voxeljet AG Reports Financial Results for the Third Quarter Ended September 30, 2019

(1)The Company has initially applied IFRS 16 as of January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated and the cumulative effect of initially applying IFRS 16 is recognized in retained earnings at the date of initial application. For further information, see Note 2 of the condensed consolidated interim financial statements.

(2)Certain comparative figures for the twelve-month period ended December 31, 2017 were restated for immaterial errors. For further information, see Note 9 of the Q3-2018 condensed consolidated interim financial statements.

voxeljet AG

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 

 

 

 

 

 

 

Nine months ended September 30,

 

 

2019

 

2018(1)

 

 

(€ in thousands)

Cash Flow from operating activities

 

 

 

 

 

 

 

 

 

Loss for the period

 

(10,617)

 

(8,464)

 

 

 

 

 

Depreciation and amortization

 

3,200

 

2,605

Foreign currency exchange differences on loans to subsidiaries

 

(700)

 

(203)

Share-based compensation expense

 

501

 

477

Change in impairment of trade receivables

 

(23)

 

158

Non-cash expense on financial liabilities

 

653

 

581

Change in fair value of derivative equity forward

 

87

 

89

Change in inventory allowance

 

(21)

 

(361)

Loss on disposal of property, plant and equipment

 

309

 

--

Other

 

78

 

15

 

 

 

 

 

Change in working capital

 

520

 

(1,330)

Trade and other receivables, inventories and current assets

 

67

 

(2,591)

Trade payables

 

(687)

 

144

Other liabilities, contract liabilities and provisions

 

1,176

 

1,130

Income tax payable/receivables

 

(36)

 

(13)

Net cash used in operating activities

 

(6,013)

 

(6,433)

 

 

 

 

 

Cash Flow from investing activities

 

 

 

 

 

 

 

 

 

Payments to acquire property, plant and equipment and intangible assets

 

(1,133)

 

(1,277)

Proceeds from disposal of financial assets

 

7,973

 

10,288

Payments to acquire financial assets

 

(1,251)

 

(6,178)

Other

 

5

 

--

Net cash from investing activities

 

5,594

 

2,833

 

 

 

 

 

Cash Flow from financing activities

 

 

 

 

 

 

 

 

 

Repayment of bank overdrafts and lines of credit

 

--

 

(58)

Repayment of sale and leaseback obligation

 

--

 

(235)

Repayment of lease liabilities (2018: Repayment of finance lease obligations)

 

(157)

 

(35)

Repayment of long-term debt

 

(845)

 

(594)

Proceeds from issuance of long-term debt

 

500

 

40

Net cash used in financing activities

 

(502)

 

(882)

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

(921)

 

(4,482)

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

7,402

 

7,569

Changes to cash and cash equivalents due to foreign exchanges rates

 

92

 

14

Cash and cash equivalents at end of period

 

6,573

 

3,101

 

 

 

 

 

Supplemental Cash Flow Information

 

 

 

 

Interest paid

 

254

 

171

Interest received

 

86

 

39

See accompanying notes to unaudited condensed consolidated interim financial statements.

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