Aumann AG
Aumann AG: E-mobility specialist Aumann AG plans IPO
DGAP-News: Aumann AG / Key word(s): IPO NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, INTO OR WITHIN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT. E-mobility specialist Aumann AG plans IPO – Leading supplier of production lines for e-mobility solutions seeks listing on the Prime Standard of Frankfurt Stock Exchange – In order to realise its growth strategy, Aumann plans a capital increase with primary proceeds of around EUR60 million – Secondary offering by current shareholders should allow for a free float of 40-47%, MBB SE will remain majority shareholder after IPO – Aumann benefits from accelerating e-mobility demand and grows organically by 28% to EUR156 million in revenue and already 12.4% adj. EBIT margin in 2016
Beelen, 27 February 2017 Aumann AG, a globally leading supplier of innovative specialized machinery and automated production lines with focus on e-mobility, is preparing for an IPO and listing on the regulated market (Prime Standard) of the Frankfurt Stock Exchange within the first half of 2017. Aumann combines unique winding technology for the highly efficient production of electric motors with decades of automation experience in the area of drivetrains for vehicles. The automotive industry is undergoing a fundamental change: leading OEMs plan the introduction of high volume electric vehicle models and at the same time the electrification of large parts of their fleet with hybrid propulsion concepts. They are increasingly applying Aumann solutions for their highly automated series production of electric drivetrains. In order to strengthen its leading market position and serve the strongly growing market demand, the company plans an IPO to create a solid basis for its future development.
“Large car manufacturers count on pure and hybrid electric motors for the drivetrains of the future. The range of electric vehicles is increasing, their prices are falling and stricter carbon emission legislation are leading to an irreversible revolution in the automotive industry. Aumann is a technological leader for critically needed series production solutions of highly efficient electric motors. Therefore, we are benefitting extraordinarily from the e-mobility trend”, says Ludger Martinschledde, who is Co-CEO and responsible for operations and technology. On the basis of market studies, Aumann expects an increase in the global production of electric vehicles (including hybrids) from 2.5m units in 2015 with a compound annual growth rate of c. 30% to around 32.1m vehicles in 2025. The core markets of the company, namely Europe, the Americas and China, are expected to grow at an even higher rate of more than 40% per year. Another important trend is the increasing number of electric traction motors per vehicle, leading to an even higher demand for fully automated production lines. Furthermore, Aumann technology offers numerous advantages for other aggregates and actuators within the vehicle which makes the company a beneficiary of the electrification within cars. Aumann is ideally positioned “Automotive OEMs are increasing their capacities for the serial production of electric vehicles already today. As Aumann is frequently involved in the development process of the traction motor and production lines are commonly ordered two years ahead of the start of serial production of the electric vehicle, we benefit from the e-mobility revolution a lot earlier than others. Our around 600 highly skilled employees are already today working on the electric drivetrain concepts we will see on the streets in two to three years.” explains Rolf Beckhoff, Co-CEO responsible for sales. In the past, electric vehicles were niche products for automotive OEMs and were produced in relatively small volumes. The production thereby was comparable to that of “manufactories”. In order to produce the volumes automotive OEMs have announced for the near future, highly automated production technologies are required. The core technology for the production of electric traction motors is the winding of copper wires inside the stator and rotor. This is one of the key challenges OEMs face, as conventional winding technologies can only be automated to a limited extent. Aumann, on the other hand, is specialised in direct winding technologies which ensure fully automated production and allow meeting automotive quality requirements. In addition, Aumann’s technology does not solely enable automated production in line with automotive standards. At the same time, it raises efficiency and power density of the motor by increasing power per kilogram of motor weight. Compared to traction motors produced with conventional technologies, motors produced with Aumann technology require less copper wires and ultimately less space and less weight. In electric vehicles the higher efficiency of the motor leads to higher battery range. Aumann’s e-mobility offering is completed by solutions for the production of battery modules. In its Classic segment, which constitutes the foundation for the e-mobility growth, Aumann has decades of experience as designer and manufacturer of automated production lines for automotive OEMs. The company holds a strong market position through technologically unique solutions for the production of built camshafts, cylinder deactivation modules as well as structural and lightweight components. In addition, this segment comprises winding solutions for other industries, e.g. for Consumer Electronics. The automation know-how gained in the Classic segment accompanied by the high trust of leading automotive OEMs, give Aumann a unique position for the planned growth in the E-mobility segment. Aumann combines strong growth, high profitability and solid substance In 2016, Aumann revenue has grown by 67% to EUR156.0 million compared to EUR93.4 million in 2015. Compared to as-if revenue, assuming that the companies acquired in November 2015 had been part of the Group for the full year, the organic growth of Aumann would have amounted to 28.2% (starting from EUR121.7 million of revenues in 2015). Aumann generated an EBIT adjusted for shareholder advisory fees of EUR19.3 million (prior year as-if EUR12.4 million) and an adjusted EBIT-margin of 12.4% (prior year as-if 10.2%). In 2016 the accelerating E-mobility segment already accounts for 27.2% of revenues and shows an outstanding EBIT-margin of 17.1%. Due to its high profitability, Aumann was able to maintain a steady dividend policy and intends to continue a pay-out ratio of 25-30% of net profits. The company has net cash while its equity ratio amounts for approximately 31%. In 2016, order intake has increased to EUR190.1 million following EUR141.2 million in the year before. Since 2014, order intake has grown at a compound annual growth rate of 51%. Public offering and listing In connection with the IPO, the company expects primary proceeds from a capital increase of around EUR60 million. In addition, the offering shall also comprise shares from the existing shareholders to enable a free float of 40% to 47%. The existing shareholders shall also provide secondary shares for a potential overallotment in the amount of up to 15% of the base offering. To date, MBB SE, a medium-sized family business listed on the Prime Standard, holds 93.5% of the share capital of the company and Mr. Ingo Wojtynia holds 6.5%. MBB will remain majority shareholder after the IPO. Furthermore it is planned to agree on a lock up period of 6 months for the existing shareholders and the company. It is also planned to agree on a lock up period of 12 months with the company’s top management which will hold approximately 0.5% of the share capital after capital increase in the IPO. The primary proceeds will be invested chiefly in expanding capacity. Furthermore, Aumann intends to also strengthen its international activities through an expansion of the sites in China and the US as well through a further internationalisation of its service network. Sebastian Roll, CFO of Aumann AG, adds: “With the IPO we intend to back our strong growth momentum. The capital increase will help us to build up further capacities. At the same time, we believe that the increased recognition of the company will position us as a highly attractive employer for engineers and technicians in one of the most promising markets of the future.” Berenberg and Citigroup act as Joint Global Coordinators in the transaction and together with Hauck & Aufhäuser as Joint Bookrunners. Further information on Aumann can be found at www.aumann-ag.com.
