voxeljet AG Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2014

       
voxeljet AG
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
 
Year Ended December 31,
2014 2013
(€ in thousands)
Current assets 58,509 39,977
Cash and cash equivalents 8,031 33,459
Financial assets 41,142 744
Trade receivables 3,148 1,003
Inventories 5,247 3,641
Income tax receivables 65 129
Other assets 876 1,001
 
Non-current assets 22,586 17,939
Financial assets 247 1,561
Intangible assets 1,315 62
Goodwill 1,558 --
Property, plant and equipment 19,466 16,316
 
Total assets 81,095 57,916
 
 
Year Ended December 31,
2014 2013
(€ in thousands)
Current liabilities 5,567 7,090
Deferred income 469 622
Trade payables 2,326 1,502
Income tax payable -- 14
Financial liabilities 1,241 1,922
Other liabilities and provisions 1,531 3,030
 
Non-current liabilities 4,228 5,426
Deferred income 826 1,337
Deferred tax liabilities 213 --

Financial liabilities

2,263 3,863
Other liabilities and provisions 926 226
 
Equity 71,300 45,400
Subscribed capital 3,720 3,120
Capital reserves 75,671 46,038
Accumulated deficit (8,090 ) (3,758 )
Accumulated other comprehensive loss (1 ) --
 
Total equity and liabilities 81,095 57,916
 
           
voxeljet AG
CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS (UNAUDITED)
 
Quarter Ended December 31, (unaudited)   Year Ended December 31,
2014 2013 2014 2013
(€ in thousands, except share and share data)
Revenues 6,938 3,693 16,163 11,688
Cost of sales (3,950 ) (2,168 ) (9,838 ) (7,045 )
Gross profit 2,988 1,525 6,325 4,643
Selling expenses (1,118 ) (1,303 ) (3,746 ) (2,640 )
Administrative expenses (1,383 ) (1,050 ) (4,026 ) (1,676 )
Research and development expenses (1,316 ) (1,283 ) (4,027 ) (2,651 )
Other operating expenses 3 (105 ) (101 ) (583 )
Other operating income 281 157 1,384 894
Operating profit (loss) (545 ) (2,059 ) (4,191 ) (2,013 )
Finance expense (235 ) (94 ) (472 ) (380 )
Finance income 50 20 299 37
Financial result (185 ) (74 ) (173 ) (343 )
Profit (loss) before income taxes (730 ) (2,133 ) (4,364 ) (2,356 )

Income tax benefit (expense)

32 (414 ) 32 (358 )
Profit (loss) (698 ) (2,547 ) (4,332 ) (2,714 )
Other comprehensive income (loss) 64 -- (1 ) --
Total comprehensive income (loss) (634 ) (2,547 ) (4,333 ) (2,714 )
Weighted average number of ordinary shares outstanding 3,720,000 3,008,000 3,555,616 2,252,000
Earnings (loss) per share - basic/ diluted (EUR) (0.17 ) (0.85 ) (1.22 ) (1.21 )
 
       
voxeljet AG
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
 
Year Ended December 31,
2014 2013
(€ in thousands)
Cash Flow from operating activities
Loss for the period (4,332 ) (2,714 )
Depreciation and amortization 2,143 1,493
Noncash sale to customer in exchange for customer loans (931 ) (1,386 )
Proceeds from customer loans 191 92
Changes in deferred income taxes -- 358
Loss on disposal of assets 183 --
Deferred income (665 ) (686 )
Change in working capital (1,609 ) 1,203
Trade and other receivables and current assets (1,745 ) (1,304 )
Inventories (1,305 ) (836 )
Trade payables 823 942
Other liabilities and provisions 632 2,403
Income tax payable/receivables (14 ) (2 )
Total (5,020 ) (1,640 )
Cash Flow from investing activities
Payments to acquire property, plant and equipment and intangible assets (2,684 ) (11,176 )
Payments to acquire financial assets (43,395 ) (273 )
Business combination, net of cash and cash equivalents acquired (965 ) --
Total (47,044 ) (11,449 )
Cash Flow from financing activities
Proceeds (repayment) from bank overdrafts and lines of credit (308 ) (707 )
Proceeds from sale and leaseback -- 1,900
Repayment of finance lease obligations (1,419 ) (1,503 )
Repayment of long-term debt (2,725 ) (339 )
Reorganization -- 50
Proceeds from borrowings 800 --
Proceeds from issuance of shares 30,233 46,846
Total 26,581 46,247
Net increase (decrease) in cash and cash equivalents (25,483 ) 33,158
Cash and cash equivalents at beginning of period 33,459 301
Changes to cash due to consolidation items 2 --
Changes to cash and equivalents due to foreign exchanges rates 53 --
Cash and cash equivalents at end of period 8,031 33,459
Supplemental Cash Flow Information
Interest (received) paid net (43 ) 314
Income taxes paid net -- 129
Non-cash items:
Additions to property, plant and equipment through lease -- 1,900
 

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