Rosenbauer International AG

Annual Report • Apr 20, 2011

ANNUAL FINANCIAL REPORT 2010

Innovations for the future.

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KEY FIGURES

Rosenbauer Group			2010	2009	2008
	Revenue	m€	595.7	541.8	500.3
	thereof Austria	m€	42.8	53.7	54.1
	thereof international	m€	552.9	488.1	446.2
	EBIT
	before one-off eff ects	m€	46.2	43.5	39.9
	after one-off eff ects	m€	49.7	29.4	39.9
	EBIT margin		8.3%	5.4%	8.0%
	EBT	m€	49.1	26.4	32.3
	Consolidated profi t	m€	40.0	17.6	25.1
	Cash fl ow from
	operating activities	m€	34.8	17.5	20.4
	Investments	m€	8.9	15.8	12.2
	Order backlog as at Dec 31	m€	394.5	487.2	459.2
	Order intake	m€	496.9	575.9	556.7
	Employees (average)		2,014	1,895	1,722
	Employees as at Dec 31		2,046	1,946	1,795
Key balance sheet data	Total assets Equity in % of total assets Capital employed (average)	m€ m€	301.6 42.9% 179.7	306.8 32.5% 159.8	251.0 36.7% 139.0
	Return on capital employed		27.6%	18.4%	28.7%
	Return on equity		42.8%	27.6%	39.2%
	Net debt	m€	26.1	41.8	31.3
	Working capital	m€	100.2	75.0	77.3
Key stock exchange fi gures	Gearing ratio		20.2%	41.9%	34.1%
	Highest share price	€	39.8	32.5	35.4
	Lowest share price	€	28.4	18.0	16.6
	Closing price	€	37.5	29.0	22.0
	Number of shares	m units	6.8	6.8	6.8
	Market capitalization	m€	255.0	197.2	149.6
	Dividend	m€	8.21)	5.4	5.4
	Dividend per share	€	1.21)	0.8	0.8
	Dividend yield		3.2%	2.8%	3.6%
	Earnings per share	€	4.7	1.5	2.9
	Price/earnings ratio		8.0	19.3	7.6

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1) Proposal to Annual General Meeting

For more information, please contact: Gerda Königstorfer Phone: +43 732 6794-568 gerda.koenigstorfer@rosenbauer.com www.rosenbauer.com

ANNUAL REPORT 2010

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• 04 Group profi le
• 16 Executive Board
• 18 Foreword from the President
• 20 Investor relations
• 22 Corporate governance report
• 26 Sustainability
• 30 Compliance

31 GROUP SITUATION REPORT 2010

• 32 Economic environment
• 33 Developments in the fi re fi ghting sector
• 34 Revenues, orders and income situation
• 37 Financial position, asset and capital structure
• 38 Investments
• 39 Research and development
• 41 Employees
• 44 Opportunity and risk management
• 47 Internal control system (ICS)
• 48 Procurement, logistics and production
• 49 Disclosure pursuant to §243a Sect. 1 UGB
• 50 Supplementary report
• 51 Disclosures relating to anticipated developments
• 54 Segment reports

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• 54 Operating segments (by region)
• 59 Information on business units (by product)
• 64 Report of the Supervisory Board

65 CONSOLIDATED FINANCIAL STATEMENTS 2010

• 66 Consolidated balance sheet as at December 31, 2010
• 67 Consolidated income statement 2010
• 67 Presentation of the consolidated statement of comprehensive income
• 68 Changes in equity
• 70 Consolidated cash fl ow statement
• 71 Schedule of provisions
• 72 Movement in the consolidated assets
• 74 Segment reporting

76 Notes

• 76 General remarks
• 79 Consolidation principles
• 81 Reporting and valuation methods
• 88 Notes to the consolidated balance sheet and income statement

108 STATEMENT OF ALL LEGAL REPRESENTATIVES

• 109 Audit certifi cate (independent auditor's report)
• 111 Index
• 112 Glossary
• 114 Ten-year comparison
• 116 Imprint

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117 JAHRESABSCHLUSS 2010 ROSENBAUER INTERNATIONAL AG

Rosenbauer is the fi re protection and civil defence sector's leading manufacturer of fi re fi ghting vehicles. With its wide range of municipal fi re fi ghting vehicles and aerials built to both European and US standards, its extensive series of Aircraft Rescue Fire Fight ing vehicles (ARFF) and industrial fi re fi ghting vehicles, advanced fi re fi ghting com ponents and fi re & safety equipment, Rosenbauer is the industry's full-liner.

Rosenbauer is the international group with the strongest sales and distribution network. With its worldwide sales and customer service organization, Rosenbauer has a perma nent presence in more than 100 countries. Rosenbauer supplies its products to all target groups: Professional and volunteer fi re departments, industrial and airport fi re departments.

The Group's technological leadership is underpinned by a tradition of innovational strength, and by a system of institutionalized design management. Its central know-how lies in complex, custom-built fi re fi ghting systems and vehicles. All the processes needed in this connection are united under one roof: design and production of all fi re fi ghting systems, fi re engineering superstructures and the adequate control of the overall systems.

At the Group's eleven production facilities and seven sales companies, in 2010 its workforce of around 2,050 generated revenues of nearly 600 m€.

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Rosenbauer International AG AUSTRIA

Rosenbauer Österreich GmbH AUSTRIA 100%
Rosenbauer Management Services GmbH AUSTRIA 100%
Rosenbauer Holdings Inc. USA 100%	Rosenbauer America LLC. USA 50%	Minnesota Division General Safety Equipment LLC. USA 100%
Rosenbauer Holding GmbH & Co. KG GERMANY 100%	Metz Aerials Management GmbH GERMANY 100%	South Dakota Division Central States Fire Apparatus LLC.
Rosenbauer Finanzierung GmbH GERMANY 100%	Metz Aerials GmbH & Co. KG GERMANY 100%	USA 100% Aerials Division
Rosenbauer Española S.A. SPAIN 62.11%	Rosenbauer Feuerwehrtechnik GmbH GERMANY 100%	RK Aerials LLC. USA 50%
Rosenbauer Ciansa S.L.1) SPAIN 50%	Rosenbauer Deutschland GmbH GERMANY 100%	Rosenbauer Motors LLC. USA 100%
Rosenbauer AG SWITZERLAND 100%
SK Rosenbauer PTE Ltd. SINGAPORE 100%	Eskay Rosenbauer Sdn Bhd BRUNEI 80%
Rosenbauer South Africa (PTY) Ltd. SOUTH AFRICA 100%
PA "Fire-fi ghting special technics" LLC.1) RUSSIA 34%		PRODUCTION FACILITY TRADE/SERVICE HOLDING/MANAGEMENT

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1) At equity consolidated company

THE AT – GEARED UP FOR THE FUTURE

With the new AT – the vehicle concept of the future – Rosenbauer is pursuing its vision of making fi refi ghters' work safer, easier and more ergonomical. Innovations are the basis of this success. Ultimately, it is the smooth teamwork of specialists and professionals, working together to make ideas happen in practice, that is behind the new AT's success in the market.

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T-REX – BREAKING DOWN BOUNDARIES

When diff erent technologies and systems are harmonized, this opens up scope for giving products radically new attributes. Like with the T-Rex platform, the fruit of close co-operation between Rosenbauer America and Metz Aerials. It combines the very best of European and American fi re fi ghting engineering.

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EMEREC – AHEAD OF ITS TIME

Rosenbauer products stand apart not only for their outstanding performance but also for the many extra benefi ts they give to users. EMEREC is a giant step into the digital future, bringing together many very diff erent missionrelated data streams in a unifi ed information system that can be accessed from mobile terminals.

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16 EXECUTIVE BOARD

Julian Wagner (President and CEO) Born 1950 Joined Rosenbauer: 1968 Date of fi rst appointment: 1992 End of current period of tenure: 2012

FUNCTIONS WITHIN	Corporate strategy, marketing and advertising,
THE GROUP	personnel and social management,
	corporate communications, internal audit

Gottfried Brunbauer (Member of the Executive Board) Born 1960 Joined Rosenbauer: 1995 Date of fi rst appointment: 2000 End of current period of tenure: 2014

FIELDS OF BUSINESS	Municipal vehicles, Aerials and Fire fi ghting components
FUNCTIONS WITHIN	Technical Group coordination, logistics,
THE GROUP	innovation management, quality management,
	environmental management

Robert Kastil (Member of the Executive Board)

Born 1949 Joined Rosenbauer: 1983 Date of fi rst appointment: 1993 End of current period of tenure: 2013

PORTFOLIO	Finance
FUNCTIONS WITHIN	Financial accounting and controlling, Group fi nance,
THE GROUP	IT, risk management, internal control system,
	investor relations

Manfred Schwetz (Member of the Executive Board) Born 1946 Joined Rosenbauer: 1993 Date of fi rst appointment: 1993 End of current period of tenure: 2011

FIELDS OF BUSINESS Specialty vehicles and USA FUNCTIONS WITHIN International sales, customer service THE GROUP

Dieter Siegel (Member of the Executive Board) Born 1964 Joined Rosenbauer: 2009 Date of fi rst appointment: 2011 End of current period of tenure: 2015

FIELDS OF BUSINESS Fire & safety equipment and Business development

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F.l.t.r.: Kastil, Siegel, Brunbauer, Wagner, Schwetz

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EXECUTIVE BOARD 17

Dear Reader,

It is with considerable pride that we present the 2010 Annual Report. With revenues of 595.7 m€ and EBIT of 49.7 m€, the Rosenbauer Group was successful in growing its business yet again last year.

This gratifying development is the reason why, in consultation with the Supervisory Board, we shall be proposing a dividend of 1.2 € per share at the forthcoming Annual General Meeting. Rosenbauer's dividend yield of 3.2 % puts it among the very best dividend payers on the Austrian stock market. The 50 percent increase in the dividend over the previous year is also an expression of gratitude to our investors for the long-term confi dence they have placed in us.

An important cornerstone of Rosenbauer's success has always been our stable ownership structure. The majority-owning Rosenbauer family stands fi rmly behind the strategy laid down by Management, namely to achieve sustained growth on the basis of solid long-term planning. The company's success in recent years bears out the rightness of the owners' approach, and of Management's determination to keep the company on a sustainable long-term footing.

In this regard, it gives me particular pleasure that in Dieter Siegel, the Executive Board now includes a member of the next generation of the Rosenbauer family. This both upholds a tradition and points the way forward, signaling that there will continue to be a fi gure from the majority-owning family involved in the running of the company. Dieter Siegel has been in charge of the Fire & safety equipment and Busi ness development units since 2009; following our Executive Board colleague Manfred Schwetz's retire ment in fall 2011, he will also take on responsibility for the specialty vehicles business and thus for international sales and after-sales service.

Developments on the international fi re equipment markets gave cause for some concern last year. In the wake of the shocks delivered by the global fi nancial and economic crisis in the previous years, demand for fi re safety equipment went into reverse in several countries in 2010. Germany, Austria and the USA saw declines of up to 40% in sales volumes, for example. Faced with this adverse but disparate market environment, Rosenbauer countered it with its own special strengths: its innovative, needs-focused product line and the Group's strong international orientation. These enabled to compensate for the downturn on the above-mentioned countries' markets with increased export sales.

Most recently, political developments in the Arab world have introduced another element of uncertainty. Rosenbauer has long been a very active player in this region, from which the only sizeable orders currently being worked on are from Saudi Arabia, however. All shipments in recent months have gone to plan. Furthermore, we always take suitable precautions with shipments to politically troubled countries, in order to minimize any risks involved. It remains to be seen what eff ect, if any, the latest developments will have on future orders from these countries.

In Germany, the anti-trust proceedings against the main manufacturers of municipal vehicles attracted considerable attention. In order to prevent any undesirable developments in the future, in 2010 we set up a comprehensive compliance program which is binding upon both employees and sales partners.

Revenues and income rose, and so did output: We started the year with a record volume of order backlog, and all of our production facilities were working to capacity all the way through to the year-end. More fi re fi ghting vehicles, systems and components were produced in the manufacturing facilities in Austria, Germany, Spain, the USA, Singapore and Russia in 2010 than ever before. To deal with the high production volumes, more than 230 leased staff had to be taken on last year in addition to the core workforce.

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Our preparations for the fi re industry's premier international expo, Interschutz in Leipzig, also involved a great deal of work. This is the main gathering and meeting point for the fi re fi ghting sector, hence the importance of once again demonstrating the Rosenbauer Group's leading market position and innovation leadership. This we did, with fl ying colors, as has been borne out by the countless comments made to us at the fair and in the many positive feedback statements that we have received since. Centerstage in our presentation went to the new AT – the municipal vehicle concept for the next generation. After Interschutz, fi ve AT prototypes went on a demonstration tour to various fi re departments. Their feedback and the order intake so far, confi rm that the AT caters perfectly to the needs fi re services have. The AT production lines have been changed over, production has got underway and the fi rst of this new generation of ATs have already been delivered and are doing sterling service in the fi eld.

Management continues to expect the current year, 2011, to bring positive developments in the Group's business. On the strength of the large volume of orders (394.5 m€) on hand at the year-end, good capacity utilization can be forecast for the main production facilities.

The international markets remain very much in a state of fl ux in 2011. Whereas demand is expected to fall further in Germany and Austria, the outlook for project business in the emerging markets gives grounds for cautious optimism. High oil revenues, and the need for catch-up investments in safety infrastructure, are driving investment activity in these countries. Rosenbauer is making an especially determined push to intensify its activities in countries which may be expected to off er higher future procurement potential.

We are not expecting signifi cant recovery in the US market in 2011. In the USA, we are banking on our strong position in the specialty vehicle segment and are working to counter today's subdued demand with a further build-out of our dealership network.

Russia has been developing into a promising future market for Rosenbauer. We set up a production joint venture in Moscow in 2009, and already last year some 150 vehicles rolled off its production lines. This year we shall be ramping up production in Moscow still further.

Due to the widely divergent trends between diff erent sales regions, it is diffi cult to make any hard-andfast prediction about the likely course of business in 2011. However, the Group's international reach, and the high volume of project business currently being worked on, together warrant an optimistic perspective. As far as revenues and earnings are concerned, we are expecting these to consolidate at a high level.

Finally, I like to thank all our employees who work day in, day out, to make our company so successful. It is their commitment, creativity and experience which make Rosenbauer products what they are. We manufacture products in which fi re departments all over the world place great trust. Trust which every day, we at Rosenbauer strive to earn anew!

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Yours sincerely,

Julian Wagner

20 INVESTOR RELATIONS

2010 on the stock markets

Following the protracted price slide at stock exchanges all over the world in the wake of the fi nancial crisis in 2009, share prices began to recover in 2010. Price movements were characterized by striking diff erences between diff erent stock markets and sectors. Despite the diffi cult environment, 2010 was a good year for the Vienna Stock Exchange. The leading index ATX closed 2010 at 2,904 points, a rise of 17%.

Despite the volatile market environment, the Rosenbauer share once again lived up to its reputation as a stable investment in 2010, profi ting above all from the company's excellent performance. The Rosenbauer share

Over the course of 2010, the Rosenbauer share put up a better performance than the ATX Prime, which basically refl ects the overall Austrian capital market. Compared to the 2009 year-end price of 29.0 €, the share price gained 29% during the reporting period, reaching 37.5 € by year-end 2010.

Price movements, January to December 2010 (index in €)

Stability in the shareholder structure

Rosenbauer International AG has been listed in the Vienna Stock Exchange's "Prime Market" with nonpar-value shares (bearer shares) since 1994. 51% of the Rosenbauer shares are held by Rosenbauer Beteiligungsverwaltung GmbH, a holdings-management company founded by the family shareholders. A British investor holds a total stake in excess of 5%. The remaining shareholdings in the free fl oat are held by investors from Europe (Italy, France, Austria, Germany, Sweden, Great Britain and Switzerland) and the USA. Despite the turbulent market environment, Rosenbauer has been successful in further developing its shareholder structure. This has confi rmed the wisdom of the decision to deepen dialogue with investors, and with institutional investors in particular, and to intensify the road-show work.

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1) Holding company of Rosenbauer family shareholders

Distribution of dividends	Rosenbauer pursues a long-termist, shareholder-friendly dividend policy which assures a reasonable return on the capital employed while addressing the need to safeguard the company's growth perspec tives. Although market demand had already started to contract in the sector as a whole, the Rosen bauer Group managed to achieve another record year in 2010.
		For this reason, the Executive Board and Supervisory Board will be proposing a 50% higher dividend of 1.2 € (2009: 0.8 €) per share to the Annual General Meeting. Accordingly, the sum for distribution for 6.8 million non-par-value shares is 8.2 m€ (2009: 5.4 m€). In terms of the share's closing price of 37.5 €, this corresponds to a dividend yield of 3.2% (2009: 2.8%).
Open exchange of information with all players on the capital market was continued last year. Rosen Investor bauer held roadshows and took part in capital-market conferences in many European fi nancial centers relations in order to inform institutional investors about the strategy and performance of the Rosenbauer Group. activities There were also regular press conferences and meetings with analysts.
		Face-to-face contact with institutional investors and analysts was also deepened in 2010. Rosenbauer organized a Capital Market Day at the keynote "Interschutz" tradeshow in June. As well as presenting the latest business developments, Rosenbauer gave international investors and analysts comprehensive insight into the fi re equipment sector and the company's likely medium-term development. For the fourth year in succession, Rosenbauer also organized a Shareholders' Day for private investors. This took place at Group HQ in Leonding and was very well received by the private investors who attended.
Corporate	April 20, 2011	Press conference on fi nancial statements 2010
calendar	May 24, 2011	Publication of Quarterly Report 1/2011
	May 27, 2011	Annual General Meeting, to commence at 2 p.m.
		Börsensäle Wien (function hall at Vienna Stock Exchange)
		Wipplingerstrasse 34, 1010 Vienna, Austria
	June 6, 2011	Dividend payout day
	August 26, 2011	Publication of Half-year Financial Report 2011
	November 18, 2011	Publication of Quarterly Report 3/2011
	For more information on the Rosenbauer share, please contact: Gerda Königstorfer Phone: +43 732 6794-568 gerda.koenigstorfer@rosenbauer.com www.rosenbauer.com
Details	ISIN: AT0000922554
of the share	Vienna Stock Exchange listing: Prime Market
	Quoted on OTC market: Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart
	Stock exchanges: Regulated market in Munich; over-the-counter market in Berlin, Dusseldorf,
	Hamburg, Hanover, Stuttgart; Open market in Frankfurt
	Ticker symbols: Reuters: RBAV.VI; Bloomberg: ROS AV; Vienna Stock Exchange: ROS
	Number of shares: 6,800,000

Class of shares: Non-par-value shares made out to bearer

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Nominal share capital: 13,600,000 €

Volume traded: 64,034,488 € (2009: 66,537,079 €)

N° of shares traded: 2,016,420 (2009: 2,456,684)

ATX prime weighting: 0.28%

22 CORPORATE GOVERNANCE REPORT

Declaration1)

Rosenbauer is committed to upholding the Austrian Code of Corporate Governance, and fulfi lls the require ments of the said Code. In so doing, it meets domestic and international investors' expectations of responsible, transparent, long-termist corporate governance and control. In the year under review, the company's compliance with the Code was evaluated for the fi rst time by the Internal Auditing unit. The results of this audit demonstrate that corporate governance is indeed being lived out in practice at Rosenbauer.

The version of the Code governing the Group's reporting is the most recent one, as issued in January 2010, consisting of 83 rules which break down into three categories: In addition to the obligatory "L" Rules (legal requirements based on mandatory statutory provisions), Rosenbauer also provides the following explanations relating to the "C" Rules, drawing attention to, and outlining the reasons for, any deviations from the said Rules.3) The explanations required by the Code are published in the Annual Report and on the corporate website: www.rosenbauer.com

Composition and operation of the Executive Board2)

The Executive Board of Rosenbauer International AG shall manage the company on its own responsibility, as the well-being of the company requires, having due regard to the interests of shareholders, employees and the wider public, doing so always in conformity with the law, the Articles of Association and the Rules of Procedure approved by the Supervisory Board. The Executive Board has consisted of fi ve persons since January 1, 2011. It holds regular meetings at which it deliberates upon the current course of business and takes the necessary decisions and resolutions.

Continuous and candid exchange of information among the members of the Executive Board, and with the responsible managers of the business units and central units, is one of the main principles here. The Executive Board informs the Supervisory Board regularly and comprehensively on all issues relating to the course of business, including the risk situation and the Group's risk management. In addi tion, the Chairman of the Supervisory Board stays in regular touch with the Chairman of the Executive Board, with whom he discusses the strategy and ongoing course of business.

Scope of com
petence and
responsibilities
of the Executive
Board

■ Julian Wagner, President and CEO Born 1950 Joined Rosenbauer: 1968 Date of fi rst appointment: 1992 End of current period of tenure: 2012 Functions within the Group: Corporate strategy, marketing and advertising, personnel and social management, corporate communications, internal audit Supervisory board mandates: – ■ Gottfried Brunbauer, Member of the Executive Board Born 1960 Joined Rosenbauer: 1995 Date of fi rst appointment: 2000 End of current period of tenure: 2014

Fields of business: Municipal vehicles, Aerials and Fire fi ghting components Functions within the Group: Technical Group coordination, logistics, innovation management, quality management, environmental management Supervisory board mandates: –

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¹⁾ Pursuant to §243b UGB (Austrian Companies Act)

²⁾ Pursuant to §243 Sect. 2 UGB

³⁾ The Austrian Code of Corporate Governance comprises the following three categories of rules: "L" Rules (legal requirements), based on mandatory statutory provisions; "C" Rules ("comply or explain"), i.e. rules which must be kept, with an explanation having to be given for any deviations from the rule; and "R" Rules (recommendations), non-compliance with which requires neither disclosure nor explanation.

	■ Robert Kastil, Member of the Executive Board Born 1949 Joined Rosenbauer: 1983 Date of fi rst appointment: 1993 End of current period of tenure: 2013 Finance portfolio Functions within the Group: Financial accounting and controlling, Group fi nance, IT, risk management, internal control system, investor relations Supervisory board mandates: REFORM-WERKE Bauer & Co GmbH, Austria
	■ Manfred Schwetz, Member of the Executive Board Born 1946 Joined Rosenbauer: 1993 Date of fi rst appointment: 1993 End of current period of tenure: 2011 Fields of business: Specialty vehicles and USA Functions within the Group: International sales, customer service Supervisory board mandates: –
	■ Dieter Siegel, Member of the Executive Board Born 1964 Joined Rosenbauer: 2009 Date of fi rst appointment: 2011 End of current period of tenure: 2015 Fields of business: Fire & safety equipment and Business development Supervisory board mandates: –
Executive Board remunera tion report	An important element of the remuneration system is the variable component, which is closely linked to corporate performance. The ratio between the fi xed and performance-linked components of the Execu tive Board's total compensation in the period under review was 35% to 65%.
	The performance bonus of the Executive Board is determined as a percentage of the Group profi t (EBT) as shown in the consolidated income statement before deduction of income tax and non-controlling interests. An incremental reduction is made in this percentage in line with increases in the consolidated profi t.
	The severance-pay arrangements are based upon the regulatory stipulations. Following any cessation of the employer/employee relationship, the company will not be burdened by any subsequent contribu tions to the company pension scheme, or any vested right to future pension payments, on behalf of the Executive Board Member concerned. A D&O (Directors & Offi cers) insurance policy is in force for the Group, the costs of which are borne by Rosenbauer International AG.
Remuneration of Executive Board Members	It is the opinion of the Executive Board that the capital market's need for information is adequately served by the disclosures made in the above remuneration report. It has thus been decided to refrain from publishing details of the fi xed and performance-linked remuneration of each individual Member of the Executive Board.
Composition and operation of the Super	As well as to supervise the Executive Board, the Supervisory Board also considers it to be its duty to support the Executive Board in its management of the company, and especially with the taking of cru cially important decisions.

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visory Board2)

Periods of tenure of Supervisory Board members: Owner representatives	■ Alfred Hutterer, Chairman (since May 26, 2007) Born 1947 Date of fi rst appointment: May 24, 2003 End of current period of tenure: 2013 Annual General Meeting CEO TRUMPF Maschinen Austria GmbH & Co. KG ■ Christian Reisinger, Deputy Chairman (since May 26, 2007) Born 1960 Date of fi rst appointment: May 25, 2006 End of current period of tenure: 2011 Annual General Meeting CEO STIWA Holding GmbH ■ Karl Ozlsberger Born 1948 Date of fi rst appointment: May 26, 2007 End of current period of tenure: 2012 Annual General Meeting
	Management consultant ■ Rainer Siegel Born 1963 Date of fi rst appointment: May 29, 2009 End of current period of tenure: 2014 Annual General Meeting Senior Consultant, Marschollek, Lautenschläger & Partner (MLP) AG
Periods of tenure of Supervisory Board members: Workforce representatives	■ Rudolf Aichinger Born 1963 First delegated: July 17, 2003 End of current period of tenure: 2012 ■ Alfred Greslehner Born 1960 First delegated: December 9, 2004 End of current period of tenure: 2012
	None of the members of the Supervisory Board exercised a supervisory board mandate, or any compa rable function, in any other Austrian or foreign-exchange listed company in 2010. All the members of the Supervisory Board attended more than half of the meetings of the Supervisory Board in person during the period under review.
Supervisory Board committees	The Audit Committee met in April 2010 to review and prepare the 2010 fi nancial statement, to draw up a proposal for the appointment of the external auditor and to confer on all matters relating to the Group's fi nancial reporting. A further meeting was held to appraise the Group's internal audit, risk management procedures, internal control system and corporate compliance. The members of the Audit Committee were Alfred Hutterer (Chairman), Rainer Siegel and Rudolf Aichinger.

The functions of the strategy committee, which lays the groundwork for decisions of fundamental signifi cance in collaboration with the Executive Board, calling upon expert assistance where appropriate, are exercised by the Supervisory Board as a whole, provided that this latter comprises no more than fi ve elected members.

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	The remuneration arrangements for the Executive Board members are decided by the Supervisory Board's executive committee; all other functions of the human resources committee (primarily Execu tive Board succession planning, for example) are exercised by the Supervisory Board as a whole. The Executive Committee is made up of the Chairman of the Supervisory Board and his Deputy; it convened once during the period under review. Moreover, the Executive Committee conducts an annual appraisal interview with every Board member, to discuss his performance in the previous year and his objectives for the year ahead.
	The committees are elected for the period of tenure of their respective members. Each committee chooses a chairman and deputy chairman from among its number.
Meetings of the Super visory Board	The Supervisory Board met four times in the year under review. In addition, regular meetings of the owner representatives on the Supervisory Board took place at which matters of operational and strategic corporate governance were discussed with the Executive Board.
Contracts subject to approval	No "contracts subject to approval" as defi ned in "L"-Rule ("L" = legally required) n° 48 were in force last year, i.e. contracts with members of the Supervisory Board or with companies in which a member of the Supervisory Board had a considerable economic interest.
Remuneration schedule for members of the Super visory Board	The emoluments paid to members of the Supervisory Board consist of a fi xed and a variable component. The variable component is determined as a percentage of the Group profi t (EBT) as shown in the consoli dated income statement before deduction of income tax and non-controlling interests. This percentage is reduced in line with increases in the consolidated profi t. For the same reasons as those adduced under "Remuneration of Executive Board Members", it has been
	decided to refrain from publishing details of the fi xed and performance-linked remuneration of each individual member of the Supervisory Board.
Independence of the Super visory Board	"C" Rule 53: When establishing the criteria for assessing independence, the Supervisory Board follows the guidelines set out in Annex 1 of the Code of Corporate Governance. According to these guidelines, the Supervisory Board members Alfred Hutterer (Chairman), Christian Reisinger (Deputy Chairman) and Karl Ozlsberger may be deemed to be independent.
Supervisory Board members with a shareholding in excess of 10%	"C" Rule 54: None of the elected members of the Supervisory Board holds more than 10% of the shares of Rosenbauer International AG or represents the interests of a shareholder whose stake is in excess of 10%.
Affi rmative action for women	In the fi eld of affi rmative action for women and active parental-leave management, Rosenbauer has responded to the changes taking place in lifestyles and in the world of work. Rosenbauer is also endea voring to continually raise the proportion of management positions held by women.
Issuer Compli ance Directive	To prevent insider trading, the company has introduced a mandatory Issuer Compliance Directive that conforms to the latest Austrian capital market regulations. Adherence to this directive and any necessary modifi cations thereto, are continually monitored and implemented by the Issuer Compliance Offi cer. This directive applies to the members of the Executive and Supervisory Boards, top management at Rosenbauer International AG and all other persons who are privy to insider information, whether on a routine or project-related basis.

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26 SUSTAINABILITY

Commitment to sustainability	Also in these economically challenging times, Rosenbauer is conscious of the responsibility that comes with being a global player in the fi re protection and civil defense sector. In its goals and its activities, the company is committed to taking proper account of the interests of all stakeholders. Responsibility towards customers, employees and shareholders, society and the environment, as affi rmed in the mission statement, is a bedrock for all the company's actions.
	The cornerstones of success are seen in sustainability-oriented management decisions in which such issues as innovation and intelligent solutions, training and employee safety play a key role. Short-term thinking that only goes as far as the next quarter's results has no place in the Rosenbauer business ethos.
Working for Rosenbauer	Our employees are the company's principal ambassadors. It is they who shape the picture the public has of the company, and who represent Rosenbauer in its daily dealings with customers and all other stakeholders. This task can only be accomplished by motivated employees who are aware of what the company stands for, and of the values their work is helping to create. At Rosenbauer, we know that people who identify with their work will also be enthusiastic about it.
	Rosenbauer bears responsibility for over 2,000 employees, 54% of whom are based outside Austria. Besides promoting talent, creativity and commitment, the company attaches very great importance to rigorous vocational and continuing professional training.
Securing new talent	A prime focus is on training young employees so as to assure a steady supply of new skilled staff . Rosen bauer provides over 110 apprenticeship training positions at its European facilities, giving it an exceptionally high apprenticeship training rate compared with other industrial fi rms. Most of those who graduate from a technical/industrial apprenticeship can be off ered a permanent job. A large proportion of the offi ce trainees can also be kept on.
	Rosenbauer's extensive further-education and training program permits individualized in-service train ing for every single employee. It off ers everything from courses for personality and team development to foreign languages and management training, and courses with specialist technical and commercial curricula.
	Involvement in a volunteer fi re department is a hiring criterion that we are always very happy to see when recruiting new employees. With their practical real-life experience, the fi remen in our own ranks make a vital contribution towards translating customers' requirements into high-performing products. By being at the service of the wider community, they also stand for continuity of the values that make Rosenbauer special.
Promoting health	Rosenbauer has recently implemented a series of measures as part of its in-company preventive health care program: Among these is the launch of the Rosenbauer Health Pass, with which staff can get a free check-up followed by individual medical consultation. Also, the food off erings at the Leonding site have been revised with a view to promoting healthy, balanced nutrition. The between-meal snacks sold in the plant have also been changed over to mainly healthy products.

The US companies have also climbed aboard the "healthy nutrition" bandwagon. The focus here is mainly on the increased risk of diabetes caused by being overweight. As well as giving employees tips on how to achieve a healthier and more balanced diet, the US companies have also started a competition aimed at encouraging staff to lose weight.

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The eff orts to eliminate alcohol and tobacco consumption in the company were continued in 2010. A number of information events were held, and concerted counseling and advice services were off ered. The infrastructure has been adapted in line with this policy, and outdoor smoking shelters set up. The Austrian locations – Leonding, Neidling, Graz and Telfs – have thus all been "alcohol and smoke free premises" since 2010. The sports association, which has been a fi xture of company life for decades, promotes various diff erent sports.

Ensuring occupational safety

By continually improving its processes and workplaces, Rosenbauer protects its employees against accidents. The company is constantly investing in up-to-date and ergonomically designed tools, workaids and safety devices. When it comes to the provision of protective equipment, it goes beyond what the law requires, for example by providing individually adapted goggles, ear protectors and orthopedic shoes. High priority is also given to preventative work, in collaboration with safety experts and occupational health physicians, and to ensuring compliance with the legal requirements.

Regular, systematic inspection tours and internal 3S (Safety – Set in order – Shine) housekeeping audits are performed in accordance with defi ned priorities, with all outstanding issues being remedied and improved at top speed. Also, a program was introduced to evaluate every single workplace with regard to workplace safety.

A reporting system is used to record accidents and events with reference to standardized criteria. As well as notifi able workplace accidents, "near-miss" accidents are also registered, documented and analyzed in the system, which serves as the basis for improvement actions. The internal performance metric developed to measure this is the "lost working hour's rate" (ratio of hours worked to hours lost). Evaluation of recent years' workplace accidents has shown that insuffi ciently safety-conscious behavior and a lack of safety awareness on the part of employees have become the chief causes of accidents.

Successful certifi cation of the safety management system to OHSAS 18001 in 2009 provided further confi rmation of the high standard of workplace safety at Rosenbauer.

Convincing customers with quality The job that fi re departments do is a highly responsible one. Rosenbauer supports them with products that stand out for their perfect interplay of functionality and operator guidance.

The three criteria through which the company distinguishes itself from competitors are innovation, functional design and system integration. In the past few years, Rosenbauer has brought a slew of product innovations to market: 32% of 2010 revenues were realized with new products that are no older than fi ve years.

Fire fi ghting equipment has to function reliably for years and even decades. This is why the company assures the lasting quality of its products by means of systematic quality management. The quality management system is certifi ed to EN ISO 9001:2008 and is lived out in practice at Rosenbauer as a dynamic process.

Long-lived products, and equally long-lived availability of spare parts, are a key customer requirement. This is why the company's after-sales service operates a worldwide network of service stations and is on call around the clock. Another contribution to sustainability is refurbishment: This involves older vehicles being rehabilitated in their entirety, and refi tted to the very latest state of the art in terms of engineering and safety. Worldwide after-sales support

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Permanent innovation	The demands being made of fi re departments are constantly evolving. For us, this means always being willing to innovate in a way that stays closely tuned to what is happening "on the ground". By institu tionalizing innovation management, we have created the framework for systematically gearing product development to the specifi c requirements of the fi re departments.
	Ensuring the safety of fi refi ghters in action is a central concern in product development. To take just one such example, the crew-cab of the new AT municipal vehicle will be fi tted out with safety belts, seat-belt tensioners and side airbags. A program for preventing accidents on fi re fi ghting missions has also been carried out in the USA in recent years. In recognition of these eff orts, the Group's US com panies have received several distinctions, among them the "Best New Apparatus Award" from the US trade press, with its "emphasis on safety as the overriding priority".
Co-responsibility for develop ments in	Rosenbauer products protect lives and safeguard property. In so doing, they perform a crucial function for society.
society at large	Rosenbauer is committed to high ethical values. The Code of Conduct introduced in 2010 lays the cornerstones for responsible, legally compliant conduct on the part of all employees and business asso ciates. It is based on the principles and values enshrined in the mission statement, observance of which is mandatory in the conduct of business throughout the world.
	The proceeds from the sale of beverages and of rides on Metz turntable ladders at the international fi re equipment tradeshow Interschutz were donated to the "Hilfe für Helfer" ("Help for Helpers") charity run by the German Fire Services Association. This 12,000 € donation will go towards fi nancing psycho-social support for fi refi ghters in the wake of particularly distressing missions.
	Rosenbauer plays an active role in creating and sustaining regional economic structures. In the districts surrounding its production plants, Rosenbauer has a network of subcontracting enterprises with which it works on a long-term basis, helping to sustain regional employment. In the regions where Rosenbauer has production facilities it is regarded as a leading "anchor" enterprise.
Production with high resource effi ciency	In the production of fi re fi ghting equipment, safety, cost eff ectiveness and above all resource effi ciency take top priority. Environmental criteria are taken into consideration in all key decision-making pro cesses, bearing in mind that the manufacturing processes consist primarily of assembly operations.
	The processes used are the classic ones of mechanical engineering and custom vehicle manufacturing, and of metalworking and plastics processing. This enables the environmental impact to be kept within relatively limited bounds. Resource conservation, energy effi ciency and comprehensive environmental management are all deeply ingrained in the corporate culture. The company regularly invests in environ mental protection measures. These endeavors to unite environmental and economic effi ciency are not an end in themselves, but help the Group put itself on a sustainable long-term business footing.
	Continuous improvement of the Group's "environmental balance sheet" is another explicit corporate objective. The ISO 14001:2004 certifi ed environmental management system is, in turn, part and parcel of the Integrated Management System. By expressing all relevant environmental and workplace safety processes in terms of a uniform system of key fi gures, it gives us the framework for continual improve ment of the Group's overall environmental footprint.

