voxeljet AG Reports Financial Results for the First Quarter Ended March 31, 2014

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 First Quarter 2014 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 13581624. The recording will be available for replay through May 23, 2014.

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. A replay will also be available as a webcast on the investor relations section of the Company’s 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 1.3777 to EUR 1.00, the noon buying rate of the Federal Reserve Bank of New York for the euro on March 31, 2014.

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 those risks identified under the caption “Risk Factors” in the Company’s 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 STATEMENT OF FINANCIAL POSITION

   
      03/31/2014 12/31/2013
Thousands of Euros Notes unaudited  
Current assets 35,948 39,977
Cash and cash equivalents 6 7,772 33,459
Financial assets 3, 6 20,824 744
Trade receivables 6 1,639 1,003
Inventories 4,048 3,641
Income tax receivables 64 129
Other assets 4 1,601 1,001
 
Non-current assets 18,484 17,939
Financial assets 3, 6 1,488 1,561
Intangible assets 69 62
Property, plant and equipment 5 16,927 16,316
 
Total assets       54,432   57,916  
 
                           

03/31/2014

12/31/2013
Thousands of Euros Notes unaudited  
Current liabilities 6,074 7,090
Deferred income 368 622
Trade payables 2,082 1,502
Income tax payable 13 14
Financial liabilities 6 1,351 1,922
Other liabilities and provisions 7 2,260 3,030
 
Non-current liabilities 3,633 5,426
Deferred income 1,038 1,337
Financial liabilites 6 2,153 3,863
Other liabilities and provisions 7 442 226
 
Equity 44,725 45,400
 
 
Subscribed Capital 3,120 3,120
Capital reserves 46,038 46,038
Accumulated deficit (4,469 ) (3,758 )
Accumulated other comprehensive income 36 -
 
Total equity and liabilities   54,432   57,916  

voxeljet AG
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

     
     

Three months ended
03/31/2014

Three months ended
03/31/2013

Thousands of Euros Notes    
Revenues 8,9 2,739 2,387
Cost of sales (1,660 ) (1,474 )
Gross profit 8 1,079 913
Selling expenses (693 ) (357 )
Administrative expenses (614 ) (177 )
Research and development expenses (848 ) (431 )
Other operating expenses (78 ) (16 )
Other operating income 551 277
Operating profit (loss) (603 ) 209
Finance expense (125 ) (97 )
Finance income 17 3
Financial result (108 ) (94 )
Profit (loss) before income taxes (711 ) 115
Income taxes - (13 )
Profit (loss)     (711 ) 102  
Other comprehensive income     36   -  
Total comprehensive income (loss) (675 ) 102  
Weighted average number of ordinary shares outstanding 3,120,000 2,000,000
Earnings (loss) per share - basic/ diluted (EUR) (0.22 ) 0.05
Comprehensive earnings (loss) per share - basic/ diluted (EUR) (0.22 ) 0.05

voxeljet AG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

 
Subscribed capital   Capital

reserves

  Accumulated

deficit

  Accumulated

other comprehensive income

  Total equity
Thousands of Euros          
 

Balance at January 1, 2013

1,000 1,262 (1,044 ) - 1,218
 
Profit for the period - - 102 - 102
 
Balance at March 31, 2013 1,000 1,262 (942 ) - 1,320  
 
 
Thousands of Euros          
 
Balance at January 1, 2014 3,120 46,038 (3,758 ) - 45,400
 
Loss for the period - - (711 ) - (711 )
Net changes in fair value of available for sale financial assets - - - 36 36
 
Balance at March 31, 2014 3,120 46,038 (4,469 ) 36 44,725  

voxeljet AG
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

 
 
        Three months ended 03/31/2014   Three months ended 03/31/2013
Thousands of Euros    
Cash Flow from operating activities
 
Profit (loss) for the period (711 ) 102
 
Depreciation 407 358
Proceeds from customer loans 40 7
Changes in deferred income taxes - (62 )
Deferred income (553 ) (187 )
 
Change in working capital (1,034 ) (472 )
Trade and other receivables and current assets (717 ) (243 )
Inventories (407 ) (237 )
Trade payables 580 142
Other liabilities and provisions (554 ) (178 )
Income tax payable/receivables 64 44
 
Total     (1,851 ) (254 )
 
Cash Flow from investing activities
 
Payments to acquire property, plant and equipment and intangible assets (1,024 ) (49 )
Payments to acquire financial assets (20,010 ) -
 
Total     (21,034 ) (49 )
 
Cash Flow from financing activities
 
Proceeds (repayment) from bank overdrafts and lines of credit (59 ) (202 )
Proceeds from sale and leaseback - 870
Repayment of finance lease obligations (992 ) (423 )
Repayment of long-term debt (1,232 ) (36 )
Payment of share issuance costs (519 ) -
 
Total (2,802 ) 209  
 
Net increase (decrease) in cash and cash equivalents (25,687 ) (94 )
 
Cash and cash equivalents at beginning of period 33,459   301  
 
Cash and cash equivalents at end of period 7,772   207  
 
Supplemental Cash Flow Information    
Interest paid net 99 93
Income taxes paid net - 32
Non-cash items:
Additions to property, plant and equipment through lease - 870

voxeljet AG

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