voxeljet AG Reports Financial Results for the First Quarter Ended March 31, 2018
FRIEDBERG, Germany–(BUSINESS WIRE)–voxeljet AG (NYSE:VJET) (the ÔÇ£CompanyÔÇØ, or ÔÇ£voxeljetÔÇØ), a leading
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,
2018.
Highlights – First Quarter 2018
-
Total revenues for the first quarter increased 11.5% to kEUR 5,052
from kEUR 4,530 - Gross profit margin improved to 44.9% from 34.9%
- Systems revenues decreased 18.8% to kEUR 1,375 from kEUR 1,693
- Services revenues increased 29.6% to kEUR 3,677 from kEUR 2,837
- Reaffirm full year 2018 guidance
Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented, ÔÇ£2018
is off to an excellent start with the best quarter in both Services
revenue and gross profit in our companyÔÇÖs history. We see these metrics
as leading indicators of the ongoing strength of our industrial 3D
printing technology. Our goal of becoming a critical supply chain
partner and solutions provider is gaining traction. As downstream
processes become more automated, we are very confident this will in
medium term translate into significantly improved Systems revenue.ÔÇØ
First Quarter 2018 Results
Revenues for the first quarter of 2018 increased by 11.5% to kEUR 5,052
compared to kEUR 4,530 in the first quarter of 2017.
Revenues from our Systems segment, which focuses on the development,
production and sale of 3D printers, decreased 18.8% to kEUR 1,375 in the
first quarter of 2018 from kEUR 1,693 in last yearÔÇÖs first quarter. This
was mainly due to lower revenues based on the mix of printer sales
during the quarter. The Company delivered two used and refurbished 3D
printers in the first quarter of 2018, compared to two new printers
delivered in last yearÔÇÖs first quarter. Systems revenues also include
all revenues from consumables, spare parts and maintenance, which almost
remained on the same level compared to the last yearÔÇÖs same period.
Systems revenues represented 27.2% of total revenues in the first
quarter of 2018 compared to 37.4% in last yearÔÇÖs first quarter.
Revenues from our Services segment, which focuses on the printing of
on-demand parts for our customers, increased 29.6% to kEUR 3,677 in the
first quarter of 2018 from kEUR 2,837 in the comparative period of 2017.
This was due to higher revenue contributions mainly from our subsidiary
voxeljet America Inc. (ÔÇ£voxeljet AmericaÔÇØ). The increase in revenue at
our American service center resulted from a growing market penetration
in the North American sales region which is accompanied by a larger
customer base.
Cost of sales was kEUR 2,785 for the first quarter of 2018 compared to
kEUR 2,949 for the first quarter of 2017.
Gross profit and gross profit margin were kEUR 2,267 and 44.9%,
respectively, in the first quarter of 2018 compared to kEUR 1,581 and
34.9% in the first quarter of 2017.
Gross profit for our Systems segment increased to kEUR 429 in the first
quarter of 2018 from kEUR 353 in the first quarter of 2017. The
improvement was mainly related to the reduction in the reserve for
slow-moving inventory with a positive impact of kEUR 226 compared to a
release amounting to kEUR 60 in the comparative period. The release was
mainly due to the increase in order backlog and higher sales forecast.
Gross profit margin for this segment increased to 31.2% in the first
quarter of 2018 compared to 20.9% in the first quarter of 2017.
Gross profit for our Services segment significantly increased to kEUR
1,838 in the first quarter of 2018 compared to kEUR 1,228 in the first
quarter of 2017. This is mainly due to the increase in revenues. The
gross profit margin for this segment increased to 50.0% in the first
quarter of 2018 from 43.3% in the first quarter of 2017. This was mainly
related to stronger gross profit margin contributions from our
subsidiary voxeljet America. voxeljet UK still provided negative gross
profit contributions, but improved significantly. This was partially
offset by weaker gross profit margin from voxeljet China. The
improvement regarding voxeljet America and voxeljet UK resulted from a
higher utilization of these service centers. Gross profit margin from
the German operation remained almost unchanged.
Selling expenses were kEUR 1,736 for the first quarter of 2018 compared
to kEUR 1,385 in the first quarter of 2017. The increase is mainly due
to higher personnel expenses resulting from higher headcount especially
regarding the German operation as well as our subsidiary voxeljet
America compared to the last yearÔÇÖs first quarter.
