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Aumann AG

Quarterly Report May 21, 2021

40_10-q_2021-05-21_7c110f0f-3619-4c62-8a33-386a2d5a9dac.pdf

Quarterly Report

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Interim Statement 31 March 2021

Aumann AG, Beelen

Aumann in figures

Three months 2021 2020 ∆ 2021 /
(unaudited) 2020
IFRS IFRS
€ k € k %
Order backlog 116.690 124.432 -6,2
Order intake 50.532 38.354 31,8
thereof E-mobility 44.660 13.896 221,4
Earning figures (adjusted)*
Revenue 36.413 48.090 -24,3
thereof E-mobility 22.784 29.806 -23,6
Operating performance 36.502 48.316 -24,5
Total performance 38.103 48.953 -22,2
Cost of materials -21.692 -26.542 -18,3
Staff costs -15.223 -17.865 -14,8
EBITDA -518 1.532 -133,8
EBITDA margin -1,4% 3,2%
EBIT -1.635 435 -475,9
EBIT margin -4,5% 0,9%
EBT -1.873 171 -1.195,3
EBT margin -5,1% 0,4%
Consolidated net profit -1.273 94 -1.454,3
Number of shares 15.250 15.250 0,0
eps in €** -0,08 0,01 -900,0
Figures from the statement 31 Mar 31 Dec
of financial position € k € k %
Non-current assets 112.561 103.170 9,1
Current assets 169.749 184.811 -8,1
there of cash and equivalents 93.777 90.234 3,9
Issued capital (share capital) 15.250 15.250 0,0
Other equity 171.511 171.088 0,2
Total equity 186.761 186.338 0,2
Equity ratio 66,2% 64,7%
Non-current liabilities 36.969 39.503 -6,4
Current liabilities 58.580 62.140 -5,7
Total assets 282.310 287.981 -2,0
Net debt (-) or
net cash (+) *** 77.781 73.146 6,3
Employees 897 1.077 -16,7

* For details of adjustments please see the information on financial position and financial performance.

** Based on shares outstanding on 31 March 2021.

*** This figure includes securities.

Business performance, financial position and financial performance

Business performance

The economy as a whole had a slow start to the year in Europe. The COVID-19 pandemic and the associated measures to combat it continue to be a burden. In the further course of the year, however, the partly extensive economic stimulus measures and rising vaccination levels among the population should lead to a gradual normalisation of the general conditions. Even though there will not be a return to pre-crisis levels in 2021, the International Monetary Fund (IMF) is retaining its forecast for a significant recovery in global production.

According to figures published by the German Association of the Automotive Industry (VDA), demand for cars was up on the biggest automotive markets in the first quarter of 2021. Car sales of 5.0 million new vehicles in China rose significantly by 76%. In the US, the volume of light vehicle sales (cars and light trucks) climbed by a respectable 11% to around 3.9 million vehicles in the first quarter. The European car market alone was barely able to improve: new registrations rose by just 1% to 3.1 million units. The course of the pandemic with its staggered effects in the individual regions is one of several reasons for this. Despite the significant recovery in car sales, pre-crisis levels have not yet been reached again. Car sales in China and the United States are approximately 3% below the respective levels for the first quarter of 2019. In Europe, the massive shortfall as against the first quarter of 2019 is almost 27%.

Against this backdrop, Aumann AG increased its order intake in the first quarter of 2021 by 31.8% yearon-year to €50.5 million. Revenues declined to €36.4 million in the first three months against the backdrop of the subdued order intake in the previous year. The E-mobility segment accounted for 62.6% of total revenues. Due to non-recurring expenses for concept and process validation, EBITDA in the first quarter was €-0.5 million, corresponding to an EBITDA margin of -1.4%.

The E-mobility segment's order intake jumped to €44.7 million in the first quarter and therefore more than tripled compared to the same period last year. The E-Mobility segment's share of total order intake thus rose to 88.4%. Aumann has succeeded in winning a major contract in the field of battery technology with particularly good prospects. The company will develop highly automated production lines for the assembly of high-voltage batteries on behalf of a premium carmaker. The new solution will become a key technological pillar for the carmaker's electrification path and provides for further scalability across the associated production platform.

The increased order intake in the E-mobility segment underlines Aumann's technological expertise in automation solutions for electric drivetrains and battery systems. The company's strategic positioning in the electromobility market is proving to have a promising future, despite the challenges of the past two years. Thanks to a more flexible company structure, a liquidity position of € 93.8 million and a solid equity ratio of 66.2 %, Aumann has sufficient room to manoeuvre and improve the company's standing considerably in 2021.

Financial position and financial performance

The consolidated revenue of the Aumann Group declined by 24.3% to €36.4 million (previous year: €48.1 million).

EBITDA came to €-0.5 million by March (previous year: €1.5 million). After depreciation and amortisation of €1.1 million, the Aumann Group's EBIT amounted to €-1.6 million (previous year: €0.4 million). The financial result for the first three months was €-0.2 million with EBT of €-1.9 million (previous year: €0.2 million). Consolidated net profit amounted to €-1.3 million (previous year: €0.1 million) or €-0.08 per share (based on an average of 15,250,000 shares outstanding) in the first three months. Earnings were adjusted for the write-downs on hidden reserves at Aumann Limbach-Oberfrohna GmbH. Adjusted EBIT totalled €-1.6 million.

