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voxeljet AG Reports Financial Results for the Second Quarter Ended June 30, 2014

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 second quarter ended June 30, 2014 for its group, which consists of voxeljet AG and Voxeljet of America Inc. voxeljet AG holds 100% of the issued and outstanding shares of Voxeljet of America Inc.

Highlights – Second Quarter 2014

  • Revenues increased 30.6% to kEUR 2,730 from kEUR 2,091
  • Systems revenues increased 46.2% to kEUR 1,234 from kEUR 844
  • Services revenues increased 20.0% to kEUR 1,496 from kEUR 1,247
  • Gross profit margin of 31.5% compared to 28.7% in the prior year quarter
  • Completed follow-on offering in April
  • Reaffirm full year 2014 revenue guidance

Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented, “We continued to execute our key growth initiatives throughout the second quarter. Demand for both our 3D printing systems and on-demand printed parts remains robust, and we reaffirm our financial guidance for the year ending December 31, 2014. In Systems, we delivered two printers, while increased levels of quoting and sales activity contributed to a solid backlog at the end of the quarter. Services performed well, benefiting from a favorable product mix and the recently completed capacity expansion at our European on-demand service center in Germany. We generated record sales in plastics and received record orders for sand parts in the quarter. This in our opinion illustrates the market’s growing acceptance of 3D printing for production, and validates our capabilities and strategic positioning within the industry.”

Second Quarter 2014 Results

Revenues for the second quarter of 2014 increased by 30.6% to kEUR 2,730 compared to kEUR 2,091 in the second quarter of 2013.

Revenues from our Systems segment, which focuses on the development, production and sale of 3D printers, increased 46.2% to kEUR 1,234 in the second quarter of 2014 from kEUR 844 in last year’s second quarter. The Company sold two new machines in the second quarter of 2014 compared to one new machine in last year’s second quarter. Systems revenues also includes all revenues from consumables, spare parts and maintenance. Systems revenues represented 45.2% of total revenue in the second quarter of 2014 compared to 40.4% in last year’s second quarter.

Revenues from our Services segment, which focuses on the printing of on-demand parts for our customers, increased 20.0%, to kEUR 1,496 in the second quarter of 2014 from kEUR 1,247 for the same quarter last year. The increase resulted primarily from a favorable product mix in the second quarter of 2014 compared to the second quarter of 2013 as well as increased capacity from additional printers in our recently expanded European service center.

Cost of sales was kEUR 1,870 for the second quarter of 2014 compared to kEUR 1,491 for the second quarter of 2013. Embedded in cost of sales was expenses of kEUR 56 related to our Long Term Cash Incentive Plan (“LTCIP”), which was initiated in October 2013.

Gross profit was kEUR 860 in the second quarter of 2014 compared to kEUR 600 in the second quarter of 2013. The gross profit margin increased to 31.5% in the second quarter of 2014 from 28.7% in the second quarter of 2013.

Gross profit for our Systems segment increased to kEUR 294 in the second quarter 2014 from kEUR 181 in the second quarter of 2013. The gross profit margin for this segment increased to 23.8% in the second quarter of 2014 compared to 21.4% in the second quarter of 2013. Though higher than in the prior year’s quarter, the margin was negatively affected by increased headcount costs as we pursue our growth strategy. In the second quarter of 2014, cost of sales related to the LTCIP was kEUR 32.

Gross profit for our Services segment increased to kEUR 566 in the second quarter 2014 from kEUR 419 in the second quarter of 2013. The gross profit margin for this segment increased to 37.8% in the second quarter of 2014 from 33.6% in the second quarter of 2013. The increase in gross margin was primarily related to higher revenues resulting from increased capacity and a favorable product mix in the second quarter of 2014 compared to the same period in 2013. In the second quarter of 2014, cost of sales related to the LTCIP was kEUR 24.

Selling expenses were kEUR 845 for the second quarter of 2014 compared to kEUR 472 in the second quarter of 2013. This increase of kEUR 373 resulted from expanded sales efforts as we increased headcount and attended more trade shows and fairs compared to the prior year period.

