FRIEDBERG, Germany–(BUSINESS WIRE)–voxeljet AG (NASDAQ: VJET) (the “Company”, or “voxeljet”), a provider of high-speed, large-format 3D printers and on-demand parts services to industrial and commercial customers, today announced consolidated financial results for the first quarter ended March 31, 2023.
Highlights – First Quarter 2023
- Total revenues for the first quarter increased 29.6% to kEUR 6,015 from kEUR 4,640
- Gross profit margin decreased from 34.3% to 31.9%, while gross profit increased from kEUR 1,591 to kEUR 1,917
- Systems revenues increased 122.8% to kEUR 3,159 from kEUR 1,418
- Services revenues decreased 11.4% to kEUR 2,856 from kEUR 3,222
- Reaffirm full year 2023 guidance
Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented: “In our on-demand printing Services segment, demand continues to be very robust – both in Europe and the US. This high demand is driven by large production orders, which is very exciting. Based on those high revenues from on-demand printing Services, we expect higher revenues for Systems as customers move from buying parts to running their own 3D printers and producing more cost-effectively.”
First Quarter 2023 Results
Revenues for the first quarter of 2023 increased by 29.6% to kEUR 6,015 compared to kEUR 4,640 in the first quarter of 2022.
Revenues from our Systems segment, which focuses on the development, production and sale of 3D printers, increased 122.8% to kEUR 3,159 in the first quarter of 2023 from kEUR 1,418 in last year’s first quarter. The Company delivered one new 3D printer in the first quarter of 2023, compared to one new printer delivered in last year’s first quarter. Systems revenues also include all Systems-related revenues from consumables, spare parts and maintenance. The increase of revenues from our Systems segment was mainly due to higher revenues from the sale of 3D printers as we sold a larger scale platform in the first quarter of 2023, compared to a smaller scale platform in the comparative period. In addition, Systems-related revenues increased, reflecting the higher installed base of our 3D printers in the market. Systems revenues represented 52.5% of total revenues in the first quarter of 2023 compared to 30.6% in last year’s first quarter.
Revenues from our Services segment, which focuses on the printing of on-demand parts for our customers, decreased 11.4% to kEUR 2,856 in the first quarter of 2023 from kEUR 3,222 in the comparative period of 2022. This was mainly due to lower revenue contributions from our German operation as well as from our subsidiary voxeljet China Co. Ltd (“voxeljet China”). This was partially offset by slightly higher revenue contributions from our subsidiary voxeljet America Inc. (“voxeljet America”).
Cost of sales were kEUR 4,098 for the first quarter of 2023 compared to kEUR 3,049 for the first quarter of 2022.
Gross profit and gross profit margin were kEUR 1,917 and 31.9%, respectively, in the first quarter of 2023 compared to kEUR 1,591 and 34.3%, respectively, in the first quarter of 2022.
Gross profit for our Systems segment increased to kEUR 1,059 in the first quarter of 2023 from kEUR 246 in the first quarter of 2022. This improvement was mainly related to the increase in revenues. Also gross profit margin for this segment increased to 33.5% in the first quarter of 2023 compared to 17.3% in the first quarter of 2022 mainly due to a more favorable product mix, especially regarding the 3D printer sale. The sale of larger scale platforms usually provides higher gross profit (margins) compared to smaller platforms.
Gross profit for our Services segment significantly decreased to kEUR 858 in the first quarter of 2023 compared to kEUR 1,345 in the first quarter of 2022. The gross profit margin for this segment also significantly decreased to 30.0% in the first quarter of 2023 from 41.7% in the first quarter of 2022. Both, the decrease of gross profit as well as gross profit margin were mainly related to the overall decrease in revenues which resulted in a lower utilization of our German and Chinese service centers which was less cost efficient.
Selling expenses increased to kEUR 1,919 for the first quarter of 2023 compared to kEUR 1,637 in the first quarter of 2022, mainly related to higher distribution expenses, in line with the increase in revenues. Expenses such as shipping and packaging vary from quarter to quarter depending on quantity and types of products being sold, as well as the destinations where those goods are being delivered.
