Interim Statement 30 September 2022

Aumann AG, Beelen

Aumann in figures

Nine months	2022	2021	∆ 2022 /
(unaudited)			2021
	IFRS	IFRS
	€ k	€ k	%
Order backlog	243,424	163,616	48.8
Order intake	223,085	175,917	26.8
Earning figures
Revenue	150,407	114,120	31.8
there of E-mobility	96,184	71,229	35.0
Operating performance	150,634	114,478	31.6
Total performance	154,190	123,259	25.1
Cost of materials	-100,271	-77,413	-29.5
Staff costs	-42,309	-42,479	0.4
EBITDA	5,518	-2,022	372.9
EBITDA margin	3.7%	-1.8%
EBIT	1,782	-5,582	131.9
EBIT margin	1.2%	-4.9%
EBT	1,333	-5,961	122.4
EBT margin	0.9%	-5.2%
Consolidated net profit	823	-4.309	119.1
Earning figures (adjusted) *	€ k	€ k	%
Adj. EBITDA	5,642	-2,022	379.0
Adj. EBITDA-Marge	3.8%	-1.8%
Adj. EBIT	1,951	-5,537	135.2
Adj. EBIT-Marge	1.3%	-4.9%
Adj. EBT	1,502	-5,916	125.4
Adj. EBT-Marge	1.0%	-5.2%

Figures from the statement	30 Sep	31 Dec
of financial position	€ k	€ k	%
Non-current assets	80,556	114,158	-29.4
Current assets	209,511	184,323	13.7
there of cash and equivalents	86,927	103,258	-15.8
Issued capital (share capital)	15,250	15,250	0.0
Other equity	169,639	174,097	-2.6
Total equity	184,889	189,347	-2.4
Equity ratio	63.7%	63.4%
Non-current liabilities	30,931	32,528	-4.9
Current liabilities	74,248	76,606	-3.1
Total assets	290,069	298,481	-2.8
Net debt (-) or
net cash (+) **	77,090	90,318	-14.6

Employees	804	792	1.5

* For details on adjustments please refer to financial position and financial performance.

** This figure includes securities.

Rounding differences can occur in this report with regard to percentages and figures.

Business performance, financial position and financial performance

Business performance

As in the first half of 2022, geopolitical challenges shaped the global economic development of the past third quarter. Particularly due to the war in the Ukraine and the smouldering COVID 19 pandemic, disruptions in global supply chains and energy shortages continued and inflation rates climbed to comparatively high levels. Against this backdrop, general expectations for the development of global gross domestic product recently weakened further. "The global economy has lost its momentum this year," the OECD recently stated.

In its latest forecast, the International Monetary Fund (IMF) also expects a further economic slowdown. While global economic output, measured in terms of gross domestic product (GDP), could still increase significantly by +6.0% in 2021, economic output is only expected to increase by +3.2% in 2022 and by as little as +2.7% in 2023. More than one third of the national economies are likely to experience two consecutive quarters of negative growth rates and thus slide into a technical recession. According to the IMF's expectations, the developed economies are under particular pressure (2022: +2.4%, 2023: +1.1%), whereas the emerging economies should still achieve comparatively solid GDP growth rates for the full years (2022 and 2023 +3.7% each). However, the IMF itself also sees further downside risks to its own forecasts.

The Chinese passenger car market was the only one of the major automotive markets to escape a slowdown in growth. With 16.8 million newly registered passenger cars in the first nine months of 2022, it was significantly up by +14.7% year-on-year. By contrast, the world's second-largest automotive market, the US light vehicle market (consisting of passenger cars and light trucks), was down -13.2% year-on-year with 10.1 million vehicles sold in the year to date. New registrations in the EU passenger car market reached a level of just under 6.8 million vehicles in the first nine months of 2022. They thus declined by -9.9% compared to the previous year.

Despite this general decline in vehicle registrations within the EU, a look at the individual vehicle segments in the third quarter of 2022 shows a differentiated picture. For example, registrations of petrol vehicles fell by -3.3% year-on-year to 823,360 vehicles. Sales of diesel vehicles also declined by -4.7% to 360,596 vehicles in the third quarter of 2022. As a result, the market share of petrol cars shrank from 39.3% in Q3 2021 to 37.8% this year. The market share of diesel vehicles fell by almost 1 percentage point year-on-year to 16.5%. Plug-in hybrid electric vehicles (PHEVs) saw a -6.0% drop in demand, shrinking their market share to 8.5% of all vehicle registrations in the EU. On balance, petrol remained the most popular fuel type in the EU in the third quarter of 2022.