Administrative expenses were kEUR 952 for the second quarter of 2014 compared to kEUR 299 in the second quarter of 2013. This increase of kEUR 653 was primarily due to increased headcount related to the pursuit of our growth strategy and costs associated with being a publicly-traded company.

Research and development (“R&D”) expenses increased to kEUR 831 in the second quarter of 2014 from kEUR 490 in the prior year period, as we continued to invest heavily in R&D with a number of active projects in various stages of development.

Our operating expenses for the second quarter of 2014 were affected by the LTCIP. Selling expenses, administrative expenses and R&D expenses related to the LTCIP were kEUR 35, kEUR 18 and kEUR 48, respectively.

Other operating expenses in the second quarter of 2014 were kEUR 8, substantially all of which reflect costs related to our follow-on public offering.

Other operating income was kEUR 397 for the second quarter of 2014 compared to kEUR 253 in the second quarter 2013. The increase was mainly due to the release of deferred income.

Operating loss was kEUR 1,379 in the second quarter of 2014, compared to an operating loss of kEUR 562 in the prior year period. Operating expenses increased in the second quarter of 2014 due in part to increased headcount related to the pursuit of our growth strategy and costs related to being a publicly-traded company, including compensation expenses related to the LTCIP of kEUR 156.

Total loss for the second quarter of 2014 was kEUR 1,405, or EUR 0.38 per share, as compared to total loss of kEUR 478, or EUR 0.24 per share, in the second quarter of 2013.

Six Months Ended June 30, 2014 Results

Revenues for the six months ended June 30, 2014 increased by 22.1% to kEUR 5,469 compared to kEUR 4,478 in the prior year period.

Systems revenues were kEUR 2,546 for the first six months of 2014 compared to kEUR 2,049 in last year’s period. The Company sold four new 3D printers in the first six months of 2014 compared to three 3D printers (two new and one used) printers in the prior year period. Systems revenues represented 46.6% of total revenue for the six months ended June 30, 2014 compared to 45.8% for the same period a year ago. Services revenues were kEUR 2,923 for the six months ended June 30, 2014 compared to kEUR 2,429 for the same period last year.

Cost of sales for the six months ended June 30, 2014 was kEUR 3,530, an increase of kEUR 565, or 19.1%, over cost of sales of kEUR 2,965 for the same period in 2013. For the six months ended June 30, 2014, the cost of sales related to the LTCIP was kEUR 112.

Gross profit and gross margin for the six months ended June 30, 2014 were kEUR 1,939 and 35.4%, respectively, compared to kEUR 1,513 and 33.8% in the prior year period.

Gross profit for our Systems segment increased to kEUR 691 for the six months ended June 30, 2014 from kEUR 609 in the same period of 2013. The gross profit margin for this segment decreased to 27.1% compared to 29.7% for the prior period primarily due to increased headcount costs as we pursue our growth strategy. In the first half of 2014, cost of sales related to the LTCIP was kEUR 64.

Gross profit for our Services segment increased to kEUR 1,248 for the six months ended June 30, 2014 from kEUR 904 in the same period of 2013. The gross profit margin for this segment increased to 42.7% from 37.2%. The increase in gross margin was primarily related to higher revenues resulting from increased capacity and a favorable product mix in the first half of 2014 compared to the same period in 2013. In the first half of 2014, cost of sales related to the LTCIP was kEUR 48.

Selling expenses were kEUR 1,538 for the six months ended June 30, 2014 compared to kEUR 829 in the same period in 2013, an increase of kEUR 709, or 85.5%. Administrative expenses increased by kEUR 1,090, to kEUR 1,566 for the first six months of 2014 from kEUR 476 in the prior year period. The increases in selling and administrative expenses were in line with our efforts to grow our business. R&D expenses increased to kEUR 1,679 for the six months ended June 30, 2014 from kEUR 921 in the same period in 2013, an increase of kEUR 758, or 82.3%. The increase in R&D expenses in the first six months of 2014 reflects our emphasis on developing new 3D printing technology and improving our existing 3D printing technology.