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Emissions reduction from new paint-shop

Fire fi ghting vehicles still need to be painted with solvent-based paint systems. Water-based paints have only limited usability, because foam-based extinguishants contain substances that can dissolve waterbased paint fi nishes. The new paint shop that has been built at the Neidling plant has permitted signifi cant reductions in solvent content.

Integrated Management System (IMS)

The Integrated Management System of the Rosenbauer Group encompasses not only quality and environmental management but also occupational health and safety.

The IMS is documented on the company's internal web platform as a central tool for controlling, and for letting employees see quickly which rules apply in any given case. All the main enterprise processes are designed with reference to management criteria, enabling process deviations to be recognized and corrected at an early stage. The interactions and infl uences of the various processes on quality, environment and workplace safety are displayed in a system of key fi gures.

Not least, the consistent implementation of company policy and corporate objectives is refl ected in the quality costs: Despite the high output in 2010, last year's quality costs were kept at the same level as in previous years. As a proportion of overall production costs (including chassis), they came to 1.38%, as against 1.42% in 2009.

The Integrated Management System was certifi ed in a combined compliance audit in the reporting period. All the German and Austrian production sites are certifi ed to ISO 9001 (quality) and ISO 14001 (environment); the Austrian production sites also have OHSAS 18001 (workplace safety) certifi cation.

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30 COMPLIANCE

Group-wide rules of conduct

Rosenbauer understands "compliance" as meaning that all aspects of its business activities conform to the laws, rules and regulations applying in any given case. These also include internal directives and voluntary commitments. The aim is to ensure exemplary quality not only in the company's products and processes, but also in its conduct towards third parties.

In the year under review, Management issued a Code of Conduct with rules for proper behavior which all employees and sales partners, throughout the world, are expected to uphold in the course of their business dealings.

To assist implementation, a compliance organization has been established which also takes in all subsidiaries and sales partners. The Compliance Manager reports directly to the Executive Board and regularly informs the Supervisory Board's Audit Committee on the steps that have been taken, and on any relevant occurrences. Compliance organization

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Corporate Compliance Contact Persons have been nominated at the Group's various locations, to act as local points of contact for receiving, documenting and passing on reports about suspected misconduct, and to handle general compliance enquiries. Protection of whistle blowers is mandatory and – provided that they are not themselves involved in the misconduct – they must not be placed at any disadvantage in terms of labor law.

Last year a program of training and information was initiated which covers the compliance topics that are relevant to each employee's sphere and scope of responsibility.

The Code of Conduct is issued to all employees of the Group, and to relevant sales partners, as a central policy directive, and is also made available to all external stakeholders on the company's website.

GROUP SITUATION REPORT 2010 31

• 32 Economic environment
• 33 Developments in the fi re fi ghting sector
• 34 Revenues, orders and income situation
• 37 Financial position, asset and capital structure
• 38 Investments
• 39 Research and development
• 41 Employees
• 44 Opportunity and risk management
• 47 Internal control system (ICS)
• 48 Procurement, logistics and production
• 49 Disclosure pursuant to §243a Sect. 1 UGB
• 50 Supplementary report
• 51 Disclosures relating to anticipated developments

54 SEGMENT REPORTS

• 54 Operating segments (by region)
• 59 Information on business units (by product)

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ECONOMIC ENVIRONMENT

2010 saw world trade and industrial production continue to stabilize, albeit at very diff erent rates from one region to another. The pace of economic developments slowed down in the last few months of the year, but at well over 4%, global GDP growth was more or less back where it had been before the fi nancial crisis hit. World economy

The pacemakers and drivers of growth for the world economy in 2011 will once again be the countries of Asia and Latin America, although not to the same extent as in previous years. In an attempt to prevent their economies from overheating, China and other hitherto booming emerging markets have been taking steps to curb runaway growth. World GDP growth is expected to be less than 4%, slightly below previous forecasts.

Despite high unemployment and record government debt, the US economy recovered further in 2010. Private consumption and the property market – both of which are key drivers of growth – still showed little momentum. The main impetus for growth has been coming from government stimulus programs which are set to expire in the near future. North America

Although the growth curve is expected to fl atten off in 2011, the US economy is still likely to expand by an annualized average of over 2% – not least because of the forecast slight increase in employment and the resulting positive eff ects on household income.

The European economy visibly gained traction in 2010. Real GDP growth in the EU as a whole came in at around 1.8%, closely followed by 1.7% in the euro area. The upswing was much more pronounced in some regions than others. High public defi cits and the resultant budgetary tightening, the continued need for reform in the fi nancial sector and the generally subdued level of investment activity are all still weighing upon the recovery. Europe

Economies in Europe will continue to recover in 2011, albeit at a more modest pace than hitherto. In the euro area, a two-speed recovery is making itself increasingly apparent: Germany, and economies that are closely integrated with it, have been benefi ting from global growth and will expand further in 2011. In Southern Europe and Ireland, on the other hand, drastic budgetary austerity measures and lower competitiveness are subduing the prospects for growth. In the EU's CEE member states, economies are expected to pick up speed.

The Russian economy grew nearly 4% in 2010, making up for half of the contraction it suff ered in 2009. Unlike the country's corporate sector, Russia's households are not greatly indebted, which enabled them to consume a larger share of their rising incomes in 2010. Due to the great need for modernization in both infrastructure and the economy as a whole, capital investment is expected to rise again in 2011, taking growth to around 4% this year.

Asia

Asia's emerging markets once again acted as the locomotives of the world economy in 2010. India, in particular, has been enjoying sustained and robust growth, thanks to buoyant domestic demand. A number of economic stimulus measures were gradually withdrawn in 2010. Indian growth is thus expected to fall back slightly from its recent rate of just under 10% to 8.5% in 2011.

China overtook Japan in 2010 to become the world's second-largest economy. Sustained growth continues to be the Chinese government's overriding aim. Since the middle of last year, however, carefully targeted measures have been taken to prevent the property market from overheating. After racing ahead at 10.5% in 2010, economic growth is expected to slow slightly in 2011, to 9.6%.

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DEVELOPMENTS IN THE FIRE FIGHTING SECTOR

International

As was to be expected, the fi nancial and economic crisis – whose eff ects have still not been fully surmounted – has also left its mark on the fi re equipment sector. Not all markets have been aff ected to the same extent; some have been more badly hit, while others are still performing at a high level.

The sector is growing mainly in countries with a heightened awareness of security needs following natural and terrorist disasters, and in emerging markets that are stepping up their infrastructure investments. The growth in air traffi c, and the bringing into service of larger aircraft, are leading to greater demand for specialty vehicles.

Fire department fi nancing varies widely from one region to another, and is highly dependent upon underlying political conditions. The crucial factor aff ecting procurement activity in many developed countries is the fi nancial strength of local authorities, while in many other countries, procurement is fi nanced from centrally controlled state budgets. The latter case is mostly associated with large-scale procurements which are made at irregular intervals and are also aff ected by special events.

On the basis of the most recently available UN statistics, for 2009, the size of the market can be put at around 3,000 m€. Compact vehicles (up to 7.5 t) and fi re & safety equipment are not included in this fi gure. More than 90% of the vehicles in question go to Europe, the NAFTA countries, Asia and the Middle East.

In the USA, the world's largest single market, sales volumes had already declined by around 30% in 2009, and stagnated at the same level in 2010. It was mainly fi re departments in the larger cities who were hit by this drop in procurement, which was less severe in rural areas. The business diffi culties of a number of US manufacturers have led to stiff er price competition and to shifts in market shares. The market is not expected to recover signifi cantly in 2011 either. North America

Due to the worsening budgetary situation of local authorities, which have a crucial infl uence on the fi re fi ghting sector in several countries, parts of the European vehicle market slumped badly last year. Europe

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The Spanish fi re equipment market suff ered the most massive decline, shrinking by 50%. In Austria, market volume fell by around 40%. In countries of Central and Eastern Europe, a number of pending major projects were put on hold. Moreover, the cloudier economic climate in these markets also led to a decline in ongoing procurement volumes. Competition in this region is also being aff ected by the growing number of local manufacturers, who mainly turn out simple fi re fi ghting vehicles. Technologically sophisticated vehicles, by contrast, are ordered from noted international manufacturers.

The German market for vehicles weighing over 7.5 t fell back by around 15% last year compared to 2008, which can be taken as an average year in terms of procurement volumes. Following some sizeable procurement projects from civil-defense and disaster preparedness organizations over the previous two years, 2010 marked the point when Europe's biggest market for municipal vehicles started to feel the impact of the fi nancial and economic crisis. With an average fl eet age of around 15 years, many of Germany's fi re service vehicles are well into the second half of their expected life spans. Nevertheless, no growth is in sight for 2011. On the contrary, the ongoing budgetary constraints imposed upon local municipalities mean that the German market may be expected to shrink by around a further 10%.

Russia is one of the world's biggest fi re equipment markets. In the past, however, almost all procurement was of locally produced vehicles, of comparatively low qualitative and technical standard. A series of major fi res have pushed safety concerns much higher up the country's agenda. In response, programs have been launched to modernize municipal fi re departments while aiming at the highest possible degree of local value addition.

In Southern Europe, procurement is still dominated by centralized tendering procedures, which is why these markets mostly have "spot-market" character.

Having kept their economies growing – unlike Western industrial nations – the big Asian fi re equipment markets of China and India once again put in very positive performances in 2010. Both markets are dominated by municipal vehicles with little claim to quality or technological sophistication, and which are produced locally at low cost. For incumbent manufacturers, this means that aerial rescue vehicles and specialty vehicles for the major cities, airports and industrial fi rms are the main focus of interest. The level of technology and quality required here, also in China and India, is one of which local manufacturers are not yet capable. Asia

• With the exceedingly large procurement projects of recent years, the Middle East has established itself as an important sales region for the international fi re equipment industry. The continuing need for catchup investments in safety infrastructure means that a high level of capital spending is likely for some time to come, even though a certain market saturation is now starting to make itself felt in several countries in the region. Middle East
• The markets in Latin America and Africa are characterized by spot projects. In oil producing countries, technically sophisticated European or US-manufactured fi re fi ghting vehicles are increasingly in demand. As these procurement programs sometimes have lead-times lasting several years, this makes them somewhat diffi cult to forecast. Other markets

REVENUES, ORDERS AND INCOME SITUATION

In 2010, the Rosenbauer Group succeeded in sustaining the growth trajectory of recent years and in posting new record fi gures for revenues and income. The international orientation and worldwide presence so energetically pursued by the Group, its technological leadership, and growth on the US market were the major drivers of this success.

Group revenues climbed by 10% in 2010 to a record high of 595.7 m€ (2009: 541.8 m€), meaning that Group revenues have doubled in the past six years. This development was driven largely by the export sales of Rosenbauer International AG and by the Group's US businesses.

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At 346.4 m€, the largest proportion of 2010 revenues was contributed by Rosenbauer International AG (2009: 319.7 m€). Its export ratio of 93% (2009: 90%), with shipments to around 100 countries, makes it the most internationally orientated company in the industry.

The Group's strongest revenue segment, accounting for 71% (2009: 70%) of revenues, was the "Vehicles" product segment. The "Aerials" segment posted revenues of 65.7 m€ (2009: 70.4 m€), corresponding to an 11% (2009: 13%) share of total revenues. Accounting for 10% (2009: 10%) and 3% (2009: 3%) of revenues respectively, "Fire & safety equipment" and "Fire fi ghting components" were at roughly the same level as the year before. The newly established "Business development" segment posted revenues of 1.3 m€ (2009: 1.1 m€). "Service & spare parts" and "Other" revenues accounted for 5% of the total in 2010 (2009: 4%).

Due to its relative insignifi gance, the proportion of revenues accounted for by the 2009 established unit Business development is not shown here.

As in previous years, Western and Eastern Europe were once again Rosenbauer's biggest sales regions. Around 42% of Group revenues, amounting to 250.6 m€ (2009: 43%/233.5 m€), was achieved on these markets. Owing to the many shipments made in fulfi llment of the large-scale major orders from Saudi Arabia, the Arab world took second place in the revenue ranking, with 121.8 m€ (2009: 94.0 m€), equating to a 20% (2009: 17%) share. The NAFTA countries follow in third place, with revenues of 111.6 m€ (2009: 107.7 m€), accounting for 19% (2009: 20%) of total revenues. 11% of Group revenues, totaling 64.8 m€ (2009: 72.2 m€) were earned from the Asia and Oceania region. Revenues from other countries came to 8% of the total (2009: 6%).

Orders

Last year the Rosenbauer Group took new orders worth 496.9 m€ (2009: 575.9 m€). This is 14% less than the year before, when the order intake was swollen to a total of 575.9 m€ by an exceptionally large major order from Saudi Arabia. This provides for the supply of 220 fi re fi ghting vehicles, worth 100 m€, to the General Authority of Civil Aviation (GACA). The order will run until 2012 and will have an impact on revenues and earnings throughout this time.

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At 394.5 m€ (2009: 487.2 m€) year-end 2010 order-book levels refl ected the solid pace of incoming orders and mean that good capacity utilization is assured at the Group's production facilities in 2011.

Income situation

EBIT in the reporting period rose to a record 49.7 m€ (2009: 29.4 m€), equating to an EBIT margin of 8.3% (2009: 5.4%). As in previous years, the export business of Rosenbauer International AG and the US companies were the main drivers of earnings.

1) Includes the partial reversal, in an amount of 3.5 m€, of the provision made for the anti-trust proceedings in Germany,

which were concluded in the fi rst quarter of 2011.

2) Includes the allocation of a 15.0 m€ provision made in the light of the anti-trust proceedings instituted in Germany in 2009.

A 15.0 m€ provision was set aside in 2009 as a risk precaution in the light of an ongoing anti-trust case. In 2010 there was a positive eff ect worth 3.5 m€ resulting from the partial reversal of this provision for anti-trust risks. The German Federal Cartel Offi ce's proceedings against several manufacturers of municipal vehicles were concluded when offi cial notice of the fi nes was served in the fi rst quarter of 2011. The fi nes imposed on the two companies aff ected, Rosenbauer International AG and Rosenbauer Feuerwehrtechnik GmbH, totaled 10.5 m€. After legal and incidental costs are added, the total sum required is likely to amount to 11.5 m€, permitting the above-mentioned partial reversal of the provision for antitrust risks. The operating result before allowing for the one-off eff ect from the reversal of the provision is 46.2 m€. An excellent operating EBIT margin was achieved once again, of 7.8% (2009: 8.0%), well above the industry average.

Despite the substantial increase in production volumes, the "Finance cost" of –2.8 m€ (2009: –2.9 m€) remained roughly the same as the year before. The modest fi nancing costs are mainly due to low interest rates. In both the USA and Europe, the fi nancial and economic crisis has led to a signifi cant fall in creditworthy companies' fi nancing costs.

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The Group's working capital needs were fi nanced mainly on a short-term basis. The non-current liabilities were underlain by interest rate adjustment agreements based on the 3-month or 6-month rate of interest. The interest expense incurred on all interest-paying fi nancial liabilities totaled 1.9 m€ in the reporting period (2009: 2.7 m€). The average rate of interest paid was 2.3% (2009: 2.9%).

The joint ventures Rosenbauer Ciansa S.L. in Spain and PA "Fire-fi ghting special technics" LLC. in Russia were carried at equity in the balance sheet. Together, they contributed 2.2 m€ (2009: –29.0 k€) to last year's result.

Rosenbauer International AG holds a 34% equity interest in the production joint venture PA "Fire-fi ghting special technics" LLC. in Moscow, with the remaining stakes being held by two local partners. The aim of the joint venture is to supply the Russian market with fi re fi ghting vehicles that are fi tted out with high-quality equipment, while trying to increase the local value-added content. In an initial phase, Rosenbauer-produced superstructures were placed onto local chassis in Moscow and fi tted with fi re safety equipment. In the medium term, it is intended to gradually step up the local share of value-added. The joint venture shipped a total of 150 fi re fi ghting vehicles in 2010.

Rosenbauer Ciansa S.L., based in Linares, Spain, is a joint venture in which Rosenbauer International AG holds a 50% stake. The remainder is held by the co-owner and Managing Director of Rosenbauer Española, Madrid. The aim of this production joint venture is to take over all manufacturing for the Spanish company. To this end, a new production plant has been built; this went into service in the fi rst half of 2011.

Profi t before income tax (EBT) in the reporting period came to 49.1 m€ (2009: 26.4 m€). The previous year's fi gure was adversely aff ected by the 15.0 m€ provision for anti-trust risks. Due to the non-recurrence of the (non-tax-deductible) one-off eff ect, the taxation ratio improved to 18.5% (2009: 33.5%), taking the stated taxation expense to 9.1 m€ (2009: 8.9 m€). After deduction of the tax on income, the net profi t for the period comes to 40.0 m€ (2009: 17.6 m€).

The profi t shares for the non-controlling interests held by the co-partners in Rosenbauer America and Rosenbauer Española came to 8.3 m€ (2009: 7.7 m€).

The Rosenbauer brand today stands worldwide for innovative products, acknowledged quality and high technical standards. The Group's strong position as a global player, and the continued expansion of its international sales organization, have been instrumental in driving its growth in recent years.

FINANCIAL POSITION, ASSET AND CAPITAL STRUCTURE

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For industry-specifi c reasons, the balance-sheet structure of the Rosenbauer Group at the year-end is typifi ed by a high level of working capital. This results from the turnaround times, lasting several months, for the vehicle contracts currently under manufacture.

Stabilization of the balancesheet total

The balance-sheet total decreased, as compared to the previous year, from 306.8 m€ to 301.6 m€. This marks the fi rst time for several years that a stabilization of the balance-sheet total has been possible despite the company's continued growth.

The "Joint ventures" item essentially comprises the initial share capital paid into Rosenbauer Ciansa S.L. in 2009, and the 2010 result of the production joint venture PA "Fire-fi ghting special technics" LLC. in Moscow, and rose from 1.5 m€ to 3.6 m€.

Due to the still-high volume of shipments in the current year, inventories remained at a high level of 120.0 m€ (2009: 118.9 m€). The production contracts, on the other hand, increased to 50.6 m€ (2009: 40.7 m€) and were thus 24% above the previous year's fi gure. This was because certain shipments were deferred into the fi rst quarter of 2011 and because a large proportion of inventories were redefi ned as production contracts due to their high degree of completion.

Thanks to effi cient management of current assets, it was also possible to reduce the current receivables total to 54.1 m€ (2009: 78.6 m€).

The Group's fi nancing strategy has, for many years, followed conservative principles which give priority to maintaining assured liquidity and the highest possible equity capitalization. Thus it was that the Group's equity capitalization was improved still further in 2010, increasing by 30% to 129.3 m€ (2009: 99.8 m€). This raised the Group's equity ratio to 42.9% (2009: 32.5%), far exceeding the long-term goal of an equity ratio above 35%. In the medium term, it should be possible to keep it at or above this level. Group's equity ratio improved

Infl uenced by the good earnings performance of recent years, the Group's excellent fi nancial situation has helped make it possible to pay down the interest-bearing liabilities from 48.8 m€ to 36.8 m€. Accordingly, short-term debt also decreased, by 21%, to 135.0 m€ (2009: 170.1 m€).

The Group's net indebtedness, meaning the balance of interest-bearing liabilities less cash and securities, improved to 26.1 m€ (2009: 41.8 m€) last year. This is also apparent from the gearing ratio, which improved to 20.2% (2009: 41.9%).

Net cash fl ow from operating activities rose to 34.8 m€ (2009: 17.5 m€) last year.

		2010	2009	2008
Capital employed (average)	in m€	179.7	159.8	139.0
Return on capital employed (ROCE)	in %	27.6	18.4	28.7
Return on equity (ROE)	in %	42.8	27.6	39.2

Key profi tability fi gures

INVESTMENTS

Expansion program concluded

Capital spending decreased last year to 8.9 m€ (2009: 15.8 m€), thereby returning to a more normal level, albeit one still relatively higher as a consequence of the company's growth. Commissioning of the new paint shop at the Neidling facility in Austria marked the completion of a multi-year program to expand production capacity in Austria, Germany and the USA.

The largest single part of the year's investments (46%) went on replacement capital investments and on fulfi lling offi cial directives. 37% went on enlarging production capacity and on the accompanying improvements in productivity and a further 17% on rationalization measures.

Since 2005, capital investment has been well above the annual depreciation charges, in line with the goal of sustained long-term growth. Thanks to this heavier capital spending, depreciation charges in the Rosenbauer Group increased in 2010 to 7.3 m€ (2009: 6.5 m€).

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The production facility at Luckenwalde, near Berlin, has been undergoing a multi-year process of modernization which will be gradually completed over the next few years. In 2010, the renovation work focused on the pre-assembly and cab fabrication areas, and on the main warehouse. As a result, the manufacturing infrastructure was further optimized, and production operations for vehicle double cabs were re-arranged on an assembly-line basis. The investment outlays on revamping the Luckenwalde plant totaled 0.5 m€ in 2010. Modernization at the Luckenwalde plant

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RESEARCH AND DEVELOPMENT

Investments and depreciation

In 2010, the Rosenbauer Group invested 9.7 m€ (2009: 9.2 m€) in research and development. This amount is equal to 2.3% (2009: 2.5%) of the relevant net sales proceeds from our own production. Around 75% (2009: 71%) of these development costs (7.3 m€, as against 6.6 m€ in 2009) were incurred by Rosenbauer International AG, the Group's center of expertise for municipal and special-purpose vehicles, fi re fi ghting systems and fi re & safety equipment. Research costs have not been capitalized and so have been passed directly, and in their entirety, to the income statement.

Research and development / R&D ratio

Further development

Last year, the company's research and development eff ort focused on preparations for Europe's biggest fi re equipment tradeshow: "Interschutz – Der Rote Hahn" is held in Germany every fi ve years and took place in Leipzig from June 7 to 12, 2010. All the big-name manufacturers were present at the fi re industry's premier trade show. Rosenbauer's approx. 5,000 m² booth showcased the company as the industry's biggest exhibitor and its innovation leader.

The development drive focused on integrating all vital components and functions into a total system: "Integrated Solutions" – fi re fi ghting systems and vehicle technology, as well as communications and safety devices, that all communicate with one another via a CAN bus.

At the fair, Rosenbauer presented innovations from all areas of the company's business. The greatest attention was attracted by the new AT, the EPS (Electronic Power System), the NAUTILUS submersible pump, the turntable-ladder rescue cage with a 450 kg payload, and by the giant RM130 monitor, with its 13,000 l/min fl ow rate and 120 m throw range.

With its continuous stream of new developments, Rosenbauer is one of the most innovative companies in the industry. The basis for this is systematic innovation management that involves every single employee. Last year, the innovation management system was extended to include the Neidling facility, where a local innovation team was set up. This team takes up creative ideas from employees and other sources, evaluates them and pursues them further. The best ideas are then passed on to project teams, who develop them until they are ready for the market and for series production. Extended innovation management

A key role in the company's innovational strength is played by those employees who are themselves active members of volunteer fi re departments. Their practical fi re ground experience fl ows directly into the product development process. This ensures that as well as being technically "state of the art", new products also meet fi refi ghters' real-life requirements in terms of ease of operation and ergonomic design.

Early in 2010 Rosenbauer was singled out for the quality of its innovation management, winning the "Best Innovator" award in the "Innovation Organization and Culture" category. Particular recognition was given here to employees' broad involvement in the innovation process.

The municipal vehicle of the future – the new AT

With 90 innovations and perfect interplay between all its components, the new AT is the best example of "Integrated Solutions" from Rosenbauer. All systems are controlled via a uniform CAN bus and operated by way of touch screen displays. Improved handling and optimized safety were the main development goals with the new AT.

The crew compartment has been completely redesigned to give the fi refi ghters much more space; this is the fi rst-ever municipal vehicle to have seats equipped with safety belts, seat-belt tensioners and roll-over side airbags. Glass doors let more light into the cabin and allow the crew to get a better idea of the situation at the scene of the mission before they even get off the vehicle.

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This is the fi rst time that LED technology has been so thoroughly implemented in a fi re fi ghting vehicle – all the way from the front fl ashers to the perimeter and underbody lighting, and from the light bars in the equipment lockers to the high-performance fl ood lamps for the lighting mast. In the fi eld, LED delivers more and – even more importantly – better and more homogeneous light; what is more, LED lights are very rugged, durable and energy-effi cient.

The NAUTILUS is a good example of Rosenbauer successfully launching a strong "own brand" in the fi re & safety equipment fi eld. Developed 100% in-house, two models of this system have been in production at the Leonding plant since early 2010: one with 400 l/min and 4 mm fl at suction performance, the other with 800 l/min and 8 mm fl at suction performance. Sales have leapt threefold compared to previous years when the submersible pumps were still being bought in from external vendors. Whereas up until 2009 it was almost only Austrian clients that were showing interest, last year 70% of all NAUTILUS sales went to international customers. NAUTILUS submersible pump

The EPS is a new energy system for providing electricity to all power-consuming devices in and around the fi re fi ghting vehicle. It consists of a high-performance generator that delivers electrical energy independently of the engine speed. The power is taken from the vehicle engine via a second auxiliary drive, irrespective of whether the fi re pump is in operation or not. Depending on the chassis, the generator delivers up to 140 kVA and is capable of keeping a large number of heavy-duty devices supplied simultaneously. This patented system, consisting of the generator, converters and electrical appliances, can be fl exibly adapted to any vehicle engine. Electric Power System (EPS)

450 kg turntable ladder rescue cage

The Rosenbauer Group's aerial rescue specialist Metz Aerials has boosted the payload on its recently developed new rescue cage from 270 kg to 450 kg. As well as permitting a much higher rescue rate, it makes it easier to rescue heavy individuals who may need to be strapped to a stretcher. Thanks to the higher payload rating, a second person – an emergency doctor, for example – can now accompany the fi refi ghter in the cage during the rescue operation.

EMPLOYEES

The success of the Rosenbauer Group relies to a crucial extent upon the capability and the eff orts of the people that work for it. They had numerous challenges to surmount last year, with not only a very ambitious shipment program to meet but also the Interschutz trade show presentation to prepare and carry out.

Attractive employer

The fact that Rosenbauer is seen as an attractive employer is not just because of its fascinating products but also has a lot to do with the company's culture. Being an enterprise with a long and proud tradition, its corporate strategy is geared to sustainability and long-termism. This steady ethos gives the workforce a sense of security.

Continuity in personnel policy and long-term employee retention are values to which Rosenbauer, as a majority family-owned enterprise, attaches the very greatest importance. Teamwork at all levels has been instrumental in maintaining the growth curve so successfully in recent years.

At year-end 2010, the Rosenbauer Group employed a total of 2,046 people, 100 more than the year before (2009: 1,946). Manpower numbers were boosted mainly in the production operations and in production-related areas. In Austria, the workforce grew by 4% to 940 employees, and increased by 6% outside Austria to a total of 1,106.

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Vocational

training

Number of employees as at December 31

Employees by region 2010

This total breaks down into 1,186 blue-collar staff (2009: 1,133), 742 white-collar staff (2009: 700), and 118 apprentices (2009: 113), 90 of them in Austria. The company also created additional employment in Austria and Germany by taking on 230 leased personnel (2009: 250).

The average age of Rosenbauer's employees in Austria in 2010 was 37.5 years (blue-collar) and 38.9 years (white-collar). The average length of stay with the fi rm was 11.8 years for blue-collar staff and 13.1 years for white-collar staff ; the low fl uctuation rate of 1.9% for white-collar staff and 0.9% for bluecollar staff is another good indicator of the company's stability as an employer.

Of the 15 apprenticeable professions that can be learnt at Rosenbauer, most are in the industrial and technical fi elds. The front-runner in 2010 was the "mechanical engineering technician" apprenticeship, closely followed by "mechatronics technician" and "electrical plant engineer". Rosenbauer trains youngsters also to become technical sales representatives and offi ce assistants, IT technicians or draughtsmen. After completing their apprenticeships, the young employees can join a special trainee program to qualify them as "all-round" skilled technicians who can be deployed anywhere in the company.

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pects. The company's many trainers work hard to provide its 118 apprentices with relevant, practical

training that is of high quality and leads to success.

	To enhance motivation, the profi t-sharing scheme for employees has been broadened to include appren tices. This supplements the existing, results-oriented remuneration system and underlines the high priority that the company gives to next-generation personnel training. It also means that there is now a uniform, coherent remuneration system in place, covering everyone from top managers to apprentices.
Manager development	Highly qualifi ed and committed managers are a mission-critical resource whose performance is crucial for Rosenbauer's business success. As part of the newly created managerial training program, future and current executives and project managers are given further training in several diff erent modules.
	These concentrate on imparting the Rosenbauer leadership principles, the management style cultivated in the company, and all the skills and behavior needed for successfully leading a department, a project or a subsidiary. Whereas with trainee managers, the focus is on the acquisition of new knowledge, the training and coaching given to existing managers mainly concentrates on analyzing and evaluating trainees' existing management styles.
Appraisal interviews	The appraisal interview is a tried-and-tested instrument of personnel development at Rosenbauer. It is systematically applied in all the Group's Austrian companies. As well as reviewing employees' conduct, the appraisal interview now also explicitly deals with the management style of line managers. In order to analyze how the interpersonal climate, and employee satisfaction in general, are developing within the company, the data are anonymized and compiled in an annual climate index. The scope for structur ing one's work independently, and the good working relationships with line managers and colleagues, are consistently rated very highly here year after year.
Health and safety at work	Employees' well-being, and workplace health and safety, have a high priority at Rosenbauer. As part of its in-company preventive healthcare program, Rosenbauer off ers many benefi ts, including a health pass featuring free medical check-ups and medical/psychological support during smoking cessation. Since last year, all Rosenbauer's Austrian facilities have been both alcohol- and smoke free zones.
	Rosenbauer workplaces are safe. The company is continuously investing in modern, ergonomically designed tools, work-aids and safety devices, and goes beyond what the law requires when it comes to the provision of personal protective equipment. The status of workplace safety is regularly reviewed in 3S audits, and any workplace accidents and near-miss accidents are documented and analyzed in accor dance with a defi ned reporting system.
	Successful certifi cation of the safety management system to OHSAS 18001 in 2009 provided further confi rmation of the high level of workplace safety at Rosenbauer.
CIP and teamwork	The CIP (Continuous Improvement Process) at Rosenbauer aims to improve not only the operational procedures but also the entire corporate culture. Underlying this is the conviction that goal-directed teamwork in the CIP process can also promote a better climate within the company. 550 employees were involved in 45 CIP teams in 2010; the ideas of theirs that were put into practice had a cost-saving eff ect of 0.5 m€. Since the CIP process started in 2002, some 1,500 ideas have been successfully imple mented.
	The high degree of commitment shown by all employees was critical in enabling Rosenbauer to fulfi ll 2010's ambitious shipment program so successfully in the face of intense deadline pressure. Thanks and appreciation are due to all staff for this. Our thanks are also due to the workforce representatives at the Group's companies in Austria and abroad, for their constructive co-operation.

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OPPORTUNITY AND RISK MANAGEMENT

Rosenbauer is exposed to various opportunities and risks in the course of its worldwide business activities. The Group-wide risk strategy defi nes a structured process that envisages systematic monitoring of the business risks. This enables both the opportunities and the risks to be recognized and assessed at an early stage.

In this process, risks are identifi ed, analyzed with regard to their likely size and the probability of their occurrence, and evaluated. From this, actions are inferred which should be taken to contain or prevent the risk, and/or appropriate hedging instruments can be decided upon where needed. The integrity and effi cacy of the risk identifi cation and monitoring processes are addressed in an annual meeting of the Audit Committee.

The risk management system essentially builds on the organizational, reporting and leadership structures that are already in place within the Group and supplements these with specifi c elements that are needed for proper risk assessment. Continuous identifi cation, appraisal and controlling of risks are thus an integral part of the management, planning and controlling process. In essence, the risk management system consists of fi ve elements:

• a risk strategy, formulated at length in writing and supplemented by a risk policy,
• a central risk management offi cer, supported by risk offi cers in each of the Group's business units and operational units,
• risk identifi cation and evaluation in the various business units and central units,
• the Group's reporting structure, and
• the risk report at business-unit level and at the level of each individual Group company.

The immediate responsibility for risk management is borne by the Management of the operational unit in question. This is the level at which risk-related topics are regularly dealt with, and at which the annual risk inventory is carried out. Overall responsibility for operational risk management rests with the Executive Board. The results of the risk inventory are collated by the central risk management team and discussed once a year in the Audit Committee with the Supervisory Board.

One essential element in the ongoing monitoring of economic risks is the reporting system. Thanks to the consistent implementation of this reporting system, not only any risk positions, but also opportunities, can be recognized and deliberately responded to, or optimized, at an early stage.

Sectoral and companyspecifi c opportunities and risks

Rosenbauer regularly analyzes the relevant sectoral risks and makes use of opportunities by pursuing ongoing innovation, process effi ciency enhancement and stepped-up activities in new markets. Future sales opportunities are to be found primarily in countries and regions where natural disasters, terrorist hazards or inadequate infrastructure necessitate greater investment in fi re safety equipment.

At present the risk map is characterized by a growing intensity of competition in the fi re equipment sector. This has been exacerbated by the downturn in industrialized countries, which has depleted the resources available for public-sector budgets. The consequences of these budgetary constraints have already started to make themselves felt in certain fi re equipment markets during the past two years.

Rosenbauer has long been underpinning its sustained long-term growth with a determined internationalization strategy. With eleven production operations on three continents, and a worldwide distribution network, it has achieved a market position which enables it to even out the sales fl uctuations taking place in diff erent markets.

