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A global leader in modular machines for e-mobility
December 2016
Strictly private and confidential
1 Source: Company information
Rolf Beckhoff
Chief Executive Officer
Sales and Administration
13 years at Aumann
Engineering and
management degree
Ludger Martinschledde
Chief Executive Officer
Operations and R&D
24 years at Aumann
Engineering degree
Sebastian Roll
Executive Vice President
Finance
17 years at Aumann
Business administration
degree
Constantin Mang
Executive Vice President
Strategy and Business Development
2 years at Aumann
Business and law degree
Highly experienced management team with decades of industry experience
2
“To be the global leader in production machines for
e-mobility providers, growing extraordinarily in the
light of this revolution in the automotive industry.”
Source: Company information based on IHS data
1) defined as Hybrid Vehicles (HEVs) and fully Electric Vehicles (EVs)
Global production of electric vehicles1)
in million vehicles
Aumann’s mission statement
An e-mobility revolution is underway
3
13
2020 2025 2016
31
3
Aumann‘s focus is at the heart of e-mobility
Source: Pictures Tesla, Continental
E-drivetrain
Energy storage E-motor
Rotor
Stator
Rotor/
Stator
winding
Automation
for mass
production
4
Right capabilities Right business Strong growth
Fully automated e-drivetrain
production lines …
Revenue3)
in million €
Order intake YTD
in million €
Select customers
…based on modular machines and
unique motor winding technology
+60 %
2015A 2016E
~25%
>150
94
180
Source: Company information based on IHS data,
1) patent number also includes registrations 2) headcount as of Oct. 2016 3) including an acquisition with first consolidation in Nov. 2015
Aumann at a glance
80 years of winding experience
30 years partner of automotive OEMs
41 patents1) proving R&D excellence
5692) highly skilled professionals in 5
locations in Germany, China and USA
~30,000 sqm of shop floor
E-mobility
Classic
21 Nov 2016
..leveraging know-how from special
machinery for Aumann’s classic segment
E-mobility Classic
5
1968
Foundation
1936
Foundation
2016
Aumann AG
2015
Becomes part of
MBB group
2006
Acquisition of ATS Berlin
2012
First
cooperation
▸ E-mobility focus
▸ E-mobility references
▸ Winding technology
▸ Automation know-how and
production scalability
▸ E-mobility experience and
process excellence
▸ OEM relationships
2009
First e-drivetrain project
2011
First e-drivetrain project
Well positioned to become e-mobility champion
Source: Company information
2012
Becomes part
of MBB group
2013
Set up of presence in China
6
Key highlights
Strongly growing with e-mobility revolution
benefitting very early on
Unique winding technology leading to highly efficient e-motors
enabling OEMs to scale up to automated mass production
Longstanding relationship with automotive OEMs and track record
of jointly developing landmark e-drivetrain platforms
Growth model with high visibility supported by
expanding margins and strong cash flow generation
Expansion strategy driven by highly experienced
and successful management
1
2
3
4
5
7
E-mobility revolution is on its way
Regulation Push
Technology Push
Consumer Pull
▸ Environmental sustainability
▸ „Cool“ factor
Tesla received around 400k paid
reservations for model 3
▸ Emission reduction
▸ Tax benefits and incentives
German Bundesrat wants to abolish ICE production by 2030
MARKET 1
Sources: Company information; http://www.reuters.com/article/us-daimler-usa-diesel-idUSKBN13K1MG; Protocol of the 948th Plenary Session of the German Bundesrat at 23 September 2016;
http://fortune.com/2016/04/21/tesla-elon-musk-model-3-orders/
▸ EV range increase
▸ Cost decrease
▸ Charging infrastructure densification
Daimler will spend 10bn € on EV development
8
Aumann’s machines will be needed by all contestants of the e-mobility revolution
OEMs and Tier 1 EV
Specialists
Digital
Challengers
MARKET 1
Source: Company information
1
“No matter who will prevail in the
mobility revolution, they will want
Aumann’s machines for e-drivetrain
manufacturing”
9
OEMs expand CAPEX into EV component production to meet multiplied e-motor demand
Traction e-motors per produced vehicle in million
Automotive
automation
and machinery
capex
x4 motors
x3 motors
x2 motors
Electric
vehicles
Source: Alix Partners, company information based on IHS data, 2016: one e-motor per vehicle assumed
MARKET 1 1
62 55
26 40
2015
88
2022
95
Electric Diesel/Gasoline
€ 21bn
Drivetrain plants and capex in Europe
2025
126
94
52
63
2016
26 31
3
39
2020
13
+14
10
OEM start of
development
Distributed
needle winding
Continuous
Hairpin
Aumann R&D centre ensures early customer lock-in
Linear
winding
Flyer
winding
Concentrated
needle winding
Joint optimization with customers on end-product and automated production set-up
Machine modules available in R&D centre
Joint
optimization ~1 Year Order
intake
1-2 Years OEM start of
serial production
Source: Company information
2 TECHNOLOGY
11
Aumann direct winding technology improves e-motor efficiency
Less material / lower weight*
Less copper wire
Less electrical sheet metal
Less space*
Reduction of winding head
Higher energy conversion
Increased battery reach
More efficient heat dissipation
Direct winding technology
Conventional
Indirect winding technology
- 50 %
- 30 %
- 20 %
* Material, weight and space savings specific to the pump motor shown on the left
Source: Company information
2 TECHNOLOGY
“Our technology increases the performance per kilo of motor weight”
12
Comparison of processes relates to comparable motors.
