Interim Statement 30 September 2021

Aumann AG, Beelen

Aumann in figures

Nine months	2021	2020	∆ 2021 /
(unaudited)			2020
	IFRS	IFRS
	€ k	€ k	%
Order backlog	163.616	126.421	29,4
Order intake	175.917	122.690	43,4
thereof E-mobility	120.607	70.378	71,4
Earning figures
Revenue	114.120	123.704	-7,7
thereof E-mobility	71.227	79.755	-10,7
Operating performance	114.478	123.346	-7,2
Total performance	123.259	126.009	-2,2
Cost of materials	-77.413	-73.717	-5,0
Staff costs	-42.479	-47.495	10,6
EBITDA	-2.022	-3.816	47,0
EBITDA margin	-1,8%	-3,1%
EBIT	-5.582	-7.860	29,0
EBIT margin	-4,9%	-6,4%
EBT	-5.961	-8.395	29,0
EBT margin	-5,2%	-6,8%
Consolidated net profit	-4.309	-5.964	27,7
Number of shares	15.250	15.250	0,0
eps in €*	-0,28	-0,39	28,2

Figures from the statement	30 Sep	31 Dec
of financial position	€ k	€ k	%
Non-current assets	118.196	103.170	14,6
Current assets	171.358	184.811	-7,3
there of cash and equivalents	93.982	90.234	4,2
Issued capital (share capital)	15.250	15.250	0,0
Other equity	171.588	171.088	0,3
Total equity	186.838	186.338	0,3
Equity ratio	64,5%	64,7%
Non-current liabilities	33.737	39.503	-14,6
Current liabilities	68.979	62.140	11,0
Total assets	289.554	287.981	0,5
Net debt (-) or
net cash (+) **	80.167	73.146	9,6

Employees (each 30 Sep)	792	1.014	-21,9

* Based on shares outstanding on 30 September 2021.

** This figure includes securities.

Business performance, financial position and financial performance

Business performance

The restrictions on social and business life introduced on account of the COVID-19 pandemic were scaled back in most countries and regions in the third quarter of 2021. Accordingly, the direct economic repercussions of these restrictions were also reduced. However, their place as the biggest challenge was increasingly taken by the trailing effects of the pandemic itself. For example, the continuing supply bottlenecks for primary products and raw materials are leading to noticeable production restrictions in industry, and rising inflation rates are acting also as a burden. It is not yet certain how long these factors will continue to affect economic developments, though a cool-off in business performance is currently being observed.

For 2021 as a whole, the International Monetary Fund (IMF) is still assuming growth in global gross domestic product (GDP) and has reduced its forecast by just 0.1 percentage points to 5.9%. The IMF raised its forecast for the euro area by 0.4 percentage points to 5.0% – partly because of stronger predicted growth in Italy and France. By contrast, projections for Germany were adjusted 0.5 percentage points downwards, with German GDP now expected to grow by 3.1% in 2021. German economic research institutions lowered their economic forecasts for 2021 by even more than the IMF. In their autumn projections, they anticipate that German GDP will grow by just 2.4%. In spring, they had predicted 3.7%.

The major automotive markets in the US, China and Europe have been in decline recently. This is partly due to the limited availability of vehicles as a result of the ongoing semiconductor shortage. In China, the market was also slowed by the national electricity crisis, on account of which many car manufacturers had to shut down their plants at times. Significant declines in sales figures were reported for vehicles with conventional combustion engines in particular. By contrast, sales of cars with alternative drive trains, in particular battery electric vehicles, rose again significantly in the international markets.

According to figures from the European Automobile Manufacturers' Association (ACEA), car registrations in the European Union climbed by 6.6% to 7.5 million units in the first nine months of 2021. In the biggest markets, Italy reported an increase of 20.6%, followed by Spain (8.8%) and France (8.0%). By contrast, the German automotive market slid into negative territory. 2.0 million new cars were registered in the first nine months, 1.2% fewer than in the previous year. As car registrations in the EU again fell sharply by 23.1% to 718,598 vehicles in September 2021 alone, significant increases at the start of the year in particular contributed to the fact that registration figures in the EU were still positive overall after the total first nine months period of 2021.

