voxeljet AG Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2020

(1)Comparative figures for the year ended December 31, 2018, the six months ended June 30, 2019 and year ended December 31, 2019 were revised related to the amendment of classification of short-term investments. For further information, see Note 1 of the interim consolidated financial statements.

(2)Comparative figures for the year ended December 31, 2018, the six months ended June 30, 2019 and year ended December 31, 2019 were revised related to the recalculation of the performance participation interest related to the Finance Contract with the EIB. For further information, see Note 1 of the interim consolidated financial statements.

(3)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 Form 20-F filed with the SEC on May 7, 2020, Part III, Item 18. Financial Statements, Note 3 of the consolidated financial statements.

voxeljet AG

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 

 

Six months ended June 30,

 

 

2020

 

2019

 

 

(€ in thousands)

Cash Flow from operating activities

 

 

 

 

 

 

 

 

 

Loss for the period (1) (2)

 

(7,724)

 

(6,535)

 

 

 

 

 

Depreciation and amortization

 

1,842

 

2,143

Foreign currency exchange differences on loans to subsidiaries

 

812

 

(41)

Changes in financial assets due to fair value valuation

 

121

 

(125)

Share-based compensation expense

 

334

 

332

Change in impairment of trade receivables

 

(40)

 

(15)

Non-cash expense on financial liabilities

 

564

 

428

Change in fair value of derivative equity forward

 

(574)

 

(57)

Change in inventory allowance

 

(1)

 

(16)

Interest paid

 

138

 

182

Interest received

 

(58)

 

(42)

Loss on disposal of fixed assets

 

59

 

--

Other

 

81

 

45

 

 

 

 

 

Change in working capital

 

(1,523)

 

(719)

Trade and other receivables, inventories and current assets

 

(711)

 

(115)

Trade payables

 

(607)

 

(690)

Other liabilities, contract liabilities and provisions

 

774

 

112

Change in restricted cash

 

(956)

 

--

Income tax payable/receivables

 

(23)

 

(26)

Net cash used in operating activities

 

(5,969)

 

(4,420)

 

 

 

 

 

Cash Flow from investing activities

 

 

 

 

 

 

 

 

 

Payments to acquire property, plant and equipment and intangible assets

 

(102)

 

(637)

Proceeds from disposal of financial assets

 

3,969

 

5,176

Payments to acquire financial assets

 

(2)

 

(1,243)

Interest received

 

58

 

42

Net cash from investing activities

 

3,923

 

3,338

 

 

 

 

 

Cash Flow from financing activities

 

 

 

 

 

 

 

 

 

Repayment of lease liabilities

 

(246)

 

(137)

Repayment of long-term debt

 

(466)

 

(524)

Proceeds from issuance of long-term debt

 

5,000

 

500

Interest paid

 

(138)

 

(182)

Net cash used in financing activities

 

4,150

 

(343)

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

2,104

 

(1,425)

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

4,368

 

7,402

Changes to cash and cash equivalents due to foreign exchanges rates

 

(21)

 

9

Cash and cash equivalents at end of period

 

6,451

 

5,986

See accompanying notes to unaudited condensed consolidated interim financial statements.

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