6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November, 2018

Commission File Number: 001 - 36130

voxeljet AG

(Exact Name of Registrant as Specified in Its Charter)

Paul-Lenz-Straße 1a

86316 Friedberg

Germany

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒            Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

Other Events

On November 27, 2018, voxeljet AG (the “Company”)  issued a press release announcing its financial results for the third quarter ended September 30, 2018.

The English translation of the amended articles of association of the Company as of November 1, 2018 reflecting the authorized capital increase approved by the Company’s supervisory board is attached hereto as Exhibit 3.1.

Exhibits

3.1	Amended Articles of Association of voxeljet AG (English translation).
99.1	voxeljet AG Press Release.

The information contained in this Form 6-K in Exhibits 3.1 and 99.1 is incorporated by reference into any offering circular or registration statement (or into any prospectus that forms a part thereof) filed by voxeljet AG  with the Securities and Exchange Commission.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

voxeljet AG
By:	/s/ Rudolf Franz
	Name:	Rudolf Franz
	Title:	Chief Financial Officer

Date: November 27, 2018

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EX-3.1

Exhibit 3.1

	SATZUNG DER VOXELJET AG		ARTICLES OF ASSOCIATION OF VOXELJET AG
	I. ALLGEMEINE BESTIMMUNGEN		I. GENERAL PROVISIONS
	§ 1 Firma, Sitz und Dauer		§ 1 Name, Registered Offices and Duration
(1)	Die Firma der Gesellschaft lautet voxeljet AG.	(1)	The name of the company is voxeljet AG.
(2)	Die Gesellschaft hat ihren Sitz in Augsburg.	(2)	The registered office of the company is in Augsburg.
(3)	Die Gesellschaft ist auf unbestimmte Zeit errichtet.	(3)	The company is established for an indefinite period.
	§ 2 Gegenstand des Unternehmens		§ 2 Object of the Company
(1)	Gegenstand der Gesellschaft ist die Entwicklung, Produktion und der Vertrieb von 3‑D-Druckern, 3‑D-Drucksystemen, dreidimensionalen Formen, Modellen und sonstigen 3‑D-Drucklösungen und Druckprodukten aus Materialien aller Art sowie die Erbringung sämtlicher hiermit im Zusammenhang stehender Dienstleistungen einschließlich des Vertriebes über das Internet.	(1)	The object of the company is the development, production and distribution of 3D printers, 3D printing systems, three dimensional moulds, models and other 3D printing solutions and 30 products of materials of all kinds as well as supply of related services in that field including web-based sales.
(2)	Die Gesellschaft ist zur Durchführung aller Geschäftsaktivitäten berechtigt, die dem Geschäftsgegenstand mittelbar oder unmittelbar dienen oder nützlich sind. Der Gesellschaft ist es insbesondere gestattet, sich an anderen Gesellschaften zu beteiligen, andere Gesellschaften zu erwerben, zu veräußern und Tochtergesellschaften oder Zweigniederlassungen im In- und Ausland zu errichten. Die Gesellschaft kann ferner im Zusammenhang mit der Ausübung der Tätigkeit einer Führungs­ oder Funktionsholding im Wege der direkten oder indirekten unternehmerischen Steuerung, Geschäftsführung und Verwaltung ihrer Beteiligungsgesellschaften mit diesen Gesellschaften oder Dritten entgeltliche Verträge jeder Art abschließen.	(2)	The company may engage in all business activities which serve, directly or indirectly, the object of the company. The company is in particular allowed to invest in, acquire interests in and dispose of other companies, and to establish domestic and foreign branch offices and subsidiaries. The company may furthermore enter into agreements with its affiliates and third parties against consideration in the context of acting as management holding company or operational holding company by way of direct or indirect corporate governance, management and administration of its affiliates.
	§ 3 Bekanntmachungen und Informationsübermittlung		§ 3 Notices and Transmission of Information

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Die Bekanntmachungen der Gesellschaft erfolgen im Bundesanzeiger. Announcements of the company shall be published in the German Federal Gazzette  (Bundesanzeiger).

	II. GRUNDKAPITAL UND AKTIEN		II. REGISTERED SHARE CAPITAL AND SHARES
	§ 4 Höhe und Einteilung des Grundkapitals		§ 4 Amount and Division of registered Share Capital
(1)	Das Grundkapital der Gesellschaft beträgt EUR 4.836.000,00 (in Worten: vier Millionen achthundertsechsunddreißigtausend Euro).	(1)	The company’s share capital amounts to EUR 4,836,000.00 (in words: four million eight hundred thirty-six thousand Euro).
(2)	Es ist eingeteilt in 4.836.000 (in Worten: vier Millionen achthundertsechsunddreißigtausend) auf den Namen lautende nennwertlose Stückaktien.	(2)	It is divided into 4,836,000 (in words: four million eight hundred thirty-six thousand) no par value registered shares.
	§ 5 Genehmigtes Kapital		§ 5 Authorised Share Capital
(1)	Der Vorstand ist ermächtigt, mit Zustimmung des Aufsichtsrats das Grundkapital der Gesellschaft bis zum 29. Mai 2023 einmalig oder mehrmals um bis zu EUR 744.000,00 (in Worten: siebenhundertvierundvierzigtausend Euro) durch Ausgabe von bis zu 744.000 (in Worten: siebenhundertvierundvierzigtausend) neuen auf den Namen lautenden Stammaktien (Stückaktien) gegen Bareinlagen und/oder Sacheinlagen zu erhöhen (Genehmigtes Kapital 2018). Die Ermächtigung kann in Teilbeträgen ausgenutzt werden.	(1)	In the period ending on May 29, 2023 the management board is authorized, subject to the consent of the supervisory board, to increase the company’s registered share capital in one or more tranches by up to EUR 744,000.00 (in words: seven hundred forty-four thousand Euro) in aggregate by issuing up to 744,000 (in words: seven hundred forty-four thousand) new no par value registered shares against cash contribution or contributions in kind (Authorised Capital). This authorization may be implemented in tranches.
(2)	Den Aktionären ist grundsätzlich ein Bezugsrecht einzuräumen. Das gesetzliche Bezugsrecht kann auch in der Weise gewährt werden, indem die neuen Aktien von einem Kreditinstitut oder einem nach § 53 Abs. 1 Satz 1 oder nach § 53b Abs. 1 Satz 1 oder Abs. 7 des Gesetztes über das Kreditwesen tätigen Unternehmen mit der Verpflichtung übernommen werden, sie den Aktionären mittelbar im Sinne von § 186 Abs. 5 AktG zum Bezug anzubieten.	(2)	In principle, shareholders are to be granted a subscription right for new shares. The statutory subscription right may also be offered in such a way that the new shares are taken over by a bank or by a financial institution acting pursuant to Section 53 para. 1 sentence 1 or Section 53b para. 1 sentence 1 or para. 7 of the German Banking Code  (Gesetz über das Kreditwesen)  with the obligation to offer them indirectly to the shareholders for subscription within the meaning of Section 186 para. 5 of the German Stock Corporation Code  (Aktiengesetz;  AktG)  .

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Der Vorstand ist jedoch ermächtigt, mit Zustimmung des Aufsichtsrats das Bezugsrecht der Aktionäre bei Kapitalerhöhungen gegen Bareinlagen auszuschließen, wenn dies zum Zwecke der Ausgabe von Aktien erfolgt, die mittels American Depositary Receipts („ADRs" oder „ADSs“) am US-Kapitalmarkt bzw. bei institutionellen Investoren aus jeglichen Jurisdiktionen platziert werden sollen, und in diesem Zusammenhang auch zur Deckung einer den Emissionsbanken eingeräumten Mehrzuteilungsoption, soweit die nach der vorstehenden Ermächtigung zum Bezugsrechtsausschluss ausgegebenen Aktien insgesamt 30% des Grundkapitals nicht überschreiten und der Ausgabepreis der neuen Aktien den Börsenpreis der bereits an der Börse gehandelten Aktien gleicher Gattung und Ausstattung im Zeitpunkt der endgültigen Festlegung des Ausgabebetrags nicht wesentlich im Sinne der §§ 203 Abs. 1 und 2, 186 Abs. 3 Satz 4 AktG unterschreitet. Als Börsenpreis gilt auch der Preis einer an der New Yorker Börse (New York Stock Exchange, NYSE) notierten ADS, multipliziert mit der Anzahl der ADSs, die eine Aktie repräsentieren.

However, with the Supervisory Board’s approval the Executive Board shall be authorized to exclude the shareholders’ subscription rights in the case of capital increases against contributions in cash, if this is done for the purpose of issuing shares that are to be placed on the US capital market or with institutional investors from any jurisdiction by means of American Depositary Receipts (“ADRs”) or American Depositary Shares (“ADSs”), and in this same context also to cover an over-allotment option granted to the issuing banks, provided the shares which are issued in accordance with the above authorization and in respect of which the exclusion of subscription rights applies do not in total exceed 30% of the nominal capital, and insofar as the issue price of the new shares is not substantially lower than the trading price of the shares of the same class and carrying the same rights already listed at the time when the Executive Board finally determines the issue price, in compliance with Stock Corporation Act § 203(1) and (2) and Stock Corporation Act § 186(3) sentence 4. The trading price shall also be understood to mean the price of an ADR listed at New York Stock Exchange (NYSE) multiplied by the number of ADRs representing one share.

Der Vorstand ist darüber hinaus ermächtigt, das gesetzliche Bezugsrecht der Aktionäre mit Zustimmung des Aufsichtsrats für eine oder mehrere Kapitalerhöhungen im Rahmen des Genehmigten Kapitals auszuschließen, (i) um Spitzenbeiträge, die sich aufgrund des Bezugsverhältnisses ergeben, vom Bezugsrecht der Aktionäre auszunehmen, (ii) bei Sachkapitalerhöhungen, insbesondere – aber ohne Beschränkung hierauf – zum Erwerb von Unternehmen, Unternehmensteilen oder Beteiligung von Unternehmen, oder

Furthermore, the management board is authorised, subject the consent of the supervisory board, to exclude the statutory subscription right in relation to one or more increases of the share capital within the scope of the Authorised Capital, (i) to exclude fractional amounts re­sulting from the subscription ratio from the statutory subscription right of the shareholders; (ii) in the case of increases of the share capital against contributions in kind in particular – but without limitation – to acquire companies, divisions of companies or interests in companies; or

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	(iii) wenn Kapitalerhöhungen gegen Bareinlagen erfolgt und der Ausgabepreis der neuen Aktien den Börsenpreis der bereits an der Börse gehandelten Aktien gleicher Gattung und Ausstattung im Zeitpunkt der endgültigen Festlegung des Ausgabebetrags nicht wesentlich im Sinne der §§ 203 Abs. 1 und 2, 186 Abs. 3 Satz 4 AktG unterschreitet und der auf die nach dieser Ziffer (iii) unter Ausschluss des Bezugsrechts gemäß § 186 Abs. 3 Satz 4 AktG ausgegebenen neuen Aktien entfallende anteilige Betrag des Grundkapitals insgesamt 10% des Grundkapitals nicht überschreitet, und zwar weder des im Zeitpunkt des Wirksamwerdens noch im Zeitpunkt der Ausübung dieser Ermächtigung vorhandenen Grundkapitals. Als Börsenpreis gilt auch der Preis einer an der New Yorker Börse (New York Stock Exchange, NYSE) notierten ADS, multipliziert mit der Anzahl der ADSs, die eine Aktie repräsentieren. Auf die Höchstgrenze von 10% des Grundkapitals sind ferner diejenigen neuen oder eigenen Aktien der Gesellschaft oder ADSs anzurechnen, die während der Laufzeit dieses genehmigten Kapitals auf anderer Grundlage unter Ausschluss des Bezugsrechts der Aktionäre gemäß § 71 Abs. 1 Nr. 8 Satz 5 AktG oder § 186 Abs. 3 Satz 4 AktG ausgegeben oder veräußert werden.		(iii) in the case that the increase of the share capital is against contribution in cash and provided that the issue price of the new shares is not substantially lower (within the meaning of Sections 203 para. 1 and 2, 186 para. 3 sentence 4 AktG) than the stock exchange price for shares in the Company of the same class and having the same conditions already listed at the time of the final determination of the issue price and provided that the amount of the Share capital represented by the shares issued pursuant to this lit (iii) under the exclusion of the statutory subscription right as set forth in Section 186 para. 3 sentence 4 AktG does not exceed 10% of the share capital at the time of this authorisation coming into effect or being exercised. The stock market, price may also be determined by the market price of an American Depository Receipt  (“ADR”)  listed on the New York Stock Exchange  ("NYSE") , multiplied by the number of ADRs which represent a share. The said threshold of 10% shall also include new or treasury shares of the Company and ADRs, which are issued or transferred during the term of this authorized share capital an another legal basis while excluding the subscription right pursuant to Section 71 paragraph 1 number 8 sentence 5 AktG or Section 186 para. 3 sentence 4 AktG.
(3)	Der Vorstand ist ermächtigt, über den weiteren Inhalt der Aktienrechte und die Bedingungen der Aktienausgabe mit Zustimmung des Aufsichtsrates zu entscheiden.	(3)	The management board is authorised to determine, subject to the consent of the supervisory board, the further details regarding the rights attached to the shares and the conditions of the share issue.
(4)	Der Aufsichtsrat ist ermächtigt, die Fassung der Satzung der Gesellschaft nach Durchführung der Kapitalerhöhungen oder nach Ablauf der Ermächtigungsfrist ohne Ausnutzung des Genehmigten Kapitals zu ändern.	(4)	The supervisory board is authorised to amend the wording of the articles of association of the company following the increase of the share capital or following the expiry of the period, for which the authorisation has been granted and in which the authorisation has not been employed.
	§ 6 Bedingtes Kapital		§ 6 Conditional Capital

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	Das Grundkapital der Gesellschaft ist um bis zu EUR 372.000,00 (in Worten: Euro dreihundertzweiundsiebzig tausend) durch Ausgabe von bis zu 372.000 (in Worten: dreihundertzweiundsiebzig tausend) Stück auf den Namen lautende Stammaktien ohne Nennbetrag bedingt erhöht. Die bedingte Kapitalerhöhung wird nur insoweit durchgeführt, wie die Aktienoptionen ausgeübt werden, die aufgrund der Ermächtigung der Hauptversammlung vom 31. Mai 2016, bis zum 31. Dezember 2026 gewährt werden. Die aufgrund der Bezugsrechte aus Aktienoptionen ausgegebenen neuen Aktien sind für das gesamte Geschäftsjahr, in dem die Ausübung des Bezugsrechts wirksam wird, dividendenberechtigt  (Bedingtes Kapital I)  .		The Company’s share capital is conditionally increased by up to EUR 372,000.00 (in words: three hundred seventy-two thousand euro) by issuing up to 372,000 (in words: three hundred seventy-two thousand) registered no-par value shares. The conditional capital increase shall only be carried out to the extent that stock options granted until December 31, 2026 on the basis of the authorization of the general meeting of May 31, 2016 are exercised. The new shares issued on the basis of subscription rights from stock options shall confer an entitlement to dividends for the entire financial year in which the exercise of the option right became effective (Conditional Capital I)  .
	§ 7 Namensaktien, Aktienurkunden		§ 7 Registered Shares, Share Certificates
(1)	Die Aktien werden als Namensaktien ausgegeben.	(1)	Shares are issued as registered shares.
(2)	Die Form und den Inhalt von Aktienurkunden, etwaigen Gewinnanteils- und Erneuerungsscheinen setzt der Vorstand mit Zustimmung des Aufsichtsrats fest. Die Aktienurkunden werden durch den Vorstand allein unterzeichnet. Das Gleiche gilt für Schuldverschreibungen oder Zinsscheine.	(2)	The management board shall determine the form and content of share certificates and any dividend warrants and renewal coupons with the consent of the supervisory board. The share certificates shall solely be signed by the management board. The same applies to bonds and interest coupons.
(3)	Ein Anspruch der Aktionäre auf Verbriefung ihrer Anteile ist ausgeschlossen, soweit dies gesetzlich zulässig und nicht eine Verbriefung nach den Regeln einer Börse erforderlich ist, an der die Aktie zum Handel zugelassen ist. Die Gesellschaft ist berechtigt, Aktienurkunden auszustellen, die einzelne Aktien (Einzelaktien) oder mehrere Aktien (Sammelaktien) verkörpern.	(3)	Any rights of the shareholders to the securitization of their shares is excluded to the extent permitted by law and that the securitization is not required under the rules of any stock exchange on which the shares are admitted to trading. The company is entitled to issue share certificates representing individual shares (single shares) or several shares (global shares).

III. DER VORSTAND	III. THE MANAGEMENT BOARD
§ 8 Zusammensetzung und Geschäftsordnung	§ 8 Composition and Rules of Procedure

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(1)		Der Vorstand besteht aus einem oder mehreren Mitgliedern. Der Aufsichtsrat bestimmt die konkrete Zahl der Mitglieder des Vorstands. Er kann einen Vorsitzenden des Vorstands sowie einen stellvertretenden Vorsitzenden oder einen Vorstandssprecher sowie einen stellvertretenden Vorstandssprecher ernennen.		(1)		The management board consists of one or more persons. The supervisory board shall determine the specific number of members of the management board. lt may appoint a chairman and a deputy chairman of the management board or a spokesman and a deputy spokesman of the management board.
(2)	Die Beschlüsse des Vorstands werden, soweit die Satzung oder die Geschäftsordnung des Vorstands nicht etwas anderes vorsehen, mit einfacher Stimmenmehrheit gefasst. Bei Stimmengleichheit entscheidet die Stimme des Vorsitzenden des Vorstands. Falls kein Vorsitzender ernannt ist oder der Vorsitzende sich nicht an der Abstimmung beteiligt, gilt bei Stimmengleichheit ein Antrag als abgelehnt.		(2)		Unless otherwise provided for by the articles of association or the rules of procedure of the management board, the management board shall pass resolutions by a simple majority of votes cast. In the event of a tie of votes, the chairman of the management board shall have a casting vote. lf no chairman is appointed or the chairman does not participate in the vote, a proposal for a resolution is deemed to be rejected in case of a tie of votes.
(3)	Der Aufsichtsrat erlässt für den Vorstand eine Geschäftsordnung und legt hierin insbesondere auch Geschäfte fest, zu deren Vornahme die Zustimmung des Aufsichtsrats erforderlich ist.		(3)		The supervisory board shall pass rules of procedure for the management board and shall, in particular, set forth the transactions which require the consent of the supervisory board.
	§ 9 Vertretung der Gesellschaft				§ 9 Representation of the Company
(1)	Die Gesellschaft wird gemeinsam durch zwei Vorstandsmitglieder oder durch ein Vorstandsmitglied zusammen mit einem Prokuristen vertreten. Hat die Gesellschaft nur einen Vorstand, so ist dieser alleinvertretungsberechtigt. § 112 AktG bleibt unberührt.		(1)		The company is jointly represented by two members of the management board or by one member of the management board together with an authorised signatory  (Prokurist). In case the management board consists of only one person, this person represents the company alone. Section 112 AktG shall remain unaffected.
(2)	Der Aufsichtsrat kann bestimmen, dass einzelne oder alle Vorstandsmitglieder einzelvertretungsbefugt sind. Der Aufsichtsrat kann einzelne oder alle Vorstandsmitglieder und zur gesetzlichen Vertretung gemeinsam mit einem Vorstandsmitglied berechtigte Prokuristen generell oder für den Einzelfall Befreiung von der Beschränkung des § 181 Alt. 2 BGB erteilen.		(2)		The supervisory board may determine that certain or all members of the management board have sole power of attorney. The supervisory board may generally or in individual cases exempt certain or all members of the management board as well as authorized signatories who are authorised in conjunction with one member of the management board, from the restriction of Section 181, 2 nd  Case of the German Civil Code (Bürgerliches Gesetzbuch;   BGB).
	IV. DER AUFSICHTSRAT				IV. THE SUPERVISORY BOARD

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	§ 10 Zusammensetzung, Amtsdauer und Amtsniederlegung				§ 10 Composition, Term of Office, Resignation from Office
(1)	Der Aufsichtsrat besteht aus drei Mitgliedern.		(1)		The supervisory board consists of three members.
(2)		Die Wahl der Mitglieder des Aufsichtsrats erfolgt für die Zeit bis zur Beendigung der Hauptversammlung, die über die Entlastung für das  vierte  Geschäftsjahr nach dem Beginn der Amtszeit beschließt. Hierbei wird das Geschäftsjahr, in welchem die Amtszeit beginnt, nicht mitgerechnet. Die Hauptversammlung kann eine kürzere Amtszeit bestimmen. Eine Wiederwahl ist möglich.		(2)		The election of the supervisory board members is made for the period until the end of the general shareholders’ meeting, which decides on the approval of the management’s business actions for the fourth financial year after the commencement of the term of office. The financial year in which the term of office commences is not included in this calculation. A shorter term of office can be specified in the general shareholders’ meeting. Members may be re-elected.
(3)		Die Hauptversammlung kann für die von ihr zu wählenden Aufsichtsratsmitglieder Ersatzmitglieder bestellen, die nach näherer Bestimmung durch die Hauptversammlung Mitglieder des Aufsichtsrats werden, wenn Aufsichtsratsmitglieder vorzeitig aus dem Aufsichtsrat ausscheiden. Das Aufsichtsratsamt des Ersatzmitglieds erlischt in diesem Fall mit Beendigung der nächsten Hauptversammlung, die nach seinem Amtsantritt stattfindet, sofern auf dieser Hauptversammlung eine Ersatzwahl vorgenommen wird. Wird auf der Hauptversammlung keine Ersatzwahl vorgenommen, so verlängert sich die Amtszeit des Ersatzmitglieds bis zum Ende der Amtszeit des vorzeitig ausgeschiedenen Aufsichtsratsmitglieds. Ersatzwahlen erfolgen für den Rest der Amtszeit des ausgeschiedenen Mitglieds.		(3)		The general shareholders’ meeting may appoint replacement members for the supervisory board members to be elected, who become members of the supervisory board pursuant to further provisions made by the general shareholders’ meeting, if members of the supervisory board leave office prematurely. lf a replacement member replaces a member who has left, then his term of office shall expire at the end of the next general shareholders’ meeting taking place after his appointment to office if a replacement election takes place during this general shareholders’ meeting. lf no replacement member is appointed during the general shareholders’ meeting, the office of the replacement member shall extend until the end of the full term of office of the supervisory board member who left office prematurely. The election of replacement members shall take place for the remainder of the term of office of the member who has left.

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(4) Jedes Aufsichtsratsmitglied oder Ersatzmitglied kann sein Amt auch ohne wichtigen Grund durch Erklärung in Textform gegenüber der Gesellschaft, vertreten durch den Vorsitzenden des Aufsichtsrats - oder im Falle einer Amtsniederlegung durch den Vorsitzenden, vertreten durch seinen Stellvertreter - unter Einhaltung einer Frist von einem Monat niederlegen. Der nach Satz 1 Empfangsberechtigte kann einer Verkürzung der Frist oder einem Verzicht auf die Wahrung der Frist zustimmen. Das Recht zur Amtsniederlegung aus wichtigem Grund bleibt hiervon unberührt. (4) Supervisory board members or replacement members may resign from the supervisory board even without good cause, by giving written notification to the Company, represented by the chairman of the supervisory board or, in case the chairman resigns, his deputy, with a notice period of one month. The person entitled to receive the notice pursuant to the immediately preceding sentence may approve to a shorter notice period or waive the adherence of the notice period. The right to resign from office for good cause shall remain unaffected.

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	§ 11 Vorsitzender und Stellvertreter		§ 11 Chairman and Deputy Chairman
(1)	Der Aufsichtsrat wählt im Anschluss an die ordentliche Hauptversammlung, mit deren Beendigung die Amtszeit der von der Hauptversammlung gewählten Mitglieder beginnt, in einer Sitzung, zu der es einer besonderen Einladung nicht bedarf, aus seiner Mitte für die Dauer ihrer jeweiligen Amtszeit einen Vorsitzenden und einen stellvertretenden Vorsitzenden.	(1)	Subsequent to the general shareholders’ meeting at which the office of the members elected during the general shareholders’ meeting expires, a supervisory board meeting shall take place which does not have to be specially convened, in which the supervisory board elects a chairman and a deputy chairman from its midst for the duration of the relevant period of office.
(2)	Scheidet der Vorsitzende oder sein Stellvertreter vorzeitig aus dem Amt aus, so hat der Aufsichtsrat unverzüglich eine Neuwahl für die restliche Amtszeit des Ausgeschiedenen vorzunehmen.	(2)	In the event that the chairman or the deputy chairman leaves office prematurely, the supervisory board shall re-elect a new chairman or deputy chairman without delay for the remaining period of office of the chairman or deputy chairman who has left office.
(3)	Sind der Vorsitzende und sein Stellvertreter an der Wahrnehmung ihrer Aufgaben verhindert, so hat diese Aufgaben für die Dauer der Verhinderung das an Lebensjahren älteste Aufsichtsratsmitglied zu übernehmen.	(3)	In the event that the chairman or the deputy chairman are unable to carry out their responsibilities, the oldest member of the supervisory board shall take on these responsibilities for the duration that they are prevented from doing so.
	§ 12 Einberufung und Beschlussfassung		§ 12 Convocation and Voting
(1)	Der Vorsitzende des Aufsichtsrats oder, im Falle seiner Verhinderung, sein Stellvertreter berufen die Sitzungen des Aufsichtsrats ein und bestimmen den Tagungsort. Die Einladung erfolgt in Textform (z.B. per Brief, Telefax oder E Mail) an die dem Vorstand zuletzt bekannt gegebene Anschrift. In dringenden Fällen kann der Vorsitzende auch fernmündlich einladen.	(1)	The chairman of the supervisory board or, in the event that he is unavailable, his deputy, shall convene the meetings of the supervisory board and shall determine the venue of such meeting. The invitation to the meeting shall be made in writing (e.g. by letter, fax or e­ mail) to the last address given to the management board. In urgent cases, the Chairman may convene the meeting by telephone.

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(2)	Die Einladung soll unter Einhaltung einer Frist von 14 Tagen erfolgen und die einzelnen Punkte der Tagesordnung angeben. In dringenden Fällen kann die Einberufungsfrist abgekürzt werden. Die Arbeitsunterlagen sollen den Aufsichtsratsmitgliedern rechtzeitig, nach Möglichkeit zusammen mit der Einladung zur Sitzung, zugesandt werden. Für die Berechnung der vorstehend angegebenen Frist ist jeweils die Absendung der Einladung maßgebend.	(2)	The invitation should be made with a notice period of 14 days and should stipulate the items of the agenda. In urgent cases the notice period can be reduced. The working documents should be sent to the members of the supervisory board in due time, if possible together with the invitation to the meeting. The date on the invitation is authoritative for the calculation of the aforesaid notice period.
(3)	Der Aufsichtsrat ist beschlussfähig, wenn mindestens drei Mitglieder an der Beschlussfassung teilnehmen. Ein Mitglied nimmt auch dann an der Beschlussfassung teil, wenn es sich in der Abstimmung der Stimme enthält.	(3)	The supervisory board has a quorum if at least three members participate in the passing of resolutions. A member also participates in the passing of resolutions if he withholds his vote.

(4) Beschlüsse des Aufsichtsrats werden, soweit das Gesetz nicht zwingend etwas anderes bestimmt, mit einfacher Mehrheit der abgegebenen Stimmen gefasst. Bei Stimmengleichheit entscheidet die Stimme des Vorsitzenden des Aufsichtsrats (Stichentscheid); das gilt auch bei Wahlen. Falls kein Vorsitzender ernannt ist oder der Vorsitzende sich nicht an der Abstimmung beteiligt, gilt bei Stimmengleichheit ein Antrag als abgelehnt. (4) Resolutions of the supervisory board are passed with a simple majority of the votes cast unless there is a contrary mandatory provision by statute. In case of a tie vote, the chairman of the supervisory board shall have the decisive vote (casting vote); this also applies during elections. In the event that no chairman is appointed or the chairman does not participate in the voting, an application is considered rejected in the event of a tie vote.

