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Aam-Annual-Report-2018.Pdf TECHNOLOGY THAT DRIVES THE INDUSTRY 2018 ANNUAL REPORT FINANCIAL HIGHLIGHTS (in millions, except per share data) Statement of operations 2018 2017 Net sales $ 7,270.4 $ 6,266.0 Gross profit 1,140.4 1,119.1 Operating income 106.4 543.0 Net income (loss) attributable to AAM (57.5) 337.1 Diluted earnings (loss) per share $ (0.51) $ 3.21 Balance sheet data Cash and cash equivalents $ 476.4 $ 376.8 Total assets 7,510.7 7,882.8 Long-term debt, net 3,686.8 3,969.3 Total Stockholders’ equity 1,486.3 1,540.0 Statement of cash flow data Cash provided by operating activities $ 771.5 $ 647.0 Cash used in investing activities (478.2) (1,378.1) AAM DELIVERS POWER THAT MOVES THE WORLD. As a leading global tier 1 automotive supplier, AAM designs, engineers and manufactures driveline, metal forming and casting technologies that are making the next generation of vehicles smarter, lighter, safer and more efficient. Headquartered in Detroit, AAM has over 25,000 associates operating at nearly 90 facilities in 17 countries to support our customers on global and regional platforms with a focus on quality, operational excellence and technology leadership. To learn more, visit aam.com. David C. Dauch Chairman of the Board & Chief Executive Officer 2018 WAS A PIVOTAL YEAR FOR AAM. We celebrated our first full year as a larger, more diverse global company. We launched several new innovative products and expanded our global growth and diversification efforts. Most importantly, we continued to prepare AAM for the future with the development of advanced technologies focused on market trends that will help our customers address the needs of the rapidly changing global automotive landscape. 1 In 2018, we completed 54 product and program launches. Some notable launches include the following: • In North America, we initiated launch • In Europe, we launched our first electric activities for our largest vehicle program driveline system on the Jaguar I-PACE – driveline systems for GM’s full-size crossover. pickup trucks. • Finally, we expanded our launch of • We increased the global presence of our key powertrain components and EcoTrac® products as we launched our subassemblies for multi-speed power transfer units on the Cadillac XT4, transmissions and downsized engines Ford Edge and Lincoln Nautilus. – which continue to benefit from fuel efficiency-related trends. 2 54KEY PROGRAM LAUNCHES 14 CUSTOMER QUALITY AWARDS At year-end, we reached $7.27 billion in sales on strength in our core markets and 2019 Chevrolet Silverado Photo courtesy of General Motors product segments. Our gross profit was $1.14 billion and we generated $771.5 million of cash from operations – all representing annual records for AAM. $1,140.4 $7.27 $771.5 $1,119.1 $6.27 $647.0 $726.1 $3.95 $407.6 2018 2018 2018 2017 2017 2017 2016 2016 2016 Sales (in billions) Gross Profit (in millions) Cash from Operations (in millions) 3 In addition to our financial success, we achieved many other milestones in 2018. As a result of our recent strategic actions, which added significant size and scale, AAM was recognized as a Fortune 500 company. Important integration and synergy attainment targets were achieved. We continued to be recognized by our customers for outstanding quality and customer service, highlighted by receiving the GM Supplier of the Year award for the second consecutive year. Furthermore, AAM forged additional partnerships aimed at diversification and growth, including entering into a joint venture with Liuzhou Wuling to provide traditional and electric driveline solutions in China. AAM also made significant strides in important environmental, social and governance areas in 2018. We expanded our Board of Directors with two new appointments – enhancing the experience, leadership and diversity of our board. AAM further strengthened the bond with our surrounding communities through both associate volunteering and financial support. Additionally, we continued to work within our operations to reduce our carbon footprint and impact on the environment. AAM’s EcoTrac® Gen II Rear Drive Module 4 POWERING EFFICIENCY For AAM, the heart and soul of our future is our advanced technology. Our future is focused on products that deliver and generate power in the most efficient way. When it was launched, AAM’s EcoTrac was the industry’s first disconnecting all-wheel drive (AWD) system. Originally featured on the Jeep Cherokee, the EcoTrac system enables the performance and safety of an AWD vehicle with the fuel economy of a front-wheel drive vehicle. AAM’s family of EcoTrac Disconnecting AWD solutions includes disconnecting power transfer units, multi-piece driveshafts, rear drive modules with electronic control units and torque transfer devices. When we initially launched EcoTrac in 2013, it eliminated about 80 percent of system drag compared to a traditional AWD system. Since then, our engineers have made enhancements to continue to make this groundbreaking system even more efficient. Our second-generation system, which we launched in 2018, eliminates approximately 90 percent of the parasitic losses. During 2018, we secured our fifth new business award for our EcoTrac technology. We expect that our EcoTrac business will generate upwards of $800 million of revenue by 2020, and we continue to work with customers for additional applications to drive profitable growth. 