Askoll Eva : Presentazione per Evento NEXT GEMs - 3 Novembre 2020

Askoll EVA S.p.A. results, market trends, strategy

November 2020

WHY

Askoll EVA

Askoll EVA is leader in Italy and n. 2 in Europe in e-scooter, expanding its presence in the most interesting foreign markets

The Company boasts a strong technological edge, 100% MADE

IN ITALY, allowing for product and market diversification

Ready to take advantage from the rising demand for e-mobility in

EU region and most developed market worldwide

An excellent choice to play a real green stock

1. Group Overview

3

Askoll Group Structure

Key indicators - FY2019

			Marioni Family
2019
Askoll Group:		H.P.E. SPA
	Turnover: €193M
						Elettronics Division
	Ebitda €7,5M
							(Ask E)
			ASKOLL HOLDING S.R.L.				Automation Division
						(Ask 4)

				New Project
Home Appliance Components		Development (Ask 5)
				2019
			Aquarium & Pond	Pond & Aquarium:
			Turnover: €23M
Askoll Tre srl		Askoll P&C Srl
		Ebitda €1M
			Askoll Due srl
Askoll México SA de CV		Askoll Romania Srl
			Retailing
Askoll Brasil Ltda	Askoll Slovakia Sro	Askoll Uno Srl
		AMT (China)		2019
Services				EVA:
		Electric Vehicles	Turnover: €17,5M
				Ebitda (€4,2M)
Askoll S&J Srl			Askoll EVA SpA
Askoll Engineering SA de CV				Askoll Store Srl
Askoll USA Inc	2019
	Appliance:	Askoll France sarl
		Turnover: €150M
		Ebitda €11,3M

4

Full electric solutions for urban sustainable mobility:

Individual

Professional

Sharing

5

Askoll EVA

Product portfolio

Electrical Vehicles

NEW

Bike (Pedelec)	Scooter	Kick Scooter*
Unisex, Man,	Vehicles	Vehicles for
Trekking, City,	type L1 / L3	Individuals
Folding, Kids,	Individuals &
Kargo	professional	Sharing
Private &	Sharing	solutions
professional	solutions
range	Fleet	Accessories
Sharing	solutions
solutions	Accessories
Accessories

OEM Solutions

	Off Field			2 Wheels
•	Battery	•		Battery	NEW
•	Synchronous electric motor	•		Hub motor
•	Gateway	•
	Bottom bracket
•	BMS			motor*
•	ECU	•
	Electronic board
•	Power unit	•		Display

• Electronic board
• Display

* On sale from 2021

6

Askoll EVA business lines, key products and sales channels

Askoll EVA is a Group engaged in the production and sale of two wheels electric vehicles and kits and parts at global scale

Business Lines

Electric 2 wheels

vehicles

97%

KITs & Parts

for OEM applications (ebikes - escooter - GoKarts - eBoats - Lawn mowers - Power storage units - Other B2B applications)

3%

Product Categories

3%

e-bicycles

AVG selling price:

613 €

94%

e-scooters

AVG selling price:

2.694 €

3%

KITs & Parts for OEM

applications

Key Product

Categories

e-bike for Private

users

e-bike for

Professional Users

e-scooter for Private

users

e-scooter for

Professional users

e-scooter for

Sharing programs

KITs

Electric motors

Batteries

Electronics: BMS -

Battery

Management Systems, Motor Control Units - Inverters, ECU, Battery chargers

Channels

CONSUMER

Mono-brand

Dealers

Multi-brand

Dealers

PROFESSIONAL

CUSTOMER

Direct Askoll Sales

Long term rental

companies

PROFESSIONAL

CUSTOMER

FOR KITS

Direct Askoll Sales

%

Geography

Key current

geographies

European

Countries

New target

geographies

• • USA
  • Canada
  • Latin America
  • India
  • Middle East
• of sales 2019

Internationalization process was accelerated in H2 2019. Askoll EVA signed L.o.I. with Indian and Brasilian companies in Q1 2020

7

Key success factors Askoll EVA

Leadership and Group strength

Enhanced

Technological

Capability

100% control of

vehicles design

process

Value proposition

• • • • Leader of the Italian e-scooters market from 2015 to 2019
      • 2nd player in the European e-scooter market in 2019
      • Askoll Group owns a unique know-how in brushless motor technology based on several patents
    • Technological know-how and infrastructure for the mass production
    • Knowledge and skills about industrial assembly - manufacturing systems "tailor-made"on light EV
  • Full control of the design and production process of EV
  • Full control of the design and production process of motors, batteries and electronic controls
  • MADE IN ITALY of state of the art technology
• Design - Italian design, clean and ergonomic lines for a sober and elegant style
• Technology - Snappy performance with very low power consumption
• Easy to recharge - i) Removable battery for bikes and scooters, ii) Batteries can be charged from an house socket
• Flexibility - A unique technical platform to be tailored on nedds of individuals, professional users and sharing operators