Administrative expenses were kEUR 1,507 for the first quarter of 2023 compared to kEUR 1,677 in the first quarter of 2022. The decrease is mainly related to lower legal advisor and regulatory fees related to our stock market listing as well as our communication with financial institutions.
Research and development (“R&D”) expenses increased to kEUR 1,599 in the first quarter of 2023 from kEUR 1,441 in the first quarter of 2022. The increase of kEUR 158 was mainly due to higher personnel expenses, higher usage of external services as well as higher material expenses.
Other operating expenses in the first quarter of 2023 were kEUR 459 compared to kEUR 158 in the prior year period. This was mainly related to higher losses from foreign currency transactions, amounting to kEUR 456 for the first quarter of 2023 compared to kEUR 59 in the last year’s first quarter.
Other operating income was kEUR 736 for the first quarter of 2023 compared to kEUR 2,204 for the first quarter of 2022. The reduction was mainly due to the first quarter 2022 one-off impact from the reclassification of the foreign currency translation reserve, which was previously recognized in other comprehensive income on consolidation of voxeljet UK accounts. This amount was reclassified to profit and loss account on deconsolidation amounting to kEUR 1,475, related to the finalization of the wind-up of voxeljet UK Ltd, our UK subsidiary, on February 17, 2022. In addition, gains from foreign currency transactions decreased from kEUR 433 for the first quarter of 2022 compared to kEUR 159 for the first quarter of 2023. This was partially offset by higher other operating income from reimbursement of research and development costs amounting to kEUR 312 for the first quarter of 2023, compared to kEUR 81 for the comparative period. Moreover, other operating income included kEUR 201 from the receipt of government grants awarded for research and development project funding for the first quarter of 2023 compared to kEUR 45 for the first quarter of 2022.
The changes in foreign currency losses and gains were primarily driven by the valuation of the intercompany loans granted by the parent company to our US subsidiary.
Operating loss was kEUR 2,831 in the first quarter of 2023 compared to an operating loss of kEUR 1,118 in the comparative period in 2022. This was primarily related to the net impact of the quarter over quarter changes in other operating expenses and other operating income, which was kEUR 1,769 negative. In addition, selling expenses as well as research and development expenses increased. This was partially offset by an increase in gross profit and slightly lower administrative expenses.
Financial result was negative kEUR 420 in the first quarter of 2023, compared to a financial result of positive kEUR 351 in the comparative period in 2022. This was mainly due to lower income from revaluation of derivative financial instruments related to the performance participation interest related to the loan received from the European Investment Bank (the ‘EIB’) amounting to kEUR 0 for the first quarter of 2023, compared to kEUR 1,316 for the comparative period in 2022. Those derivative financial instruments were revalued on each balance sheet date, with changes in the fair value between reporting periods recorded within the financial result of the consolidated statements of comprehensive loss. An increase in our share price resulted in a finance expense, while a decrease led to a finance income, holding other parameters constant. In October 2022, the loan granted by EIB including all interest was early settled and consequently the loan as well as the related derivative financial instruments were derecognized.
In addition, interest expense on lease liabilities amounted to kEUR 292 for the first quarter of 2023, compared to kEUR 36 for the comparative period in 2022. This increase was related to the sale and leaseback transaction regarding voxeljet AG’s properties located in Friedberg, Bavaria, Germany. The transaction closed on October 31, 2022 and the lease term commenced on November 1, 2022. As a result of completion of this transaction, the Company derecognized a carrying amount of kEUR 14,062 relating to land and buildings and recognized a right of use asset and lease liability at an amount of kEUR 9,161 and kEUR 17,263, respectively.