Administrative expenses were kEUR 1,232 for the first quarter of 2018
compared to kEUR 1,194 in the first quarter of 2017 and therefore almost
unchanged.
Research and development (ÔÇ£R&DÔÇØ) expenses increased to kEUR 1,597 in the
first quarter of 2018 from kEUR 1,497 in the first quarter of 2017. The
increase of kEUR 100 was mainly due to higher personnel expenses related
to a slight increase in headcount.
Other operating expenses in the first quarter of 2018 were kEUR 358
compared to kEUR 190 in the prior year period. This was mainly due to
higher losses from foreign currency transaction for the first quarter of
2018 compared to the first quarter of 2017.
The losses from foreign currency transactions were primarily driven by
the valuation of the intercompany loans granted by the parent company to
our US and UK subsidiaries.
Other operating income was kEUR 402 for the first quarter of 2018
compared to kEUR 297 in the first quarter of 2017. The increase was
mainly due to higher gains from foreign currency transactions.
Operating loss was kEUR 2,254 in the first quarter of 2018, compared to
an operating loss of kEUR 2,388 in the comparative period in 2017. The
slight improvement was primarily related to a significant increase in
gross profit partially offset by higher operating expenses within the
functions Sales and research and development, compared to the first
quarter of 2017.
Financial result was positive kEUR 678 in the first quarter of 2018,
compared to a financial result of negative kEUR 43 in the comparative
period in 2017. The significant increase was mainly related to the
revaluation of derivative financial instruments resulting in a finance
income of kEUR 941 partially offset by interest expense for long term
debt of kEUR 232.
Net loss for the first quarter of 2018 was kEUR 1,582 or EUR 0.42 per
share, as compared to net loss of kEUR 2,431, or EUR 0.65 per share, in
the first quarter of 2017.
Based on a conversion rate of five American Depositary Shares (ÔÇ£ADSsÔÇØ)
per ordinary share, net loss was at EUR 0.08 per ADS for the first
quarter of 2018, compared to a net loss of EUR 0.13 per ADS for the
first quarter of 2017. Earnings per share is computed by dividing net
income attributable to stockholders of the parent by the
weighted-average number of ordinary shares outstanding during the
periods. Earnings per ADS is calculated by dividing the above earnings
per share by five as each ordinary share represents five ADSs.
Business Outlook
Our revenue guidance for the second quarter of 2018 is in the range of
kEUR 5,250 to kEUR 7,250.
We reaffirm our guidance for the full year ended December 31, 2018
-
Full year revenue is expected to be in the range of kEUR 28,000 and
kEUR 30,000 - Gross margin is expected to be above 40%
-
Operating expenses for the full year are expected as follows: SG&A
expenses expected to be in the range of kEUR 11,000 and kEUR 12,000
and R&D expenses projected to be approximately kEUR 5,000 to
kEUR 6,000. Depreciation and amortization expense is expected to be
between kEUR 3,750 and kEUR 4,000. -
Adjusted EBITDA is expected to be neutral-to-positive in 2018.
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 (income) expense resulting from foreign exchange gains
or losses on the intercompany loans granted to the subsidiaries. -
Capital expenditures are projected to be in the range of kEUR 5,500 to
kEUR 6,500, which primarily includes ongoing investments in our global
subsidiaries.
Our total backlog of 3D printer orders at March 31, 2018 was kEUR 4,899,
which represents eight 3D printers. This compares to a backlog of kEUR
2,770 representing four 3D printers, at December 31, 2017. 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 customersÔÇÖ requested
deliveries.
At March 31, 2018, we had cash and cash equivalents of kEUR 3,140 and
held kEUR 17,688 of investments in bond funds, which are included in
current 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 on Friday, May 18, 2018 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
1-877-705-6003 in the United States/Canada, or 1-201-493-6725 for
international, Conference Title ÔÇ£voxeljet AG First Quarter 2018
Financial Results Conference CallÔÇØ. 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 13679191.
The recording will be available for replay through May 25, 2018.