(5) Die Beschlüsse des Aufsichtsrats werden regelmäßig in Sitzungen gefasst. Beschlussfassungen außerhalb von Sitzungen können auch mündlich, fernmündlich, schriftlich, per Telefax, per E-Mail oder mittels sonstiger gebräuchlicher Kommunikationsmittel, insbesondere per Videokonferenz, erfolgen, wenn alle Aufsichtsratsmitglieder an der Beschlussfassung teilnehmen oder wenn der Vorsitzende des Aufsichtsrats diese Art der Abstimmung anordnet und kein Mitglied des Aufsichtsrats dieser Art der Abstimmung innerhalb einer vom Vorsitzenden zu bestimmenden, angemessenen Frist widerspricht.  (5) The resolutions of the supervisory board are made regularly during meetings. Resolutions outside of meetings can also be made orally, by telephone, in writing, by fax, by e-mail or by other usual means of communication, in particular via video conferencing, if all members of the supervisory board participate in the resolution or if the chairman of the supervisory board decides upon this type of voting and no member of the supervisory board objects to this type of voting within the reasonable notice period determined by the chairman.

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(6)	Abwesende Mitglieder des Aufsichtsrats können an Beschlussfassungen des Aufsichtsrats dadurch teilnehmen, dass sie durch andere Aufsichtsratsmitglieder schriftliche Stimmabgaben überreichen lassen. Darüber hinaus können sie ihre Stimme während der Sitzung oder nachträglich innerhalb einer vom Vorsitzenden des Aufsichtsrats zu bestimmenden angemessenen Frist fernmündlich, per Telefax, per E-Mail oder mittels sonstiger gebräuchlicher Telekommunikationsmittel, insbesondere per Videozuschaltung, abgeben, sofern kein anwesendes Mitglied des Aufsichtsrats dieser Art der Abstimmung widerspricht.	(6)	Absent members of the supervisory board can participate in resolutions of the supervisory board by another member of the supervisory board handing in their written vote. They may additionally submit their vote during the meeting or in retrospect within a reasonable notice period determined by the chairman of the supervisory board by telephone, fax, e­ mail or by other usual means of communication, in particular via video conferencing, as long as no member of the supervisory board present objects to this type of voting.
(7)	Der Vorsitzende ist ermächtigt, im Namen des Aufsichtsrats die zur Durchführung der Beschlüsse des Aufsichtsrats erforderlichen Willenserklärungen abzugeben. Der Vorsitzende ist ermächtigt, Erklärungen für den Aufsichtsrat entgegenzunehmen. Ist er verhindert, hat sein Stellvertreter diese Befugnisse.	(7)	The chairman is authorized to submit any declarations of intent on behalf of the supervisory board, which are necessary to execute the resolutions of the supervisory board. The chairman is authorized to accept declarations on behalf of the supervisory board. lf the chairman is prevented, his deputy shall have such authorization.
(8)	Über jede Sitzung des Aufsichtsrats ist eine Niederschrift anzufertigen, die vom Vorsitzenden zu unterzeichnen ist. In der Niederschrift sind Ort und Tag der Sitzung, die Teilnehmer, die Gegenstände der Tagesordnung, der wesentliche Inhalt der Verhandlung und die Beschlüsse des Aufsichtsrats wiederzugeben. Beschlüsse außerhalb von Sitzungen werden vom Vorsitzenden schriftlich festgehalten, und diese Niederschrift ist allen Aufsichtsratsmitgliedern unverzüglich zuzuleiten.	(8)	Minutes must be prepared for each meeting of the supervisory board and these must be signed by the chairman. The minutes must include the location and date of the meeting, the participants, the items on the agenda, the main contents of the meeting and the resolutions passed by the supervisory board. Resolutions passed outside of meetings will be recorded in writing by the chairman and these minutes must be distributed to all members of the supervisory board without undue delay.

	§ 13 Geschäftsordnung des Aufsichtsrats; Satzungsänderungen		§ 13 Rules of Procedure of the Supervisory Board; Amendments to the Articles of Association
(1)	Der Aufsichtsrat gibt sich eine Geschäftsordnung im Rahmen der gesetzlichen Vorschriften und der Bestimmungen dieser Satzung.	(1)	The supervisory board shall adopt its rules of procedure in accordance with the applicable law and these articles of association.

(2) Der Aufsichtsrat ist befugt, Änderungen der Satzung zu beschließen, die nur deren Fassung betreffen. (2) The supervisory board is authorized to resolve amendments to the articles of association that relate solely to their wording.

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	§ 14 Vergütung		§ 14 Remuneration
	Die Vergütung der Mitglieder des Aufsichtsrats wird von der Hauptversammlung bewilligt.		The remuneration of the members of the supervisory board is determined by the general shareholders’ meeting.
	V. HAUPTVERSAMMLUNG		V. GENERAL SHAREHOLDER’S MEETING
	§ 15 Ort und Einberufung		§ 15 Venue and Convening of Meeting
(1)	Die Hauptversammlung wird durch den Vorstand oder, in den gesetzlich vorgeschriebenen Fällen, durch den Aufsichtsrat einberufen. Sie findet nach Wahl des einberufenden Organs am Sitz der Gesellschaft, am Sitz einer deutschen Wertpapierbörse oder in einer deutschen Stadt mit mehr als 100.000 Einwohnern statt.	(1)	The general shareholders’ meeting is convened (i.e. notice must be given) by the management board or, in the cases provided for by law, by the supervisory board. It takes place, following the election of the convening body, at the registered office of the Company, at the registered office of a German stock exchange or in a German city with more than 100,000 residents.
(2)	Die Hauptversammlung ist mindestens 36 Tage vor dem Tage der Hauptversammlung einzuberufen. Der Tag der Hauptversammlung und der Tag der Einberufung sind dabei nicht mitzurechnen.	(2)	The general shareholders’ meeting must be convened (i.e. notice must be given) at least 36 days prior to the day of the general shareholders’ meeting. The time limit does not include the day of the convocation of the meeting and the date by which the shareholders must register prior to the general shareholders’ meeting.

	§ 16 Teilnahme an/Übertragung der Hauptversammlung		§ 16 Participation in/Transmission of General Shareholders’ Meeting
(1)	Zur Teilnahme an der Hauptversammlung und zur Ausübung des Stimmrechts werden diejenigen Aktionäre zugelassen, die im Aktienregister der Gesellschaft eingetragen sind und deren Anmeldung zur Teilnahme bei der Gesellschaft oder einer anderen in der Einberufung bezeichneten Stelle mindestens sechs Tage vor der Hauptversammlung in Textform (§ 126b BGB) in deutscher oder englischer Sprache zugegangen ist. Der Tag der Hauptversammlung und der Tag des Zugangs sind nicht mitzurechnen.	(1)	The shareholders who are registered with the share register of the company and whose application for participation is received by the company or any other body designated in the notice of the respective general shareholders’ meeting at least six days before the general shareholders’ meeting in text form (Section 126b BGB) in German or English are entitled to participate in the general shareholders’ meeting and exercise the voting rights. The day of the general shareholders’ meeting and the day of receipt are to be disregarded when calculating such period.

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(2)	Der Vorsitzende der Hauptversammlung ist berechtigt, die Bild- und Tonübertragung der Hauptversammlung über elektronische Medien in einer von ihm näher zu bestimmenden Weise zuzulassen, sofern dies in der Einberufung zu der Hauptversammlung angekündigt wurde.	(2)	The chairman of the general shareholders’ meeting is authorised to allow the audiovisual transmission of the general shareholders’ meeting via electronic media in a manner to be further specified by him, provided that this has been stated in the notice of the general shareholders’ meeting.
	§ 17 Stimmrecht		§ 17 Voting Right
(1)	Jede Aktie gewährt in der Hauptversammlung eine Stimme.	(1)	Each share grants one vote in the general shareholders’ meeting.
(2)	Das Stimmrecht kann durch Bevollmächtigte ausgeübt werden. Der Bevollmächtigte kann auch ein von der Gesellschaft benannter Stimmrechtsvertreter sein. Soweit nicht gesetzliche Vorschriften oder die Gesellschaft in der Einberufung Erleichterungen vorsehen, ist die Vollmacht in Textform (§ 126b BGB) zu erteilen.	(2)	Voting rights may be exercised by authorized proxies. The authorized proxy may also be a proxy appointed by the Company. As far as statutory regulations or the Company in the convocation do not provide for relief, the authorization must be made in writing (Section 126b BGB).
(3)	Der Vorstand kann in der Einberufung der Hauptversammlung vorsehen, dass Aktionäre ihre Stimmen auch ohne an der Versammlung teilzunehmen, schriftlich oder im Wege elektronischer Kommunikation abgeben dürfen (Briefwahl).	(3)	The management board may also stipulate in the convocation to the general shareholders’ meeting that shareholders may submit their votes in writing or by means of electronic communication without attending the general shareholders’ meeting (vote by mail).
	§ 18 Vorsitz in der Hauptversammlung		§ 18 Chair of General Shareholder’s Meeting
(1)	Den Vorsitz in der Hauptversammlung führt der Vorsitzende des Aufsichtsrats oder ein anderes vom ihm bestimmtes Aufsichtsratsmitglied. Ist der Vorsitzende des Aufsichtsrats bzw. das von ihm zum Vorsitzenden der Hauptversammlung bestimmte Aufsichtsratsmitglied verhindert, so wählen die in der Hauptversammlung anwesenden Aufsichtsratsmitglieder den Vorsitzenden der Hauptversammlung.	(1)	The chairman of the supervisory board or another member of the supervisory board appointed by him shall chair the general shareholders’ meeting. In the event that the chairman of the supervisory board or the supervisory board member appointed by him as chairman of the general shareholders’ meeting is unavailable, the chairman of the general shareholders’ meeting shall be appointed by the members of the supervisory board attending the general shareholders’ meeting.
(2)	Der Vorsitzende leitet die Verhandlungen und bestimmt die Reihenfolge der Verhandlungsgegenstände sowie die Art und Form der Abstimmung.	(2)	The chairman shall chair the proceedings and determine the order of the items to be dealt with as well as the type and form of the voting.

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(3) Der Vorsitzende ist ermächtigt, das Frage- und Rederecht des Aktionärs zeitlich angemessen zu beschränken und Näheres dazu zu bestimmen. (3) With regard to the right of the shareholders to speak and submit questions, the chairman may limit the time shareholders have to do so and to stipulate further rules in this regard.

	§ 19 Beschlussfassung		§ 19 Adoption of Resolutions
	Die Beschlüsse der Hauptversammlung werden, soweit nicht zwingende Vorschriften des Aktiengesetzes oder diese Satzung etwas Abweichendes bestimmen, mit einfacher Mehrheit der abgegebenen Stimmen gefasst. Soweit das Aktiengesetz außerdem zur Beschlussfassung eine Mehrheit des bei der Beschlussfassung vertretenen Grundkapitals vorschreibt, genügt, sofern dies gesetzlich zulässig ist, die einfache Mehrheit des vertretenen Kapitals		The resolutions of the general shareholders’ meeting will be passed by a simple majority vote, unless mandatory regulations of the German Stock Corporation Act or other statutory regulations or these articles of association provide for deviating provisions. As far as the German Stock Corporation Act additionally prescribes for passing the resolution a majority of the share capital to be represented during the passing of the resolution, the simple majority of the represented capital will be sufficient as far as this is legally admissible.
	VI. JAHRESABSCHLUSS		VI. ANNUAL FINANCIAL STATEMENTS
	§ 20 Geschäftsjahr, Rechnungslegung		§ 20 Financial Year, Accounting
(1)	Geschäftsjahr ist das Kalenderjahr.	(1)	The financial year is the calendar year.
(2)	Der Vorstand hat in den ersten drei Monaten des Geschäftsjahres den Jahresabschluss für das vergangene Geschäftsjahr (Bilanz nebst Gewinn- und Verlustrechnung sowie Anhang) und den Lagebericht sowie - soweit rechtlich erforderlich - den Konzernabschluss und Konzernlagebericht aufzustellen und unverzüglich nach der Aufstellung dem Aufsichtsrat und dem vom Aufsichtsrat beauftragten Abschlussprüfer vorzulegen. Zugleich hat der Vorstand dem Aufsichtsrat den Vorschlag vorzulegen, den er der Hauptversammlung für die Verwendung des Bilanzgewinns machen will.	(2)	The management board shall prepare within the first three months of a financial year the annual financial statement for the past financial year (balance sheet in addition to income statement with notes) and the management report as well as – if legally necessary the group financial statement and the group management report, and must submit these to the supervisory board and the auditor appointed by the supervisory board without undue delay. At the same time, the management board must submit to the supervisory board the proposal for the appropriation of profit which the management board wishes to present to the general shareholders’ meeting.

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(3) Der Aufsichtsrat hat den Jahresabschluss, den Lagebericht und den Vorschlag für die Verwendung des Bilanzgewinns sowie den Konzernabschluss und Konzernlagebericht zu prüfen und über das Ergebnis schriftlich an die Hauptversammlung zu berichten. Er hat seinen Bericht innerhalb eines Monats, nachdem ihm die Vorlagen zugegangen sind, dem Vorstand zuzuleiten. Am Schluss des Berichts hat der Aufsichtsrat zu erklären, ob er den vom Vorstand aufgestellten Jahresabschluss und - soweit vorhanden - Konzernabschluss billigt. Billigt der Aufsichtsrat nach Prüfung den Jahresabschluss, ist dieser festgestellt. (3) The supervisory board is to review the annual financial statement, the management report and the proposal for appropriation of the net distributable profit as well as - if applicable - the group financial statement and group management report and is to report of its review in writing to the general shareholders’ meetings on the results. The supervisory board must submit its report to the management board within one month after it has received the presented documents. At the end of the report, the supervisory board must declare whether it approves the annual financial statement and - if applicable - the group financial statement prepared by the management board. Once the supervisory board has approved the annual financial statement following the examination, the annual financial statement is confirmed.

	§ 21 Verwendung des Jahresüberschusses		§ 21 Appropriation of Annual Profit
(1)	Stellen Vorstand und Aufsichtsrat den Jahresabschluss fest, so können sie Beträge bis zur Hälfte des Jahresüberschusses in andere Gewinnrücklagen einstellen. Sie sind darüber hinaus ermächtigt, weitere Beträge bis zu 100% des Jahresüberschusses in andere Gewinnrücklagen einzustellen, solange und soweit die anderen Gewinnrücklagen die Hälfte des Grundkapitals nicht übersteigen und auch nach der Einstellung nicht übersteigen würden.	(1)	Once the management board and the supervisory board have approved the annual financial statement, they may transfer up to half of the annual profit into other retained earnings. They are additionally authorized to transfer further amounts up to 100% of the annual profit into other retained earnings as long as and as far as the other retained earnings do not exceed half of the share capital and will not exceed these after the payment.
(2)	Bei der Errechnung des gemäß Absatz (1) in andere Gewinnrücklagen einzustellenden Teils des Jahresüberschusses sind vorweg Zuweisungen zur gesetzlichen Rücklage und Verlustvorträge abzuziehen.	(2)	In relation to the calculation of the portion of the annual profit that may be transferred into other retained earnings in accordance with paragraph (1), the allocations to the statutory provisions and losses carried forward must be deducted in advance.
	§ 22 Gewinnverwendung und Maßstab für die Gewinnbeteiligung der Aktionäre		§ 22 Appropriation of Profits and Basis for Shareholder’s Profit Participation
(1)	Die Hauptversammlung beschließt über die Verwendung des sich aus dem festgestellten Jahresabschluss ergeben­ den Bilanzgewinns.	(1)	The general shareholders’ meeting shall resolve the appropriation of the balance sheet profit established in the annual financial statement.

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(2)	Die Hauptversammlung kann neben oder anstelle einer Barausschüttung auch eine Ausschüttung von Sachwerten beschließen, wenn es sich bei den auszuschüttenden Sachwerten um solche handelt, die auf einem Markt im Sinne von § 3 Abs. 2 AktG gehandelt werden.	(2)	The General Meeting may decide that the distribution may be a dividend in kind instead of or in addition to a cash dividend if the dividends in kind are traded in the market in the sense of Section 3 para. 2 AktG.
(3)	Die Gewinnanteile der Aktionäre bestimmen sich nach ihren Anteilen am Grundkapital.	(3)	The shareholders’ profit sharing is determined by their proportion of the share capital.
(4)	Bei einer Kapitalerhöhung kann die Gewinnbeteiligung abweichend von § 60 Abs. 2 AktG bestimmt werden.	(4)	In the event of an increase in capital, the profit sharing can be determined in deviation of Section 60 para 2 AktG.
(5)	Nach Ablauf eines Geschäftsjahres kann der Vorstand mit Zustimmung des Aufsichtsrates im Rahmen des § 59 AktG eine Abschlagsdividende an die Aktionäre ausschütten.	(5)	After the expiry of a financial year, the management board may, with the consent of the supervisory board, within the framework of Section 59 AktG, distribute an interim dividend to the shareholders.

VII. SCHLUSSBESTIMMUNGEN	VII. FINAL PROVISIONS
§ 23 Gründungsaufwand	§ 23 Incorporation Costs
Die Gesellschaft trägt die Kosten ihrer Gründung (Gerichtsgebühren, Veröffentlichungskosten, Notargebühren) bis zu einem geschätzten Betrag von EUR 3.000.	The company shall bear the costs of its incorporation (court fees, costs for publication, notary fees) up to an estimated amount of EUR 3,000.
§ 24 Maßgebliche Sprache	§ 24 Prevailing Language
Allein die deutsche Fassung dieser Satzung ist maßgeblich. Die englische Fassung ist lediglich eine Übersetzung.	Only the German version of these articles of association shall prevail. The English version is for convenience purposes only.

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EX-99.1

Exhibit 99.1

voxeljet AG Reports Financial Results for the Third Quarter Ended September 30, 2018

Friedberg, Germany, November 27, 2018 — voxeljet AG (NYSE: VJET) (the “Company”, or “voxeljet”), a leading 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 third quarter ended September 30, 2018.

Highlights - Third Quarter 2018(1)

· Total revenues for the third quarter decreased 3.6% to kEUR 7,121 from kEUR 7,387

· Gross profit margin decreased to 32.5% from 42.7%

· Systems revenues decreased 9.8% to kEUR 3,744 from kEUR 4,153

· Services revenues increased 4.4% to kEUR 3,377 from kEUR 3,234

· Reaffirm full year 2018 guidance, except for full year adjusted EBITDA; adjusted EBITDA for the fourth quarter of 2018 is expected to be neutral to positive

(1) Certain comparative figures for the 3-month and 9-month periods ended September 30, 2017 were restatedfor immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented, “We believe that the opportunities are vast both in our direct and our indirect parts portfolio and I am extremely excited about how our new products expand our total addressable market: with indirect metal parts from our OEM solution VJET X, the most productive additive manufacturing platform to date, we believe to be on the forefront of a significant shift from conventional production to serial additive manufacturing. With advanced material combinations for direct parts from High Speed Sintering and a large production platform being launched in 2019, we see us in a position to unlock new customer groups. To develop and commercialize such innovations is precisely the reason why I have started this company 20 years ago.”

Third Quarter 2018 Results

Revenues for the third quarter of 2018 slightly decreased by 3.6% to kEUR 7,121 compared to kEUR 7,387 in the third quarter of 2017.

Revenues from our Systems segment, which focuses on the development, production and sale of 3D printers, decreased 9.8% to kEUR 3,744 in the third quarter of 2018 from kEUR 4,153 in last year’s third quarter. This was mainly due to a lower number of printer sales during the quarter. The Company delivered three new 3D printers in the third quarter of 2018, thereof one of our largest scale printers, compared to six printers (three new and three used and refurbished printers) in last year’s third quarter. Systems revenues also include all revenues from consumables, spare parts and maintenance, which slightly increased compared to the last year’s same period. Systems revenues represented 52.6% of total revenues in the third quarter of 2018 compared to 56.2% in last year’s third quarter.

Revenues from our Services segment, which focuses on the printing of on-demand parts for our customers, slightly increased 4.4% to kEUR 3,377 in the third quarter of 2018 from kEUR 3,234 in the comparative period of 2017. This was due to higher revenue contributions mainly from our subsidiary voxeljet America Inc. (“voxeljet America”). The increase in revenue at our American service center resulted from a growing market penetration in the North American sales region which is accompanied by a larger customer base. The revenue from voxeljet UK Ltd. (“voxeljet UK”) moderately increased while revenues from our German operation as well as our subsidiary voxeljet China Co. Ltd. (“voxeljet China”) slightly decreased.   

Cost of sales was kEUR 4,810 for the third quarter of 2018 compared to kEUR 4,236 for the third quarter of 2017.

Gross profit and gross profit margin were kEUR 2,311 and 32.5%, respectively, in the third quarter of 2018 compared to kEUR 3,151 and 42.7% in the third quarter of 2017.  

Gross profit for our Systems segment decreased significantly to kEUR 1,197 in the third quarter of 2018 from kEUR 1,617 in the third quarter of 2017.  This was mainly related to the lower number of printer sales compared to the last year’s same period.  Gross profit margin for this segment decreased to 32.0% in the third quarter of 2018 compared to 38.9% in the third quarter of 2017.  The gross profit margin contribution related to the sale of 3D printers was almost unchanged. In contrast, the gross profit margin contribution from consumables, spare parts and maintenance decreased in the third quarter of 2018 compared to last year’s same period. This was mainly due to additional costs for training activities for our workforce within the third quarter of 2018.

Gross profit for our Services segment decreased to kEUR 1,114 in the third quarter of 2018 compared to kEUR 1,534 in the third quarter of 2017.  This was mainly due to lower gross profit contributions from the German operation within the third quarter of 2018 compared to last year’s same period due to a larger portion of sales with longer lead times, which generally have lower margins as well as increased personnel expenses related to higher headcount. The gross profit margin for this segment decreased to 33.0% in the third quarter of 2018 from 47.4% in the third quarter of 2017.  Gross profit margin contributions from our subsidiaries voxeljet America and voxeljet UK significantly improved while voxeljet UK, still provided a  negative contributions. The improvement regarding voxeljet America and voxeljet UK resulted from a higher utilization of these service centers. The higher utilization regarding our American subsidiary was mainly related to a volume contract which started in July 2018 with a revenue contribution of kEUR 315 for this quarter.  

Selling expenses were kEUR 1,990 for the third quarter of 2018 compared to kEUR 1,615 in the third quarter of 2017. The increase was mainly due to higher personnel expenses resulting from the build-up of our sales force especially within the German operation compared to the last year’s third quarter. In addition, delivery costs increased, due to the release of shipping expenses related to the sale of one of our largest 3D printers to a client in Indonesia amounting to kEUR 92 which was expensed in the third quarter of 2018.  

Administrative expenses were kEUR 1,494 for the third quarter of 2018 compared to kEUR 1,354 in the third quarter of 2017. The increase mainly related to higher personnel expenses resulting from higher headcount especially regarding the German operation compared to the last year’s third quarter. Furthermore the expenses for external consulting increased related to the on-going improvements of our Enterprise Resource Planning (ERP) system amounting to kEUR 52. 

Research and development (“R&D”) expenses increased to kEUR 1,660 in the third quarter of 2018 from kEUR 1,142 in the third quarter of 2017. The increase of kEUR 518 was mainly due to higher personnel expenses related to an increase in headcount in order to support further research and development projects. In addition expenses related to material and external services for ongoing research and development projects increased compared to the last year’s same period. Those expenses are usually driven by individual projects and might differ on a quarter to quarter comparison.

Other operating expenses in the third quarter of 2018 were kEUR 195 compared to kEUR 414 in the prior year period. This was mainly due to lower losses from foreign currency transaction of kEUR 105 for the third quarter of 2018 compared to kEUR 305 for the third quarter of 2017.

Other operating income was kEUR 267 for the third quarter of 2018 compared to kEUR 384 in the third quarter of 2017.  

The changes in foreign currency gains were primarily driven by the valuation of the intercompany loans granted by the parent company to our UK and US subsidiaries.

Operating loss was kEUR 2,761 in the third quarter of 2018, compared to an operating loss of kEUR 990 in the comparative period in 2017. This was primarily related to the significant decrease in gross profit accompanied by higher operating expenses, compared to the third quarter of 2017.

Financial result was negative kEUR 1,042 in the third quarter of 2018, compared to a financial result of negative kEUR 36 in the comparative period in 2017. The significant decrease was mainly related to the revaluation of derivative financial instruments of the EIB loan, which did not exist in the last year’s same period resulting in a finance expense of kEUR 805. In addition interest expense for long-term debt amounted to kEUR 238.

Net loss for the third quarter of 2018 was kEUR 3,797 or EUR 1.02 per share, as compared to net loss of kEUR 1,026, or EUR 0.27 per share, in the third quarter of 2017.  

Based on a conversion rate of five American Depositary Shares (“ADSs”) per ordinary share, net loss was at EUR 0.20 per ADS for the third quarter of 2018, compared to a net loss of EUR 0.06 per ADS for the third quarter of 2017. Earnings per share is computed by dividing net income attributable to stockholders of the parent by the weighted-average number of ordinary shares outstanding during the periods. Earnings per ADS is calculated by dividing the above earnings per share by five as each ordinary share represents five ADSs.

Nine Months Ended September 30, 2018 Results

Revenues for the nine months ended September 30, 2018 increased by 2.1% to kEUR 17,435 compared to kEUR 17,070 in the prior year period.

Systems revenues were kEUR 7,002 for the first nine months of 2018 compared to kEUR 8,388 for the same period last year.  This was mainly due to a lower number of printer sales during the period. The Company sold four new and three used and refurbished 3D printers during the first nine months of 2018 compared to eight new and three used and refurbished 3D printers in the prior year’s period. Systems revenues represented 40.2% of total revenue for the nine months ended September 30, 2018 compared to 49.1% for the same period a year ago. Systems revenues also include all revenues from consumables, spare parts and maintenance, where we recorded a significant increase compared to the last year’s same period, which partially set off the declined revenues related to printer sales.

Services revenues were kEUR 10,433 for the nine months ended September 30, 2018 compared to kEUR 8,682 for the same period last year. This increase of 20.2% was mainly due to a higher revenue contribution from our subsidiary voxeljet America.  This was partially offset by lower revenues from our subsidiary voxeljet China. Revenues from voxeljet UK as well as the German operation during this period slightly increased.

Cost of sales for the nine months ended September 30, 2018 was kEUR 11,141, an increase of kEUR 792, over cost of sales of kEUR 10,349 for the same period in 2017.  

Gross profit and gross profit margin for the nine months ended September 30, 2018 were kEUR 6,294 and 36.1%, respectively, compared to kEUR 6,721 and 39.4% in the prior year period.

Gross profit for our Systems segment decreased to kEUR 2,051 for the nine months ended September 30, 2018 from kEUR 2,929 in the same period in 2017. This decrease was mainly due to the lower number of printer sales. The gross profit margin for this segment decreased to 29.3% compared to 34.9% for the prior period. The decrease was mainly related to lower gross profit margin contribution from consumables, spare parts and maintenance in the nine months ended September 30, 2018 compared to the last year’s same period, while gross profit margin contribution from the sale of 3D printers remained almost unchanged. The decline related to the gross profit margin contribution from consumables, spare parts and maintenance was mainly related to additional costs for training activities for our workforce within the third quarter of 2018.

Gross profit for our Services segment increased to kEUR 4,243 for the nine months ended September 30, 2018 from kEUR 3,792 in the same period of 2017. This was mainly due to the increase in revenues which resulted in higher gross profit. The gross profit margin for this segment slightly decreased to 40.7%  for the first nine months of 2018 from 43.7% in the same period in 2017,  mainly related to decreased gross profit margin in our German service center due a larger portion of sales with longer lead times, which generally have lower margins as well as increased personnel expenses related to higher headcount in the third quarter of 2018. Gross profit margin contributions from voxeljet America as well as voxeljet UK significantly improved, while voxeljet UK still generated negative contributions.