This increase was partially offset by lower interest expense from long term debt, which amounted to kEUR 122 for the first quarter of 2023, compared to kEUR 567 for the first quarter of 2022. This significant decrease was related to the early repayment of the EIB loan in October 2022 as well as further loans which were granted by Sparkasse Schwaben-Bodensee, Germany (formerly Kreissparkasse Augsburg) in August and October 2022. In addition, finance expense related to the change in fair value of bond funds decreased from kEUR 443 for the first quarter of 2022 to kEUR 0 for the first quarter of 2023.
Net loss for the first quarter of 2023 was kEUR 3,251 or EUR 0.35 per share, as compared to net loss of kEUR 753 or EUR 0.10 per share, in the first quarter of 2022.
Business Outlook
Our revenue guidance for the second quarter of 2023 is expected to be in the range of kEUR 4,250 to kEUR 5,750.
We reaffirm our guidance for the full year ending December 31, 2023:
– Full year revenue is expected to be in the range of kEUR 27,500 to kEUR 32,500
– Gross margin for the full year is expected to be above 31.5%
– Operating expenses for the full year are expected as follows: selling and administrative expenses are expected to be in the range of kEUR 14,000 to kEUR 16,000 and R&D expenses are projected to be between approximately kEUR 7,500 and kEUR 8,500. Depreciation and amortization expense is expected to be between kEUR 3,000 and kEUR 3,250.
– Adjusted EBITDA for the fourth quarter of 2023 is expected to be slightly negative to neutral. Adjusted EBITDA is defined as net income (loss), as calculated under IFRS accounting principles before interest (income) expense, provision (benefit) for income taxes, depreciation and amortization, and excluding other operating (income) expense resulting from foreign exchange gains or losses on the intercompany loans granted to the subsidiaries.
– Capital expenditures for the full year are projected to be in the range of kEUR 3,750 to kEUR 4,250, which primarily includes ongoing investments in our subsidiaries.
Our total backlog of 3D printer orders at March 31, 2023 was kEUR 9,249, which represents twelve 3D printers. This compares to a backlog of kEUR 9,975 representing eleven 3D printers, at December 31, 2022. As production and delivery of our printers is generally characterized by lead times ranging between three to nine months, the conversion rate of order backlog into revenue is dependent on the equipping process for the respective 3D printer as well as the timing of customers’ requested deliveries.
At March 31, 2023, we had cash and cash equivalents of kEUR 8,285, additionally we held restricted cash of kEUR 2,986 and held kEUR 3,680 of term deposits, which are included in current and non-current other financial assets on our consolidated statements of financial position.
Webcast and Conference Call Details
The Company will host a conference call and webcast to review the results for the first quarter of 2023 on Friday, May 19, 2023 at 8:30 a.m. Eastern Time. Participants from voxeljet will include its Chief Executive Officer, Dr. Ingo Ederer, and its Chief Financial Officer, Rudolf Franz, who will provide a general business update and respond to investor questions.
Interested parties may access the live audio broadcast by dialing 1-877-704-4453 in the United States/Canada, or 1-201-389-0920 for international, Conference Title “voxeljet AG First Quarter 2023 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 1-844-512-2921 or 1-412-317-6671, Replay Conference ID number 13738147. The recording will be available for replay through May 26, 2023.
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 https://events.q4inc.com/attendee/552705295 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.
Non-IFRS Measure
Management regularly uses both IFRS and non-IFRS results and expectations internally to assess its overall performance of the business, making operating decisions, and forecasting and planning for future periods. Management believes that Adjusted EBITDA is a useful financial measure to the Company’s investors as it helps investors better understand and evaluate the projections our management board provides. The Company’s calculation of Adjusted EBITDA may not be comparable to similarly titled financial measures reported by other peer companies. Adjusted EBITDA should not be considered as a substitute to financial measures prepared in accordance with IFRS.