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	Risks for the fi re safety business arising from changes in the overall political or legal conditions are, as a rule, unavoidable. However, owing to the fact that most purchasers are public-sector clients, order cancellations only occur in exceptional cases. Political crises and embargoes may temporarily limit access to certain markets.
	The annual business plan is derived from the multi-year Group strategy and comprises a target-catalog for each business unit, to serve as a controlling instrument. This systematic approach enables the com pany to recognize opportunities and any strategic risks at an early stage.
Operational risks	Manufacturing activities necessitate thorough examination of the risks along the entire value chain. In view of today's ever shorter innovation cycles, increasing importance attaches here to research and development work. The production risks which may occur are continually monitored with reference to a series of key metrics (productivity, assembly and throughput times, production numbers etc.).
	The central controlling element in the vehicle manufacturing operations is "concurrent costing", where target/actual comparisons are made in order to monitor the production costs of every single order.
	To even out changes in capacity utilization, Rosenbauer increasingly manufactures on a Group-wide basis and contracts out production orders to external vendors. In the event of a severe downtrend on the market, this keeps the risk of insuffi cient capacity utilization within manageable bounds. Thanks to the still satisfactory order situation, the production facilities are enjoying good capacity utilization in 2011 as well. At year-end 2010, the Group had around 230 leased staff working for it. Their fl exible employment arrangements make it possible to adapt swiftly to changes in production volumes without having to take measures aff ecting permanent staff .
Sourcing and procurement risks	The sourcing and procurement risks reside primarily in possible supplier failure, quality problems and price increases. These risks are counteracted by standardizing components and diversifying the sup plier pool. In order to ensure that the production operations are kept supplied on schedule and to the requisite quality level, our main vendors are regularly audited. This greatly reduces the risk of production outages. The fact that the Group has its own international network of production facilities also helps to minimize operational risks. Supplier risks from possible insolvencies cannot be entirely ruled out, however.
	Demand for raw materials on world markets rose again sharply during 2010, with a corresponding increase in prices. Rosenbauer is responding to the wildly fl uctuating aluminum price by concluding longer-term master agreements so as to lock in a stable purchasing price. Being primarily an assembly company, Rosenbauer needs little or no process energy, meaning that energy costs play only a minor role.
Earnings risks	Any earnings risk which might arise as a result of disruption of production operations is covered by appropriate production outage insurance policies. Adequate insurance cover is also in place for risks in connection with fi re, explosion or similar natural perils.
IT risks	The IT risks comprise the risk of network outages and the risk that data could be corrupted or destroyed by operator error, program errors or external infl uences. These risks are countered by regular invest ment in hardware and software, by the deployment of virus scanners and fi rewall systems, and by structured access controls to equipment and data.

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Legal risks	The proceedings at the German Federal Cartel Offi ce which had been underway against several manu facturers of municipal vehicles since 2009 were concluded when offi cial notice of the fi nes was served in February 2011. The pecuniary risk arising in this connection was covered by a provision that had been set aside in 2009. Whether any substantive damages claims by third parties will be made and asserted, and if so, for what amount, is impossible to judge at the present time. Furthermore, there is currently another anti-trust case in progress at the German Federal Cartel Offi ce, this time in the fi eld of turntable ladders, at which Metz Aerials is acting as the chief witness. It is not expected that these proceedings will result in the imposition of any fi ne. In order to prevent any undesirable developments in future, the compliance rules have been tightened and sanctions decided upon for anti-competitive behavior.
	In the period under review, there were no other material legal claims by third parties against the Group.
Environmental risks	Owing to the nature of the manufacturing operations and to the large number of diff erent suppliers, the environmental risks and risks in connection with the reliability of raw materials and energy supplies are of only minor signifi cance.
Product opportunities and risks	In order to be able to off er products with the highest possible customer-benefi t, Rosenbauer has a sys tematic innovation management system and works closely with the fi re fi ghting community in its product development eff ort. A team of experts drawn from production, sales and controlling lays down the basic direction to be followed in the developmental process. To do this, it refers to a pre-defi ned technology roadmap based on market surveys and profi tability considerations.
	Rosenbauer operates a consistent, rigorous quality management system aimed in part at forestalling product liability cases, and is certifi ed to the most important quality standards. Despite its use of the very latest development methods, ongoing controls and improvements in product quality, product defects cannot be ruled out altogether. In order to minimize the pecuniary risk which is possible here – particu larly in North America – the instrument of product-liability insurance is employed throughout the Group.
Personnel risks	Rosenbauer sees its employees as a make-or-break factor for attaining its business objectives. A thorough approach to staff development, with institutionalized appraisal interviews and a performance-oriented remuneration system, are the central instruments for keeping qualifi ed and motivated employees with the company. Personnel risks essentially result from the fl uctuation of staff in key positions, and in connection with the recruitment and development of staff .
Financial risks	In times like these of volatile fi nancial markets, the Group's solid fi nancial basis is more important than ever. Thanks to its healthy equity capitalization and resulting creditworthiness, the working-capital and investment fi nancing that the Group needs have continued to be readily available, without limitations and on equally favorable terms.
	In order to ensure the greatest possible independence in our corporate fi nancing, this latter is arranged with several diff erent banks. Furthermore, Financial Management meets with the Group's bankers once a year for rating talks from which the Group's position on the fi nancial market is established.
Interest and exchange-rate risks	The international nature of the Group's activities gives rise to interest rate and currency-related risks which are covered by the use of suitable hedging instruments. A fi nancing directive, which is in force throughout the Group, stipulates which instruments are permitted.

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The operational risks arising here are hedged by derivative fi nancial instruments such as foreign-exchange forwards and options, and interest rate swaps. These transactions are carried out solely to provide hedging against risks, and not for the purposes of trading or speculation. In this connection, we would refer the reader to the explanations in the Notes.

Credit risks from potential payment default are rated as relatively low, as the majority of customers are public-sector purchasers. In the case of deliveries made to countries with higher political and economic risk, use is made of both state and private export guarantee schemes to cover the risks involved. Credit risks

Rosenbauer considers itself well prepared to continue rising to the demands made on the company by its market, by the economic environment and by its competitors. Based on the analysis of currently identifi able risks, there are no indications of any risks which might – either singly or in conjunction with other risks – jeopardize the continuance of the Rosenbauer Group. This applies both to the results of already completed business and to activities that are planned or have already been initiated. Overall risk assessment

INTERNAL CONTROL SYSTEM (ICS)

The Amendment Act on Corporate Law (URÄG 2008) adopted the European Union's 8th Company Law Direc tive into Austrian law. Under this legislation, capital-market orientated companies are henceforth obliged to include in their Group situation report not only an outline of their risk management systems, but also of the main features of their ICS.

Group-wide documentation

Rosenbauer began to analyze and document its internal control processes relating to fi nancial reporting in mid-2009. At the Audit Committee's March 2010 meeting the results obtained so far were submitted to the Supervisory Board for its assessment, and discussed at length. Group-wide documentation of the internal control system will be completed by the end of 2011. In the course of its ongoing auditing work, the Internal Auditing unit will evaluate the processes and review how well they are being complied with.

An important cornerstone of the ICS at Rosenbauer is provided by the corporate policy directives, which are regularly updated. These are augmented by the process fl ow diagrams in the Management System, which are accompanied, in turn, by a large number of guidelines and work instructions.

The control environment of the fi nancial reporting process is characterized by a clearly defi ned organizational and operational structure. All functions are clearly assigned to specifi c individuals (e.g. in fi nancial accounting or controlling). The employees involved in the fi nancial reporting process possess all requisite skills and qualifi cations.

Wherever the size (and thus the available resources) of the respective Group company allow, all relevant processes are subject to the double verifi cation principle. The fi nancial accounting systems employed are mainly standard software that is protected from unauthorized access.

Key reporting and valuation methods relating to the fi nancial reporting process are stated in a regularly updated Group Accounting Manual, and must be compulsorily implemented by the local units.

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Furthermore, the completeness and accuracy of accounting-system data are regularly verifi ed by means of random samples and plausibility checks, performed both manually and with computer assistance. Analytical tests are also carried out regularly by Group-wide controlling and treasury. Detailed weekly, monthly and quarterly fi nancial reports are used to identify and analyze any instances in which the income and asset position deviates from the targeted fi gures and from those for the previous year.

As well as the process-oriented framework conditions, this well-developed control and reporting system mainly prescribes workfl ow-orientated measures that have to be implemented and complied with by all the units concerned. Operational responsibility rests with the respective process owners, while compliance with the Rosenbauer control system is assured by the Internal Auditing unit as part of its periodic audits of the various units.

PROCUREMENT, LOGISTICS AND PRODUCTION

Group-wide purchasing volumes of production materials and merchandise in the reporting period totaled 399.7 m€ (2009: 382.4 m€). This corresponds to 67% of Group revenues and is attributable to the large proportion of items which, in our industry, are typically bought in from external vendors.

Procurement volumes of Rosenbauer International AG 2010

Most important supplier Europe

85% of Rosenbauer International AG's procurement volume is sourced in Europe, and most of the remainder in the USA. The principal suppliers are from Germany, Austria, and the USA. The biggest single item in the Group's procurement volumes are the chassis for fi re fi ghting vehicles, accounting for 25% of the total. The main suppliers of chassis are Mercedes Benz and MAN in Europe, and Freightliner, International and Ford in the USA. While fi re fi ghting vehicles in Europe are mostly based on commercial chassis, in the USA around 40% of vehicles are built on customized chassis. These are chassis which are made for fi re fi ghting vehicles only.

One of the main areas of work last year was to adapt the production and logistics to cope with the renewed increase in the volume of orders. Keeping the production units adequately supplied was obviously vital for ensuring smooth production fl ows.

Given the large number of diff erent vendor parts, the quality of the supplier base is a critical success factor. Suppliers are thus evaluated and selected with very great care. Rosenbauer deliberately attaches great importance to a close, partnership-oriented style of working with its suppliers.

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Purchasing	The consistent procurement policy that has been followed for many years now has made it possible to
prices	smooth particularly severe price peaks in the purchasing of raw materials. Demand for raw materials
	on world markets rose again sharply during 2010, with a corresponding increase in prices.

The biggest infl uence on production costs is the chassis, whose purchasing prices are well-known on the market and which thus generally only constitute "transitory items" for Rosenbauer. Another factor aff ecting the production costs – albeit to a signifi cantly smaller extent – is the movements in purchasing prices for aluminum sheets and profi les, and for plastic components. Rosenbauer continually observes the trends in the aluminum price and responds to price fl uctuations by concluding longer-term master agreements to ensure a stable cost-calculation basis.

New supplier portal

The main project tackled last year was the launch of the new supplier portal. Orders now run along the supply chain automatically via this portal – taking in all aspects from demand planning and the choice of supplier, to materials procurement and scheduling. The suppliers are directly interfaced with our production planning and control system and can fi nd out for themselves about Rosenbauer's upcoming sourcing requirements, which helps them plan their own production needs much better. This means much less work for both parties, and prevents mistakes during order fulfi llment. The supplier portal was singled out by BME (Association of Materials Management, Purchasing and Logistics) for its 2010 "Austrian Supply Excellence Award".

DISCLOSURE PURSUANT TO §243A SECT. 1 UGB (AUSTRIAN COMPANIES ACT)

• The nominal share capital of Rosenbauer International AG amounts to 13.6 m€ and is divided into 6,800,000 non-par-value bearer shares, each embodying a 2.0 € portion of the nominal share capital. Shareholders shall not have the right to demand the issuance of certifi cates embodying either their shareholdings or any dividend coupons and renewal coupons they may hold. Global share certifi cates may be issued in accordance with §24 of "Depotgesetz" (Austrian law on securities deposits).
• No limitations are in force regarding the voting rights or the assignment of shares.
• At December 31, 2010, 51% of the shares in Rosenbauer International AG were held by Rosenbauer Beteiligungsverwaltung GmbH. One shareholding partner in Rosenbauer Beteiligungsverwaltung GmbH thereby indirectly holds an 11.85% stake in Rosenbauer International AG.
• To the best of the Company's knowledge, there are no shareholders having special controlling rights.
• The employees exercise their voting rights directly.
• The Articles of Association of Rosenbauer International AG lay down the provisions for the appointment and dismissal of members of the Board and of the Supervisory Board. The only persons eligible for appointment as Members of the Executive Board are those who have not yet reached the age of 65 at the time of such appointment. The appointment of a person to the Executive Board who has already reached the age of 65 at the time of such appointment shall, however, be permitted if the General Meeting passes a resolution to this eff ect by a simple majority of the votes cast. The only persons eligible for election to the Supervisory Board are those who have not yet reached the age of 70 at the time of such election. The election of a person to the Supervisory Board who has already reached the age of 70 at the time of such election shall, however, be permitted if an appropriate resolution is passed in the General Meeting by a simple majority of the votes cast.

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• At the 18th Ordinary General Meeting on May 21, 2010, the resolution adopted on May 30, 2008 providing for a share buyback was rescinded, and instead the Executive Board was authorized to acquire (re-purchase) shares in accordance with §65 Sect. 1 Clauses 4 and 8 of AktG (the Austrian Stock Corporation Act), by the following resolution: "The General Meeting hereby authorizes the Executive Board to acquire non-par-value bearer shares of Rosenbauer International AG, with the number of such shares (to be) acquired being limited, as a proportion of the nominal share capital, to max. 10% of the said share capital. This authorization shall be valid for a period of 30 months from the date of this resolution, that is until November 20, 2012. The counter-value (acquisition price) for each non-par-value share to be acquired may not exceed the average closing price of the share on the previous twenty trading days, and may also not be less than half of this price. The share buyback operation may be eff ected either via the stock exchange or over-the-counter. With regard to the own shares thus repurchased, the Executive Board is also authorized (a) to sell the said shares at any time, via the stock exchange or by a public off ering, and to lay down the conditions of such sale; (b) to redeem the said shares with no need for a further resolution of the General Meeting, but with the approval of the Supervisory Board; and (c) with the approval of the Supervisory Board, to sell the said shares in any other legally permitted manner, including over-the-counter, at any time during a 5-year period from the date of the resolution, in which case the Executive Board may also decide to rule out a public off ering."
• There are no signifi cant agreements which would come into eff ect, substantially change or terminate if there should be a change in the controlling interest in the company as a result of a takeover bid.
• No indemnity agreements have been concluded between the company and its Executive and Supervisory Board members or its employees providing for the event of a public takeover bid.

SUPPLEMENTARY REPORT

With eff ect from January 1, 2011, Dieter Siegel was appointed by the Supervisory Board of Rosenbauer International AG as a Member of the Executive Board. Dieter Siegel succeeds Manfred Schwetz, who is to retire as planned at the end of September 2011 after 18 years as the Board member in charge of Sales.

After the balance-sheet date of December 31, 2010, the proceedings which had been underway at the German Federal Cartel Offi ce against several manufacturers of municipal vehicles since 2009 were concluded when offi cial notice of the fi nes was served. The total outlays resulting from the anti-trust proceedings were stated at 11.5 m€ in last year's annual accounts and were posted in their entirety against the provision that had been set aside in 2009. Whether any substantive damages claims by third parties will be made and asserted, and if so, for what amount, is impossible to judge at the present time.

The political unrest in several North African countries is having only limited eff ects on shipments at present, as the transaction volumes going to these countries from current order books only involve a very small number of vehicles. The future trend of incoming orders from this region and from the Middle East (which has so far been less seriously aff ected) is impossible to guess at the present time.

Besides this, no events of any great signifi cance for the company have occurred which would have led to any change in its asset, fi nancial and income situation.

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DISCLOSURES RELATING TO ANTICIPATED DEVELOPMENTS

Macroeconomic trend	The stabilization of world trade and world industrial output continued in 2010, although this development varied widely from one region to another. When global economic expansion slowed last year, although at well over 4%, world GDP growth had almost returned to rates last seen before the fi nancial crisis.
	For 2011, worldwide GDP is expected to grow by just under 4%. As in previous years, it is the countries of Asia and Latin America that will grow fastest, albeit not at their recent headlong pace. China and other emerging markets have been attempting to prevent their economies from overheating, and so are taking steps to rein in growth.
Outlook on the sales markets	Certain markets, prime among them the USA as the world's largest single market, have already reacted to the economic crisis with a noticeable reluctance to place orders. After a time-lag, the German market also shrank by around 15%. The increasing budgetary constraints upon local municipalities mean that 2011 is likely to see a further 10% decline.
	The picture in emerging markets is a very varied one: While there are already indications of market saturation in several countries, in regions such as the Middle East there is still a great need for modern ization. This is also refl ected in today's large arena for project business. High oil revenues and the need for catch-up investments in the fi eld of safety infrastructure are the two main drivers of capital spend ing in these markets. What is more, the heightened awareness of security needs in the wake of global catastrophes and terrorist attacks is another factor infl uencing public-sector procurement behavior.
	The volume of international project business currently being worked on is still at a high level. This, and the reserve of unfi lled orders on hand at the end of 2010, permit a clear view ahead for the current year.
	The question of how markets are likely to fare in 2012 will basically depend upon the availability of public funding and so cannot be reliably predicted at the present time.
North America	In the USA, the world's largest single market, sales volumes had already declined by around 30% in 2009, and stagnated at the same level in 2010. It was mainly fi re departments in the larger cities who were aff ected; the drop in procurement was less acute in rural areas. The business diffi culties of a number of US manufacturers have led to stiff er price competition and to shifts in market shares. The market is not expected to recover signifi cantly in 2011 either.
	Additional export orders, and Rosenbauer's strong position in the special-purpose vehicle segment, are proving suffi cient to largely off set the consequences of the market downtrend. Besides this, Rosenbauer is countering the current trend on the market with a determined eff ort to bulk up its dealer network.
Europe	Certain areas of the European municipal-vehicle market slumped last year. The main reason for this was the deteriorating budgetary situation of local authorities, which in many countries are the main source of fi nancing for the fi re fi ghting sector.

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The market for municipal fi re fi ghting vehicles reacts to the overall economic climate with a time-lag of between one and two years. 2011 must thus be expected to be another year of below-average sales volumes, even in countries where the economic upturn is already in full swing. In Austria and Germany, sales are set to dip by around 10%.

The cloudier economic climate in Eastern Europe has led to a substantial decrease in fi re safety procurement volumes. However, only sophisticated vehicles are procured from international suppliers; the broad mass of simpler fi re fi ghting vehicles tends to be locally produced.

Russia has launched a program to modernize the country's fi re fi ghting infrastructure. Municipal fi re departments are among the main benefi ciaries. The production joint venture in Moscow supplied 150 fi re fi ghting vehicles last year, mainly to fi re departments in western Russia. In 2011, it is expected that shipments will be expanded into more regions of the country, with a further increase in production at the Moscow facility.

In Southern Europe, procurement is dominated by centralized tendering procedures, which is why these markets mostly have "spot-market" character.

Cautious optimism is in order for 2011 regarding international project business. Sales volumes in the Middle East are still at a high level, despite the fact that signs of slight saturation are starting to be felt in certain markets. High oil revenues and the need for catch-up investments in safety infrastructure are still the main drivers of capital spending on modern fi re fi ghting equipment. International export business

Developments are also positive in Asia and Oceania. Leading the fi eld are booming countries like China and India, which in 2010 once again enjoyed high GDP growth rates that were well above those achieved in Western industrial countries. Both these fi re equipment markets are dominated by municipal vehicles with little claim to quality or technological sophistication, and which are produced locally at low cost. For incumbent manufacturers, this means that specialty vehicles for airports and industrial fi rms are the main focus of interest. The level of technology and quality required here, also in China and India, is one that local manufacturers are not yet capable of.

The markets in Latin America and Africa are characterized by spot projects. In oil producing countries, technically sophisticated European or US-manufactured fi re fi ghting vehicles are increasingly in demand. As these procurement programs sometimes have lead-times lasting several years, this makes them somewhat diffi cult to forecast, however.

In order to compensate for the eff ects of fl uctuations in individual markets, Rosenbauer is making a determined push to boost its international sales eff orts in markets which may be expected to off er higher future procurement potential. Not least, this is further strengthening the global presence of the Rosenbauer Group and extending its leading competitive position.

Due to the divergent paths followed by diff erent markets after the fi nancial crisis, and to the diffi culty of forecasting how key sales regions will develop, it is not yet possible to make any hard-and-fast statement about order-intake expectations for 2011. The high volume of international project business currently being worked on, and the stepped-up sales actions for tapping new markets, warrant an optimistic perspective, however.

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Innovations and new products	As the sector's innovational leader, Rosenbauer had already started – before the fi nancial and economic crisis hit – to develop new product concepts aimed at meeting the requirements of municipal fi re depart ments even more precisely. This is especially true of municipal fi re fi ghting vehicles: for example the new AT, which comes with a host of innovations, improved functionality and greater safety for the fi re fi ghter, opening up great opportunities for gaining market share in the competition-intensive countries of Central Europe.
Investments and production capacity	The commissioning of the new paint shop in Neidling in 2010 marked the completion, for the time being at least, of the multi-year program to expand manufacturing capacity. Taking the current market condi tions as the starting point, Rosenbauer is well set up for the years ahead.
	During the current year it is planned to build additional offi ce premises at the Leonding facility, for pro duction-related transaction fulfi llment and service, and for the Fire & safety equipment business unit. This also takes account of the increased transaction volumes in these areas. The Group's planned investment volume of around 10 m€ is below the average fi gure for the years 2008 to 2010, which were marked by capacity expansion programs in Austria, Germany and the USA.
Financial and liquidity position	The Group's fi nancing strategy adheres to conservative principles and gives absolute priority to main taining assured liquidity and the highest possible equity capitalization.
	Proceedings against several manufacturers of municipal vehicles which had been underway at the German Federal Cartel Offi ce since 2009 were concluded when offi cial notice of the fi nes was served in February 2011. The fi ne imposed was 10.5 m€, and was paid in the current fi nancial year.
	Recent years' healthy earnings made it possible to further improve the Group's fi nancing situation, as documented in the increase in the equity ratio.
Revenue and income situation	The volume of orders on hand, and the current project situation, together permit a clear view ahead regarding utilization of production capacity during 2011. After six record years in succession, Manage ment expects 2011 to bring a consolidation of the revenue and income fi gures at a high level.
	High technological know-how and innovational strength, combined with decades of experience in the fi re fi ghting fi eld, are the basis for the Group's continued growth. The Group's customers choose Rosen bauer because they know that they can rely on its high quality and technical capability.

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SEGMENT REPORTS

OPERATING SEGMENTS (BY REGION)

The reports on the regional segments are broken down by Group-company location rather than by sales market. This means that the segment reports refer to the revenues and results earned by the individual companies both on their respective local market and from export sales.

Austria

The Austrian segment is made up of Rosenbauer International AG, most of whose revenues are earned from export sales, and the sales company Rosenbauer Österreich GmbH.

In the Austrian segment, the strong growth of Rosenbauer International AG's export business in 2010 propelled a 7% rise in revenues to 363.3 m€ (2009: 340.3 m€). EBIT rose to a record 33.7 m€ (2009: 9.8 m€), corresponding to an EBIT margin of 9.3% (2009: 2.9%).

Whereas 2009 EBIT was adversely aff ected by the 15.0 m€ provision set aside as a risk precaution in view of ongoing anti-trust proceedings in Germany, the partial reversal of this provision for anti-trust risks in 2010 had a positive eff ect.

Rosenbauer International AG is the Group's parent company and acts as its operational headquarters. With manufacturing facilities in Leonding and Neidling, it is also the biggest production company in the Group. The Leonding plant is its center of expertise for municipal vehicles, industrial fi re fi ghters and ARFF vehicles, fi re fi ghting components and fi re & safety equipment. Rosenbauer's line of AT (Advanced Technology) municipal fi re fi ghting vehicles is also developed and produced here, mainly for sale on the sophisticated fi re equipment markets of Central Europe and Asia. Rosenbauer International

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The Neidling/St. Pölten production site is the center of expertise for compact vehicles with a gross weight of up to approx. 11 t. Neidling is also responsible for developing and manufacturing interior fi tting components and holding-fi xture systems, mainly for delivery to the other European Group companies.

Revenues at Rosenbauer International AG rose more than 8% last year to 346.4 m€ (2009: 319.7 m€). This growth is mainly attributable to increased exports. Overall, 93% (2009: 90%) of Rosenbauer International AG's revenues were earned from export sales.

Production capacity at the Leonding and Neidling plants was fully utilized in the reporting period, primarily with export orders. Without the capacity enlargements of recent years, and the deployment of over 200 leased staff , it would not have been possible to deal with this high manufacturing volume.

Rosenbauer Österreich GmbH, also headquartered in Leonding, is the sales and service company for the Austrian market. The company sells fi re fi ghting vehicles and equipment, and operates service establishments in Leonding, Neidling, Telfs and Graz. With the exception of the aerial appliances, the vehicles are manufactured at the Leonding and Neidling plants. Rosenbauer Österreich

In 2010 the market volume of vehicle business in Austria (as measured by new orders placed) shrank by around 40% compared to the previous year. This drop is due to local municipalities' lower tax revenues and higher welfare spending. Rosenbauer countered this development with new products and stepped-up sales actions, with the result that the revenues of Rosenbauer Österreich GmbH fell back by only 22% to 41.9 m€ (2009: 53.7 m€).

Segment key fi gures Austria

		2010	2009
Revenues	in m€	363.3	340.3
EBIT	in m€	33.7	9.8
Investments	in m€	5.6	13.0
Employees (average)		920	883

USA

The US segment consists of the holding company Rosenbauer America LLC. and of the operational divisions Minnesota Division, South Dakota Division, Aerials Division and Rosenbauer Motors.

The US segment managed another set of record fi gures in 2010, with revenues climbing to 155.7 m€ (2009: 144.1 m€). The American companies also succeeded in boosting their earnings once again, posting EBIT of 15.2 m€ (2009: 14.0 m€). This is mainly due to higher export shipments, and to reduced production costs as a result of process optimizations.

Having shrunk by 30% in 2009, market volume did not recover in 2010 either. Big-city fi re departments were hit hardest by state and city budget cuts; in rural regions, the order downturn was not as drastic. The business diffi culties of a number of US manufacturers have led to stiff er price competition and to shifts in market shares.

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	Despite this troubled market environment, the US companies are not expecting a signifi cant drop in revenues and income this year. Additional export orders, and Rosenbauer America's strong position in the specialty vehicle segment, will go some way towards compensating for the consequences of the market downturn.
	Rosenbauer is now the second-largest manufacturer of fi re fi ghting vehicles in the United States. This is a resounding endorsement of the Group's US involvement, initiated as part of its internationalization strategy back in 1995.
Minnesota Division (formerly General Division)	Based in Wyoming, the Minnesota Division produces industrial fi re fi ghting vehicles, aircraft rescue fi re fi ghting vehicles, and customized municipal vehicles for professional and volunteer fi re departments. The company is active on both the US and export markets. With the help of the extra capacity added in the past few years, especially for specialty vehicles, the Minnesota Division succeeded in lifting its revenues from 40.9 m€ in 2009 to 57.1 m€ in 2010.
South Dakota Division (formerly Central Division)	The South Dakota Division is located in Lyons, and produces fi re fi ghting vehicles for all fi elds of use. The great strength of this company lies in the industrial fabrication of its vehicles. Its main clients are volunteer fi re departments in the USA. Over the past few years, the South Dakota Division has also made a determined push into exports, and now supplies vehicles to countries where US Standards are preferred.
	Last year it succeeded in lifting its revenues to 83.5 m€ (2009: 79.0 m€). The international outlook cultivated for some years now by the South Dakota Division proved very helpful to it when it came to compensating for shrinking domestic market volumes with export orders.
Aerials Division (formerly Rosen bauer Aerials Division)	The Aerials Division, headquartered in Fremont, Nebraska, produces hydraulic turntable ladders and ladder trucks to US Standards. These are supplied both to the Group's US companies and to other super structure manufacturers in the USA. In 2009, Aerials Division commenced production of elevated water ways with piercing tools. Used mainly on aircraft rescue fi re fi ghting vehicles and industrial fi re fi ghting vehicles, these elevated waterways are mounted onto the vehicles in question by the Minnesota Division and in the Leonding plant in Austria.
	This addition to the production program helped the company to boost its revenues last year from 7.4 m€ (2009) to 10.0 m€.
Rosenbauer Motors	Rosenbauer Motors produces chassis for the PANTHER aircraft rescue fi re fi ghting vehicle at the Minne sota Division plant in Wyoming. These are supplied exclusively to the Group's own superstruc ture fabri cation operations in the USA and Austria. 2010 revenues came to 16.8 m€ (2009: 17.5 m€).

Segment key fi gures USA

		2010	2009
Revenues	in m€	155.7	144.1
EBIT	in m€	15.2	14.0
Investments	in m€	1.2	0.6
Employees (average)		525	503

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Germany	The German segment comprises the two production companies Metz Aerials GmbH & Co. KG and Rosen bauer Feuerwehrtechnik GmbH, and the sales company Rosenbauer Deutschland GmbH, headquartered in Passau.
	In 2010, revenues in the German segment increased to 161.2 m€ (2009: 117.3 m€). This was mainly due to higher export shipments and to larger transaction volumes in the fi eld of special-vehicle sales. EBIT improved to 4.8 m€ (2009: 3.3 m€) in consequence.
	Order intake from the German municipal-vehicle market fell by around 15% in 2010 as compared to 2008, which may be regarded as an average year. Following some sizeable procurement projects from civil-defense and disaster preparedness organizations over the previous two years, 2010 was the year in which Europe's biggest fi re equipment market was also hit by the economic downturn. However, there was almost no decrease in orders for specialty vehicles for industrial companies and airports, as these are mainly needed by enterprises that are already recovering well from the recession.
Metz Aerials	Metz Aerials GmbH & Co. KG, Karlsruhe, is the European center of expertise for aerial appliances. The company produces fully automated, hydraulic turntable ladders and truck-mounted elevating platforms for rescue heights from 20 m to 61.5 m. Thanks to higher export orders, Metz Aerials was able to boost its revenues to 58.8 m€ (2009: 54.9 m€) in the year under review.
Rosenbauer Feuerwehrtechnik	Rosenbauer Feuerwehrtechnik GmbH, based in Luckenwalde near Berlin, produces fi re fi ghting vehicles to DIN/EU Standard. The company supplies customers all over the world with ES-series (EuroSystem) vehicles, and from mid-2011 will also manufacture the new AT.
	The production company in Luckenwalde also produces vehicles, superstructure modules and PANTHER cabs for Rosenbauer Inter national AG. Furthermore, in 2010 it also manufactured sizeable production runs as part of special projects for civil-defense and disaster preparedness organizations. Together with the increased shipments to Rosenbauer International AG, this enabled the fi rm to boost its revenues by 55% to 65.4 m€ (2009: 42.0 m€). These high delivery volumes were made possible by a shift model that allowed much higher capacity utilization in the production facilities.
Rosenbauer Deutschland	Rosenbauer Deutschland GmbH, based in Passau, is the sales and service company for industrial fi re fi ghters and ARFF vehicles on the German market. These vehicles are manufactured by Rosenbauer International AG at its Leonding plant. Sales are handled by the sales offi ces in Bremen and Leonding, and by distribution partners. The company also supplies municipal vehicles to German clients. Rosenbauer

Segment key fi gures Germany

		2010	2009
Revenues	in m€	161.2	117.3
EBIT	in m€	4.8	3.3
Investments	in m€	1.9	1.6
Employees (average)		485	429

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Deutschland succeeded in growing its revenues to 37.4 m€ in the year under review (2009: 20.7 m€).

Rosenbauer Española S.A. operates from Madrid, serving markets in Spain, Northwest Africa and parts of Latin America. Its product line encompasses municipal vehicles, forest fi re fi ghting vehicles, and industrial fi re fi ghters and ARFF vehicles. Spain

The Spanish segment generated 2010 revenues of 15.8 m€ (up from 11.7 m€ in 2009), largely from export sales which counteracted the massive slide in sales (down by around 50%) on the local market. 2010 EBIT in this segment came to 0.6 m€ (2009: 0.3 m€).

The construction work at the Linares plant, around 300 km south of Madrid, which began in March 2010 was completed in the fi rst half of 2011. The new production plant of Rosenbauer Ciansa S.L., in which the Managing Director of Rosenbauer Española and Rosenbauer International AG each hold a 50% stake, now carries out all Spanish superstructure fabrication work.

Segment key fi gures Spain

		2010	2009
Revenues	in m€	15.8	11.7
EBIT	in m€	0.6	0.3
Investments	in m€	0.0	0.0
Employees (average)		17	17

Switzerland

Rosenbauer AG in Switzerland is the sales and service organization for the Swiss market, and is based in Oberglatt, near Zurich. It off ers the entire line of Rosenbauer products, as well as aerial work platforms of various heights.

The Swiss segment generated 2010 EBIT of 0.6 m€ (2009: 0.8 m€) on revenues of 7.6 m€ (2009: 9.1 m€).

Segment key fi gures Switzerland

		2010	2009
Revenues	in m€	7.6	9.1
EBIT	in m€	0.6	0.8
Investments	in m€	0.1	0.1
Employees (average)		18	17

Asia

Two companies make up the Asian segment: SK Rosenbauer PTE Ltd., Singapore and Eskay Rosenbauer Sdn Bhd, Brunei. This segment posted 2010 EBIT of 1.9 m€ (2009: 1.1 m€) on higher revenues of 19.4 m€ (2009: 15.7 m€).

SK Rosenbauer produces fi re fi ghting vehicles and superstructures for aerial appliances that are supplied to Hong Kong, Singapore and neighboring countries. Its 2010 revenues came to 17.2 m€ (2009: 15.4 m€). Eskay Rosenbauer distributes fi re fi ghting vehicles on its local market, and posted revenues of 5.8 m€ last year (2009: 1.0 m€).

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Segment key fi gures Asia

Vehicles delivered

		2010	2009
Revenues	in m€	19.4	15.7
EBIT	in m€	1.9	1.1
Investments	in m€	0.1	0.4
Employees (average)		49	46

INFORMATION ON BUSINESS UNITS (BY PRODUCT)

Vehicles

Rosenbauer produces all types of fi re fi ghting vehicle to both European and US Standards. These two "Standards environments" diff er signifi cantly. The most visible expression of this is the very diff erent design of the typical vehicle. While European fi re fi ghting vehicles have to be very compactly built, US vehicles tend to be much larger and heavier.

In much of Europe, the extinguishing systems used are also very diff erent from those prevalent in the USA. Many European fi re departments rely on combined normal- and high-pressure extinguishing systems (from 10 to 40 bar), whereas in the USA the use of high-pressure systems in fi re fi ghting is still very uncommon. Owing to the diff erent mission tactics and typical building structures, it is customary to use normal-pressure pumps with high delivery rates.

The main categories of fi re fi ghting vehicles are municipal fi re fi ghting vehicles, ARFF vehicles and industrial fi re fi ghting vehicles. Municipal vehicles are generally replacement procurement items, especially in developed countries. Their average service life diff ers according to how and where they are used: Whereas volunteer fi re departments usually keep their vehicles for 20 to 25 years, the vehicles in service with professional, industrial and airport fi re departments need replacing much sooner. Service lives of up to 15 years are the rule here.

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Rosenbauer manufactures fi re fi ghting vehicles in Austria, the USA, Germany, Russia, Spain and Singapore. The Group's largest manufacturing facilities are Rosenbauer International AG in Austria, and the South Dakota Division in the USA. Its biggest-volume markets in 2010 were the USA and Germany.

With revenues of 423.8 m€ (2009: 377.0 m€), the "Vehicles" product segment last year accounted for the biggest single share (71%; 2009: 70%) of Group revenues. The increase in revenues in 2010 is thus almost entirely due to the growth in the Vehicles segment. A key driver of this growth was the expansion in international export business, which permitted full capacity utilization at the Group's production facilities in Europe and the USA. The Rosenbauer Group shipped a total of 2,312 vehicles in 2010 (2009: 2,119 vehicles).

Segment key fi gures Vehicles

		2010	2009
Order intake	in m€	340.9	402.1
Revenues	in m€	423.8	377.0
Investments	in m€	5.8	12.0

Aerials

Aerial appliances are mainly deployed by fi re departments for rescuing people from great heights, but also on fi re fi ghting and technical missions. A distinction is made between turntable ladders and aerial rescue platforms, which latter are also suitable for technical assignments and thus are often used as dual-purpose appliances.

The "Aerials" product segment encompasses turntable ladders and hydraulic rescue platforms. The center of expertise for aerial appliances built to European Standards is Metz Aerials in Karlsruhe. US Standard appliances are manufactured by the Aerials Division in Fremont, Nebraska. In addition, other manufacturers' equipment was supplied by the parent company in Leonding and by the subsidiaries in Singapore and Switzerland.

