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 voxeljet AG Third Quarter 2015 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 1-877-870-5176 or +1-858-384-5517, Replay Conference ID number 13622949. The recording will be available for replay through November 20, 2015.
A live webcast of the call will also be available on the investor relations section of the Companys 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. A replay will also be available as a webcast on the investor relations section of the Companys website.
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 1.1203 to EUR 1.00, the noon buying rate of the Federal Reserve Bank of New York for the Euro on September 30, 2015.
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 Companys 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 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 STATEMENTS OF FINANCIAL POSITION |
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Notes | 09/30/2015 | 12/31/2014 | |||||||||||
( in thousands) | |||||||||||||
unaudited | |||||||||||||
Current assets | 52 873 | 58 509 | |||||||||||
Cash and cash equivalents | 3 593 | 8 031 | |||||||||||
Financial assets | 3, 9 | 35 292 | 41 142 | ||||||||||
Trade receivables | 3 149 | 3 148 | |||||||||||
Inventories | 4 | 9 269 | 5 247 | ||||||||||
Income tax receivables | 229 | 65 | |||||||||||
Other assets | 5 | 1 341 | 876 | ||||||||||
Non-current assets | 24 771 | 22 586 | |||||||||||
Financial assets | 3, 9 | 207 | 247 | ||||||||||
Intangible assets | 7 | 984 | 1 315 | ||||||||||
Goodwill | 1 413 | 1 558 | |||||||||||
Property, plant and equipment | 8 | 22 087 | 19 466 | ||||||||||
Other assets | 5 | 80 | â | ||||||||||
Total assets | 77 644 | 81 095 | |||||||||||
Notes | 09/30/2015 | 12/31/2014 | |||||||||||
( in thousands) | |||||||||||||
Current liabilities | 11 131 | 5 567 | |||||||||||
Deferred income | 1 038 | 469 | |||||||||||
Trade payables | 2 784 | 2 326 | |||||||||||
Financial liabilities | 9 | 1 251 | 1 241 | ||||||||||
Other liabilities and provisions | 10 | 6 058 | 1 531 | ||||||||||
Non-current liabilities | 2 591 | 4 228 | |||||||||||
Deferred income | 481 | 826 | |||||||||||
Deferred tax liabilities | â | 213 | |||||||||||
Financial liabilites | 9 | 1 673 | 2 263 | ||||||||||
Other liabilities and provisions | 10 | 437 | 926 | ||||||||||
Equity | 63 922 | 71 300 | |||||||||||
Subscribed capital | 3 720 | 3 720 | |||||||||||
Capital reserves | 75 671 | 75 671 | |||||||||||
Accumulated deficit | (15 253) | (8 090) | |||||||||||
Accumulated other comprehensive income (loss) | (216) | (1) | |||||||||||
Total equity and liabilities | 77 644 | 81 095 | |||||||||||
voxeljet AG CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) |
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Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||
Notes | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
( in thousands except share and share data) unaudited | ||||||||||||||||||||
Revenues | 11 12 | 4 710 | 3 756 | 15 783 | 9 225 | |||||||||||||||
Cost of sales | (3 172) | (2 358) | (10 532) | (5 888) | ||||||||||||||||
Gross profit | 11 | 1 538 | 1 398 | 5 251 | 3 337 | |||||||||||||||
Selling expenses | (1 788) | (1 090) | (4 947) | (2 628) | ||||||||||||||||
Administrative expenses | (1 317) | (1 077) | (4 033) | (2 643) | ||||||||||||||||
Research and development expenses | (1 685) | (1 032) | (4 662) | (2 711) | ||||||||||||||||
Other operating expenses | (394) | (18) | (391) | (104) | ||||||||||||||||
Other operating income | 119 | 155 | 1 694 | 1 103 | ||||||||||||||||
Operating loss | (3 527) | (1 664) | (7 088) | (3 646) | ||||||||||||||||
Finance expense | (53) | (71) | (203) | (237) | ||||||||||||||||
Finance income | 182 | 217 | 192 | 249 | ||||||||||||||||
Financial result | 129 | 146 | (11) | 12 | ||||||||||||||||
Loss before income taxes | (3 398) | (1 518) | (7 099) | (3 634) | ||||||||||||||||
Income taxes | 1 | â | (64) | â | ||||||||||||||||