Demand for battery electric vehicles (BEVs) in the European Union rose by 56.7% to 212,582 units in the third quarter of the year. This took place against a backdrop of the general decline in new registra-tions over the three-month period described above, whereby BEV growth was bolstered by incentives on various markets as well. As a result, the four key EU markets all reported double-digit or even triple-digit increases in BEVs: Italy (up 122.0%), Germany (up 62.7%), France (up 34.6%) and Spain (up 21.8%).

According to the German Mechanical Engineering Industry Association (VDMA), the general recovery in demand being observed at the member companies is still intact. Corporate orders were up by around 50% in the third quarter of 2021, while order intake rose by around 36% year-on-year in the first nine months of the year. Thus, order books remain well filled despite global materials shortages and supply difficulties. The VDMA is confirming its forecast for real production growth of 10% year-on-year in 2021. Even higher growth would have been possible here without materials shortages.

Within this context, Aumann maintained the positive momentum in its order intake in the third quarter of 2021, also because it was able to successfully win another key major E-mobility contract in the field of battery technology. Accordingly, order intake in the E-mobility segment surged by 71.4% to €120.6 million in the first nine months, already surpassing the figure for the whole of the previous year. The segment accounted for 68.6% of total order intake. Overall, order intake increased by 43.4% year-on-year to €175.9 million in the first nine months of 2021. This positive trend is now also having an effect on revenue, which increased by 6.0% to €41.4 million in the third quarter and cumulatively reached €114.1 million. The bookto-bill ratio (ratio of order intake to revenue) improved to 1.54 in the first nine months. EBITDA amounted to €-2.0 million or an EBITDA margin of -1.8%, already a significant improvement of 47.0% compared to the previous year.

Financial position and financial performance

The consolidated revenue of the Aumann Group declined by 7.7% to €114.1 million (previous year: €123.7 million).

EBITDA amounted to €-2.0 million by September (previous year: €-3.8 million). After depreciation and amortisation of €3.6 million, the Aumann Group's EBIT amounted to €-5.6 million (previous year: €-

7.9 million). The financial result for the first nine months was €-0.4 million with EBT of €-6.0 million (previous year: €-8.4 million). Consolidated net profit totalled €-4.3 million (previous year: €-6.0 million) or €-0.28 per share (based on an average of 15,250,000 shares outstanding) in the first nine months.

Order intake amounted to €175.9 million by September 2021. The order backlog came to €163.6 million in the first nine months.

The Group's equity amounted to €186.8 million on 30 September 2021 (31 December 2020: €186.3 million). Based on total consolidated assets of €289.6 million, the equity ratio was 64.5%.

Working capital has fallen by €9.0 million since 31 December 2020.

Financial liabilities declined by €3.3 million to €13.8 million as at 30 September 2021 (31 December 2020: €17.1 million). Liquidity, including securities, totalled €94.0 million (31 December 2020: €90.2 million). Accordingly, net cash from the above liabilities and cash items amounted to €80.2 million as against €73.1 million on 31 December 2020.

Segments

Revenue in the E-mobility segment contracted by 10.7% year-on-year to €71.2 million as at 30 September 2021. The segment's EBITDA amounted to €-2.5 million after the first nine months (previous year: €- 1.2 million). EBIT totalled €-4.8 million (previous year: €-3.9 million). Order intake in E-mobility increased to €120.6 million. Revenue in the Classic segment amounted to €42.9 million for the first three quarters of the year (previous year: €43.9 million). Segment EBITDA came to €-0.9 million as against the prior-year figure of €-2.8 million. EBIT totalled €-2.1 million (previous year: €-4.1 million). Order intake in the Classic segment amounted to €55.3 million.