Selling expenses were kEUR 5,384 for the nine months ended September 30, 2018 compared to kEUR 4,400 in the same period in 2017, an increase of kEUR 984, or 22.4%. This was mainly due to higher shipping costs related to the increase of Services revenues as well as higher personnel expenses related to an increase in headcount resulting from the build-up of our sales force within the German operation. 

Administrative expenses increased by kEUR 416 to kEUR 4,118 for the first nine months of 2018 from kEUR 3,702 in the prior year’s period. The increase was mainly due to higher personnel expenses related to additional headcount.

R&D expenses increased to kEUR 4,771 for the nine months ended September 30, 2018 from kEUR 3,954 in the same period in 2017, an increase of kEUR 817, or 20.7%. The increase was mainly due to increased expenditures for personnel and materials to support existing and future research and development projects. 

Other operating expenses for the nine months ended September 30, 2018 were kEUR 612 compared to kEUR 1,605 in the prior year period. This improvement was mainly due to lower losses from foreign currency transactions amounting to kEUR 437 compared to kEUR 1,383 in the prior year’s period.

Other operating income was kEUR 1,036 for the nine months ended September 30, 2018 compared to kEUR 766 in the prior year period. The increase was mainly due to higher gains from foreign exchange transactions amounting to kEUR 690 compared to kEUR 78 in comparative period in 2017. 

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 UK and US subsidiaries.

Operating loss was kEUR 7,555 in the nine months ended September 30, 2018, compared to an operating loss of kEUR 6,174 in the comparative period in 2017. The decline was primarily related to a weaker gross profit accompanied by higher operating expenses, partially offset by lower other operating expenses as well as higher other operating income, compared to the nine months ended September 30, 2017. The impact from the employee share option plan amounted to kEUR 477 in the nine months ended September 30, 2018 compared to kEUR 254 in the last year’s same period.

Financial result was negative kEUR 902 for the nine months ended September 30, 2018, compared to a financial result of negative kEUR 78 in the comparative period in 2017. The decrease was mainly related to interest expense for long-term debt of kEUR 705 compared to kEUR 40 in the comparative period in 2017 as well as the revaluation of derivative financial instruments of the EIB loan, which did not exist in the last year’s same period, resulting in a finance expense of kEUR 89.

Net loss for the nine months ended September 30, 2018 was kEUR 8,464, or EUR 2.27 per share, as compared to net loss of kEUR 6,252, or EUR 1.68 per share in the prior year period. This is based on a weighted average number of ordinary shares outstanding of 3.720 million for the first nine months ended September 30, 2018. Compared to the last year’s same period, the number of ordinary shares outstanding was unchanged.

Based on a conversion rate of five ADSs per ordinary share, net loss was EUR 0.45 per ADS for the nine months ended September 30, 2018 compared to net loss of EUR 0.34 per ADS in the prior year period.

Business Outlook

Our revenue guidance for the fourth quarter of 2018 is in the range of kEUR 9,500 to kEUR 10,500.  

We reaffirm our guidance for the full year ended December 31, 2018, except for full year adjusted EBITDA.

- Full year revenue is expected to be in the range of kEUR 28,000 and kEUR 30,000

- Gross margin is expected to be above 40%

- Operating expenses for the full year are expected as follows: SG&A expenses expected to be in the range of kEUR 11,000 and kEUR 12,000 and R&D expenses projected to be approximately kEUR 5,000 to kEUR 6,000. Depreciation and amortization expense is expected to be between kEUR 3,750 and kEUR 4,000.

- Adjusted EBITDA in the fourth quarter of 2018 is expected to be neutral-to-positive. 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 (income) expense resulting from foreign exchange gains or losses on the intercompany loans granted to the subsidiaries.

- Capital expenditures are projected to be in the range of kEUR 5,500 to kEUR 6,500, which primarily includes ongoing investments in our global subsidiaries.

Our total backlog of 3D printer orders at September 30, 2018 was kEUR 5,311, which represents twelve 3D printers. This compares to a backlog of kEUR 2,770 representing four 3D printers, at December 31, 2017. 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 September 30, 2018, we had cash and cash equivalents of kEUR 3,101 and held kEUR 9,934 of investments in bond funds, which are included in current 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 third quarter on Wednesday, November 28, 2018 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 1-877-705-6003 in the United States/Canada, or 1-201-493-6725 for international, Conference Title “voxeljet AG Third Quarter 2018 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 13684710. The recording will be available for replay through December 5, 2018.

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://event.webcasts.com/starthere.jsp?ei=1218655&tp_key=d79857879b at least fifteen minutes prior to the start of the call to register, download and install any necessary audio software. A replay will be available as a webcast on the investor relations section of the Company’s website.

Non-IFRS Measure

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 which are difficult to forecast for future periods.

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.

While the Company provides guidance for Adjusted EBITDA on a forward-looking basis, a reconciliation of the differences between the non-IFRS expectation and the corresponding IFRS measure (expected net income (loss)) is not available without unreasonable effort due to potentially high variability, complexity and low visibility as to the items that would be excluded from the IFRS measure in the relevant future period, such as unusual gains and losses, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future IFRS results.

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 1.1576to EUR 1.00, the noon buying rate of the Federal Reserve Bank of New York for the euro on September 30, 2018.

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.

Contact

Investors and Media

Johannes Pesch

Director Investor Relations and Business Development

johannes.pesch@voxeljet.de

Office: +49 821 7483172

Mobile: +49 176 45398316

voxeljet AG

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

	Notes	9/30/2018	12/31/2017 (1)
		(€ in thousands)
		unaudited
Current assets		30,086	37,494
Cash and cash equivalents	2, 7	3,101	7,569
Financial assets	2, 7	9,934	14,044
Trade receivables	2	4,727	5,093
Inventories	4	10,686	9,259
Income tax receivables		16	3
Other assets		1,622	1,526
Non-current assets		29,683	29,508
Financial assets	2, 7	268	357
Intangible assets		1,410	1,111
Property, plant and equipment	5	27,914	27,949
Investments in joint venture		30	39
Other assets		61	52
Total assets		59,769	67,002

	Notes	9/30/2018	12/31/2017 (1)
Current liabilities		7,557	6,576
Deferred income	2	21	271
Trade payables	2	3,250	3,059
Contract liabilities	2	1,366	--
Financial liabilities	2, 7	940	1,162
Other liabilities and provisions	6	1,980	2,084
Non-current liabilities		16,582	16,537
Deferred income	2	--	18
Deferred tax liabilities		72	66
Financial liabilities	2, 7	16,334	16,413
Other liabilities and provisions	6	176	40
Equity		35,630	43,889
Subscribed capital		3,720	3,720
Capital reserves		76,704	76,227
Accumulated deficit	2	(46,111)	(37,509)
Accumulated other comprehensive income		1,271	1,380
Equity attributable to the owners of the company		35,584	43,818
Non controlling interest		46	71
Total equity and liabilities		59,769	67,002

See accompanying notes to unaudited consolidated interim financial statements.

(1) Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

voxeljet AG

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)

		Three months ended September 30,		Nine months ended September 30,
	Notes	2018	2017 (1)	2018	2017 (1)
		(€ in thousands except share and share data)
Revenues	2, 10, 11	7,121	7,387	17,435	17,070
Cost of sales		(4,810)	(4,236)	(11,141)	(10,349)
Gross profit	2, 10	2,311	3,151	6,294	6,721
Selling expenses		(1,990)	(1,615)	(5,384)	(4,400)
Administrative expenses		(1,494)	(1,354)	(4,118)	(3,702)
Research and development expenses		(1,660)	(1,142)	(4,771)	(3,954)
Other operating expenses		(195)	(414)	(612)	(1,605)
Other operating income		267	384	1,036	766
Operating loss		(2,761)	(990)	(7,555)	(6,174)
Finance expense	8	(1,086)	(41)	(962)	(90)
Finance income	8	44	5	60	12
Financial result	8	(1,042)	(36)	(902)	(78)
Loss before income taxes		(3,803)	(1,026)	(8,457)	(6,252)
Income taxes		6	--	(7)	—
Net loss		(3,797)	(1,026)	(8,464)	(6,252)
Other comprehensive income		(18)	67	(109)	397
Total comprehensive loss		(3,815)	(959)	(8,573)	(5,855)
Loss attributable to:
Owners of the Company		(3,787)	(1,021)	(8,439)	(6,238)
Non-controlling interests		(10)	(5)	(25)	(14)
		(3,797)	(1,026)	(8,464)	(6,252)
Total comprehensive loss attributable to:
Owners of the Company		(3,805)	(954)	(8,548)	(5,841)
Non-controlling interests		(10)	(5)	(25)	(14)
		(3,815)	(959)	(8,573)	(5,855)
Weighted average number of ordinary shares outstanding		3,720,000	3,720,000	3,720,000	3,720,000
Loss per share - basic/ diluted (EUR)		(1.02)	(0.27)	(2.27)	(1.68)

See accompanying notes to unaudited consolidated interim financial statements.

(1) Comparative figures for the 3-month and 9-month periods ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

voxeljet AG

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

	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 January 1, 2017	3,720	75,827	(28,971)	873	51,449	87	51,536
Loss for the period	--	--	(6,238)	--	(6,238)	(14)	(6,252)
Net changes in fair value of available for sale financial assets	--	--	--	1	1	--	1
Foreign currency translations	--	--	--	396	396	--	396
Equity-settled share-based payment	--	254	--	--	254	--	254
Balance at September 30, 2017 (1)	3,720	76,081	(35,209)	1,270	45,862	73	45,935

	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, 2017 (1)	3,720	76,227	(37,509)	1,380	43,818	71	43,889
Adjustment on initial application of IFRS 15	--	--	(100)	--	(100)	--	(100)
Adjustment on initial application of IFRS 9	--	--	(63)	--	(63)	--	(63)
Adjusted balance at January 1, 2018	3,720	76,227	(37,672)	1,380	43,655	71	43,726
Loss for the period	--	--	(8,439)	--	(8,439)	(25)	(8,464)
Net changes in fair value of available for sale financial assets	--	--	--	(1)	(1)	--	(1)
Foreign currency translations	--	--	--	(108)	(108)	--	(108)
Equity-settled share-based payment	--	477	--	--	477	--	477
Balance at September 30, 2018	3,720	76,704	(46,111)	1,271	35,584	46	35,630

See accompanying notes to unaudited consolidated interim financial statements.

(1) Comparative figures for the 9-month period ended September 30, 2017 and for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

voxeljet AG

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Nine months ended September 30,
	2018	2017 (1)
	(€ in thousands)
Cash Flow from operating activities
Loss for the period	(8,464)	(6,252)
Depreciation and amortization	2,605	2,272
Foreign currency exchange differences on loans to subsidiaries	203	213
Equity-settled share-based payment transaction	477	254
Impairment losses on trade receivables	158	214
Change in investment in joint venture	9	--
Non-cash interest expense on long-term debt	581	--
Change in fair value of derivative equity forward	89	--
Change in inventory allowance	(361)	(404)
Deferred income taxes	6	--
Change in working capital	(1,567)	(2,869)
Trade and other receivables, inventories and current assets	(2,875)	(2,824)
Trade payables	191	455
Other liabilities, contract liabilities, provisions and deferred income	1,130	(505)
Income tax receivable and payable	(13)	5
Total	(6,264)	(6,572)
Cash Flow from investing activities
Payments to acquire property, plant and equipment and intangible assets	(1,446)	(2,118)
Proceeds from disposal of financial assets	10,288	1,835
Payments to acquire financial assets	(6,178)	--
Investment in joint venture	--	(50)
Total	2,664	(333)
Cash Flow from financing activities
Repayment of bank overdrafts and lines of credit	(58)	(94)
Repayment of sale and leaseback obligation	(235)	(292)
Repayment of finance lease obligation	(35)	(33)
Repayment of long-term debt	(594)	(533)
Proceeds from long-term debt issuance	40	2,611
Total	(882)	1,659
Net increase (decrease) in cash and cash equivalents	(4,482)	(5,246)
Cash and cash equivalents at beginning of period	7,569	7,849
Changes to cash and cash equivalents due to foreign exchanges rates	14	184
Cash and cash equivalents at end of period	3,101	2,787
Supplemental Cash Flow Information
Interest paid	171	159
Interest received	39	14

See accompanying notes to unaudited consolidated interim financial statements.

(1) Comparative figures for the 9-month period ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

voxeljet AG

NOTES TO THE INTERIM FINANCIAL STATEMENTS

1. Preparation of financial statements

Our consolidated interim financial statements include the accounts of voxeljet AG, which is listed on the New York Stock Exchange, and its wholly-owned subsidiaries voxeljet America Inc., voxeljet UK Ltd. and voxeljet India Pvt. Ltd., as well as voxeljet China Co. Ltd., which are collectively referred to herein as the ‘Group’ or the ‘Company.’

Our consolidated interim financial statements were prepared in compliance with all applicable measurement and presentation rules contained in International Financial Reporting Standards (‘IFRS’) as set forth by the International Accounting Standards Board (‘IASB’) and Interpretations of the IFRS Interpretations Committee (‘IFRIC’). The designation IFRS also includes all valid International Accounting Standards (‘IAS’); and the designation IFRIC also includes all valid interpretations of the Standing Interpretations Committee (‘SIC’). Specifically, these financial statements were prepared in accordance with the disclosure requirements and the measurement principles for interim financial reporting purposes specified by IAS 34.

Correction of errors

Certain comparative amounts in the consolidated statements of financial position, consolidated statements of comprehensive loss, consolidated statements of changes in equity, consolidated statements of cashflows have been restated to correct for immaterial errors with respect to the elimination of margin on certain intra-group transactions. The impact of this restatement is disclosed in Note 9. “Correction of errors”. Throughout the consolidated financial statements, columns including comparative figures that have been restated, are indicated with ‘(1)’. 

The IASB issued a number of new IFRS standards which are required to be adopted in annual periods beginning after January 1, 2018.

Standard	Effective date	Descriptions
IFRS 9	01/2019	Amendments Prepayment Features with Negative Compensation
IFRS 16	01/2019	Leases
IAS 19	01/2019	Amendments Plan Amendment, Curtailment or Settlement
IAS 28	01/2019	Amendments Long-term Interests in Associates and Joint Ventures
IFRIC 23	01/2019	Uncertainty over Income Tax Treatments
Improvements to IFRS (2015-2017)	01/2019	IFRS 3, IFRS 11, IAS 12, IAS 23
Others	01/2020	Amendments References to the Conceptual Framework in IFRS Standards
IFRS 17	01/2021	Insurance Contracts
IFRS 10, IAS 28	indefinite	Amendment Sale or Contribution of Assets between Investor and its Associate or Joint Venture

IFRS 16 leases is the IASB’s replacement of IAS 17 leases and specifies how an IFRS reporter will recognize, measure, present and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognise assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. Lessors continue to classify leases as operating or finance, with IFRS 16’s approach to lessor accounting substantially unchanged from its predecessor, IAS 17. The Company has developed a project plan to analyze the potential impact IFRS 16 will have on its consolidated financial statements and related disclosures as well as its business processes, systems and controls.The introduction of IFRS 16 will lead to an increase in leased assets (right of use assets) and corresponding financial liabilities on the balance sheet as well as higher interest expenses.

The interim financial statements as of and for the nine months ended September 30, 2018 and 2017 were authorized for issue by the Management Board on November 27, 2018.

2. Summary of significant accounting policies

Except as described below, the accounting policies applied in these consolidated interim financial statements are the same as those applied in the Company’s consolidated financial statements as of and for the year ended December 31, 2017, which can be found in its Annual Report on Form 20-F that was filed with the U.S. Securities and Exchange Commission. The changes in accounting policies are also expected to be reflected in the Company’s consolidated financial statements as of and for the year ending December 31, 2018.

The Group has initially adopted IFRS 15, Revenue from Contracts with Customers, and IFRS 9, Financial Instruments, on January 1, 2018. A number of other new standards are effective from January 1, 2018 but these do not have a material effect on the Company’s consolidated financial statements.

- The adoption of IFRS 15 resulted in minor impacts related to the revenue recognition regarding the revenue streams from maintenance as well as extended warranty contracts. Those impacts include immaterial timing differences for revenue recognition related to these types of contracts with customers. The new guidance is not expected to have a material impact to net income (loss) on an ongoing basis.

- The adoption of IFRS 9 resulted in a minor increase in impairment losses recognized on trade receivables.

IFRS 15 Revenue from Contracts with Customers

IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaced IAS 18, Revenue, IAS 11, Construction Contracts, and related interpretations. The Group has adopted IFRS 15 using the cumulative effect method, with the effect of initially applying this standard recognized at the date of initial application (i.e. January 1, 2018). Accordingly, the information presented for 2017 has not been restated – i.e. it is presented, as previously reported, under IAS 18, IAS 11 and related interpretations.

The following table summarizes the impact, net of tax, of transition to IFRS 15 on retained earnings as of January 1, 2018.

Impact at January 1,  2018	Impact on adopting IFRS 15 at January 1, 2018
	(€ in thousands)
Retained earnings	(100)
Recognition of revenues from maintenance and extended warranty contracts	(100)

The following table summarizes the impacts of adopting IFRS 15 on the Company’s consolidated interim consolidated statement of financial position as of September 30, 2018 and its consolidated interim statement of comprehensive loss for the nine months then ended for each of the line items affected.

			Amounts without
09/30/2018	As reported	Adjustments	adoption of IFRS 15
	(€ in thousands)
Total assets	59,769	(327)	59,442
Current assets	30,086	(327)	29,759
Trade receivables	4,727	(327)	4,400
Total equity and liabilities	59,769	(327)	59,442
Current liabilities	7,557	(554)	7,003
Deferred income	21	256	277
Contract liabilities	1,366	(1,366)	--
Other liabilities and provisions	1,980	556	2,536
Equity	35,630	227	35,857
Accumulated deficit	(46,111)	227	(45,884)

			Amounts without
09/30/2018	As reported	Adjustments	adoption of IFRS 15
	(€ in thousands)
Revenue	17,435	127	17,562
Impairment loss on trade receivables under IFRS 15	(10)	10	--
Operating loss	(7,555)	137	(7,418)
Loss before income taxes	(8,457)	137	(8,320)
Net loss	(8,464)	137	(8,327)
Total comprehensive loss	(8,573)	137	(8,436)

The details of the new accounting policies and the nature of the changes to previous accounting policies in relation to the Group’s revenue streams in relation to the Maintenance and extended warranty contracts are set out below.

After the initial one year of statutory warranty period, the Company offers its customers extended warranty and optional maintenance contracts. Extended warranty and maintenance contracts are generally provided for a period of twelve months and automatically extended for another twelve months if not cancelled on a timely basis. Before the adoption of IFRS 15 extended warranty and maintenance service revenue has been recognized on a straight-line basis over the contractual term.

Under IFRS 15, the Company recognizes revenue based on input factors like the number of service visits or the provision of certain goods, in particular printheads under the maintenance and warranty contracts. Therefore the expected number of service visits and goods to be provided under a contract have been estimated by the Company’s service department based on historical experience. This leads to minor timing differences for revenue recognition related to these types of contracts with customers throughout the contract term.

IFRS 9 Financial Instruments

IFRS 9 sets out requirements for recognizing and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items. This standard replaces IAS 39, Financial Instruments.

The Company has applied the exemption not to restate comparative information for prior periods with respect to classification and measurement (including impairment) requirements. Differences in the carrying amounts of financial assets and financial liabilities resulting from the adoption of IFRS 9 are recognized in retained earnings and reserves as of January 1, 2018. Accordingly, the information presented for 2017 does not reflect the requirements of IFRS 9 but rather those of IAS 39.

The details of new significant accounting policies and the nature and effect of the changes to previous accounting policies are set out below.

Classification and measurement of financial assets and financial liabilities

IFRS 9 largely retains the existing requirements in IAS 39 for the classification and measurement of financial liabilities. However, it eliminates the previous IAS 39 categories for financial assets of held to maturity, loans and receivables and available for sale.

Under IFRS 9, on initial recognition, a financial asset is classified as measured at: amortized cost, fair value through other comprehensive income (FVOCI), or fair value through profit or loss (FVTPL). The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics.

A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:

- it is held within a business model whose objective is to hold assets to collect contractual cash flows; and

- its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to record subsequent changes in the investment’s fair value in OCI. This election is made on an investment-by-investment basis.

All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.

A financial asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price) is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition.

Under IFRS 9, our investments in bond funds will be classified as fair value through other comprehensive income (FVTOCI). As permitted by IFRS 9, the Company has designated these investments at the date of initial application as measured at FVOCI. Unlike IAS 39, the accumulated fair value reserve related to these investments will never be reclassified to profit or loss.

Under IAS 39 as well as upon adoption of IFRS 9, our derivative financial instruments have been designated as at FVTPL.

Impairment of financial assets

IFRS 9 replaces the ‘incurred loss’ model in IAS 39 with an ‘expected credit loss’ (ECL) model. The new impairment model applies to financial assets measured at amortized cost, FVOCI and contract assets. Under IFRS 9, credit losses are recognized earlier than under IAS 39.

The Company’s financial assets at amortized cost consist of trade receivables and cash and cash equivalents. For cash and cash equivalents the adoption of IFRS 9 did not have any impact regarding impairment.

Under IFRS 9, loss allowances are measured on either of the following bases:

- 12-months ECLs: these are ECLs that result from possible default events within the 12 months after the reporting date; or

- lifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial instrument.

When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and available

without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group’s historical experience and informed credit assessment and including forward-looking information.

The Company considers a financial asset to be in default when:

- the borrower is unlikely to pay its credit obligations to the Company in full, without recourse by the Company to actions such as realizing security (if any is held); or

- the financial asset is more than 90 days past due.

The Company considers an investment to have low credit risk when its credit risk rating is equivalent to the globally understood definition of ‘investment grade’. The Company limits its exposure to credit risk by investing only in bond funds which are fully guaranteed by the financial institutions and therefore represents short term credit rating of A‑3 based on Standard & Poor’s or P‑2 based on Moody’s.

Trade receivables

The Company measures loss allowances for trade receivables at an amount equal to lifetime ECLs. ECLs are a probability-weighted estimate of credit losses. The Company calculates the ECL based on the risk scoring its customers’ according to an external rating agency. Following the risk score of each customer, the trade receivables are clustered into different grades. For each grade, the ECL is calculated after deducting from trade receivables a loss allowance based on actual credit loss experience. In addition the Company uses qualitative assessment of the trade receivables, where default has incurred.

The Group considers an equity security to have low credit risk when its credit risk rating is equivalent to the globally understood definition of ‘investment grade’. The Group limits its exposure to credit risk by investing only in bond funds which are fully guaranteed by the financial institutions and therefore represents short term credit rating of A‑3 based on Standard & Poor’s or P‑2 based on Moody’s.

Presentation of impairment

Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets and presented within other operating expenses.

Impairment losses on financial assets classified as FVTPL and FCOCI are presented within the finance expense and other comprehensive income, respectively.

The following table presents the original measurement categories under IAS 39 and the new measurement categories under IFRS 9 for each class of the Company’s financial assets and financial liabilities as of January 1, 2018.

			Original	New
	Original classification	New classification	carrying amount	carrying amount
01/01/2018	under IAS 39	under IFRS 9	under IAS 39	under IFRS 9
			(€ in thousands)
Financial assets			27,063	27,000
Non-current assets
Equity securities	Available‑for‑sale financial assets	FVOCI	5	5
Derivative financial instruments	A financial asset or financial liability at fair value through profit or loss	Mandatorily at FVTPL	352	352
Current assets
Bond funds	Available‑for‑sale financial assets	FVOCI	14,044	14,044
Cash and cash equivalents	Loans and receivables	Amortized cost	7,569	7,569
Trade receivables	Loans and receivables	Amortized cost	5,093	5,030
Financial liabilities			20,416	20,416
Non-current liabilities
Long-term debt	Financial liabilities measured at amortized cost	Amortized cost	16,242	16,242
Finance lease obligation	Financial liabilities measured at amortized cost	Amortized cost	171	171
Current liabilities
Bank overdraft	Financial liabilities measured at amortized cost	Amortized cost	58	58
Long-term debt	Financial liabilities measured at amortized cost	Amortized cost	796	796
Finance lease obligation	Financial liabilities measured at amortized cost	Amortized cost	308	308
Trade payables	Financial liabilities measured at amortized cost	Amortized cost	2,841	2,841

Impact of the new impairment model

For assets in the scope of the IFRS 9 impairment model, impairment losses are generally expected to increase and become more volatile. The Company has determined that the application of IFRS 9’s impairment requirements at January 1, 2018 results in an additional impairment allowance as follows.

	(€ in thousands)
Loss allowance at December 31, 2017 under IAS 39	482
Additional impairment recognized at January 1, 2018 on:
Trade and other receivables as at December 31, 2017	62
Additional trade receivables recognized on adoption of IFRS 15	1
Loss allowance at January 1, 2018 under IFRS 9	545

The following tables provides information about the exposure to credit risk and ECLs for trade receivables as of January 1, 2018 and September 30, 2018.  This was calculated after a specific assessment of the trade receivables and after recording a specific debt allowance.

January 1, 2018
		Equivalent to external
		credit rating	Probability of	Gross carrying	Impairment loss	Net carrying
Grades		(Standard & Poor’s)	default	amount	allowance	amount
				(€ in thousands)
Grades 1-4:	Low risk	BBB+ to AAA	0.2%	3,274	5	3,269
Grades 5-7:	Fair risk	B+ to BBB	1.3%	1,674	22	1,652
Grades 8-9:	Substandard	CCC- to B	7.0%	363	25	338
Grade 10:	Doubtful	C to CC	25.0%	14	3	11
Grade 11:	Loss	D	100.0%	8	8	--
				5,333	63	5,270

September 30, 2018
		Equivalent to external
		credit rating	Probability of	Gross carrying	Impairment loss	Net carrying
Grades		(Standard & Poor’s)	default	amount	allowance	amount
				(€ in thousands)
Grades 1-4:	Low risk	BBB+ to AAA	0.2%	2,029	3	2,026
Grades 5-7:	Fair risk	B+ to BBB	1.3%	1,913	26	1,887
Grades 8-9:	Substandard	CCC- to B	7.0%	792	55	737
Grade 10:	Doubtful	C to CC	25.0%	103	26	77
Grade 11:	Loss	D	100.0%	11	11	--
				4,848	121	4,727

3. Share based payment arrangements

On April 7, 2017, voxeljet AG established a share option plan that entitles key management personnel and senior employees of voxeljet AG and its subsidiaries to purchase shares of the parent company.

Total options available under the share option plan are 372,000.  279,000 options (75%, Tranche 1) were granted on April 7, 2017. 93,000 options (25%, Tranche 2) were granted on April 12, 2018.

The vesting conditions include a service condition (the options vest after a period of four years of continued service from the respective grant date) and a market condition (the options may only be exercised if the share price exceeds the exercise price over a period of 90 consecutive days by at least 20% in the period between the grant date and the respective exercise time frame) of which both conditions must be met.

The fair value of the employee share option plan has been measured for Tranches 1 and 2 using a Monte Carlo simulation. The market condition has been incorporated into the fair value at grant date.

The inputs used in the measurement of the fair value at grant date are as follows:

	Tranche 1	Tranche 2
Parameter
Share price at grant date	USD 13.80	USD 16.15
Exercise price	USD 13.90	USD 16.15
Expected volatility	55.00%	58.40%
Expected dividends	--	--
Risk-free interest rate	2.49%	2.85%
Fair value at grant date	USD 8.00	USD 9.74

The respective expected volatility has been based on an evaluation of the historical volatility of the Company’s share price as at the grant date. As at September 30, 2018 no options are exercisable and 372,000 options are outstanding. The

weighted-average contractual life of the options at September 30, 2018 amounts to 8.8 years (September 30, 2017: 9.5 years).

