A global leader in modular machines for e-mobility Company presentation, 27 February 2017 0
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 Controlling Strategy and Business Development 13 years at Aumann 25 years at Aumann 17 years at Aumann 2 years at Aumann Engineering and Engineering degree Business administration Business and law degree management degree degree 1 Source: Company information
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 be here sooner than you think New sources of disruption ahead for the global auto industry CAGR +39% 13 A watershed moment for the automotive industry 2 Full electrification finally eliminates the business case of diesels 2015 2020 e 2025 e The countdown for disruption has already started Global Automotive Executive Survey Source: Company information based on IHS data 2 1) defined as hybrid Vehicles (full and mild) and pure electric vehicles incl. range extender and fuel cell; rounded figures
Aumann’s focus is at the heart of e-mobility E-motor Energy storage Rotor Rotor/ Stator winding Stator Automation for mass production E-drivetrain 3 Source: Pictures Tesla, Continental
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 EBIT-Margin CAGR +27% 675 1) highly skilled professionals 156 122 42 E-mobility 17% 96 5 locations in Germany, China and USA 114 Classic 9% …based on modular machines and 32,000 sqm of shop floor unique motor winding technology… 2014A 2015A/ 2016A as-if Select customers Order intake in million € ..leveraging know-how from special machinery of Aumann’s Classic segment CAGR +51% 190 141 51 E-mobility 83 139 Classic 2014A 2015A 2016A Source: Company information based on IHS data, 4 1) headcount incl. trainees and temporary workers as of 2016 year end 2) incl. an acquisition with first consolidation in Nov. 2015; 2015 therefore shown as reported and as-if the acquired entities had been part of the group for the full year
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 landmark e-drivetrain platforms Growth model with high visibility supported by 4 expanding margins and strong cash flow generation Expansion strategy driven by highly experienced 5 and successful management 5
1 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 received around 400k paid reservations for model 3 Regulation Push ▸ Emission reduction ▸ Tax benefits and incentives Chinese legislation strengthens e- mobility with required share of EV’s starting 2018 6 Source: Company information; Reuters.com; Süddeutsche Zeitung
1 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” 7 Source: Company information
1 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 involvement Design freeze Order of production machinery Elon Musk, EV pioneer Manufacturing of production machinery “Where the greatest potential is - is ~ 2 years building the machines that make the machine .“ Pilot production EV Start of serial production “[…] they will ultimately deserve an order of magnitude more attention in engineering than what they produce .“ 8 Source: Tesla Shareholder Meeting 2016 and press release; company information; pictures: Volkswagen I.D.
1 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 million units) Total EV Total EV CAGR +29% CAGR +29% market market Core Core CAGR +41% CAGR +52% markets Customers 32.1 32.1 Japan/Korea VW EMEA Further Continental potential Valeo Americas Bosch 83% BMW Greater 44% China Daimler 2.5 2.5 South Asia Magna 36% 9% 2015 2025 e 2015 2025 e 9 Source: Company information based on IHS data
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 Tomorrow’s car Today’s car: ▸ >100 sensors ▸ ~ 30 sensors 128 ▸ ~ 200 motors/ ▸ <100 motors/ x 4 motors actuators actuators 96 x 3 motors Example: Active damper for suspension 64 x 2 motors 52 Estimated average 39 32 Electric vehicles 26 13 2 2015 2020 e 2025 e 10 Source: Company information based on IHS data and interenational research study on the Global 48V Power-net Market; picture: Audi
2 1 TECHNOLOGY Aumann direct winding technology improves e-motor performance, weight and quality Less material / lower weight 1) - 50% Less copper wire - 30% Less electrical sheet metal Direct winding technology Less space 1) - 20% Reduction of winding head Higher energy conversion Increased battery reach More efficient heat dissipation Conventional Indirect winding technology “Our technology increases the performance per kilo of motor weight” 1) Material, weight and space savings specific to the pump motor shown on the left 11 Source: Company information, Fleischer et al. “Quo Vadis Winding Technology?” (2017)
2 1 TECHNOLOGY 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 Motor Production”; https://www.youtube.com/watch?v=QgqtT85tMBA; Min 02.53 12 Comparison of processes relates to comparable motors
2 1 TECHNOLOGY 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 EV/HEV 5.2m EV/HEV 2.5m HEV based on DL platform – 0.2m technology Further HEV - 0.1m for mass production Pure EV platform – 0.3m EV/HEV 1.9m EV/HEV 1.9m Total EV and HEV – 0.9m Examples of EV or Plug-In HEV production in 2015 S - 51k Indirect winding Leaf - 43k technology for small scale Outlander – 30k Qin – 30k production I3 - 24k Volt – 16k E-Up – 3k 2015 2020 2025 Time 13 Source: Company information based on IHS data
1 2 TECHNOLOGY 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. A Auto. E none Auto. C Auto. B low high Automation experience Competitors Known e-drivetrain experience Source: Company information 14 Selected competitors, size of bubble represents most recently available relevant revenue data. Size is not representative of sales that are above € 1bn; not ordered within cluster; recent acquisition of DMG meccanica by Grob not incorporated
2 1 TECHNOLOGY 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 ~ 1 Year development optimisation intake serial production Machine modules available in R&D centre Linear Flyer Concentrated Distributed Continuous winding winding needle winding needle winding Hairpin 15 Source: Company information
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