Aerials were responsible for revenues of 65.7 m€ in 2010 (2009: 70.4 m€), accounting for an 11% (2009: 13%) share of Group revenues.

Segment key fi gures Aerials

		2010	2009
Order intake	in m€	56.0	64.8
Revenues	in m€	65.7	70.4
Investments	in m€	1.0	1.1

Fire fi ghting components

Developing and manufacturing fi re fi ghting systems and components is one of Rosenbauer's core competences. Indeed, the company can look back on more than 100 years of experience in the fi eld. Many other vehicle manufacturers have to buy in these "centerpieces" of their vehicles, and only a very few produce their own fi re fi ghting components.

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The "Fire fi ghting components" product segment encompasses pumps and pump units, portable fi re pumps, foam proportioning systems, monitors and their electronic control systems. This segment also includes mobile foam extinguishing installations (POLY and CAF systems). Rosenbauer develops and produces the entire line of fi re fi ghting components at its Leonding plant. These are supplied to the Group companies, selected superstructure manufacturers and end customers. Long-term partnership agreements are in place with these independent superstructure manufacturers. They make it possible to reach markets which would otherwise be wholly or largely inaccessible to international vehicle business.

Rosenbauer is increasingly acting as a system supplier to external superstructure-building partners. They are supplied with complete, ready-to-install systems which come equipped not only with the pump but also with an electronic control system, foam proportioning system and installation-ready piping systems.

A total of 1,787 truck-mounted fi re pump sets (2009: 1,773), 1,130 pump units (2009: 905), 1,353 monitors (2009: 911) and 1,260 portable fi re pumps (2009: 951) were produced in 2010.

Number of pumps and portable fi re pumps produced

With revenues of 18.9 m€ (2009: 16.2 m€), "Fire fi ghting components" accounted for 3% (2009: 3%) of total Group revenues. The pump units, fi re fi ghting systems and components installed on Rosenbauerproduced vehicles are included in the revenues of the "Vehicles" segment.

Segment key fi gures Fire fi ghting components

		2010	2009
Order intake	in m€	21.2	18,7
Revenues	in m€	18.9	16.2
Investments	in m€	0.8	1.3

Fire & safety equipment

Rosenbauer off ers the fi re fi ghting sector a complete range of fi re & safety equipment for every type of mission. This range includes anything from personal protective equipment, to technical emergency equipment, to special equipment for dealing with the aftermath of haz-mat accidents and environmental disasters.

In addition to this standard range, over the last few years Rosenbauer has also launched an innovative line of its own such products. These stand out for their high quality, functional design and good price/ performance ratio. Rosenbauer's globe-spanning sales organization enables high sales numbers to be reached, permitting economically viable industrial-scale production. The main revenue-drivers among these Rosenbauer-developed products are personal protective equipment (helmets, turnout suits etc.),

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submersible pumps, generators, nozzles and high performance ventilators. The proportion of 2010 "Fire & safety equipment" revenues accounted for by own products came to approx. 30%, with around 50% of these in-house developments being less than fi ve years old.

The "Fire & safety equipment" product segment generated revenues of 57.1 m€ in 2010 (2009: 51.6 m€), accounting for a 10% share of Group revenues (2009: 10%).

Segment key fi gures Fire & Safety Equipment

		2010	2009
Order intake	in m€	45.9	56.9
Revenues	in m€	57.1	51.6
Investments	in m€	0.2	0.0

Business development

This segment pools the development of new business ideas and fi elds of business which will open up future growth opportunities lying outside the Group's present core business. In this connection, it taps into Rosenbauer's fund of in-house expertise in the fi eld of fi re fi ghting systems to develop and produce stationary fi re fi ghting installations for special applications. These installations provide eff ective protection to machinery and limited physical areas that are at high risk of fi re. The spectrum of applications includes e.g. foam extinguishing installations for tunnels, aircraft hangars, paint-shops, waste disposal plants and conveyor systems.

The second pillar of the Business development segment is telematics, with the online service tool service4fi re and the information system EMEREC.

Another task performed by this segment is to look for new lines of business that build upon existing core competences. The aim is that in the next few years, these will generate extra growth of at least 10% of Group revenues, while ensuring that the solid fi nancial basis of the Group is maintained.

The Business development segment generated 2010 revenues of 1.3 m€ (2009: 1.1 m€).

Segment key fi gures Business development

		2010	2009
Order intake	in m€	0.8	1.7
Revenues	in m€	1.3	1.1
Investments	in m€	0.0	0.1

Service & spare parts Posting 2010 revenues of 26.6 m€ (2009: 22.9 m€), the "Service & spare parts" fi eld accounted for 4% of the total (2009: 4%). Despite the small percentage that it contributes to overall Group revenues, this is nevertheless a strategically important area of business for the Group.

rbi lagebericht_1304 E.indd 62 13.04.11 12:05 3.04.11

The comparatively low revenues generated by the "Service & spare parts" business are due to the fact that the bulk of the service and repair work is carried out by Rosenbauer service partners, operating in over 100 countries.

The tight budgets for fi re services in many countries mean that refurbishment – i.e. the technical modernization of existing fi re fi ghting vehicles – is becoming an increasingly important area of business. In order to better exploit this opportunity, a special refurbishment program has been developed, ranging from total overhaul of the fi re fi ghting systems all the way through to completely new vehicle superstructures.

The "Other revenues" have no causal connection with the ordinary activities of the Group and are thus not directly attributable to any one product segment. They do not, as a rule, have any signifi cant infl uence on the corporate result, and last year amounted to 2.3 m€ (2009: 2.6 m€). Other revenues

rbi lagebericht_1304 E.indd 63 13.04.11 12:05 3.04.11

Segment key fi gures Service & spare parts and Other revenues

		2010	2009
Order intake	in m€	32.1	31.7
Revenues	in m€	28.9	25.5
Investments	in m€	1.1	1.3

REPORT OF THE SUPERVISORY BOARD 64

At its meetings held during 2010, the Supervisory Board was informed regularly by the Executive Board upon the situation of the company and the progress of its business. The reports hereon given by the Executive Board, together with its reports on important items of business, were approved by the Supervisory Board.

The Supervisory Board met four times for ordinary meetings in the year under review. In addition, regular meetings of the owner representatives on the Supervisory Board took place at which matters of operational and strategic corporate governance were discussed with the Executive Board. The Supervisory Board members attended a total of 11 meetings of the Supervisory Board and of its committees during 2010.

The Audit Committee met in April 2011 to review and prepare the approval of the annual fi nancial statements 2010, to draw up a proposal for the appointment of an external auditor, and for deliberations in all matters bearing upon company and Group fi nancial reporting. In a separate meeting the committee also dealt with the activities of the internal auditing units, the Group's risk management system, the internal control system and with the compliance issues. The members of the Audit Committee were Alfred Hutterer (Chairman), Rainer Siegel and Rudolf Aichinger.

Both the fi nancial statements and the situation report have been audited by Ernst&Young Wirtschaftsprüfungsgesellschaft mbH in accordance with statutory provisions.

The fi nal results of the audit have not given reason to any grounds for query. Accordingly, the fi nancial statements and the situation report have been endorsed with an unqualifi ed audit certifi cate. The auditors' report has been submitted to the members of the Supervisory Board in accordance with §273 Sect. 3 UGB (Austrian Companies Act).

The fi nancial statements and the Group's fi nancial statements as at December 31, 2010 have been approved by the Supervisory Board and are thus established in accordance with §96 Sect. 4 AktG (Austrian Stock Corporation Act). The Supervisory Board concurs with the Executive Board's proposal regarding the distribution of profi ts and proposes that this proposal be adopted at the Annual General Meeting.

rbi lagebericht_1304 E.indd 64 13.04.11 12:05 3.04.11

Leonding, April 2011

Alfred Hutterer Chairman of the Supervisory Board

CONSOLIDATED FINANCIAL STATEMENTS 2010 65

• 66 Consolidated balance sheet as at December 31, 2010
• 67 Consolidated income statement 2010
• 67 Presentation of the consolidated statement of comprehensive income
• 68 Changes in equity
• 70 Consolidated cash fl ow statement
• 71 Schedule of provisions
• 72 Movement in the consolidated assets
• 74 Segment reporting

76 NOTES

• 76 General remarks
• 79 Consolidation principles
• 81 Reporting and valuation methods
• 88 Notes to the consolidated balance sheet and income statement

108 STATEMENT OF ALL LEGAL REPRESENTATIVES

rbi anhang_1304 E.indd 65 13.04.11 12:00 3.04.11

109 Audit certifi cate (independent auditor's report)

66 CONSOLIDATED BALANCE SHEET AS AT DECEMBER 31, 2010

		Dec 31, 2010	Dec 31, 2009
ASSETS	Notes	in k€	in k€
A. Non-current assets
I. Tangible assets	(D.1.)	59,351.8	57,229.2
II. Intangible assets	(D.1.)	897.4	533.9
III. Securities	(D.2.)	105.6	102.6
IV. Joint ventures	(D.3.)	3,637.6	1,471.0
V. Receivables	(D.4.)	1,286.9	1,114.0
VI. Deferred tax assets	(D.5.)	1,141.7	1,195.7
		66,421.0	61,646.4
B. Current assets
I. Inventories	(D.6.)	119,992.4	118,944.0
II. Production contracts	(D.7.)	50,569.1	40,690.5
III. Receivables	(D.8.)	54,109.1	78,588.5
IV. Cash on hand and in banks, checks	(D.9.)	10,540.5	6,928.8
		235,211.1	245,151.8
Total assets		301,632.1	306,798.2

		Dec 31, 2010	Dec 31, 2009
EQUITY AND LIABILITIES	Notes	in k€	in k€
A. Equity
I. Share capital	(D.10.)	13,600.0	13,600.0
II. Additional paid-in capital	(D.10.)	23,703.4	23,703.4
III. Other reserves	(D.10.)	2,769.4	2,837.9
IV. Accumulated results	(D.10.)	71,136.5	44,909.4
Equity attributable to
shareholders of the parent company		111,209.3	85,050.7
V. Non-controlling interests	(D.11.)	18,122.3	14,798.6
		129,331.6	99,849.3
B. Non-current liabilities
I. Non-current interest-bearing liabilities	(D.12.)	11,616.8	12,549.2
II. Other non-current liabilities	(D.13.)	3,097.4	1,957.0
III. Non-current provisions	(D.14.)	21,747.0	20,404.1
IV. Deferred income tax liabilities	(D.5.)	820.7	1,906.5
		37,281.9	36,816.8
C. Current liabilities
I. Current interest-bearing liabilities	(D.15.)	25,174.3	36,296.6
II. Prepayments received		13,543.8	25,714.8
III. Accounts payable-trade	(D.16.)	30,871.5	38,895.4
IV. Other current liabilities	(D.17.)	36,137.9	39,510.2
V. Provisions for taxes	(D.18.)	2,309.6	1,445.2
VI. Other provisions	(D.18.)	26,981.5	28,269.9
		135,018.6	170,132.1
Total equity and liabilities		301,632.1	306,798.2

rbi anhang_1304 E.indd 66 13.04.11 12:00 3.04.11

CONSOLIDATED INCOME STATEMENT 2010 67

			2010	2009
		Notes	in k€	in k€
1.	Revenues	(D.19.)	595,687.0	541,808.2
2.	Other income	(D.20.)	5,369.8	3,662.0
3.	Change in inventory, fi nished products
	and work in progress		3,021.5	14,979.9
4.	Costs of goods sold	(D.6.)	(394,248.1)	(371,077.9)
5.	Personnel expenses	(D.21.)	(109,277.4)	(99,614.7)
6.	Depreciation on intangible and tangible assets		(7,269.2)	(6,536.7)
7.	Other expenses	(D.22.)	(43,595.6)1)	(53,812.1)2)
8.	Operating result (EBIT)
	before result of joint ventures		49,688.0	29,408.7
9.	Financial expenses	(D.23.)	(3,925.7)	(4,598.9)
	10. Financial income	(D.24.)	1,131.6	1,661.0
	11. Results of joint ventures	(D.3.)	2,198.8	(29.0)
	12. Profi t before income tax (EBT)		49,092.7	26,441.8
	13. Income tax	(D.25.)	(9,103.1)	(8,863.0)
	14. Net profi t for the period		39,989.6	17,578.8
	thereof:
	– Non-controlling interests		8,322.5	7,714.5
	– Shareholders of parent company		31,667.1	9,864.3
	Average number of shares issued	(D.34.)	6,800,000	6,800,000
	Basic earnings per share	(D.34.)	4.66 €	1.45 €
	Diluted earnings per share	(D.34.)	4.66 €	1.45 €

1) Including 3.5 m€ reversal of provision for anti-trust risks in Germany (2010)

2) Including allocation of 15.0 m€ provision for anti-trust risks in Germany (2009)

PRESENTATION OF THE CONSOLIDATED	2010	2009
STATEMENT OF COMPREHENSIVE INCOME	in k€	in k€
Net profi t for the period	39,989.6	17,578.8
Unrealized profi ts/losses from foreign currency translation	3,732.5	(635.8)
Unrealized profi ts/losses from currency translation joint ventures	(32.3)	0.0
Unrealized profi ts/losses from available-for-sale-securities
Change in unrealized profi ts/losses	(4.8)	20.3
– thereof deferred income tax	1.2	(5.1)
Unrealized profi ts/losses from cash fl ow hedge
Change in unrealized profi ts/losses	(1,413.7)	3,886.6
– thereof deferred income tax	353.4	(971.7)
Realized profi ts/losses	(2,206.0)	(1,444.6)
– thereof deferred income tax	551.5	361.2
Other comprehensive income	981.8	1,210.9
Total comprehensive income after income tax	40,971.4	18,789.7
thereof:
– Non-controlling interests	9,372.8	7,350.6
– Shareholders of parent company	31,598.6	11,439.1

rbi anhang_1304 E.indd 67 13.04.11 12:00 3.04.11

				Other reserves
2010	Share	Additional	Currency	Re-evaluation	Hedging
in k€	capital	paid-in capital	translation	reserve	reserve
As at Jan 1, 2010	13,600.0	23,703.4	(1,247.1)	3.4	4,081.6
Other comprehensive
income	0.0	0.0	2,649.9	(3.6)	(2,714.8)
Net profi t for the period	0.0	0.0	0.0	0.0	0.0
Total comprehensive
income	0.0	0.0	2,649.9	(3.6)	(2,714.8)
Dividend	0.0	0.0	0.0	0.0	0.0
As at Dec 31, 2010	13,600.0	23,703.4	1,402.8	(0.2)	1,366.8

Attributable to shareholders in the parent company

			Other reserves
2009	Share	Additional	Currency	Re-evaluation	Hedging
in k€	capital	paid-in capital	translation	reserve	reserve
As at Jan 1, 2009	13,600.0	23,703.4	(975.2)	(11.8)	2,250.1
Other comprehensive
income	0.0	0.0	(271.9)	15.2	1,831.5
Net profi t for the period	0.0	0.0	0.0	0.0	0.0
Total comprehensive
income	0.0	0.0	(271.9)	15.2	1,831.5
Dividend	0.0	0.0	0.0	0.0	0.0
As at Dec 31, 2009	13,600.0	23,703.4	(1,247.1)	3.4	4,081.6

rbi anhang_1304 E.indd 68 13.04.11 12:00 3.04.11

Attributable to shareholders in the parent company

Accumulated		Non-controlling
results	Subtotal	interests	Equity
44,909.4	85,050.7	14,798.6	99,849.3
0.0	(68.5)	1,050.3	981.8
31,667.1	31,667.1	8,322.5	39,989.6
31,667.1	31,598.6	9,372.8	40,971.4
(5,440.0)	(5,440.0)	(6,049.1)	(11,489.1)
71,136.5	111,209.3	18,122.3	129,331.6

Accumulated		Non-controlling
results	Subtotal	interests	Equity
40,485.1	79,051.6	12,977.9	92,029.5
0.0	1,574.8	(363.9)	1,210.9
9,864.3	9,864.3	7,714.5	17,578.8
9,864.3	11,439.1	7,350.6	18,789.7
(5,440.0)	(5,440.0)	(5,529.9)	(10,969.9)
44,909.4	85,050.7	14,798.6	99,849.3

rbi anhang_1304 E.indd 69 13.04.11 12:00 3.04.11

70 CONSOLIDATED CASH FLOW STATEMENT

			2010	2009
		Notes	in k€	in k€
	Profi t before income tax		49,092.7	26,441.8
+ Depreciation			7,269.2	6,536.7
–	Gains from the reversal of investment grants		(98.2)	(87.5)
	± Losses/Gains from joint ventures		(2,198.8)	29.0
	± Expenses/Income from valuation
	of fi nancial instruments		1,124.2	(521.0)
–	Gains from the retirement of tangible assets,
	intangible assets and securities		(111.7)	(42.3)
+ Interest expenses			2,861.2	3,494.1
–	Interest and securities income		(1,131.6)	(1,661.0)
	± Unrealized gains/losses from currency translation		1,719.0	(531.9)
	± Change in inventories		(1,048.4)	(34,085.9)
	± Change in accounts receivable-trade and production contracts		11,589.5	(3,019.8)
	± Change in other receivables		(2,073.8)	(1,657.5)
	± Change in accounts payable-trade and prepayments received		(20,194.9)	3,850.0
	± Change in other liabilities		(1,975.3)	9,709.0
	± Change in provisions (excluding income tax deferrals)		54.5	17,355.5
Cash earnings			44,877.6	25,809.2
– Interest paid		(D.26.)	(2,861.2)	(3,449.5)
	+ Interest received and income of securities	(D.26.)	1,313.7	1,985.3
+ Income tax received			0.0	0.0
– Income tax paid			(8,541.4)	(6,827.0)
	Net cash fl ow from operating activities		34,788.7	17,518.0
–	Payments from the foundation of joint ventures
	less purchased cash on hand and in banks, checks
	and from increase in share capital joint ventures	(D.26.)	(0.1)	(1,500.0)
–	Payments from the purchase of tangible and
	intangible assets and securities		(8,947.1)	(15,777.0)
	+ Proceeds from the sale of tangible and
	intangible assets and securities		329.6	307.6
	Net cash fl ow from investing activities		(8,617.6)	(16,969.4)
– Dividends paid		(D.26.)	(5,440.0)	(5,440.0)
–	Dividends paid to non-controlling interests		(6,049.1)	(5,529.9)
	+ Proceeds from interest-bearing liabilities		24,241.9	33,780.8
–	Repayment of interest-bearing liabilities		(36,296.6)	(17,640.7)
	Net cash fl ow from fi nancing liabilities		(23,543.8)	5,170.2
	Net change in cash on hands and in banks, checks		2,627.3	5,718.8
	+ Cash on hand and in banks, checks
	at the beginning of the period		6,928.8	1,199.8
	± Adjustment from currency translation		984.4	10.2
	Cash on hand and in banks, checks
	at the end of the period	(D.26.)	10,540.5	6,928.8

rbi anhang_1304 E.indd 70 13.04.11 12:00 3.04.11

SCHEDULE OF PROVISIONS 71

2010	As at	Currency				As at
in k€	Jan 1, 2010	diff erences	Allocation	Consumption	Reversal	Dec 31, 2010
Current
Personnel provisions	534.6	0.1	279.6	(338.2)	(154.5)	321.6
Provisions for warranties	7,917.7	232.0	8,955.7	(7,703.2)	(446.6)	8,955.6
Contract loss provisions	2,487.8	0.0	2,448.1	(2,267.6)	(220.2)	2,448.1
Provisions for income tax	1,445.2	64.9	2,265.5	(1,321.6)	(144.4)	2,309.6
Other provisions	17,329.8	25.8	3,086.8	(1,311.9)	(3,874.3)	15,256.21)
	29,715.1	322.8	17,035.7	(12,942.5)	(4,840.0)	29,291.1
Non-current
Provisions for
long-service bonuses	1,684.2	0.0	406.3	(134.8)	(0.9)	1,954.8
Other non-current provisions	107.0	0.0	13.0	0.0	(4.1)	115.9
	1,791.2	0.0	419.3	(134.8)	(5.0)	2,070.7
	31,506.3	322.8	17,455.0	(13,077.3)	(4,845.0)	31,361.8
2009	As at	Currency				As at
in k€	Jan 1, 2009	diff erences	Allocation	Consumption	Reversal	Dec 31, 2009
Current
Personnel provisions	557.0	0.1	122.5	(31.2)	(113.8)	534.6
Provisions for warranties	6,937.4	(51.8)	7,917.7	(6,562.2)	(323.4)	7,917.7
Contract loss provisions	1,276.0	0.0	2,487.8	(1,257.0)	(19.0)	2,487.8
Provisions for income tax	1,021.2	0.1	937.4	(513.5)	0.0	1,445.2
Other provisions	2,141.4	(8.1)	16,338.6	(1,084.7)	(57.4)	17,329.82)
	11,933.0	(59.7)	27,804.0	(9,448.6)	(513.6)	29,715.1
Non-current
Provisions for
long-service bonuses	2,133.7	0.0	0.0	(449.5)	0.0	1,684.2
Other non-current provisions	148.0	0.0	0.0	0.0	(41.0)	107.0
	2,281.7	0.0	0.0	(449.5)	(41.0)	1,791.2
	14,214.7	(59.7)	27,804.0	(9,898.1)	(554.6)	31,506.3

rbi anhang_1304 E.indd 71 13.04.11 12:00 3.04.11

1) Including 3.5 m€ reversal of provision for anti-trust risks in Germany (2010)

2) Including allocation of 15.0 m€ provision for anti-trust risks in Germany (2009)

The schedule of provisions for severance payments and pensions is contained under the item D.14. "Non-current provisions" in the Notes.

72 MOVEMENT IN THE CONSOLIDATED ASSETS

		Cost of acquisition or production
2010	As at	Currency				As at
in k€	Jan 1, 2010	diff erences	Additions	Disposals	Adjustments	Dec 31, 2010
I. Tangible assets
1. Land and buildings
a) Land value	3,299.2	137.4	90.2	0.0	0.0	3,526.8
b) Offi ce and plant buildings	43,724.6	1,693.6	1,790.1	86.5	214.3	47,336.1
c) Outside facilities	3,895.9	0.0	188.2	63.6	0.0	4,020.5
d) Investments in
non-owned buildings	2,706.5	10.2	229.7	3.1	0.0	2,943.3
2. Undeveloped land	2,273.1	0.0	385.9	0.0	0.0	2,659.0
3. Technical equipment and machinery	18,680.7	334.5	1,048.8	203.8	1,575.1	21,435.3
4. Other equipment,
furniture and fi xtures	33,010.4	275.0	4,273.2	1,256.7	17.7	36,319.6
5. Prepayments and
construction in progress	1,814.7	0.0	216.3	0.0	(1,807.1)	223.9
	109,405.1	2,450.7	8,222.4	1,613.7	0.0	118,464.5
II. Intangible assets
Rights	3,877.7	8.2	724.7	80.0	0.0	4,530.6
III. Securities	391.7	0.0	0.0	0.0	0.0	391.7
IV. Joint ventures	1,471.0	(32.3)	2,198.9	0.0	0.0	3,637.6
	115,145.5	2,426.6	11,146.0	1,693.7	0.0	127,024.4

		Cost of acquisition or production
	2009	As at	Currency				As at
in k€		Jan 1, 2009	diff erences	Additions	Disposals	Adjustments	Dec 31, 2009
	I. Tangible assets
	1. Land and buildings
	a) Land value	2,983.3	(6.0)	0.0	0.0	321.9	3,299.2
	b) Offi ce and plant buildings	36,082.2	(130.6)	5,915.2	17.2	1,875.0	43,724.6
	c) Outside facilities	3,442.7	0.0	576.8	123.6	0.0	3,895.9
	d) Investments in
	non-owned buildings	2,465.6	(3.0)	275.3	31.4	0.0	2,706.5
	2. Undeveloped land	2,595.0	0.0	0.0	0.0	(321.9)	2,273.1
	3. Technical equipment and machinery	17,928.1	(67.1)	1,681.0	881.3	20.0	18,680.7
	4. Other equipment,
	furniture and fi xtures	29,321.1	(20.4)	5,032.8	1,342.9	19.8	33,010.4
	5. Prepayments and
	construction in progress	1,917.6	0.0	1,811.9	0.0	(1,914.8)	1,814.7
		96,735.6	(227.1)	15,293.0	2,396.4	0.0	109,405.1
	II. Intangible assets
	Rights	3,876.2	(2.6)	459.1	455.0	0.0	3,877.7
	III. Securities	467.7	0.0	24.9	100.9	0.0	391.7
	IV. Joint ventures	2,770.0	0.0	1,500.0	2,799.0	0.0	1,471.0
		103,849.5	(229.7)	17,277.0	5,751.3	0.0	115,145.5

rbi anhang_1304 E.indd 72 13.04.11 12:00 3.04.11

		Accumulated depreciation				Net book value
As at	Currency			As at	As at	As at
Jan 1, 2010	diff erences	Additions	Disposals	Dec 31, 2010	Dec 31, 2010	Dec 31, 2009
19.2	0.0	1.7	0.0	20.9	3,505.9	3,280.0
15,179.0	947.2	1,633.1	32.9	17,726.4	29,609.7	28,545.6
1,739.3	0.0	308.7	41.9	2,006.1	2,014.4	2,156.6
1,846.8	2.4	147.7	3.1	1,993.8	949.5	859.7
0.0	0.0	0.0	0.0	0.0	2,659.0	2,273.1
12,271.7	248.3	1,356.9	173.6	13,703.3	7,732.0	6,409.0
21,119.9	224.5	3,459.3	1,141.5	23,662.2	12,657.4	11,890.5
0.0	0.0	0.0	0.0	0.0	223.9	1,814.7
52,175.9	1,422.4	6,907.4	1,393.0	59,112.7	59,351.8	57,229.2
3,343.8	7.4	361.8	79.8	3,633.2	897.4	533.9
289.1	0.0	0.0	3.0	286.1	105.6	102.6
0.0	0.0	0.0	0.0	0.0	3,637.6	1,471.0
55,808.8	1,429.8	7,269.2	1,475.8	63,032.0	63,992.4	59,336.7
		Accumulated depreciation				Net book value
As at	Currency			As at	As at	As at
Jan 1, 2009	diff erences	Additions	Disposals	Dec 31, 2009	Dec 31, 2009	Dec 31, 2008
17.5	0.0	1.7	0.0	19.2	3,280.0	2,965.8
13,758.9	(43.4)	1,479.0	15.5	15,179.0	28,545.6	22,323.3

22,323.3	28,545.6	15,179.0	15.5	1,479.0	(43.4)	13,758.9
1,881.6	2,156.6	1,739.3	121.5	299.7	0.0	1,561.1
768.1	859.7	1,846.8	30.0	180.2	(0.9)	1,697.5
2,595.0	2,273.1	0.0	0.0	0.0	0.0	0.0
5,876.9	6,409.0	12,271.7	879.3	1,151.2	(51.4)	12,051.2
10,149.9	11,890.5	21,119.9	1,205.3	3,171.4	(17.4)	19,171.2
1,917.6	1,814.7	0.0	0.0	0.0	0.0	0.0
48,478.2	57,229.2	52,175.9	2,251.6	6,283.2	(113.1)	48,257.4
328.4	533.9	3,343.8	455.0	253.5	(2.5)	3,547.8
169.2	102.6	289.1	9.4	0.0	0.0	298.5
0.0	1,471.0	0.0	2,770.0	0.0	0.0	2,770.0
48,975.8	59,336.7	55,808.8	5,486.0	6,536.7	(115.6)	54,873.7

rbi anhang_1304 E.indd 73 13.04.11 12:00 3.04.11

OPERATING SEGMENTS 20101)

in k€	Austria	USA	Germany
External revenue	307,616.4	123,090.0	122,845.2
Internal revenue	55,691.6	32,625.0	38,337.7
Total revenue	363,308.0	155,715.0	161,182.9
Operating result (EBIT)
before result of joint ventures	33,682.2	15,245.0	4,840.6
Segment assets	186,629.1	57,666.1	72,127.5
Segment liabilities	93,500.9	18,564.5	60,543.5
Investments	5,645.2	1,227.6	1,915.6
Depreciation	5,053.5	699.1	1,121.6
Other non-cash income/expenses	7,233.6	149.2	(6,106.5)
Results of joint ventures	2,198.8	0.0	0.0
Book value joint ventures	3,637.6	0.0	0.0
Employees (average)	920	525	485

OPERATING SEGMENTS 20091)

in k€	Austria	USA	Germany
External revenue	297,501.7	115,920.6	93,407.2
Internal revenue	42,751.9	28,207.6	23,920.3
Total revenue	340,253.6	144,128.2	117,327.5
Operating result (EBIT)
before result of joint ventures	9,779.6	14,048.8	3,320.8
Segment assets	200,947.1	49,401.0	59,957.1
Segment liabilities	115,873.1	13,639.6	47,055.1
Investments	13,034.8	567.3	1,649.5
Depreciation	4,537.7	610.3	1,017.1
Other non-cash income/expenses	(15,939.1)	(55.1)	(909.0)
Results of joint ventures	(29.0)	0.0	0.0
Book value joint ventures	1,471.0	0.0	0.0
Employees (average)	883	503	429

1) The segment report refers to the revenues and results earned by the individual segments both on their respective local market and from export sales.

2) The operating result includes the partial reversal, in an amount of 3.5 m€, of the provision made for the anti-trust proceedings in Germany, which were concluded in the fi rst quarter of 2011.

3) The operating result includes the allocation of a 15.0 m€ provision made in the light of the anti-trust proceedings instituted in Germany in 2009.

INFORMATION ON BUSINESS UNITS		Revenues
in m€	2010	2009
Vehicles	423.8	377.0
Aerials	65.7	70.4
Fire fi ghting components	18.9	16.2
Fire & safety equipment	57.1	51.6
Business development	1.3	1.1
Service & spare parts	26.6	22.9
Others	2.3	2.6
Consolidation	0.0	0.0
Group	595.7	541.8

rbi anhang_1304 E.indd 74 13.04.11 12:00 3.04.11

Group	Consolidation	Asia	Switzerland	Spain
595,687.0	0.0	19,260.3	7,541.6	15,333.5
0.0	(127,241.0)	117.3	47.0	422.4
595,687.0	(127,241.0)	19,377.6	7,588.6	15,755.9
49,688.02)	(7,179.3)	1,942.2	590.0	567.3
286,206.7	(52,806.7)	9,676.1	5,888.5	7,026.1
132,379.1	(52,023.6)	1,723.1	3,262.1	6,808.6
8,947.1	0.0	100.9	54.0	3.8
7,269.2	0.0	194.1	161.5	39.4
1,266.7	0.0	(105.7)	(4.0)	100.1
2,198.8	0.0	0.0	0.0	0.0
3,637.6	0.0	0.0	0.0	0.0
2,014	0	49	18	17

Group	Consolidation	Asia	Switzerland	Spain
541,808.2	0.0	15,311.5	9,075.1	10,592.1
0.0	(96,360.1)	382.5	29.7	1,068.1
541,808.2	(96,360.1)	15,694.0	9,104.8	11,660.2
29,408.73)	49.1	1,104.0	837.5	268.9
297,100.1	(34,872.1)	9,295.7	5,059.5	7,311.8
154,751.4	(33,839.5)	5,612.2	1,572.8	4,838.1
15,752.1	0.0	376.3	100.8	23.4
6,536.7	0.0	140.4	196.0	35.2
(16,927.1)	0.0	(2.8)	(47.2)	26.1
(29.0)	0.0	0.0	0.0	0.0
1,471.0	0.0	0.0	0.0	0.0

17 17 46 0 1,895

	Segment asset		Investments
2010	2009	2010	2009
226.1	235.3	5.8	12.0
45.8	34.7	1.0	1.1
6.6	9.7	0.8	1.3
10.7	15.9	0.2	0.0
0.3	0.2	0.0	0.1
0.3	0.3	0.0	0.1
6.9	6.6	1.1	1.2
(10.5)	(5.6)	0.0	0.0
286.2	297.1	8.9	15.8

rbi anhang_1304 E.indd 75 13.04.11 12:00 3.04.11

A. GENERAL REMARKS

1. General information and basis of preparation

The Rosenbauer Group is an internationally active corporation with an Austria-based parent company, Rosenbauer International AG. Its main focus is on the production of fi re fi ghting vehicles, the development and manufacture of fi re fi ghting components and the equipping of both vehicles and their crews. The Group head offi ce is located at Paschinger Strasse 90, 4060 Leonding, Austria. The company is registered at the Linz Provincial Court under the company register number FN 78543 f.

These consolidated fi nancial statements for Rosenbauer International AG and its subsidiaries for the fi nancial year 2010 comply with the International Financial Reporting Standards (IFRS) as accepted in the European Union and are expected to be submitted by the Executive Board to the Supervisory Board in April 2011 and thereby approved for publication.

The consolidated fi nancial statements are prepared in thousands of euro (k€) and unless expressly stated, this also applies to the fi gures quoted in the Notes.

The consolidated fi nancial statements have been prepared on a historical cost basis, except for investment properties, derivative fi nancial instruments and available-for-sale investments, which have been measured at fair value. The book values of recognized assets and liabilities that are hedged items in fair value hedges, and are otherwise carried at cost, are adjusted to record changes in the fair values attributable to the risks that are being hedged.

2. Main eff ects of new accounting standards

In general, the accounting and valuation methods applied in 2010 correspond to those employed in the preceding year. In addition, the Group utilized the following new/revised standards.

The IASB issued the revised Business Combinations standard (IFRS 3) in January 2008 which will be eff ective for fi nancial years begin ning on or after July 1, 2009. The standard introduces changes in the accounting for business combinations that will impact the amount of goodwill recognized, the reported results in the period that an acquisition occurs, and future reported results. The amendments to IFRS 3 will aff ect future acquisitions of subsidiaries.

The revised IAS 27 (Consolidated and separate fi nancial statements) requires that a change in the ownership interest of a subsidiary (without loss of control) is accounted for as an equity transaction. Therefore, such transactions will no longer give rise to goodwill, nor will it give rise to a gain or loss. Furthermore, the amended standard changes the accounting for losses incurred by the subsidiary as well as the loss of control of a subsidiary. The amendments to IAS 27 (revised) will aff ect future acquisitions – or losses – of controlling infl uence over subsidiaries, and transactions involving non-controlling interests.

IAS 39 (Financial Instruments: Recognition and Measurement – Eligible Hedged Items) was issued in July 2008 and is eff ective for fi nancial years beginning on or after July 1, 2009. The amendment addresses the designation of a one-sided risk in a hedged item, and the designation of infl ation as a hedged risk or portion in particular situations. The fi rst implication of this standard has no material impact upon the Group's asset, fi nancial and income situation of this period or a comparative period.

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IFRIC 17 (Distributions of Non-cash Assets to Owners) was published in November 2008 and is eff ective for annual periods beginning on or after July 1, 2009. It provides guidance on how to account for non-cash distributions to owners. The interpretation clarifi es when to recognize a liability, how to measure it and the associated assets, and when to derecognize the asset and liability. This interpretation has no relevance for the Group's consolidated fi nancial statements.

In November 2008, the IASB issued a revision of IFRS 1 (First-time Adoption of International Financial Reporting Standards). This revision is eff ective for annual periods beginning on or after July 1, 2009. The amendments have no impact upon the Group's asset, fi nancial and income situation.

IFRIC 18 (Transfer of Assets from Customers) was published in January 2009 and fi rst came into eff ect for annual periods commencing on or after July 1, 2009. The Interpretation is to be applied prospectively. IFRIC 18 is of particular relevance to the energy sector. IFRIC 18 clarifi es the requirements of IFRSs for agreements in which an entity receives from a customer an item of property, plant or equipment that the entity must then use either to connect the customer to a network or to provide the customer with ongoing access to a supply of goods or services. This interpretation has no relevance for the Group's consolidated fi nancial statements.

