Aumann Ag · XETR:AAG
Aumann — Investor Presentation (February 2017)
34 slides from Aumann's investor presentation, Feb 27, 2017
Slide 1: A global leader in modular machines for e-mobility
A global leader in modular machines for e-mobility Company presentation, 27 February 2017 0
Slide 2: Highly experienced management team with decades of industry experience
Highly experienced management team with decades of industry experience Rolf Beckhoff Ludger Martinschledde Sebastian Roll Constantin Mang Chief Executive Officer Chief Executive Officer Chief Financial Officer Executive Vice President Sales and Administration Operations and R&D Finance and Controlli
Slide 3: An e-mobility revolution is underway
An e-mobility revolution is underway Global production of electric vehicles (“EVs”)1) Recent quotes in million vehicles CARS 2025: CHANGE IN THE FAST LANE The global automobile industry is entering a disruptive new era Electro-mobility – a technological revolution in full force 32 Electric cars will
Slide 4: Aumann's focus is at the heart of e-mobility
Aumann’s focus is at the heart of e-mobility Energy storage E-motor Rotor Rotor/ Stator winding Stator Automation for mass production E-drivetrain Source: Pictures Tesla, Continental 3
Slide 5: Aumann at a glance
Aumann at a glance Right business Right capabilities Strong growth Fully automated e-drivetrain 80 years of winding experience Revenue2) production lines … in million € 30 years partner of automotive OEMs CAGR +27% EBIT-Margin 6751) highly skilled professionals 156 122 42 E-mobility 17% 5 locations
Slide 6: Key highlights
Key highlights Strongly growing with e-mobility revolution 1 benefitting very early on Unique winding technology leading to highly efficient e-motors 2 enabling OEMs to scale up to automated mass production Longstanding relationship with automotive OEMs and track record 3 of jointly developing landm
Slide 7: The e-mobility revolution is driven by strong forces
1 MARKET The e-mobility revolution is driven by strong forces Technology Push ▸ Cost decrease ▸ EV range increase ▸ Charging infrastructure densification Daimler will spend € 10bn on EV development Consumer Pull ▸ Coolness factor ▸ Smart cars (autonomous driving) ▸ Environmental sustainability Tesla
Slide 8: Aumann's machines will be needed by all contestants of the e-mobility revolution
1 MARKET Aumann’s machines will be needed by all contestants of the e-mobility revolution OEMs and Tier 1 EV Specialists Digital Challengers “No matter who will prevail in the mobility revolution, they will want Aumann’s machines for e-drivetrain manufacturing” Source: Company information 7
Slide 9: The manufacturing process is core to the e-mobility revolution
1 MARKET The manufacturing process is core to the e-mobility revolution with machinery investments two years ahead of the production of EVs The importance of machinery Machinery orders two years ahead EV concept development R&D Design freeze involvement Order of production machinery Elon Musk, EV pi
Slide 10: Aumann's core markets and customers expected to grow significantly faster than the overall EV market
1 MARKET Aumann’s core markets and customers expected to grow significantly faster than the overall EV market Aumann’s core regions growing faster Aumann’s core customers gaining EV market share Production of EVs by regions (in million units) E-drivetrain production of selected OEMs/Tier-1s (in mill
Slide 11: Number of traction motors and sensors/actuators per car expected to increase
1 MARKET The number of traction motors and the number of sensors/actuators per car is expected to increase Increasing number of traction motors per car Increasing number of sensors and actuators per car in million units Today’s car: Tomorrow’s car 128 ▸ ~30 sensors ▸ >100 sensors ▸ <100 motors/ ▸ ~
Slide 12: Aumann direct winding technology improves e-motor performance, weight and quality
1 TECHNOLOGY 2 Aumann direct winding technology improves e-motor performance, weight and quality Less material / lower weight1) Less copper wire - 50% Less electrical sheet metal - 30% Direct winding technology Less space1) - 20% Reduction of winding head Higher energy conversion Increased battery r
Slide 13: Direct winding technology is critical to enable fully automated mass production
1 TECHNOLOGY 2 Direct winding technology is critical to enable fully automated mass production Degree of Process Wire Reject automation flexibility stress rate Direct winding technology Conventional Indirect winding technology Source: Company information, Youtube video “Volkswagen e-Up Electric Moto
Slide 14: Aumann enabling transformation to industrial scale production
1 TECHNOLOGY 2 Aumann enabling transformation to industrial scale production Units Production estimates for 2020 Production estimates for 2025 p.a. (example of VW-Group) HEV based on DQ platform – 0.3m Direct winding HEV based on DL platform – 0.2m EV/HEV 5.2m EV/HEV 2.5m technology Further HEV - 0.
