Aumann AG A global leader in modular machines for E-mobility May 2018 0
Aumann at a glance Right business Right capabilities Strong growth 80 years of winding experience Fully automated E-drivetrain Revenue 2) production lines … in million € 30 years partner of automotive OEMs > 300 ∼ 1,200 1) highly skilled professionals +30% p.a. 210 156 6 locations in Germany, China and USA 122 96 …based on modular machines and ∼ 45,000 sqm of shop floor exclusive motor winding technologies… 2014A 2015A/ 2016A 2017 2018FC as-if Segments Select customers As of 31 March 2018 ..leveraging know-how from special machinery of Aumann’s Classic segment 31% E-mobility Classic 69% 1 1) Headcount incl. trainees and temporary workers as of March 2018 2) 2015 shown as as-if the acquired entities had been part of the group for the full year
Key highlights of Aumann Strong growth due to E-mobility revolution in the automotive industry 1 Exclusive winding technologies in combination with deep automation know-how 2 3 Decades of automotive experience and trusted relationships with OEMs 4 Profitable and asset-light growth with good visibility 5 Clear expansion strategy with possibility of add-on acquisitions 2
An E-mobility revolution is underway Three factors put electric vehicles on the road Electric vehicles* Global production in million vehicles per year Technology 32 push CAGR +29% 13 Consumer pull 2 Regulatory push 2015 2020 e 2025 e * Electric vehicles including hybrids; Source: IHS 3
E-mobility has gained further traction resulting in strong demand for Aumann solutions Strong momentum from OEMs Typical design and order process for Aumann 25 electrified and 12 all-electric models by 2025 OEM develops product design All car models to be electric or hybrid from 2019 Joint optimisation of product design and automation process in Aumann’s R&D center All car models electrified by 2022 80 electric models by 2025 and €34 billion Capex 24 electrified and 16 all-electric models by 2020 Customer places order 8 plug-in or all-electric models by 2022 Start of production (SOP) At least 20 all-electric models by 2023 4
Aumann automates the production of electric drivetrains with focus on the electric motor Electric motor Energy storage /conversion Rotor Stator Winding of stator and/or rotor Assembly of modules, packs, fuel cells Electric drivetrain 5
Aumann offers highly automated production technologies for traction motors Thick/flat wire Thin wire Conventional Distributed Conventional Continuous Insert-in Needle Winding Hairpin Hairpin Indirect Winding Direct Winding Assembly Winding / Assembly Lower automation High automation High automation High automation High stress on wire Low stress on wire Many welding points No welding points Larger copper heads Smaller copper heads Random wire positions Defined wire positions exclusive exclusive 6
Aumann has a unique combination of capabilities, industry experience and corporate setup Technological E-mobility Corporate leadership focus setup and size > 300m Exclusive winding Decades of > €300 million technologies automotive focus revenue 2018FC Highest degree Relationships to 6 locations in of automation major OEMs / Tier-1s Europe, China, USA Complete Technologies Experience with production lines for E-drivetrain large order volumes Global leadership in highly automated production lines for E-mobility 7
The acquisition of USK in Q4 2017 has further improved Aumann’s position Why Aumann acquired USK in Q4 2017 Where Aumann and USK stand in Q1 2018 Capacity balancing between sites Engineering First orders shifted to USK in 2017 capacity Partial retargeting of sales engineers E-mobility growth at USK Automotive First traction motor order at USK in Q1 experience High interest in USK fuel cell technology Ongoing integration and expansion Technological capabilities Step-wise integration of processes and IT New plans for expansion at USK site * Employees including trainees as of November 2017. 8
USK drastically increased Aumann’s engineering and delivery capacity Organic and anorganic capacity ramp Headcount +55% 1,269 1,251 Trainees 103 122 Temporary workers 137 148 +10% 818 769 745 76 53 55 102 102 97 1,029 Employees 981 640 614 593 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 9