A live webcast of the call will also be available on the investor
relations section of the CompanyÔÇÖs website. Please go to the website https://event.webcasts.com/starthere.jsp?ei=1191083&tp_key=35bcb63183
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
CompanyÔÇÖs 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 CompanyÔÇÖs investors as it helps investors
better understand and evaluate the projections our management board
provides. The CompanyÔÇÖs 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 1.2321 to EUR 1.00, the
noon buying rate of the Federal Reserve Bank of New York for the euro on
March 31, 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 CompanyÔÇÖs 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
ÔÇÿÔÇÿbelieves,ÔÇÖÔÇÖ ÔÇÿÔÇÿestimates,ÔÇÖÔÇÖ ÔÇÿÔÇÿanticipates,ÔÇÖÔÇÖ ÔÇÿÔÇÿexpects,ÔÇÖÔÇÖ ÔÇÿÔÇÿplans,ÔÇÖÔÇÖ
ÔÇÿÔÇÿintends,ÔÇÖÔÇÖ ÔÇÿÔÇÿmay,ÔÇÖÔÇÖ ÔÇÿÔÇÿcould,ÔÇÖÔÇÖ ÔÇÿÔÇÿmight,ÔÇÖÔÇÖ ÔÇÿÔÇÿwill,ÔÇÖÔÇÖ ÔÇÿÔÇÿshould,ÔÇÖÔÇÖ
ÔÇÿÔÇÿaims,ÔÇÖÔÇÖ 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 ÔÇ£Risk FactorsÔÇØ in the CompanyÔÇÖs 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 | |||||
| CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | |||||
| Notes | 3/31/2018 | 12/31/2017 | |||
| (Ôé¼ in thousands) | |||||
| unaudited | |||||
| Current assets | 38,347 | 37,774 | |||
| Cash and cash equivalents | 6 | 3,140 | 7,569 | ||
| Financial assets | 2, 6 | 17,688 | 14,044 | ||
| Trade receivables | 2 | 4,802 | 5,093 | ||
| Inventories | 3 | 11,309 | 9,539 | ||
| Income tax receivables | 3 | 3 | |||
| Other assets | 1,405 | 1,526 | |||
| Non-current assets | 29,360 | 29,257 | |||
| Financial assets | 2, 6 | 1,298 | 357 | ||
| Intangible assets | 1,183 | 1,111 | |||
| Property, plant and equipment | 4 | 26,792 | 27,698 | ||
| Investments in joint venture | 36 | 39 | |||
| Other assets | 51 | 52 | |||
| Total assets | 67,707 | 67,031 | |||
| Notes | 3/31/2018 | 12/31/2017 | |||
| Current liabilities | 8,957 | 6,576 | |||
| Deferred income | 2 | 69 | 271 | ||
| Trade payables | 2 | 2,841 | 3,059 | ||
| Contract liabilities | 2 | 2,969 | — | ||
| Financial liabilities | 2, 6 | 1,054 | 1,162 | ||
| Other liabilities and provisions | 5 | 2,024 | 2,084 | ||
| Non-current liabilities | 16,527 | 16,537 | |||
| Deferred income | 2 | — | 18 | ||
| Deferred tax liabilities | 72 | 66 | |||
| Financial liabilities | 2, 6 | 16,365 | 16,413 | ||
| Other liabilities and provisions | 5 | 90 | 40 | ||
| Equity | 42,223 | 43,918 | |||
| Subscribed capital | 3,720 | 3,720 | |||
| Capital reserves | 76,356 | 76,227 | |||
| Accumulated deficit | 2 | (39,219 | ) | (37,480 | ) |
| Accumulated other comprehensive income | 1,301 | 1,380 | |||
| Equity attributable to the owners of the company | 42,158 | 43,847 | |||
| Non controlling interest | 65 | 71 | |||
| Total equity and liabilities | 67,707 | 67,031 | |||
|
See accompanying notes to unaudited consolidated interim financial |
|||||
| voxeljet AG | ||||
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) | ||||
| Three months ended March 31, | ||||
| Notes | 2018 | 2017 | ||
| Revenues | 2, 8, 9 | 5,052 | 4,530 | |
| Cost of sales | (2,785 | ) | (2,949 | ) |
| Gross profit | 2, 8 | 2,267 | 1,581 | |
| Selling expenses | (1,736 | ) | (1,385 | ) |
| Administrative expenses | (1,232 | ) | (1,194 | ) |
| Research and development expenses | (1,597 | ) | (1,497 | ) |
| Other operating expenses | (358 | ) | (190 | ) |
| Other operating income | 402 | 297 | ||
| Operating loss | (2,254 | ) | (2,388 | ) |
| Finance expense | (268 | ) | (47 | ) |
| Finance income | 946 | 4 | ||
| Financial result | 678 | (43 | ) | |
| Loss before income taxes | (1,576 | ) | (2,431 | ) |
| Income taxes | (6 | ) | ÔÇö | |
| Net loss | (1,582 | ) | (2,431 | ) |
| Other comprehensive income | (79 | ) | 15 | |