The expenses recognized in the profit and loss statement in relation to the share-based payment arrangements amounted to kEUR 178 in the three months and kEUR 477 in the nine months ended September 30, 2018. (three months and nine months ended September 30, 2017: kEUR 132 and kEUR 254, respectively).

4. Inventories

	9/30/2018	12/31/2017 (1)
	(€ in thousands)
Raw materials and merchandise	4,185	2,737
Work in progress	6,501	6,522
Total	10,686	9,259

(1) Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

5. Property, plant and equipment, net

	9/30/2018	12/31/2017 (1)
	(€ in thousands)
Land, buildings and leasehold improvements	17,206	17,415
Plant and machinery (includes assets under finance lease)	9,104	8,901
Other facilities, factory and office equipment	1,496	1,625
Assets under construction and prepayments made	108	8
Total	27,914	27,949
Thereof pledged assets of Property, Plant and Equipment	6,790	7,046
Leased assets included in Property, Plant and Equipment:	259	881
Printers	106	613
Printers leased to customers under operating lease	--	97
Other factory equipment	153	171

(1) Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

6.  Other liabilities and provisions

	9/30/2018	12/31/2017
	(€ in thousands)
Customer deposits	—	373
Liabilities from VAT	18	12
Employee bonus	285	303
Accruals for vacation and overtime	293	222
Accruals for licenses	134	140
Liabilities from payroll	274	236
Accruals for commissions	80	50
Accruals for compensation of Supervisory board	175	180
Accrual for warranty	388	286
Others	509	322
Total	2,156	2,124

After the adoption of IFRS 15 customer deposits amounting to kEUR 556 are presented within contract liabilities. 

7. Financial instruments

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy.

	Carrying amount					Fair Value
			Assets at	Liabilities	Total
			amortized	at amortized	carrying
9/30/2018	FVTPL	FVOCI	cost	cost	amount	Level 1	Level 2	Level 3	Total
Financial assets measured at fair value
Non-current assets
Derivative financial instruments	263	--	--	--	263	--	263	--	263
Equity securities	--	5	--	--	5	--	--	5	5
Current assets
Bond funds	--	9,934	--	--	9,934	9,934	--	--	9,934
Financial assets not measured at fair value
Current assets
Cash and cash equivalents	--	--	3,101	--	3,101	3,101	--	--	3,101
Trade and other receivables	--	--	4,727	--	4,727	--	--	--	--
Financial liabilities not measured at fair value
Non-current liabilities
Long-term debt	--	--	--	16,255	16,255	--	15,082	--	15,082
Finance lease obligation	--	--	--	79	79	--	76	--	76
Current liabilities
Bank overdraft	--	--	--	--	--	--	--	--	--
Long-term debt	--	--	--	810	810	--	803	--	803
Finance lease obligation	--	--	--	130	130	--	128	--	128
Trade payables	--	--	--	3,250	3,250	--	--	--	--

	A financial
	asset or
	financial
	liability
	at fair value				Financial
	through	Held-to-	Available-		liabilities
	profit	maturity	for‑sale	Loans and	measured at
12/31/2017	or loss	investments	investments	receivables	amortized cost	Fair Value	Level
Assets
Non-current assets
Equity securities	--	--	5	--	--	5	Level 3
Derivative financial instruments	352	--	--	--	--	352	Level 2
Current assets
Bond funds	--	--	14,044	--	--	14,044	Level 1
Cash and cash equivalents	--	--	--	7,569	--	7,569	Level 1
Liabilities
Non-current liabilities
Long-term debt	--	--	--	--	16,242	15,119	Level 2
Finance lease obligation	--	--	--	--	171	163	Level 2
Current liabilities
Bank overdraft	--	--	--	--	58	58
Long-term debt	--	--	--	--	796	787	Level 2
Finance lease obligation	--	--	--	--	308	310	Level 2

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

The fair value of long-term debt was determined using discounted cash flow models based on the relevant forward interest rate yield curves. The fair value of finance lease obligations was determined using discounted cash flow models on market interest rates available to the Company for similar transactions at the relevant date.

Due to their short maturity and the current low level of interest rates, the carrying amounts of credit lines and bank overdrafts approximate fair value.

8. Financial result

	Three months ended September 30,
	2018	2017
	(€ in thousands)
Interest expense	(1,086)	(41)
Finance lease obligations	(20)	(22)
Long-term debt	(238)	(11)
Expense from revaluation of derivative financial instruments	(805)	--
Other	(23)	(8)
Interest income	44	5
Income from bond funds	34	2
Other	10	3
Financial result	(1,042)	(36)

	Nine months ended September 30,
	2018	2017
	(€ in thousands)
Interest expense	(962)	(90)
Finance lease obligations	(79)	(39)
Long-term debt	(705)	(40)
Expense from revaluation of derivative financial instruments	(89)	--
Other	(89)	(11)
Interest income	60	12
Income from bond funds	48	9
Other	12	3
Financial result	(902)	(78)

9. Correction of errors

During the preparation of the consolidated interim financial statements for the three-month and nine-month periods ended September 30, 2018, the Company became aware that the margin within certain intra-group transactions has not been properly eliminated in the consolidation process, resulting in misstatement of cost of sales in its consolidated financial statements since the first quarter in fiscal year 2017. These errors have been corrected by restating each of the affected financial statement line items for prior periods. The Company has evaluated the effect of these errors, both qualitatively and quantitatively, and concluded that the corrections did not have a material impact on, nor require amendment of, any previously filed financial statements. The following tables summarize the impacts on the Company’s consolidated financial statements.

Consolidated statement of financial position

March 31, 2017	Impact of correction of error
	As previously
	reported	Adjustments	As corrected
	(€ in thousands)
Current assets	33,601	(65)	33,536
Inventories	9,475	(65)	9,410
Non-current assets	28,003	—	28,003
Property, plant and equipment	26,872	—	26,872
Total assets	61,604	(65)	61,539
Equity	49,120	(65)	49,055
Accumulated deficit	(31,400)	(65)	(31,465)
Total equity and liabilities	61,604	(65)	61,539

June 30, 2017	Impact of correction of error
	As previously
	reported	Adjustments	As corrected
	(€ in thousands)
Current assets	30,937	(121)	30,816
Inventories	9,507	(121)	9,386
Non-current assets	28,300	—	28,300
Property, plant and equipment	27,010	—	27,010
Total assets	59,237	(121)	59,116
Equity	46,883	(121)	46,762
Accumulated deficit	(34,067)	(121)	(34,188)

Total equity and liabilities 59,237 (121) 59,116

September 30, 2017	Impact of correction of error
	As previously
	reported	Adjustments	As corrected
	(€ in thousands)
Current assets	29,840	(187)	29,653
Inventories	9,391	(187)	9,204
Non-current assets	28,990	—	28,990
Property, plant and equipment	27,617	—	27,617
Total assets	58,830	(187)	58,643
Equity	46,122	(187)	45,935
Accumulated deficit	(35,022)	(187)	(35,209)
Total equity and liabilities	58,830	(187)	58,643

December 31, 2017	Impact of correction of error
	As previously
	reported	Adjustments	As corrected
	(€ in thousands)
Current assets	37,774	(280)	37,494
Inventories	9,539	(280)	9,259
Non-current assets	29,257	251	29,508
Property, plant and equipment	27,698	251	27,949
Total assets	67,031	(29)	67,002
Equity	43,918	(29)	43,889
Accumulated deficit	(37,480)	(29)	(37,509)
Total equity and liabilities	67,031	(29)	67,002

March 31, 2018	Impact of correction of error
	As previously
	reported	Adjustments	As corrected
	(€ in thousands)
Current assets	38,347	(417)	37,930
Inventories	11,309	(417)	10,892
Non-current assets	29,360	254	29,614
Property, plant and equipment	26,792	254	27,046
Total assets	67,707	(163)	67,544
Equity	42,223	(163)	42,060
Accumulated deficit	(39,219)	(163)	(39,382)
Total equity and liabilities	67,707	(163)	67,544

June 30, 2018	Impact of correction of error
	As previously
	reported	Adjustments	As corrected
	(€ in thousands)
Current assets	35,781	(623)	35,158
Inventories	13,116	(623)	12,493
Non-current assets	29,056	257	29,313
Property, plant and equipment	26,550	257	26,807
Total assets	64,837	(366)	64,471
Equity	39,633	(366)	39,267
Accumulated deficit	(41,958)	(366)	(42,324)
Total equity and liabilities	64,837	(366)	64,471

Consolidated statement of comprehensive loss

	Impact of correction of error
	three months ended March 31, 2017
	As previously
	reported	Adjustments	As corrected
	(€ in thousands except share and share data)
Cost of sales	(2,949)	(65)	(3,014)
Gross profit	1,581	(65)	1,516
Operating loss	(2,388)	(65)	(2,453)
Net loss	(2,431)	(65)	(2,496)
Total comprehensive loss	(2,416)	(65)	(2,481)
Loss attributable to owners of the company	(2,429)	(65)	(2,494)
Total comprehensive loss attributable to owners of the company	(2,414)	(65)	(2,479)
Loss per share - basic/ diluted (EUR)	(0.65)	(0.02)	(0.67)

	Impact of correction of error			Impact of correction of error
	three months ended June 30, 2017			six months ended June 30, 2017
	As previously			As previously
	reported	Adjustments	As corrected	reported	Adjustments	As corrected
	(€ in thousands except share and share data)			(€ in thousands except share and share data)
Cost of sales	(3,043)	(56)	(3,099)	(5,992)	(121)	(6,113)
Gross profit	2,110	(56)	2,054	3,691	(121)	3,570
Operating loss	(2,675)	(56)	(2,731)	(5,063)	(121)	(5,184)
Net loss	(2,674)	(56)	(2,730)	(5,105)	(121)	(5,226)
Total comprehensive loss	(2,359)	(56)	(2,415)	(4,775)	(121)	(4,896)
Loss attributable to owners of the company	(2,667)	(56)	(2,723)	(5,096)	(121)	(5,217)
Total comprehensive loss attributable to owners of the company	(2,352)	(56)	(2,408)	(4,766)	(121)	(4,887)
Loss per share - basic/ diluted (EUR)	(0.72)	(0.01)	(0.73)	(1.37)	(0.03)	(1.40)

	Impact of correction of error			Impact of correction of error
	three months ended September 30, 2017			nine months ended September 30, 2017
	As previously			As previously
	reported	Adjustments	As corrected	reported	Adjustments	As corrected
	(€ in thousands except share and share data)			(€ in thousands except share and share data)
Cost of sales	(4,170)	(66)	(4,236)	(10,162)	(187)	(10,349)
Gross profit	3,217	(66)	3,151	6,908	(187)	6,721
Operating loss	(924)	(66)	(990)	(5,987)	(187)	(6,174)
Net loss	(960)	(66)	(1,026)	(6,065)	(187)	(6,252)
Total comprehensive loss	(893)	(66)	(959)	(5,668)	(187)	(5,855)
Loss attributable to:
Loss attributable to owners of the company	(955)	(66)	(1,021)	(6,051)	(187)	(6,238)
Total comprehensive loss attributable to owners of the company	(888)	(66)	(954)	(5,654)	(187)	(5,841)
Loss per share - basic/ diluted (EUR)	(0.26)	(0.01)	(0.27)	(1.63)	(0.05)	(1.68)

	Impact of correction of error			Impact of correction of error
	three months ended December 31, 2017			year ended December 31, 2017
	As previously			As previously
	reported	Adjustments	As corrected	reported	Adjustments	As corrected
	(€ in thousands except share and share data)			(€ in thousands except share and share data)
Cost of sales	(3,662)	158	(3,504)	(13,824)	(29)	(13,853)
Gross profit	2,446	158	2,604	9,354	(29)	9,325
Operating loss	(2,633)	158	(2,475)	(8,620)	(29)	(8,649)
Net loss	(2,460)	158	(2,302)	(8,525)	(29)	(8,554)
Total comprehensive loss	(2,352)	158	(2,194)	(8,020)	(29)	(8,049)
Loss attributable to owners of the company	(2,458)	158	(2,300)	(8,509)	(29)	(8,538)
Total comprehensive loss attributable to owners of the company	(2,350)	158	(2,192)	(8,004)	(29)	(8,033)
Loss per share - basic/ diluted (EUR)	(0.66)	0.04	(0.62)	(2.29)	(0.01)	(2.30)

	Impact of correction of error
	three months ended March 31, 2018
	As previously
	reported	Adjustments	As corrected
	(€ in thousands except share and share data)
Cost of sales	(2,785)	(134)	(2,919)
Gross profit	2,267	(134)	2,133
Operating loss	(2,254)	(134)	(2,388)
Net loss	(1,582)	(134)	(1,716)
Total comprehensive loss	(1,661)	(134)	(1,795)
Loss attributable to owners of the company	(1,576)	(134)	(1,710)
Total comprehensive loss attributable to owners of the company	(1,655)	(134)	(1,789)
Loss per share - basic/ diluted (EUR)	(0.42)	(0.04)	(0.46)

	Impact of correction of error			Impact of correction of error
	three months ended June 30, 2018			six months ended June 30, 2018
	As previously			As previously
	reported	Adjustments	As corrected	reported	Adjustments	As corrected
	(€ in thousands except share and share data)			(€ in thousands except share and share data)
Cost of sales	(3,209)	(201)	(3,410)	(5,994)	(337)	(6,331)
Gross profit	2,053	(201)	1,852	4,320	(337)	3,983
Operating loss	(2,203)	(201)	(2,404)	(4,457)	(337)	(4,794)
Net loss	(2,748)	(201)	(2,949)	(4,330)	(337)	(4,667)
Total comprehensive loss	(2,760)	(201)	(2,961)	(4,421)	(337)	(4,758)
Loss attributable to owners of the company	(2,739)	(201)	(2,940)	(4,315)	(337)	(4,652)
Total comprehensive loss attributable to owners of the company	(2,751)	(201)	(2,952)	(4,406)	(337)	(4,743)
Loss per share - basic/ diluted (EUR)	(0.74)	(0.05)	(0.79)	(1.16)	(0.09)	(1.25)

Segment reporting

	Impact of correction of error three months ended March 31, 2017
	As previously
	reported				Adjustments		As corrected
	(€ in thousands)
	SYSTEMS		SERVICES		SYSTEMS	SERVICES	SYSTEMS		SERVICES
Revenues	1,693		2,837		—	—	1,693		2,837
Gross profit	353		1,228		12	(77)	365		1,151
Gross profit in %	20.9	%	43.3	%			21.6	%	40.6	%

	Impact of correction of error three months ended June 30, 2017
	As previously
	reported				Adjustments		As corrected
	(€ in thousands)
	SYSTEMS		SERVICES		SYSTEMS	SERVICES	SYSTEMS		SERVICES
Revenues	2,542		2,611		—	—	2,542		2,611
Gross profit	925		1,185		22	(78)	947		1,107
Gross profit in %	36.4	%	45.4	%			37.3	%	42.4	%

	Impact of correction of error six months ended June 30, 2017
	As previously
	reported				Adjustments		As corrected
	(€ in thousands)
	SYSTEMS		SERVICES		SYSTEMS	SERVICES	SYSTEMS		SERVICES
Revenues	4,235		5,448		—	—	4,235		5,448
Gross profit	1,278		2,413		34	(155)	1,312		2,258
Gross profit in %	30.2	%	44.3	%			31.0	%	41.4	%

	Impact of correction of error three months ended September 30, 2017
	As previously
	reported				Adjustments		As corrected
	(€ in thousands)
	SYSTEMS		SERVICES		SYSTEMS	SERVICES	SYSTEMS		SERVICES
Revenues	4,153		3,234		—	—	4,153		3,234
Gross profit	1,584		1,633		33	(99)	1,617		1,534
Gross profit in %	38.1	%	50.5	%			38.9	%	47.4	%

	Impact of correction of error nine months ended September 30, 2017
	As previously
	reported				Adjustments		As corrected
	(€ in thousands)
	SYSTEMS		SERVICES		SYSTEMS	SERVICES	SYSTEMS		SERVICES
Revenues	8,388		8,682		—	—	8,388		8,682
Gross profit	2,862		4,046		67	(254)	2,929		3,792
Gross profit in %	34.1	%	46.6	%			34.9	%	43.7	%

	Impact of correction of error three months ended December 31, 2017
	As previously
	reported				Adjustments		As corrected
	(€ in thousands)
	SYSTEMS		SERVICES		SYSTEMS	SERVICES	SYSTEMS		SERVICES
Revenues	3,146		2,962		—	—	3,146		2,962
Gross profit	1,059		1,387		270	(112)	1,329		1,275
Gross profit in %	33.7	%	46.8	%			42.2	%	43.0	%

	Impact of correction of error year ended December 31, 2017
	As previously
	reported				Adjustments		As corrected
	(€ in thousands)
	SYSTEMS		SERVICES		SYSTEMS	SERVICES	SYSTEMS		SERVICES
Revenues	11,534		11,644		—	—	11,534		11,644
Gross profit	3,921		5,433		337	(366)	4,258		5,067
Gross profit in %	34.0	%	46.7	%			36.9	%	43.5	%

	Impact of correction of error three months ended March 31, 2018
	As previously
	reported				Adjustments		As corrected
	(€ in thousands)
	SYSTEMS		SERVICES		SYSTEMS	SERVICES	SYSTEMS		SERVICES
Revenues	1,375		3,677		—	—	1,375		3,677
Gross profit	429		1,838		(48)	(86)	381		1,752
Gross profit in %	31.2	%	50.0	%			27.7	%	47.6	%

	Impact of correction of error three months ended June 30, 2018
	As previously
	reported				Adjustments		As corrected
	(€ in thousands)
	SYSTEMS		SERVICES		SYSTEMS	SERVICES	SYSTEMS		SERVICES
Revenues	1,883		3,379		—	—	1,883		3,379
Gross profit	561		1,492		(87)	(114)	474		1,378
Gross profit in %	29.8	%	44.2	%			25.2	%	40.8	%

	Impact of correction of error six months ended June 30, 2018
	As previously
	reported				Adjustments		As corrected
	(€ in thousands)
	SYSTEMS		SERVICES		SYSTEMS	SERVICES	SYSTEMS		SERVICES
Revenues	3,258		7,056		—	—	3,258		7,056
Gross profit	990		3,330		(136)	(201)	854		3,129
Gross profit in %	30.4	%	47.2	%			26.2	%	44.3	%

There is no impact on the Company’s operating, investing or financing cash flows for the 9-months period ended September 30, 2017.

10. Segment reporting

The following table summarizes segment reporting. The sum of the amounts of the two segments equals the total for the Group in each of the periods.

		Three months ended September 30,
		2018				2017 (1)
	(€ in thousands)
		SYSTEMS		SERVICES		SYSTEMS		SERVICES
Revenues		3,744		3,377		4,153		3,234
Gross profit		1,197		1,114		1,617		1,534
Gross profit in %		32.0	%	33.0	%	38.9	%	47.4	%

		Nine months ended September 30,
		2018				2017 (1)
	(€ in thousands)
		SYSTEMS		SERVICES		SYSTEMS		SERVICES
Revenues		7,002		10,433		8,388		8,682
Gross profit		2,051		4,243		2,929		3,792
Gross profit in %		29.3	%	40.7	%	34.9	%	43.7	%

(1) Comparative figures for the 3-month and 9-month periods ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

11. Revenues

	Three months ended September 30,		Nine months ended September 30,
	2018	2017	2018	2017
	(€ in thousands)		(€ in thousands)
EMEA	2,935	5,660	9,757	12,053
Germany	1,546	1,202	4,284	4,656
France	397	1,077	2,146	2,105
Sweden	46	1,167	209	1,367
Others	946	2,214	3,118	3,925
Asia Pacific	2,269	653	3,486	1,933
Indonesia	1,758	32	1,784	91
China	132	204	460	1,137
South Korea	361	400	667	656
Others	18	17	575	49
Americas	1,917	1,074	4,192	3,084
United States	1,871	911	4,125	2,742
Others	46	163	67	342
Total	7,121	7,387	17,435	17,070

12. Commitments, contingent assets and liabilities

In March 2018, ExOne GmbH, a subsidiary of The ExOne Company, notified voxeljet of its intent not to pay its annual license fees under an existing intellectual property-related agreement and asserted its rights to claim damages pursuant to an alleged material breach of the agreement. At this time, the Company cannot reasonably estimate a contingency, if any, related to this matter.

13. Subsequent events

On October 17, 2018, voxeljet issued 972,000 ordinary shares, equivalent to 4,860,000 American Depository Shares (“ADS”), at an offering price of USD 2.57 per ADS (the “Public Offering Price”). The Company received net proceeds of approximately EUR 9.2 million. Members of our management board, who are also significant shareholders, purchased an aggregate number of 233,462 ADSs in this offering at the Public Offering Price.  

On November 8, 2018, voxeljet closed the over-allotment transaction in which it issued additional 144,000 ordinary shares, equivalent to 720,000 ADSs, upon the exercise of the over-allotment option exercised by the underwriter on November 1, 2018. The Company received net proceeds of approximately EUR 1.4 million. 

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Document and Entity Information	9 Months Ended
	Sep. 30, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	voxeljet AG
Entity Central Index Key	0001582581
Document Type	6-K
Document Period End Date	Sep. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3

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CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - EUR (€) € in Thousands		Sep. 30, 2018	Dec. 31, 2017
Current assets
Current assets		€ 30,086	€ 37,494	[1]
Cash and cash equivalents		3,101	7,569	[1]
Financial assets		9,934	14,044	[1]
Trade receivables		4,727	5,093	[1]
Inventories		10,686	9,259	[1]
Income tax receivables		16	3	[1]
Other assets		1,622	1,526	[1]
Non-current assets
Non-current assets		29,683	29,508	[1]
Financial assets		268	357	[1]
Intangible assets		1,410	1,111	[1]
Property, plant and equipment		27,914	27,949	[1]
Investments in joint venture		30	39	[1]
Other assets		61	52	[1]
Total assets		59,769	67,002	[1]
Current liabilities
Current liabilities		7,557	6,576	[1]
Deferred income		21	271	[1]
Trade payables		3,250	3,059	[1]
Contract liabilities		1,366
Financial liabilities		940	1,162	[1]
Other liabilities and provisions		1,980	2,084	[1]
Non-current liabilities
Non-current liabilities		16,582	16,537	[1]
Deferred income	[1]		18
Deferred tax liabilities		72	66	[1]
Financial liabilities		16,334	16,413	[1]
Other liabilities and provisions		176	40	[1]
Equity
Equity		35,630	43,889	[1]
Subscribed capital		3,720	3,720	[1]
Capital reserves		76,704	76,227	[1]
Accumulated deficit		(46,111)	(37,509)	[1]
Accumulated other comprehensive income		1,271	1,380	[1]
Equity attributable to the owners of the company		35,584	43,818	[1]
Non controlling interest		46	71	[1]
Total equity and liabilities		€ 59,769	€ 67,002	[1]

[1] Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - EUR (€) € in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	[1]	Sep. 30, 2018	Sep. 30, 2017	[1]
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Revenues	€ 7,121	€ 7,387		€ 17,435	€ 17,070
Cost of sales	(4,810)	(4,236)		(11,141)	(10,349)
Gross profit	2,311	3,151		6,294	6,721
Selling expense	(1,990)	(1,615)		(5,384)	(4,400)
Administrative expenses	(1,494)	(1,354)		(4,118)	(3,702)
Research and development expenses	(1,660)	(1,142)		(4,771)	(3,954)
Other operating expenses	(195)	(414)		(612)	(1,605)
Other operating income	267	384		1,036	766
Operating loss	(2,761)	(990)		(7,555)	(6,174)
Finance expense	(1,086)	(41)		(962)	(90)
Finance income	44	5		60	12
Financial result	(1,042)	(36)		(902)	(78)
Loss before income taxes	(3,803)	(1,026)		(8,457)	(6,252)
Income taxes	6			(7)
Net loss	(3,797)	(1,026)		(8,464)	(6,252)	[2]
Other comprehensive income	(18)	67		(109)	397
Total comprehensive loss	(3,815)	(959)		(8,573)	(5,855)
Loss attributable to:
Owners of the Company	(3,787)	(1,021)		(8,439)	(6,238)
Non-controlling interests	(10)	(5)		(25)	(14)
Net loss	(3,797)	(1,026)		(8,464)	(6,252)	[2]
Total comprehensive loss attributable to:
Owners of the Company	(3,805)	(954)		(8,548)	(5,841)
Non-controlling interests	(10)	(5)		(25)	(14)
Total comprehensive loss	€ (3,815)	€ (959)		€ (8,573)	€ (5,855)
Weighted average number of ordinary shares outstanding (in shares)	3,720,000	3,720,000		3,720,000	3,720,000
Loss per share - basic/ diluted (in EUR per share)	€ (1.02)	€ (0.27)		€ (2.27)	€ (1.68)

[1] Comparative figures for the 3-month and 9-month periods ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

[2] Comparative figures for the 9-month period ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - EUR (€) € in Thousands		Equity attributable to owners of parent	Subscribed capital	Capital Reserves	Accumulated deficit	Accumulated other comprehensive gain (loss)	Non-controlling interests	Total
Balance at the beginning at Dec. 31, 2016		€ 51,449	€ 3,720	€ 75,827	€ (28,971)	€ 873	€ 87	€ 51,536
Loss for the period								(2,496)
Balance at the end at Mar. 31, 2017								49,055
Balance at the beginning at Dec. 31, 2016		51,449	3,720	75,827	(28,971)	873	87	51,536
Loss for the period								(5,226)
Balance at the end at Jun. 30, 2017								46,762
Balance at the beginning at Dec. 31, 2016		51,449	3,720	75,827	(28,971)	873	87	51,536
Loss for the period		(6,238)			(6,238)		(14)	(6,252)	[1],[2]
Net changes in fair value of available for sale financial assets		1				1		1
Foreign currency translation		396				396		396
Equity-settled share-based payment		254		254				254
Balance at the end at Sep. 30, 2017	[3]	45,862	3,720	76,081	(35,209)	1,270	73	45,935
Balance at the beginning at Dec. 31, 2016		51,449	3,720	75,827	(28,971)	873	87	51,536
Loss for the period								(8,554)
Balance at the end (Previously stated) at Dec. 31, 2017	[3]	43,818	3,720	76,227	(37,509)	1,380	71	43,889
Balance at the end (IFRS 15-Revenue from Contracts with Customers) at Dec. 31, 2017		(100)			(100)			(100)
Balance at the end (Initial application) at Dec. 31, 2017		43,655	3,720	76,227	(37,672)	1,380	71	43,726
Balance at the end (IFRS 9-Financial Instruments) at Dec. 31, 2017		(63)			(63)			(63)
Balance at the end at Dec. 31, 2017	[4]							43,889
Balance at the beginning at Mar. 31, 2017								49,055
Loss for the period								(2,730)
Balance at the end at Jun. 30, 2017								46,762
Loss for the period	[1]							(1,026)
Balance at the end at Sep. 30, 2017	[3]	45,862	3,720	76,081	(35,209)	1,270	73	45,935
Loss for the period								(2,302)
Balance at the end (Previously stated) at Dec. 31, 2017	[3]	43,818	3,720	76,227	(37,509)	1,380	71	43,889
Balance at the end (IFRS 15-Revenue from Contracts with Customers) at Dec. 31, 2017		(100)			(100)			(100)
Balance at the end (Initial application) at Dec. 31, 2017		43,655	3,720	76,227	(37,672)	1,380	71	43,726
Balance at the end (IFRS 9-Financial Instruments) at Dec. 31, 2017		(63)			(63)			(63)
Balance at the end at Dec. 31, 2017	[4]							43,889
Loss for the period								(1,716)
Balance at the end at Mar. 31, 2018								42,060
Balance at the beginning (Previously stated) at Dec. 31, 2017	[3]	43,818	3,720	76,227	(37,509)	1,380	71	43,889
Balance at the beginning (IFRS 15-Revenue from Contracts with Customers) at Dec. 31, 2017		(100)			(100)			(100)
Balance at the beginning (Initial application) at Dec. 31, 2017		43,655	3,720	76,227	(37,672)	1,380	71	43,726
Balance at the beginning (IFRS 9-Financial Instruments) at Dec. 31, 2017		(63)			(63)			(63)
Balance at the beginning at Dec. 31, 2017	[4]							43,889
Loss for the period								(4,667)
Balance at the end at Jun. 30, 2018								39,267
Balance at the beginning (Previously stated) at Dec. 31, 2017	[3]	43,818	3,720	76,227	(37,509)	1,380	71	43,889
Balance at the beginning (IFRS 15-Revenue from Contracts with Customers) at Dec. 31, 2017		(100)			(100)			(100)
Balance at the beginning (Initial application) at Dec. 31, 2017		43,655	3,720	76,227	(37,672)	1,380	71	43,726
Balance at the beginning (IFRS 9-Financial Instruments) at Dec. 31, 2017		(63)			(63)			(63)
Balance at the beginning at Dec. 31, 2017	[4]							43,889
Loss for the period | Previously stated								(8,327)
Loss for the period | IFRS 15-Revenue from Contracts with Customers								137
Loss for the period		(8,439)			(8,439)		(25)	(8,464)
Net changes in fair value of available for sale financial assets		(1)				(1)		(1)
Foreign currency translation		(108)				(108)		(108)
Equity-settled share-based payment		477		477				477
Balance at the end (Previously stated) at Sep. 30, 2018								35,857
Balance at the end (IFRS 15-Revenue from Contracts with Customers) at Sep. 30, 2018								227
Balance at the end at Sep. 30, 2018		35,584	3,720	76,704	(46,111)	1,271	46	35,630
Balance at the beginning at Mar. 31, 2018								42,060
Loss for the period								(2,949)
Balance at the end at Jun. 30, 2018								39,267
Loss for the period								(3,797)
Balance at the end (Previously stated) at Sep. 30, 2018								35,857
Balance at the end (IFRS 15-Revenue from Contracts with Customers) at Sep. 30, 2018								227
Balance at the end at Sep. 30, 2018		€ 35,584	€ 3,720	€ 76,704	€ (46,111)	€ 1,271	€ 46	€ 35,630

