voxeljet AG Reports Financial Results for the Third Quarter Ended September 30, 2022

The valuation techniques used to determine the fair value of financial instruments include the use of quoted market prices or dealer quotes for similar instruments as well as discounted cash flow analysis.

The fair value of the Company’s investments in the bond funds was determined based on the quoted unit prices received by the fund management company.

The fair value of equity securities is determined by multiplying their share price and the number of shares held.

The fair values of the derivative financial instruments that are not traded in an active market are determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. The fair values have been determined based on share prices and the relevant discount rates.

The fair value of long-term debt was determined using discounted cash flow models based on the relevant forward interest rate yield curves, considering the credit risk of voxeljet.

Due to their short maturity and the current low level of interest rates, the carrying amounts of cash and cash equivalents, restricted cash, trade receivables, trade payables, term deposit, credit lines and bank overdrafts approximate their fair values.

Due to the successful closing process of the sale and leaseback transaction on October 31, 2022, the expected future cash flows of tranches A and B1 related to the EIB loan after September 30, 2022, changed and the final settlement amount was determined. Consequently, the Company has written down the bifurcated embedded derivative financial instruments relating to the performance participation interest for tranche A and tranche B1 and adjusted the carrying amount of EIB loan tranches A and B1. The write-down resulted from the early repayment of the Finance Contract with EIB in October 2022, expected already as of September 30, 2022.

The write down of the bifurcated embedded derivative financial instruments and the adjustment of carrying amount of long-term debt as of September 30, 2022, resulted in a finance expense of kEUR 4,664 and kEUR 907, respectively in the third quarter of 2022.

The Group’s policy is to recognize transfers into and transfers out of fair value hierarchy levels as of the end of each quarter. As of September 30, 2022, there were no transfers of financial instruments measured at fair value between level 1, level 2 and level 3.

As of September 30, 2022, the Company was in compliance with all covenants related to the loan granted by the EIB.

8. Financial result

 

 

 

 

 

 

 

Three months ended September 30,

 

 

2022

 

2021

 

 

(€ in thousands)

Finance expense

 

(6,175)

 

(648)

Interest expense on lease liabilities

 

(33)

 

(38)

Long-term debt

 

(1,475)

 

(538)

Expense from revaluation of derivative financial instruments

 

(4,664)

 

--

Change in fair value of bond funds

 

--

 

(70)

Other

 

(3)

 

(2)

Finance income

 

8

 

1,336

Payout of bond funds

 

--

 

54

Income from revaluation of derivative financial instruments

 

--

 

1,280

Other

 

8

 

2

Financial result

 

(6,167)

 

688

 

 

 

 

 

 

 

Nine months ended September 30,

 

 

2022

 

2021

 

 

(€ in thousands)

Finance expense

 

(6,333)

 

(3,795)

Interest expense on lease liabilities

 

(103)

 

(110)

Long-term debt

 

(2,625)

 

(1,598)

Expense from revaluation of derivative financial instruments

 

(2,827)

 

(1,942)

Change in fair value of bond funds

 

(773)

 

(137)

Other

 

(5)

 

(8)

Finance income

 

610

 

163

Payout of bond funds

 

77

 

90

Income from revaluation of derivative financial instruments

 

516

 

--

Other

 

17

 

73

Financial result

 

(5,723)

 

(3,632)


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