| Total comprehensive loss | (1,661 | ) | (2,416 | ) |
| Loss attributable to: | ||||
| Owners of the Company | (1,576 | ) | (2,429 | ) |
| Non-controlling interests | (6 | ) | (2 | ) |
| (1,582 | ) | (2,431 | ) | |
| Total comprehensive loss attributable to: | ||||
| Owners of the Company | (1,655 | ) | (2,414 | ) |
| Non-controlling interests | (6 | ) | (2 | ) |
| (1,661 | ) | (2,416 | ) | |
| Weighted average number of ordinary shares outstanding | 3,720,000 | 3,720,000 | ||
| Loss per share – basic/ diluted (EUR) | (0.42 | ) | (0.65 | ) |
|
See accompanying notes to unaudited consolidated interim financial |
||||
| voxeljet AG | |||||||||||
| CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) | |||||||||||
|
Attributable to the owners of the company |
|||||||||||
| Accumulated | |||||||||||
| other | |||||||||||
| Subscribed | Capital | Accumulated | comprehensive | Non-controlling | |||||||
| (Ôé¼ 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 | ÔÇö | ÔÇö | (2,429 | ) |
ÔÇö |
(2,429 |
) |
(2 |
) | (2,431 | ) |
| Foreign currency translations | ÔÇö | ÔÇö | ÔÇö | 15 | 15 | ÔÇö |
15 |
||||
| Balance at March 31, 2017 | 3,720 | 75,827 | (31,400 | ) | 888 | 49,035 | 85 | 49,120 | |||
|
Attributable to the owners of the company |
|||||||||||
| Accumulated | |||||||||||
| other | |||||||||||
| Subscribed | Capital | Accumulated | comprehensive | Non-controlling | |||||||
| (Ôé¼ 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 | — | — | (1,576 | ) | — | (1,576 | ) | (6 | ) | (1,582 | ) |
| Net changes in fair value of available for sale financial assets | — | — | — | (15 | ) | (15 | ) | — | (15 | ) | |
| Foreign currency translations | — | — | — | (64 | ) | (64 | ) | — | (64 | ) | |
| Equity-settled share-based payment | — | 129 | — | — | 129 | — | 129 | ||||
| Balance at March 31, 2018 | 3,720 | 76,356 | (39,219 | ) | 1,301 | 42,158 | 65 | 42,223 | |||
|
See accompanying notes to unaudited consolidated interim financial |
|||||||||||
| voxeljet AG | ||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||
| Three months ended March 31, | ||||
| 2018 | 2017 | |||
| (Ôé¼ in thousands) | ||||
| Cash Flow from operating activities | ||||
| Loss for the period | (1,582 | ) | (2,431 | ) |
| Depreciation and amortization | 841 | 684 | ||
| Foreign currency exchange differences on loans to subsidiaries | (61 | ) | 1 | |
| Equity-settled share-based payment | 129 | — | ||
| Impairment losses on trade receivables | 10 | 60 | ||
| Change in investment in joint venture | 3 | — | ||
| Change in fair value of the Performance Participation Interest | 189 | — | ||
| Change in fair value of derivative equity forward | (941 | ) | — | |
| Change in inventory allowance | (226 | ) | (60 | ) |
| Deferred income taxes | 6 | — | ||
| Change in working capital | 1,444 | 144 | ||
| Trade and other receivables, inventories and current assets | (1,035 | ) | (726 | ) |
| Trade payables | (260 | ) | 322 | |
|
Other liabilities, contract liabilities, provisions and deferred income |
2,739 | 548 | ||
| Total | (188 | ) | (1,602 | ) |
| Cash Flow from investing activities | ||||
|
Payments to acquire property, plant and equipment and intangible assets |
(234 | ) | (687 | ) |
| Proceeds from disposal of financial assets | 2,526 | 922 | ||
| Payments to acquire financial assets | (6,170 | ) | — | |
| Total | (3,878 | ) | 235 | |
| Cash Flow from financing activities | ||||
| Repayment of bank overdrafts and lines of credit | (58 | ) | (39 | ) |
| Repayment of sale and leaseback obligation | (118 | ) | (100 | ) |
| Repayment of finance lease obligation | (12 | ) | (10 | ) |
| Repayment of long-term debt | (197 | ) | — | |
| Proceeds from long-term debt issuance | 40 | 594 | ||
| Total | (345 | ) | 445 | |
| Net increase (decrease) in cash and cash equivalents | (4,411 | ) | (922 | ) |