[1] Comparative figures for the 3-month and 9-month periods ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

[2] Comparative figures for the 9-month period ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

[3] Comparative figures for the 9-month period ended September 30, 2017 and for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

[4] Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

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CONSOLIDATED STATEMENTS OF CASH FLOWS - EUR (€) € in Thousands		9 Months Ended
		Sep. 30, 2018		Sep. 30, 2017
Cash Flow from operating activities
Loss for the period		€ (8,464)		€ (6,252)	[1],[2]
Depreciation and amortization		2,605		2,272	[2]
Foreign currency exchange differences on loans to subsidiaries		203		213	[2]
Equity-settled share-based payment transaction		477		254	[2]
Impairment losses on trade receivables		158		214	[2]
Change in investment in joint venture		9
Non-cash interest expense on long-term debt		581
Change in fair value of derivative equity forward		89
Change in inventory allowance		(361)		(404)	[2]
Deferred income taxes		6
Change in working capital		(1,567)		(2,869)	[2]
Trade and other receivables, inventories and current assets		(2,875)		(2,824)	[2]
Trade payables		191		455	[2]
Other liabilities, contract liabilities, provisions and deferred income		1,130		(505)	[2]
Income tax receivable and payable		(13)		5	[2]
Total		(6,264)		(6,572)	[2]
Cash Flow from investing activities
Payments to acquire property, plant and equipment and intangible assets		(1,446)		(2,118)	[2]
Proceeds from disposal of financial assets		10,288		1,835	[2]
Payments to acquire financial assets		(6,178)
Investment in joint venture	[2]			(50)
Total		2,664		(333)	[2]
Cash Flow from financing activities
Repayment of bank overdrafts and lines of credit		(58)		(94)	[2]
Repayment of sale and leaseback obligation		(235)		(292)	[2]
Repayment of finance lease obligation		(35)		(33)	[2]
Repayment of long-term debt		(594)		(533)	[2]
Proceeds from long-term debt issuance		40		2,611	[2]
Total		(882)		1,659	[2]
Net increase (decrease) in cash and cash equivalents		(4,482)		(5,246)	[2]
Cash and cash equivalents at beginning of period		7,569	[3]	7,849	[2]
Changes to cash and cash equivalents due to foreign exchanges rates		14		184	[2]
Cash and cash equivalents at end of period		3,101		2,787	[2]
Supplemental Cash Flow Information
Interest paid		171		159	[2]
Interest received		€ 39		€ 14	[2]

[1] Comparative figures for the 3-month and 9-month periods ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

[2] Comparative figures for the 9-month period ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

[3] Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

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Preparation of financial statements

9 Months Ended

Sep. 30, 2018

Preparation of financial statements

Preparation of financial statements

1. Preparation of financial statements

Our consolidated interim financial statements include the accounts of voxeljet AG, which is listed on the New York Stock Exchange, and its wholly-owned subsidiaries voxeljet America Inc., voxeljet UK Ltd. and voxeljet India Pvt. Ltd., as well as voxeljet China Co. Ltd., which are collectively referred to herein as the ‘Group’ or the ‘Company.’

Our consolidated interim financial statements were prepared in compliance with all applicable measurement and presentation rules contained in International Financial Reporting Standards (‘IFRS’) as set forth by the International Accounting Standards Board (‘IASB’) and Interpretations of the IFRS Interpretations Committee (‘IFRIC’). The designation IFRS also includes all valid International Accounting Standards (‘IAS’); and the designation IFRIC also includes all valid interpretations of the Standing Interpretations Committee (‘SIC’). Specifically, these financial statements were prepared in accordance with the disclosure requirements and the measurement principles for interim financial reporting purposes specified by IAS 34.

Correction of errors

Certain comparative amounts in the consolidated statements of financial position, consolidated statements of comprehensive loss, consolidated statements of changes in equity, consolidated statements of cashflows have been restated to correct for immaterial errors with respect to the elimination of margin on certain intra-group transactions. The impact of this restatement is disclosed in Note 9. “Correction of errors”. Throughout the consolidated financial statements, columns including comparative figures that have been restated, are indicated with ‘(1)’. 

The IASB issued a number of new IFRS standards which are required to be adopted in annual periods beginning after January 1, 2018.

Standard	Effective date	Descriptions
IFRS 9	01/2019	Amendments Prepayment Features with Negative Compensation
IFRS 16	01/2019	Leases
IAS 19	01/2019	Amendments Plan Amendment, Curtailment or Settlement
IAS 28	01/2019	Amendments Long-term Interests in Associates and Joint Ventures
IFRIC 23	01/2019	Uncertainty over Income Tax Treatments
Improvements to IFRS (2015-2017)	01/2019	IFRS 3, IFRS 11, IAS 12, IAS 23
Others	01/2020	Amendments References to the Conceptual Framework in IFRS Standards
IFRS 17	01/2021	Insurance Contracts
IFRS 10, IAS 28	indefinite	Amendment Sale or Contribution of Assets between Investor and its Associate or Joint Venture

IFRS 16 leases is the IASB’s replacement of IAS 17 leases and specifies how an IFRS reporter will recognize, measure, present and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognise assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. Lessors continue to classify leases as operating or finance, with IFRS 16’s approach to lessor accounting substantially unchanged from its predecessor, IAS 17. The Company has developed a project plan to analyze the potential impact IFRS 16 will have on its consolidated financial statements and related disclosures as well as its business processes, systems and controls.The introduction of IFRS 16 will lead to an increase in leased assets (right of use assets) and corresponding financial liabilities on the balance sheet as well as higher interest expenses.

The interim financial statements as of and for the nine months ended September 30, 2018 and 2017 were authorized for issue by the Management Board on November 27, 2018.

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Summary of significant accounting policies

9 Months Ended

Sep. 30, 2018

Summary of significant accounting policies

Summary of significant accounting policies

2. Summary of significant accounting policies

Except as described below, the accounting policies applied in these consolidated interim financial statements are the same as those applied in the Company’s consolidated financial statements as of and for the year ended December 31, 2017, which can be found in its Annual Report on Form 20-F that was filed with the U.S. Securities and Exchange Commission. The changes in accounting policies are also expected to be reflected in the Company’s consolidated financial statements as of and for the year ending December 31, 2018.

The Group has initially adopted IFRS 15, Revenue from Contracts with Customers, and IFRS 9, Financial Instruments, on January 1, 2018. A number of other new standards are effective from January 1, 2018 but these do not have a material effect on the Company’s consolidated financial statements.

- The adoption of IFRS 15 resulted in minor impacts related to the revenue recognition regarding the revenue streams from maintenance as well as extended warranty contracts. Those impacts include immaterial timing differences for revenue recognition related to these types of contracts with customers. The new guidance is not expected to have a material impact to net income (loss) on an ongoing basis.

- The adoption of IFRS 9 resulted in a minor increase in impairment losses recognized on trade receivables.

IFRS 15 Revenue from Contracts with Customers

IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaced IAS 18, Revenue, IAS 11, Construction Contracts, and related interpretations. The Group has adopted IFRS 15 using the cumulative effect method, with the effect of initially applying this standard recognized at the date of initial application (i.e. January 1, 2018). Accordingly, the information presented for 2017 has not been restated – i.e. it is presented, as previously reported, under IAS 18, IAS 11 and related interpretations.

The following table summarizes the impact, net of tax, of transition to IFRS 15 on retained earnings as of January 1, 2018.

Impact at January 1,  2018	Impact on adopting IFRS 15 at January 1, 2018
	(€ in thousands)
Retained earnings	(100)
Recognition of revenues from maintenance and extended warranty contracts	(100)

The following table summarizes the impacts of adopting IFRS 15 on the Company’s consolidated interim consolidated statement of financial position as of September 30, 2018 and its consolidated interim statement of comprehensive loss for the nine months then ended for each of the line items affected.

			Amounts without
09/30/2018	As reported	Adjustments	adoption of IFRS 15
	(€ in thousands)
Total assets	59,769	(327)	59,442
Current assets	30,086	(327)	29,759
Trade receivables	4,727	(327)	4,400
Total equity and liabilities	59,769	(327)	59,442
Current liabilities	7,557	(554)	7,003
Deferred income	21	256	277
Contract liabilities	1,366	(1,366)	--
Other liabilities and provisions	1,980	556	2,536
Equity	35,630	227	35,857
Accumulated deficit	(46,111)	227	(45,884)

			Amounts without
09/30/2018	As reported	Adjustments	adoption of IFRS 15
	(€ in thousands)
Revenue	17,435	127	17,562
Impairment loss on trade receivables under IFRS 15	(10)	10	--
Operating loss	(7,555)	137	(7,418)
Loss before income taxes	(8,457)	137	(8,320)
Net loss	(8,464)	137	(8,327)
Total comprehensive loss	(8,573)	137	(8,436)

The details of the new accounting policies and the nature of the changes to previous accounting policies in relation to the Group’s revenue streams in relation to the Maintenance and extended warranty contracts are set out below.

After the initial one year of statutory warranty period, the Company offers its customers extended warranty and optional maintenance contracts. Extended warranty and maintenance contracts are generally provided for a period of twelve months and automatically extended for another twelve months if not cancelled on a timely basis. Before the adoption of IFRS 15 extended warranty and maintenance service revenue has been recognized on a straight-line basis over the contractual term.

Under IFRS 15, the Company recognizes revenue based on input factors like the number of service visits or the provision of certain goods, in particular printheads under the maintenance and warranty contracts. Therefore the expected number of service visits and goods to be provided under a contract have been estimated by the Company’s service department based on historical experience. This leads to minor timing differences for revenue recognition related to these types of contracts with customers throughout the contract term.

IFRS 9 Financial Instruments

IFRS 9 sets out requirements for recognizing and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items. This standard replaces IAS 39, Financial Instruments.

The Company has applied the exemption not to restate comparative information for prior periods with respect to classification and measurement (including impairment) requirements. Differences in the carrying amounts of financial assets and financial liabilities resulting from the adoption of IFRS 9 are recognized in retained earnings and reserves as of January 1, 2018. Accordingly, the information presented for 2017 does not reflect the requirements of IFRS 9 but rather those of IAS 39.

The details of new significant accounting policies and the nature and effect of the changes to previous accounting policies are set out below.

Classification and measurement of financial assets and financial liabilities

IFRS 9 largely retains the existing requirements in IAS 39 for the classification and measurement of financial liabilities. However, it eliminates the previous IAS 39 categories for financial assets of held to maturity, loans and receivables and available for sale.

Under IFRS 9, on initial recognition, a financial asset is classified as measured at: amortized cost, fair value through other comprehensive income (FVOCI), or fair value through profit or loss (FVTPL). The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics.

A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:

- it is held within a business model whose objective is to hold assets to collect contractual cash flows; and

- its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to record subsequent changes in the investment’s fair value in OCI. This election is made on an investment-by-investment basis.

All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.

A financial asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price) is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition.

Under IFRS 9, our investments in bond funds will be classified as fair value through other comprehensive income (FVTOCI). As permitted by IFRS 9, the Company has designated these investments at the date of initial application as measured at FVOCI. Unlike IAS 39, the accumulated fair value reserve related to these investments will never be reclassified to profit or loss.

Under IAS 39 as well as upon adoption of IFRS 9, our derivative financial instruments have been designated as at FVTPL.

Impairment of financial assets

IFRS 9 replaces the ‘incurred loss’ model in IAS 39 with an ‘expected credit loss’ (ECL) model. The new impairment model applies to financial assets measured at amortized cost, FVOCI and contract assets. Under IFRS 9, credit losses are recognized earlier than under IAS 39.

The Company’s financial assets at amortized cost consist of trade receivables and cash and cash equivalents. For cash and cash equivalents the adoption of IFRS 9 did not have any impact regarding impairment.

Under IFRS 9, loss allowances are measured on either of the following bases:

- 12-months ECLs: these are ECLs that result from possible default events within the 12 months after the reporting date; or

- lifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial instrument.

When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group’s historical experience and informed credit assessment and including forward-looking information.

The Company considers a financial asset to be in default when:

- the borrower is unlikely to pay its credit obligations to the Company in full, without recourse by the Company to actions such as realizing security (if any is held); or

- the financial asset is more than 90 days past due.

The Company considers an investment to have low credit risk when its credit risk rating is equivalent to the globally understood definition of ‘investment grade’. The Company limits its exposure to credit risk by investing only in bond funds which are fully guaranteed by the financial institutions and therefore represents short term credit rating of A‑3 based on Standard & Poor’s or P‑2 based on Moody’s.

Trade receivables

The Company measures loss allowances for trade receivables at an amount equal to lifetime ECLs. ECLs are a probability-weighted estimate of credit losses. The Company calculates the ECL based on the risk scoring its customers’ according to an external rating agency. Following the risk score of each customer, the trade receivables are clustered into different grades. For each grade, the ECL is calculated after deducting from trade receivables a loss allowance based on actual credit loss experience. In addition the Company uses qualitative assessment of the trade receivables, where default has incurred.

The Group considers an equity security to have low credit risk when its credit risk rating is equivalent to the globally understood definition of ‘investment grade’. The Group limits its exposure to credit risk by investing only in bond funds which are fully guaranteed by the financial institutions and therefore represents short term credit rating of A‑3 based on Standard & Poor’s or P‑2 based on Moody’s.

Presentation of impairment

Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets and presented within other operating expenses.

Impairment losses on financial assets classified as FVTPL and FCOCI are presented within the finance expense and other comprehensive income, respectively.

The following table presents the original measurement categories under IAS 39 and the new measurement categories under IFRS 9 for each class of the Company’s financial assets and financial liabilities as of January 1, 2018.

			Original	New
	Original classification	New classification	carrying amount	carrying amount
01/01/2018	under IAS 39	under IFRS 9	under IAS 39	under IFRS 9
			(€ in thousands)
Financial assets			27,063	27,000
Non-current assets
Equity securities	Available‑for‑sale financial assets	FVOCI	5	5
Derivative financial instruments	A financial asset or financial liability at fair value through profit or loss	Mandatorily at FVTPL	352	352
Current assets
Bond funds	Available‑for‑sale financial assets	FVOCI	14,044	14,044
Cash and cash equivalents	Loans and receivables	Amortized cost	7,569	7,569
Trade receivables	Loans and receivables	Amortized cost	5,093	5,030
Financial liabilities			20,416	20,416
Non-current liabilities
Long-term debt	Financial liabilities measured at amortized cost	Amortized cost	16,242	16,242
Finance lease obligation	Financial liabilities measured at amortized cost	Amortized cost	171	171
Current liabilities
Bank overdraft	Financial liabilities measured at amortized cost	Amortized cost	58	58
Long-term debt	Financial liabilities measured at amortized cost	Amortized cost	796	796
Finance lease obligation	Financial liabilities measured at amortized cost	Amortized cost	308	308
Trade payables	Financial liabilities measured at amortized cost	Amortized cost	2,841	2,841

Impact of the new impairment model

For assets in the scope of the IFRS 9 impairment model, impairment losses are generally expected to increase and become more volatile. The Company has determined that the application of IFRS 9’s impairment requirements at January 1, 2018 results in an additional impairment allowance as follows.

	(€ in thousands)
Loss allowance at December 31, 2017 under IAS 39	482
Additional impairment recognized at January 1, 2018 on:
Trade and other receivables as at December 31, 2017	62
Additional trade receivables recognized on adoption of IFRS 15	1
Loss allowance at January 1, 2018 under IFRS 9	545

The following tables provides information about the exposure to credit risk and ECLs for trade receivables as of January 1, 2018 and September 30, 2018.  This was calculated after a specific assessment of the trade receivables and after recording a specific debt allowance.

January 1, 2018
		Equivalent to external
		credit rating	Probability of	Gross carrying	Impairment loss	Net carrying
Grades		(Standard & Poor’s)	default	amount	allowance	amount
				(€ in thousands)
Grades 1-4:	Low risk	BBB+ to AAA	0.2%	3,274	5	3,269
Grades 5-7:	Fair risk	B+ to BBB	1.3%	1,674	22	1,652
Grades 8-9:	Substandard	CCC- to B	7.0%	363	25	338
Grade 10:	Doubtful	C to CC	25.0%	14	3	11
Grade 11:	Loss	D	100.0%	8	8	--
				5,333	63	5,270

September 30, 2018
		Equivalent to external
		credit rating	Probability of	Gross carrying	Impairment loss	Net carrying
Grades		(Standard & Poor’s)	default	amount	allowance	amount
				(€ in thousands)
Grades 1-4:	Low risk	BBB+ to AAA	0.2%	2,029	3	2,026
Grades 5-7:	Fair risk	B+ to BBB	1.3%	1,913	26	1,887
Grades 8-9:	Substandard	CCC- to B	7.0%	792	55	737
Grade 10:	Doubtful	C to CC	25.0%	103	26	77
Grade 11:	Loss	D	100.0%	11	11	--
				4,848	121	4,727

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Share based payment arrangements

9 Months Ended

Sep. 30, 2018

Share based payment arrangements

Share based payment arrangements

3. Share based payment arrangements

On April 7, 2017, voxeljet AG established a share option plan that entitles key management personnel and senior employees of voxeljet AG and its subsidiaries to purchase shares of the parent company.

Total options available under the share option plan are 372,000.  279,000 options (75%, Tranche 1) were granted on April 7, 2017. 93,000 options (25%, Tranche 2) were granted on April 12, 2018.

The vesting conditions include a service condition (the options vest after a period of four years of continued service from the respective grant date) and a market condition (the options may only be exercised if the share price exceeds the exercise price over a period of 90 consecutive days by at least 20% in the period between the grant date and the respective exercise time frame) of which both conditions must be met.

The fair value of the employee share option plan has been measured for Tranches 1 and 2 using a Monte Carlo simulation. The market condition has been incorporated into the fair value at grant date.

The inputs used in the measurement of the fair value at grant date are as follows:

	Tranche 1	Tranche 2
Parameter
Share price at grant date	USD 13.80	USD 16.15
Exercise price	USD 13.90	USD 16.15
Expected volatility	55.00%	58.40%
Expected dividends	--	--
Risk-free interest rate	2.49%	2.85%
Fair value at grant date	USD 8.00	USD 9.74

The respective expected volatility has been based on an evaluation of the historical volatility of the Company’s share price as at the grant date. As at September 30, 2018 no options are exercisable and 372,000 options are outstanding. The weighted-average contractual life of the options at September 30, 2018 amounts to 8.8 years (September 30, 2017: 9.5 years).

The expenses recognized in the profit and loss statement in relation to the share-based payment arrangements amounted to kEUR 178 in the three months and kEUR 477 in the nine months ended September 30, 2018. (three months and nine months ended September 30, 2017: kEUR 132 and kEUR 254, respectively).

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Inventories

9 Months Ended

Sep. 30, 2018

Inventories

Inventories

4. Inventories

	9/30/2018	12/31/2017 (1)
	(€ in thousands)
Raw materials and merchandise	4,185	2,737
Work in progress	6,501	6,522
Total	10,686	9,259

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Property, plant and equipment, net

9 Months Ended

Sep. 30, 2018

Property, plant and equipment, net

Property, plant and equipment, net

5. Property, plant and equipment, net

	9/30/2018	12/31/2017 (1)
	(€ in thousands)
Land, buildings and leasehold improvements	17,206	17,415
Plant and machinery (includes assets under finance lease)	9,104	8,901
Other facilities, factory and office equipment	1,496	1,625
Assets under construction and prepayments made	108	8
Total	27,914	27,949
Thereof pledged assets of Property, Plant and Equipment	6,790	7,046
Leased assets included in Property, Plant and Equipment:	259	881
Printers	106	613
Printers leased to customers under operating lease	--	97
Other factory equipment	153	171

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Other liabilities and provisions

9 Months Ended

Sep. 30, 2018

Other liabilities and provisions

Other liabilities and provisions

6. Other liabilities and provisions

	9/30/2018	12/31/2017
	(€ in thousands)
Customer deposits	—	373
Liabilities from VAT	18	12
Employee bonus	285	303
Accruals for vacation and overtime	293	222
Accruals for licenses	134	140
Liabilities from payroll	274	236
Accruals for commissions	80	50
Accruals for compensation of Supervisory board	175	180
Accrual for warranty	388	286
Others	509	322
Total	2,156	2,124

After the adoption of IFRS 15 customer deposits amounting to kEUR 556 are presented within contract liabilities. 

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Financial instruments

9 Months Ended

Sep. 30, 2018

Financial instruments

Financial instruments

7. Financial instruments

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy.

	Carrying amount					Fair Value
			Assets at	Liabilities	Total
			amortized	at amortized	carrying
9/30/2018	FVTPL	FVOCI	cost	cost	amount	Level 1	Level 2	Level 3	Total
Financial assets measured at fair value
Non-current assets
Derivative financial instruments	263	--	--	--	263	--	263	--	263
Equity securities	--	5	--	--	5	--	--	5	5
Current assets
Bond funds	--	9,934	--	--	9,934	9,934	--	--	9,934
Financial assets not measured at fair value
Current assets
Cash and cash equivalents	--	--	3,101	--	3,101	3,101	--	--	3,101
Trade and other receivables	--	--	4,727	--	4,727	--	--	--	--
Financial liabilities not measured at fair value
Non-current liabilities
Long-term debt	--	--	--	16,255	16,255	--	15,082	--	15,082
Finance lease obligation	--	--	--	79	79	--	76	--	76
Current liabilities
Bank overdraft	--	--	--	--	--	--	--	--	--
Long-term debt	--	--	--	810	810	--	803	--	803
Finance lease obligation	--	--	--	130	130	--	128	--	128
Trade payables	--	--	--	3,250	3,250	--	--	--	--

	A financial
	asset or
	financial
	liability
	at fair value				Financial
	through	Held-to-	Available-		liabilities
	profit	maturity	for‑sale	Loans and	measured at
12/31/2017	or loss	investments	investments	receivables	amortized cost	Fair Value	Level
Assets
Non-current assets
Equity securities	--	--	5	--	--	5	Level 3
Derivative financial instruments	352	--	--	--	--	352	Level 2
Current assets
Bond funds	--	--	14,044	--	--	14,044	Level 1
Cash and cash equivalents	--	--	--	7,569	--	7,569	Level 1
Liabilities
Non-current liabilities
Long-term debt	--	--	--	--	16,242	15,119	Level 2
Finance lease obligation	--	--	--	--	171	163	Level 2
Current liabilities
Bank overdraft	--	--	--	--	58	58
Long-term debt	--	--	--	--	796	787	Level 2
Finance lease obligation	--	--	--	--	308	310	Level 2

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

The fair value of long-term debt was determined using discounted cash flow models based on the relevant forward interest rate yield curves. The fair value of finance lease obligations was determined using discounted cash flow models on market interest rates available to the Company for similar transactions at the relevant date.

Due to their short maturity and the current low level of interest rates, the carrying amounts of credit lines and bank overdrafts approximate fair value.

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Financial result

9 Months Ended

Sep. 30, 2018

Financial result

Financial result

8. Financial result

	Three months ended September 30,
	2018	2017
	(€ in thousands)
Interest expense	(1,086)	(41)
Finance lease obligations	(20)	(22)
Long-term debt	(238)	(11)
Expense from revaluation of derivative financial instruments	(805)	--
Other	(23)	(8)
Interest income	44	5
Income from bond funds	34	2
Other	10	3
Financial result	(1,042)	(36)

	Nine months ended September 30,
	2018	2017
	(€ in thousands)
Interest expense	(962)	(90)
Finance lease obligations	(79)	(39)
Long-term debt	(705)	(40)
Expense from revaluation of derivative financial instruments	(89)	--
Other	(89)	(11)
Interest income	60	12
Income from bond funds	48	9
Other	12	3
Financial result	(902)	(78)

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Correction of errors

9 Months Ended

Sep. 30, 2018

Correction of errors

Correction of errors

9. Correction of errors

During the preparation of the consolidated interim financial statements for the three-month and nine-month periods ended September 30, 2018, the Company became aware that the margin within certain intra-group transactions has not been properly eliminated in the consolidation process, resulting in misstatement of cost of sales in its consolidated financial statements since the first quarter in fiscal year 2017. These errors have been corrected by restating each of the affected financial statement line items for prior periods. The Company has evaluated the effect of these errors, both qualitatively and quantitatively, and concluded that the corrections did not have a material impact on, nor require amendment of, any previously filed financial statements. The following tables summarize the impacts on the Company’s consolidated financial statements.