The Company uses Adjusted EBITDA as a supplemental financial measure of its financial performance. Adjusted EBITDA is defined as net income (loss), as calculated under IFRS accounting principles, interest (income) expense, provision (benefit) for income taxes, depreciation and amortization, and excluding other (income) expense resulting from foreign exchange gains or losses on the intercompany loans granted to the subsidiaries. Management believes Adjusted EBITDA to be an important financial measure because it excludes the effects of fluctuating foreign exchange gains or losses on the intercompany loans granted to its subsidiaries. We are unable to reasonably estimate the potential full-year financial impact of foreign currency translation because of volatility in foreign exchange rates. Therefore, we are unable to provide a reconciliation to our forward-looking guidance for non-GAAP Adjusted EBITDA without unreasonable effort as certain information necessary to calculate such measure on an IFRS basis is unavailable, dependent on future events outside of our control and cannot be predicted without unreasonable efforts by the Company.
About voxeljet
voxeljet is a 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,’’ ‘‘projects,’’ ‘‘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
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
Notes |
|
3/31/2023 |
|
12/31/2022 |
|
|
|
|
|
|
(€ in thousands) |
|
||
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
34,759 |
|
35,481 |
|
|
Cash and cash equivalents |
|
7 |
|
8,285 |
|
12,119 |
|
|
Other financial assets |
|
7 |
|
5,726 |
|
2,047 |
|
|
Trade receivables |
|
7 |
|
5,477 |
|
6,165 |
|
|
Inventories |
|
4 |
|
12,355 |
|
11,136 |
|
|
Income tax receivables |
|
|
|
30 |
|
23 |
|
|
Other assets |
|
|
|
2,886 |
|
3,991 |
|
|
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
19,560 |
|
19,639 |
|
|
Other financial assets |
|
7 |
|
944 |
|
944 |
|
|
Intangible assets |
|
|
|
905 |
|
819 |
|
|
Property, plant and equipment |
|
5 |
|
17,644 |
|
17,799 |
|
|
Other assets |
|
|
|
67 |
|
77 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
|
54,319 |
|
55,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes |
|
3/31/2023 |
|
12/31/2022 |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
11,061 |
|
11,374 |
|
|
Trade payables |
|
7 |
|
2,590 |
|
2,683 |
|
|
Contract liabilities |
|
|
|
4,550 |
|
4,877 |
|
|
Other financial liabilities |
|
7 |
|
1,232 |
|
1,161 |
|
|
Other liabilities and provisions |
|
6 |
|
2,689 |
|
2,653 |
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
21,714 |
|
19,024 |
|
|
Contract liabilities |
|
|
|
384 |
|
281 |
|
|
Other financial liabilities |
|
7 |
|
21,330 |
|
18,743 |
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
21,544 |
|
24,722 |
|
|
Subscribed capital |
|
|
|
9,135 |
|
9,135 |
|
|
Capital reserves |
|
|
|
113,033 |
|
112,996 |
|
|
Accumulated deficit |
|
|
|
(100,457) |
|
(97,240) |
|
|
Accumulated other comprehensive income (loss) |
|
|
|
(428) |
|
(464) |
|
|
Equity attributable to the owners of the company |
|
|
|
21,283 |
|
24,427 |
|
|
Non-controlling interest |
|
|
|
261 |
|
295 |
|
|
Total equity and liabilities |
|
|
|
54,319 |
|
55,120 |
|
|
|
|
|
|
|
|
|
|
See accompanying notes to unaudited condensed consolidated interim financial statements.