7

1.1 Distinctive skills and product portfolio

9

Askoll EVA

Business partner

All core components are made by Askoll, in Italy

• Battery packs & BMS
• Electronics
• Power train
• Taylor made solutions based on customer specification
• Production capacity e-scooters:30.000 / year working 3 shifts
• Production capacity e-bikes:20.000 / year working 3 shifts

2. Market Trends in 2019 and 2020 Highlights

11

e-mopeds and e-motorcycles market in Italy

Market share in 2019

Italian Market of e-mopeds and e-motorcycle

Data @ 31 December 2019

	BRAND	UNITS	SHARE%
	Askoll	2.414	46,6%
		(+19,6% YoY)
	NIU	919	17,7%
	Govecs	623	12,0%
	Piaggio	264	5,1%
	Lifan	245	4,7%
	ME GROUP	143	2,8%
	V-MOTO	136	2,6%
	Macev	82	1,6%
	Zero Motorcycle	53	1,0%
	Garelli	42	0,8%

Source: Ministero delle Infrastrutture e dei Trasporti, elaborato da UNRAE per Confindustria ANCMA

• Askoll confirms its market leadership in Italy in the electric motorcycle market in 2019
• Askoll e-scooter total registration recorded a double digit growth also in 2019: +19.6% (Vs 2018 registration).
• Since foundation Askoll EVA has constantly been the market leader in Italy (from 2015 to 2019)

Mopeds are scooter with power equivalent to traditional 50CC vehicles

12

Mopeds market in Italy

Best sold models in 2019

MOPEDS market in Italy (traditional + electric)

Data @ 31 December 2019

	BRAND	MODEL	UNITS
	Piaggio	LIBERTY 50 4T 3V	3.170
	Aprilia	SCARABEO 50 2T	2.144
	Askoll	eS	1.369
	Piaggio	VESPA PRIMAVERA 50 4T	898
	Govecs	GO! S1.4	623
	SYM	SYMPHONY 50	526
	Kymko	AGILITY 50 R16	525
	Piaggio	TYPHOON	472
	Peugeot	Tweet 50	417
	Aprilia	SR 50MT	413

Source: Ministero delle Infrastrutture e dei Trasporti, elaborato da UNRAE per Confindustria ANCMA

• Askoll eS2 confirm top ranking also in 2019 as the third best- selling moped in Italy in the overall ranking (traditional + electric)
• Askoll eS2 is one of the best sold moped in Italy surpassing an iconic product like the Vespa
• Mopeds sales are more and more linked to professional segment (delivery + sharing)

Mopeds are scooter with power equivalent to traditional 50CC vehicles

13

e-scooter registration in main European Countries

A trend of continuous growth at EU level: +58% in 2019 Vs 2018

18.000

16.000

14.000

12.000

10.000

8.000

6.000

4.000

e-scooter registration in main European Countries

(FY 2019 Vs FY 2018, units)

+38% +56%

2019 2018

+51%

+71%

+61%

• Askoll EVA gained 2nd

position in the overall EU electric motorcycles market

• France, Belgium and the Netherlands are the main markets for electric scooters

• Italy and Spain, Askoll EVA's main markets, are growing faster than the average of the

2.000

-

+106%

+15%

EU market

France

Belgium

Netherlands

Spain

Italy

Poland

Austria

*Management estimate Source: Acem

14

Italian market in Q1 2020 - COVID badly affected electric vehicles super start…

Market share in Q1 2020

Italian Market of mopeds - Ranking by brand

Data @ 31 March 2020

	BRAND	SHARE%
	Piaggio	27%
	Askoll	14%
	Aprilia	13%
	VMOTO	8%
	Kymko	6%
	SYM	5%
	NIU	3,8%
	Govecs	3,3%
	Peugeot	3,2%
	Yamaha	1,1%

Source: Ministero delle Infrastrutture e dei Trasporti, elaborato da UNRAE per Confindustria ANCMA

• Askoll jumped at the 2nd place in overall ranking in 2020 thanks to a very positive January and February
• Askoll EVA perfomed in line with forecast at the end of March despite the halt due to COVID
• Lockdown for dealers started at 11th of March and Askoll EVA was closed the 22nd of March (due to DPCM22MARZO) until 4th of May