Order intake amounted to €50.5 million by March 2021. The order backlog came to €116.7 million in the first three months.

The Group's equity amounted to €186.8 million on 31 March 2021 (31 December 2020: €186.3 million). Based on total consolidated assets of €286.2 million, the equity ratio was 66.2%.

Working capital has fallen by €5.4 million since 31 December 2020.

Financial liabilities declined by €1.1 million to €16.0 million as at 31 March 2021 (31 December 2020: €17.1 million). Cash funds, including securities, totalled €93.8 million (31 December 2020: €90.2 million). Accordingly, net cash from the above liabilities and cash items amounted to €77.8 million as against €73.1 million on 31 December 2020.

Segments

Revenue in the e-mobility segment contracted by 23.6% year-on-year to €22.8 million as at 31 March 2021. The segment's EBITDA amounted to €-1.3 million after the first three months (previous year: €1.4 million). EBIT totalled €-2.0 million (previous year: €0.7 million). Order intake in E-mobility totalled €44.7 million. Revenue in the Classic segment amounted to €13.6 million for the first quarter of the year (previous year: €18.3 million). Segment EBITDA came to €0.3 million as against the prior-year figure of €0.1 million. EBIT totalled €-0.1 million (previous year: €-0.3 million). Order intake in the Classic segment amounted to €5.9 million.

Outlook

In light of the weak incoming orders in the previous year, management is forecasting revenue of €160 million with an EBITDA margin of between -2.5% and +2.5% in the 2021 financial year. Aumann is currently seeing first signs of a market recovery, and therefore assumes that order intake will recover.

Beelen, 17 May 2021

The Executive Board of Aumann AG

IFRS consolidated statement of comprehensive income 1 Jan - 1 Jan -
(unaudited) 31 Mar 2021 31 Mar 2020
€ k € k
Revenue 36.413 48.090
Increase (+) / decrease (-) in finished goods
and work in progress 89 226
Operating performance 36.502 48.316
Capitalised development costs 556 163
Other operating income 1.045 420
Total performance 38.103 48.899
Cost of raw materials and supplies -16.792 -20.853
Cost of purchased services -4.900 -5.689
Cost of materials -21.692 -26.542
Wages and salaries -11.401 -13.610
Social security
and pension costs -3.822 -4.197
Staff costs -15.223 -17.807
Other operating expenses -1.706 -3.019
Earnings before interest, taxes, depreciation,
and amortisation (EBITDA) -518 1.531
Amortisation and depreciation expense -1.132 -1.112
Earnings before interest and taxes (EBIT) -1.650 419
Other interest and similar income 4 31
Interest and similar expenses -242 -295
Net finance costs -238 -264
Earnings before taxes (EBT) -1.888 155
Income tax expense 622 -46
Other taxes -17 -26
Consolidated net profit -1.283 83
Earnings per share (in €) -0,08 0,01

Consolidated statement of comprehensive income

IFRS consolidated statement of comprehensive income 1 Jan - 1 Jan -
(unaudited) 31 Mar 2021 31 Mar 2020
€ k € k
Consolidated net profit -1.283 83
Currency translation differences 193 18
FairValue Reserve 1.513 -2.601
Other comprehensive income after taxes 1.706 -2.583
Comprehensive income for the reporting period 423 -2.500
Statement of financial position 31 Mar 2021 31 Dec 2020
Assets (IFRS) unaudited audited
€ k € k
Non-current assets
Own produced intanbible assets 9.792 9.518
Concessions, industrial property rights and similar rights 446 503
Goodwill 38.484 38.484
Advance payments 1.521 1.145
Intangible assets 50.243 49.650
Land and buildings
including buildings on third-party land 24.903 25.134
Technical equipment and machinery 3.291 3.452
Other equipment, operating and office equipment 3.333 3.602
Advance payments and assets under development 403 413
Property, plant and equipment 31.930 32.601
Financial assets 29.902 20.444
Deferred tax assets 486 475
112.561 103.170
Current assets
Raw materials and supplies 1.631 1.776
Work in progress 2.020 1.314
Finished goods 149 149
Advance payments 3.303 4.949
Inventories 7.103 8.188
Trade receivables 23.512 31.108
Receivables from construction contracts 70.326 70.906
Other current assets 4.933 4.819
Trade receivables
and other current assets 98.771 106.833
Securities 356 340
Cash in hand 9 9
Bank balances 63.510 69.441
Cash in hand, bank balances 63.519 69.450
169.749 184.811
Total assets 282.310 287.981

