
Carrying amount
Fair Value
Assets at
Liabilities
Total
amortized
at amortized
carrying
12/31/2022
FVTPL
FVOCI
cost
cost
amount
Level 1
Level 2
Level 3
Total
Total assets
--
4
21,271
--
21,275
Current assets
--
--
20,331
--
20,331
Cash and cash equivalents
--
--
12,119
--
12,119
Other financial assets
--
--
2,047
--
2,047
--
--
--
--
Restricted cash
--
--
2,047
--
2,047
--
--
--
--
Trade receivables, net
--
--
6,165
--
6,165
Non-current assets
--
4
940
--
944
Other financial assets
--
4
940
--
944
4
--
--
4
Equity securities
--
4
--
--
4
4
--
--
4
Restricted cash
--
--
940
--
940
Total liabilities
--
--
--
2,837
22,587
Current liabilities
--
--
--
2,789
3,844
Trade payables
--
--
--
2,683
2,683
Other financial liabilities
--
--
--
106
1,161
--
--
106
106
Current portion of long-term debt
--
--
--
106
106
--
--
106
106
Lease liability
--
--
--
--
1,055
--
--
--
n/a
Non-current liabilities
--
--
--
48
18,743
Other financial liabilities
--
--
--
48
18,743
--
--
45
45
Long-term debt
--
--
--
48
48
--
--
45
45
Lease liability
--
--
--
--
18,679
--
--
--
n/a
Security deposit
--
--
--
--
16
--
--
--
n/a
The valuation techniques used to determine the fair value of
financial instruments include the use of quoted market prices or
dealer quotes for similar instruments as well as discounted cash
flow analysis.
The fair value of equity securities is determined by multiplying
their share price and the number of shares held.
In January 2023, the Company issued a promissory note (the ‘Anzu
Note’) to the institutional investor Anzu Ventures II LLC ('Anzu’)
in a principal amount of USD 3.2 million (€ 3.0 million). The Anzu
Note matures on January 3, 2028, and includes interest payable
monthly at a rate of 3% per annum. In addition, the Anzu Note
includes a voluntary prepayment right for voxeljet, and, in the
case of fundamental changes including a change of control in
voxeljet, a right by voxeljet to repay the Anzu Note and a right by
Anzu to require that voxeljet repurchases the Anzu Note. The
aforementioned rights are considered to be embedded derivatives
that have to be bifurcated. A one-time interest payment equal to
the above principal amount of USD 3.2 million (€ 3.0 million) is
required to be paid upon maturity or at time of prepayment. The
terms of the Anzu Note include certain covenants and events of
default.
The fair values of the derivative financial instruments embedded
in the EIB loan 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 Anzu Note contains an early prepayment right for the Company
(call option) and a conditional early prepayment right for the
lender (put option dependent on the occurrence of a Fundamental
Change event). The initial analysis of the derivative financial
instruments in connection with the early prepayment rights embedded
in the Anzu Note was based on the analysis of the market rate of
interest implied in the contract and the contractual strike
interest rate underlying the call and put option. This qualitative
analysis yielded a fair value of zero for the call option and a
fair value equal to the intrinsic value of the put option. The
result was confirmed by a Hull-White model using the US Treasury
yield curve, the volatility thereof, the expected recovery rate and
the default intensity (credit spread) as well as the mean reversion
as input parameters. The fair value of the conditional put option
at inception was derived in an iterative process based on the
contractual terms of the Anzu Note, the strike price of the put
option, likelihood of occurrence of a fundamental change event and
the fair value of the combined instrument including the
derivatives. The equilibrium (i.e. matching of the total fair value
of the instrument with the funds received under the Anzu Note)
yields the fair value of the put and the implied interest rate of
the note without the put. The subsequent valuation of the call
option is based on a qualitative assessment of changes in the
credit conditions of the Company; the subsequent valuation of the
conditional put option is based on the likelihood of occurrence of
a fundamental change event and the updated implied interest rate
using market yield curves. As of March 31, 2023, management
assessed the likelihood of occurrence of a fundamental change event
to be at 15%.
