Report
Expert Corporate Governance Service (ECGS)
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Proxy Report - 20/06/2018

General: Aumann is a leading manufacturer of innovative specialised machinery and automated production lines with focus on e-mobility. The Company uses unique winding technology for the manufacturing of highly efficient electric motors, particularly for the automotive industry. Leading manufacturers worldwide count on Aumann's solutions for the serial production of electric and hybrid drivetrains as well as solutions for automated production lines. The Company's IPO was on 24 March 2017 at an issue price of EUR 42.00.

As of 12 April 2018, MBB SE held 38.00%, FMR LLC held 9.99%, Sycomore Asset Management held 5.19%, BlackRock Inc. held 4.58% and T. Rowe Price Group Inc. held 3.20% of the Company's shares.

In financial year 2017, Group revenues increased by 34.8% to EUR 210.4m, EBIT increased by 8.6% to EUR 20.0m and Group net income attributable to the shareholders of Aumann AG increased by 1.9% to EUR 13.0m.

Item 5: We recommend to oppose the election of Dr. Christof Nesemeier to the Supervisory Board due to our concerns over the insufficient independent representation on the Board.

Item 7: The Company shall be authorised until 19 June 2023 to increase the share capital by up to EUR 7,625,000 (50% of the share capital) by issuing shares against contributions in cash and/or in kind. The total shares issued while disapplying preemptive rights under the proposed authorisation may reach up to 50% of the share capital which exceeds our guidelines according to which we accept a maximum potential dilution of 10%. We recommend opposition.

Underlying
Aumann AG

Aumann AG is a Germany-based manufacturer of machinery and production lines for components of electrified drive trains and an equipment supplier to the automotive, aerospace, consumer electric and other industries. The Company operates through two segments: E-Mobility and Classic. In the E-Mobility segment, it designs, manufactures and sells specialized machinery and automated production lines for e-mobility solutions for the automotive, aerospace, railway and other mobility industries. In the Classic segment, the Company primarily designs, manufactures and sells specialized machinery and automated production lines for the automotive, aerospace, railway, consumer electric, agricultural and clean-technology industries.

Provider
Proxinvest
Proxinvest

Founded in 1995, Proxinvest is an independent proxy firm supporting the engagement and proxy analysis processes of investors. Proxinvest mission is to analyse corporate governance practices and resolutions proposed at general meetings of listed firms.

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Proxinvest has been a pioneer and champion of good corporate governance and has grown into a recognised expert in the field.

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As Managing Partner of Expert Corprate Governance Service Ltd (ECGS), Proxinvest has built a large network of corporate governance experts to support clients in corporate governance analysis worldwide. 

Analysts
Expert Corporate Governance Service (ECGS)

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