Quarterly Report • May 21, 2021
Quarterly Report
Open in ViewerOpens in native device viewer
Aumann AG, Beelen
| 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.
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.
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.
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.
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 |
| 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 |
| 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 | 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 |
| 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 |
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
Aumann AG Dieselstrasse 6 48361 Beelen
Tel. +49 2586 888 7800 www.aumann.com [email protected]
Aumann AG Dieselstrasse 6 48361 Beelen Germany
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.