Net loss | (3 397) | (1 518) | (7 163) | (3 634) | ||||||||||||||||
Other comprehensive income (loss) | 52 | (145) | (215) | (65) | ||||||||||||||||
Total comprehensive loss | (3 345) | (1 663) | (7 378) | (3 699) | ||||||||||||||||
Weighted average number of ordinary shares outstanding | 3 720 000 | 3 720 000 | 3 720 000 | 3 500 220 | ||||||||||||||||
Loss per share - basic/ diluted (EUR) | (0,91) | (0,41) | (1,93) | (1,04) | ||||||||||||||||
voxeljet AG CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) |
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( in thousands) |
Subscribed capital |
Capital
|
Accumulated
deficit |
Accumulated other
|
Total equity | |||||||||||||||||
Balance at January 1, 2014 | 3 120 | 46 038 | (3 758) | -- | 45 400 | |||||||||||||||||
Loss for the period | -- | -- | (3 634) | -- | (3 634) | |||||||||||||||||
Follow-on public offering | 600 | 29 633 | -- | -- | 30 233 | |||||||||||||||||
Net changes in fair value of available for sale financial assets | -- | -- | -- | (118) | (118) | |||||||||||||||||
Foreign currency translations | -- | -- | -- | 53 | 53 | |||||||||||||||||
Balance at September 30, 2014 | 3 720 | 75 671 | (7 392) | (65) | 71 934 | |||||||||||||||||
( in thousands) | Subscribed capital |
Capital
|
Accumulated
deficit |
Accumulated other
|
Total equity | |||||||||||||||||
Balance at January 1, 2015 | 3 720 | 75 671 | (8 090) | (1) | 71 300 | |||||||||||||||||
Loss for the period | -- | -- | (7 163) | -- | (7 163) | |||||||||||||||||
Net changes in fair value of available for sale financial assets | -- | -- | -- | (205) | (205) | |||||||||||||||||
Foreign currency translations | -- | -- | -- | (10) | (10) | |||||||||||||||||
Balance at September 30, 2015 | 3 720 | 75 671 | (15 253) | (216) | 63 922 | |||||||||||||||||
voxeljet AG CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
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Nine months ended September 30, | ||||||||
2015 | 2014 | |||||||
( in thousands) | ||||||||
Cash Flow from operating activities | ||||||||
Profit (loss) for the period | (7 163) | (3 634) | ||||||
Depreciation and amortisation | 2 289 | 1 425 | ||||||
Impairment losses on intangible assets | 309 | â | ||||||
Impairment losses on inventories | 26 | â | ||||||
Proceeds from customer loans | 836 | 173 | ||||||
Changes in deferred income taxes | (213) | â | ||||||
Loss on disposal of assets | â | 183 | ||||||
Deferred income | (281) | (663) | ||||||
Change in working capital | 686 | (2 315) | ||||||
Trade and other receivables and current assets | (546) | (291) | ||||||
Inventories | (4 048) | (1 754) | ||||||
Trade payables | 458 | 577 | ||||||
Other liabilities and provisions | 4 986 | (833) | ||||||
Income tax payable/receivables | (164) | (14) | ||||||
Total | (3 511) | (4 831) | ||||||
Cash Flow from investing activities | ||||||||
Proceeds from disposal of property, plant, equipment and intangible assets | 1 | â | ||||||
Payments to acquire property, plant, equipment and intangible assets | (4 744) | (1 946) | ||||||
Payments to acquire/ proceeds from sale of financial assets | 4 849 | (44 695) | ||||||
Total | 106 | (46 641) | ||||||
Cash Flow from financing activities | ||||||||
Proceeds (repayment) from bank overdrafts and lines of credit | (69) | (278) | ||||||
Repayment of sale and leaseback | (695) | â | ||||||
Repayment of finance lease obligations | (107) | (1 276) | ||||||
Repayment of long-term debt | (152) | (1 302) | ||||||
Proceeds from borrowings | â | 800 | ||||||
Proceeds from issuance of shares | â | 30 233 | ||||||
Total | (1 023) | 28 177 | ||||||
Net increase (decrease) in cash and cash equivalents | (4 428) | (23 295) | ||||||
Cash and cash equivalents at beginning of period | 8 031 | 33 459 | ||||||
Changes to cash and equivalents due to foreign exchanges rates | (10) | 53 | ||||||
Cash and cash equivalents at end of period | 3 593 | 10 217 | ||||||
Supplemental Cash Flow Information | ||||||||
Interest paid net | 24 | 81 | ||||||
voxeljet AG