5 AAM is also taking advantage of the current powertrain trends towards multi-speed transmissions and downsized engines in order to improve fuel efficiency. OEM customers have been shifting to 8-, 9- and 10-speed transmissions over recent years. This shift has increased the demand for AAM’s transmission components and subassemblies. In addition, the trend towards downsizing engines is driving additional demand for our vibration control systems – including viscous and rubber dampers, isolation pulleys, balance shaft modules and damped gears. Our vibration control solutions are specifically designed for smaller displacement engines, stop/ AAM Dampers start applications and mild and plug-in hybrid vehicles. These two key powertrain trends provide the opportunity to significantly increase our content-per-vehicle. POWER TO IMPROVE We also expanded development of our QUANTUM™ driveline technology. QUANTUM was born out of our revolutionary mission to yield significant gains in efficiency, performance and packaging – all while reducing system weight. After several years of benchmarking traditional and non-traditional products, devoting significant development resources, running arduous hardware tests and securing more than a dozen patents, AAM engineers redesigned virtually every component of the traditional axle. QUANTUM provides substantial advantages through reduced mass, increased power density, improved noise vibration and harshness (NVH) and efficiency gains. QUANTUM does all this in a more compact system package. AAM’s QUANTUM Electronic Limited Slip Differential Rear Drive Module 6 AAM’s QUANTUM uses traditional axle components in new ways. Bearings are arranged more efficiently and gears are set in optimal positions. AAM’s engineers utilized system innovation to eliminate weight by combining functions of many components and developing proprietary lubricants that increase system efficiency and durability. In a traditional axle, shims are used to ensure an axle’s hypoid gears are installed precisely for optimum durability and NVH. Because of QUANTUM’s smart design, engineers were able to eliminate the need for shims while still providing up to a 5 dB improvement in NVH performance. Scalable across vehicle segments, QUANTUM can be adapted for use on virtually any size vehicle. AAM initially designed a QUANTUM lightweight beam axle for rear-wheel drive (RWD) vehicles such as pickup trucks but has expanded QUANTUM AAM was recognized with the technology to include RWD and AWD passenger vehicles, inaugural Future of Lightweighting crossovers and SUVs. Our QUANTUM products are up to 35 Altair Enlighten Award in 2018. percent lighter and offer up to 20 percent more efficiency compared to today’s traditional axle. During 2018, AAM was recognized with two significant awards for QUANTUM: the inaugural Future of Lightweighting Altair Enlighten Award and the Society of Automotive Analysts’ Lightweighting Award. Both of these awards honor innovative technologies that have the potential to support significant lightweighting initiatives and applications. We continue to collaborate with customers on future QUANTUM projects and we are excited about where this new technology can take the industry. 7 POWER OF THE FUTURE Automakers continue to look for ways to meet increasing global emissions regulations and consumer demand for more fuel-efficient vehicles with both hybrid and fully electric powertrain architectures. AAM’s innovative product portfolio offers solutions to our customers regardless of the propulsion method they select for their future vehicles. In 2018, we launched into production our first e-AAM™ system for the battery-electric (BEV) Jaguar I-PACE crossover vehicle. AAM supplies both front and rear electric drive units delivering a total of 400 hp. and 516 lb. ft. of torque through a high-performance electric all-wheel-drive system. Independent media reviews reported that AAM’s system provides quick acceleration and helps set a new standard for luxury electric vehicles. AAM’s second e-AAM new business award will enter production in 2020 with a customer on a rear- wheel-drive, high-performance vehicle in Europe. For this program, our customer wanted to improve the performance of the passenger car without having to boost the engine or upgrade the transmission. We accomplished this by integrating a 160 kilowatt e-machine into the rear axle. The combination of power from both the traditional combustion engine and the electric rear drive unit adds significant torque and 200 additional horsepower to this vehicle. We’ve also developed a two-speed transmission to propel the vehicle not only from start but also at extremely high speeds. With an integrated electronic limited slip differential, this e-AAM product will be one of the most sophisticated electric drive systems on the market.
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