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 | ||||||||