Source: Company information, Youtube video “Volkswagen e-Up Electric Motor Production”; https://www.youtube.com/watch?v=QgqtT85tMBA; Min 02.53
Direct winding technology is critical to enable fully automated mass production
2 TECHNOLOGY
Wire
stress
Scrap
rate
Degree of
automation
Process
flexibility
Direct winding technology
Conventional
Indirect winding technology
13
Time
Units
p.a.
Aumann enabling transformation to industrial scale production
Leaf - 48k
Outlander – 20k
S - 56k
Volt – 34k
I3 - 26k
EV/HEV 2.1m
Examples of EV or Plug-In HEV production in 2016
Source: Company information based on IHS data
Indirect winding
technology
for small scale
production
Production estimates for 2025 Production estimates for 2020
(example of VW-Group)
VW-Group DQe platform – 0.3m
2 TECHNOLOGY
E-Up – 5k
Qin – 40k
Direct winding
technology
for mass production
VW/Audi DLe platform – 0.2m
Total EV and HEV – 0.9m
EV/HEV 5.2m
EV/HEV 2.6m EV/HEV 1.9m
14
Unique combination of winding and automation capabilities with e-drivetrain experience
Automation experience
Win
din
g f
ocu
s
2 TECHNOLOGY
Source: Company information
Select competitors, size of the bubble represents most recently available revenues data. Size is not representative of sales that are above EUR1bn
Wind. 6
Wind. 8 Wind. 3
Wind. 2 Wind. 4
Wind. 5
Wind. 7
Not ordered within cluster
Auto. C Auto. B
Competitor1
Competitor2
Competitor3
Competitor4
Competitor5
Competitor6
Competitor7
Competitor8
CompetitorA
CompetitorB
CompetitorC
CompetitorD
CompetitorE
53
185
9
60
3
5
33
45
150
> 1bn
> 1bn
NA similar to
Strama
142
94
Competitors
Known e-drivetrain experience
Direct
Indirect
none
Aumann
Auto. D
Auto. A
low high
Competitive landscape (schematic)
Auto. E
Wind. 1
15
Close partnership with blue chip customers enabling Aumann’s e-mobility growth
Relationship since 1990
Relationship since 1985
Relationship since 1986
Relationship since 1999
Select longstanding relationships > € 100 million cumulative revenue each
Participation in landmark e-mobility projects
OEMs
Hybrid power trains
Driving module and laboratory
machines
E-motors
Pilot series of e-motors in try-out
centre
Tier-1 Suppliers
E-motor
E-bike motor manufacturing
Other
Battery module manufacturing
C
B
A
3 CUSTOMERS
Source: Company information
Case study
Case study
Case study
16
Case Study: How to become a market leader in built camshafts
3 CUSTOMERS A
Aumann as provider of innovative technology
…with joint development towards new applications
…leveraging ICE technology for e-mobility application
Source: Company information
time
schematic
market share of
20xx
Introduction of
active cylinder
deactivation
1999
Joint development
and first order for
camshaft machine
2001
Start of
production on
first Aumann
lines
2005
Machine
improvement for
variable valve
control
components
2015
First automation
for cylinder
deactivation
systems
2013
Rotor shaft
production
(e-mobility
application)
2011
Joint development
and first order of
assembly line for
camshaft modules
17
Case Study: How to become a market leader in e-bike motors
▸ Longstanding Aumann customer for winding machinery
▸ Motor manufacturing solely conducted on Aumann winding machines
▸ Due to machine complexity, service agreements signed with Aumann
▸ Even as late comer, Bosch has become the market leader in
the e-bike premium segment
3 CUSTOMERS B
Sources: Company information, http://www.bosch-presse.de/pressportal/de/de/rueckenwind-fuer-den-ebike-markt-79296.html
Aumann technology as enabler for market leadership
Aumann supplies Bosch as number one e-bike motor producer
18
Case Study: How to become a market leader in e-drivetrain production machines
E-drivetrain platform (current) E-drivetrain platform (new)
3 CUSTOMERS C
▸ Stator production lines
▸ Hybrid module production lines
▸ Fully automated process
▸ Joint R&D with OEM
▸ Patented new winding technology
▸ Stator production lines
Pure EV drivetrain
platform
Source: Company information
E-drivetrain platforms (future)
Next generation of
plug-in hybrid
drivetrain platform
Mild hybrid
drivetrain platform
Aumann as valued R&D partner providing winding and automation
for mass production of e-drivetrains
Total volume: approx. € 40m over 3 years
19
Increased focus on e-mobility leads to high growth
EBIT Margin
4 FINANCIALS
>10 %
▸ Asset light business model
▸ High cash conversion
▸ Net cash position as of Q3/2016
▸ Equity of € 40m (32%) as of Q3/2016