Our operating expenses for the six month months ended June 30, 2014 were affected by the LTCIP. Selling expenses, administrative expenses and R&D expenses related to the LTCIP were kEUR 70, kEUR 35 and kEUR 95, respectively.

Other operating expenses for the six months ended June 30, 2014 were kEUR 86 compared to kEUR 170 in the prior year period.

Other operating income was kEUR 948 for the six months ended June 30, 2014 compared to kEUR 530 in the prior year period. The increase was mainly due to the recognition of kEUR 401 of deferred income as a result of the early termination of three sale and leaseback transactions.

Total loss for the six months ended June 30, 2014 was kEUR 2,116, or EUR 0.62 per share, as compared to total loss of kEUR 376, or EUR 0.19 per share, in the prior year period.

Business Outlook

The Company reaffirms its previous guidance for the year ending December 31, 2014 and continues to expect revenues to exceed kEUR 18,000, with revenue growth in excess of 50%.

The Company’s total backlog of 3D printer orders at June 30, 2014 was kEUR 4,278, which represents eight 3D printers. This compares to backlog of kEUR 2,300, representing four 3D printers, at December 31, 2013. We estimate that most of the 3D printers in our backlog will ship prior to December 31, 2014. As production and delivery of our printers is generally not characterized by long lead times, backlog is more dependent on the timing of customers’ requested deliveries.

At June 30, 2014 the Company had cash and equivalents of kEUR 21,780 and held kEUR 35,070 of investments in two bond funds which are included in current financial assets on our consolidated statement of financial position.

Long Term Cash Incentive Plan (LTCIP)

On October 2, 2013, we announced that we would be implementing, effective on January 1, 2013, a long-term cash incentive plan (the “LTCIP”) for senior management and other key personnel. An initial grant of the awards under the LTCIP was made to participants on October 2, 2013. Personnel expenses incurred in the first half of 2014 related to the LTCIP amounted to kEUR 312. The first tranche of payments under the LTCIP was settled in May 2014.

Incorporation of Voxeljet of America Inc. and Lease of Canton, Michigan Facility

On February 5, 2014, we incorporated our subsidiary, Voxeljet of America Inc., in Delaware. Voxeljet of America Inc. will be headquartered in our new facility near Detroit, Michigan and will conduct our North American operations. voxeljet AG holds 100% of the issued and outstanding shares of Voxeljet of America Inc. On March 14, 2014, we signed a five-year lease for a facility located near Detroit, Michigan that will house our U.S. 3D printing service center. Our U.S. service center is expected to commence printing parts in the third quarter of 2014. The facility is approximately 50,000 square feet and will allow us to print on-demand parts, molds, cores and models for automotive and other industrial customers.

Successful Completion of Follow-on Offering

On April 16, 2014, we completed a follow-on offering of 3,000,000 American Depositary Shares (“ADSs”) at a public offering price of USD 15.00 per ADS. Net proceeds from the follow-on offering to the Company were approximately USD 41.4 million, or approximately EUR 30.2 million. On April 24, 2014, the underwriters in the follow-on offering purchased 450,000 ADSs from certain of the Company’s shareholders (the “Selling Shareholders”) pursuant to the overallotment option they were granted in the follow-on offering. The Company did not receive any proceeds from the sale of ADSs by the Selling Shareholders.

Webcast and Conference Call Details

The Company will host a conference call and webcast to review the results for the second quarter of 2014 on Thursday, August 14th at 9:30 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 Second Quarter 2014 Financial Results Conference Call.” Investors are requested to access the call at least five minutes before the scheduled start time in order to complete a brief registration. An audio replay will be available approximately two hours after the completion of the call at 1-877-870-5176 or +1-858-384-5517, Replay Conference ID number 13587780. The recording will be available for replay through August 21, 2014.

A live webcast of the call will also be available on the investor relations section of the Company’s website. Please go to the website (http://www.voxeljet.de/en/) at least fifteen minutes prior to the start of the call to register, download and install any necessary audio software. A replay will also be available as a webcast on the investor relations section of the Company’s website.