Outlook

The Executive Board is still forecasting revenue of €160 million with an EBITDA margin of between -2.5% and 2.5% for the 2021 financial year. The Executive Board continues to assume that order intake will recover as compared to the previous year.

Beelen, 12 November 2021

The Executive Board of Aumann AG

IFRS consolidated statement of comprehensive income	1 Jan -	1 Jan -
(unaudited)	30 Sep 2021	30 Sep 2020
	€ k	€ k
Revenue	114.120	123.704
Increase (+) / decrease (-) in finished goods
and work in progress	358	-358
Operating performance	114.478	123.346
Capitalised development costs	1.711	1.423
Other operating income	7.070	1.240
Total performance	123.259	126.009
Cost of raw materials and supplies	-63.704	-60.587
Cost of purchased services	-13.709	-13.130
Cost of materials	-77.413	-73.717
Wages and salaries	-33.138	-37.809
Social security
and pension costs	-9.341	-9.686
Staff costs	-42.479	-47.495
Other operating expenses	-5.389	-8.613
Earnings before interest, taxes, depreciation,
and amortisation (EBITDA)	-2.022	-3.816
Amortisation and depreciation expense	-3.560	-4.044
Earnings before interest and taxes (EBIT)	-5.582	-7.860
Other interest and similar income	54	37
Interest and similar expenses	-433	-572
Net finance costs	-379	-535
Earnings before taxes (EBT)	-5.961	-8.395
Income tax expense	1.801	2.518
Other taxes	-149	-87
Consolidated net profit	-4.309	-5.964
Earnings per share (in €)	-0,28	-0,39

Consolidated statement of comprehensive income

IFRS consolidated statement of comprehensive income	1 Jan -	1 Jan -
(unaudited)	30 Sep 2021	30 Sep 2020
	€ k	€ k
Consolidated net profit	-4.309	-5.964
Currency translation differences	322	-75
Fair Value Reserve	4.391	537
Other comprehensive income after taxes	4.713	462
Comprehensive income for the reporting period	404	-5.502

Statement of financial position	30 Sep 2021	31 Dec 2020
Assets (IFRS)	unaudited	audited
	€ k	€ k
Non-current assets
Own produced intanbible assets	9.514	9.518
Concessions, industrial property rights and similar rights	354	503
Goodwill	38.484	38.484
Advance payments	2.392	1.145
Intangible assets	50.744	49.650
Land and buildings
including buildings on third-party land	24.375	25.134
Technical equipment and machinery	2.963	3.452
Other equipment, operating and office equipment	2.783	3.602
Advance payments and assets under development	455	413
Property, plant and equipment	30.576	32.601
Financial assets	36.377	20.444
Deferred tax assets	499	475
	118.196	103.170
Current assets
Raw materials and supplies	962	1.776
Work in progress	2.224	1.314
Finished goods	149	149
Advance payments	6.534	4.949
Inventories	9.869	8.188
Trade receivables	23.738	31.108
Receivables from construction contracts	77.779	70.906
Other current assets	2.367	4.819
Trade receivables
and other current assets	103.884	106.833
Securities	67	340
Cash in hand	8	9
Bank balances	57.530	69.441
Cash in hand, bank balances	57.538	69.450
	171.358	184.811
Total assets	289.554	287.981

Consolidated statement of financial position

Statement of financial position	30 Sep 2021	31 Dec 2020
Equity and liabilities (IFRS)	unaudited	audited
	€ k	€ k
Equity
Issued capital	15.250	15.250
Capital reserve	141.014	140.918
Retained earnings	30.574	30.170
	186.838	186.338
Non-current liabilities
Pension provisions	22.232	22.246
Liabilities to banks	9.203	11.992
Liabilities from Leasing	363	753
Other provisions	839	838
Other liabilities	924	1.005
Deferred tax liabilities	176	2.669
	33.737	39.503
Current liabilities
Liabilities to banks	3.719	3.719
Liabilities from Leasing	530	623
Contractual obligations	15.977	3.878
Trade payables	19.918	25.878
Other liabilities	3.696	2.344
Restructuring provisions	1.886	7.517
Provisions with the nature of a liability	7.758	5.894
Tax provisions	1.054	1.124
Other provisions	14.441	11.163
	68.979	62.140
Total equity and liabilities	289.554	287.981