Financial highlights
Source: Company information
Note: EBIT margin not published but derived from MBB’s segment reporting and Delignit AG’s annual report (slight consolidation deviations could occur) 1) Including an acquisition with first consolidation in Nov. 2015
Revenue1) in million €
94
~25 %
2015A
>150
2016E
+60 %
Classic E-mobility
20
Accelerating order intake supports future sales growth
Order intake YTD in million €
Hybrid e-motor stator
Mild hybrid motor for hybridization of fleet
Battery module and cluster production
Pure EV e-motor rotor / stator
Pure EV e-motor stator
Hybrid gearbox manufacturing
Battery bay for electric car
Automated coil winding production lines
Fully automated manufacturing of
component
Automotive OEM A
Automotive OEM A
Automotive OEM B
Automotive OEM B
Automotive OEM C
Automotive Tier-1 X
Automotive Tier-1 Y
Silicon Valley company
German household appliance
manufacturer
Order Pipeline (selection)
4 FINANCIALS
E-mobility
Classic
Source: Company information
YTD 21 Nov 2016
180
E-mobility Classic
Audi/VW – Hem80evo
Audi/VW - ISG mild Hybrid - 39m€
BMW - Heat - 20 m€
BMW - Heat – 32 m€
VW MEB - 20 m€ / Vergabe HY1/17
Getrag - Hybrid
Waldaschaff - Modulwanne RB
Apple -
Miele -
21
Build capacity
Construction of new plants
Strategic M&A
(capacity, acqui-hire,
technology, service)
Source: Company information
To be the global leader in e-mobility production machinery, key initiatives are targeted
Attract talent
Attracting more talent
Increasing R&D activity
Expand globally
Rapid build up of
USA/NAFTA activities
Expand facility in China
Service hubs
Strategic priorities and key initiatives
5 STRATEGY
22
Experienced management team and committed shareholder with excellent track record
Rolf Beckhoff
Ludger Martinschledde
Industry holding consisting of six portfolio
companies
Top management
Shareholder
5 STRATEGY
Chief Executive Officer – Sales and Administration
▸ 13 years with Aumann
▸ Engineering and management degree
▸ Various other technical/sales positions within the
automotive equipment supplier industry
Chief Executive Officer – Operations and R&D
▸ 24 years with Aumann
▸ Engineering degree
▸ Co-inventor of various technical machine
concepts (e.g. built camshaft, camshaft module,
active cylinder deactivation, hairpin 2.0)
▸ Founded in 1995
▸ Listed since 2006 (prime standard)
▸ 71 % ownership by founders
M&A track record
▸ 20 years M&A experience
▸ More than 20 transactions
ECM track record
▸ IPO of MBB SE
▸ IPO of Delignit AG (majority shareholder since 2003)
Source: Company information
23
Key highlights
Strongly growing with e-mobility revolution
benefitting very early on
Unique winding technology leading to highly efficient e-motors
enabling OEMs to scale up to automated mass production
Longstanding relationship with automotive OEMs and track record
of jointly developing landmark e-drivetrain platforms
Growth model with high visibility supported by
expanding margins and strong cash flow generation
Expansion strategy driven by highly experienced
and successful management
1
2
3
4
5
24
Appendix
25 Source: Company information
Global capabilities and client locations
Fort Wayne
Changzhou
Espelkamp Berlin-Hennigsdorf Changzhou (China) Fort Wayne (USA) Beelen
Installed lines
▸ 160 employees
▸ 6k sqm shop floor
▸ 1.5k sqm office space
▸ 40 employees
▸ 2k sqm shop floor
▸ 1k sqm office space
▸ 27 employees
▸ 3k sqm shop floor
▸ 0.8k sqm office
▸ 2 employees
▸ Sales and Service
▸ 340 employees
▸ 19k sqm shop floor
▸ 2k sqm office space
Espelkamp
Beelen Berlin –
Henningsdorf
26
Leading position in classic drivetrain as basis for accelerating e-mobility segment
Drivetrain technologies and exemplary components addressed by Aumann
(illustrative according to Aumann’s segment definition) Pure EV
▸ Rotor/stator
(based on distributed direct
winding, continuous hairpin,
conventional Hairpin)
▸ Battery structures, clusters
and modules
▸ Built rotor shaft
Hybrid
▸ Rotor/stator
(based on concentrated direct
winding, continuous hairpin)
▸ Hybrid modules
▸ Battery structures, clusters
and modules
Emission improved ICE
▸ Built camshafts
▸ Camshaft modules
▸ Lightweight structural parts
▸ Cylinder deactivation systems
▸ Valve control systems
Source: Company information
time
Hybrid
E-mobility
Pure EV
ICE (Classic)
ICE Emission-
improved ICE
27
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