voxeljet AG Reports Financial Results for Q4 and Full Year 2013

Introduction of the VX2000

On December 3, 2013, we announced the launch of the latest in our full line of large format industrial 3D printers, the VX2000. The new printer was demonstrated for the first time at Euromold in Frankfurt, Germany. The VX2000 is equipped with a build space of two cubic meters, making it one of the largest commercially available 3D printing platforms in the market. The large build format of the VX2000 is suited to a variety of applications in the automotive or aviation industry, at foundries, pump manufacturers or the equipment building industry.

Announces Lease Signing for Canton, Michigan Facility

We have signed a five year lease for a U.S. industrial 3D printing service center, located near Detroit, MI. Our U.S. service center is expected to commence printing in the third quarter of 2014. The facility is approximately 50,000 square feet and will allow us to print on-demand parts, molds, cores and models for automotive and other industrial customers.

Business Outlook

With respect to the year ending December 31, 2014, we expect revenue to exceed kEUR 18,000, with revenue growth in excess of 50%.

The Company’s total backlog of 3D printer orders at March 15, 2014 was kEUR 4,100, which represents seven 3D printers. We estimate that all of the 3D printers in our backlog will ship prior to December 31, 2014. As production and delivery of our printers is general not characterized by long lead times, backlog is more dependent on the timing of customers’ requested deliveries.

Webcast and Conference Call Details

The Company will host a conference call and webcast to review its fourth quarter and full year ended December 31, 2013 financial results on Friday, March 28th at 8:30 a.m. Eastern Time.

Interested parties may access the live audio broadcast by dialing 877-705-6003 in the United States/Canada, or +1 201-493-6725 for international, Conference Title “voxeljet AG Fourth Quarter and Full Year 2013 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.

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 ( http://www.voxeljet.de/en/) at least fifteen minutes prior to the start of the call to register, download and install any necessary audio software.

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 our failure to maintain effective internal control over financial reporting and those other risks identified under the caption “Risk Factors” in the Company’s Registration Statement on Form F-1 and in other reports the Company files with the U.S. Securities and Exchange Commission. 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.

             

STATEMENT OF FINANCIAL POSITION OF VOXELJET AG

             
      12/31/2013   12/31/2012
Thousands of Euros    
Current assets 39,977 4,104
Cash and cash equivalents 33,459 301
Financial assets 744 108
Trade receivables 1,003 625
Inventories 3,641 2,806
Income tax receivables 129 -
Other assets 1,001 264
 
Non-current assets 17,939 6,634
Financial assets 1,561 925
Intangible assets 62 52
Property, plant and equipment 16,316 5,299
Deferred tax assets - 358
 
Total assets 57,916   10,738  
 
             
12/31/2013 12/31/2012
Thousands of Euros    
Current liabilities 7,090 4,322
Deferred income 622 533
Trade payables 1,502 560
Income tax payable 14 17
Financial liabilities 1,922 2,366
Other liabilities and provisions 3,030 846
 
Non-current liabilities 5,426 5,198
Deferred income 1,337 1,063

Financial liabilities

3,863 4,128
Other liabilities and provisions 226 7
 
Equity 45,400 1,218
 
 
Subscribed Capital 3,120 1,000
Capital reserves 46,038 1,262
Accumulated deficit

(3,758

)

(1,044

)