The amendments to IFRIC 9 and IAS 39 were issued in March 2009 and are eff ective for annual periods beginning on or after July 1, 2009. The amendments require an entity to assess whether an embedded derivative must be separated from a host contract when the entity reclassifi es a hybrid fi nancial asset out of the fair value through profi t or loss category. It has no impact upon the Group's asset, fi nancial and income situation.

The amendments to IFRS 1 and IFRS 2 (eff ective for annual periods beginning on or after January 1, 2010), and to IFRS 5 resulting from the improvements to IFRS 2008 (eff ective for annual periods beginning on or after July 1, 2009) and the improvements to IFRS 2009 (mainly eff ective from January 1, 2010) are of no relevance to the consolidated fi nancial statements of Rosenbauer International AG.

3. Future changes in reporting and valuation methods due to new accounting standards

As well as the standards and interpretations already applied by the Group, at the time when these fi nancial statements were approved for publication the following standards and interpretations had been issued but were not yet mandatorily applicable. The Group intends to apply these new or amended standards from the date stipulated for their mandatory entry into force.

In October 2009, an amendment was issued to IAS 32 (Financial Instruments: Presentation). The amendment requires that certain rights (rights issues, options and warrants) denominated in a currency other than the functional currency of the issuer to whose equity instruments the rights relate must be classifi ed as equity in the balance sheet. Such rights were previously reported as liabilities. The amendment only applies to rights issues in which the number of instruments to be acquired, and the foreign-currency amount, are both previously fi xed and which are off ered pro rata to all existing owners of the same class of equity instruments. The amendment is applicable for annual periods beginning on or after February 1, 2010. This amendment will have no signifi cant eff ects on the presentation of the Group's asset, fi nancial and income situation.

IFRIC 19 (Extinguishing Financial Liabilities with Equity Instruments) is eff ective for annual periods beginning on or after July 1, 2010. The interpretation clarifi es that the equity instruments issued to a creditor for the purposes of extinguishing a fi nancial liability must be classifi ed as part of the consideration paid. The equity instruments so issued are to be measured at their fair value. If their fair value cannot be reliably measured, the equity instruments should be measured to refl ect the fair value of the fi nancial liability extinguished. Profi ts and losses are immediately recognized in determining net income. Application of this interpretation will have no eff ects on the consolidated fi nancial statements.

rbi anhang_1304 E.indd 77 13.04.11 12:00 3.04.11

In November 2009 an amendment was adopted to IFRIC 14 (IAS 19 – The Limit on a Defi ned-Benefi t Asset, Minimum Funding Requirements and their Interaction). The amended IFRIC 14 is retrospectively eff ective for annual periods commencing on or after January 1, 2011. The amendment contains guidelines on determining the realizable amount of a net pension asset. The amendment allows entities to treat as asset pre-payments which they have made with a view to satisfying minimum funding requirements. This amendment is not expected to have any impact on the consolidated fi nancial statements of Rosenbauer International AG.

IAS 24 (Related-Party Disclosures) was revised in November 2009. The revised standard is eff ective for annual periods beginning on or after January 1, 2011. The amendment clarifi es the defi nition of a "related party", with a view to making it easier to identify such relationships, and to removing some inconsistencies in the application of the standard. The amended standard introduces a partial exemption from disclosure requirements for government-related entities. The Group does not expect this amendment to have any impact on its asset, fi nancial or income situation.

IFRS 1 (First-time Adoption of International Financial Reporting Standards) was amended in January 2010 to give fi rst-time adopters further exemptions (eff ective for annual periods beginning on or after July 1, 2010 and July 1, 2011). These amendments are of no relevance to the consolidated fi nancial statements of Rosenbauer International AG.

In May 2010 the IASB published "Improvements to IFRSs 2010", a collection of amendments to various IFRSs. These amendments were not applied, as they are eff ective for annual periods commencing on or after July 1, 2010 or January 1, 2011. The amendments listed below might reasonably have a potential impact upon the Group:

• IFRS 3: Business Combinations,
• IFRS 7: Financial Instruments: Disclosures,
• IAS 1: Presentation of Financial Statements, and
• IAS 27: Consolidated and Separate Financial Statements.

At present, however, the Group does not expect the application of these amendments to have any impact upon the asset position, fi nancial status or earnings as stated in the consolidated fi nancial statements of Rosenbauer International AG.

In October 2010, the IASB published amendments to IFRS 7 (Financial Instruments: Disclosures). These amendments require additional disclosures on transfer transactions of fi nancial assets, including insights into the possible eff ects of any risks that may remain with the entity that transferred the assets. The amendments also require additional disclosures if a disproportionately large number of transfer transactions are undertaken around the end of a reporting period. Entities must mandatorily apply these amendments for annual periods beginning on or after July 1, 2011. They have not yet been adopted into European law. The impact of the amendment upon presentation of the Group's asset position, fi nancial status and earnings is currently being reviewed.

In December 2010 IASB issued an amendment to IAS 12 (Income Taxes) introducing a rebuttable presumption that the book value of an asset will normally be recovered through sale rather than being realised through utilisation of the asset. This stipulation is particularly relevant in countries in which diff erent income-tax rates apply to gains on disposals and e.g. ongoing rental income. In this connection, SIC 21 (Income Taxes – Recovery of Revalued Non-Depreciable Assets) was incorporated into IAS 12 (Income Taxes) – except where it referred to real estate held as a fi nancial investment ("investment property"). The revised standard is retrospectively eff ective for annual periods beginning on or after January 1, 2012. It has not yet been adopted into European law by the European Union. The amendment is not expected to have any eff ect upon presentation of the asset position, fi nancial status or earnings of the Group.

rbi anhang_1304 E.indd 78 13.04.11 12:00 3.04.11

In October 2009 the IASB issued IFRS 9 (Financial Instruments). In this published version the standard refl ects the fi rst phase of the IASB project to replace IAS 39, and covers the classifi cation and measurement of fi nancial assets as defi ned in IAS 39. The standard is eff ective for annual periods beginning on or after January 1, 2013. Furthermore, in October 2010 the second part of Phase 1 of the project regulating the classifi cation and measurement of fi nancial liabilities was completed. In addition, new requirements had already been laid down governing the derecognition of fi nancial instruments. In forthcoming phases, the IASB will address the classifi cation and measurement of hedging instruments. The project is expected to be completed by the beginning of 2011. Application of the fi rst phase of IFRS 9 will have an impact upon the classifi cation and measurement of the Group's fi nancial assets. In order to be able to present a comprehensive view of the potential impact, the Group will only assess this in conjunction with all the other phases of the project, doing so as soon as these have been published.

B. CONSOLIDATION PRINCIPLES

1. Scope of consolidation

The companies included within the scope of consolidation are reported in the subsidiaries table (see D.32. "Related party disclosure").

Subsidiaries are defi ned as companies over which the parent company has the power to exert a dominant infl uence with regard to fi nancial and business policy. A dominant infl uence is given when the parent company holds more than half of the voting rights in a company. A dominant infl uence is also given when due to an agreement between one shareholder and others; the possibility exists to dispose over more than half of the voting rights.

For all subsidiaries over which the parent company holds directly or indirectly not more than half of the voting rights, there exists the contractual possibility of exerting a dominant infl uence.

Accordingly, subject to the application of IAS 27, the scope of consolidation includes two domestic and 17 international companies further to the parent company, which are under the legal and eff ective control of Rosenbauer International AG.

A subsidiary will fi rst be consolidated from the point in time at which the parent company has the power to exert a dominant infl uence over the assets and the business of this subsidiary. All the subsidiaries included are fully consolidated.

A joint venture is a contractual agreement in which two or more parties undertake an economic activity subject to shared management. The equity method is applied to the investment for inclusion in the balance sheet and it is initially reported at the cost of acquisition. Subsequently, the book value of the investment rises or falls in accordance with the results of the joint venture company. The share of the Group in the profi ts and losses of the joint venture from the date of purchase are contained in the income statement.

The Russian production joint venture PA "Fire-fi ghting special technics" LLC. was included in the consolidated fi nancial statements for the fi rst time in 2010. Rosenbauer International AG holds a 34% equity interest, with the remaining stakes being held by two local partners. Rosenbauer International AG contributed 0.1 k€ of initial share capital to the new production company.

As well as the production joint venture in Russia, Rosenbauer Ciansa S.L. in Spain (established in 2009 as a joint venture with the co-owner and Managing Director of Rosenbauer Española and in which Rosenbauer has a 50% stake) was also reported applying the equity accounting method.

rbi anhang_1304 E.indd 79 13.04.11 12:00 3.04.11

	Number of fully consolidated companies		Number of companies consolidated at equity
	2010	2009	2010	2009
As at January 1	20	20	1	0
Acquisitions	0	0	0	0
Foundations	0	0	1	1
Disposals	0	0	0	0
Mergers	0	0	0	0
As at December 31	20	20	2	1

2. Methods of consolidation

Business combinations are reported using the purchase accounting method. The costs of the entity acquired are recorded as the total of, fi rstly, the consideration given, recognized at the fair value obtaining at the acquisition date, and, secondly, of the non-controlling interests in the entity acquired. For every business combination, the acquirer measures the non-controlling interests in the acquired entity either at fair value or as the proportionate interest of the said NCIs in the net identifi able assets of the acquired entity. Costs incurred for eff ecting the business combination are expensed and recorded as administrative costs.

Following a repeat assessment of identifi able assets, liabilities and contingent liabilities, in accordance with IFRS 3, a liabilities side diff erence is recognized immediately in the income statement. The goodwill derived from a purchase price allocation is not depreciated annually, but subjected to a value impairment test at the end of each year. As at December 31, 2010, no goodwill existed. The annual fi nancial statements of the companies included in the consolidated fi nancial statements are drawn up on the basis of uniform accounting and valuation standards. The individual fi nancial statements of the companies included are prepared on the closing date of the consolidated fi nancial statements. All receivables and liabilities, expenses and income derived from clearing between companies included in the scope of consolidation are eliminated. Interim results derived from asset transfers within the Group are also eliminated.

Non-controlling interests represent the proportion of the result and of the net assets which is not attributable to the Group, as all non-controlling interests existing in the Group were recognized at their pro-rata share of the remeasured net assets (partial goodwill method). Non-controlling interests are shown separately in the consolidated income statement and the con solidated balance sheet. In the consolidated balance sheet they are recognized under equity, separately from the equity attributable to the owners of the parent entity. The acquisition of non-controlling interests is reported as an equity transaction. In this case, the diff erence between the purchase price and the book value of the acquired proportion of the net assets is off set against available reserves.

3. Currency translation

The annual fi nancial statements of the companies included in the consolidated fi nancial statements reporting in foreign currencies are translated into euro using the functional currency concept in accordance with IAS 21. In the case of all companies, the functional currency in which they complete their independent fi nancial, business and organizational activities is the respective national currency. Therefore, all assets and debts are translated at the respective mean exchange rate on the balancesheet date, expenses and income at mean annual rates.

Diff erences between the currency translation of asset and liability items in the current and preceding year, as well as translation diff erences between the consolidated balance sheet and the consolidated income statement, are recognized in the other comprehensive income.

rbi anhang_1304 E.indd 80 13.04.11 12:00 3.04.11

The translation diff erence derived from the adjustment of equity as compared to initial consolidation is netted against Group reserves in the other comprehensive income. In the year under review, cut-off date translation diff erences of 3,700.2 k€ (2009: –635.8 k€) were allocated to the other comprehensive income.

The exchange rates established for currency translation demonstrate the following shifts:

		Closing rate	Mean annual rate
in €	Dec 31, 2010	Dec 31, 2009	Dec 31, 2010	Dec 31, 2009
100 US dollar	74.8223	69.4203	75.4902	71.6737
100 Swiss franc	79.9041	67.4082	72.5277	66.3148
100 Singapore dollar	58.2920	49.4805	55.3308	49.4275
100 Brunei dollar	58.2920	49.4805	55.3308	49.4275
100 South African rand	11.2625	9.3721	10.2819	8.6221
100 Russian rouble	2.4429	–	2.4797	–

C. REPORTING AND VALUATION METHODS

The principle of uniform reporting and valuation is maintained by a directive which applies throughout the Group.

Assets

Tangible assets are valued at the cost of acquisition or production, less depreciation, accumulated value impairment, or the lower attainable amount. Depreciation is calculated using the linear method and takes place at the time an asset becomes operational. The cost of acquisition or production derives from the amount of cash or cash equivalents paid for the acquisition or production, or from the market value or other form of payment at the time of acquisition or production.

The following rates of depreciation are employed:

Plant buildings and other buildings	3.00% –10.00%
Offi ce buildings	2.00% – 4.00%
Technical equipment and machinery	10.00% – 25.00%
Other equipment, furniture and fi xtures	10.00% – 33.33%

The residual book values, the depreciation method and useful life are examined on each balance-sheet date and adjusted where required.

As at December 31, 2010 and 2009 there were no leased assets for which in the main all the risks and opportunities derived from the possession of an asset are transferred (fi nance leasing), and there were also no investment properties retained for the purpose of obtaining rent or value added. Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the respective assets. All other borrowing costs are expensed in the period they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. The Group capitalizes borrowing costs for all eligible assets where construction was commenced on or after January 1, 2009. No main construction project was started since January 1, 2009. The Group continues to expense borrowing costs relating to construction projects that commenced prior to January 2009.

rbi anhang_1304 E.indd 81 13.04.11 12:00 3.04.11

Intangible assets are valued at the cost of acquisition less depreciation. The rates of depreciation lie between 25.0% and 33.3%. Intangible assets with an undefi ned useful life are not subject to depreciation, but are submitted to an annual impairment test as at December 31. Depending on every single case, the examination will be implemented for every single asset or at the cash generating unit level. Intangible assets with indefi nite useful lives are tested for impairment annually as of December 31. Depreciation for intangible assets is included under the item "Depreciation on intangible and tangible assets".

Pursuant to IAS 38 (Intangible Assets), research costs cannot be capitalized and are thus reported in their entirety in the in come statement (2010: 9,700.2 k€; 2009: 9,212.0 k€). Development costs may only be capitalized if the prerequisite conditions exist in accordance with IAS 38. As at December 31, 2010 no development costs are capitalized (2009: 0.0 k€).

In the case of asset impairments other than fi nancial assets where the recoverable amount (which corresponds to the higher of the cash value or the value in use), or the net selling price is below the respective book value, an impairment of the recoverable amount takes place in accordance with IAS 36 (Impairment of Assets). If the reasons for an impairment undertaken in the preceding year no longer apply a corresponding write-up is made. Tangible and intangible assets are deleted from the accounts either when the assets are retired or when no further economic benefi t is expected to result from their sale or continued use.

If the recoverable amount for an asset cannot be identifi ed, the asset is included in a Cash Generating Unit (CGU) and subjected to an impairment test, whereby as a rule, the value in use is used as the recoverable amount. In the Rosenbauer Group, each of the legally autonomous company units constitutes a CGU.

A previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the asset's recoverable amount since the last impairment loss was recognized. In this case, the book value of the assets is increased to its recoverable amount. That increased amount cannot exceed the book value that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the income statement.

The Group assesses at each balance-sheet date whether a fi nancial asset or group of fi nancial assets is impaired.

If there is objective evidence that an impairment loss on loans and receivables carried at amortized cost has been incurred, the amount of the loss is measured as the diff erence between the asset's book value and the present value of estimated future cash fl ows (excluding expected future credit losses that have not been incurred) discounted at the fi nancial asset's original eff ective interest rate (i.e. the eff ective interest rate computed at initial recognition). The book value of the asset is reduced through use of an allowance account. The amount of the loss shall be recognized in the income statement.

The Group fi rst assesses whether objective evidence of impairment exists individually for fi nancial assets that are individually signifi cant and individually or collectively for fi nancial assets that are not individually signifi cant. If it is determined that no objective evidence of impairment exists for an individually assessed fi nancial asset, whether signifi cant or not, the asset is included in a group of fi nancial assets with similar credit risk characteristics and this group of fi nancial assets is collectively assessed for impairment. Assets that are individually assessed for impairment and for which an impairment loss is – or continues to be – recognized, are not included in a collective assessment of impairment.

rbi anhang_1304 E.indd 82 13.04.11 12:00 3.04.11

A fi nancial asset (or, where applicable a part of a fi nancial asset or part of a group of similar fi nancial assets) is written off when any of the following three conditions applies:

• a) the rights to receive cash fl ows from the asset have expired;
• b) the Group retains the right to receive cash fl ows from the asset but has assumed an obligation to pay them in full without material delay to a third party under a pass through arrangement (IAS 39.19);
• c) the Group has transferred its rights to receive cash fl ows from the asset and either has transferred substantially all the risks and rewards of the asset, or has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

Upon initial recognition, fi nancial assets are designated at fair value.

All regular way purchases and sales of fi nancial assets are recognized on the trade date, which is the date that the Group commits to purchase the asset. Regular way purchases or sales are purchases or sales of fi nancial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace.

Loans and receivables are valued at amortized cost using the eff ective interest method, less allowance for impairment. Profi ts and losses are reported under the result for the period, in which the loans and receivables are written off or are impaired. Receivables in foreign currency are valued at the mean exchange rate obtaining on the balance-sheet date.

As required by the hedge-accounting rules of IAS 39 (Financial Instruments), derivative fi nancial instruments are generally recorded at present value in the other comprehensive income, if the fi nancial instruments in question relate to a hedge item shown in the balance sheet. Profi ts and losses arising from changes in the fair value of derivative fi nancial instruments during the fi nancial year that do not fulfi ll the criteria for balance-sheet treatment as a hedge, and any ineff ective component of an otherwise eff ective hedging instrument, are immediately recognized in profi t or loss. Removal from the balance sheet takes place when the power of disposition is lost. Derivatives with a positive fair value at the closing date are shown under "Current receivables", and those with a negative fair value under "Other current liabilities". Hedging policy, as well as the fi nancial instruments existent on the balance-sheet date, is described in detail under the item D.29. "Risk management".

Securities are assigned to the "available for sale" category. Upon initial recognition, available-for-sale fi nancial assets are measured at fair value, with any unrealized gains or losses being recorded in the other comprehensive income, in the unrealized gains reserve. When fi nancial investments are disposed of, the cumulative gain or loss previously recorded in the revaluation reserve by way of other comprehensive income is reposted to the income statement. If an available-for-sale fi nancial asset is impaired, the cumulative loss previously recorded in the revaluation reserve by way of other comprehensive income is recognized in the income statement. Interest earned from, or paid on, fi nancial investments is reported as interest income or interest expense.

Accounts receivable-trade are measured at amortized cost. Where objective indications exist, value impairments are taken into account in accordance with IAS 39. Impaired debts are written off when they are assessed as uncollectible. Other receivables are generally valued at the continued costs of acquisition. In addition to other receivables, they consist of both derivative hedge-related fi nancial instruments, and derivative fi nancial instruments for which hedge accounting is inapplicable.

rbi anhang_1304 E.indd 83 13.04.11 12:00 3.04.11

The cash and cash equivalents reported under the item "Cash on hand and in banks, checks", such as cash and bank balances are valued at the current value on the reporting date.

The fair value of fi nancial assets which are traded on organized markets is determined by the market price (quotation) on the balance-sheet date.

Deferred tax assets are to be carried for all taxable temporary diff erences between the values in the IFRS consolidated balance sheet and the taxation value. In accordance with IAS 12, these deferrals are calculated using the balance-sheet liability method. Deferred income tax liabilities are recognized for all taxable temporary diff erences, except where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, aff ects neither the accounting profi t nor the taxable profi t.

Furthermore, no deferred income tax liabilities are recognized in respect of taxable temporary diff erences associated with investments in subsidiaries, associates and interests in joint ventures, where the timing of the reversal of the temporary diff erences can be controlled and it is probable that the temporary diff erences will not reverse in the foreseeable future.

Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. Current income tax relating to items recognized in the other comprehensive income is recognized in the other comprehensive income and not in the income statement.

Asset-side tax deferrals on loss carryforwards are formed to the extent to which consumption within a determinable period can be anticipated.

The book value of deferred income tax assets is reviewed at each balance-sheet date and reduced to the extent that it is no longer probable that suffi cient taxable profi t will be available to allow all or part of the deferred income tax asset to be utilized. Unrecognized deferred income tax assets are reassessed at each balance-sheet date and are recognized to the extent that is has become probable that future taxable profi t will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured with reference to the tax rates which may be expected to apply in the period in which the underlying asset is realized or the underlying debt is discharged.

The tax rates and tax laws used to compute the amount are those that are in force of the balance-sheet date.

Inventories are valued at the cost of acquisition or production or at the lower net realizable value (market price) on the reporting date. The calculation of the cost of acquisition or production for identical assets takes place using the weighted average cost method or similar procedures. Production costs only include directly attributable expenses and pro rata overheads subject to the assumption of a normal use of capacity. Interest for loans is not reported.

Production contracts which allow a reliable profi t estimate are valued at pro rata selling prices (percentage of completion method). The estimate of progress is made according to the ratio of actual costs to anticipated overall expenditure (cost to cost). Should a reliable profi t estimate for a production contract not be possible, the order proceeds are only to be reported to the amount of the order costs which can probably be recovered. If it is likely that the entire order costs will exceed the entire order proceeds, then the anticipated loss is immediately recognized as an expense.

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Liabilities

a) PENSIONS AND OTHER POST EMPLOYMENT BENEFITS

Under national law, in the case of dismissal or upon attainment of retirement age, employees of Austrian corporations whose employment commenced by December 31, 2002 are entitled to a one-off severance payment. The amount of this payment is dependent on the number of years' service and the remuneration at the time of severance. The provisions for severance payments are calculated in a uniform manner on the reporting date using the project unit credit method, an interest rate of 4.5% p.a. (2009: 5.5% p.a.) and a dynamic rate of 4.0% p.a. (2009: 4.0% p.a.) for future increases in remuneration. If the balance of the accumulated non-recognized actuarial gains and losses at the end of the previous reporting period exceeds 10% of the cash value of the obligation (corridor method), this excess has to be allocated by the expected average remaining working lives of the employees participating in that plan.

Past service cost has to be recognized over the period until the benefi ts concerned are vested. As long as benefi ts concerned are vested immediately after introduction of or change in a pension plan, past service cost has to be recognized immediately in the income statement.

Apart from invalidity and mortality rates (basis: Pagler & Pagler actuarial tables) and the end of the employment relationship upon attainment of the age of retirement, an annual rate of 1.5% is applied for premature terminations of employment with a severance payment entitlement. The calculation is based on the individual age of retirement according to the Austrian pension reform in regard of a gradual approach of the age of retirement.

In addition, fl uctuation deductions in line with the number of years of service were also taken into account. These amount to 5% in the fi rst year of service, 2% in the second year and 0.25% in the third to fi fth year. Appropriate provisions calculated on the basis of actuarial principles counterbalance payment obligations. The provision for performance-related pension schemes reported in the balance sheet corresponds with the present value of the defi ned benefi t obligation (DBO) on the balancesheet date, adjusted by accumulated unrecognized actuarial gains and losses and unrecognized service expenses requiring subsequent off setting.

In the case of existing pension entitlements established within the framework of company agreements, payments are calculated on the basis of the eligible years of service in the form of a fi xed annual amount. This fi xed sum is modifi ed upon retirement according to pensionable individual income. Current pensions are subject to regular examination with regard to indexing and are paid fourteen times annually.

The pension obligation is determined on the basis of the following parameters:

		Remuneration			Pension
	Interest rate		increase		increase
	2010	2009	2010	2009	2010	2009
Austria	4.5%	5.5%	4.0%	4.0%	3.5%	3.5%
Germany	4.5%	5.5%	1.5%	1.5%	1.5%	1.5%

Apart from the performance-related system, employees in Austria who entered employment from January 1, 2003 onward have access to a contribution-related pension scheme. A mandatory amount of 1.53% of gross remuneration is to be paid into an employee pension fund, which is reported under "Personnel expenses". In Germany, contributions totaling 1,745.0 k€ (2009: 1,444.1 k€) were paid in to the German pension insurance system, which constitutes a contribution-related pension scheme. As there are no other obligations over and above these contribution payments, there is also no need for provisioning (i.e. same situation as in Austria). Details are contained in the Notes under the item D.21. "Personnel expenses and employees".

rbi anhang_1304 E.indd 85 13.04.11 12:00 3.04.11

b) OTHER NON-CURRENT/CURRENT LIABILITIES

The other provisions carried under the non-current and current liabilities cover all the risks recognizable up to the reporting date derived from uncertain liabilities and are recognized to an amount determined as the most probable following careful examination of the facts.

Where the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the income statement net of any reimbursement. If the eff ect of the time value of money is material, provisions are discounted using a current pre tax rate that refl ects, where appropriate, the risks specifi c to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as a fi nance cost.

The provisions for long-service bonuses are calculated in a uniform manner on the reporting date using the projected unit credit method, an interest rate 4.5% p.a. (2009: 5.5% p.a.) and a dynamic rate of 4.0% p.a. (2009: 4.0%) for further increase in remunerations. In addition, fl uctuation deductions in line with the number of years of service were also taken into account. These amounts to 5% in the fi rst year of service, 2% in the second year and 0.25% in the third to fi fth year. Apart from invalidity and mortality rates (basis: Pagler & Pagler actuarial tables) and the end of the employment relationship upon attainment of the age of retirement, an annual rate of 1.5% (2009: 1.5%) is applied for premature terminations of employment with a severance payment entitlement.

Liabilities are reported at the cost of acquisition (corresponds to the fair value). Liabilities in foreign currency are valued at the mean foreign exchange rate on the balance-sheet date.

A fi nancial liability is written off when the obligation under the liability is discharged, cancelled or expired. Where an existing fi nancial liability is replaced by another from the same lender on substantially diff erent terms, or the terms of an existing liability are substantially modifi ed, such an exchange or modifi cation is treated as a write-off of the original liability and the recognition of a new liability, and the diff erence in the respective book values, are recognized in the income statement.

Government grants are recognized where there is a reasonable assurance that the grant will be received and all attaching conditions will be complied with. When the grant relates to an expense item, it is recognized as income over the period necessary to match the grant on a systematic basis to the costs that it is intended to compensate. Where the grant relates to an asset, it is set up as deferred income, released to the income statement over the expected life of the relevant asset by equal annual installments. Further details are given under the items D.1. and D.29. "Risk management".

For long-term funding which is provided by research support funds and contains an interest subsidy, the interest advantage is quantifi ed by juxtaposing the amount received and the discounted amount.

Foreign currency translation

Monetary items in foreign currencies are translated into the functional currency on the balance-sheet date at the exchange rate on the closing date. Non-monetary items reported according to the cost of acquisition method are reported unchanged at the exchange rate on the date of initial booking. Non-monetary items that are recognized at fair value in a foreign currency are translated at the exchange rate obtaining at the time when such fair value was determined. Currency diff erences derived from the translation of monetary items are recognized in the income statement. All diff erences are taken to profi t or loss with the exception of diff erences on foreign currency liabilities that provide a hedge against a net investment in a foreign entity.

rbi anhang_1304 E.indd 86 13.04.11 12:00 3.04.11

Income realization

The proceeds from the sale of products and goods are realized at the point in time at which the risks and opportunities are transferred to the purchaser. Gains on interest are realized on a pro rata temporis basis taking into account the eff ective interest on the asset. Dividends are reported with the origination of a legal entitlement. Rental income is recognized on a straight line basis over the lease terms. Income realization for long-term orders going beyond the balance-sheet date is eff ected subject to the percentage of completion method.

Estimates

To a certain extent, the compilation of the consolidated fi nancial statements requires the use of estimates and assumptions, which can infl uence the values reported for assets and liabilities, the other liabilities on the balance-sheet date and income and expenses for the period under review. The eff ective future values may deviate from the estimates. The most important future-related assumptions, which could result in signifi cant risk in the form of a material adjustment of the book values of assets and liabilities in the coming fi nancial year, are explained below.

In the case of the receivables, certain assumptions have to be made regarding the likelihood of non-payment (details please see D.4. "Non-current receivables" and D.8. "Current Receivables".

The amount of the provision made for warranties is the present value of the best possible estimate, based on empirical values, of the likely total of these costs (2010: 8,955.6 k€; 2009: 7,917.7 k€).

A 15.0 m€ provision was set aside in 2009 as a risk precaution in the light of an ongoing anti-trust case. In 2010 there was a positive eff ect worth 3.5 m€ resulting from the partial reversal of this provision for anti-trust risks. The German Federal Cartel Offi ce's proceedings against several manufacturers of municipal vehicles were concluded when offi cial notice of the fi nes was served in the fi rst quarter of 2011. The fi nes imposed on the two companies aff ected, Rosenbauer International AG and Rosenbauer Feuerwehrtechnik GmbH, totaled 10.5 m€. After legal and incidental costs are added, the total sum required is likely to amount to 11.5 m€, permitting the above-mentioned partial reversal of the provision for anti-trust risks.

The Rosenbauer Group employs actuarial tables for the calculation of provisions for pensions. The calculations are based on assumptions concerning the discount rate, as well as increases in wages, salaries and pensions. The discount rate is oriented towards specifi c, fi rst class industrial bonds. The balance-sheet provision as at December 31, 2010 amounted to 15,087.2 k€ (2009: 13,989.3 k€) for severance payments and 4,589.1 k€ (2009: 4,623.6 k€) for pensions. The present values of the respective benefi t obligations at December 31 were 16,525.7 k€ (2009: 15,466.3 k€) for severance payments and 4,950.0 k€ (2009: 4,666.2 k€) for pensions. A reduction of the discount rate from 4.5% to 4.0% would result in present values, for the respective benefi t obligations, of 17,349.8 k€ for severance payments and of 5,249.1 k€ for pensions. An increase of the discount rate from 4.5% to 5.0% would result in present values, for the respective benefi t obligations, of 15,765.6 k€ for severance payments and of 4,683.5 k€ for pensions.

More detailed information concerning the provision for pensions is contained in the description of the accounting and valuation methods, as well as the calculations contained under the item D.14. "Non-current provisions".

The basis for the capitalization of deferred tax assets is provided by both the business plans of the subsidiaries and tax planning calculations. If, on the basis of these forecasts, an existing loss carryforward will not be consumed within an appropriate period of three to fi ve years, this loss carryforward is not capitalized. Asset-side tax deferrals of 404.9 k€ (2009: 929.7 k€) for loss carryforwards are not reported as their eff ectiveness as defi nitive tax relief is insuffi ciently secured.

rbi anhang_1304 E.indd 87 13.04.11 12:00 3.04.11

The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at inception date: whether fulfi llment of the arrangement is dependent on the use of a specifi c asset or assets or the arrangement conveys a right to use the asset.

D. NOTES TO THE CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT

1. Tangible and intangible assets

The assets combined in the consolidated balance sheet and the related movements are shown in the movement in the consolidated assets table on pages 72 to 73. As in the preceding year, the tangible assets contain no rented goods or real estate held as a fi nancial investment.

The future expenses from operating leasing contracts, which involve only tangible assets, were structured as follows:

in k€	Dec 31, 2010	Dec 31, 2009
In the following year	1,721.6	1,306.1
In the following 1 to 5 years	4,941.0	4,714.6
Over 5 years	641.7	883.8

Payments from operative leasing agreements which are carried in the result for the period amounted to 1,694.6 k€ (2009: 1,401.5 k€). The operating leasing contracts essentially relate to rental agreements for real property and machinery.

As at December 31, 2010, the order liability for tangible assets in the Group amounted to 711.2 k€ (2009: 535.4 k€). During the 2010 fi nancial year, no impairments were undertaken on tangible and intangible assets (2009: 0.0 k€). There were also no write-ups (2009: 0.0 k€).

Public subsidies were granted for investments in tangible assets. As at December 31, 2010, a subsidy of 46.5 k€ (2009: 144.7 k€) is reported on the liabilities side under "Other liabilities". The subsidies are not to be repaid.

Construction in progress amounting to 223.9 k€ (2009: 1,814.7 k€) is reported in the movement in the consolidated assets table on the pages 72 to 73.

No tangible assets were pledged as hedging for liabilities (2009: 0.0 k€). There are no limitations with regard to rights of disposal.

The intangible assets contain software licenses and rights in the amount of 897.4 k€ (2009: 533.9 k€). The depreciation of the fi nancial year 2010 amounted to 361.8 k€ (2009: 253.5 k€). As at December 31, 2010 there is no goodwill as in the preceding year.

2. Securities

The securities reported in the consolidated fi nancial statements in the amount of 105.6 k€ (2009: 102.6 k€) are in the available-for-sale category. These securities are fi xed-interest bank and corporate bonds.

rbi anhang_1304 E.indd 88 13.04.11 12:00 3.04.11

3. Joint ventures

The production joint venture established with Russian partners in Moscow (PA "Fire-fi ghting special technics" LLC., in which Rosenbauer holds a 34% stake), and the joint venture established in Spain with the co-owner and Managing Director of Rosenbauer Española (Rosenbauer Ciansa S.L, in which Rosenbauer has a 50% stake), were both reported applying the equity accounting method. The following tables contain a summary of the fi nancial information on the Group's equity interest in both joint ventures.

Changes in value of equity interest of joint venture Russia:

in k€	2010
As at January 1	0.0
Capital payment	0.1
Share of gains/losses	2,172.3
Currency diff erences	(32.3)
As at December 31	2,140.1

Changes in value of equity interest of joint venture Spain:

in k€	2010	2009
As at January 1	1,471.0	0.0
Capital payment	0.0	1,500.0
Share of gains/losses	26.5	(29.0)
As at December 31	1,497.5	1,471.0

Group's share of the assets and debts, and earnings and expenses, of the joint venture in Russia:

in k€	2010
Non-current assets	49.8
Current assets	5,780.0
Non-current liabilities	0.0
Current liabilities	3,689.7
Revenues	15,324.5
Expenses	13,152.2

Group's share of the assets and debts, and earnings and expenses, of the joint venture in Spain:

in k€	2010	2009
Non-current assets	2,029.5	675.1
Current assets	2,449.5	1,823.9
Non-current liabilities	2,000.0	0.0
Current liabilities	981.5	1,028.0
Revenues	1,036.0	932.0
Expenses	1,009.5	961.0

4. Non-current receivables

in k€	Dec 31, 2010	Dec 31, 2009
Other liabilities	1,286.9	1,114.0

In 2010, the other receivables with a period to maturity of between one and fi ve years totaled 1,286.9 k€ (2009: 1,114.0 k€). Other receivables with a period to maturity in excess of fi ve years totaled 0.0 k€ (2009: 0.0 k€).

rbi anhang_1304 E.indd 89 13.04.11 12:00 3.04.11

5. Deferred tax

Diff erences between the values in the consolidated tax and IFRS balance sheets derive from the following diff erence amounts or deferred taxes:

	2010		2009
		Deferred tax assets/liabilities	Deferred tax assets/liabilities
in k€	Asset-side	Liabilities-side	Asset-side	Liabilities-side
Open one-seventh depreciation pursuant to
§12 (3) Austrian Corporation Income Tax Act (KStG)	520.8	0.0	618.5	0.0
Foreign exchange forwards,
securities (recognized at fair value in equity)	238.4	693.8	288.0	1,648.6
Foreign exchange forwards,
securities (recognized in the income statement)	259.7	188.5	202.3	411.6
Valuation diff erences of receivables	45.5	43.2	88.8	40.9
Profi t recognition from production contracts	0.0	1,363.7	0.0	1,675.1
Special tax allowances	14.0	630.9	43.7	481.2
Valuation diff erences
of other provisions and liabilities	2,113.3	67.6	2,367.5	0.0
Others	219.4	102.4	153.4	215.6
Asset-side/Liabilities-side deferred tax	3,411.1	3,090.1	3,762.2	4,473.0
Netting of asset-side and
liabilities-side deferred tax	(2,269.4)	(2,269.4)	(2,566.5)	(2,566.5)
	1,141.7	820.7	1,195.7	1,906.5

Asset-side tax deferrals of 404.9 k€ (2009: 929.7 k€) for loss carryforwards are not reported as their eff ectiveness as defi nitive tax relief is insuffi ciently secured.