Consolidated statement of financial position

March 31, 2017	Impact of correction of error
	As previously
	reported	Adjustments	As corrected
	(€ in thousands)
Current assets	33,601	(65)	33,536
Inventories	9,475	(65)	9,410
Non-current assets	28,003	—	28,003
Property, plant and equipment	26,872	—	26,872
Total assets	61,604	(65)	61,539
Equity	49,120	(65)	49,055
Accumulated deficit	(31,400)	(65)	(31,465)
Total equity and liabilities	61,604	(65)	61,539

June 30, 2017	Impact of correction of error
	As previously
	reported	Adjustments	As corrected
	(€ in thousands)
Current assets	30,937	(121)	30,816
Inventories	9,507	(121)	9,386
Non-current assets	28,300	—	28,300
Property, plant and equipment	27,010	—	27,010
Total assets	59,237	(121)	59,116
Equity	46,883	(121)	46,762
Accumulated deficit	(34,067)	(121)	(34,188)
Total equity and liabilities	59,237	(121)	59,116

September 30, 2017	Impact of correction of error
	As previously
	reported	Adjustments	As corrected
	(€ in thousands)
Current assets	29,840	(187)	29,653
Inventories	9,391	(187)	9,204
Non-current assets	28,990	—	28,990
Property, plant and equipment	27,617	—	27,617
Total assets	58,830	(187)	58,643
Equity	46,122	(187)	45,935
Accumulated deficit	(35,022)	(187)	(35,209)
Total equity and liabilities	58,830	(187)	58,643

December 31, 2017	Impact of correction of error
	As previously
	reported	Adjustments	As corrected
	(€ in thousands)
Current assets	37,774	(280)	37,494
Inventories	9,539	(280)	9,259
Non-current assets	29,257	251	29,508
Property, plant and equipment	27,698	251	27,949
Total assets	67,031	(29)	67,002
Equity	43,918	(29)	43,889
Accumulated deficit	(37,480)	(29)	(37,509)
Total equity and liabilities	67,031	(29)	67,002

March 31, 2018	Impact of correction of error
	As previously
	reported	Adjustments	As corrected
	(€ in thousands)
Current assets	38,347	(417)	37,930
Inventories	11,309	(417)	10,892
Non-current assets	29,360	254	29,614
Property, plant and equipment	26,792	254	27,046
Total assets	67,707	(163)	67,544
Equity	42,223	(163)	42,060
Accumulated deficit	(39,219)	(163)	(39,382)
Total equity and liabilities	67,707	(163)	67,544

June 30, 2018	Impact of correction of error
	As previously
	reported	Adjustments	As corrected
	(€ in thousands)
Current assets	35,781	(623)	35,158
Inventories	13,116	(623)	12,493
Non-current assets	29,056	257	29,313
Property, plant and equipment	26,550	257	26,807
Total assets	64,837	(366)	64,471
Equity	39,633	(366)	39,267
Accumulated deficit	(41,958)	(366)	(42,324)
Total equity and liabilities	64,837	(366)	64,471

Consolidated statement of comprehensive loss

	Impact of correction of error
	three months ended March 31, 2017
	As previously
	reported	Adjustments	As corrected
	(€ in thousands except share and share data)
Cost of sales	(2,949)	(65)	(3,014)
Gross profit	1,581	(65)	1,516
Operating loss	(2,388)	(65)	(2,453)
Net loss	(2,431)	(65)	(2,496)
Total comprehensive loss	(2,416)	(65)	(2,481)
Loss attributable to owners of the company	(2,429)	(65)	(2,494)
Total comprehensive loss attributable to owners of the company	(2,414)	(65)	(2,479)
Loss per share - basic/ diluted (EUR)	(0.65)	(0.02)	(0.67)

	Impact of correction of error			Impact of correction of error
	three months ended June 30, 2017			six months ended June 30, 2017
	As previously			As previously
	reported	Adjustments	As corrected	reported	Adjustments	As corrected
	(€ in thousands except share and share data)			(€ in thousands except share and share data)
Cost of sales	(3,043)	(56)	(3,099)	(5,992)	(121)	(6,113)
Gross profit	2,110	(56)	2,054	3,691	(121)	3,570
Operating loss	(2,675)	(56)	(2,731)	(5,063)	(121)	(5,184)
Net loss	(2,674)	(56)	(2,730)	(5,105)	(121)	(5,226)
Total comprehensive loss	(2,359)	(56)	(2,415)	(4,775)	(121)	(4,896)
Loss attributable to owners of the company	(2,667)	(56)	(2,723)	(5,096)	(121)	(5,217)
Total comprehensive loss attributable to owners of the company	(2,352)	(56)	(2,408)	(4,766)	(121)	(4,887)
Loss per share - basic/ diluted (EUR)	(0.72)	(0.01)	(0.73)	(1.37)	(0.03)	(1.40)

	Impact of correction of error			Impact of correction of error
	three months ended September 30, 2017			nine months ended September 30, 2017
	As previously			As previously
	reported	Adjustments	As corrected	reported	Adjustments	As corrected
	(€ in thousands except share and share data)			(€ in thousands except share and share data)
Cost of sales	(4,170)	(66)	(4,236)	(10,162)	(187)	(10,349)
Gross profit	3,217	(66)	3,151	6,908	(187)	6,721
Operating loss	(924)	(66)	(990)	(5,987)	(187)	(6,174)
Net loss	(960)	(66)	(1,026)	(6,065)	(187)	(6,252)
Total comprehensive loss	(893)	(66)	(959)	(5,668)	(187)	(5,855)
Loss attributable to:
Loss attributable to owners of the company	(955)	(66)	(1,021)	(6,051)	(187)	(6,238)
Total comprehensive loss attributable to owners of the company	(888)	(66)	(954)	(5,654)	(187)	(5,841)
Loss per share - basic/ diluted (EUR)	(0.26)	(0.01)	(0.27)	(1.63)	(0.05)	(1.68)

	Impact of correction of error			Impact of correction of error
	three months ended December 31, 2017			year ended December 31, 2017
	As previously			As previously
	reported	Adjustments	As corrected	reported	Adjustments	As corrected
	(€ in thousands except share and share data)			(€ in thousands except share and share data)
Cost of sales	(3,662)	158	(3,504)	(13,824)	(29)	(13,853)
Gross profit	2,446	158	2,604	9,354	(29)	9,325
Operating loss	(2,633)	158	(2,475)	(8,620)	(29)	(8,649)
Net loss	(2,460)	158	(2,302)	(8,525)	(29)	(8,554)
Total comprehensive loss	(2,352)	158	(2,194)	(8,020)	(29)	(8,049)
Loss attributable to owners of the company	(2,458)	158	(2,300)	(8,509)	(29)	(8,538)
Total comprehensive loss attributable to owners of the company	(2,350)	158	(2,192)	(8,004)	(29)	(8,033)
Loss per share - basic/ diluted (EUR)	(0.66)	0.04	(0.62)	(2.29)	(0.01)	(2.30)

	Impact of correction of error
	three months ended March 31, 2018
	As previously
	reported	Adjustments	As corrected
	(€ in thousands except share and share data)
Cost of sales	(2,785)	(134)	(2,919)
Gross profit	2,267	(134)	2,133
Operating loss	(2,254)	(134)	(2,388)
Net loss	(1,582)	(134)	(1,716)
Total comprehensive loss	(1,661)	(134)	(1,795)
Loss attributable to owners of the company	(1,576)	(134)	(1,710)
Total comprehensive loss attributable to owners of the company	(1,655)	(134)	(1,789)
Loss per share - basic/ diluted (EUR)	(0.42)	(0.04)	(0.46)

	Impact of correction of error			Impact of correction of error
	three months ended June 30, 2018			six months ended June 30, 2018
	As previously			As previously
	reported	Adjustments	As corrected	reported	Adjustments	As corrected
	(€ in thousands except share and share data)			(€ in thousands except share and share data)
Cost of sales	(3,209)	(201)	(3,410)	(5,994)	(337)	(6,331)
Gross profit	2,053	(201)	1,852	4,320	(337)	3,983
Operating loss	(2,203)	(201)	(2,404)	(4,457)	(337)	(4,794)
Net loss	(2,748)	(201)	(2,949)	(4,330)	(337)	(4,667)
Total comprehensive loss	(2,760)	(201)	(2,961)	(4,421)	(337)	(4,758)
Loss attributable to owners of the company	(2,739)	(201)	(2,940)	(4,315)	(337)	(4,652)
Total comprehensive loss attributable to owners of the company	(2,751)	(201)	(2,952)	(4,406)	(337)	(4,743)
Loss per share - basic/ diluted (EUR)	(0.74)	(0.05)	(0.79)	(1.16)	(0.09)	(1.25)

Segment reporting

	Impact of correction of error three months ended March 31, 2017
	As previously
	reported				Adjustments		As corrected
	(€ in thousands)
	SYSTEMS		SERVICES		SYSTEMS	SERVICES	SYSTEMS		SERVICES
Revenues	1,693		2,837		—	—	1,693		2,837
Gross profit	353		1,228		12	(77)	365		1,151
Gross profit in %	20.9	%	43.3	%			21.6	%	40.6	%

	Impact of correction of error three months ended June 30, 2017
	As previously
	reported				Adjustments		As corrected
	(€ in thousands)
	SYSTEMS		SERVICES		SYSTEMS	SERVICES	SYSTEMS		SERVICES
Revenues	2,542		2,611		—	—	2,542		2,611
Gross profit	925		1,185		22	(78)	947		1,107
Gross profit in %	36.4	%	45.4	%			37.3	%	42.4	%

	Impact of correction of error six months ended June 30, 2017
	As previously
	reported				Adjustments		As corrected
	(€ in thousands)
	SYSTEMS		SERVICES		SYSTEMS	SERVICES	SYSTEMS		SERVICES
Revenues	4,235		5,448		—	—	4,235		5,448
Gross profit	1,278		2,413		34	(155)	1,312		2,258
Gross profit in %	30.2	%	44.3	%			31.0	%	41.4	%

	Impact of correction of error three months ended September 30, 2017
	As previously
	reported				Adjustments		As corrected
	(€ in thousands)
	SYSTEMS		SERVICES		SYSTEMS	SERVICES	SYSTEMS		SERVICES
Revenues	4,153		3,234		—	—	4,153		3,234
Gross profit	1,584		1,633		33	(99)	1,617		1,534
Gross profit in %	38.1	%	50.5	%			38.9	%	47.4	%

	Impact of correction of error nine months ended September 30, 2017
	As previously
	reported				Adjustments		As corrected
	(€ in thousands)
	SYSTEMS		SERVICES		SYSTEMS	SERVICES	SYSTEMS		SERVICES
Revenues	8,388		8,682		—	—	8,388		8,682
Gross profit	2,862		4,046		67	(254)	2,929		3,792
Gross profit in %	34.1	%	46.6	%			34.9	%	43.7	%

	Impact of correction of error three months ended December 31, 2017
	As previously
	reported				Adjustments		As corrected
	(€ in thousands)
	SYSTEMS		SERVICES		SYSTEMS	SERVICES	SYSTEMS		SERVICES
Revenues	3,146		2,962		—	—	3,146		2,962
Gross profit	1,059		1,387		270	(112)	1,329		1,275
Gross profit in %	33.7	%	46.8	%			42.2	%	43.0	%

	Impact of correction of error year ended December 31, 2017
	As previously
	reported				Adjustments		As corrected
	(€ in thousands)
	SYSTEMS		SERVICES		SYSTEMS	SERVICES	SYSTEMS		SERVICES
Revenues	11,534		11,644		—	—	11,534		11,644
Gross profit	3,921		5,433		337	(366)	4,258		5,067
Gross profit in %	34.0	%	46.7	%			36.9	%	43.5	%

	Impact of correction of error three months ended March 31, 2018
	As previously
	reported				Adjustments		As corrected
	(€ in thousands)
	SYSTEMS		SERVICES		SYSTEMS	SERVICES	SYSTEMS		SERVICES
Revenues	1,375		3,677		—	—	1,375		3,677
Gross profit	429		1,838		(48)	(86)	381		1,752
Gross profit in %	31.2	%	50.0	%			27.7	%	47.6	%

	Impact of correction of error three months ended June 30, 2018
	As previously
	reported				Adjustments		As corrected
	(€ in thousands)
	SYSTEMS		SERVICES		SYSTEMS	SERVICES	SYSTEMS		SERVICES
Revenues	1,883		3,379		—	—	1,883		3,379
Gross profit	561		1,492		(87)	(114)	474		1,378
Gross profit in %	29.8	%	44.2	%			25.2	%	40.8	%

	Impact of correction of error six months ended June 30, 2018
	As previously
	reported				Adjustments		As corrected
	(€ in thousands)
	SYSTEMS		SERVICES		SYSTEMS	SERVICES	SYSTEMS		SERVICES
Revenues	3,258		7,056		—	—	3,258		7,056
Gross profit	990		3,330		(136)	(201)	854		3,129
Gross profit in %	30.4	%	47.2	%			26.2	%	44.3	%

There is no impact on the Company’s operating, investing or financing cash flows for the 9-months period ended September 30, 2017.

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Segment reporting

9 Months Ended

Sep. 30, 2018

Segment reporting

Segment reporting

10. Segment reporting

The following table summarizes segment reporting. The sum of the amounts of the two segments equals the total for the Group in each of the periods.

		Three months ended September 30,
		2018				2017 (1)
	(€ in thousands)
		SYSTEMS		SERVICES		SYSTEMS		SERVICES
Revenues		3,744		3,377		4,153		3,234
Gross profit		1,197		1,114		1,617		1,534
Gross profit in %		32.0	%	33.0	%	38.9	%	47.4	%

		Nine months ended September 30,
		2018				2017 (1)
	(€ in thousands)
		SYSTEMS		SERVICES		SYSTEMS		SERVICES
Revenues		7,002		10,433		8,388		8,682
Gross profit		2,051		4,243		2,929		3,792
Gross profit in %		29.3	%	40.7	%	34.9	%	43.7	%

(1) Comparative figures for the 3-month and 9-month periods ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

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Revenues

9 Months Ended

Sep. 30, 2018

Revenues

Revenues

11. Revenues

	Three months ended September 30,		Nine months ended September 30,
	2018	2017	2018	2017
	(€ in thousands)		(€ in thousands)
EMEA	2,935	5,660	9,757	12,053
Germany	1,546	1,202	4,284	4,656
France	397	1,077	2,146	2,105
Sweden	46	1,167	209	1,367
Others	946	2,214	3,118	3,925
Asia Pacific	2,269	653	3,486	1,933
Indonesia	1,758	32	1,784	91
China	132	204	460	1,137
South Korea	361	400	667	656
Others	18	17	575	49
Americas	1,917	1,074	4,192	3,084
United States	1,871	911	4,125	2,742
Others	46	163	67	342
Total	7,121	7,387	17,435	17,070

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Commitments, contingent assets and liabilities

9 Months Ended

Sep. 30, 2018

Commitments, contingent assets and liabilities

Commitments, contingent assets and liabilities

12. Commitments, contingent assets and liabilities

In March 2018, ExOne GmbH, a subsidiary of The ExOne Company, notified voxeljet of its intent not to pay its annual license fees under an existing intellectual property-related agreement and asserted its rights to claim damages pursuant to an alleged material breach of the agreement. At this time, the Company cannot reasonably estimate a contingency, if any, related to this matter.

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Subsequent events

9 Months Ended

Sep. 30, 2018

Subsequent events

Subsequent events

13. Subsequent events

On October 17, 2018, voxeljet issued 972,000 ordinary shares, equivalent to 4,860,000 American Depository Shares (“ADS”), at an offering price of USD 2.57 per ADS (the “Public Offering Price”). The Company received net proceeds of approximately EUR 9.2 million. Members of our management board, who are also significant shareholders, purchased an aggregate number of 233,462 ADSs in this offering at the Public Offering Price.  

On November 8, 2018, voxeljet closed the over-allotment transaction in which it issued additional 144,000 ordinary shares, equivalent to 720,000 ADSs, upon the exercise of the over-allotment option exercised by the underwriter on November 1, 2018. The Company received net proceeds of approximately EUR 1.4 million. 

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Summary of significant accounting policies (Policies)

9 Months Ended

Sep. 30, 2018

Summary of significant accounting policies

New standards adopted

The Group has initially adopted IFRS 15, Revenue from Contracts with Customers, and IFRS 9, Financial Instruments, on January 1, 2018. A number of other new standards are effective from January 1, 2018 but these do not have a material effect on the Company’s consolidated financial statements.

- The adoption of IFRS 15 resulted in minor impacts related to the revenue recognition regarding the revenue streams from maintenance as well as extended warranty contracts. Those impacts include immaterial timing differences for revenue recognition related to these types of contracts with customers. The new guidance is not expected to have a material impact to net income (loss) on an ongoing basis.

- The adoption of IFRS 9 resulted in a minor increase in impairment losses recognized on trade receivables.

IFRS 15 Revenue from Contracts with Customers

IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaced IAS 18, Revenue, IAS 11, Construction Contracts, and related interpretations. The Group has adopted IFRS 15 using the cumulative effect method, with the effect of initially applying this standard recognized at the date of initial application (i.e. January 1, 2018). Accordingly, the information presented for 2017 has not been restated – i.e. it is presented, as previously reported, under IAS 18, IAS 11 and related interpretations.

The following table summarizes the impact, net of tax, of transition to IFRS 15 on retained earnings as of January 1, 2018.

Impact at January 1,  2018	Impact on adopting IFRS 15 at January 1, 2018
	(€ in thousands)
Retained earnings	(100)
Recognition of revenues from maintenance and extended warranty contracts	(100)

The following table summarizes the impacts of adopting IFRS 15 on the Company’s consolidated interim consolidated statement of financial position as of September 30, 2018 and its consolidated interim statement of comprehensive loss for the nine months then ended for each of the line items affected.

			Amounts without
09/30/2018	As reported	Adjustments	adoption of IFRS 15
	(€ in thousands)
Total assets	59,769	(327)	59,442
Current assets	30,086	(327)	29,759
Trade receivables	4,727	(327)	4,400
Total equity and liabilities	59,769	(327)	59,442
Current liabilities	7,557	(554)	7,003
Deferred income	21	256	277
Contract liabilities	1,366	(1,366)	--
Other liabilities and provisions	1,980	556	2,536
Equity	35,630	227	35,857
Accumulated deficit	(46,111)	227	(45,884)

			Amounts without
09/30/2018	As reported	Adjustments	adoption of IFRS 15
	(€ in thousands)
Revenue	17,435	127	17,562
Impairment loss on trade receivables under IFRS 15	(10)	10	--
Operating loss	(7,555)	137	(7,418)
Loss before income taxes	(8,457)	137	(8,320)
Net loss	(8,464)	137	(8,327)
Total comprehensive loss	(8,573)	137	(8,436)

The details of the new accounting policies and the nature of the changes to previous accounting policies in relation to the Group’s revenue streams in relation to the Maintenance and extended warranty contracts are set out below.

After the initial one year of statutory warranty period, the Company offers its customers extended warranty and optional maintenance contracts. Extended warranty and maintenance contracts are generally provided for a period of twelve months and automatically extended for another twelve months if not cancelled on a timely basis. Before the adoption of IFRS 15 extended warranty and maintenance service revenue has been recognized on a straight-line basis over the contractual term.

Under IFRS 15, the Company recognizes revenue based on input factors like the number of service visits or the provision of certain goods, in particular printheads under the maintenance and warranty contracts. Therefore the expected number of service visits and goods to be provided under a contract have been estimated by the Company’s service department based on historical experience. This leads to minor timing differences for revenue recognition related to these types of contracts with customers throughout the contract term.

IFRS 9 Financial Instruments

IFRS 9 sets out requirements for recognizing and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items. This standard replaces IAS 39, Financial Instruments.

The Company has applied the exemption not to restate comparative information for prior periods with respect to classification and measurement (including impairment) requirements. Differences in the carrying amounts of financial assets and financial liabilities resulting from the adoption of IFRS 9 are recognized in retained earnings and reserves as of January 1, 2018. Accordingly, the information presented for 2017 does not reflect the requirements of IFRS 9 but rather those of IAS 39.

The details of new significant accounting policies and the nature and effect of the changes to previous accounting policies are set out below.

Classification and measurement of financial assets and financial liabilities

IFRS 9 largely retains the existing requirements in IAS 39 for the classification and measurement of financial liabilities. However, it eliminates the previous IAS 39 categories for financial assets of held to maturity, loans and receivables and available for sale.

Under IFRS 9, on initial recognition, a financial asset is classified as measured at: amortized cost, fair value through other comprehensive income (FVOCI), or fair value through profit or loss (FVTPL). The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics.

A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:

- it is held within a business model whose objective is to hold assets to collect contractual cash flows; and

- its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to record subsequent changes in the investment’s fair value in OCI. This election is made on an investment-by-investment basis.

All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.

A financial asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price) is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition.

Under IFRS 9, our investments in bond funds will be classified as fair value through other comprehensive income (FVTOCI). As permitted by IFRS 9, the Company has designated these investments at the date of initial application as measured at FVOCI. Unlike IAS 39, the accumulated fair value reserve related to these investments will never be reclassified to profit or loss.

Under IAS 39 as well as upon adoption of IFRS 9, our derivative financial instruments have been designated as at FVTPL.

Impairment of financial assets

IFRS 9 replaces the ‘incurred loss’ model in IAS 39 with an ‘expected credit loss’ (ECL) model. The new impairment model applies to financial assets measured at amortized cost, FVOCI and contract assets. Under IFRS 9, credit losses are recognized earlier than under IAS 39.

The Company’s financial assets at amortized cost consist of trade receivables and cash and cash equivalents. For cash and cash equivalents the adoption of IFRS 9 did not have any impact regarding impairment.

Under IFRS 9, loss allowances are measured on either of the following bases:

- 12-months ECLs: these are ECLs that result from possible default events within the 12 months after the reporting date; or

- lifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial instrument.

When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group’s historical experience and informed credit assessment and including forward-looking information.

The Company considers a financial asset to be in default when:

- the borrower is unlikely to pay its credit obligations to the Company in full, without recourse by the Company to actions such as realizing security (if any is held); or

- the financial asset is more than 90 days past due.

The Company considers an investment to have low credit risk when its credit risk rating is equivalent to the globally understood definition of ‘investment grade’. The Company limits its exposure to credit risk by investing only in bond funds which are fully guaranteed by the financial institutions and therefore represents short term credit rating of A‑3 based on Standard & Poor’s or P‑2 based on Moody’s.

Trade receivables

The Company measures loss allowances for trade receivables at an amount equal to lifetime ECLs. ECLs are a probability-weighted estimate of credit losses. The Company calculates the ECL based on the risk scoring its customers’ according to an external rating agency. Following the risk score of each customer, the trade receivables are clustered into different grades. For each grade, the ECL is calculated after deducting from trade receivables a loss allowance based on actual credit loss experience. In addition the Company uses qualitative assessment of the trade receivables, where default has incurred.

The Group considers an equity security to have low credit risk when its credit risk rating is equivalent to the globally understood definition of ‘investment grade’. The Group limits its exposure to credit risk by investing only in bond funds which are fully guaranteed by the financial institutions and therefore represents short term credit rating of A‑3 based on Standard & Poor’s or P‑2 based on Moody’s.

Presentation of impairment

Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets and presented within other operating expenses.

Impairment losses on financial assets classified as FVTPL and FCOCI are presented within the finance expense and other comprehensive income, respectively.

The following table presents the original measurement categories under IAS 39 and the new measurement categories under IFRS 9 for each class of the Company’s financial assets and financial liabilities as of January 1, 2018.

			Original	New
	Original classification	New classification	carrying amount	carrying amount
01/01/2018	under IAS 39	under IFRS 9	under IAS 39	under IFRS 9
			(€ in thousands)
Financial assets			27,063	27,000
Non-current assets
Equity securities	Available‑for‑sale financial assets	FVOCI	5	5
Derivative financial instruments	A financial asset or financial liability at fair value through profit or loss	Mandatorily at FVTPL	352	352
Current assets
Bond funds	Available‑for‑sale financial assets	FVOCI	14,044	14,044
Cash and cash equivalents	Loans and receivables	Amortized cost	7,569	7,569
Trade receivables	Loans and receivables	Amortized cost	5,093	5,030
Financial liabilities			20,416	20,416
Non-current liabilities
Long-term debt	Financial liabilities measured at amortized cost	Amortized cost	16,242	16,242
Finance lease obligation	Financial liabilities measured at amortized cost	Amortized cost	171	171
Current liabilities
Bank overdraft	Financial liabilities measured at amortized cost	Amortized cost	58	58
Long-term debt	Financial liabilities measured at amortized cost	Amortized cost	796	796
Finance lease obligation	Financial liabilities measured at amortized cost	Amortized cost	308	308
Trade payables	Financial liabilities measured at amortized cost	Amortized cost	2,841	2,841

Impact of the new impairment model

For assets in the scope of the IFRS 9 impairment model, impairment losses are generally expected to increase and become more volatile. The Company has determined that the application of IFRS 9’s impairment requirements at January 1, 2018 results in an additional impairment allowance as follows.

	(€ in thousands)
Loss allowance at December 31, 2017 under IAS 39	482
Additional impairment recognized at January 1, 2018 on:
Trade and other receivables as at December 31, 2017	62
Additional trade receivables recognized on adoption of IFRS 15	1
Loss allowance at January 1, 2018 under IFRS 9	545

The following tables provides information about the exposure to credit risk and ECLs for trade receivables as of January 1, 2018 and September 30, 2018.  This was calculated after a specific assessment of the trade receivables and after recording a specific debt allowance.

January 1, 2018
		Equivalent to external
		credit rating	Probability of	Gross carrying	Impairment loss	Net carrying
Grades		(Standard & Poor’s)	default	amount	allowance	amount
				(€ in thousands)
Grades 1-4:	Low risk	BBB+ to AAA	0.2%	3,274	5	3,269
Grades 5-7:	Fair risk	B+ to BBB	1.3%	1,674	22	1,652
Grades 8-9:	Substandard	CCC- to B	7.0%	363	25	338
Grade 10:	Doubtful	C to CC	25.0%	14	3	11
Grade 11:	Loss	D	100.0%	8	8	--
				5,333	63	5,270

September 30, 2018
		Equivalent to external
		credit rating	Probability of	Gross carrying	Impairment loss	Net carrying
Grades		(Standard & Poor’s)	default	amount	allowance	amount
				(€ in thousands)
Grades 1-4:	Low risk	BBB+ to AAA	0.2%	2,029	3	2,026
Grades 5-7:	Fair risk	B+ to BBB	1.3%	1,913	26	1,887
Grades 8-9:	Substandard	CCC- to B	7.0%	792	55	737
Grade 10:	Doubtful	C to CC	25.0%	103	26	77
Grade 11:	Loss	D	100.0%	11	11	--
				4,848	121	4,727

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Summary of significant accounting policies (Tables)

9 Months Ended

Sep. 30, 2018

Summary of significant accounting policies

Schedule of initial application of standards

Impact at January 1,  2018	Impact on adopting IFRS 15 at January 1, 2018
	(€ in thousands)
Retained earnings	(100)
Recognition of revenues from maintenance and extended warranty contracts	(100)

The following table summarizes the impacts of adopting IFRS 15 on the Company’s consolidated interim consolidated statement of financial position as of September 30, 2018 and its consolidated interim statement of comprehensive loss for the nine months then ended for each of the line items affected.