Battery electric vehicles (BEVs), on the other hand, again enjoyed particularly strong demand in the third quarter. In total, +22.0% more BEVs were registered. With 259,449 of the newly registered vehicles in the EU, the market share of electric vehicles rose to 11.9%. With the exception of Denmark (-2.6%) and Italy (-35.0%), all markets in the region contributed to this positive development.

In this challenging environment, Aumann continued to develop positively. Aumann increased its revenue in the first nine months by 31.8% year-on-year to a total of €150.4 million. EBITDA also improved significantly to €5.5 million, which corresponds to an EBITDA margin of 3.7%. Aumann achieved a total order intake of €223.1 million in the first three quarters of 2022, exceeding the previous year's figure by 26.8%. Order intake in the E-mobility segment rose by as much as 38.7% and, at €167.3 million, reached the level of the entire previous year after nine months already.

Aumann's order backlog increased substantially by 48.8% year-on-year to a total of €243.4 million. This was driven by the continued successful business development in the E-mobility segment. A strong bookto-bill ratio of 1.78 over the last 12 months boosted the order backlog by 92.7% to a record €190.7 million. The E-mobility share of the total order backlog also reached an all-time high of 78.4%.

As of 30 September 2022, Aumann had a liquidity position of €86.9 million at its disposal, the equity ratio was at 63.7%.

Financial position and financial performance

The consolidated revenue of the Aumann Group increased by 31.8% and amounted to €150.4 million (previous year period €114.1 million).

EBITDA (earnings before interest, taxes, depreciation and amortisation) amounted to €5.5 million as of September (same period last year €-2.0 million). After depreciation and amortisation of €3.7 million, the Aumann Group's EBIT (earnings before interest and taxes) amounted to €1.8 million (same period last year: €-5.6 million). The financial result for the first nine months was €-0.5 million, resulting in EBT (earnings before taxes) of €1.3 million (same period last year €-6.0 million). The consolidated net income for the year amounted to 0.8 million (same period last year: €-4.3 million) or €0.05 per share (based on 15,250,000 shares in circulation) in the first nine months.

In the 2020 financial year, special write-downs were made on property, plant and equipment as part of the restructuring measures to reduce the production depth, which were recognised in the adjusted EBIT and improved earnings. In the reporting period, other operating income was generated from the sale of some of these tangible assets. For this reason, an opposite effect in the amount of €437.8 thousand is now shown in the adjusted EBITDA with a negative impact on the result. In connection with the stock option programme, personnel expenses of €561.2 thousand were adjusted (previous year: €0 thousand). The adjusted EBITDA thus amounted to €5.6 million (previous year: €-2.0 million). Furthermore, depreciation and amortisation on assets capitalised as part of the purchase price allocation of Aumann Limbach-Oberfrohna GmbH was adjusted in the amount of €45.8 thousand. The adjusted EBIT was thus €2.0 million (previous year: €-5.5 million).

Order intake until September 2022 amounted to €223.1 million. The order backlog reached a total of €243.4 million as at 30 September 2022.

The Group's equity amounted to €184.9 million as at 30 September 2022 (€189.3 million as at 31 December 2021). In relation to the consolidated balance sheet total of €290.1 million, the equity ratio was 63.7%.

Working capital increased by €7.9 million since 31 December 2021.

The non-current assets held for sale as at 30 September 2022 amount to €1.8 million (€0.0 million as at 31 December 2021).

Financial liabilities decreased by €3.1 million and amounted to €9.8 million as at 30 September 2022 (€12.9 million as at 31 December 2021). Cash and cash equivalents including securities reached €86.9 million (€103.3 million as at 31 December 2021). Net cash, i.e. the balance of the aforementioned liabilities and cash positions, thus amounted to €77.1 million compared to €90.3 million on 31 December 2021.

The stock of shares and securities was sold in full in the first half of 2022. In the consolidated cash flow statement, this effect is shown in the cash flow from investing activities.

Segments

In the E-mobility segment, revenue as of 30 September 2022 increased by 35.0% to €96.2 million compared to the same period of the previous year. The segment's EBITDA after nine months amounted to €3.6 million (previous year €-2.5 million). EBIT was €1.2 million (previous year €-4.8 million). Order intake in the E-mobility segment reached €167.3 million.