6. Inventories

in k€	Dec 31, 2010	Dec 31, 2009
Raw materials and supplies	37,705.3	35,167.0
Chassis	19,963.3	33,216.6
Work in progress	30,729.3	26,958.4
Finished goods and goods for resale	20,316.7	16,888.6
Goods in transit	6,495.4	5,074.5
Prepayments made	4,782.4	1,638.9
	119,992.4	118,944.0

The inventories contain accumulated value impairments amounting to 5,769.3 k€ (2009: 5,757.3 k€). The amount of 1,736.8 k€ (2009: 1,868.7 k€) concerning the value impairment in the current year is included in the income statement under costs of goods sold. There were no value write-ups in the current fi nancial year (2009: 0.0 k€) and no inventories were pledged as hedging for liabilities. The balance-sheet value of the inventories reported corresponds with the lower of value at the cost of acquisition or production and net selling price.

7. Production contracts

in k€	Dec 31, 2010	Dec 31, 2009
Production contracts
– costs up to the balance-sheet date	51,205.3	41,414.4
– gains up to the balance-sheet date	6,601.4	7,893.0
– prepayments received	(7,237.6)	(8,616.9)
	50,569.1	40,690.5

rbi anhang_1304 E.indd 90 13.04.11 12:00 3.04.11

NOTES 91

Depending on the degree of completion, the "Production contracts" include vehicle superstructures and chassis. All production contracts have a residual period of less than one year. Sales revenues include income from production contracts in the amount of 57,806.7 k€ (2009: 49,307.4 k€).

8. Current receivables

in k€	Dec 31, 2010	Dec 31, 2009
Accounts receivable-trade	43,475.3	64,943.5
Receivables from fi nancial instruments	3,441.8	8,226.4
Receivables from taxes	3,273.3	2,689.6
Other receivables	3,918.7	2,729.0
	54,109.1	78,588.5

As at December 31, 2010, the value impairments on the accounts receivable-trade, as well as other receivables totaled 1,923.4 k€ (2009: 808.8 k€). An amount of 1,372.0 k€ (2009: 438.0 k€) in value impairments for 2010 is reported under other expenses. These refer entirely to specifi c bad-debt provisions.

The value impairments on receivables relate exclusively to the accounts receivables-trade reported under the current receivables. No impairments occurred with regard to other fi nancial instruments.

in k€	2010	2009
Value impairments as at January 1	808.8	956.0
Allocations	1,372.0	438.0
Consumption	(12.4)	(371.1)
Reversals	(245.0)	(214.1)
Value impairments as at December 31	1,923.4	808.8

The following table shows the expenses for the complete write-off of receivables as bad debts, as well as income from the entry of written-off receivables.

in k€	Dec 31, 2010	Dec 31, 2009
Expenses for the writing-off of receivables	25.6	74.3

9. Cash on hand and in banks, checks

in k€	Dec 31, 2010	Dec 31, 2009
Cash on hand and in banks, checks	10,540.5	6,928.8

On the reporting date, there were no drawing restrictions on the amounts carried under this item.

10. Equity

The 18th Annual General Meeting of Rosenbauer International AG on May 21, 2010 approved the proposed dividend of 0.8 € per share. It was also resolved to amend the Articles of Association, notably in order to bring them into line with the legal changes ensuing from the 2009 Company Law Amendment Act ("Aktienrechts-Änderungsgesetz 2009").

The additional paid-in capital derives from the new shares issued in 1994 via the Vienna Stock Exchange and constitutes a committed additional paid-in capital which is not available for the payment of dividends. The individual fi nancial statements of the company prepared according to Austrian Companies Act (UGB) provide the basis for the proposal for the distribu tion of profi ts.

rbi anhang_1304 E.indd 91 13.04.11 12:00 3.04.11

The item "Other reserves" contains the off set item for currency translation, the revaluation and hedging reserves. The off set item for currency translation carries the diff erence from the adjustment of equity as compared to initial consolidation. In addition, this item also contains the diff erences from currency translations relating to asset and liability items, as compared to the translation of the preceding year, as well as translation diff erences between the consolidated balance sheet and income statement.

The change in the hedging reserve derives from the fair value valuation of currency futures subject to IAS 39.

Details concerning the reserves can be obtained from the Changes in equity table on pages 68 to 69.

11. Non-controlling interests

Non-controlling interests contains with regard to the following subsidiaries:

	2010	2009
Rosenbauer Española S.A., Spain, Madrid	37.89%	37.89%
Rosenbauer America LLC., USA, South Dakota	50.00%	50.00%
Eskay Rosenbauer Sdn Bhd, Brunei	20.00%	20.00%

In 2010, 6,049.1 k€ (2009: 5,529.9 k€) were distributed among minority shareholders in Group subsidiaries.

12. Non-current interest-bearing liabilities

This item contains all interest-bearing liabilities to banks and the Austrian Research Promotion Fund with a remaining period to maturity of over one year. Details concerning fi nancial liabilities are contained under the item D.29. "Risk management".

in k€	Dec 31, 2010	Dec 31, 2009
Liabilities to banks and the Austrian Promotion Fund Research	11,616.8	12,549.2

13. Other non-current liabilities

in k€	Dec 31, 2010	Dec 31, 2009
Other non-current liabilities	3,097.4	1,957.0

In 2010, the non-current liabilities mainly relate to export fi nancing.

14. Non-current provisions

a) PROVISIONS FOR SEVERANCE PAYMENTS

Details concerning the provisions for severance payments are contained in the description of the accounting and valuation methods. The transfer of cash values to the provisions for severance payments reported in the consolidated balance sheet is structured as follows:

rbi anhang_1304 E.indd 92 13.04.11 12:00 3.04.11

in k€	2010	2009
Cash value of the obligation	16,525.7	15,466.3
Not yet recognized actuarial losses	1,438.5	1,477.0
Provisions as at December 31	15,087.2	13,989.3
in k€	2010	2009
Provisions as at January 1	13,989.3	13,501.8
Service expense	694.4	615.6
Interest expense	816.3	851.0
Recognized actuarial losses	6.0	3.1
Ongoing payments	(418.8)	(982.2)
Provisions as at December 31	15,087.2	13,989.3

The cash value of the obligation for the current year as well as the preceding years is structured as follows:

in k€	2010	2009	2008	2007	2006
Cash value of the obligation
as at December 31	16,525.7	15,466.3	14,140.1	14,350.2	13,398.2

The experience-related adjustments of the cash value of the obligation in 2010 amounted to +5.0% (2009: –1.2%; 2008: –3.9%; 2007: –3.0%; 2006: –5.6%).

b) PROVISIONS FOR PENSIONS

Details concerning the provisions for pensions are contained in the description of the accounting and valuation methods. The transfer of cash values to the provisions for pensions reported in the consolidated balance sheet is structured as follows:

in k€	2010	2009
Cash value of the obligation	4,950.0	4,666.2
Not yet recognized actuarial gains/losses	360.9	42.6
Provisions as at December 31	4,589.1	4,623.6
in k€	2010	2009
Provisions as at January 1	4,623.6	4,623.2
Service expense	27.5	28.7
Interest expense	248.2	253.8
Recognized actuarial gains	0.0	(3.0)
Ongoing payments	(310.2)	(279.1)
Provisions as at December 31	4,589.1	4,623.6

The cash value of the obligation for the current year as well as the preceding years is structured as follows:

in k€	2010	2009	2008	2007	2006
Cash value of the obligation
as at December 31	4,950.0	4,666.2	4,375.3	4,834.8	4,979.1

The experience-related adjustments of the cash value of the obligation in 2010 amounted to –3.8% (2009: 0.6%; 2008: 0.4%; 2007: 0.0%; 2006: 4.8%).

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c) OTHER NON-CURRENT PROVISIONS

in k€	Dec 31, 2010	Dec 31, 2009
Provisions for long-service bonuses	1,954.8	1,684.2
Other non-current provisions	115.9	107.0
	2,070.7	1,791.2

The change in non-current provisions for 2010 under the item c) is contained in the schedule of provisions on page 71.

15. Current interest-bearing liabilities

Apart from production and investment loans, this item also includes the ongoing account overdrafts as at December 31 of the respective balance-sheet date. Details concerning the fi nancial liabilities are contained under the item D.29. "Risk management".

16. Accounts payable-trade

All accounts payable-trade in the amount of 30,871.5 k€ (2009: 38,895.4 k€) mature within one year.

17. Other current liabilities

in k€	Dec 31, 2010	Dec 31, 2009
Tax liabilities	3,898.6	3,556.6
Liabilities from social security contributions	1,199.6	1,071.5
Liabilities from fi nancial instruments	1,860.7	1,901.4
Other liabilities	29,179.0	32,980.7
	36,137.9	39,510.2

The overwhelming majority of the other liabilities consist of commission obligations to international commercial agents and personnel obligations.

18. Other provisions

A 15.0 m€ provision was set aside in 2009 as a risk precaution in the light of an ongoing anti-trust case. In 2010 there was a positive eff ect worth 3.5 m€ resulting from the partial reversal of this provision for anti-trust risks. The German Federal Cartel Offi ce's proceedings against several manufacturers of municipal vehicles were concluded when offi cial notice of the fi nes was served in the fi rst quarter of 2011. The fi nes imposed on the two companies aff ected, Rosenbauer International AG and Rosenbauer Feuerwehrtechnik GmbH, totaled 10.5 m€. After legal and incidental costs are added, the total sum required is likely to amount to 11.5 m€, permitting the above-mentioned partial reversal of the provision for anti-trust risks.

The other provisions contain cover for guarantees and risks in the sales area, as well as provisions from the personnel area.

rbi anhang_1304 E.indd 94 13.04.11 12:00 3.04.11

The remaining current provisions for 2010 are contained in the schedule of provisions on page 71.

19. Revenues

Revenues derive mainly from the completion of orders. Information concerning the revenue structure is contained in the product segment sections as well as in the segment reporting on pages 74 to 75.

20. Other income

in k€	2010	2009
Income from retirement of tangible and intangible assets	111.7	42.3
Own work capitalized	24.9	48.2
Costs passed on to third parties	937.3	1,274.0
Public subsidies	733.2	475.3
Rental income and income from insurance policies	485.4	642.6
Gains on exchange	1,232.0	125.9
Sundry	1,845.3	1,053.7
	5,369.8	3,662.0

The "Other income" includes licensing income, releases of value adjustments and releases of investment grants.

21. Personnel expenses and employees

	109,277.4	99,614.7
Other social security expenses	1,737.9	1,635.1
as well as wage-related taxes and obligatory contributions	17,259.9	15,992.1
Expenses for mandatory social security payments
Expenses for the company employee pension fund	275.7	235.5
Expenses for severance payments and pensions	1,395.9	1,128.4
Salaries	44,907.7	39,793.6
Wages	43,700.3	40,830.0
in k€	2010	2009

Average number of employees

	2,014	1,895
Apprentices	108	102
White-collar	723	687
Blue-collar	1,183	1,106
	2010	2009

22. Other expenses

in k€	2010	2009
Taxes other than income tax	544.8	376.3
Administrative expenses	23,206.4	38,382.3
Marketing and sales expenses	19,844.4	15,053.5
	43,595.6	53,812.1

This item consists of maintenance, legal, auditing and consulting costs, external services, expenses for events, rents and leases, as well as the cost of the marketing and sales department.

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A 15.0 m€ provision was set aside in 2009 as a risk precaution in the light of an ongoing anti-trust case. In 2010 there was a positive eff ect worth 3.5 m€ resulting from the partial reversal of this provision for anti-trust risks. The German Federal Cartel Offi ce's proceedings against several manufacturers of municipal vehicles were concluded when offi cial notice of the fi nes was served in the fi rst quarter of 2011. The fi nes imposed on the two companies aff ected, Rosenbauer International AG and Rosenbauer Feuerwehrtechnik GmbH, totaled 10.5 m€. After legal and incidental costs are added, the total sum required is likely to amount to 11.5 m€, permitting the above-mentioned partial reversal of the provision for anti-trust risks.

The exchange-rate diff erences recognized in profi t or loss in 2010 total 0.0 k€ (2009: 417.6 k€).

23. Financial expenses

	3,925.7	4,598.9
Interest on non-current personnel provisions	1,064.5	1,104.8
Interest and other expenses	2,861.2	3,494.1
in k€	2010	2009

The item "Interest and other expenses" contains the change in the fair value of the derivative fi nancial instruments recognized in the income statement; this change in value amounted to 709.4 k€ (2009: 547.1 k€).

24. Financial income

	1,131.6	1,661.0
Other interest and similar income	1,123.8	1,651.8
Income on securities	7.8	9.2
in k€	2010	2009

The item "Other interest and similar income" contains the change in the fair value of the derivative fi nancial instruments recognized in the income statement; this change in value amounted to 276.1 k€ (2009: 766.4 k€).

25. Income tax

in k€	2010	2009
Expense for current income tax	9,231.0	7,638.4
Change in deferred income tax	(127.9)	1,224.6
	9,103.1	8,863.0

The reasons for the diff erence between the calculated income tax expense and eff ective tax expense in the Group are explained in the following table.

in k€	2010	2009
Profi t before income tax	49,092.7	26,441.8
thereof 25% (2009: 25%) calculated income tax expense	12,273.2	6,610.5
Tax relief on limited companies1)	(2,434.1)	(2,452.1)
Eff ect of diff ering tax rates	1,738.3	1,569.3
Permanent diff erences2)	(1,835.2)	3,449.2
Eff ect of tax rate change	0.0	0.1
Consumption of unaccounted loss carryforwards	(589.3)	(368.9)
Taxes from previous years, withholding taxes, minimum taxes	(49.8)	54.9
Eff ective tax income (–)/expense (+)	9,103.1	8,863.0

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1) Taxes relating to non-controlling interests

2) 2010: mainly resulting from the tax-neutral reversal of the provision for anti-trust risks, and from tax relief due to the joint venture in Russia; 2009: mainly resulting from the non-tax-deductible allocation to the provision for anti-trust risks

26. Consolidated cash fl ow statement

The consolidated cash fl ow statement was prepared according to the indirect method. The fi nance funds consist entirely of cash on hand and in banks, checks. Interest received and paid is reported as part of current business activities. Dividend payments are reported as part of fi nancing activities. There were no material non-cash transactions under investing and fi nancing activities.

The Russian production joint venture PA "Fire-fi ghting special technics" LLC. was included in the consolidated fi nancial statements for the fi rst time in 2010. Rosenbauer International AG holds a 34% equity interest, with the remaining stakes being held by two local partners. Rosenbauer International AG contributed 0.1 k€ of initial share capital to the new production company.

27. Segment reporting

IFRS 8 (Operating Segments) requires operating segments to be identifi ed, and segment information to be disclosed, on the same basis as that used in the entities internal controlling and management reporting. This result in information being presented in a manner which corresponds to the entity's internal reporting, as required by the "management approach" principle.

The development of Group companies takes particularly high priority in internal reporting. For this reason, the presentation of the operating segment reporting is in terms of where the assets of the Rosenbauer Group companies concerned are located. The following areas have been defi ned, in line with the internal Management Information System: Austria, USA, Germany, Spain, Switzerland, and Asia. No operating segments have been aggregated to form the above reportable operating segments. Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profi t or loss and is measured consistently with operating profi t or loss in the consolidated fi nancial statements. However, Group fi nancing (including fi nance costs and fi nance income) and income tax are managed on a group basis and are not allocated to operating segments. Transfer prices between the segments are at arm's length.

Segment reporting refers to revenues and operating results achieved by every single segment on local as well as export markets. For the purposes of consolidation, earnings from transactions with other segments have been eliminated. Segment assets and segment liabilities only relate to those operating assets and liabilities that are used by a segment for its operational activity. Deferred taxes, securities, bank balances and short-term deposits, and joint venture assets of 15,425.4 k€ (2009: 9,698.1 k€), are not included in the segment assets, as these assets are controlled at Group level. Interest-bearing liabilities, deferred taxes and tax provisions totaling 39,921.4 k€ (2009: 52,197.5 k€) are not included in the segment liabilities, as these liabilities are controlled at Group level.

In terms of where the respective clients are headquartered, the Group's 2010 revenues for the year 2010 in the amount of 595.7 m€ (2009: 541.8 m€) break down into Western and Eastern Europe (250.6 m€; 2009: 233.5 m€), the Arab world (121.8 m€; 2009: 94.0 m€), NAFTA countries (111.6 m€; 2009: 107.7 m€), Asia and Oceania (64.8 m€; 2009: 72.2 m€), and other countries (46.9 m€; 2009: 34.4 m€).

The numerical presentation of the segments is available from the "Operating segments" and "Information on business units" tables for the years 2010 and 2009 on pages 74 to 75.

28. Capital management

The basis for capital management in the Rosenbauer Group is considered to be the capital made available by equity and credit investors.

rbi anhang_1304 E.indd 97 13.04.11 12:00 3.04.11

The primary objective of Group capital management is to ensure that a high credit rating and solid equity ratio are maintained in order to support business activities. The aim is a minimum equity ratio of 35% by means of long-term capital planning on a rolling basis. This planning is coordinated with dividend and investment policy and is an important instrument for the annual rating discussions with the fi nancing banks.

In addition, total balance-sheet management also serves to optimize the equity ratio which, together with the continuous surveillance of production stocks and accounts receivable-trade, ensures the optimization of committed current assets.

The equity ratio is calculated as the percentage of the balance-sheet total comprised by equity; in 2010, it was 42.9% (2009: 32.5%).

Furthermore, capital is monitored by means of the gearing ratio, which describes the relationship of net debt to equity. A band lying between 20% and 40% has been laid down as the long-term aim for the gearing ratio. In 2010 the gearing ratio was 20.2% (2009: 41.9%).

29. Risk management

As a global player, the Rosenbauer Group is inevitably subject to price, interest and exchange rate risks. It is company policy to closely monitor risk positions, counteract internally the market development of existing risks to the greatest extent possible, steer net items towards an optimum result, and where necessary, undertake hedging. The aim of currency risk hedging is the creation of a secure calculation basis for production contracts.

Overall evaluation: No material new or previously unrecognized risks resulted from the yearly evaluation of Group companies. In addition, on the basis of current information, there are no individual, existential risks that could have a decisive eff ect on the asset, fi nancial and income situation of the Group.

Financial instruments form one important area of risk hedging. Financial instruments are contract-based transactions with an impact upon cash fl ow. In accordance with IFRS 7 these include primary fi nancial instruments such as receivables, accounts payable-trade, fi nancial receivables and liabilities. On the other hand, there are also derivative fi nancial instruments which are used as hedging transactions against the risks derived from exchange and interest rate shifts. The following section reports on both primary and derivative fi nancial instruments.

All regular way purchases and sales of fi nancial assets are recognized on the trade date, which is the date that the Group commits to purchase the asset. Regular way purchases or sales are purchases or sales of fi nancial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace.

Due to daily or short-term maturity, the fair value of cash on hand and in banks, current receivables and liabilities largely corresponds to the book value. Banks largely administer the securities reported under non-current assets within the scope of portfolio management. On the reporting date, the securities were allocated a fair value of 105.6 k€ (2009: 102.6 k€).

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<-- PDF CHUNK SEPARATOR -->

a) CREDIT RISK

As a result of the customer structure and the credit risk hedging policy, the receivables risk may be regarded as negligible. In addition, all customers wishing to conclude business with the Group on a credit basis must undergo a creditworthiness examination. Receivables are also constantly monitored, in order that the Group is not subject to material default risk. The reported values in the balance sheet relating to receivables (for details please see D.4. and D.8.) simultaneously represent the maximum credit risk and thus the risk of default. The book values reported largely correspond to the market values.

Within the European Union, receivables largely relate to local government legal entities. Where private business recipients of lower or unknown creditworthiness are involved, receivables are insured, e.g. in Austria via "Österreichische Kreditversicherungs Coface AG".

Receivables from customers outside the European Union with low creditworthiness, including governmental clients, are insured by means of documentary credits or bank guarantees. If required, alternative and also cumulative insurance is concluded with a state insurance company. In Austria this takes place via "Österreichische Kontrollbank AG" (risk insurance outside the OECD) and "Österreichische Kreditversicherungs Coface AG" (risk insurance inside the OECD).

The analysis of past due, not impaired trade and other receivables as at December 31 shows the following:

		Neither	Not impaired, but past due
		impaired	Within			Over
in k€	Total	nor past due	90 days	91–180 days	181–360 days	360 days
Receivables 2010
Accounts receivable-trade	43,475.3	28,110.7	10,267.9	1,888.9	1,641.4	1,566.4
Other receivables
(current and non-current)	5,205.6	5,205.6	0.0	0.0	0.0	0.0
	48,680.9	33,316.3	10,267.9	1,888.9	1,641.4	1,566.4
Receivables 2009
Accounts receivable-trade	64,943.5	40,462.2	16,461.2	4,512.4	1,609.5	1,898.2
Other receivables
(current and non-current)	3,843.0	3,843.0	0.0	0.0	0.0	0.0
	68,786.5	44,305.2	16,461.2	4,512.4	1,609.5	1,898.2

On the closing date, neither impaired nor past due trade and other receivables showed indications that the debtors would default on their payment obligations.

b) Market risk

Interest rate risk

Interest and interest change risks relate primarily to liabilities with a period to maturity of over a year.

In the case of assets, an interest change risk only applies to the securities carried in the fi nancial assets. On the balance-sheet date, the securities were allocated to their fair value. A reduction in interest rate risk and earnings optimization is possible by means of constant surveillance of interest trends and a resulting regrouping of the securities portfolio.

rbi anhang_1304 E.indd 99 13.04.11 12:00 3.04.11

Non-current liabilities to banks consist of loans for various investments in operative business. Interest rates are hedged in the medium-term by means of interest cap instruments. However, longer-term negative price changes could have a negative eff ect on the income situation. A change in the interest rate of ±1% with regard to the credit portfolio on the closing date would have led to a 310 k€ (2009: 313 k€) lower or higher result and equity.

Foreign exchange risk

In the case of securities carried under the consolidated non-current assets, investments are eff ected almost entirely in the local currency of the Group company involved. Consequently, there is no foreign exchange risk in this connection.

Virtually all of the foreign exchange risks on the asset side derive from US dollar trade accounts receivable from international customers. In the majority of markets, invoicing takes place in euro. On the liabilities side, with the exception of accounts payable-trade, there are no foreign exchange risks of note, as ongoing fi nancing of operative business takes place in the local currency of the respective company involved. Possible foreign exchange risks from short-term peaks are borne by the company. Apart from hedging using derivative fi nancial instruments, further hedging derives from naturally closed items which, for example, are counterbalanced by accounts payable-trade in US dollars.

The following table shows the sensitivity of the consolidated result before income tax (due to changes in the fair value of the monetary assets and debts) and Group equity (due to changes in the fair value of currency future contracts), as opposed to a reasonable assessment of a generally possible exchange rate change relating to currencies of major relevance to the Group. All other variables remain constant.

		Impact on
in k€	Price trend		profi t before tax	Impact on equity
		2010	2009	2010	2009
US dollar	+10%	(481.2)	(38.2)	(11,994.8)	(10,731.6)
	–10%	481.2	38.2	15,258.5	8,961.0
Singapore dollar	+10%	(2.4)	(1.8)	44.2	(168.6)
	–10%	2.4	1.8	(44.2)	168.6
Swiss franc	+10%	1.7	(0.8)	213.0	138.2
	–10%	(1.7)	0.8	(213.0)	(138.2)

Derivative fi nancial instruments

Hedging of interest and foreign exchange risks is carried out by means of derivative fi nancial instruments such as currency futures and interest cap instruments. These are initially reported at market value on the date of the conclusion of the contract and then revalued with market values.

Derivative fi nancial instruments recognized in the income statement

From a business perspective some transactions represent hedging, but fail to fulfi ll the hedge accounting requirements pursuant to IAS 39. The fair value changes of these fi nancial instruments are recognized immediately in the income statement.

		Nominal value		Fair value
in k€	Dec 31, 2010	Dec 31, 2009	Dec 31, 2010	Dec 31, 2009
Currency futures	20,287.2	39,551.5	(387.8)	873.6
Interest instruments	31,019.6	32,867.0	146.5	9.3

The –387.8 k€ (2009: 873.6 k€) fair value of the foreign-exchange forwards at the closing date is made up of 503.9 k€ (2009: 1,582.8 k€) of derivatives with a positive fair value and 891.7 k€ (2009: 709.2 k€) of derivatives with a negative fair value. The 146.5 k€ (2009: 9.3 k€) fair value of the interest-rate swaps at the closing date is made up of 162.5 k€ (2009: 49.4 k€) of derivatives with a positive fair value and 16.0 k€ (2009: 40.1 k€) of derivatives with a negative fair value.

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Hedging instruments

Derivatives which meet the hedge-accounting requirements of IAS 39 are employed solely as hedging instruments for safeguarding future cash fl ows (i.e. as cash fl ow hedges) and are stated separately under the other comprehensive income in the consolidated statement of comprehensive income. The income contribution of the hedge transaction was recognized in the income statement upon realization of the underlying transaction.

		Nominal value		Fair value
in k€	Dec 31, 2010	Dec 31, 2009	Dec 31, 2010	Dec 31, 2009
Currency futures	172,314.2	181,717.2	1,822.4	5,442.1

The 1,822.4 k€ (2009: 5,442.1 k€) fair value of the foreign-exchange forwards at the closing date is made up of 2,775.4 k€ (2009: 6,594.2 k€) of derivatives with a positive fair value and 953.0 k€ (2009: 1,152.1 k€) of derivatives with a negative fair value.

In the 2010 fi nancial year 2,206.0 k€ (2009: 1,444.6 k€) were transferred from the other comprehensive income to the net profi t for the period.

The Group uses the following hierarchy for determining and disclosing the fair value of fi nancial instruments by valuation technique:

• Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.
• Level 2: other techniques for which all inputs which have a signifi cant eff ect on the recorded fair value are observable, either directly or indirectly.
• Level 3: techniques which use inputs which have a signifi cant eff ect on the recorded fair value that are not based on observable market data.

	Level 1		Level 2		Level 3
in k€	2010	2009	2010	2009	2010	2009
Derivative fi nancial instruments
without securement
Positive fair value	0.0	0.0	503.9	1,582.8	0.0	0.0
Negative fair value	0.0	0.0	891.7	709.2	0.0	0.0
Derivative fi nancial instruments
with securement
Positive fair value	0.0	0.0	2,775.4	6,594.2	0.0	0.0
Negative fair value	0.0	0.0	953.0	1,152.1	0.0	0.0
Interest instruments
Positive fair value	0.0	0.0	162.5	49.4	0.0	0.0
Negative fair value	0.0	0.0	16.0	40.1	0.0	0.0
Available-for-sale instruments
Positive fair value	105.6	102.6	0.0	0.0	0.0	0.0
Negative fair value	0.0	0.0	0.0	0.0	0.0	0.0

c) LIQUIDITY RISK

Liquidity risk consists of the risk that due liabilities cannot be settled as scheduled. Group liquidity is secured by appropriate liquidity planning at the beginning of the year, suffi cient fi nancial assets with a maturity of less than one year and short-term credit lines. The following table shows the structure of interest-bearing fi nancial liabilities as at December 31, 2010, as well as the structure of the accounts payables-trade and other liabilities.

rbi anhang_1304 E.indd 101 13.04.11 12:00 3.04.11

The entire interest-bearing fi nancial liabilities amount to 36,791.1 k€ (2009: 48,845.8 k€). The interest on interest-bearing liabilities amounts to 1,947.1 k€ (2009: 2,661.9 k€), which represented an average of 2.3% (2009: 2.9%). The book values reported largely correspond to the market values. As the ancillary costs relating to the fi nancial liabilities listed in the table at nominal interest rates are low, the nominal interest rate corresponds to the eff ective interest rate, whereby there are no eff ects on the assets, fi nancial and income situation.

Non-current variable interest-bearing liabilities are based on interest agreements which are, in turn, based on 3-month or 6-month Euribor/US-Libor rate.

		Loan	Final		Interest	Dec 31, 2010	Dec 31, 2009
in 1,000	Currency	Dec 31, 2010	maturity		in % fi xed/variable	in k€	in k€
Interest-bearing
liabilities
Production fi nancing	SGD	7,265	2011	Sibor+1.25	variable	4,234.7	4,076.4
Production fi nancing	USD	0	2010	4.500	variable	0.0	3,609.9
Production fi nancing	USD	10,314	2011	2.625	variable	7,717.0	3,902.0
Production fi nancing	USD	3,000	2011	1.540	variable	2,244.7	694.2
Investment loan	USD	0	2010	0.625	variable	0.0	2,776.8
Production fi nancing	€	165	2011	1.700	variable	165.2	826.8
Investment loan	€	50	2011	5.850	fi xed	50.0	0.0
Production fi nancing	€	0	2010	6.830	fi xed	0.0	95.9
Investment loan	€	188	2011	5.250	fi xed	187.5	93.7
Loans on overdraft	€					10,575.2	20,220.9
Current total						25,174.3	36,296.6
Production fi nancing	€	0	2011	6.800	fi xed	0.0	695.0
Investment loan	€	398	2012	5.850	fi xed	398.0	448.0
Investment loan	€	10,000	2014	1.790	variable	10,000.0	10,000.0
Investment loan	€	750	2015	5.250	fi xed	750.0	1,406.2
Investment loan	€	469	2018	5.250	fi xed	468.8	0.0
Non-current total						11,616.8	12,549.2
Total						36,791.1	48,845.8
Maturity pattern
		Within					Over
in k€	Total	1 year	1–2 years	2–3 years	3–4 years	4–5 years	5 years
Interest-bearing
liabilities (current
and non-current)
2010	37,840.0	25,588.6	844.2	430.5	10,236.7	222.0	518.0
2009	49,660.4	36,792.6	11,000.0	642.1	244.1	234.3	747.3
Accounts
payable-trade
2010	30,871.5	30,871.5	0.0	0.0	0.0	0.0	0.0
2009	38,895.4	38,895.4	0.0	0.0	0.0	0.0	0.0
Other liabilities
(current and
non-current)
2010	39,235.3	36,148.1	145.7	145.7	145.7	145.7	2,504.4
2009	41,467.2	39,510.2	154.0	154.0	154.0	154.0	1,341.0

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d) TRANSFER OF THE BOOK VALUES PURSUANT TO IAS 39

The transfer of the book values per classes pursuant to IAS 39 is as follows:

	At fair value
		At		through	Fair value	No
		amortized	through	income	of fi nancial	fi nancial
in k€	Book value	costs	equity	statement	instruments	instrument
Dec 31, 2010
Securities	105.6	0.0	105.6	0.0	105.6	0.0
Receivables	55,396.0	48,680.9	2,775.4	666.4	52,122.7	3,273.3
Cash on hand and
in banks, checks	10,540.5	10,540.5	0.0	0.0	10,540.5	0.0
Interest-bearing liabilities	36,791.1	36,791.1	0.0	0.0	36,791.1	0.0
Accounts payable-trade	30,871.5	30,871.5	0.0	0.0	30,871.5	0.0
Other liabilities	39,235.3	32,276.4	953.0	907.7	34,137.1	5,098.2
Dec 31, 2009
Securities	102.6	0.0	102.6	0.0	102.6	0.0
Receivables	79,702.5	68,786.5	6,594.2	1,632.2	77,012.9	2,689.6
Cash on hand and
in banks, checks	6,928.8	6,928.8	0.0	0.0	6,928.8	0.0
Interest-bearing liabilities	48,845.8	48,845.8	0.0	0.0	48,845.8	0.0
Accounts payable-trade	38,895.4	38,895.4	0.0	0.0	38,895.4	0.0
Other liabilities	41,467.2	34,937.7	1,152.1	749.3	36,839.1	4,628.1

The transfer of the book values per category pursuant to IAS 39 is as follows:

				Available-		Derivatives At fair value
			At	for-sale	relating	through	Fair value	No
		Loans and	amortized	fi nancial	to hedge	income	of fi nancial	fi nancial
in k€	Book value	receivables		costs instruments	accounting		statement instruments	instrument
Dec 31, 2010
Securities	105.6	0.0	0.0	105.6	0.0	0.0	105.6	0.0
Receivables	55,396.0	48,680.9	0.0	0.0	2,775.4	666.4	52,122.7	3,273.3
Cash on hand and
in banks, checks	10,540.5	10,540.5	0.0	0.0	0.0	0.0	10,540.5	0.0
Interest-bearing
liabilities	36,791.1	0.0	36,791.1	0.0	0.0	0.0	36,791.1	0.0
Accounts
payable-trade	30,871.5	0.0	30,871.5	0.0	0.0	0.0	30,871.5	0.0
Other liabilities	39,235.3	0.0	32,276.4	0.0	953.0	907.7	34,137.1	5,098.2
Dec 31, 2009
Securities	102.6	0.0	0.0	102.6	0.0	0.0	102.6	0.0
Receivables	79,702.5	68,786.5	0.0	0.0	6,594.2	1,632.2	77,012.9	2,689.6
Cash on hand and
in banks, checks	6,928.8	6,928.8	0.0	0.0	0.0	0.0	6,928.8	0.0
Interest-bearing
liabilities	48,845.8	0.0	48,845.8	0.0	0.0	0.0	48,845.8	0.0
Accounts
payable-trade	38,895.4	0.0	38,895.4	0.0	0.0	0.0	38,895.4	0.0
Other liabilities	41,467.2	0.0	34,937.7	0.0	1,152.1	749.3	36,839.1	4,628.1

rbi anhang_1304 E.indd 103 13.04.11 12:00 3.04.11

e) NET RESULTS BY EVALUATION CATEGORY

	(1,833.1)	(223.9)	(299.4)	0.0	(2,356.4)
fi nancial investments	9.2	0.0	0.0	0.0	9.2
Available-for-sale
Loans and receivables	(1,842.3)	(223.9)	(299.4)	0.0	(2,365.6)
Dec 31, 2009
	(1,729.6)	(1,127.0)	1,275.3	0.0	(1,581.3)
fi nancial investments	7.8	0.0	0.0	0.0	7.8
Available-for-sale
Loans and receivables	(1,737.4)	(1,127.0)	1,275.3	0.0	(1,589.1)
Dec 31, 2010
in k€	Interest	Impairment	translation	retirement	results
			currency	Income from	Net
			Foreign

The item loans and receivables subsumes the net results of receivables, cash on hand and in banks, checks, interest-bearing liabilities, accounts payable-trade and other liabilities.

30. Events after the balance-sheet date

The proceedings at the Federal Cartel Offi ce which had been underway against several manufacturers of municipal vehicles since 2009 were concluded when offi cial notice of the fi nes was served in February 2011. The pecuniary risk arising in this connection was covered by a provision that had been set aside in 2009. Whether any substantive damages claims by third parties will be made and asserted, and if so, for what amount, is impossible to judge at the present time. Furthermore, there is currently another anti-trust case in progress at the German Federal Cartel Offi ce, this time in the fi eld of turntable ladders, at which Metz Aerials is acting as the chief witness. It is not expected that these proceedings will result in the imposition of any fi ne. In order to prevent any undesirable developments in future, the compliance rules have been tightened and sanctions decided upon for anti-competitive behavior.