voxeljet AG
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
||
|
|
|
Notes |
|
2023 |
|
2022 |
|
|
|
|
|
(€ in thousands except share and share data) |
||
|
Revenues |
|
9, 10 |
|
6,015 |
|
4,640 |
|
Cost of sales |
|
|
|
(4,098) |
|
(3,049) |
|
Gross profit |
|
9 |
|
1,917 |
|
1,591 |
|
Selling expenses |
|
|
|
(1,919) |
|
(1,637) |
|
Administrative expenses |
|
|
|
(1,507) |
|
(1,677) |
|
Research and development expenses |
|
|
|
(1,599) |
|
(1,441) |
|
Other operating expenses |
|
|
|
(459) |
|
(158) |
|
Other operating income |
|
|
|
736 |
|
2,204 |
|
Thereof income (expense) from changes in impairment allowance included in |
|
|
|
5 |
|
(73) |
|
Operating loss |
|
|
|
(2,831) |
|
(1,118) |
|
Finance expense |
|
8 |
|
(449) |
|
(1,048) |
|
Finance income |
|
8 |
|
29 |
|
1,399 |
|
Financial result |
|
8 |
|
(420) |
|
351 |
|
Loss before income taxes |
|
|
|
(3,251) |
|
(767) |
|
Income tax income (expense) |
|
|
|
— |
|
14 |
|
Net loss |
|
|
|
(3,251) |
|
(753) |
|
Other comprehensive income (loss) that may be reclassified subsequently to profit or loss(1) |
|
|
|
36 |
|
(1,563) |
|
Total comprehensive loss(1) |
|
|
|
(3,215) |
|
(2,316) |
|
|
|
|
|
|
|
|
|
Loss attributable to: |
|
|
|
|
|
|
|
Owners of the Company |
|
|
|
(3,217) |
|
(688) |
|
Non-controlling interests |
|
|
|
(34) |
|
(65) |
|
|
|
|
|
(3,251) |
|
(753) |
|
|
|
|
|
|
|
|
|
Total comprehensive loss attributable to: |
|
|
|
|
|
|
|
Owners of the Company(1) |
|
|
|
(3,181) |
|
(2,251) |
|
Non-controlling interests |
|
|
|
(34) |
|
(65) |
|
|
|
|
|
(3,215) |
|
(2,316) |
|
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares outstanding |
|
|
|
9,134,724 |
|
7,026,711 |
|
Loss per share – basic/ diluted (EUR) |
|
|
|
(0.35) |
|
(0.10) |
See accompanying notes to unaudited condensed consolidated interim financial statements.
(1) The amount of other comprehensive income (loss) that may be reclassified subsequently to profit or loss was restated related to the correction of reclassification of foreign currency translation reserve. For further information, see Note 1 of the interim consolidated financial statements.
voxeljet AG
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to the owners of the company |
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other |
|
|
|
|
|
|
|
|
|
Subscribed |
|
Capital |
|
Accumulated |
|
comprehensive |
|
|
|
Non-controlling |
|
|
|
(€ in thousands) |
|
capital |
|
reserves |
|
deficit |
|
gain (loss) |
|
Total |
|
interests |
|
Total equity |
|
Balance at December 31, 2021 |
|
7,027 |
|
110,264 |
|
(85,974) |
|
1,400 |
|
32,717 |
|
(230) |
|
32,487 |
|
Loss for the period |
|
— |
|
— |
|
(688) |
|
— |
|
(688) |
|
(65) |
|
(753) |
|
Foreign currency translations |
|
— |
|
— |
|
— |
|
(88) |
|
(88) |
|
— |
|
(88) |
|
Reclassification to profit or loss on deconsolidation of subsidiary |
|
— |
|
— |
|
— |
|
(1,475) |
|
(1,475) |
|
— |
|
(1,475) |
|
Equity-settled share-based payment |
|
— |
|
43 |
|
— |
|
— |
|
43 |
|
— |
|
43 |
|
Balance at March 31, 2022 |
|
7,027 |
|
110,307 |
|
(86,662) |
|
(163) |
|
30,509 |
|
(295) |
|
30,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to the owners of the company |
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other |
|
|
|
|
|
|
|
|
|
Subscribed |
|
Capital |
|
Accumulated |
|
comprehensive |
|
|
|
Non-controlling |
|
|
|
(€ in thousands) |
|
capital |
|
reserves |
|
deficit |
|
gain (loss) |
|
Total |
|
interests |
|
Total equity |
|
Balance at December 31, 2022 |
|
9,135 |
|
112,996 |
|
(97,240) |
|
(464) |
|
24,427 |
|
295 |
|
24,722 |
|
Loss for the period |
|
— |
|
— |
|
(3,217) |
|
— |
|
(3,217) |
|
(34) |
|
(3,251) |
|
Foreign currency translations |
|
— |
|
— |
|
— |
|
36 |
|
36 |
|
— |
|
36 |
|
Equity-settled share-based payment |
|
— |
|
37 |
|
— |
|
— |
|
37 |
|
— |
|
37 |
|
Balance at March 31, 2023 |
|
9,135 |
|
113,033 |
|
(100,457) |
|
(428) |
|
21,283 |
|
261 |
|
21,544 |
See accompanying notes to unaudited condensed consolidated interim financial statements.