In the first three quarters of the year, revenue in the Classic segment was €53.3 million (previous year €42.9 million). The EBITDA of the segment amounted to €3.5 million compared to the previous year's value of €-0.9 million. EBIT amounted to €2.2 million (previous year €-2.1 million). Order intake in the Classic segment reached €55.7 million.

Outlook

The Executive Board of Aumann AG continues to expect an increase in revenue to over €200 million in 2022 with an EBITDA margin of 4 to 5%.

Beelen, 11 November 2022

The Executive Board of Aumann AG

IFRS consolidated statement of comprehensive income	1 Jan -	1 Jan -
(unaudited)	30 Sep 2022	30 Sep 2021
	€ k	€ k
Revenue	150,407	114,120
Increase (+) / decrease (-) in finished goods
and work in progress	227	358
Operating performance	150,634	114,478
Capitalised development costs	1,403	1,711
Other operating income	2,154	7,070
Total performance	154,190	123,259
Cost of raw materials and supplies	-87,505	-63,704
Cost of purchased services	-12,766	-13,709
Cost of materials	-100,271	-77,413
Wages and salaries	-33,190	-33,138
Social security
and pension costs	-9,120	-9,341
Staff costs	-42,309	-42,479
Other operating expenses	-6,091	-5,389
Earnings before interest, taxes, depreciation,
and amortisation (EBITDA)	5,518	-2,022
Amortisation and depreciation expense	-3,736	-3,560
Earnings before interest and taxes (EBIT)	1,782	-5,582
Other interest and similar income	10	54
Interest and similar expenses	-460	-433
Net finance costs	-450	-379
Earnings before taxes (EBT)	1,333	-5,961
Income tax expense	-389	1,801
Other taxes	-121	-149
Consolidated net profit	823	-4,309
Earnings per share (in €) - undiluted	0.05	-0.28
Earnings per share (in €) - diluted	0.03	-0.28

Consolidated statement of comprehensive income

IFRS consolidated statement of comprehensive income	1 Jan -	1 Jan -
(unaudited)	30 Sep 2022	30 Sep 2021
	€ k	€ k
Consolidated net profit	823	-4,309
Currency translation differences	187	322
Fair Value Reserve	-4,232	4,391
Other comprehensive income after taxes	-4,045	4,713
Comprehensive income for the reporting period	-3,222	404

Statement of financial position 30 Sep 2022 31 Dec 2021 Assets (IFRS) unaudited audited € k € k Non-current assets Own produced intangible assets 10,174 9,945 Concessions, industrial property rights and similar rights 2,473 2,909 Goodwill 38,484 38,484 Intangible assets 51,131 51,338 Land and buildings including buildings on third-party land 21,864 24,348 Technical equipment and machinery 2,435 2,817 Other equipment, operating and office equipment 2,424 2,599 Advance payments and assets under development 523 416 Property, plant and equipment 27,246 30,180 Financial assets 0 30,442 Deferred tax assets 2,179 2,198 80,556 114,158 Current assets Raw materials and supplies 2,184 1,254 Work in progress 2,558 2,084 Advance payments 14,342 5,493 Inventories 19,083 8,831 Trade receivables 27,942 26,469 Receivables from construction contracts 71,689 73,942 Other current assets 2,095 2,265 Trade receivables and other current assets 101,727 102,676 Securities 0 61 Cash in hand 8 8 Bank balances 86,919 72,747 Cash in hand, bank balances 86,927 72,755 Non-current assets held for sale 1,773 0 209,511 184,323 Total assets 290,068 298,481

Consolidated statement of financial position

Statement of financial position	30 Sep 2022	31 Dec 2021
Equity and liabilities (IFRS)	unaudited	audited
	€ k	€ k
Equity
Issued capital	15,250	15,250
Capital reserve	141,402	141,112
Retained earnings	28,237	32,985
	184,889	189,347
Non-current liabilities
Pension provisions	20,524	20,524
Liabilities to banks	6,528	8,274
Liabilities from Leasing	216	364
Other provisions	1,262	1,100
Other liabilities	812	897
Deferred tax liabilities	1,590	1,369
	30,931	32,528
Current liabilities
Liabilities to banks	2,630	3,718
Liabilities from Leasing	463	584
Contractual obligations	23,590	23,574
Trade payables	25,159	21,023
Other liabilities	3,926	5,126
Restructuring provisions	0	214
Provisions with the nature of a liability	6,294	7,771
Tax provisions	546	654
Other provisions	11,641	13,942
	74,248	76,606
Total equity and liabilities	290,068	298,481