			Amounts without
09/30/2018	As reported	Adjustments	adoption of IFRS 15
	(€ in thousands)
Total assets	59,769	(327)	59,442
Current assets	30,086	(327)	29,759
Trade receivables	4,727	(327)	4,400
Total equity and liabilities	59,769	(327)	59,442
Current liabilities	7,557	(554)	7,003
Deferred income	21	256	277
Contract liabilities	1,366	(1,366)	--
Other liabilities and provisions	1,980	556	2,536
Equity	35,630	227	35,857
Accumulated deficit	(46,111)	227	(45,884)

			Amounts without
09/30/2018	As reported	Adjustments	adoption of IFRS 15
	(€ in thousands)
Revenue	17,435	127	17,562
Impairment loss on trade receivables under IFRS 15	(10)	10	--
Operating loss	(7,555)	137	(7,418)
Loss before income taxes	(8,457)	137	(8,320)
Net loss	(8,464)	137	(8,327)
Total comprehensive loss	(8,573)	137	(8,436)

Schedule of classification changes under IFRS 9

			Original	New
	Original classification	New classification	carrying amount	carrying amount
01/01/2018	under IAS 39	under IFRS 9	under IAS 39	under IFRS 9
			(€ in thousands)
Financial assets			27,063	27,000
Non-current assets
Equity securities	Available‑for‑sale financial assets	FVOCI	5	5
Derivative financial instruments	A financial asset or financial liability at fair value through profit or loss	Mandatorily at FVTPL	352	352
Current assets
Bond funds	Available‑for‑sale financial assets	FVOCI	14,044	14,044
Cash and cash equivalents	Loans and receivables	Amortized cost	7,569	7,569
Trade receivables	Loans and receivables	Amortized cost	5,093	5,030
Financial liabilities			20,416	20,416
Non-current liabilities
Long-term debt	Financial liabilities measured at amortized cost	Amortized cost	16,242	16,242
Finance lease obligation	Financial liabilities measured at amortized cost	Amortized cost	171	171
Current liabilities
Bank overdraft	Financial liabilities measured at amortized cost	Amortized cost	58	58
Long-term debt	Financial liabilities measured at amortized cost	Amortized cost	796	796
Finance lease obligation	Financial liabilities measured at amortized cost	Amortized cost	308	308
Trade payables	Financial liabilities measured at amortized cost	Amortized cost	2,841	2,841

Schedule of impact of IFRS 9 impairment model

	(€ in thousands)
Loss allowance at December 31, 2017 under IAS 39	482
Additional impairment recognized at January 1, 2018 on:
Trade and other receivables as at December 31, 2017	62
Additional trade receivables recognized on adoption of IFRS 15	1
Loss allowance at January 1, 2018 under IFRS 9	545

Schedule of expected credit loss regarding trade receivables

January 1, 2018
		Equivalent to external
		credit rating	Probability of	Gross carrying	Impairment loss	Net carrying
Grades		(Standard & Poor’s)	default	amount	allowance	amount
				(€ in thousands)
Grades 1-4:	Low risk	BBB+ to AAA	0.2%	3,274	5	3,269
Grades 5-7:	Fair risk	B+ to BBB	1.3%	1,674	22	1,652
Grades 8-9:	Substandard	CCC- to B	7.0%	363	25	338
Grade 10:	Doubtful	C to CC	25.0%	14	3	11
Grade 11:	Loss	D	100.0%	8	8	--
				5,333	63	5,270

September 30, 2018
		Equivalent to external
		credit rating	Probability of	Gross carrying	Impairment loss	Net carrying
Grades		(Standard & Poor’s)	default	amount	allowance	amount
				(€ in thousands)
Grades 1-4:	Low risk	BBB+ to AAA	0.2%	2,029	3	2,026
Grades 5-7:	Fair risk	B+ to BBB	1.3%	1,913	26	1,887
Grades 8-9:	Substandard	CCC- to B	7.0%	792	55	737
Grade 10:	Doubtful	C to CC	25.0%	103	26	77
Grade 11:	Loss	D	100.0%	11	11	--
				4,848	121	4,727

XML

Share based payment arrangements (Tables)

9 Months Ended

Sep. 30, 2018

Share based payment arrangements

Schedule of inputs used in the measurement of the fair value at grant date

	Tranche 1	Tranche 2
Parameter
Share price at grant date	USD 13.80	USD 16.15
Exercise price	USD 13.90	USD 16.15
Expected volatility	55.00%	58.40%
Expected dividends	--	--
Risk-free interest rate	2.49%	2.85%
Fair value at grant date	USD 8.00	USD 9.74

XML

Inventories (Tables)

9 Months Ended

Sep. 30, 2018

Inventories

Inventories by category

	9/30/2018	12/31/2017 (1)
	(€ in thousands)
Raw materials and merchandise	4,185	2,737
Work in progress	6,501	6,522
Total	10,686	9,259

XML

Property, plant and equipment, net (Tables)

9 Months Ended

Sep. 30, 2018

Property, plant and equipment, net

Schedule of property, plant and equipment, net

	9/30/2018	12/31/2017 (1)
	(€ in thousands)
Land, buildings and leasehold improvements	17,206	17,415
Plant and machinery (includes assets under finance lease)	9,104	8,901
Other facilities, factory and office equipment	1,496	1,625
Assets under construction and prepayments made	108	8
Total	27,914	27,949
Thereof pledged assets of Property, Plant and Equipment	6,790	7,046
Leased assets included in Property, Plant and Equipment:	259	881
Printers	106	613
Printers leased to customers under operating lease	--	97
Other factory equipment	153	171

XML

Other liabilities and provisions (Tables)

9 Months Ended

Sep. 30, 2018

Other liabilities and provisions

Summary of other liabilities and provisions

	9/30/2018	12/31/2017
	(€ in thousands)
Customer deposits	—	373
Liabilities from VAT	18	12
Employee bonus	285	303
Accruals for vacation and overtime	293	222
Accruals for licenses	134	140
Liabilities from payroll	274	236
Accruals for commissions	80	50
Accruals for compensation of Supervisory board	175	180
Accrual for warranty	388	286
Others	509	322
Total	2,156	2,124

XML

Financial instruments (Tables)

9 Months Ended

Sep. 30, 2018

Financial instruments

Summary of carrying amounts and fair values of financial assets and financial liabilities

	Carrying amount					Fair Value
			Assets at	Liabilities	Total
			amortized	at amortized	carrying
9/30/2018	FVTPL	FVOCI	cost	cost	amount	Level 1	Level 2	Level 3	Total
Financial assets measured at fair value
Non-current assets
Derivative financial instruments	263	--	--	--	263	--	263	--	263
Equity securities	--	5	--	--	5	--	--	5	5
Current assets
Bond funds	--	9,934	--	--	9,934	9,934	--	--	9,934
Financial assets not measured at fair value
Current assets
Cash and cash equivalents	--	--	3,101	--	3,101	3,101	--	--	3,101
Trade and other receivables	--	--	4,727	--	4,727	--	--	--	--
Financial liabilities not measured at fair value
Non-current liabilities
Long-term debt	--	--	--	16,255	16,255	--	15,082	--	15,082
Finance lease obligation	--	--	--	79	79	--	76	--	76
Current liabilities
Bank overdraft	--	--	--	--	--	--	--	--	--
Long-term debt	--	--	--	810	810	--	803	--	803
Finance lease obligation	--	--	--	130	130	--	128	--	128
Trade payables	--	--	--	3,250	3,250	--	--	--	--

	A financial
	asset or
	financial
	liability
	at fair value				Financial
	through	Held-to-	Available-		liabilities
	profit	maturity	for‑sale	Loans and	measured at
12/31/2017	or loss	investments	investments	receivables	amortized cost	Fair Value	Level
Assets
Non-current assets
Equity securities	--	--	5	--	--	5	Level 3
Derivative financial instruments	352	--	--	--	--	352	Level 2
Current assets
Bond funds	--	--	14,044	--	--	14,044	Level 1
Cash and cash equivalents	--	--	--	7,569	--	7,569	Level 1
Liabilities
Non-current liabilities
Long-term debt	--	--	--	--	16,242	15,119	Level 2
Finance lease obligation	--	--	--	--	171	163	Level 2
Current liabilities
Bank overdraft	--	--	--	--	58	58
Long-term debt	--	--	--	--	796	787	Level 2
Finance lease obligation	--	--	--	--	308	310	Level 2

XML

Financial result (Tables)

9 Months Ended

Sep. 30, 2018

Financial result

Schedule of financial result

	Three months ended September 30,
	2018	2017
	(€ in thousands)
Interest expense	(1,086)	(41)
Finance lease obligations	(20)	(22)
Long-term debt	(238)	(11)
Expense from revaluation of derivative financial instruments	(805)	--
Other	(23)	(8)
Interest income	44	5
Income from bond funds	34	2
Other	10	3
Financial result	(1,042)	(36)

	Nine months ended September 30,
	2018	2017
	(€ in thousands)
Interest expense	(962)	(90)
Finance lease obligations	(79)	(39)
Long-term debt	(705)	(40)
Expense from revaluation of derivative financial instruments	(89)	--
Other	(89)	(11)
Interest income	60	12
Income from bond funds	48	9
Other	12	3
Financial result	(902)	(78)

XML

Correction of errors (Tables)

9 Months Ended

Sep. 30, 2018

Correction of errors

Correction of errors

Consolidated statement of financial position

March 31, 2017	Impact of correction of error
	As previously
	reported	Adjustments	As corrected
	(€ in thousands)
Current assets	33,601	(65)	33,536
Inventories	9,475	(65)	9,410
Non-current assets	28,003	—	28,003
Property, plant and equipment	26,872	—	26,872
Total assets	61,604	(65)	61,539
Equity	49,120	(65)	49,055
Accumulated deficit	(31,400)	(65)	(31,465)
Total equity and liabilities	61,604	(65)	61,539

June 30, 2017	Impact of correction of error
	As previously
	reported	Adjustments	As corrected
	(€ in thousands)
Current assets	30,937	(121)	30,816
Inventories	9,507	(121)	9,386
Non-current assets	28,300	—	28,300
Property, plant and equipment	27,010	—	27,010
Total assets	59,237	(121)	59,116
Equity	46,883	(121)	46,762
Accumulated deficit	(34,067)	(121)	(34,188)
Total equity and liabilities	59,237	(121)	59,116

September 30, 2017	Impact of correction of error
	As previously
	reported	Adjustments	As corrected
	(€ in thousands)
Current assets	29,840	(187)	29,653
Inventories	9,391	(187)	9,204
Non-current assets	28,990	—	28,990
Property, plant and equipment	27,617	—	27,617
Total assets	58,830	(187)	58,643
Equity	46,122	(187)	45,935
Accumulated deficit	(35,022)	(187)	(35,209)
Total equity and liabilities	58,830	(187)	58,643

December 31, 2017	Impact of correction of error
	As previously
	reported	Adjustments	As corrected
	(€ in thousands)
Current assets	37,774	(280)	37,494
Inventories	9,539	(280)	9,259
Non-current assets	29,257	251	29,508
Property, plant and equipment	27,698	251	27,949
Total assets	67,031	(29)	67,002
Equity	43,918	(29)	43,889
Accumulated deficit	(37,480)	(29)	(37,509)
Total equity and liabilities	67,031	(29)	67,002

March 31, 2018	Impact of correction of error
	As previously
	reported	Adjustments	As corrected
	(€ in thousands)
Current assets	38,347	(417)	37,930
Inventories	11,309	(417)	10,892
Non-current assets	29,360	254	29,614
Property, plant and equipment	26,792	254	27,046
Total assets	67,707	(163)	67,544
Equity	42,223	(163)	42,060
Accumulated deficit	(39,219)	(163)	(39,382)
Total equity and liabilities	67,707	(163)	67,544

June 30, 2018	Impact of correction of error
	As previously
	reported	Adjustments	As corrected
	(€ in thousands)
Current assets	35,781	(623)	35,158
Inventories	13,116	(623)	12,493
Non-current assets	29,056	257	29,313
Property, plant and equipment	26,550	257	26,807
Total assets	64,837	(366)	64,471
Equity	39,633	(366)	39,267
Accumulated deficit	(41,958)	(366)	(42,324)
Total equity and liabilities	64,837	(366)	64,471

Consolidated statement of comprehensive loss

	Impact of correction of error
	three months ended March 31, 2017
	As previously
	reported	Adjustments	As corrected
	(€ in thousands except share and share data)
Cost of sales	(2,949)	(65)	(3,014)
Gross profit	1,581	(65)	1,516
Operating loss	(2,388)	(65)	(2,453)
Net loss	(2,431)	(65)	(2,496)
Total comprehensive loss	(2,416)	(65)	(2,481)
Loss attributable to owners of the company	(2,429)	(65)	(2,494)
Total comprehensive loss attributable to owners of the company	(2,414)	(65)	(2,479)
Loss per share - basic/ diluted (EUR)	(0.65)	(0.02)	(0.67)

	Impact of correction of error			Impact of correction of error
	three months ended June 30, 2017			six months ended June 30, 2017
	As previously			As previously
	reported	Adjustments	As corrected	reported	Adjustments	As corrected
	(€ in thousands except share and share data)			(€ in thousands except share and share data)
Cost of sales	(3,043)	(56)	(3,099)	(5,992)	(121)	(6,113)
Gross profit	2,110	(56)	2,054	3,691	(121)	3,570
Operating loss	(2,675)	(56)	(2,731)	(5,063)	(121)	(5,184)
Net loss	(2,674)	(56)	(2,730)	(5,105)	(121)	(5,226)
Total comprehensive loss	(2,359)	(56)	(2,415)	(4,775)	(121)	(4,896)
Loss attributable to owners of the company	(2,667)	(56)	(2,723)	(5,096)	(121)	(5,217)
Total comprehensive loss attributable to owners of the company	(2,352)	(56)	(2,408)	(4,766)	(121)	(4,887)
Loss per share - basic/ diluted (EUR)	(0.72)	(0.01)	(0.73)	(1.37)	(0.03)	(1.40)

	Impact of correction of error			Impact of correction of error
	three months ended September 30, 2017			nine months ended September 30, 2017
	As previously			As previously
	reported	Adjustments	As corrected	reported	Adjustments	As corrected
	(€ in thousands except share and share data)			(€ in thousands except share and share data)
Cost of sales	(4,170)	(66)	(4,236)	(10,162)	(187)	(10,349)
Gross profit	3,217	(66)	3,151	6,908	(187)	6,721
Operating loss	(924)	(66)	(990)	(5,987)	(187)	(6,174)
Net loss	(960)	(66)	(1,026)	(6,065)	(187)	(6,252)
Total comprehensive loss	(893)	(66)	(959)	(5,668)	(187)	(5,855)
Loss attributable to:
Loss attributable to owners of the company	(955)	(66)	(1,021)	(6,051)	(187)	(6,238)
Total comprehensive loss attributable to owners of the company	(888)	(66)	(954)	(5,654)	(187)	(5,841)
Loss per share - basic/ diluted (EUR)	(0.26)	(0.01)	(0.27)	(1.63)	(0.05)	(1.68)

	Impact of correction of error			Impact of correction of error
	three months ended December 31, 2017			year ended December 31, 2017
	As previously			As previously
	reported	Adjustments	As corrected	reported	Adjustments	As corrected
	(€ in thousands except share and share data)			(€ in thousands except share and share data)
Cost of sales	(3,662)	158	(3,504)	(13,824)	(29)	(13,853)
Gross profit	2,446	158	2,604	9,354	(29)	9,325
Operating loss	(2,633)	158	(2,475)	(8,620)	(29)	(8,649)
Net loss	(2,460)	158	(2,302)	(8,525)	(29)	(8,554)
Total comprehensive loss	(2,352)	158	(2,194)	(8,020)	(29)	(8,049)
Loss attributable to owners of the company	(2,458)	158	(2,300)	(8,509)	(29)	(8,538)
Total comprehensive loss attributable to owners of the company	(2,350)	158	(2,192)	(8,004)	(29)	(8,033)
Loss per share - basic/ diluted (EUR)	(0.66)	0.04	(0.62)	(2.29)	(0.01)	(2.30)

	Impact of correction of error
	three months ended March 31, 2018
	As previously
	reported	Adjustments	As corrected
	(€ in thousands except share and share data)
Cost of sales	(2,785)	(134)	(2,919)
Gross profit	2,267	(134)	2,133
Operating loss	(2,254)	(134)	(2,388)
Net loss	(1,582)	(134)	(1,716)
Total comprehensive loss	(1,661)	(134)	(1,795)
Loss attributable to owners of the company	(1,576)	(134)	(1,710)
Total comprehensive loss attributable to owners of the company	(1,655)	(134)	(1,789)
Loss per share - basic/ diluted (EUR)	(0.42)	(0.04)	(0.46)

	Impact of correction of error			Impact of correction of error
	three months ended June 30, 2018			six months ended June 30, 2018
	As previously			As previously
	reported	Adjustments	As corrected	reported	Adjustments	As corrected
	(€ in thousands except share and share data)			(€ in thousands except share and share data)
Cost of sales	(3,209)	(201)	(3,410)	(5,994)	(337)	(6,331)
Gross profit	2,053	(201)	1,852	4,320	(337)	3,983
Operating loss	(2,203)	(201)	(2,404)	(4,457)	(337)	(4,794)
Net loss	(2,748)	(201)	(2,949)	(4,330)	(337)	(4,667)
Total comprehensive loss	(2,760)	(201)	(2,961)	(4,421)	(337)	(4,758)
Loss attributable to owners of the company	(2,739)	(201)	(2,940)	(4,315)	(337)	(4,652)
Total comprehensive loss attributable to owners of the company	(2,751)	(201)	(2,952)	(4,406)	(337)	(4,743)
Loss per share - basic/ diluted (EUR)	(0.74)	(0.05)	(0.79)	(1.16)	(0.09)	(1.25)

Segment reporting

	Impact of correction of error three months ended March 31, 2017
	As previously
	reported				Adjustments		As corrected
	(€ in thousands)
	SYSTEMS		SERVICES		SYSTEMS	SERVICES	SYSTEMS		SERVICES
Revenues	1,693		2,837		—	—	1,693		2,837
Gross profit	353		1,228		12	(77)	365		1,151
Gross profit in %	20.9	%	43.3	%			21.6	%	40.6	%

	Impact of correction of error three months ended June 30, 2017
	As previously
	reported				Adjustments		As corrected
	(€ in thousands)
	SYSTEMS		SERVICES		SYSTEMS	SERVICES	SYSTEMS		SERVICES
Revenues	2,542		2,611		—	—	2,542		2,611
Gross profit	925		1,185		22	(78)	947		1,107
Gross profit in %	36.4	%	45.4	%			37.3	%	42.4	%

	Impact of correction of error six months ended June 30, 2017
	As previously
	reported				Adjustments		As corrected
	(€ in thousands)
	SYSTEMS		SERVICES		SYSTEMS	SERVICES	SYSTEMS		SERVICES
Revenues	4,235		5,448		—	—	4,235		5,448
Gross profit	1,278		2,413		34	(155)	1,312		2,258
Gross profit in %	30.2	%	44.3	%			31.0	%	41.4	%

	Impact of correction of error three months ended September 30, 2017
	As previously
	reported				Adjustments		As corrected
	(€ in thousands)
	SYSTEMS		SERVICES		SYSTEMS	SERVICES	SYSTEMS		SERVICES
Revenues	4,153		3,234		—	—	4,153		3,234
Gross profit	1,584		1,633		33	(99)	1,617		1,534
Gross profit in %	38.1	%	50.5	%			38.9	%	47.4	%

	Impact of correction of error nine months ended September 30, 2017
	As previously
	reported				Adjustments		As corrected
	(€ in thousands)
	SYSTEMS		SERVICES		SYSTEMS	SERVICES	SYSTEMS		SERVICES
Revenues	8,388		8,682		—	—	8,388		8,682
Gross profit	2,862		4,046		67	(254)	2,929		3,792
Gross profit in %	34.1	%	46.6	%			34.9	%	43.7	%

	Impact of correction of error three months ended December 31, 2017
	As previously
	reported				Adjustments		As corrected
	(€ in thousands)
	SYSTEMS		SERVICES		SYSTEMS	SERVICES	SYSTEMS		SERVICES
Revenues	3,146		2,962		—	—	3,146		2,962
Gross profit	1,059		1,387		270	(112)	1,329		1,275
Gross profit in %	33.7	%	46.8	%			42.2	%	43.0	%

	Impact of correction of error year ended December 31, 2017
	As previously
	reported				Adjustments		As corrected
	(€ in thousands)
	SYSTEMS		SERVICES		SYSTEMS	SERVICES	SYSTEMS		SERVICES
Revenues	11,534		11,644		—	—	11,534		11,644
Gross profit	3,921		5,433		337	(366)	4,258		5,067
Gross profit in %	34.0	%	46.7	%			36.9	%	43.5	%

	Impact of correction of error three months ended March 31, 2018
	As previously
	reported				Adjustments		As corrected
	(€ in thousands)
	SYSTEMS		SERVICES		SYSTEMS	SERVICES	SYSTEMS		SERVICES
Revenues	1,375		3,677		—	—	1,375		3,677
Gross profit	429		1,838		(48)	(86)	381		1,752
Gross profit in %	31.2	%	50.0	%			27.7	%	47.6	%

	Impact of correction of error three months ended June 30, 2018
	As previously
	reported				Adjustments		As corrected
	(€ in thousands)
	SYSTEMS		SERVICES		SYSTEMS	SERVICES	SYSTEMS		SERVICES
Revenues	1,883		3,379		—	—	1,883		3,379
Gross profit	561		1,492		(87)	(114)	474		1,378
Gross profit in %	29.8	%	44.2	%			25.2	%	40.8	%

	Impact of correction of error six months ended June 30, 2018
	As previously
	reported				Adjustments		As corrected
	(€ in thousands)
	SYSTEMS		SERVICES		SYSTEMS	SERVICES	SYSTEMS		SERVICES
Revenues	3,258		7,056		—	—	3,258		7,056
Gross profit	990		3,330		(136)	(201)	854		3,129
Gross profit in %	30.4	%	47.2	%			26.2	%	44.3	%

XML

Segment reporting (Tables)

9 Months Ended

Sep. 30, 2018

Segment reporting

Schedule of segment reporting

		Three months ended September 30,
		2018				2017 (1)
	(€ in thousands)
		SYSTEMS		SERVICES		SYSTEMS		SERVICES
Revenues		3,744		3,377		4,153		3,234
Gross profit		1,197		1,114		1,617		1,534
Gross profit in %		32.0	%	33.0	%	38.9	%	47.4	%

		Nine months ended September 30,
		2018				2017 (1)
	(€ in thousands)
		SYSTEMS		SERVICES		SYSTEMS		SERVICES
Revenues		7,002		10,433		8,388		8,682
Gross profit		2,051		4,243		2,929		3,792
Gross profit in %		29.3	%	40.7	%	34.9	%	43.7	%

(1) Comparative figures for the 3-month and 9-month periods ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

XML

Revenues (Tables)

9 Months Ended

Sep. 30, 2018

Revenues

Schedule of revenues by geographic region

	Three months ended September 30,		Nine months ended September 30,
	2018	2017	2018	2017
	(€ in thousands)		(€ in thousands)
EMEA	2,935	5,660	9,757	12,053
Germany	1,546	1,202	4,284	4,656
France	397	1,077	2,146	2,105
Sweden	46	1,167	209	1,367
Others	946	2,214	3,118	3,925
Asia Pacific	2,269	653	3,486	1,933
Indonesia	1,758	32	1,784	91
China	132	204	460	1,137
South Korea	361	400	667	656
Others	18	17	575	49
Americas	1,917	1,074	4,192	3,084
United States	1,871	911	4,125	2,742
Others	46	163	67	342
Total	7,121	7,387	17,435	17,070

XML

Summary of significant accounting policies - IFRS 15 (Details) - EUR (€) € in Thousands		3 Months Ended									6 Months Ended		9 Months Ended			12 Months Ended
	Jan. 01, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017		Sep. 30, 2017		Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2018	Jun. 30, 2017	Sep. 30, 2018	Sep. 30, 2017		Dec. 31, 2017		Dec. 31, 2016
Significant accounting policies
Total assets		€ 59,769	€ 64,471	€ 67,544	€ 67,002	[1]	€ 58,643		€ 59,116	€ 61,539	€ 64,471	€ 59,116	€ 59,769	€ 58,643		€ 67,002	[1]
Current assets		30,086	35,158	37,930	37,494	[1]	29,653		30,816	33,536	35,158	30,816	30,086	29,653		37,494	[1]
Trade receivables	€ 5,270	4,727			5,093	[1]							4,727			5,093	[1]
Total equity and liabilities		59,769	64,471	67,544	67,002	[1]	58,643		59,116	61,539	64,471	59,116	59,769	58,643		67,002	[1]
Current liabilities		7,557			6,576	[1]							7,557			6,576	[1]
Deferred income		21			271	[1]							21			271	[1]
Contract liabilities		1,366											1,366
Other liabilities and provisions		1,980			2,084	[1]							1,980			2,084	[1]
Equity		35,630	39,267	42,060	43,889	[1]	45,935	[2]	46,762	49,055	39,267	46,762	35,630	45,935	[2]	43,889	[1]	€ 51,536
Accumulated deficit		(46,111)	(42,324)	(39,382)	(37,509)	[1]	(35,209)		(34,188)	(31,465)	(42,324)	(34,188)	(46,111)	(35,209)		(37,509)	[1]
Revenues		7,121					7,387	[3]					17,435	17,070	[3]
Impairment loss on trade receivables													(10)
Operating loss		(2,761)	(2,404)	(2,388)	(2,475)		(990)	[3]	(2,731)	(2,453)	(4,794)	(5,184)	(7,555)	(6,174)	[3]	(8,649)
Loss before income tax		(3,803)					(1,026)	[3]					(8,457)	(6,252)	[3]
Net loss		(3,797)	(2,949)	(1,716)	(2,302)		(1,026)	[3]	(2,730)	(2,496)	(4,667)	(5,226)	(8,464)	(6,252)	[3],[4]	(8,554)
Total comprehensive loss		(3,815)	€ (2,961)	€ (1,795)	(2,194)		€ (959)	[3]	€ (2,415)	€ (2,481)	€ (4,758)	€ (4,896)	(8,573)	€ (5,855)	[3]	(8,049)
IFRS 15-Revenue from Contracts with Customers
Significant accounting policies
Total assets		(327)											(327)
Current assets		(327)											(327)
Trade receivables		(327)											(327)
Total equity and liabilities		(327)											(327)
Current liabilities		(554)											(554)
Deferred income		256											256
Contract liabilities		(1,366)											(1,366)
Other liabilities and provisions		556											556
Equity		227			(100)								227			(100)
Accumulated deficit	(100)	227											227
Revenues	€ (100)												127
Impairment loss on trade receivables													10
Operating loss													137
Loss before income tax													137
Net loss													137
Total comprehensive loss													137
Previously stated
Significant accounting policies
Total assets		59,442											59,442
Current assets		29,759											29,759
Trade receivables		4,400											4,400
Total equity and liabilities		59,442											59,442
Current liabilities		7,003											7,003
Deferred income		277											277
Other liabilities and provisions		2,536											2,536
Equity		35,857			€ 43,889	[2]							35,857			€ 43,889	[2]
Accumulated deficit		€ (45,884)											(45,884)
Revenues													17,562
Operating loss													(7,418)
Loss before income tax													(8,320)
Net loss													(8,327)
Total comprehensive loss													€ (8,436)

[1] Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

[2] Comparative figures for the 9-month period ended September 30, 2017 and for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

[3] Comparative figures for the 3-month and 9-month periods ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

[4] Comparative figures for the 9-month period ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

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Summary of significant accounting policies (Details)	9 Months Ended
	Sep. 30, 2018
Summary of significant accounting policies
Standard warranty period	1 year
Extended warranty and maintenance contracts	12 months
Optional maintenance period	12 months

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Summary of significant accounting policies - IFRS 9 (Details) - EUR (€) € in Thousands	Jan. 01, 2018	Dec. 31, 2017
Previously stated
Financial instruments
Financial assets	€ 27,063
Financial liabilities	20,416
IFRS 9-Financial Instruments
Financial instruments
Financial assets	27,000
Financial liabilities	20,416
Financial liabilities measured at amortized cost | Current bank overdraft
Financial instruments
Financial liabilities		€ 58
Financial liabilities measured at amortized cost | Previously stated | Non-current long term debt
Financial instruments
Financial liabilities	16,242
Financial liabilities measured at amortized cost | Previously stated | Non-current finance lease obligation
Financial instruments
Financial liabilities	171
Financial liabilities measured at amortized cost | Previously stated | Current bank overdraft
Financial instruments
Financial liabilities	58
Financial liabilities measured at amortized cost | Previously stated | Current long term debt
Financial instruments
Financial liabilities	796
Financial liabilities measured at amortized cost | Previously stated | Current finance lease obligation
Financial instruments
Financial liabilities	308
Financial liabilities measured at amortized cost | Previously stated | Current trade payables
Financial instruments
Financial liabilities	2,841
Financial liabilities measured at amortized cost | IFRS 9-Financial Instruments | Non-current long term debt
Financial instruments
Financial liabilities	16,242
Financial liabilities measured at amortized cost | IFRS 9-Financial Instruments | Non-current finance lease obligation
Financial instruments
Financial liabilities	171
Financial liabilities measured at amortized cost | IFRS 9-Financial Instruments | Current bank overdraft
Financial instruments
Financial liabilities	58
Financial liabilities measured at amortized cost | IFRS 9-Financial Instruments | Current long term debt
Financial instruments
Financial liabilities	796
Financial liabilities measured at amortized cost | IFRS 9-Financial Instruments | Current finance lease obligation
Financial instruments
Financial liabilities	308
Financial liabilities measured at amortized cost | IFRS 9-Financial Instruments | Current trade payables
Financial instruments
Financial liabilities	2,841
FVOCI | IFRS 9-Financial Instruments | Non-current equity securities
Financial instruments
Financial assets	5
FVOCI | IFRS 9-Financial Instruments | Current bond funds
Financial instruments
Financial assets	14,044
FVTPL | IFRS 9-Financial Instruments | Non-current derivative financial instruments
Financial instruments
Financial assets	352
Assets at amortised cost | IFRS 9-Financial Instruments | Current cash and cash equivalents
Financial instruments
Financial assets	7,569
Assets at amortised cost | IFRS 9-Financial Instruments | Trade and other receivables
Financial instruments
Financial assets	5,030
Available-for-sale financial assets | Previously stated | Non-current equity securities
Financial instruments
Financial assets	5
Available-for-sale financial assets | Previously stated | Current bond funds
Financial instruments
Financial assets	14,044
A financial asset or financial liability at fair value through profit or loss | Previously stated | Non-current derivative financial instruments
Financial instruments
Financial assets	352
Loans and receivables | Previously stated | Current cash and cash equivalents
Financial instruments
Financial assets	7,569
Loans and receivables | Previously stated | Trade and other receivables
Financial instruments
Financial assets	€ 5,093