Exchange rate

This press release contains translations of certain U.S. dollar amounts into euros at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from U.S. dollars to euros in this press release were made at a rate of USD 1.3690 to EUR 1.00, the noon buying rate of the Federal Reserve Bank of New York for the euro on June 30, 2014.

About voxeljet

voxeljet is a leading provider of high-speed, large-format 3D printers and on-demand parts services to industrial and commercial customers. The Company’s 3D printers employ a powder binding, additive manufacturing technology to produce parts using various material sets, which consist of particulate materials and proprietary chemical binding agents. The Company provides its 3D printers and on-demand parts services to industrial and commercial customers serving the automotive, aerospace, film and entertainment, art and architecture, engineering and consumer product end markets. For more information, visit http://www.voxeljet.de/en/.

Cautionary Statement on Forward-Looking Statements

This press release contains forward-looking statements concerning our business, operations and financial performance. Any statements that are not of historical facts may be deemed to be forward-looking statements. You can identify these forward-looking statements by words such as ‘‘believes,’’ ‘‘estimates,’’ ‘‘anticipates,’’ ‘‘expects,’’ ‘‘plans,’’ ‘‘intends,’’ ‘‘may,’’ ‘‘could,’’ ‘‘might,’’ ‘‘will,’’ ‘‘should,’’ ‘‘aims,’’ or other similar expressions that convey uncertainty of future events or outcomes. Forward-looking statements include statements regarding our intentions, beliefs, assumptions, projections, outlook, analyses or current expectations concerning, among other things, our results of operations, financial condition, business outlook, the industry in which we operate and the trends that may affect the industry or us. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that forward-looking statements are not guarantees of future performance. All of our forward-looking statements are subject to known and unknown risks, uncertainties and other factors that are in some cases beyond our control and that may cause our actual results to differ materially from our expectations, including those risks identified under the caption “Risk Factors” in the Company’s Annual Report on Form 20-F and in other reports the Company files with the U.S. Securities and Exchange Commission, as well as the risk that our revenues may fall short of the guidance we have provided in this press release. Except as required by law, the Company undertakes no obligation to publicly update any forward-looking statements for any reason after the date of this press release whether as a result of new information, future events or otherwise.

           

voxeljet AG

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

                   

06/30/2014

12/31/2013
Thousands of Euros Notes unaudited  
Current assets   64,610 39,977
Cash and cash equivalents 6 21,780 33,459
Financial assets 3, 6 35,418 744
Trade receivables 6 1,737 1,003
Inventories   4,642 3,641
Income tax receivables   6 129
Other assets 4 1,027 1,001
 
Non-current assets   18,118 17,939
Financial assets 3, 6 1,391 1,561
Intangible assets   67 62
Property, plant and equipment 5 16,660 16,316
 
Total assets   82,728 57,916
 
                   
06/30/2014 12/31/2013
Thousands of Euros Notes unaudited  
Current liabilities   4,901 7,090
Deferred income   386 622
Trade payables   1,757 1,502
Income tax payable   0 14
Financial liabilities 6 1,283 1,922
Other liabilities and provisions 7 1,475 3,030
     
Non-current liabilities   4,230 5,426
Deferred income   943 1,337

Financial liabilities

6 2,664 3,863
Other liabilities and provisions 7 623 226
 
Equity   73,597 45,400
 
 
Subscribed Capital   3,720 3,120
Capital reserves   75,671 46,038
Accumulated deficit  

(5,874)

(3,758)

Accumulated other comprehensive income   80 -
 
Total equity and liabilities   82,728 57,916
 
                   

voxeljet AG

CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS (UNAUDITED)

 
               