Consolidated statement of cash flows

Consolidated statement of cash flows	1 Jan -	1 Jan -
(unaudited)	30 Sep 2022	30 Sep 2021
	€ k	€ k
1. Cash flow from operating activities
Earnings before interest and taxes (EBIT)	1,782	-5,583
Adjustments for non-cash transactions
Write-downs on non-current assets	3,736	3,560
Increase (+) /decrease (-) in provisions	-2,353	-2,367
Losses (+) / Gains (-) for disposal of assets	-739	0
Other non-cash expenses / income	399	-1,519
	1,043	-326
Change in working capital:
Increase (-) / decrease (+) in inventories, trade receivables
and other assets	-9,310	-241
Decrease (-) / increase (+) in trade payables
and other liabilities	1,389	9,276
	-7,921	9,035
Income taxes paid (-) / received (+)	-390	609
Interest received	10	54
	-380	663
Cash flow from operating activities	-5,476	3,789
2. Cash flow from investing activities
Investments (-) / divestments (+) intangible assets	-1,463	-2,236
Investments (-) / divestments (+) property, plant and equipment	85	-353
Investments (-) / divestments (+) of available-for-sale financial
assets and securities	26,258	-9,647
Cash flow from investing activities	24,880	-12,236
3. Cash flow from financing activities
Profit distribution to shareholders	-1,525	0
Proceeds from borrowing financial loans	138	0
Repayments of financial loans	-3,471	-3,297
Interest payments	-460	-433
Cash flow from financing activities	-5,318	-3,633
Cash and cash equivalents at end of period
Change in cash and cash equivalents
(Subtotal 1-3)	14,086	-12,080
Effects of changes in foreign exchange rates (non-cash)	86	167
Cash and cash equivalents at start of reporting period	72,756	69,451
Cash and cash equivalents at end of period	86,928	57,538
Composition of cash and cash equivalents
Cash in hand	8	8
Bank balances	86,919	57,530

Reconciliation to liquidity reserve on 31 March	2022	2021
Cash and cash equivalents at end of period	86,928	57,538
Securities	0	36,444
Liquidity reserve on 30 Sep	86,928	93,982

Segment reporting

1 Jan - 30 Sep 2022	Classic	E-mobility	Reconciliation	Group
(unaudited)
	€ k	€ k	€ k	€ k
Revenue from third parties	53,326	96,184	897	150,406
Other segments	0	0	0	0
Total revenue	53,326	96,184	897	150,406
EBITDA	3,504	3,579	-1,565	5,518
Amortisation and depreciation	-1,282	-2,403	-51	-3,735
EBIT	2,222	1,176	-1,616	1,783
Financial result	-84	-87	-279	-450
EBT	2,138	1,089	-1,895	1,333
EBITDA-Margin	6.6%	3.7%		3.7%
EBIT margin	4.2%	1.2%		1.2%
Trade receivables and
Receivables from construction contracts	32,894	61,157	5,581	99,631
Contractual obligations	7,626	15,963	0	23,590

1 Jan - 30 Sep 2021	Classic	E-mobility	Reconciliation	Group
(unaudited)
	€ k	€ k	€ k	€ k
Revenue from third parties	42,891	71,229	0	114,112
Other segments	0	0	0	0
Total revenue	42,891	71,229	0	114,112
EBITDA	-896	-2,498	1,372	-2,022
Amortisation and depreciation	-1,243	-2,272	-46	-3,561
EBIT	-2,139	-4,770	1,326	-5,583
Financial result	-15	-418	54	-379
EBT	-2,154	-5,188	1,380	-5,962
EBITDA-Margin	-2.1%	-3.5%		-1.8%
EBIT margin	-5.0%	-6.7%		-4.9%

Trade receivables and
Receivables from construction contracts	32,786	68,731	0	101,517

Financial calendar

Interim Statement Q3 2022 11 November 2022

German Equity Forum (Frankfurt / Main) 28 November 2022

End of 2022 financial year 31 December 2022

Contact

Aumann AG Dieselstrasse 6 48361 Beelen Germany

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

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