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Summary of significant accounting policies - Impairment (Details) € in Thousands	Jan. 01, 2018 EUR (€)
Change in allowance for doubtful accounts
Allowance for doubtful accounts, beginning of period	€ 482
Provisions	62
Allowance for doubtful accounts, end of period	545
IFRS 15-Revenue from Contracts with Customers
Change in allowance for doubtful accounts
Provisions	€ 1

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Summary of significant accounting policies - Expected Credit Loss (Details) - EUR (€) € in Thousands	Sep. 30, 2018	Jan. 01, 2018	Dec. 31, 2017	[1]
Financial instruments
Trade receivables	€ 4,727	€ 5,270	€ 5,093
Gross carrying amount
Financial instruments
Trade receivables	4,848	5,333
Impairment loss allowance
Financial instruments
Trade receivables	€ 121	€ 63
Grade 1 to 4, Low Risk
Financial instruments
Probability of default	0.20%	0.20%
Trade receivables	€ 2,026	€ 3,269
Grade 1 to 4, Low Risk | Gross carrying amount
Financial instruments
Trade receivables	2,029	3,274
Grade 1 to 4, Low Risk | Impairment loss allowance
Financial instruments
Trade receivables	€ 3	€ 5
Grade 5 to 7, Fair Risk
Financial instruments
Probability of default	1.30%	1.30%
Trade receivables	€ 1,887	€ 1,652
Grade 5 to 7, Fair Risk | Gross carrying amount
Financial instruments
Trade receivables	1,913	1,674
Grade 5 to 7, Fair Risk | Impairment loss allowance
Financial instruments
Trade receivables	€ 26	€ 22
Grade 8 to 9, Substandard
Financial instruments
Probability of default	7.00%	7.00%
Trade receivables	€ 737	€ 338
Grade 8 to 9, Substandard | Gross carrying amount
Financial instruments
Trade receivables	792	363
Grade 8 to 9, Substandard | Impairment loss allowance
Financial instruments
Trade receivables	€ 55	€ 25
Grade 10 Doubtful
Financial instruments
Probability of default	25.00%	25.00%
Trade receivables	€ 77	€ 11
Grade 10 Doubtful | Gross carrying amount
Financial instruments
Trade receivables	103	14
Grade 10 Doubtful | Impairment loss allowance
Financial instruments
Trade receivables	€ 26	€ 3
Grade 11 Loss
Financial instruments
Probability of default	100.00%	100.00%
Grade 11 Loss | Gross carrying amount
Financial instruments
Trade receivables	€ 11	€ 8
Grade 11 Loss | Impairment loss allowance
Financial instruments
Trade receivables	€ 11	€ 8

[1] Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

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Share based payment arrangements (Details)	Apr. 12, 2018 EquityInstruments	Apr. 07, 2017 EquityInstruments shares
Share based payment arrangements
Number of shares authorized | shares		372,000
Options granted (in shares) | EquityInstruments	93,000	279,000
Options granted (in percent)	25.00%	75.00%
Vesting period		4 years
Number of consecutive days option may be exercised		90 days
Share price exceeds the exercise price (as a percent)		20.00%

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Share based payment arrangements - Fair value inputs (Details)	Apr. 12, 2018 USD ($)	Apr. 12, 2018 EUR (€)	Apr. 07, 2017 USD ($)	Apr. 07, 2017 EUR (€)
Share based payment arrangements
Share price at grant date	$ 16.15		$ 13.80
Exercise price	$ 16.15		$ 13.90
Expected volatility	58.40%	58.40%	55.00%	55.00%
Expected dividends | €		€ 0.00		€ 0.00
Risk-free interest rate	2.85%	2.85%	2.49%	2.49%
Fair value at grant date	$ 9.74		$ 8.00

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Share based payment arrangements - Options (Details) € in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018 EUR (€) Y EquityInstruments	Sep. 30, 2017 EUR (€) Y	Sep. 30, 2018 EUR (€) Y EquityInstruments	Sep. 30, 2017 EUR (€) Y
Share based payment arrangements
Options exercisable	0		0
Options outstanding	372,000		372,000
Weighted-average contractual life | Y	8.8	9.5	8.8	9.5
Expenses recognized in profit and loss | €	€ 178	€ 132	€ 477	€ 254

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Inventories (Details) - EUR (€) € in Thousands	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017		Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017
Inventories
Raw materials and merchandise	€ 4,185			€ 2,737
Work in progress	6,501			6,522
Total current inventories	€ 10,686	€ 12,493	€ 10,892	€ 9,259	[1]	€ 9,204	€ 9,386	€ 9,410

[1] Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

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Property, plant and equipment, net - Summary (Details) - EUR (€) € in Thousands	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017		Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017
Property, plant and equipment
Property, plant and equipment.	€ 27,914	€ 26,807	€ 27,046	€ 27,949	[1]	€ 27,617	€ 27,010	€ 26,872
Thereof pledged assets of Property, Plant and Equipment	6,790			7,046
Land, buildings and leasehold improvements
Property, plant and equipment
Property, plant and equipment.	17,206			17,415
Plant and machinery
Property, plant and equipment
Property, plant and equipment.	9,104			8,901
Other facilities, factory and office equipment
Property, plant and equipment
Property, plant and equipment.	1,496			1,625
Assets under construction and prepayments made
Property, plant and equipment
Property, plant and equipment.	108			8
Leased assets
Property, plant and equipment
Property, plant and equipment.	259			881
Printers
Property, plant and equipment
Property, plant and equipment.	106			613
Printers leased to customers under operating lease
Property, plant and equipment
Property, plant and equipment.				97
Other factory equipment
Property, plant and equipment
Property, plant and equipment.	€ 153			€ 171

[1] Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

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Other liabilities and provisions - Summary (Details) - EUR (€) € in Thousands	Sep. 30, 2018	Dec. 31, 2017
Other liabilities and provisions
Customer deposits		€ 373
Liabilities from VAT	€ 18	12
Employee bonus	285	303
Accruals for vacation and overtime	293	222
Accruals for licenses	134	140
Liabilities from payroll	274	236
Accruals for commissions	80	50
Accruals for compensation of Supervisory board	175	180
Accrual for warranty	388	286
Others	509	322
Total	2,156	€ 2,124
Customer deposits netted with contract liabilities	€ 556

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Financial instrument (Details) - EUR (€) € in Thousands	Sep. 30, 2018	Dec. 31, 2017
Non-current long term debt | Not measured at fair value
Financial instruments
Financial liabilities	€ 16,255
Financial liabilities, at fair value	15,082
Non-current long term debt | Level Two | Fair value
Financial instruments
Financial liabilities, at fair value		€ 15,119
Non-current long term debt | Level Two | Not measured at fair value
Financial instruments
Financial liabilities, at fair value	15,082
Non-current finance lease obligation | Not measured at fair value
Financial instruments
Financial liabilities	79
Financial liabilities, at fair value	76
Non-current finance lease obligation | Level Two | Fair value
Financial instruments
Financial liabilities, at fair value		163
Non-current finance lease obligation | Level Two | Not measured at fair value
Financial instruments
Financial liabilities, at fair value	76
Current bank overdraft | Fair value
Financial instruments
Financial liabilities, at fair value		58
Current long term debt | Not measured at fair value
Financial instruments
Financial liabilities	810
Financial liabilities, at fair value	803
Current long term debt | Level Two | Fair value
Financial instruments
Financial liabilities, at fair value		787
Current long term debt | Level Two | Not measured at fair value
Financial instruments
Financial liabilities, at fair value	803
Current finance lease obligation | Not measured at fair value
Financial instruments
Financial liabilities	130
Financial liabilities, at fair value	128
Current finance lease obligation | Level Two | Fair value
Financial instruments
Financial liabilities, at fair value		310
Current finance lease obligation | Level Two | Not measured at fair value
Financial instruments
Financial liabilities, at fair value	128
Current trade payables | Not measured at fair value
Financial instruments
Financial liabilities	3,250
Non-current derivative financial instruments | Fair value
Financial instruments
Financial assets	263
Financial assets, at fair value	263
Non-current derivative financial instruments | Level Two | Fair value
Financial instruments
Financial assets, at fair value	263	352
Non-current equity securities | Fair value
Financial instruments
Financial assets	5
Financial assets, at fair value	5
Non-current equity securities | Level Three | Fair value
Financial instruments
Financial assets, at fair value	5	5
Current bond funds | Fair value
Financial instruments
Financial assets	9,934
Financial assets, at fair value	9,934
Current bond funds | Level One | Fair value
Financial instruments
Financial assets, at fair value	9,934	14,044
Current cash and cash equivalents | Not measured at fair value
Financial instruments
Financial assets	3,101
Financial assets, at fair value	3,101
Current cash and cash equivalents | Level One | Fair value
Financial instruments
Financial assets, at fair value		7,569
Current cash and cash equivalents | Level One | Not measured at fair value
Financial instruments
Financial assets, at fair value	3,101
Trade and other receivables | Not measured at fair value
Financial instruments
Financial assets	4,727
Financial liabilities measured at amortized cost | Non-current long term debt | Not measured at fair value
Financial instruments
Financial liabilities	16,255
Financial liabilities measured at amortized cost | Non-current long term debt | Level Two
Financial instruments
Financial liabilities		16,242
Financial liabilities measured at amortized cost | Non-current finance lease obligation | Not measured at fair value
Financial instruments
Financial liabilities	79
Financial liabilities measured at amortized cost | Non-current finance lease obligation | Level Two
Financial instruments
Financial liabilities		171
Financial liabilities measured at amortized cost | Current bank overdraft
Financial instruments
Financial liabilities		58
Financial liabilities measured at amortized cost | Current long term debt | Not measured at fair value
Financial instruments
Financial liabilities	810
Financial liabilities measured at amortized cost | Current long term debt | Level Two
Financial instruments
Financial liabilities		796
Financial liabilities measured at amortized cost | Current finance lease obligation | Not measured at fair value
Financial instruments
Financial liabilities	130
Financial liabilities measured at amortized cost | Current finance lease obligation | Level Two
Financial instruments
Financial liabilities		308
Financial liabilities measured at amortized cost | Current trade payables | Not measured at fair value
Financial instruments
Financial liabilities	3,250
FVTPL | Non-current derivative financial instruments | Fair value
Financial instruments
Financial assets	263
FVOCI | Non-current equity securities | Fair value
Financial instruments
Financial assets	5
FVOCI | Current bond funds | Fair value
Financial instruments
Financial assets	9,934
Assets at amortised cost | Current cash and cash equivalents | Not measured at fair value
Financial instruments
Financial assets	3,101
Assets at amortised cost | Trade and other receivables | Not measured at fair value
Financial instruments
Financial assets	€ 4,727
A financial asset or financial liability at fair value through profit or loss | Non-current derivative financial instruments | Level Two
Financial instruments
Financial assets		352
Available-for-sale financial assets | Non-current equity securities | Level Three
Financial instruments
Financial assets		5
Available-for-sale financial assets | Current bond funds | Level One
Financial instruments
Financial assets		14,044
Loans and receivables | Current cash and cash equivalents | Level One
Financial instruments
Financial assets		€ 7,569

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Financial result (Details) - EUR (€) € in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017		Sep. 30, 2018	Sep. 30, 2017
Financial result
Interest expense	€ (1,086)	€ (41)	[1]	€ (962)	€ (90)	[1]
Finance lease obligations	(20)	(22)		(79)	(39)
Long-term debt	(238)	(11)		(705)	(40)
Expense from revaluation of derivative financial instruments	(805)			(89)
Other	(23)	(8)		(89)	(11)
Interest income	44	5	[1]	60	12	[1]
Income from bond funds	34	2		48	9
Other	10	3		12	3
Financial result	€ (1,042)	€ (36)	[1]	€ (902)	€ (78)	[1]

[1] Comparative figures for the 3-month and 9-month periods ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

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Correction of errors - Financial position (Details) - EUR (€) € in Thousands	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017		Sep. 30, 2017		Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016
Correction of errors
Current assets	€ 30,086	€ 35,158	€ 37,930	€ 37,494	[1]	€ 29,653		€ 30,816	€ 33,536
Inventories	10,686	12,493	10,892	9,259	[1]	9,204		9,386	9,410
Non-current assets	29,683	29,313	29,614	29,508	[1]	28,990		28,300	28,003
Property, plant and equipment	27,914	26,807	27,046	27,949	[1]	27,617		27,010	26,872
Total assets	59,769	64,471	67,544	67,002	[1]	58,643		59,116	61,539
Equity	35,630	39,267	42,060	43,889	[1]	45,935	[2]	46,762	49,055	€ 51,536
Accumulated deficit	(46,111)	(42,324)	(39,382)	(37,509)	[1]	(35,209)		(34,188)	(31,465)
Total equity and liabilities	€ 59,769	64,471	67,544	67,002	[1]	58,643		59,116	61,539
As previously reported
Correction of errors
Current assets		35,781	38,347	37,774		29,840		30,937	33,601
Inventories		13,116	11,309	9,539		9,391		9,507	9,475
Non-current assets		29,056	29,360	29,257		28,990		28,300	28,003
Property, plant and equipment		26,550	26,792	27,698		27,617		27,010	26,872
Total assets		64,837	67,707	67,031		58,830		59,237	61,604
Equity		39,633	42,223	43,918		46,122		46,883	49,120
Accumulated deficit		(41,958)	(39,219)	(37,480)		(35,022)		(34,067)	(31,400)
Total equity and liabilities		64,837	67,707	67,031		58,830		59,237	61,604
Adjustments
Correction of errors
Current assets		(623)	(417)	(280)		(187)		(121)	(65)
Inventories		(623)	(417)	(280)		(187)		(121)	(65)
Non-current assets		257	254	251
Property, plant and equipment		257	254	251
Total assets		(366)	(163)	(29)		(187)		(121)	(65)
Equity		(366)	(163)	(29)		(187)		(121)	(65)
Accumulated deficit		(366)	(163)	(29)		(187)		(121)	(65)
Total equity and liabilities		€ (366)	€ (163)	€ (29)		€ (187)		€ (121)	€ (65)

[1] Comparative figures for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

[2] Comparative figures for the 9-month period ended September 30, 2017 and for the year ended December 31, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

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Correction of errors - Comprehensive loss (Details) - EUR (€) € / shares in Units, € in Thousands	3 Months Ended								6 Months Ended		9 Months Ended			12 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017		Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2018	Jun. 30, 2017	Sep. 30, 2018	Sep. 30, 2017		Dec. 31, 2017
Correction of errors
Cost of sales	€ (4,810)	€ (3,410)	€ (2,919)	€ (3,504)	€ (4,236)	[1]	€ (3,099)	€ (3,014)	€ (6,331)	€ (6,113)	€ (11,141)	€ (10,349)	[1]	€ (13,853)
Gross profit	2,311	1,852	2,133	2,604	3,151	[1]	2,054	1,516	3,983	3,570	6,294	6,721	[1]	9,325
Operating loss	(2,761)	(2,404)	(2,388)	(2,475)	(990)	[1]	(2,731)	(2,453)	(4,794)	(5,184)	(7,555)	(6,174)	[1]	(8,649)
Net loss	(3,797)	(2,949)	(1,716)	(2,302)	(1,026)	[1]	(2,730)	(2,496)	(4,667)	(5,226)	(8,464)	(6,252)	[1],[2]	(8,554)
Total comprehensive loss	(3,815)	(2,961)	(1,795)	(2,194)	(959)	[1]	(2,415)	(2,481)	(4,758)	(4,896)	(8,573)	(5,855)	[1]	(8,049)
Loss attributable to owners of the company	(3,787)	(2,940)	(1,710)	(2,300)	(1,021)	[1]	(2,723)	(2,494)	(4,652)	(5,217)	(8,439)	(6,238)	[1]	(8,538)
Total comprehensive loss attributable to owners of the company	€ (3,805)	€ (2,952)	€ (1,789)	€ (2,192)	€ (954)	[1]	€ (2,408)	€ (2,479)	€ (4,743)	€ (4,887)	€ (8,548)	€ (5,841)	[1]	€ (8,033)
Loss per share - basic/ diluted (in EUR per share)	€ (1.02)	€ (0.79)	€ (0.46)	€ (0.62)	€ (0.27)	[1]	€ (0.73)	€ (0.67)	€ (1.25)	€ (1.40)	€ (2.27)	€ (1.68)	[1]	€ (2.30)
As previously reported
Correction of errors
Cost of sales		€ (3,209)	€ (2,785)	€ (3,662)	€ (4,170)		€ (3,043)	€ (2,949)	€ (5,994)	€ (5,992)		€ (10,162)		€ (13,824)
Gross profit		2,053	2,267	2,446	3,217		2,110	1,581	4,320	3,691		6,908		9,354
Operating loss		(2,203)	(2,254)	(2,633)	(924)		(2,675)	(2,388)	(4,457)	(5,063)		(5,987)		(8,620)
Net loss		(2,748)	(1,582)	(2,460)	(960)		(2,674)	(2,431)	(4,330)	(5,105)		(6,065)		(8,525)
Total comprehensive loss		(2,760)	(1,661)	(2,352)	(893)		(2,359)	(2,416)	(4,421)	(4,775)		(5,668)		(8,020)
Loss attributable to owners of the company		(2,739)	(1,576)	(2,458)	(955)		(2,667)	(2,429)	(4,315)	(5,096)		(6,051)		(8,509)
Total comprehensive loss attributable to owners of the company		€ (2,751)	€ (1,655)	€ (2,350)	€ (888)		€ (2,352)	€ (2,414)	€ (4,406)	€ (4,766)		€ (5,654)		€ (8,004)
Loss per share - basic/ diluted (in EUR per share)		€ (0.74)	€ (0.42)	€ (0.66)	€ (0.26)		€ (0.72)	€ (0.65)	€ (1.16)	€ (1.37)		€ (1.63)		€ (2.29)
Adjustments
Correction of errors
Cost of sales		€ (201)	€ (134)	€ 158	€ (66)		€ (56)	€ (65)	€ (337)	€ (121)		€ (187)		€ (29)
Gross profit		(201)	(134)	158	(66)		(56)	(65)	(337)	(121)		(187)		(29)
Operating loss		(201)	(134)	158	(66)		(56)	(65)	(337)	(121)		(187)		(29)
Net loss		(201)	(134)	158	(66)		(56)	(65)	(337)	(121)		(187)		(29)
Total comprehensive loss		(201)	(134)	158	(66)		(56)	(65)	(337)	(121)		(187)		(29)
Loss attributable to owners of the company		(201)	(134)	158	(66)		(56)	(65)	(337)	(121)		(187)		(29)
Total comprehensive loss attributable to owners of the company		€ (201)	€ (134)	€ 158	€ (66)		€ (56)	€ (65)	€ (337)	€ (121)		€ (187)		€ (29)
Loss per share - basic/ diluted (in EUR per share)		€ (0.05)	€ (0.04)	€ 0.04	€ (0.01)		€ (0.01)	€ (0.02)	€ (0.09)	€ (0.03)		€ (0.05)		€ (0.01)

[1] Comparative figures for the 3-month and 9-month periods ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

[2] Comparative figures for the 9-month period ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

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Correction of errors - Segments (Details) - EUR (€) € in Thousands	3 Months Ended								6 Months Ended		9 Months Ended			12 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017		Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2018	Jun. 30, 2017	Sep. 30, 2018	Sep. 30, 2017		Dec. 31, 2017
Correction of errors
Revenues	€ 7,121				€ 7,387	[1]					€ 17,435	€ 17,070	[1]
Gross profit	(3,803)				(1,026)	[1]					(8,457)	(6,252)	[1]
Systems
Correction of errors
Revenues	3,744	€ 1,883	€ 1,375	€ 3,146	4,153		€ 2,542	€ 1,693	€ 3,258	€ 4,235	7,002	8,388		€ 11,534
Gross profit	€ 1,197	€ 474	€ 381	€ 1,329	€ 1,617		€ 947	€ 365	€ 854	€ 1,312	€ 2,051	€ 2,929		€ 4,258
Gross profit in %	32.00%	25.20%	27.70%	42.20%	38.90%		37.30%	21.60%	26.20%	31.00%	29.30%	34.90%		36.90%
Services
Correction of errors
Revenues	€ 3,377	€ 3,379	€ 3,677	€ 2,962	€ 3,234		€ 2,611	€ 2,837	€ 7,056	€ 5,448	€ 10,433	€ 8,682		€ 11,644
Gross profit	€ 1,114	€ 1,378	€ 1,752	€ 1,275	€ 1,534		€ 1,107	€ 1,151	€ 3,129	€ 2,258	€ 4,243	€ 3,792		€ 5,067
Gross profit in %	33.00%	40.80%	47.60%	43.00%	47.40%		42.40%	40.60%	44.30%	41.40%	40.70%	43.70%		43.50%
As previously reported | Systems
Correction of errors
Revenues		€ 1,883	€ 1,375	€ 3,146	€ 4,153		€ 2,542	€ 1,693	€ 3,258	€ 4,235		€ 8,388		€ 11,534
Gross profit		€ 561	€ 429	€ 1,059	€ 1,584		€ 925	€ 353	€ 990	€ 1,278		€ 2,862		€ 3,921
Gross profit in %		29.80%	31.20%	33.70%	38.10%		36.40%	20.90%	30.40%	30.20%		34.10%		34.00%
As previously reported | Services
Correction of errors
Revenues		€ 3,379	€ 3,677	€ 2,962	€ 3,234		€ 2,611	€ 2,837	€ 7,056	€ 5,448		€ 8,682		€ 11,644
Gross profit		€ 1,492	€ 1,838	€ 1,387	€ 1,633		€ 1,185	€ 1,228	€ 3,330	€ 2,413		€ 4,046		€ 5,433
Gross profit in %		44.20%	50.00%	46.80%	50.50%		45.40%	43.30%	47.20%	44.30%		46.60%		46.70%
Adjustments | Systems
Correction of errors
Gross profit		€ (87)	€ (48)	€ 270	€ 33		€ 22	€ 12	€ (136)	€ 34		€ 67		€ 337
Adjustments | Services
Correction of errors
Gross profit		€ (114)	€ (86)	€ (112)	€ (99)		€ (78)	€ (77)	€ (201)	€ (155)		€ (254)		€ (366)

[1] Comparative figures for the 3-month and 9-month periods ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

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Segment reporting (Details) € in Thousands	3 Months Ended								6 Months Ended		9 Months Ended			12 Months Ended
	Sep. 30, 2018 EUR (€)	Jun. 30, 2018 EUR (€)	Mar. 31, 2018 EUR (€)	Dec. 31, 2017 EUR (€)	Sep. 30, 2017 EUR (€)		Jun. 30, 2017 EUR (€)	Mar. 31, 2017 EUR (€)	Jun. 30, 2018 EUR (€)	Jun. 30, 2017 EUR (€)	Sep. 30, 2018 EUR (€) segment	Sep. 30, 2017 EUR (€)		Dec. 31, 2017 EUR (€)
Segment reporting
Number of reportable segments | segment											2
Revenues	€ 7,121				€ 7,387	[1]					€ 17,435	€ 17,070	[1]
Gross profit	(3,803)				(1,026)	[1]					(8,457)	(6,252)	[1]
Systems
Segment reporting
Revenues	3,744	€ 1,883	€ 1,375	€ 3,146	4,153		€ 2,542	€ 1,693	€ 3,258	€ 4,235	7,002	8,388		€ 11,534
Gross profit	€ 1,197	€ 474	€ 381	€ 1,329	€ 1,617		€ 947	€ 365	€ 854	€ 1,312	€ 2,051	€ 2,929		€ 4,258
Gross profit in %	32.00%	25.20%	27.70%	42.20%	38.90%		37.30%	21.60%	26.20%	31.00%	29.30%	34.90%		36.90%
Services
Segment reporting
Revenues	€ 3,377	€ 3,379	€ 3,677	€ 2,962	€ 3,234		€ 2,611	€ 2,837	€ 7,056	€ 5,448	€ 10,433	€ 8,682		€ 11,644
Gross profit	€ 1,114	€ 1,378	€ 1,752	€ 1,275	€ 1,534		€ 1,107	€ 1,151	€ 3,129	€ 2,258	€ 4,243	€ 3,792		€ 5,067
Gross profit in %	33.00%	40.80%	47.60%	43.00%	47.40%		42.40%	40.60%	44.30%	41.40%	40.70%	43.70%		43.50%

[1] Comparative figures for the 3-month and 9-month periods ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

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Revenues (Details) - EUR (€) € in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017		Sep. 30, 2018	Sep. 30, 2017
Revenues
Revenues	€ 7,121	€ 7,387	[1]	€ 17,435	€ 17,070	[1]
EMEA
Revenues
Revenues	2,935	5,660		9,757	12,053
Germany
Revenues
Revenues	1,546	1,202		4,284	4,656
France
Revenues
Revenues	397	1,077		2,146	2,105
Sweden
Revenues
Revenues	46	1,167		209	1,367
Others-EMEA
Revenues
Revenues	946	2,214		3,118	3,925
Asia Pacific
Revenues
Revenues	2,269	653		3,486	1,933
Indonesia
Revenues
Revenues	1,758	32		1,784	91
China
Revenues
Revenues	132	204		460	1,137
South Korea
Revenues
Revenues	361	400		667	656
Others-Asia Pacific
Revenues
Revenues	18	17		575	49
Americas
Revenues
Revenues	1,917	1,074		4,192	3,084
United States
Revenues
Revenues	1,871	911		4,125	2,742
Others-Americas
Revenues
Revenues	€ 46	€ 163		€ 67	€ 342

[1] Comparative figures for the 3-month and 9-month periods ended September 30, 2017 were restated for immaterial errors. For further information, see Notes 1 and 9 of the interim consolidated financial statements.

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Subsequent events (Details) € in Millions	Nov. 08, 2018 EUR (€) shares	Oct. 17, 2018 EUR (€)	Oct. 17, 2018 $ / shares shares
Share transaction
Subsequent events
Net proceeds received | €		€ 9.2
Share transaction | Ordinary shares
Subsequent events
Number of shares issued			972,000
Share transaction | American Depositary Shares
Subsequent events
Number of shares issued			4,860,000
Offering price (in dollars per share) | $ / shares			$ 2.57
Number of shares purchased by management			233,462
Over-allotment transaction
Subsequent events
Net proceeds received | €	€ 1.4
Over-allotment transaction | Ordinary shares
Subsequent events
Number of shares issued	144,000
Over-allotment transaction | American Depositary Shares
Subsequent events
Number of shares issued	720,000