Three months Three months Six months Six months
ended ended ended ended
06/30/2014 06/30/2013 06/30/2014 06/30/2013
Thousands of Euros Notes        
Revenues 8,9 2,730 2,091 5,469 4,478
Cost of sales   (1,870) (1,491) (3,530) (2,965)
Gross profit 8 860 600 1,939 1,513
Selling expenses   (845) (472) (1,538) (829)
Administrative expenses   (952) (299) (1,566) (476)
Research and development expenses   (831) (490) (1,679) (921)
Other operating expenses   (8) (154) (86) (170)
Other operating income   397 253 948 530
Operating loss   (1,379) (562) (1,982) (353)
Finance expense   (41) (94) (166) (191)
Finance income   15 10 32 13
Financial result   (26) (84) (134) (178)
Loss before income taxes   (1,405) (646) (2,116) (531)
Income taxes   - 168 - 155
Loss   (1,405) (478) (2,116)   (376)
Other comprehensive income   44 - 80 -
Total comprehensive loss   (1,361) (478) (2,036) (376)
Weighted average number of ordinary shares outstanding   3,660,659 2,000,000 3,388,508 2,000,000
Loss per share - basic/ diluted (EUR)   (0.38) (0.24) (0.62) (0.19)
 
                   

voxeljet AG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

                               
 
Accumulated
other
Subscribed Capital Accumulated comprehensive
capital reserves deficit income Total equity
Thousands of Euros
 
Balance at January 1, 2013 1,000 1,262 (1,044) - 1,218
 
Loss for the period - - (376) - (376)
 
Balance at June 30, 2013 1,000 1,262 (1,420) - 842
 
 
Thousands of Euros          
 
Balance at January 1, 2014 3,120 46,038 (3,758) - 45,400
 
Loss for the period - - (2,116) - (2,116)
Follow-on public offering 600 29,633 -   30,233

Net changes in fair value of available for sale financial assets

-

0

- 71 71
Foreign currency translation - - - 9 9
 
Balance at June 30, 2014 3,720 75,671 (5,874) 80 73,597
 
         

voxeljet AG

CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

 
     
Six months Six months
ended ended
06/30/2014 06/30/2013
Thousands of Euros    
Cash Flow from operating activities    
 
Loss for the period (2,116) (376)
 
Depreciation 830 749
Proceeds from customer loans 143 14
Changes in deferred income taxes - (198)
Loss on disposal of assets 188 -
Deferred income (629) (228)
   
Change in working capital (2,556) (77)
Trade and other receivables and current assets (638) (1,198)
Inventories (1,001) (343)
Trade payables 255 196
Other liabilities and provisions (1,158) 1,271
Income tax payable/receivables (14) (3)
 
Total (4,140) (116)
 
Cash Flow from investing activities    
 
Payments to acquire property, plant and equipment and intangible assets (1,366) (83)
Payments to acquire financial assets (34,577) (239)
 
Total (35,943) (322)
 
Cash Flow from financing activities
 
Proceeds (repayment) from bank overdrafts and lines of credit (254) -
Proceeds from sale and leaseback - 1,900
Repayment of finance lease obligations (1,132) (737)
Repayment of long-term debt (1,252) (687)
Proceeds from borrowings 800  
Proceeds from issuance of shares 30,233 -
 
Total 28,395 476
 
Net increase (decrease) in cash and cash equivalents (11,688) 38
 
Cash and cash equivalents at beginning of period 33,459 301
 
Changes to cash and equivalents due to foreign exchanges rates 9 -
Cash and cash equivalents at end of period 21,780 339
 
Supplemental Cash Flow Information    
Interest paid net 110 60
Income taxes paid net - 60
Non-cash items:    
Additions to property, plant and equipment through lease - 1,900
 
 

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 subsidiary Voxeljet of America Inc., 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’); 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.

The IASB issued a number of new IFRS standards which became effective for the Company’s financial year beginning on January 1, 2014.

Amendments IAS 32     01/2014     Offsetting Financial Assets and Financial Liabilities
Various Standards 01/2014 Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27)
IAS 36 01/2014 Amendment Recoverable Amount Disclosures for Non-Financial Assets
IAS 39 01/2014

Amendment Novation of Derivatives and Continuation of Hedge Accounting

IFRIC 21 01/2014 Levies
IAS 19 07/2014 Amendment Defined Benefit Plans: Employee Contributions
IFRS 14 01/2016 Regulatory Deferral Accounts
 

The Company applied the new standards and amendments and determined that they have no impact on the interim financial statements.