Consolidated statement of cash flows

Consolidated statement of cash flows	1 Jan -	1 Jan -
(unaudited)	30 Sep 2021	30 Sep 2020
	€ k	€ k
1. Cash flow from operating activities
Earnings before interest and taxes (EBIT)	-5.583	-7.860
Adjustments for non-cash transactions:
Write-downs on non-current assets	3.560	4.044
Increase (+) /decrease (-) in provisions	-2.367	-2.240
Losses (+) / Gains (-) for disposal of assets	0	0
Other non-cash expenses / income	-1.519	-34
	-326	1.770
Change in working capital:
Increase (-) / decrease (+) in inventories, trade receivables
and other assets	-241	26.046
Decrease (-) / increase (+) in trade payables
and other liabilities	9.276	-17.860
	9.035	8.186
Income taxes paid (-) / received (+)	609	-1.089
Interest received	54	37
	663	-1.052
Cash flow from operating activities	3.789	1.044
2. Cash flow from investing activities
Investments (-) / divestments (+) intangible assets	-2.236	-1.494
Investments (-) / divestments (+) property, plant and equipment	-353	-899
Investments (-) / divestments (+) of available-for-sale financial
assets and securities	-9.647	-3.164
Cash flow from investing activities	-12.236	-5.557
3. Cash flow from financing activities
Profit distribution to shareholders	0	0
Proceeds from borrowing financial loans	0	2
Repayments of financial loans	-3.297	-3.585
Interest payments	-433	-572
Cash flow from financing activities	-3.633	-4.155
Cash and cash equivalents at end of period
Change in cash and cash equivalents
(Subtotal 1-3)	-12.080	-8.667
Effects of changes in foreign exchange rates (non-cash)	167	-22
Cash and cash equivalents at start of reporting period	69.451	78.931
Cash and cash equivalents at end of period	57.538	70.242
Composition of cash and cash equivalents
Cash in hand	8	6
Bank balances	57.530	70.236
Reconciliation to liquidity reserve on 31 Sep	2021	2020
Cash and cash equivalents at end of period	57.538	70.242
Securities	36.444	20.033
Liquidity reserve on 30 Sep	93.982	90.275

Segment reporting

1 Jan - 30 Sep 2021	Classic	E-mobility	Reconcilation	Group
(unaudited)
	€ k	€ k	€ k	€ k
Order backlog	64.610	99.006	0	163.616
Order intake	55.310	120.607	0	175.917
Revenue from third parties	42.891	71.229	0	114.120
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%
Trade receivables and
Receivables from construction contracts	32.786	68.731	0	101.517
Contractual obligations	9.046	6.932	0	15.978


1 Jan - 30 Sep 2020	Classic	E-mobility	Reconcilation	Group
(unaudited)
	€ k	€ k	€ k	€ k

Order backlog	53.179	73.242	0	126.421
Order intake	52.312	70.378	0	122.690
Revenue from third parties	43.949	79.755	0	123.704
EBITDA	-2.770	-1.228	182	-3.816
Amortisation and depreciation	-1.295	-2.701	-48	-4.044
EBIT	-4.066	-3.930	136	-7.860
Financial result	-54	-518	37	-535
EBT	-4.120	-4.448	173	-8.395
EBITDA margin	-6,3%	-1,5%		-3,1%
Trade receivables and
Receivables from construction contracts	51.661	53.711	0	105.372

Financial calendar

Interim Statement Q3 2021 12 November 2021

German Equity Forum (virtual) 23 November 2021

End of 2021 financial year 31 December 2021

Contact

Aumann AG Dieselstrasse 6 48361 Beelen Germany

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

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