The following table presents the changes in level 3 instruments
for the three months ended March 31, 2023, which were related to
the Anzu Note as described above:
Non-current assets
(€ in thousands)
Derivative financial
instruments
Balance at December 31, 2022
—
Addition
535
Revaluation
35
FX effect
(14)
Balance at March 31, 2023
556
Derivative financial instruments are initially measured at fair
value. Subsequent to initial recognition, derivatives are measured
at fair value, and changes therein are generally recognized in
profit or loss as finance income or finance expense. Finance
expense amounting to kEUR 35 was recognized for the three months
ended March 31, 2023. Further, a gain from foreign currency
valuation of kEUR 14 was recognized in other operating income for
the three months ended March 31, 2023.
The fair value of embedded derivative financial instruments from
the Anzu note are measured using inputs that are mostly not
observable in the market and it has therefore been classified in
Level 3. For the revaluation of put option voxeljet employs an
external expert. The voxeljet team receives and reviews the
calculation and makes appropriate postings on each balance sheet
date. The external expert provides the calculation to the voxeljet
team on a quarterly basis.
The fair value of the conditional put option might increase
(decrease) based on an increase (decrease) in the estimated
likelihood of occurrence of a fundamental change event. An increase
(decrease) in the likelihood of one percentage point would lead to
an increase (decrease) in the fair value of the put of kEUR 40.
The fair value of the other 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, bank overdrafts and current portions of debt
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, 2023 and December 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, 2023, the Company was in compliance with all
covenants.
8. Financial result
Quarter Ended March
31,
2023
2022
(€ in thousands)
Finance
expense
(449)
(1,048)
Interest expense on lease
liability
(292)
(36)
Interest expense from the
application of the effective interest rate method
(122)
(567)
Expense from revaluation of
derivative financial instruments
(35)
--
Fair value valuation of
financial assets
--
(443)
Other
--
(2)
Finance
income
29
1,399
Payout of bond funds
--
77
Interest income from term
deposits
27
--
Income from revaluation of
derivative financial instruments
--
1,316
Other
2
6
Financial result
(420)
351
9. Segment reporting
The following table summarizes segment reporting. The sum of the
amounts of the two segments equals the total for the Group in each
of the periods.
Three months ended March
31,
2023
(€ in thousands)
SYSTEMS
SERVICES
CONSOLIDATION
GROUP
Revenues
3,215
2,856
(56)
6,015
third party
3,159
2,856
--
6,015
inter-segment
56
--
(56)
—
Cost of sales
2,100
1,998
4,098
Gross profit
1,059
858
1,917
Gross profit in %
33.5
%
30.0
%
31.9
%
Operating Expenses
(5,025)
Other operating expenses
(459)
Other operating income
736
Operating loss
(2,831)
Finance expense
(449)
Finance income
29
Financial result
(420)
Loss before income taxes
(3,251)
Income tax income (expense)
--
Net loss
(3,251)
Three months ended March
31,
2022
(€ in thousands)
SYSTEMS
SERVICES
CONSOLIDATION
GROUP
Revenues
1,438
3,222
(20)
4,640
third party
1,418
3,222
--
4,640
inter-segment
20
--
(20)
—
Cost of sales
1,172
1,877
3,049
Gross profit
246
1,345
1,591
Gross profit in %
17.3
%
41.7
%
34.3
%
Operating Expenses
(4,755)
Other operating expenses
(158)
Other operating income
2,204
Operating loss
(1,118)
Finance expense
(1,048)
Finance income
1,399
Financial result
351
Loss before income taxes
(767)
Income tax income (expense)
14
Net loss
(753)
10. Revenues
Three months ended March
31,
SYSTEMS
SERVICES
2023
2022
2023
2022
(€ in thousands)
Primary geographical markets
EMEA
732
900
1,798
2,193
Asia Pacific
280
144
146
220
Americas
2,147
374
912
809
3,159
1,418
2,856
3,222
Timing of revenue recognition
Products transferred at a point
in time
2,835
1,278
2,856
3,222
Products and services
transferred over time
324
140
--
--
Revenue from contracts with
customers
3,159
1,418
2,856
3,222
Three months ended March
31,
2023
2022
(€ in thousands)
EMEA
2,530
3,093
Germany
1,072
1,553
Great Britain
755
429
France
151
264
Switzerland
73
143
Others
479
704
Asia Pacific
426
364
South Korea
227
70
China
124
200
India
20
33
Others
55
61
Americas
3,059
1,183
United States
2,983
1,176
Others
76
7
Total
6,015
4,640
11. Commitments, contingent assets and liabilities
In connection with the enforcement of voxeljet’s intellectual
property rights, the acquisition of third‑party intellectual
property rights, or disputes related to the validity or alleged
infringement of the Company’s or a third party’s intellectual
property rights, including patent rights, voxeljet has been and may
in the future be subject or party to claims, negotiations or
complex, protracted litigation.