| Cash and cash equivalents at beginning of period | 7,569 | 7,849 | ||
| Changes to cash and cash equivalents due to foreign exchanges rates | (18 | ) | 14 | |
| Cash and cash equivalents at end of period | 3,140 | 6,941 | ||
| Supplemental Cash Flow Information | ||||
| Interest paid | 47 | 47 | ||
| Interest received | 1 | 2 | ||
|
See accompanying notes to unaudited consolidated interim financial |
||||
voxeljet AG
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. Preparation of financial statements
Our consolidated interim financial statements include the accounts of voxeljet
AG, which is listed on the New York Stock Exchange, and its
wholly-owned subsidiaries voxeljet America Inc., voxeljet UK Ltd. and
voxeljet India Pvt. Ltd., as well as voxeljet China Co. Ltd., which are
collectively referred to herein as the ÔÇÿGroupÔÇÖ or the ÔÇÿCompany.ÔÇÖ
Our consolidated interim financial statements were prepared in
compliance with all applicable measurement and presentation
rules contained in International Financial Reporting Standards (ÔÇÿIFRSÔÇÖ)
as set forth by the International Accounting Standards Board (ÔÇÿIASBÔÇÖ)
and Interpretations of the IFRS Interpretations Committee (ÔÇÿIFRICÔÇÖ). The
designation IFRS also includes all valid International Accounting
Standards (ÔÇÿIASÔÇÖ); and the designation IFRIC also includes all valid
interpretations of the Standing Interpretations Committee (ÔÇÿSICÔÇÖ).
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.
The IASB issued a number of new IFRS standards which are required to be
adopted in annual periods beginning after January 1, 2018.
| Standard | Effective date | Descriptions |
| IFRS 9 | 01/2019 | Amendments Prepayment Features with Negative Compensation |
| IFRS 16 | 01/2019 | Leases |
| IAS 19 | 01/2019 | Amendments Plan Amendment, Curtailment or Settlement |
| IAS 28 | 01/2019 | Amendments Long-term Interests in Associates and Joint Ventures |
| IFRIC 23 | 01/2019 | Uncertainty over Income Tax Treatments |
| Improvements to IFRS (2015-2017) | 01/2019 | IFRS 3, IFRS 11, IAS 12, IAS 23 |
| Others | 01/2020 | Amendments References to the Conceptual Framework in IFRS Standards |
| IFRS 17 | 01/2021 | Insurance Contracts |
| IFRS 10, IAS 28 | indefinite |
Amendment Sale or Contribution of Assets between Investor and its Associate or Joint Venture |
The Company has not yet determined what impact the new standards,
amendments or interpretations will have on its financial statements.
The interim financial statements as of and for the three months ended
March 31, 2018 and 2017 were authorized for issue by the Management
Board on May 17, 2018.
2. Summary of significant accounting policies
Except as described below, the accounting policies applied in these
consolidated interim financial statements are the same as those applied
in the CompanyÔÇÖs consolidated financial statements as of and for the
year ended December 31, 2017, which can be found in its Annual Report on
Form 20-F that was filed with the U.S. Securities and Exchange
Commission. The changes in accounting policies are also expected to be
reflected in the CompanyÔÇÖs consolidated financial statements as of and
for the year ending December 31, 2018.
The Group has initially adopted IFRS 15, Revenue from Contracts with
Customers, and IFRS 9, Financial Instruments, on January 1,
2018. A number of other new standards are effective from January 1, 2018
but these do not have a material effect on the CompanyÔÇÖs consolidated
financial statements.
-
The adoption of IFRS 15 resulted in minor impacts related to the
revenue recognition regarding the revenue streams from maintenance as
well as extended warranty contracts.
Contacts
Investors and Media
voxeljet AG
Johannes Pesch, +49 821
7483172
Mobile: +49 176 45398316
Director Investor Relations
and Business Development
[email protected]