The interim financial statements as of and for the three months ended June 30, 2014 and 2013 were authorized for issue by the Management Board on August 12, 2014.

2. Summary of significant accounting policies

The principal accounting policies applied in the preparation of these interim financial statements are set out in the financial statements as of December 31, 2013, which can be found in the Company’s Annual Report on Form 20-F that was filed with the U.S. Securities and Exchange Commission. These policies have been applied to all financial periods presented.

3. Financial assets

The financial assets as of June 30, 2014 primarily consisted of shares of two bond funds (kEUR 35,070) and three customer loans (kEUR 1,438). The investments in the bond funds are measured at fair value, and any unrealized gain or loss in the value of such shares is recorded as other comprehensive income on our consolidated statement of comprehensive loss.

4. Other assets

The other assets at June 30, 2014 primarily included kEUR 555 of prepaid expenses.

5. Property, plant and equipment

         

PROPERTY, PLANT AND EQUIPMENT

             
06/30/2014 12/31/2013
Thousands of Euros    
Land, buildings and leasehold improvements 11,193 7,566
Plant and machinery (includes assets under finance lease) 4,562 5,158
Other facilities, factory and office equipment 900 650
Assets under construction 5 2,942
 
Total 16,660 16,316

 

 
 
Leased assets included in Property, Plant and Equipment: 2,522 3,717
Printing machines 2,476 3,664
Other factory equipment 46 53
 

No impairment of non-financial assets was recorded in the six-month period ended June 30, 2014.

In the first half of 2014, the Group early terminated three sale and leaseback transactions. As a result of the early terminations, kEUR 694 of liabilities were extinguished, kEUR 401 of deferred income was recognized as other operating income, and kEUR 47 of extinguishment loss was recognized in finance expense.

In the first six months of 2013, the Group entered into sale and leaseback transactions for four self-produced 3D printers with a total value of kEUR 1,900. Related manufacturing costs were kEUR 851. The gain of kEUR 1,049 was deferred and is amortized over the respective lease term. No sale and leaseback transactions occurred in the first half of 2014.

Leases of 3D printers are non-cash transactions for purposes of the consolidated statement of cash flows.

6. Financial instruments

The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The fair values and carrying amounts of financial assets categorized as loans and receivables and available for sale securities for the considered reporting periods were as follows:

                         
06/30/2014     12/31/2013

carrying

amount

    fair value

carrying

amount

    fair value
Thousands of Euros        
Loans and receivables                    
Cash and cash equivalents 21,780     21,780     33,459     33,459
Trade receivables 1,737     1,737     1,003     1,003
Financial assets 1,739     1,716     2,305     2,287
Available for sale                    
Financial assets 35,070     35,070     -     -
         
Total 60,326 60,303 36,767 36,749
 

The fair value of customer loans included in financial assets reported as loans and receivables was determined using a discounted cash flow model based on observable inputs from the relevant forward interest rate yield curve plus an appropriate risk premium. The fair value of available for sale financial assets represents the quoted price.

The fair values of carrying amounts of financial liabilities for the considered reporting periods were as follows:

                         
  06/30/2014     12/31/2013
 

carrying

amount

    fair value

carrying

amount

    fair value
Thousands of Euros        
Bank overdrafts and lines of credit 504 504 758 758
Long-term debt 1,056 1,092 1,507 1,573
Finance lease obligations 2,387 2,404 3,520 3,549
 
Total 3,947 4,000 5,785 5,880
 

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.

7. Other liabilities and provisions

As of June 30, 2014, the amount related to the LTCIP included in non-current other liabilities and provisions on our consolidated statement of financial position was kEUR 469. (December 31, 2013: kEUR 154).