In March 2018, ExOne GmbH, a subsidiary of The ExOne Company,
notified voxeljet of its intent not to pay its annual license fees
under an existing intellectual property-related agreement and
asserted its rights to claim damages pursuant to an alleged
material breach of the agreement. At this time, the Company cannot
reasonably estimate a contingency, if any, related to this matter.
On November 12, 2021, The ExOne Company and its affiliates were
acquired by DESKTOP METAL, INC. Management expects that the cash
outflow towards settlement of claims is very unlikely.
voxeljet AG issued a letter of support to voxeljet India on July
12, 2022 to provide financial support to enable the subsidiary to
meet its obligation or liabilities as and when they fall due. The
guarantee is irrevocable for at least 12 months from the date of
issue of this letter.
Further, voxeljet AG issued letters of support to voxeljet’s
subsidiaries voxeljet China and voxeljet America to provide
financial support to enable the companies to meet its obligation or
liabilities as and when they fall due. The guarantee is irrevocable
for at least 12 months from the date on which financial statements
for the financial year ended December 31, 2022 are issued.
Management assessed that it is unlikely that the subsidiaries
would exercise these letters of support.
12. Related party transactions
Name
Nature of relationship
Duration of
relationship
Franz Industriebeteiligungen AG,
Augsburg
Lessor
10/01/2003-Current
Schlosserei und Metallbau Ederer,
Dießen
Supplier
05/01/1999-Current
DSCS Digital Supply Chain Solutions GmbH,
Gersthofen
Customer
05/11/2017-Current
Michele Neuber
Employee
07/01/2019 - 03/31/2022
Lisa Franz
Employee
10/01/2021-02/18/2022
Romy Ederer
Employee
03/06/2023-04/14/2023
Transactions with Franz Industriebeteiligungen AG comprise the
rental of office space in Augsburg, Germany. Rental expenses
amounted to kEUR 1, in each, first quarter 2023 and first quarter
2022.
Further, voxeljet acquired goods amounting to kEUR 0 and kEUR 0
in the first quarter of 2023 and 2022, respectively from
‘Schlosserei und Metallbau Ederer’, which is owned by the brother
of Dr. Ingo Ederer, the Chief Executive Officer of voxeljet.
Further, voxeljet received orders amounting to kEUR 0 and kEUR 0
in the first quarter 2023 and 2022, respectively from ‘DSCS Digital
Supply Chain Solutions GmbH’, which is an associated company where
the Company owns 33.3%. Shareholders of DSCS have initiated the
wind-up of DSCS, which will be finalized by DSCS’s removal from the
commercial register, expected to take place in the second half of
2023.
In addition, voxeljet employed Michele Neuber as an intern
between July 2019 and March 2022. Michele Neuber is the son of
Volker Neuber, who has been a member of voxeljet’s supervisory
board since July 2020. Michele Neuber received a salary of kEUR 1
in the first quarter of 2022.
In addition, voxeljet employed Lisa Franz, who is the daughter
of Rudolf Franz, the Chief Operating Officer and Chief Financial
Officer of voxeljet, as an intern between October 2021 and February
2022. She received a salary of kEUR 1 in the first quarter of
2022.
Further, voxeljet employed Romy Ederer, who is the daughter of
Dr. Ingo Ederer, the Chief Executive Officer of voxeljet, as an
intern between March and April 2023. She received a salary of kEUR
1 in the first quarter of 2023.
All related party transactions voxeljet entered into were made
on an arm's length basis.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230517005688/en/
Investors and Media Johannes Pesch Director Investor
Relations and Business Development johannes.pesch@voxeljet.de
Office: +49 821 7483172 Mobile: +49 176 45398316
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