Slide 15: Unique winding technology and automation experience lead to competitive advantage
1 TECHNOLOGY 2 Unique winding technology and longstanding automation experience leading to strong competitive advantage and positioning Competitive landscape (schematic) Wind. 5 Wind. 1 Direct Wind. 2 Wind. 4 Wind. 3 Winding focus Wind. 8 Wind. 6 Indirect Wind. 7 Auto. D Auto. E Auto. A none Auto. C
Slide 16: Aumann R&D centre ensures early customer lock-in
1 TECHNOLOGY 2 Aumann R&D centre ensures early customer lock-in Joint optimisation with customers on end-product and automated production set-up OEM start of Joint Order 1-2 years OEM start of development optimisation ~1 Year intake serial production Machine modules available in R&D centre Linear Fl
Slide 17: Close partnership with blue chip customers enabling Aumann's e-mobility growth
1 CUSTOMERS 3 Close partnership with blue chip customers enabling Aumann’s e-mobility growth Longstanding customer relationships… …leading to an accelerated e-mobility business Indicative cumulative orders last 25 years Automotive E-bike > € 250m E-mobility segment Relationship since 1990 customers
Slide 18: Case study major German OEM: automated e-drivetrain production
1 CUSTOMERS (E-MOBILITY SEGMENT) 3 Case study major German OEM: automated e-drivetrain production E-drivetrain platform (current) E-drivetrain platform (new) E-drivetrain platforms (future) Pure EV drivetrain platform Next generation of plug-in hybrid drivetrain platform ▸ Stator production lines ▸
Slide 19: Broad coverage of relevant landmark e-mobility projects
1 CUSTOMERS (E-MOBILITY SEGMENT) 3 Broad coverage of relevant landmark e-mobility projects Rotor production lines Segmented stator production lines Early large scale EV platform in Europe Aumann R&D/pilot production for premium OEM Aumann patent increased efficiency Order for production line from Ti
Slide 20: Case Study: Aumann enabled the growth of the market leader in built camshafts
1 CUSTOMERS (CLASSIC SEGMENT) 3 Case Study: Aumann enabled the growth of the market leader in built camshafts 2015 2013 First automation Rotor shaft for cylinder production deactivation 20xx 2011 systems Introduction of 2005 (e-mobility Joint development active cylinder Machine application) 2001 and
Slide 21: Acceleration in order intake and order backlog
4 GROWTH Acceleration in order intake and order backlog… Group order intake1) Group order backlog in € million in € million Book-to- bill ratio2) 0.86x 1.16x 1.22x CAGR +51% 190.1 CAGR +62% 141.2 132.2 98.1 83.2 50.2 2014A 2015A 2016A Dec14A Dec15A 2016A Source: Company information 1) Group order in
Slide 22: Drives strong revenue growth and increasing profitability
4 GROWTH …drives strong revenue growth and increasing profitability Total revenues Adjusted EBIT in € million in € million and in % of revenue 10.9% 11.8% 12.4% 10.2%* CAGR +27% 156.0 CAGR +36% 19.3 121.7* 96.1 12.4* 10.5 93.4 11.0 2014A 2015A/ 2016A 2014A 2015A / 2016A *2015 as-if *2015 as-if Sourc
Slide 23: Asset light business model with strong cash conversion
4 GROWTH Asset light business model with strong cash conversion Adjusted EBITDA and operational CAPEX in € million Cash Conversion 92% 95% 85% in %1) 13.7* 21.0 Adj. EBITDA 11.4 12.1 -0.9 -0.6 -3.1 Operational CAPEX 2014A 2015A / 2016A *2015 as-if Source: Company information, 1) Cash Conversion: Cal