31. Contingent liabilities and commitments

Rosenbauer Internatonal AG made noc commitments to third parties other than Group companies. In addition, there were no contingent liabilities which could lead to material liabilities.

32. Related party disclosures

SUBSIDIARIES

					Type of
in 1,000	Currency	Equity	Interest1)	Result2)	consolidation
Rosenbauer Österreich GmbH,
Austria, Leonding	€	2,951	100%	03)	FC
Rosenbauer Management Services GmbH,
Austria, Leonding	€	84	100%	0	FC
Rosenbauer Holding GmbH & Co. KG,
Germany, Karlsruhe	€	14,720	100%	819	FC
Rosenbauer Deutschland GmbH,
Germany, Passau	€	1,699	100%	1,028	FC
Rosenbauer Feuerwehrtechnik GmbH,
Germany, Luckenwalde	€	7,150	100%	2,302	FC

rbi anhang_1304 E.indd 104 13.04.11 12:00 3.04.11

					Type of
in 1,000	Currency	Equity	Interest1)	Result2)	consolidation
Metz Aerials Management GmbH,
Germany, Karlsruhe	€	29	100%	1	FC
Metz Aerials GmbH & Co. KG,
Germany, Karlsruhe	€	6,076	100%	0	FC
Rosenbauer Finanzierung GmbH,
Germany, Passau	€	43	100%	1	FC
Rosenbauer AG,
Switzerland, Oberglatt	€	4,046	100%	441	FC
Rosenbauer Española S.A.,
Spain, Madrid	€	2,993	62.11%	361	FC
Rosenbauer Ciansa S.L.,
Spain, Linares	€	2,995	50%	53	AE
General Safety Equipment LLC.4),
USA, Minnesota	€	7,946	50%	4,929	FC
Central States Fire Apparatus LLC.4),
USA, South Dakota	€	17,788	50%	8,833	FC
Rosenbauer Holdings Inc.,
USA, South Dakota	€	17,653	100%	4,307	FC
Rosenbauer America LLC.4),
USA, South Dakota	€	36,410	50%	14,086	FC
RK Aerials LLC.4),
USA, Nebraska	€	3,036	25%	2,206	FC
Rosenbauer Motors LLC.4),
USA, Minnesota	€	1,343	50%	807	FC
SK Rosenbauer PTE Ltd.,
Singapore	€	6,292	100%	1,486	FC
Eskay Rosenbauer Sdn Bhd,
Brunei	€	126	80%	142	FC
Rosenbauer South Africa (PTY) Ltd.,
South Africa, Halfway House	€	128	100%	83	FC
PA "Fire-fi ghting special technics" LLC.,
Russia, Moscow	€	6,294	34%	6,389	AE
1) Direct interest
2) Profi t/loss for the year after movements in the reserves

3) Profi t transfer agreement with Rosenbauer International AG FC = Fully consolidated company

4) Casting role of Rosenbauer International AG AE = At equity consolidated company

The values of the above table have been calculated according to national fi nancial reporting standards.

The following transactions took place with closely associated persons. In particular, the reported purchases of goods relate to the supply of vehicles of the Spanish joint venture Rosenbauer Ciansa S.L. to the Spanish subsidiary, the manager of which subsidiary is also a 50% owner of the Spanish joint venture. The rental agreement relates to the use of a property land was agreed between the manager and an American company.

in k€	Dec 31, 2010	Dec 31, 2009
Sale of goods	13.2	9.7
Purchase of goods	1,936.4	1,818.1
Receivables	0.0	7.3
Liabilities	388.0	787.5
Rental agreement for land	151.1	46.7

rbi anhang_1304 E.indd 105 13.04.11 12:00 3.04.11

The salaries of the members of the Rosenbauer International AG Executive Board in 2010 amounted to 4,115.7 k€ (2009: 3,096.9 k€) and consisted of a basic salary (2010: 1,220.4 k€; 2009: 1,125.2 k€), fees (2010: 2,685.3; 2009: 1,778.5 k€) and rights for the creation of independent retirement and dependant provisions (2010: 210.0 k€; 2009: 193.2 k€). Provisions for severance payments of the Executive Board total 2,930.0 k€ as at December 31, 2010 (2009: 2,536.7 k€). Total expenses of the members of the Executive Board which consist of salaries and changes in provisions for severance payments amounted to 4,509.1 k€ in the fi nancial year 2010 (2009: 3,212.2 k€). Following the termination of an employment relationship, there are no future burdens on the company resulting from company pension scheme contributions for Executive Board members.

Fees are calculated as a percentage of the consolidated income statement result prior to income tax and minority interest, the percentage being gradually reduced in line with improvements in the consolidated profi t.

33. Audit fee

A total of 131.5 k€ (2009: 142.8 k€) was incurred for services performed by the Group auditors Ernst&Young Wirtschaftsprüfungsgesellschaft m.b.H. and by companies belonging to the Ernst&Young network in the 2010 fi nancial year. Of this amount, 119.9 k€ (2009: 125.8 k€) was for the audit and 11.6 k€ (2009: 17.0 k€) for other services. No other assurance services or tax advisory services were rendered.

34. Earnings per share

The earnings per share are calculated on the basis of IAS 33 (Earnings per Share) by dividing the net profi t for the period minus non-controlling interests by the number of shares issued. As there were no "ordinary shares with a potentially dilutor eff ect" in circulation during the past fi nancial year, the "diluted earnings per share" correspond to the "basic earnings per share". The calculation takes the following form:

		2010	2009
Net profi t for the period minus non-controlling interests	in k€	31,667.1	9,864.3
Average number of shares issued units	units	6,800,000	6,800,000
Basic earnings per share	€/share	4.66	1.45
Diluted earnings per share	€/share	4.66	1.45

Between the balance-sheet date and the preparation of the consolidated fi nancial statements, there were no transactions with potential ordinary shares.

35. Proposal for the distribution of profi ts

The separate fi nancial statements of the company prepared according to the Austrian Companies Act (UGB) provide the basis for the proposal for the distribution of profi ts. A net profi t of 8,292,940.77 € is reported in the separate fi nancial statements of Rosenbauer International AG.

The Executive Board proposes to distribute this net profi t through the payment of a dividend p.a. of 1,2 € (2009: 0.8 €) per share (8,160,000.00 € for 6,800,000 shares). The carryforward to new account is 132,940.77 €.

rbi anhang_1304 E.indd 106 13.04.11 12:00 3.04.11

36. Corporate bodies

SUPERVISORY BOARD

• End of current period of tenure: End of current period of tenure: 2013 Annual General Meeting 2011 Annual General Meeting
• Karl Ozlsberger Rainer Siegel End of current period of tenure: End of current period of tenure: 2012 Annual General Meeting 2014 Annual General Meeting
• Alfred Hutterer (Chairman) Christian Reisinger (Deputy Chairman) Date of fi rst appointment: May 24, 2003 Date of fi rst appointment: May 25, 2006
• Date of fi rst appointment: May 26, 2007 Date of fi rst appointment: May 29, 2009

In the 2010 fi nancial year, the Supervisory Board received emoluments of 245.6 k€ (2009: 186.8 k€).

Emoluments to the Supervisory Board consist of a fi xed amount and a variable sum. The latter is calculated as a percentage of the consolidated profi t in the income statement prior to income tax and non-controlling interests, the said percentage being gradually reduced in line with improvements in the consolidated profi t.

Works Council delegates to the Supervisory Board:

• Rudolf Aichinger
• Alfred Greslehner

EXECUTIVE BOARD

• Robert Kastil Manfred Schwetz
• Dieter Siegel Member of the Executive Board since January 1, 2011
• Julian Wagner Gottfried Brunbauer President and CEO Member of the Executive Board
• Member of the Executive Board Member of the Executive Board

Leonding, March 25, 2011

Wagner Brunbauer Kastil Schwetz Siegel

rbi anhang_1304 E.indd 107 13.04.11 12:00 3.04.11

108 STATEMENT OF ALL LEGAL REPRESENTATIVES PURSUANT TO §82 SECT. 4 CLAUSE 3 OF THE AUSTRIAN STOCK EXCHANGE ACT ("BÖRSEGESETZ")

We confi rm to the best of our knowledge that the consolidated fi nancial statements give a true and fair view of the assets, liabilities, fi nancial position and profi t or loss of the group as required by the applicable accounting standards and that the group management report gives a true and fair view of the development and performance of the business and the position of the group, together with a description of the principal risks and uncertainties the group faces.

We confi rm to the best of our knowledge that the separate fi nancial statements give a true and fair view of the assets, liabili ties, fi nancial position and profi t or loss of the parent company as required by the applicable accounting standards and that the management report gives a true and fair view of the development and performance of the business and the position of the company, together with a description of the principal risks and uncertainties the company faces.

Leonding, March 25, 2011

Robert Kastil Manfred Schwetz Member of the Executive Board Member of the Executive Board

Dieter Siegel Member of the Executive Board Fields of business: Fire & safety equipment and Business development

Julian Wagner Gottfried Brunbauer President and CEO Member of the Executive Board Fields of business: Municipal vehicles, Aerials and Fire fi ghting components

rbi anhang_1304 E.indd 108 13.04.11 13:21

Portfolio Finance Fields of business: Specialty vehicles, USA

AUDIT CERTIFICATE 109 (INDEPENDENT AUDITOR'S REPORT)

Report on the Financial Statements

We have audited the accompanying consolidated fi nancial statements of Rosenbauer International AG, Leonding, for the fi scal year from January 1, 2010 to December 31, 2010. These consolidated fi nancial statements comprise the consolidated balance sheet as of December 31, 2010, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated cash fl ow statement and the consolidated statement of changes in equity for the fi scal year ended December 31, 2010, and the notes.

MANAGEMENT'S RESPONSIBILITY FOR THE CONSOLIDATED FINANCIAL STATEMENTS AND FOR THE ACCOUNTING SYSTEM

The Company's management is responsible for the group accounting system and for the preparation and fair presentation of the consolidated fi nancial statements in accordance with the International Financial Reporting Standards (IFRSs) as adopted by the EU. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of consolidated fi nancial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; making accounting estimates that are reasonable in the circumstances.

AUDITOR'S RESPONSIBILITY AND DESCRIPTION OF TYPE AND SCOPE OF THE STATUTORY AUDIT

Our responsibility is to express an opinion on these consolidated fi nancial statements based on our audit. We conducted our audit in accordance with laws and regulations applicable in Austria and Austrian Accounting Standards on Auditing, as well as in accordance with International Standards on Auditing (ISAs), issued by the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC). Those standards require that we comply with professional guidelines and that we plan and perform the audit to obtain reasonable assurance whether the consolidated fi nancial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated fi nancial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated fi nancial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Group's preparation and fair presentation of the consolidated fi nancial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the eff ectiveness of the Group's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated fi nancial statements.

We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a reasonable basis for our audit opinion.

rbi anhang_1304 E.indd 109 13.04.11 12:00 3.04.11

OPINION

Our audit did not give rise to any objections. In our opinion, which is based on the results of our audit, the consolidated fi nan cial statements comply with legal requirements and give a true and fair view of the fi nancial position of the Group as of December 31, 2010 and of its fi nancial performance and its cash fl ows for the fi scal year from January 1, 2010 to December 31, 2010 in accordance with the International Financial Reporting Standards (IFRSs) as adopted by the EU.

Comments on the consolidated Management Report

Pursuant to statutory provisions, the consolidated management report is to be audited as to whether it is consistent with the consolidated fi nancial statements and as to whether the other disclosures are not misleading with respect to the Company's position. The auditor's report also has to contain a statement as to whether the consolidated management report is consistent with the consolidated fi nancial statements and whether the disclosures pursuant to §243a UGB (Austrian Commercial Code) are appropriate.

In our opinion, the consolidated management report is consistent with the consolidated fi nancial statements. The disclosures pursuant to §243a UGB (Austrian Commercial Code) are appropriate.

Linz, March 25, 2011

Wirtschaftsprüfungsgesellschaft m.b.H.

Auditor Auditor

Erich Lehner, MA Johanna Hobelsberger-Gruber, MA

In case of publication or dissemination of the Consolidated Financial Statements in a form departing from the approved (unabridged German-language) version (e.g. abridged version or translation), can neither the audit certifi cate be quoted nor our audit referred to.

rbi anhang_1304 E.indd 110 13.04.11 12:00 3.04.11

INDEX 111

A

Annual General Meeting 21, 50, 91 Audit Certifi cate 109f

B

Balance-sheet structure 37f

C

Cash fl ow 38 Compliance 30 Corporate calendar 21 Corporate Governance 22ff

D

Depreciation 38f, 88 Development in the sector 33f Disclosures relating to anticipated developments 51ff Dividend 21, 91, 106

E

Employees 26f, 41ff Environment 28f, 46 Equity 38, 91f Executive Board 16f, 22f, 49, 106

F

Financial position 37f, 53

G

Group profi le 4f Group situation report 31ff

I

Income situation 36f, 53 Innovations 27, 40f, 53 Internal control system 47f Investments 38f, 53, 88 Investor Relations 20f Issuer Compliance 25

J Joint venture 37, 52, 79f, 89, 105

O

Opportunities 44f Orders 35f

P Procurement 48f

Q Quality management 27f

R

Research and development 39ff Revenues situation 34f, 53, 54 Risk management 44ff , 98ff

S

Segment reports 54ff , 74f, 97 Share 20f, 49f, 106 Share capital 49 Share price movements 20 Shareholder structure 20 Statement of all legal representatives 108 Supervisory Board 23f, 49f, 64, 107 Supplementary Report 50 Sustainability 26ff

T

rbi anhang_1304 E.indd 111 13.04.11 12:00 3.04.11

Training 26, 42

112 GLOSSARY

A

AT: Please see "The new AT"

B

Balance-sheet total: The sum of all assets

C

CAN bus: CAN (Controller Area Network) describes a networked system of decentralized microprocessors and modules used as controlling and monitoring elements and linked by data transmission lines (known as the "bus")

• Capital employed: Equity plus interest-bearing liabilities outside capital less interest-bearing assets
• Cash fl ow: The terms "cash fl ow" and "net cash fl ow" are used synonymously

Compliance: Consensus with laws, rules and regulations Combined normal and high pressure fi re pumps: These

• are pumps which can simultaneously discharge extinguishants at normal pressure (10 bar) and high pressure (40 bar)
• Corporate governance: Rules of conduct aimed at ensuring that companies are responsibly run and controlled, as set out in the Austrian Corporate Governance Code

D

Derivatives: Financial instruments whose price is "derived" from an underlying market instrument

E

Earnings per share: Net profi t of the period minus noncontrolling interests divided by the number of shares

EBIT (Earnings before interest and income tax): Operating profi t

EBIT margin: EBIT divided by revenues

EBT (Earnings before income tax): Profi t before income tax

Equity: Share capital plus capital and other reserves, accumulated results and non-controlling interests Equity ratio: Equity divided by the balance-sheet total

EMEREC: Mobile information management system for emergency forces; information and communication directly at the operation scene

EPS: Energy system that provides all consumers in the superstructure with electrical power

ES Series: German Standards-compliant fi re fi ghting vehicles with a gross vehicle weight of over 11 t, including everything from the fi re squad vehicle LF 10/6 to the tank fi re fi ghter TLF 20/40 SL and emergency tenders

F

Fair value: The actual value attributable to an asset or liability at a cut-off date Financial standing: The creditworthiness of a borrower Foam proportioning system: This system adds foam compounds to the water so as to enhance the

G

Gearing ratio in %: Net debt divided by equity

extinguishing eff ect

H

rbi anhang_1304 E.indd 112 13.04.11 12:00 3.04.11

Hedging: Risk management measures taken in order to limit or avoid adverse changes in the market level of interest rates, foreign-exchange rates, quoted values or raw materials prices

High performance ventilator: Fire fi ghting equipment used to clear smoke from smoke-fi lled spaces or tunnels

Hydraulic platform: Rescue equipment for fi re departments; the high load-carrying capacity of the rescue cage means that several persons can be rescued at the same time, and also that large quantities of water can be made available high above the ground

I

• Interest-bearing outside capital: Non-current and current interest-bearing liabilities
• Interest-bearing capital: Equity plus interest-bearing liabilities less cash and short-term deposits less securities
• Investments: Additions to tangible and intangible assets ISO: ISO certifi cation furnishes proof that an enterprise has introduced the respective management standard (ISO 9001, ISO 14001 or OHSAS 18001) and fulfi lled
• its requirements; certifi cation is issued for a limited time only

J

Joint venture: A business undertaking run jointly by at least two partners

M

Market capitalization: Share price at year-end multiplied by the number of shares issued

N

• Net debt: Interest-bearing liabilities less cash and shortterm deposits less securities
• NAUTILUS Submersible pump: Device to pump out fl ooded cellars or shafts as well as for supplying water to pumper trucks
• Nozzle: A fi tting enabling tightly focused discharge of an extinguishant

P

• PANTHER: The aircraft rescue fi re fi ghting vehicle that meets the various international requirements.
• Piercing tool: Fire fi ghting lance for punching through e.g. the external skin of an aircraft fuselage and immediately combating fi re inside the cabin
• POLY-CAF system: Mobile stand-alone extinguishing unit for producing compressed air foam
• Portable pump: Portable pump with its own drive motor for water delivery
• Present value: Value, at the beginning of the term (i.e. at time 0) of a monetary amount expected at a certain time in the future

Price/earnings per share: Share price at year-end divided by the earnings per share

R

Rating: Standardized assessment of creditworthiness, i.e. of the likelihood of non-payment or of delayed payment

Refurbishment: Rehabilitation of older vehicles ROCE in % (Return on capital employed): EBIT divided by the average capital employed

ROE in % (Return on equity): EBT divided by average equity

S

service4fi re: Fleet management and service support – through vehicle operating data transmitted by cellular radio

Spot (market): Large-volume special projects of a non-recurrent nature

T

Telematics: Products and services to connect information using telecommunication and informatics

The new AT (Advanced Technology): Municipal fi re fi ghting vehicle, weighing from 10 to 20 t, for Central European countries and selected advanced export markets

W

rbi anhang_1304 E.indd 113 13.04.11 12:00 3.04.11

Working Capital: Current assets less current liabilities

114 TEN-YEAR COMPARISON

Rosenbauer Group			2010	2009	2008
	Revenue	m€	595.7	541.8	500.3
	thereof Austria	m€	42.8	53.7	54.1
	thereof international	m€	552.9	488.1	446.2
	EBIT before one-off eff ects	m€	46.2	43.5	39.9
	EBIT after one-off eff ects	m€	49.7	29.4	39.9
	EBIT margin		8.3%	5.4%	8.0%
EBT		m€	49.1	26.4	32.3
	Consolidated profi t	m€	40.0	17.6	25.1
	Cash fl ow from operating activities	m€	34.8	17.5	20.4
	Investments	m€	8.9	15.8	12.2
	Order backlog as at Dec 31	m€	394.5	487.2	459.2
	Order intake	m€	496.9	575.9	556.7
	Employees (average)		2,014	1,895	1,722
	thereof Austria		920	883	811
	thereof international		1,094	1,012	911
Key balance sheet data
	Total assets	m€	301.6	306.8	251.0
	Equity in % of total assets		42.9%	32.5%	36.7%
	Capital employed (average)	m€	179.7	159.8	139.0
	Return on capital employed		27.6%	18.4%	28.7%
	Return on equity		42.8%	27.6%	39.2%
	Net debt	m€	26.1	41.8	31.3
	Working capital	m€	100.2	75.0	77.3
	Gearing ratio		20.2%	41.9%	34.1%
Key stock exchange fi gures1)
	Highest share price	€	39.8	32.5	35.4
	Lowest share price	€	28.4	18.0	16.6
	Closing price	€	37.5	29.0	22.0
	Market capitalization	m€	255.0	197.2	149.6
	Dividend	m€	8.22)	5.4	5.4
	Dividend per share	€	1.22)	0.8	0.8
	Dividend yield		3.2%	2.8%	3.6%
	Earnings per share	€	4.7	1.5	2.9
	Price/earnings ratio		8.0	19.3	7.6

1) Due to better comparability, 2001–2006 fi gures were converted persuant to the share split (4-for-1) of the year 2007

rbi anhang_1304 E.indd 114 13.04.11 12:00 3.04.11

2) Proposal to Annual General Meeting

2001	2002	2003	2004	2005	2006	2007
273.7	286.5	323.0	299.4	321.3	372.0	426.1
41.9	43.6	49.1	48.2	43.8	40.6	41.4
231.8	242.9	273.9	251.2	277.5	331.4	384.7
10.1	20.5	19.2	13.7	19.6	25.1	30.8
10.1	20.5	19.2	13.7	19.6	25.1	30.8
3.7%	7.2%	5.9%	4.6%	6.1%	6.8%	7.2%
5.1	15.7	15.9	10.5	15.9	22.0	25.4
3.1	11.0	10.6	11.7	12.0	18.4	19.9
21.2	43.0	2.6	16.3	21.9	–1.4	24.1
3.2	4.0	7.4	5.6	7.9	11.2	7.1
260.2	240.4	191.8	226.1	243.1	354.1	375.4
354.0	319.1	300.9	337.0	377.0	485.9	458.7
1,288	1,249	1,313	1,376	1,407	1,452	1,593
629	619	666	711	722	710	753
659	630	647	665	685	742	840
181.5	171.1	164.7	161.3	168.8	206.2	228.8
24.2%	28.7%	31.1%	34.4%	36.9%	30.7%	31.8%
123.1	110.3	102.0	99.1	97.9	111.2	127.7
8.2%	18.6%	18.8%	13.8%	20.1%	22.6%	24.1%
12.5%	33.8%	31.7%	19.7%	27.0%	35.1%	37.4%
44.9	11.3	21.4	15.2	9.0	38.7	30.6
45.0	40.3	34.4	35.7	40.0	49.1	60.7
102.1%	22.9%	41.9%	27.3%	14.4%	61.1%	42.1%
6.0	7.6	11.5	16.6	18.1	25.0	39.9
4.3	4.4	6.2	10.9	14.4	15.4	24.0
5.3	6.4	11.3	16.0	15.8	25.0	32.8
35.7	43.3	76.5	108.8	107.1	170.0	223.0
1.7	2.6	2.6	3.4	3.4	4.8	4.8
0.3	0.4	0.4	0.5	0.5	0.7	0.7
4.8%	5.9%	3.3%	3.1%	3.2%	2.8%	2.1%
0.1	1.0	1.0	1.3	1.0	2.0	2.2
67.8	6.4	11.3	12.5	15.4	12.5	14.9

rbi anhang_1304 E.indd 115 13.04.11 12:00 3.04.11

116 IMPRINT

Owned and published by Rosenbauer International AG Paschinger Strasse 90, 4060 Leonding, Austria

Information

Rosenbauer International AG Investor Relations Gerda Königstorfer Phone: +43 732 6794-568 Fax: +43 732 6794-94568 E-Mail: gerda.koenigstorfer@rosenbauer.com Website: www.rosenbauer.com

Concept Rosenbauer International AG

Layout Filleins, Vienna

Detail design marchesani_kreativstudio, Vienna

Photos C-STUMMER fotografi e Larry Shapiro iStockphoto

UW 811 DAS

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Rosenbauer International AG does not guarantee in any way that the forward-looking assumptions and estimates contained in this Annual Report will prove correct, nor does it accept any liability for loss or damages that may result from any use of or reliance on this Report.

Minimal arithmetical diff erences may arise from the application of commercial rounding to individual items and percentages in the Rosenbauer Annual Report.

rbi anhang_1304 E.indd 116 13.04.11 12:00 3.04.11

The English translation of the Rosenbauer Annual Report is for convenience.

Only the German text is binding.

Jahresabschluss

zum 31. Dezember 2010 der

Rosenbauer International

Aktiengesellschaft

Leonding

• 4 -

BESTÄTIGUNGSVERMERK " য

Bericht zum Jahresabschluss

Wir haben den beigefügten Jahresabschluss der ROSENBAUER INTERNATIONAL Aktiengesellschaft, Leonding, für das Geschäftsjahr vom 1. Jänner 2010 bis zum 31. Dezember 2010 unter Einbeziehung der Buchführung geprüft. Dieser Jahresabschluss umfasst die Bilanz zum 31. Dezember 2010, die Gewinn- und Verlustrechnung für das am 31. Dezember 2010 endende Geschäftsjahr sowie den Anhang.

Verantwortung der gesetzlichen Vertreter für den Jahresabschluss und für die Buchführung

Die gesetzlichen Vertreter der Gesellschaft sind für die Buchführung sowie für die Aufstellung eines Jahresabschlusses verantwortlich, der ein möglichst getreues Bild der Vermögens-, Finanzund Ertragslage der Gesellschaft in Übereinstimmung mit den österreichischen unternehmensrechtlichen Vorschriften vermittelt. Diese Verantwortung beinhaltet: Gestaltung, Umsetzung und Aufrechterhaltung eines internen Kontrollsystems, soweit dieses für die Aufstellung des Jahresabschlusses und die Vermittlung eines möglichst getreuen Bildes der Vermögens-, Finanz- und Ertragslage der Gesellschaft von Bedeutung ist, damit dieser frei von wesentlichen Fehldarstellungen ist, sei es auf Grund von beabsichtigten oder unbeabsichtigten Fehlern; die Auswahl und Anwendung geeigneter Bilanzierungs- und Bewertungsmethoden; die Vornahme von Schätzungen, die unter Berücksichtigung der gegebenen Rahmenbedingungen angemessen erscheinen.

Verantwortung des Abschlussprüfers und Beschreibung von Art und Umfang der gesetzlichen Abschlussprüfung

Unsere Verantwortung besteht in der Abgabe eines Prüfungsurteils zu diesem Jahresabschluss auf der Grundlage unserer Prüfung. Wir haben unsere Prüfung unter Beachtung der in Österreich geltenden gesetzlichen Vorschriften und Grundsätze ordnungsgemäßer Abschlussprüfung durchgeführt. Diese Grundsätze erfordern, dass wir die Standesregeln einhalten und die Prüfung so planen und durchführen, dass wir uns mit hinreichender Sicherheit ein Urteil darüber bilden können, ob der Jahresabschluss frei von wesentlichen Fehldarstellungen ist.

Eine Prüfung beinhaltet die Durchführung von Prüfungshandlungen zur Erlangung von Prüfungsnachweisen hinsichtlich der Beträge und sonstigen Angaben im Jahresabschluss. Die Auswahl der Prüfungshandlungen liegt im pflichtgemäßen Ermessen des Abschlussprüfers unter Berücksichtigung seiner Einschätzung des Risikos eines Auftretens wesentlicher Fehldarstellungen, sei es auf Grund von beabsichtigten oder unbeabsichtigten Fehlern. Bei der Vornahme dieser Risikoeinschätzung berücksichtigt der Abschlussprüfer das interne Kontrollsystem, soweit es für die Aufstellung des Jahresabschlusses und die Vermittlung eines möglichst getreuen Bildes der Vermögens-, Finanz- und Ertragslage der Gesellschaft von Bedeutung ist, um unter Berücksichtigung der

Rahmenbedingungen geeignete Prüfungshandlungen festzulegen, nicht jedoch um ein Prüfungsurteil über die Wirksamkeit der internen Kontrollen der Gesellschaft abzugeben. Die Prüfung umfasst ferner die Beurteilung der Angemessenheit der angewandten Bilanzierungs- und Bewertungsmethoden und der von den gesetzlichen Vertretern vorgenommenen wesentlichen Schätzungen sowie eine Würdigung der Gesamtaussage des Jahresabschlusses.

Wir sind der Auffassung, dass wir ausreichende und geeignete Prüfungsnachweise erlangt haben, sodass unsere Prüfung eine hinreichend sichere Grundlage für unser Prüfungsurteil darstellt.

Prüfungsurteil

Unsere Prüfung hat zu keinen Einwendungen geführt. Auf Grund der bei der Prüfung gewonnenen Erkenntnisse entspricht der Jahresabschluss nach unserer Beurteilung den gesetzlichen Vor schriften und vermittelt ein möglichst getreues Bild der Vermögens- und Finanzlage der Gesellschaft zum 31. Dezember 2010 sowie der Gesellschaft für das Geschäftsjahr vom 1. Jänner 2010 bis zum 31. Dezember 2010 in Übereinstimmung mit den österreichischen Grundsätzen ordnungsmäßiger Buchführung.

Aussagen zum Lagebericht

Der Lagebericht ist auf Grund der gesetzlichen Vorschriften darauf zu prüfen, ob er mit dem Jahresabschluss in Einklang steht und ob die sonstigen Angaben im Lagebericht nicht eine falsche Vorstellung von der Lage der Gesellschaft erwecken. Der Bestätigungsvermerk hat auch eine Aussage darüber zu enthalten, ob der Lagebericht mit dem Jahresabschluss in Einklang steht und ob die Angaben nach § 243a UGB zutreffen.

Der Lagebericht steht nach unserer Beurteilung in Einklang mit dem Jahresabschluss. Die Angaben gemäß § 243a UGB sind zutreffend.

Linz, am 25. März 2011

Ernst & Young Wirtschaftsprüfungsgesellschaft m.b.H.

Mag. Erich Lehner eh Wirtschaftsorüfer

Mag. Johanna Hobelsberger-Gruber eh Wirtschaftsprüferin

^*) Bei Veröffentlichung oder Weitergabe des Jahresabschlusses in einer von der bestätigten (ungekürzten deufschsprachigen) Fassung abweichenden Form (zB verkürzte Fassung oder Übersetzung) darf ohne unsere Genehmigung weder der Bestäligungsver merk zitiert noch auf unsere Prüfung verwiesen werden.

ROSENBAUER INTERNATIONAL Aktiengesellschaft, Leonding

B 1 L A N Z _zum 31. Dezember 2010

						PASSIVA
KTIVA		Stand Stand			30.12.2010 Stand	30.12.2009 Stand
	EUR EUR EUR	31.12.2009 TEUR 12.2010 EUR દ		EUR	EUR	TEUR
ANLAGEVERMÖGEN			EIGENKAPITAL Grundkapital ਕੇ	13,600.000,00 23.703.398,02		13.600 23.703
I. Immaterielle Vennögensgegenstände 1. Konzessionen, Rechte	769.596.00	423 0	III. Gewinnrücklagen (Freie Rücklagen) Kapitalrücklagen (gebundene) 11.	63.252.757.74		37.953
2. Firmenwert	769.597,00 1.00	423	davon Gewinnvortrag EUR 183.337,39 (2009 TEUR 184) Bilanzgewinn IV.	8.292.940.77		5.624
1. Grundstücke, grundstücksgleiche Rechte und Bauten, Sachanlagen 11.					108.849.096,53	80.880
davon Grundwert EUR 4.528.862,00 (2009 TEUR 4.143) einschließlich der Bauten auf fremdem Grund	24.737.249.00	24.758	Bewertungsreserve auf Grund von Sonderabschreibungen B. UNVERSTEUERTE RÜCKLAGEN		2.488.499.30	1.942
Investitionen in fremden Gebäuden 2.	1.00 6.019.565.00	4.960
4. Andere Anlagen, Betriebs- und Geschäftsausstattung Technische Anlagen und Maschinen 3.	9.529.920,00 162,625,48	1.722 8.912
Geleistete Anzahlungen und Anlagen in Bau 5.	40.449.360,48	40.352	RÜCKSTELLUNGEN C.
1. Anteile an verbundenen Unternehmen III. Finanzanlagen	31.604.057,54	24.582	Rückstellungen für Abfertigungen 1.	11.374.500,00 213.700,00		11.756 223
2. Beteilîgungen	1.500.137.79 104.784.17	1.500 ਉਉ	Rückstellungen für Pensionen Steuerrückstellung నా ਟ	1.533.680,00		1.178 35.476
3. Wertpapiere (Wertrechte) des Anlagevermögens	33,208.979,50	26.180 66.955 74.427.936,98	Sonstige Ruckstellungen 4.	29.792.055,50	42.913.935,50	48.633
			VERBINDLICHKEITEN D.	10.895.552,41		15.275
UMLAUFVERMÖGEN			1. Verbindlichkeiten gegenüber Kreditinstituten Erhaltene Anzahlungen auf Besteilungen 2.	9.177.105,35		45.505 22.881
I. Vorráte	34.807.414,95	38.173	Verbindlichkeiten aus Lieferungen und Leistungen ર્જ	11.629.460.76 13.460.266,36		7.558
1. Roh-, Hilfs- und Betnebsstoffe Erhaltene Anzahlungen	-5.966.924.32	-6.593	Verbindlichkeiten gegenüber verbundenen Unternehmen Sonstige Verbindlichkeiten ধ . ട.
	28.840.490,63 39.343.021,93	31.580 37.945	davon aus Steuem EUR 195.648,03 (2009 TEUR 343)
Erhaltene Anzahlungen 2. Unfertige Erzeugnisse	-2.019.507,17	~3.917 34.028	davon im Rahmen der sozialen Sicherheit EUR 1.045.444,40 (2009 TEUR 998)	12.540.327,10		14.011
	8.562.215,40 37.323.514.76	9.001			57.702.711,98	75.230
Fertige Erzeugnisse und Waren 3.	5.113.657,51	4.133			36.032.23	0
Geleistete Anzahlungen 4. Ware unterwegs ഗ്	84.136.550,94 4.296.672,64	2.262 81.004	E. RECHNUNGSABGRENZUNGSPOSTEN
II. Forderungen und sonstige Vermögensgegenstände		35.136
Forderungen gegenüber verbundenen Unternehmen Forderungen aus Lieferungen und Leistungen 1.	29.328.995,95 12.669.995.17	18.182
Forderungen gegenüber Unternehmen, 2. 3.		ಿ
mit denen ein Beteiligungsverhältnis besteht	4.291.257,02 2.263.920,31	4.150
Sonstige Forderungen und Vermögensgegenstände র্ণ	48.554.168,45	57.468
III. Kassenbestand, Guthaben bei Kreditinstituten	4.382.253.88	880 139.352 137.072.973,27
C. RECHNUNGSABGRENZUNGSPOSTEN		378 489.365,29				206.685
		206.685 211.990.275,54 ===============================================================================================================================================================			211,990.275,54
			AAETHINGSVERHALTNISSE		30.604.668,91	31.054

GEWINN - UND VERLUSTRECHNUNG FÜR DIE ZEIT VOM 1.JÄNNER 2010 BIS 31.DEZEMBER 2010

ه

2009 2010 TEUR EUR EUR 342.223.929,51 1. Umsalzerlöse 2. Veränderung des Bestands an fertigen und unfertigen Erzeugnissen 5,140.122,71 sowie an noch nicht abrechenbaren Leistungen 0,00 3. Andere aktivierte Eigenleistungen 4. Sonstige betriebliche Erträge a) Erträge aus dem Abgang vom Anlagevermögen 32 31.700,09 mit Ausnahme der Finanzanlagen 133 10.955.260,09 b) Erträge aus der Auflösung von Rückstellungen 3,218 15.701.361,36 4.714.401,18 c) Ubrige 5. Aufwendungen für Material und sonstige bezogene Herstellungsleistungen -217.199 -228,982,337,72 a) Materialaufwand -8.282 -237.523.353,82 -8.541.016,10 b) Aufwendungen für bezogene Leistungen 6. Personalaufwand -19.931 -20.498.569,61 a) Löhne -23.637 -26,956.202,31 b) Gehälter c) Aufwendungen für Abfertigungen und Leistungen -1.701 -1.042.173,50 an betriebliche Mitarbeitervorsorgekassen -27 -16.619,32 d) Aufwendungen für Altersversorgung e) Aufwendungen für gesetzlich vorgeschriebene Sozialabgaben sowie vom Entgelt abhängige -10.598 -11.122.774,24 Abgaben und Pflichtbeiträge -357 -60.010.552,53 -374.213,55 f) Sonstige Sozialaufwendungen 7. Abschreibungen auf immaterielle Gegenstände -4.846.560,32 des Anlagevermögens und Sachanlagen 8. Sonstige betriebliche Aufwendungen ન્દ્રિવે -82,363,71 a) Steuern, soweit sie nicht unter Z 18 fallen -37,795 -29.469.687,08 -29.387.323,37 b) Ubrige 31.215.259,83 9. Zwischensumme aus Z 1 bis 8 (Betriebserfolg) 8.055.810,89 10. Erträge aus Beteiligungen davon aus verbundenen Unternehmen EUR 8.055.810,89 (2009 TEUR 7.504) 11. Erträge aus anderen Wertpapieren und 7.761,41 Ausleihungen des Finanzanlagevermögens davon aus verbundenen Unternehmen EUR 0,00 (2009 TEUR 0) 898.063,10 12. Sonstige Zinsen und ähnliche Erträge davon aus verbundenen Unternehmen EUR 512.431,69 (2009 TEUR 826) 13. Aufwendungen aus Finanzanlagen und -1.063,50 aus Wertpapieren des Umlaufvermögens davon aus Abschreibungen EUR 1.063,50 (2009 TEUR 0) -783.132,25 14. Zinsen und ähnliche Aufwendungen davon betreffend verbundene Unternehmen EUR 42.909,91 (2009 TEUR 14) 8.177.439,65 15. Zwischensumme aus Z 10 bis 14 (Finanzerfolg) 39.392.699,48
			TEUR
			323.000
			-350 0
			3.383
			-225.481
			-56.251
			-4.325
			-37,859
			2.117
			7.504
			9
			1.086
			0
			-1.837
			6.762
	16. Ergebnis der gewöhnlichen Geschäftstätigkeit		8.879
-5,437.030,95 17. Steuern vom Einkommen			-4.588
33.955.668,53 18. Jahresüberschuss			4.291
8.688,00 19. Auflösung unversteuerter Rücklagen			9
-554.753,15 20. Zuweisung zu unversteuerter Rücklagen			-1.161
0,00 21. Auflösung von Gewinnrücklagen			2.300
-25.300.000,00 22. Zuweisung zu Gewinnrücklagen			0 5.439
8.109.603,38 Jahresgewinn 183.337,39			184
23. Gewinnvortrag aus dem Vorjahr 8.292.940,77 24. Bilanzgewinn			5.623

ANHANG DER ROSENBAUER INTERNATIONAL AKTIENGESELLSCHAFT, LEONDING, GESCHÄFTSJAHR 2010

1. Anwendungen der unternehmensrechtlichen Vorschriften

Die Bilanzierung, die Bewertung und der Ausweis der einzelnen Positionen des Jahresabschlusses wurde nach den allgemeinen Bestimmungen der §§ 189 bis 211 UGB in der geltenden Fassung unter Berücksichtigung der Sondervorschriffen für Kapitalgesellschaften der §§ 222 bis 243 UGB vorgenommen.