8. 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 Three months ended
  06/30/2014 06/30/2013
Thousands of Euros SYSTEMS     SERVICES SYSTEMS     SERVICES
Revenues 1,234     1,496 844     1,247
       
Gross profit 294     566 181     419
Gross profit in % 23.8% 37.8% 21.4% 33.6%
 
                 
Six months ended Six months ended
  06/30/2014 06/30/2013
Thousands of Euros SYSTEMS     SERVICES SYSTEMS     SERVICES
Revenues 2,546     2,923 2,049     2,429
 
Gross profit 691     1,248 609     904
Gross profit in % 27.1% 42.7% 29.7% 37.2%
 

9. Revenues

The Group’s revenues by geographic region were as follows:

                         
    Three month     Three month     Six month     Six month
ended ended ended ended
  06/30/2014 06/30/2013     06/30/2014 06/30/2013
Thousands of Euros            
EMEA 2,021 2,027     4,306 4,332
Asia Pacific 681 38     743 75
Americas 28 26     420 71
Total 2,730 2,091     5,469 4,478
 

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The web app is agile. The REST API is agile. The testing and planning are agile. But alas, data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes that force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software organ...
Red Hat is investing in Tesora, the number one contributor to OpenStack Trove Database as a Service (DBaaS) also ranked among the top 20 companies contributing to OpenStack overall. Tesora, the company bringing OpenStack Trove Database as a Service (DBaaS) to the enterprise, has announced that Red Hat and others have invested in the company as a part of Tesora's latest funding round. The funding agreement expands on the ongoing collaboration between Tesora and Red Hat, which dates back to Febr...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
Even though you are running an agile development process, that doesn’t necessarily mean that your performance testing is being conducted in a truly agile way. Saving performance testing for a “final sprint” before release still treats it like a waterfall development step, with all the cost and risk that comes with that. In this post, we will show you how to make load testing happen early and often by putting SLAs on the agile task board.
Manufacturing connected IoT versions of traditional products requires more than multiple deep technology skills. It also requires a shift in mindset, to realize that connected, sensor-enabled “things” act more like services than what we usually think of as products. In his session at @ThingsExpo, David Friedman, CEO and co-founder of Ayla Networks, will discuss how when sensors start generating detailed real-world data about products and how they’re being used, smart manufacturers can use the ...
This Enterprise Strategy Group lab validation report of the NEC Express5800/R320 server with Intel® Xeon® processor presents the benefits of 99.999% uptime NEC fault-tolerant servers that lower overall virtualized server total cost of ownership. This report also includes survey data on the significant costs associated with system outages impacting enterprise and web applications. Click Here to Download Report Now!
The Internet of Things is in the early stages of mainstream deployment but it promises to unlock value and rapidly transform how organizations manage, operationalize, and monetize their assets. IoT is a complex structure of hardware, sensors, applications, analytics and devices that need to be able to communicate geographically and across all functions. Once the data is collected from numerous endpoints, the challenge then becomes converting it into actionable insight.
U.S. companies are desperately trying to recruit and hire skilled software engineers and developers, but there is simply not enough quality talent to go around. Tiempo Development is a nearshore software development company. Our headquarters are in AZ, but we are a pioneer and leader in outsourcing to Mexico, based on our three software development centers there. We have a proven process and we are experts at providing our customers with powerful solutions. We transform ideas into reality.
Contrary to mainstream media attention, the multiple possibilities of how consumer IoT will transform our everyday lives aren’t the only angle of this headline-gaining trend. There’s a huge opportunity for “industrial IoT” and “Smart Cities” to impact the world in the same capacity – especially during critical situations. For example, a community water dam that needs to release water can leverage embedded critical communications logic to alert the appropriate individuals, on the right device, as...
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
Advances in technology and ubiquitous connectivity have made the utilization of a dispersed workforce more common. Whether that remote team is located across the street or country, management styles/ approaches will have to be adjusted to accommodate this new dynamic. In his session at 17th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., will focus on the challenges of managing remote teams, providing real-world examples that demonstrate what works and what...
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises ar...
eCube Systems has released NXTmonitor, a full featured application orchestration solution. NXTmonitor, which inherited the code base of NXTminder, has been extended to support multi-discipline processes and will act as a DevOps utility in a heterogeneous enterprise environment. Previously, NXTminder was packaged with NXTera middleware to configure and manage Entera and NXTera RPC servers. “Since we are widening the focus of this solution to DevOps, we felt the need to change the name to NXTmon...