Mopeds are scooter with power equivalent to traditional 50CC vehicles

15

EU and Italian market in H1 2020 - After COVID lockdown a very positive restart

Sales Volumes: H1 2020 Vs H1 2019

European e-Motorcycle Market Data @ January - June 2020
8000					2020		2019	Electric motorcycles
7000
								Lockdown			Market
6000
											Recovery
5000
4000
3000
2000
1000
0
	January	February			March	April		May	June
			Source: Elaboration by	Askoll management on ACEM	data
Italian e-Motorcycle Market Data @ January - June 2020
1.200					2020		2019	Electric motorcycles
1.000
800									Lockdown			Market
600												Recovery
400
200
0
	January	February				March	April		May	June

Source: Ministero delle Infrastrutture e dei Trasporti, elaborato da UNRAE per Confindustria ANCMA

• EU market performed very well in January thanks to Italy and Spain
• The market felt -14% in March and -42% in April Vs 2019
• In May the market restarted with a promising +27%, while June registration were not "supported" by sharing segment
• In Italy electric motorcycles performed very well in January and February thanks to sharing registrations
• April was dramatically affected by Covid
• In May (+124%) and June (+15%) the market restarted the growth path16

EU and Italian market in Q3 2020 - 2-wheelers confirm that are the best mobility option

Sales Volumes: Q3 2020 Vs Q3 2019

European e-Motorcycle Market Data @ January - June 2020
9.000			2020		2019	Electric motorcycles
8.000
7.000
6.000
5.000
4.000
3.000
2.000
1.000
0
July			August	September
	Source: Elaboration by Askoll management on ACEM data
Italian e-Motorcycle Market Data @ January - June 2020
2.000			2020		2019	Electric motorcycles
1.500
1.000
500
0
July			August	September

Source: Ministero delle Infrastrutture e dei Trasporti, elaborato da UNRAE per Confindustria ANCMA

• EU market performed very well in Q3 2020 with a very strong growth in August and September Vs 2019
• Italy, Spain and Netherlands recorded the best performance in the quarter at EU level
• In August the market registered a very positive +105%, followed by a +58% in September
• In Italy electric motorcycles registered a huge increase in August and September thanks to the revision of the incentive scheme with triple-

digit growth

• September represents the highest level of e-motorcyclesregistration in

Italy thanks to retail and sharing	17
segment

E-mobility is the future: Askoll EVA is the best play to ride this relentless trend

National incentive scheme for e-vehicles (2 wheelers)

Country	E-Vehicle	Incentive amount
Italy	e-bike	60% of retail price up to 500 €
Italy	kick-scooter	60% of retail price up to 500 €
Italy	e-scooter	30% of retail price up to 3.000 €
		40% of retail price up to 3.000 €
		scrapping a traditional motorbike
France	e-scooter	900 €
France	e-bike	200 €
Greece	e-bike	30% of retail price up to 600 €
Spain	e-scooter	30% of retail price
United Kingdom	e-bike	180 £

In addition, many municipalities in Italy and in other EU countries are offering subsidies that are usually on top of the national scheme.

18

3. Financial Results

19

Askoll EVA results

Profit & Loss

Data x 1.000 €	2019	2018	2017	2016
Turnover	17.496	14.175	3.691	2.039
Gross Margin	3.097	2.805	253	(133)
EBITDA	(4.256)	(4.294)	(6.845)	(6.975)
Amortization and depreciation	(4.877)	(4.238)	(12.609)	(6.390)
Net income	(11.965)	(1.675)	(18.907)	(12.862)

Turnover								EBITDA
												€1.000
€20.000
€15.000												€(4.000)
€10.000												€(9.000)
€5.000												€(14.000)
€-
2016	2017	2018	2019

20

Askoll EVA results

# of vehicles manufactured

Vehicles

7.000

6.000

5.000

4.000

3.000

2.000

1.000

0

2016

2017

2018

2019

e-bikee-scooter

A continuous growth, based on development of e-scooter segment

21

Askoll EVA results

Turnover breakdown 2018 - 2019 - H12020

	Turnover 2018		Turnover 2019
44,9%	35,0%	45,5%	38,3%
	20,1%		16,2%

Retail

Professional

Sharing

Retail

Professional

Sharing

• In 2018 and 2019 sharing segment was the main contributor for Askoll EVA turnover
• Retail segment steadily grew thanks to the continuous leadership on Italian market and good sales performance in Spain and France