Slide 24: E-Mobility with superior margins already accounting for 27% of revenues
4 GROWTH E-Mobility with superior margins already accounting for 27% of revenues Segment revenue 2016A Segment EBIT 2016A in € million in € million % of EBIT- Margin total 27% 73% in % of 17.1% 9.2% revenue revenue 114 10.5 42 7.2 E-Mobility Classic E-Mobility Classic Source: Company information 23
Slide 25: Accelerating order intake supports future sales growth
4 GROWTH Accelerating order intake supports future sales growth Sales Pipeline (selection) E-Mobility Hybrid e-motor stator Automotive OEM A Mild hybrid motor for hybridisation of fleet Automotive OEM A Battery module and cluster production Automotive OEM B Pure EV e-motor rotor / stator Automotive
Slide 26: Roadmap to market leadership in modular machines for e-mobility
5 EXPANSION STRATEGY Roadmap to market leadership in modular machines for e-mobility Ramp-up ▸ Expansion of production sites capacity ▸ IT hardware, licenses and projects ▸ Build up of USA/NAFTA activities Expand ▸ Expand facility in China globally ▸ Further regional growth Increase ▸ Build up R&D c
Slide 27: No matter who will prevail in the e-mobility revolution, they will need Aumann's machines
No matter who will prevail in the e-mobility revolution, they will need Aumann’s machines for electric drivetrain manufacturing www.aumann-ag.com 26
Slide 28: Appendix
Oaumann Appendix
Slide 29: Aumann is well positioned to become e-mobility champion
Aumann is well positioned to become e-mobility champion 2006 Acquisition of ATS Berlin 1936 Foundation 2009 First e-drivetrain project ▸ E-mobility focus 2015 ▸ E-mobility references Becomes part of 2016 ▸ Winding technology MBB group Aumann AG 2012 First cooperation 2013 Set up of presence in China
Slide 30: Supervisory board
Supervisory board Gert-Maria Freimuth Chairman of the Board Gert-Maria Freimuth is the chairman of the board of Aumann AG. He is a founding shareholder of MBB SE, Aumann’s majority shareholder. He studied economics and Christian social ethics at the University of Münster. Christoph Weigler Vice Chai
Slide 31: Global capabilities and client locations
Global capabilities and client locations Espelkamp Beelen Berlin – Henningsdorf Kansas City Changzhou Installed lines (selection) Espelkamp (Germany) Beelen (Germany) Berlin-Hennigsdorf (Germany) Changzhou (China) Kansas City (USA) ▸ 5k sqm shop floor ▸ 22k sqm shop floor ▸ 2k sqm shop floor ▸ 3k sq
Slide 32: Financial overview
Financial overview In € 000 2014A 2015A 2015A 2016A as-if Total revenues 96,144 93,415 121,696 156,016 EBITDA (as reported) 10,660 11,242 12,820 20,146 EBIT (as reported) 9,743 10,190 11,461 18,448 Adjustments 780 824 901 875 EBIT (adjusted) 10,523 11,014 12,362 19,323 EBT (as reported) 9,149 9,876
Slide 33: Only management fees adjusted
Only management fees adjusted EBIT reconciliation 2016A in € million EBIT-margin in % of 9.2% 17.1% 12.4% revenue 18.4 19.3 7.2 17.7 0.9 0.7 10.5 Classic E-Mobility Total Reconciliation Group as Mgmt. fees Group adj. segments reported ▸ Reconciliation: Not all items of other operating income and exp
Slide 34: Disclaimer
Disclaimer The presentation, including any printed or electronic copy of these slides, the talks given by the presenters, the information communicated during any delivery of the presentation and any question and answer session and any document or material distributed at or in connection with the pre