voxeljet AG
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
||
|
|
|
2023 |
|
2022 |
|
|
|
(€ in thousands) |
||
|
Cash Flow from operating activities |
|
|
|
|
|
|
|
|
|
|
|
Loss for the period |
|
(3,251) |
|
(753) |
|
|
|
|
|
|
|
Depreciation and amortization |
|
731 |
|
719 |
|
Foreign currency exchange differences on loans to subsidiaries |
|
133 |
|
(462) |
|
Foreign currency translation reserve reclassified to profit or loss |
|
— |
|
(1,475) |
|
Change in fair value of bond funds |
|
— |
|
443 |
|
Share-based compensation expense |
|
37 |
|
43 |
|
Change in impairment of trade receivables |
|
(5) |
|
73 |
|
Non-cash interest expense on long-term debt |
|
111 |
|
544 |
|
Change in fair value of derivative equity forward |
|
— |
|
(1,316) |
|
Change in fair value of derivative put option |
|
35 |
|
— |
|
Change in inventory allowance |
|
83 |
|
164 |
|
Loss on disposal of property, plant and equipment and intangible assets |
|
— |
|
19 |
|
Interest paid |
|
303 |
|
189 |
|
Interest received |
|
(26) |
|
(87) |
|
Other |
|
— |
|
(32) |
|
|
|
|
|
|
|
Change in working capital |
|
(1,253) |
|
207 |
|
Trade and other receivables, inventories and current assets |
|
(1,026) |
|
(1,328) |
|
Trade payables |
|
(49) |
|
390 |
|
Other liabilities, contract liabilities and provisions |
|
(171) |
|
1,147 |
|
Income tax payable/receivables |
|
(7) |
|
(2) |
|
Total |
|
(3,102) |
|
(1,724) |
|
|
|
|
|
|
|
Cash Flow from investing activities |
|
|
|
|
|
|
|
|
|
|
|
Payments to acquire property, plant and equipment and intangible assets |
|
(168) |
|
(264) |
|
Proceeds from disposal of financial assets |
|
— |
|
2,653 |
|
Payments to acquire financial assets |
|
(3,714) |
|
— |
|
Interest received |
|
26 |
|
87 |
|
Total |
|
(3,856) |
|
2,476 |
|
|
|
|
|
|
|
Cash Flow from financing activities |
|
|
|
|
|
|
|
|
|
|
|
Repayment of lease liabilities |
|
(219) |
|
(89) |
|
Repayment of long-term debt |
|
(26) |
|
(140) |
|
Proceeds from long-term debt |
|
3,028 |
|
— |
|
Debt transaction cost |
|
(124) |
|
— |
|
Proceeds from issuance of shares |
|
860 |
|
— |
|
Share issue cost |
|
(71) |
|
— |
|
Interest paid |
|
(307) |
|
(189) |
|
Total |
|
3,141 |
|
(418) |
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
(3,817) |
|
334 |
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period |
|
12,119 |
|
7,027 |
|
Changes to cash and cash equivalents due to foreign exchanges rates |
|
(17) |
|
35 |
|
Cash and cash equivalents at end of period |
|
8,285 |
|
7,396 |
|
|
|
|
|
|
Contacts
Investors and Media
Johannes Pesch
Director Investor Relations and Business Development
[email protected]
Office: +49 821 7483172
Mobile: +49 176 45398316