Turnover H1 2020

6,2%

27,2%

66,6%

Retail

Professional

Sharing

• In H1 2020 sharing segment was stopped as COVID effect
• Turnover is mainly linked to retail sales in Italy and other EU

countries

22

Results Year-to-date 30/09/2020 Vs Year-to-date 30/06/2020

Comparison of Askoll EVA turnover - Market shares in EU

Turnover

6000

5000

+136%

4000	Source: Elaboration by Askoll management

3000

2000

1000

0

30th June 2020

30th

Source: Elaboration by Askoll management 23

Backorder for Q4 2020 - Askoll EVA got other deal with sharing and pro operators

After a good growth in Q3, Askoll EVA looks at a positive Q4

NEW DEAL ALREADY SIGNED WITH SUPPLY IN Q4

• eCooltra deal for 400 e-scooter for Italian sharing services (total amount of approx. 1.2
  Mio €)
• BIT mobility deal for 200 e-scooter for Florence new sharing platform (total amount of approx.
• 1. Mio €)
• Veloce deal for 100 e-scooter for Austrian Private Postal Service (total amount of approx.
• 1. Mio €)
• Runner Pizza deal for 80 e-scooter to replace part of the running fleet in Florence (total amount of approx. 0.2 Mio €

24

4. Key strategic elements

25

Askoll EVA

Key strategic elements

Askoll EVA strategy moves on four fundamental lines, which will

allow the company to continue its significant growth in terms of

volumes and turnover, as has happened since the launch of Askoll EVA

1. Expansion of the customer base, in the various segments, pushing on enlarging the market share in the retail segment in France, Spain, Netherland, Belgium and Germany;

2. Extension of the range of vehicles currently offered by the company, both in the professional and retail segments, to get more business opportunities in different market sectors. The launch of the kick-scooterallows the Company to enter in

brand new market segment;

3. Extension of the geographic reference markets, with particular focus on the interesting North American and Latin American markets;

4. Strengthening of technical development projects aimed at reinforce the Group's presence in the OEM field.

26

Askoll EVA - Strategy

Expand customer base - Focus on market share growth in key EU market

• Keep the leadership on the Italian Market (Italy is a fast

growing market in EU)

• Focus on the main EU

market for electric two wheelers: Spain, France, Belgium, Netherlands,

Germany developing a more and more widespread distribution network

• Work closely with importers, distributors
  and dealers supporting their

sales and marketing activities

27

Askoll EVA - Strategy

Extension of the range of vehicles - New e-bike MY2020

Askoll eB4 - Spirito Urbano	Aim to roll out a broader	Askoll eB5 - Geometrikol
	product range to capture
	more users both in urban and
	extra urban areas

AVG price increase: 15%

28

Askoll EVA - Strategy

Extension of the range of vehicles - New NGS e-scooter range

The new style of electric mobility developed with

to definitely

convince consumers to shift

to electric!!

4% is the AVG gross margin

increase in retail segment

29

Askoll EVA - Strategy

Extension of the range of vehicles - e-kick scooter

• Askoll e-kickallow the company to enter in a booming market
• It's built to be shared and drove in rough and tumble streets
• It has 3 big wheels, solid tires and suspension, for a smoother ride
• Built-inGPS tracker, telemetry and wireless connectivity - Bluetooth for Askoll Smart Drive App connection
• Unique drive experience thanks to innovative
  patented 2-rear steering wheels
• It reduces congestion and pollution

26

Askoll EVA - Strategy

Expand customer base - Extension of the geographic reference markets

Internationalization process was accelerated in H2 2019. Askoll EVA signed L.o.I. with Indian and Brasilian companies in Q1 2020

Top priority

Fast growing market

Increasing opportunities

Askoll EVA is working on starting new partnership in the sharing segment, also aiming at kick scooter operators, in EU, North and Latin America.

Many operators already completed test campaign on Askoll mopeds

31

Askoll EVA - Strategy

Strengthening our presence in the OEM field

• Askoll EVA is finalizing the mid-motorfor e-bike which is at the basis of an OEM kit for bicycle manufacture;
• Askoll EVA targets brands in Mountain Biking, Road biking and Trekking Biking - segments that are booming

HUB Wheels motor		Bottom bracket
	motor

			• This new motor has a relative gross margin of 30% to 40%,
Display		Batteries
	contributing to rise dramatically the company profitability 32

Thank you for your attention

Askoll EVA S.p.A.	Gian Franco Nanni
Via Industria, 30	[e-mail]
36031 Dueville (VI)	Tel. [phone]
www.askollelectric.com