Close partnerships with blue chip customers enable Aumann’s E-mobility growth Longstanding customer relationships… …leading to an accelerated E -mobility business Indicative cumulative orders last 25 years Automotive E-bike E-mobility > € 4 60m segment Relationship since 1990 customers > € 400m Relationship since 1990 …based on experience in ICE drivetrain, automation and winding for non-automotive customers > € 250m Relationship since 1999 Consumer electrics Other industries Automotive € 200-250m Relationship since 1986 Classic segment customers € 75 -100m Relationship since 1985 10
Growth is our priority for 2018 and we aim at revenues of more than €300 million Total revenues in € million > 300 210 CAGR +30% 156 122 * 96 93 2014A 2015A/ 2016A 2017 2018 FC * 2015 as-if 11
In the first quarter 2018, Aumann grew both revenues and order intake significantly Revenues Order intake in € million in € million 72.4 +51% +25% 63.2 31.5 50.5 19.7 48.0 14.2 16.7 43.5 40.9 36.3 31.2 Q1 2017 Q1 2018 Q1 2018 Q1 2018 E-mobility Classic 12
Due to capacity bottlenecks, EBIT margin was lower in the second half of 2017 Adjusted EBIT in € million and in % of revenues 11% 12%* 12% 10% 28 - 31 CAGR +26% 21.0 19.3 12.4 * 10.5 11.0 2014A 2015A / 2016A 2017 2018 FC * 2015 as-if 13 EBIT margin 2015 is not as-if; EBIT until 2016 is adjusted for management fees to majority shareholder; EBIT 2017 and 2018 adjusted for PPA
In the first quarter 2018, profitability has clearly recovered as de-bottlenecking progresses Adj. EBIT Segment EBIT Q1 2018 in € million in € million EBIT- 14.2% 10.7% Margin +17% 7.5 6.4 2.8 4.7 2.6 2.8 4.7 3.8 E-Mobility Classic Q1 2017 Q1 2018 E-mobility Classic 14
A strong balance sheet allows further investments into Aumann’s growth Balance sheet 31 March 2018 in € million 351.2 351.2 Non-current assets 84.0 185.6 Equity 53% Current assets** 164.6 Non-current liabilities 51.4 Current liabilities Cash* 114.2 102.6 Assets Equity & Liabilities * Liquidity & securities 15 ** without cash
We have made significant progress on strategic roadmap to market leadership ▸ Grow skilled work force + 78% Ramp-up ▸ Expand shop floor +13,000 m² capacity ▸ IT hardware, licenses and projects Ongoing ▸ Expand facility in China Ongoing Expand ▸ Build up of USA/NAFTA activities Ongoing globally ▸ Further regional growth New customers Acquisition of USK Increase ▸ Build up new R&D centres Strategic Ongoing Ongoing service ▸ Expand scope of R&D centres M&A New modules share ▸ Build up service hubs Ongoing ▸ Increase R&D activity Maintain Yes ▸ Develop new winding technologies technological Ongoing leadership ▸ Additional E-mobility technologies Fuel cell 16 Change in work force and shop floor calculated as figures at the end of 2017 compared to the beginning of 2017.
No matter who will prevail in the E-mobility revolution, they will need Aumann’s machines for electric drivetrain manufacturing www.aumann-ag.com 17
Financial Calendar Commerzbank Conference (NYC and Boston, USA) 16 May 2018 Hauck & Aufhäuser Stock Picker Summit (St. Tropez, France) 17 May 2018 Berenberg USA Conference (Tarrytown, NY, USA) 23 May 2018 Half-Year Financial Report 2018 16 August 2018 Berenberg/GS Corporate Conference (Munich, Germany) 25 September 2018 Quarterly Report Q3/2018 16 November 2018 Deutsches Eigenkapitalforum (Frankfurt, Germany) 26 November 2018 Berenberg European Conference (Pennyhill, UK) 4 December 2018 End of fiscal year 31 December 2018 18
Contact Aumann AG Dieselstr. 6 48361 Beelen Germany Tel.: +49 2586 888 7800 Fax: +49 2586 888 7805 www.aumann-ag.com info@aumann-ag.com 19
Appendix 20
The historical roots of Aumann 2006 Acquisition of ATS Berlin 1936 Foundation 2009 First e-drivetrain project ▸ E-mobility focus 2017 2015 ▸ E-mobility references Acquisition Becomes part of of USK MBB group ▸ Winding technology 2012 First cooperation 2013 2017 Set up of presence in China IPO ▸ Automation know-how and 2012 production scalability Becomes part 2016 ▸ E-mobility experience and of MBB group Aumann AG process excellence 1968 ▸ OEM relationships 2011 Foundation First e-drivetrain project 21 21
Key markets and growth dynamics Industry Importance CAPEX dynamic for Aumann E-mobility revolution E-mobility 1) Automotive Emission reduction Classic Automation automotive Adressable market Automation Consumer Industry 4.0 electrics Energy efficiency Automation Industrial Industry 4.0 22 Source: Company information, 1) we also include non-automotive e-mobility applications (like e-bikes) in this area
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