The inputs used in the measurement of the fair value at grant date are as follows:
| 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 at the grant date. As at March 31, 2019 no options are exercisable and 353,400 options are outstanding. The weighted-average contractual life of the options at March 31, 2019 amounts to 8.3 years (March 31, 2018: 9.0 years).
The expenses recognized in the profit and loss statement in relation to the share-based payment arrangements amounted to kEUR 165 in the three months ended March 31, 2019 (three months ended March 31, 2018: kEUR 129).
On March 1, 2019, voxeljet China moved into a new facility. The minority
shareholder of voxeljet China has increased its shareholding in the
entity from 4.175% to 30% through an in-kind capital contribution of a
lease contract on the new facility. The lease term under IFRS 16 of the
contract is six years, including a rent-free period during the first
three years. The transaction is accounted for as a share-based payment
transaction under IFRS 2 and resulted in an increase of non-controlling
interest of kEUR 216 and capital reserves of kEUR 604. The Company also
recorded a right-of-use asset and the corresponding lease liability on
the commencement date of the lease.