Aumann is a leading manufacturer of innovative specialised machinery and automated production lines with focus on e-mobility. The company combines unique winding technology for the highly efficient manufacturing of electric motors with decades of automation experience, particularly for the automotive industry. Leading companies worldwide count on Aumann’s solutions for the serial production of electric and hybrid drivetrains as well as solutions for automated production lines. Kontakt: edicto GmbH Disclaimer This publication is an advertisement. This publication constitutes neither an offer to sell nor a solicitation to buy securities. The offer will be made solely by means of, and on the basis of, a prospectus which is to be published. An investment decision regarding the publicly offered securities of Aumann AG should only be made on the basis of the securities prospectus. The prospectus will be available free of charge from the Aumann AG (Dieselstraße 6, 48361 Beelen, Germany, fax number +49 2586 888-7100, and on the website of Aumann AG www.aumann-ag.com). These materials are for informational purposes only and are not intended to constitute, and should not be construed as, an offer to sell or subscribe for, or the announcement of a forthcoming offer to sell or subscribe for, or a solicitation of any offer to buy or subscribe for, or the announcement of a forthcoming solicitation of any offer to buy or subscribe for, ordinary shares in the share capital of Aumann AG (the “Company“, and such shares, the “Shares“) in the United States or in any other jurisdiction. The Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act“) and may not be offered or sold within the United States absent registration or an exemption from the registration requirements under the Securities Act. The Company does not intend to register any portion of the offering in the United States or to conduct a public offering of Shares in the United States. The Company has not authorised any offer to the public of Shares in any Member State of the European Economic Area, except in the Federal Republic of Germany and Luxembourg. With respect to any Member State of the European Economic Area which has implemented the Prospectus Directive other than Germany and Luxembourg (each a “Relevant Member State“), no action has been undertaken or will be undertaken to make an offer to the public of Shares requiring publication of a prospectus in any Relevant Member State. As a result, the Shares may only be offered in Relevant Member States: (i) to any legal entity which is a “qualified investor” as defined in the Prospectus Directive; or (ii) in any other circumstances falling within Article 3(2) of the Prospectus Directive. For the purpose of this paragraph, the expression “offer of securities to the public” means the communication in any form and by any means of sufficient information on the terms of the offer and the Shares to be offered so as to enable the investor to decide to exercise, purchase or subscribe for the Shares, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State and the expression “Prospectus Directive” means Directive 2003/71/EC (as amended, including by Directive 2010/73/EU), and includes any relevant implementing measure in the Relevant Member State. Any such investor will also be deemed to have represented and agreed that any Shares acquired by it in the contemplated offering of Shares have not been acquired on behalf of persons other than such investor. This announcement is not an advertisement within the meaning of the Prospectus Directive and does not constitute a prospectus. In the United Kingdom, this document and any other materials in relation to the Shares is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, “qualified investors” (as defined in section 86(7) of the Financial Services and Markets Act 2000) and who are (i) persons having professional experience in matters relating to investments who fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (“Financial Promotion“) Order 2005 (the “Order“); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons“). This communication is directed only at relevant persons. Persons who are not relevant persons should not take any action on the basis of this document and should not act or rely on it. Any investment activity to which this communication relates will only be available to and will only be engaged with, relevant persons. No action has been taken by the Company that would permit an offer of Shares or the possession or distribution of these materials or any other offering or publicity material relating to such Shares in any jurisdiction, except for the Republic of Germany and Luxembourg, where action for that purpose is required. This document may contain forward-looking statements. These statements are based on the current views, expectations and assumptions of the management of the Company and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those described in such statements due to, among other things, changes in the general economic and competitive environment, risks associated with capital markets, currency exchange rate fluctuations and competition from other companies, changes in international and national laws and regulations, in particular with respect to tax laws and regulations, affecting the Company and other factors. The Company does not assume any obligations to update any forward- looking statements. Neither these materials nor any copy of it may be taken or transmitted, directly or indirectly, into the United States, Australia, Canada, Japan or the South Africa. These materials do not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase or subscribe nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with, any contract therefore. The offer and the distribution of these materials and other information in connection with the listing and offer in certain jurisdictions may be restricted by law.
27.02.2017 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | Aumann AG |
Dieselstraße 6 | |
48361 Beelen | |
Germany | |
Phone: | +49 (0) 2586 888-0 |
Fax: | +49 (0) 2586 888-7100 |
E-mail: | info@aumann.com |
Internet: | www.aumann.com |
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