Consolidated statement of financial position

Statement of financial position 31 Mar 2021 31 Dec 2020
Equity and liabilities (IFRS) unaudited audited
€ k € k
Equity
Issued capital 15.250 15.250
Capital reserve 140.917 140.918
Retained earnings 30.594 30.170
186.761 186.338
Non-current liabilities
Pension provisions 22.246 22.246
Liabilities to banks 11.062 11.992
Liabilities from Leasing 627 753
Other provisions 813 838
Other liabilities 978 1.005
Deferred tax liabilities 1.243 2.669
36.969 39.503
Current liabilities
Liabilities to banks 3.719 3.719
Liabilities from Leasing 588 623
Contractual obligations 6.121 3.878
Trade payables 18.741 25.878
Other liabilities 1.940 2.344
Restructuring provisions 7.089 7.517
Provisions with the nature of a liability 7.177 5.894
Tax provisions 1.063 1.124
Other provisions 12.142 11.163
58.580 62.140
Total equity and liabilities 282.310 287.981

Consolidated statement of cash flows

Consolidated statement of cash flows 1 Jan - 1 Jan -
(unaudited) 31 Mar 2021 31 Mar 2020
€ k € k
1. Cash flow from operating activities
Earnings before interest and taxes (EBIT) -1.650 419
Adjustments for non-cash transactions
Write-downs on non-current assets 1.132 1.112
Increase (+) /decrease (-) in provisions 526 -2.723
Losses (+) / Gains (-) for disposel of assets 0 0
Other non-cash expenses / income 29 20
1.687 -1.591
Change in working capital:
Increase (-) / decrease (+) in inventories, trade receivables
and other assets 9.458 20.761
Decrease (-) / increase (+) in trade payables
and other liabilities -4.042 -16.079
5.416 4.682
Income taxes paid (-) / received (+) -1.183 -910
Interest received 4 30
-1.179 -880
Cash flow from operating activities 4.274 2.630
2. Cash flow from investing activities
Investments (-) / divestments (+) intangible assets -933 -177
Investments (-) / divestments (+) property, plant and equipment -109 -688
assets and securities -7.961 -2.828
Remaining purchase price payment ALIM 0 0
Cash flow from investing activities -9.003 -3.693
3. Cash flow from financing activities
Profit distribution to shareholders 0 0
Proceeds from borrowing financial loans 0 0
Repayments of financial loans -1.093 -1.106
Interest payments -196 -294
Cash flow from financing activities -1.289 -1.400
Cash and cash equivalents at end of period
Change in cash and cash equivalents
(Subtotal 1-3) -6.018 -2.463
Effects of changes in foreign exchange rates (non-cash) 87 -8
Cash and cash equivalents at start of reporting period 69.450 78.931
Cash and cash equivalents at end of period 63.519 76.460
Composition of cash and cash equivalents
Cash in hand 9 6
Bank balances 63.510 76.454
Reconciliation to liquidity reserve on 31 March 2021 2020
Cash and cash equivalents at end of period 63.519 76.460
Securities 30.258 16.558
Liquidity reserve on 30 Sep 93.777 93.018

Segment reporting

1 Jan - 31 Mar 2021 Classic E-mobility Reconcilation Group
(unaudited)
€ k € k € k € k
Order backlog 45.468 71.222 0 116.690
Order intake 5.872 44.660 0 50.532
Revenue from third parties 13.629 22.784 0 36.413
EBITDA 310 -1.300 472 -518
Amortisation and depreciation -406 -710 -16 -1.132
EBIT -96 -2.010 456 -1.650
Financial result -24 -219 5 -238
EBT -120 -2.229 461 -1.888
EBITDA-Margin 2,3% -5,7% -1,4%
Trade receivables and
Receivables from construction contracts 12.758 81.080 0 93.838
Contractual obligations 1.756 4.365 0 6.121
1 Jan - 31 Mar2020 Classic E-mobility Reconcilation Group
(unaudited)
€ k € k € k € k
Order backlog 57.265 67.167 0 124.432
Order intake 24.458 13.896 0 38.354
Revenue from third parties 18.284 29.806 0 48.090
EBITDA 129 1.365 37 1.531
Amortisation and depreciation -428 -669 -15 -1.112
EBIT -299 696 22 419
Financial result -83 -212 31 -264
EBT -382 484 53 155
EBITDA-Margin 0,7% 4,6% 3,2%
Trade receivables and
Receivables from construction contracts 57.132 48.613 0 105.745
Contractual obligations 4.255 3.738 0 7.993

Financial calendar

Interim Statement Q1 2021 17 May 2021

Commerzbank European Conference (USA/virtual) 19 May 2021

Annual General Meeting 2021 (Beelen/virtual) 2 June 2021

Half-year Financial Report 2021 20 August 2021

Commerzbank Corporate Conference (Frankfurt/Main)

01 September 2021

Berenberg/Goldman Sachs German Corporate Conference (Munich) 22 September 2021

Interim Statement Q3 2021 12 November 2021

German Equity Forum (Frankfurt/Main / virtual) 22 - 24 November 2021

End of 2021 financial year 31 December 2021

Contact

Aumann AG Dieselstrasse 6 48361 Beelen

Tel. +49 2586 888 7800 www.aumann.com [email protected]

Legal notice

Aumann AG Dieselstrasse 6 48361 Beelen Germany

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