 
Total equity and liabilities 57,916   10,738  
 
     
STATEMENT OF COMPREHENSIVE INCOME (LOSS) OF VOXELJET AG
                     
      For the Quarter Ended   For the Year Ended
December 31, (unaudited) December 31,
2013   2012 2013   2012
Thousands of Euros        
Revenues 3,693 2,080 11,688 8,711
Cost of sales (2,168 ) (1,250 ) (7,045 ) (4,957 )
Gross profit 1,525 830 4,643 3,754
Selling expenses (1,303 ) (276 ) (2,640 ) (1,510 )
Administrative expenses (1,050 ) (171 ) (1,676 ) (758 )
Research and development expenses (1,283 ) (565 ) (2,651 ) (1,573 )
Other operating expenses (105 ) (17 ) (583 ) (62 )
Other operating income 157 244 894 822
Operating profit (loss) (2,059 ) 45 (2,013 ) 673
Finance expense (94 ) (87 ) (380 ) (363 )
Finance income 20 12 37 18
Financial result (74 ) (75 ) (343 ) (345 )
Profit (loss) before income taxes (2,133 ) (30 ) (2,356 ) 328
Income taxes (414 ) (13 ) (358 ) (116 )
Profit (loss) (2,547 ) (43 ) (2,714 )   212  
         
Other comprehensive income -   -   -   1  
         
Total comprehensive income (loss) (2,547 ) (43 ) (2,714 ) 213  
Weighted average number of ordinary shares outstanding 3,008,000 2,000,000 2,252,000 2,000,000

Earnings (loss) per share - basic/diluted (EUR)

(0.85 ) (0.02 ) (1.21 ) 0.11
Earnings (loss) per share - diluted (EUR) (0.85 ) (0.02 ) (1.21 ) 0.11
 
   
REVENUES AND GROSS PROFIT BY BUSINESS SEGMENT
                     
      For the Quarter Ended   For the Year Ended
December 31, (unaudited)

          December 31,          

2013   2012 2013   2012
Thousands of Euros        
Revenues
Systems 2,458 932 6,343 3,464
Services 1,235 1,148 5,345 5,247
Total revenues 3,693   2,080   11,688   8,711  
 
Cost of Sales
Systems (1,273 ) (696 ) (3,838 ) (2,065 )
Services (895 ) (554 ) (3,207 ) (2,892 )
Total Cost of Sales (2,168 ) (1,250 ) (7,045 ) (4,957 )
 
Gross Profit
Systems 1,185 236 2,505 1,399
Services 340 594 2,138 2,355
Gross Profit 1,525   830   4,643   3,754  
 
Gross Profit Margin (%)
Systems 48.2 % 25.3 % 39.5 % 40.4 %
Services 27.5 % 51.7 % 40.0 % 44.9 %
Gross Profit Margin (%) 41.3 % 39.9 % 39.7 % 43.1 %
 
                 
STATEMENT OF CASH FLOWS OF VOXELJET AG
                 
    2013

   2012   

Thousands of Euros    
Cash Flow from operating activities
 
Profit (loss) for the period (2,714 ) 212
 
Depreciation 1,493 1,343
Non cash sale to customer in exchange for customer loans (1,386 ) (250 )
Proceeds from customer loans 92 39
Changes in deferred income taxes 358 (45 )
Deferred income (686 ) (274 )
 
Change in working capital 1,203 (589 )
Trade and other receivables and current assets (1,304 ) 131
Inventories (836 ) (851 )
Trade payables 942 42
Other liabilities and provisions 2,403 128
Income tax payable (2 ) (39 )
 
Total (1,640 ) 436  
 
Cash Flow from investing activities
 
Payments to acquire property, plant and equipment and intangible assets (11,176 ) (702 )
Payments to acquire financial assets (273 ) (276 )
 
Total (11,449 ) (978 )
 
Cash Flow from financing activities
 
Proceeds (repayment) from bank overdrafts and lines of credit (707 ) 1,250
Proceeds from sale and leaseback 1,900 776
Repayment of finance lease obligations (1,503 ) (582 )
Repayment of long-term debt (339 ) (1,099 )
Reorganization (see Note 26) 50 -
Proceeds from issuance of shares (see Note 26) 46,846 -
 
Total 46,247   345  
 
Net increase (decrease) in cash and cash equivalents 33,158   (197 )
 
Cash and cash equivalents at beginning of period 301   498  
 
Cash and cash equivalents at end of period 33,459   301  
 
Supplemental Cash Flow Information    
Interest paid net 314 320
Income taxes paid net 129 171
Non-cash items:
Additions to property, plant and equipment through lease 1,900   822  

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