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 those risks identified under the caption Risk Factors in the Companys 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 STATEMENT OF FINANCIAL POSITION |
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06/30/2014 |
12/31/2013 | ||||||||
Thousands of Euros | Notes | unaudited | |||||||
Current assets | 64,610 | 39,977 | |||||||
Cash and cash equivalents | 6 | 21,780 | 33,459 | ||||||
Financial assets | 3, 6 | 35,418 | 744 | ||||||
Trade receivables | 6 | 1,737 | 1,003 | ||||||
Inventories | 4,642 | 3,641 | |||||||
Income tax receivables | 6 | 129 | |||||||
Other assets | 4 | 1,027 | 1,001 | ||||||
Non-current assets | 18,118 | 17,939 | |||||||
Financial assets | 3, 6 | 1,391 | 1,561 | ||||||
Intangible assets | 67 | 62 | |||||||
Property, plant and equipment | 5 | 16,660 | 16,316 | ||||||
Total assets | 82,728 | 57,916 | |||||||
06/30/2014 | 12/31/2013 | ||||||||
Thousands of Euros | Notes | unaudited | |||||||
Current liabilities | 4,901 | 7,090 | |||||||
Deferred income | 386 | 622 | |||||||
Trade payables | 1,757 | 1,502 | |||||||
Income tax payable | 0 | 14 | |||||||
Financial liabilities | 6 | 1,283 | 1,922 | ||||||
Other liabilities and provisions | 7 | 1,475 | 3,030 | ||||||
Non-current liabilities | 4,230 | 5,426 | |||||||
Deferred income | 943 | 1,337 | |||||||
Financial liabilities |
6 | 2,664 | 3,863 | ||||||
Other liabilities and provisions | 7 | 623 | 226 | ||||||
Equity | 73,597 | 45,400 | |||||||
Subscribed Capital | 3,720 | 3,120 | |||||||
Capital reserves | 75,671 | 46,038 | |||||||
Accumulated deficit |
(5,874) |
(3,758) |
|||||||
Accumulated other comprehensive income | 80 | - | |||||||
Total equity and liabilities | 82,728 | 57,916 | |||||||
voxeljet AG CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS (UNAUDITED) |
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Three months | Three months | Six months | Six months | ||||||||||||
ended | ended | ended | ended | ||||||||||||
06/30/2014 | 06/30/2013 | 06/30/2014 | 06/30/2013 | ||||||||||||
Thousands of Euros | Notes | ||||||||||||||
Revenues | 8,9 | 2,730 | 2,091 | 5,469 | 4,478 | ||||||||||
Cost of sales | (1,870) | (1,491) | (3,530) | (2,965) | |||||||||||
Gross profit | 8 | 860 | 600 | 1,939 | 1,513 | ||||||||||
Selling expenses | (845) | (472) | (1,538) | (829) | |||||||||||
Administrative expenses | (952) | (299) | (1,566) | (476) | |||||||||||
Research and development expenses | (831) | (490) | (1,679) | (921) | |||||||||||
Other operating expenses | (8) | (154) | (86) | (170) | |||||||||||
Other operating income | 397 | 253 | 948 | 530 | |||||||||||
Operating loss | (1,379) | (562) | (1,982) | (353) | |||||||||||
Finance expense | (41) | (94) | (166) | (191) | |||||||||||
Finance income | 15 | 10 | 32 | 13 | |||||||||||
Financial result | (26) | (84) | (134) | (178) | |||||||||||
Loss before income taxes | (1,405) | (646) | (2,116) | (531) | |||||||||||
Income taxes | - | 168 | - | 155 | |||||||||||
Loss | (1,405) | (478) | (2,116) | (376) | |||||||||||
Other comprehensive income | 44 | - | 80 | - | |||||||||||
Total comprehensive loss | (1,361) | (478) | (2,036) | (376) | |||||||||||
Weighted average number of ordinary shares outstanding | 3,660,659 | 2,000,000 | 3,388,508 | 2,000,000 | |||||||||||
Loss per share - basic/ diluted (EUR) | (0.38) | (0.24) | (0.62) | (0.19) | |||||||||||
voxeljet AG CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) |
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Accumulated | |||||||||||||||
other | |||||||||||||||
Subscribed | Capital | Accumulated | comprehensive | ||||||||||||
capital | reserves | deficit | income | Total equity | |||||||||||
Thousands of Euros | |||||||||||||||
Balance at January 1, 2013 | 1,000 | 1,262 | (1,044) | - | 1,218 | ||||||||||
Loss for the period | - | - | (376) | - | (376) | ||||||||||
Balance at June 30, 2013 | 1,000 | 1,262 | (1,420) | - | 842 | ||||||||||
Thousands of Euros | |||||||||||||||
Balance at January 1, 2014 | 3,120 | 46,038 | (3,758) | - | 45,400 | ||||||||||
Loss for the period | - | - | (2,116) | - | (2,116) | ||||||||||
Follow-on public offering | 600 | 29,633 | - | 30,233 | |||||||||||
Net changes in fair value of available for sale financial assets |
- |
0 |
- | 71 | 71 | ||||||||||
Foreign currency translation | - | - | - | 9 | 9 | ||||||||||
Balance at June 30, 2014 | 3,720 | 75,671 | (5,874) | 80 | 73,597 | ||||||||||
voxeljet AG CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) |
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Six months | Six months | ||||||
ended | ended | ||||||
06/30/2014 | 06/30/2013 | ||||||
Thousands of Euros | |||||||
Cash Flow from operating activities | |||||||
Loss for the period | (2,116) | (376) | |||||
Depreciation | 830 | 749 | |||||
Proceeds from customer loans | 143 | 14 | |||||
Changes in deferred income taxes | - | (198) | |||||
Loss on disposal of assets | 188 | - | |||||
Deferred income | (629) | (228) | |||||
Change in working capital | (2,556) | (77) | |||||
Trade and other receivables and current assets | (638) | (1,198) | |||||
Inventories | (1,001) | (343) | |||||
Trade payables | 255 | 196 | |||||
Other liabilities and provisions | (1,158) | 1,271 | |||||
Income tax payable/receivables | (14) | (3) | |||||
Total | (4,140) | (116) | |||||
Cash Flow from investing activities | |||||||
Payments to acquire property, plant and equipment and intangible assets | (1,366) | (83) | |||||
Payments to acquire financial assets | (34,577) | (239) | |||||
Total | (35,943) | (322) | |||||
Cash Flow from financing activities | |||||||
Proceeds (repayment) from bank overdrafts and lines of credit | (254) | - | |||||
Proceeds from sale and leaseback | - | 1,900 | |||||
Repayment of finance lease obligations | (1,132) | (737) | |||||
Repayment of long-term debt | (1,252) | (687) | |||||
Proceeds from borrowings | 800 | ||||||
Proceeds from issuance of shares | 30,233 | - | |||||
Total | 28,395 | 476 | |||||
Net increase (decrease) in cash and cash equivalents | (11,688) | 38 | |||||
Cash and cash equivalents at beginning of period | 33,459 | 301 | |||||
Changes to cash and equivalents due to foreign exchanges rates | 9 | - | |||||
Cash and cash equivalents at end of period | 21,780 | 339 | |||||
Supplemental Cash Flow Information | |||||||
Interest paid net | 110 | 60 | |||||
Income taxes paid net | - | 60 | |||||
Non-cash items: | |||||||
Additions to property, plant and equipment through lease | - | 1,900 | |||||
voxeljet AG