2. Bilanzierungs- und Bewertungsgrundsätze

Der Jahresabschluss wurde unter Beachtung der Grundsätze ordnungsmäßiger Buchführung sowie der Generalnorm, ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage des Unternehmens zu vermitteln, aufgestellt.

Bei der Erstellung des Jahresabschlusses wurde der Grundsatz der Vollständigkeit eingehalten. Bei der Bewertung wurde von der Fortführung des Unternehmens ausgegangen. Die Gewinn- und Verlustrechnung ist in Staffelform und nach dem Gesamtkostenverfahren aufgestellt.

Bei Vermögensgegenständen und Schulden wurde der Grundsatz der Einzelbewertung angewandt.

Dem Vorsichtsgrundsatz wurde Rechnung getragen, indem insbesondere nur die am Abschlussstichtag verwirklichten Gewinne ausgewiesen werden. Alle erkennbaren Risken und drohenden Verluste, die im Geschäftsjahr 2010 oder in einem früheren Geschäftsjahr entstanden sind, wurden berücksichtigt.

Immaterielle Vermögensgegenstände werden zu Anschaffungskosten aktiviert und in längstens 4 Jahren abgeschrieben. Der entgeltlich erworbene Firmenwert wird linear über 3 Jahre abgeschrieben.

Sachanlagen werden zu Anschaffungs- oder Herstellungskosten abzüglich planmäßiger Abschreibungen bewertet. Die Nutzungsdauer beträgt bei Gebäuden 33 1/3 bis zu 50 Jahren, bei Technische Anlagen und Maschinen von 8 bis 15 Jahren und bei andere Anlagen, Betriebs- und Geschäftsausstattung von 5 bis 10 Jahren. Geringwertige Vermögensgegenstände werden im Jahr der Anschaffung voll abgeschrieben.

Außerplanmäßige Abschreibungen werden vorgenommen, soweit der Ansatz mit einem niedrigeren Wert erforderlich ist.

Die Finanzanlagen werden zu Anschaffungskosten oder, falls ihnen ein niedrigerer Wert beizumessen ist, mit diesem angesetzt.

Die Bewertung der Vorräte erfolgt zu Anschaffungs- bzw. Herstellungskosten unter Beachtung des Niederstwertprinzips.

Roh-, Hilfs- und Betriebsstoffe und Waren sind zu Anschaffungskosten, die aufgrund des gleitenden Durchschnittspreisverfahrens (§ 209 Abs. 2 UGB) ermittelt werden, angesetzt.

Die fertigen und unfertigen Erzeugnisse werden zu Herstellungskosten angesetzt. Die Herstellungskosten umfassen die Material- und Fertigungseinzelkosten sowie angemessene Teile der Materialgemeinkosten und der Fertigungsgemeinkosten.

Aufwendungen der allgemeinen Verwaltung werden nicht aktiviert.

Sind die Herstellungskosten höher als die zu Vertragspreisen errechnete Leistung, so wird zu Vertragspreisen bewertet. Erkennbaren Risken im weiteren Ablauf bis zur Fertigstellung wird durch gesonderte Rückstellungen Rechnung getragen.

Unter Beachtung des Niederstwertprinzips wurden entsprechende Abwertungen wegen übermäßiger Lagerdauer und zur verlustfreien Bewertung durchgeführt.

Erhaltene Anzahlungen auf Bestellungen werden offen vom Posten "Vorräte" abgesetzt, soweit diesen bereits Anschaffungs- bzw. Herstellkosten gegenüberstehen.

Forderungen und sonstige Vermögensgegenstände sind mit dem Nennbetrag angesetzt. Fremdwährungsforderungen werden mit dem Devisenmittelkurs bzw. mit dem abgesicherten Framatiangeren bewertet. Für erkennbare Risken werden Einzelwertberichtigungen gebildet.

Bei der Bemessung der Rückstellungen ist entsprechend den gesetzlichen Erfordernissen allen erkennbaren Risken und ungewissen Verbindlichkeiten ausreichend Rechnung getragen worden.

Die Abfertigungsrückstellungen werden gemäß den Bestimmungen des § 211 Abs. 2 UGB gebildet. Die Rückstellung wird nach dem finanzmathematischen Teilwertverfahren berechnet. Der Zinssatz beträgt 4,0 % (2009: 4,0 %). Das Pensionsantrittsalter beträgt 60 Jahre bei Frauen und 65 Jahre bei Männern (2009: 60 Jahre bei Frauen und 65 Jahre bei Männern). Der Fluktuationszinssatz beträgt 0%.

Die Jubiläumsgeldrückstellung wird ab 2009 nach IFRS (IAS 19) gebildet. Als Zansatz wurde 4,5 % (2009: 5,5%) verwendet und von einem Pensionsalter von 60 Jahren (2009: 60 Jahren) bei Frauen und 65 Jahren (2009: 65 Jahren) bei Männern ausgegangen. Der Fluktuationsabschlag betrug abhängig von der Dienstzeit zwischen 0,25% und 5%.

Die Rückstellung für laufende Pensionen wird nach den anerkannten Regeln der Versicherungsmathematik unter Zugrundelegung eines Zinssatzes von 4,0 % (2009: 4,0 %) nach dem Gegenwartswertverfahren errechnet. Es wurden die Sterbetafeln von Pagler & nach Gegenhande gelegt. Die Rückstellung betrifft eine Person, welche bereits in Pension ist.

Verbindlichkeiten Fremdwährungsverbindlichkeiten werden mit dem Devisenmittelkurs zum Bilanzstichtag bewertet.

3. Anlagevermögen

Die Aufgliederung des Anlagevermögens und seine Entwicklung im Berichtsjahr ist im Anlagenspiegel (siehe Beilage) angeführt.

Die Bewertung der Wertpapiere zum 31.12.2010 stellt sich wie folgt dar.

Buchwert: Marktwert:

Aus der Nutzung von in der Bilanz nicht ausgewiesenen Sachanlagen besteht aufgrund von langfristigen Miet-, Pacht- und Leasingverträgen für das folgende Geschäftsjahr eine Verpflichtung von TEUR 292,3 (2009: TEUR 83,0). Der Gesamtbetrag der Verpflichtungen für die nächsten 5 Jahre beträgt TEUR 1.461,6 (2009: TEUR 411,8).

4. Forderungen und sonstige Vermögensgegenstände:

Aufgliederung siehe Beilage.

5. Grundkapital

Das Grundkapital betrug per Ende 2010 EUR 13.600.000 und war zerlegt auf 6.800.000 Stückaktien. Die Aktien lauten auf Inhaber.

In der im Mai 2007 stattgefundenen 15. ordentlichen Hauptversammlung erfolgte der m Beschluss über die Erhöhung des Grundkapitals aus Gesellschaftsmitteln von EUR 12.359.000 um EUR 1.241.000 auf EUR 13.600.000 durch Umwandlung des entsprechenden Teilbetrages der gebundenen Kapitalrücklage ohne Ausgabe neuer Aktien.

6. Gewinnrücklagen

Bei den Gewinnrücklagen der Rosenbauer International AG handelt es sich um andere (freie) Rücklagen.

7. Unversteuerte Rücklagen

Die Aufgliederung der unversteuerten Rücklagen und ihre Entwicklung im Berichtsjahr wird gesondert dargestellt (siehe Beilage).

8. Rückstellungen

Die sonstigen Rückstellungen bestehen insbesondere für:

Rosenbauer International AG

	31.12.2010 FUR	31.12.2009 EUR
Personalaufwendungen,
Jubiläumsgelder und nicht konsumierte Urlaube	14.597.318,50	12.550.618.50
Gewährleistungen	3.975.000,00	2.645.000,00
Exportausfallsrisken	116.000,00	107.000,00
Drohende Verluste aus schwebenden Geschäften	2.261.887.00	2.236.174.00
Rst. Deutsches Kartellverfahren	4.500.000.00	15.000.000,00
Ubrige Rückstellungen	4.341.850,00	2.937.764,05
	29.792.055,50	35.476.556,55

9. Verbindlichkeiten

Aufgliederung siehe Beilage.

Aulgnaderang erone Benager in der Schellgen Venenzung (2009: TEUR 8.615,6) sowie Sozialversicherungsabgaben in der Hone von TEUR Glo (2000) (2000) TEUR 1.045,5 (2009: TEUR 998,0) enthalien. des Monate Dozember Doller Verbindlichkeiten der Rosenbauer International AG weitere Außerden Bind in der Höhe von TEUR 4.071,5 (2009: TEUR 3.767,7) enthalten, die erst nach dem Abschlussstichtag zahlungswirksam werden.

10. Haftungsverhältnisse

	31.12.2010 EUR		31.12.2009 EUR
	Stand	davon gegenüber verbundenen Unternehmen	Stand	davon gegenüber verbundenen Unternehmen
Bürgschaften	4.360.000,00	4.360.000,00	4.360.000,00	4.360.000.00
Garantien	11.500.000,00	11.500.000,00	16.500.000,00	16.500.000,00
Patronatserklärungen	14.744.668.91	14.744.668.91	10.194.203,40	10.194.203,40
	30.604.668,91	30.604.668,91	31.054.203,40	31.054.203,40

11. Umsatzerlöse

Die Umsatzerlöse enthalten Fabrikationsumsätze aus der Fahrzeug- und Die – Umeatzeneo – Sindelswarenumsätze sowie Reparatur- und Service Umsätze und Nomponomonproamtion, Weiters sind unter dieser Position Eriöse aus Ombatze auce Liraubauer Österreich GmbH enthalten. Die Aufgliederung nach Inlands- und Auslandserlösen ist auf der Beilage dargestellt.

4

12. Personalaufwand

Der Posten Aufwand für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen enthält:

Aufwendungen für Abfertigungen Aufwendungen für Mitarbeitervorsorge	2010 777.269,84 264.903,66	2009 1.476.193,21 225.020,54
	1.042.173.50	1.701.213,75

13. Sonstige betriebliche Aufwendungen

2009 wurde als Risikovorsorge wegen eines laufenden Kartellverfahren eine Rückstellung 2000 warde die Keineren des deutschen Bundeskartellamtes gegen mehrere von 10,0 mm gebilden bit Zustellung der Bußgeldbescheide im ersten riereren von Abgeschlossen. Das gegen die Rosenbauer International AG verhängte Guland beträgt 3,5 m€. Zuzüglich Rechts- und Nebenkosten wird von einem Gesamterfordernis in Höhe von 4,5 m€ ausgegangen, was zu einer Teilauflösung der Godamtonordennis in Höhe von 10,5 m€ geführt hat, die in den sonstigen betrieblichen Erträgen enthalten ist.

14. Steuern

Der Steueraufwand ist ausschließlich dem ordentlichen Ergebnis zuzuordnen.

Die Zuführung von unversteuerten Rücklagen führte bei der Rosenbauer International AG insgesamt zu einer Verminderung der Ertragsteuern im Ausmaß von TEUR 136,5 (2009: TEUR 288,1). Der nicht aktivierte Betrag für aktive latente Steuern gemäß § 198 Abs 10 UGB beträgt für das Geschäftsjahr TEUR 1.448,5 (2009: TEUR 1.496,5). Der für die Berechnung der latenten Steuern verwendete Steuersatz beträgt wie im Vorjahr 25%.

Die Rosenbauer International AG als Gruppenträger bildet mit der Rosenbauer Österreich GmbH und der Rosenbauer Management Service GmbH als Gruppenmitglieder eine Unternehmensgruppe iSd § 9 KStG. Die Steuerumlagevereinbarung besteht grundsätzlich in der Belastungsmethode mit der Vereinbarung des Schlussausgleichs über in der Gruppe noch nicht verwendete Verlustvorträge.

15. Zahl der Mitarbeiter

	(Jahresdurchschnitt)	2010	2009
Arbeiter		460	445 327
Angestellte Lehrlinge		342 81	75
		883	847

16. Derivative Finanzinstrumente

Bei Vorliegen der Voraussetzungen wurden Bewertungseinheiten gebildet. Liegen die ber vonlegen der der für negative Marktwerte Rückstellungen für drohende Verluste aus schwebenden Geschäften gebildet.

a) Devisentermingeschäfte

Zur Absicherung von Fremdwährungsforderungen und -verbindlichkeiten (überwiegend USD) werden derivative Finanzinstrumente wie Devisentermingeschäfte eingesetzt, um den Kalkulationskurs des Geschäftes abzusichern.

Zum Bilanzstichtag hatte die Rosenbauer International AG überwiegend Mikro-Hedging-Eam Bilandermingeschäft für genau ein Grundgeschäft) mit überwiegend rnandantion (aufzeit im Bestand. Terminkäufe werden nicht mit Terminverkäufen aufgerechnet sondern im gesamten Marktwert additiv dargestellt. Der Fair Value leitet sich aus den Beträgen ab, zu denen die betreffenden Finanzgeschäfte am Bilanzstichtag aub den Berücksichtigung gegenläufiger Wertentwicklungen aus den Grundgeschäften.

Der Marktwert (Fair Value) der derivativen Finanzinstrumente beträgt zum 31.12.2010 Euro 1.968.870,00 (2009: TEUR 6.703,9), der Buchwert zum Stichtag wie im Vorjahr Euro 0, -

b) Zinssicherungsgeschäfte

Zins- bzw. Zinsänderungsrisken liegen vor allem bei Forderungen und Verbindlichkeiten mit Laufzeiten über einem Jahr vor.

Aktivseitig besteht ein Zinsänderungsrisiko lediglich bei den Finanzanlagen enthaltenen Wertpapieren. Durch regelmäßige Beobachtung der Zinsentwicklung und der daraus abzuleitenden Umschichtung der Wertpapierbestände, sind die Reduktion des Zinsänderungsrisikos und eine Optimierung der Erträge möglich.

Langfristige Verbindlichkeiten gegenüber Banken bestehen aus Krediten für diverse Eungmellige in das operative Geschäft. Die Zinssätze wurden zur mittelfristigen Sicherung durch Zins-Cap Instrumente abgesichert.

Der Marktwert (Fair Value) der Zinsinstrumente beträgt zum 31.12.2010 Euro -4.115,40 (2009: TEUR 24,2), der Buchwert zum Stichtag beträgt wie im Vorjahr Euro 0,-

17. Beteiligungsunternehmen

siehe Beilage.

18. Sonstige Angaben

Die Aufwendungen für Abfertigungen inkl. Mitarbeitervorsorgekassen und Pensionen teilen sich wie folgt auf:

	1.058.792,82	1.728.457,22
andere Arbeitnehmer	1.012.985.93	1.163.895,22
Vorstand und leitende Mitarbeiter	45.806.89	564.562,00
	2010 EUR	2009 EUR

Die Bezüge der Mitglieder des Vorstandes der Rosenbauer International AG betrugen 2010 in Summe TEUR 4.115,7 (2009: TEUR 3.096,9) und gliedern sich in Grundbezug (2010: in Gamine TEUR 1.125,2), Tantieme (2010: TEUR 2.685,3; 2009: TEUR 1.778,5) TEON 1.220,4, 2000: 12010 1120/2/1 selbständigen Hinterbliebenenversorgung (2010: TEUR 210,0; 2009: TEUR 193,2).

19. Honorar des Wirtschaftsprüfers

Für im Geschäftsjahr 2009 erbrachte Leistungen des Abschlussprüfers Emst & Young run an Goosifanosgesellschaft m.b.H. wurden TEUR 116,6 (2009: TEUR 128,3) wiftschanspruidhgogooslibenant EUR 105,4 (2009: TEUR 111,3) die Abschlussprifung und aufgenehalt Daton bein 17,0) sonstige Dienstleistungen. Andere Bestätigungsleistungen und Steuerberatungsleistungen wurden keine erbracht.

20. Gewinnverwendungsvorschlag

Das Geschäftsjahr 2010 schließt mit einem Bilanzgewinn von EUR 8.292.940,77. Der Das Obbendhejt vor, diesen Bilanzgewinn wie folgt zu verwenden: Ausschüttung einer Vorstand John EUR 1,2 (2009: EUR 0,8) je Äktie (das sind EUR 8.160.000,00 für 6.800.000 Stückaktien). Vortrag auf neue Rechnung: EUR 132.940,77.

21. Organe der Gesellschaft und des Konzerns

AUFSICHTSRAT

Dr. Alfred Hutterer Vorsitzender

Dr. Christian Reisinger Stellvertreter des Vorsitzenden

Dr. Rainer Siegel, MBA

DI Karl Ozlsberger

Dem Aufsichtsrat wurden im Geschäftsjahr 2010 Vergütungen in der Höhe von TEUR 245,6 (2009: TEUR 186,8) gewährt.

vom betriebsrat in den aufsichtsrat delegiert

Alfred Greslehner Ing. Rudolf Aichinger

VORSTAND

KommR Julian Wagner Vorsitzender des Vorstandes

DI Gottfried Brunbauer Mitglied des Vorstandes

Mag. Robert Kastil Mitglied des Vorstandes

Mag. Manfred Schwetz Mitglied des Vorstandes

Dr. Dieter Siegel (seit 1.1.2011) Mitglied des Vorstandes

22. Beziehungen zu verbundenen Unternehmen

Die Rosenbauer International AG mit Sitz in Leonding/Linz, Paschinger Straße 90, ist ein Die Kosenbauer international AS mit Stilli Leonang
Konzernabschlusserstellendes Mutterunternehmen, dessen Konzernabschluss beim Landesgericht Linz (FN 78543 f) aufliegt.

Landesgencht Einz (FN 70040 f) damog:
Beginnend mit 1. Jänner 2003 wurde mit der Rosenbauer Österreich GmbH auf unbestimmte Dauer ein Ergebnisabführungsvertrag abgeschlossen.

Leonding, am 25. März 2011

Der Vorstand:

agner

Brunbauer

Kastil

Schwetz

Siegel

Die Forderungen gegen verbundene Unternehmen betreffen

	31.12.2010 _________________________
	EUR	EUR
Lieferungen und Leistungen Forderungen aus		633.010,30 4.434.535,54
Finanzierungsforderungen		28.695.985,65 13.747.983,45
		29.328.995,95 18.182.518,99

Gesamtübersicht über die Fälligkeiten der Forderungen

	zeit von mehr mit Restlauf- Jahr ﺎ als	0 201 12 రు	.2009 1.12. రా
	EUR	EUR	EUR
Lieferungen und Leistungen Forderungen aus	00 0	995 ଚର୍ଯ୍ୟ ୧୫୨. 12.	41 136.293, 35
verbundenen Unternehmen Forderungen gegenüber	8 3.542.108	റ്റ് 5 328.995 29	ర్ ర 8.182.518, ﺮ
besteht Forderungen gegen Unternehmen, mit denen ein Beteiligungsverhältnis	00 O	3 2.263.920,	00 ర
und Vermögensgegenstände Sonstige Forderungen	80 .253, 546.	02 4.291.257	35 ర్స్ 01 50. . 1 マ
	61 14.088.362,	45 168 554 48	75 468.825, 57

Die sonstigen Forderungen und Vernögenstände enthalten wie im Vorjahr keine wesentlichen Erträge, die erst nach
en der eine stein her verder dem Bilanzstichtag zahlungswirksam werden. Die Gewinnrücklagen und die angeführten unversteuerten Rücklagen haben sich wie folgt entwickelt:

	Stand 1.1.10	Zuweisung	Auflösung wegen Zeitablauf	Stand 31.12.10
GEWINNRÜCKLAGEN	37.952.757,74	25.300.000,00	0.00	63.252.757,74
1. Andere (freie) Rücklagen
UNVERSTEUERTE RÜCKLAGEN
1. Bewertungsreserve aufgrund von
Sonderabschreibungen
a) Vorzeitige Abschreibung gem.	39	9 554.753,1	0,00	1.715.879,54
రు gem. § 7 Abs.	161.126,
gem. § 12 EStG 1972 u. 1988 b) Übertragene stille Rücklagen	737.459,73	0.00	8.688,00	728.771,73
c) Abschreibungen zu Auslands-
9 ഗ്ഗ gem gem. beteiligung		00 0	00 0	43.848,03
ESIG 1988	.03 43.848,
	1.942.434,15	554.753,15	00 .688. ర్ల	488.499,30 2

Rosenbauer International AG

Gesamtübersicht über die Fälligkeiten der Verbindlichkeiten

	mit Restlaufzeit Jahr ﺮﺍ V	ihre Ja 9 -	hre Ja 9 V	0 Gesamt ﺮ .20 31.12	.2009 Gesamt 12 ದ
	EUR	UR பப	UR in	UR Ei	UR பி
Verbindlichkeiten gegenüber Kreditinstituten	7 52 9 895	0.000.000,00	00 0	ਟੀ .552 895. 0	૯૩ ਟ દિવ 274. 9
Erhaltene Anzahlungen auf Bestellungen	35 9.177.105	00 0	00 0	10 ದ್ರ 05 .177.1 ర్	.41 308, 505. 9
Lieferungen und Leistungen Verbindlichkeiten aus	36 .460.266 3	00 0	00 0	રૂદ 266 460 ದ	ଚ୍ଚି 880.906 22
Verbindlichkeiten gegenüber verbundenen Unternehmen	629.460,76	00 0	0,00	9 ﺴﺎ .460, 629.	9 .558.147 1
Sonstige Verbindlichkeiten	9 1 896 071. 0 ﺎ	00 0	34 430, 468 ১	.327 540. 12	61 853 0 01 t
	45.234.281,64	10.000.000,00	430,34 468. ਟ	ರಿ ర .702.7 57	46 828 15.229. 1

13

Die Verbindlichkeiten gegen verbundene Unternehmen betreffen

31.12.2010	EUR	1.282.263,64	6.275.883,5	9
	EUR	3.100.062,01	8.529.398,75	11.629.460,76 7.558.147,1
		Lieferungen und Leistungen Verbindlichkeiten aus	Finanzierungsverbindlichkeiten

urqueqeruna nacn inianas- und Ausianaserioser

	2010	2009
	EUR	EUR
	25.381.155,74	33.669.769,88
Österreich	68.235.094,41	61.374.338,51
Europäische Union	47.043.414,21	63.831.184,33
Asien / Ozeanien Osteuropa	21.220.148,60	34.050.014,16
	124.274.106,23	95.226.156,38
Naher Osten	56.070.010,32	34.848.984,28
Sonstige	342.223.929,5	323.000.447,54
UMSATZERLÖSE

	2010	2009
	EUR	EUR
	237.687.856,70	218.718.490,44
Fahrzeuge	12.268.868,96	16.775.395,92
Hubrettungsgeräte	35.140.897,65	28.881.377,08
Komponenten	1.435.047,94	1.192.762,89
Business Development		41.306.444,96
Ausrüstung	39.708.537,29	7.440.909,02
Ersatzteile, Reparatur und Service	8.412.918,72	8.685.067,23
Sonstige	11 7.569.802,2
UMSATZERLÖSE	342.223.929,5	323.000.447.54

t

(in 1.000)	Eigenkapital		Beteil.-	Ergebnis	Konsolidie-
			Anteil 1)	2)	rungsart
			0/0
Rosenbauer Osterreich GmbH,
Osterreich, Leonding	EUR	2.951	100	03)	KV
Rosenbauer Management Services GmbH,
Osterreich, Leonding	EUR	84	100	0	KV
Rosenbauer Holding GmbH & Co. KG,
Deutschland, Karlsruhe	EUR	14.720	100	819	KV
Rosenbauer Deutschland GmbH,
Deutschland, Passau	EUR	1.699	100	1.028	KV
Rosenbauer Feuerwehrtechnik GmbH,
Deutschland, Luckenwalde	EUR	7.150	100	2.302	KV
Metz Aerials Management GmbH,
Deutschland, Karlsruhe	EUR	29	100	1	KV
Metz Aerials GmbH & Co. KG,
Deutschland, Karlsruhe	EUR	6.076	100	0	KV
Rosenbauer Finanzierung GmbH,
Deutschland, Passau	EUR	43	100	1	KV
Rosenbauer AG,
Schweiz, Oberglatt	EUR	4.046	100	441	KV
Rosenbauer Espanola S.A.,
Spanien, Madrid	EUR	2.993	62,11	361	KV
Rosenbauer Ciansa S.L.,
Linares, Spanien	EUR	2.995	50	53	AE
General Safety Equipment LLC., 4)
USA, Minnesota	EUR	7.946	50	4.929	KV
Central States Fire Apparatus LLC., 4)					KV
USA, South Dakota	EUR	17.788	50	8.833
Rosenbauer Holdings Inc.,					KV
USA, South Dakota	EUR	17.653	100	4.307
Rosenbauer America LLC., 4)					KV
USA, South Dakota	EUR	36.410	50	14.086
RK Aerials LLC., 4)				2.206	KV
USA, Nebraska	EUR	3.036	25
Rosenbauer Motors LLC.,4)				807	KV
USA, Minnesota	EUR	1.343	50
SK Rosenbauer PTE Ltd.,				1.486	KV
Singapur	EUR	6.292	100
Eskay Rosenbauer Sdn Bhd,					KV
Brunei	EUR	126	80	142
Rosenbauer South Africa (PTY) Ltd.,					KV
Südafrika, Halfway House	EUR	128	100	83
PA "Fire-fighting special technics" LLC.,					AE
Russland	EUR	6.294		6.389 34

17. Beteiligungsunternehmen (mindestens 20 % Anteilsbesitz)

1) mittelbarer Beteiligungsanteil

KV = Vollkonsolidierte Gesellschaften

2) Jahresgewinn nach Rücklagenbewegung

3) Ergebnisabführungsvertrag mit Rosenbauer Intern. AG

4) Dirimierungsrecht für die RBI

AE = At Equity bewertete Gesellschaften

Die in der obigen Tabelle angeführten Werte wurden nach nationalen Rechnungslegungsvorschriften ermittelt.

ROSENBAUER INTERNATIONAL Aktiengesellschaft, Leonding

A N L A G E N S P L E G E L GEMÄSS & 226 (1) UGB PER 31. DEZEMBER 2010

Abschreibungen

Buchwert

	Ans		chaffungs-bzw. Herstellungskosten			Abschreibungen	Buchwert	Buchwert	Abschreibungen
	Vortrag	Zugänge	Umbuchungen	Abgänge	Stand	kumuliert	31.12.2010	31.12.2009	des Geschäfts-
	1.1.2010				12.2010 31.				ahres
	EUR	EUR	EUR	EUR	R EU	EUR	EUR	EUR	EUR
ANLAGEVERMOGEN
l. Immaterielle Vermögensgegenstände 1. Konzessionen, Rechte	2.916.501.43	643.602.81	0.00	23.704.00	3.536.400.24	2.766.804.24	769.596,00	422.892.00	296.678.81
Firmenwert 2.	1.00	0.00	00 0	0.00	.00	0.00	00	1.00	0.00
	916.502.43 ਟ	643.602.87	00 0	23.704.00	401,24 536. న	2.766.804,24	769.597.00	422.893.00	296.678,81
II. Sachanlagen
1. Grundstücke, grundstücksgleiche Rechte und Bauten, einschließlich der Bauten auf fremdem Grund
mit Geschäfts- oder Fabriksgebäuden Bebaute Grundstücke a)
oder anderen Baulichkeiten	1.869.762.18	0.00	0.00	0.00	1.869.762,18	0.00	1.869.762.18	1.869.762.18	0.00
Gebaudewert Grundwert	26.326.758.58	503.658.80	129.470,60	86.514.78	26.873.373.20	8.498.433.20	18.374.940.00	18.661.427.00	865.966.40
Außenaniagen	3.571.902.35	188.205.59	0.00	63.565.45	3.696.542,49	1.863.095.49	1.833.447.00	1.953.705.00	286.844.59
b) Unbebaute Grundstücke	2.273.168.62	385.931,20	0.00	0 0 0	82 2.659.099.	00 0	82 659.099. ਟ	62 273.168. 2.	0.00
	34.041.591.73	1.077.795.59	129.470.60	150.080,23	35.098.777.69	10.361.528.69	24.737.249.00	80 24.758.062.	1.152.810.99
2. Investitionen in fremden Gebäuden	585.00	00 0.	0.00	0,00	00 688	584.00	1,00	1.00	0.00
Technische Anlagen und Maschinen 3.	12.257.756.57	437.331.99	1.575.178.86	112.030.00	14.158.237.42	8.138.672.42	.019.565.00 ್ತಾ	4.959.803.00	952.742.85
4. Andere Anlagen, Betriebs- und Geschäftsausstattung	23.816.625.86	3.107.327.38	17.663.33	738.289.66	26.203.326.91	16.673.406.91	9.529.920.00	8.911.835.00	2.444.327.67
5. Geleistete Anzahlungen und Anlagen in Bau	1.722.312.79	162.625.48	-1.722.312.79		162.625.48	00 0	162.625.48	1.722.312,79	0.00
	71.838.871.95	4.785.080,44	00 0	1.000.399,89	રુપ 623.552 75.	02 192. 174 35.	449.360.48 40.	40.352.014.59	5 4.549.881

III. Finanzanlagen

• 1. Anteile an verbundenen Unternehmen
  2. 1. Beteiligungen
• 1. Wertpapiere (Wertrechte) des Anlagevermögens

4.847.623,82

26.179.766,37 66.954.673,96

11,079.505,66 49.020.501,92

44.288.485,16

3.695.056,64 346.798.06 3.348.258,58

0,00 0,00

7.083.221,63

40.900.320,17 391.859,74

115.655.694,55 12.511.904,88

74.427.936,98 33.208.979,50

4.719.160,53 123.448.438,90

0,00 _________________________________________________________________________________________________________________________________________________________________________

0,00 0,00 1.063,50 1.063,50

24.581.759,70 1.500.000,00 98.006,67

11.078.442,15 31.604.057,54

42.682.499,69

0,00

0,00 0.00

137,79 7.022.297,84

35.660.201,85 4.848.258,58 60.786,00

1.500.137.79 105.847,68

1.500.137,79 104.784,17

0,00 1.063,51

WIRTSCHAFTLICHES UMFELD

Weltwirtschaft

Welten bookart
2010 setzte sich die Stabilisierung des Welthandels und der Veltindustrieproduktion Entwicklung 2010 seizte sich die Glabildlerang doe rremanten der konjunkturellen Entwicklung
regional stark unterschiedlichem Verlauf fort. Das Tempo der konjunkturelen Ble. regional stark unterschledienen venauf for. Bit deutlich über 4 % lag das globale BIPvenangsamte sien in den letzternd auf dem Niveau von von der Finanzkrise.
Wachstum jedoch wieder annähernd auf dem 2014, worden, or

vvachstum jedoch weder annanend den Weltkoniumktur 2011 werden erneut die Länder Wachstumstielber und Thipalischen in Ausmals der letzten Jahre. China.
Asiens und Lateinamerikas sein, allerdings nicht mehr internang der Jokalen Aslens und Latenfamenkas sein, allerdillgö'nent meine Überhitzung der Ukalen
und andere zuletzt boomende Schwellenländer versuchen den Wachstums Das und andere zuelzt boomende Oorwonianen zur Drosselung des Wachstums. Das
Konjunktur zu vermeiden und setzen Maßnahmen zur untetzt erwortet Kohjunktur zu Vermelden and Solzen 4.8%. etwas moderater als zuletzt erwartet.

Nordamerika

Nordamerka
Die US-Wirtschaft hat sich 2010 trotz der hohen Arbeitslosigkeit und der enormen Die US-Willschaft That Ster 2010 trote Konsum und der Immobiliemmarkt – beides Staatsverschuldung welter ennoit Del private Renig Dynamik. Wachstumsimpulser
wichtige Wachstumstreiber — zeigen nach wie Dynamik Wachstumsimpulser Zei wichtige Wachstumstreiber auslaufen.

auslaufen.
Für 2011 ist ein Abflachen der Wachstumskurve zu erwarten, im Jahresdurchschnitt dürften Fur 2011 list ein Abhachen der Wachstannen des nicht zuletzt wegen des prognostizienten um das die US-Virtschäft unf gut 2 % Zulogen. Broomen Besanden o
leichten Beschäftigungszuwachses und der daraus resultierenden positiven Effekte auf das Haushaltseinkommen.

Europa

Europa
Die europäische Wirtschaft hat 2010 wieder erkennbar Fuß gefasst. Das reale BIP-Die europalsche Wiltschaft frat 2016 wieder einerallismmit 1,7 % knapp darumter. Der Wachstum in der EU lag ber rund 1,0 %, mir chiedlich. Hohe Staatsdefizite und daraus
Aufschwung gestaltete sich regional sehr unterschedlich. hastophonde, Peformhedarf, im Aufschwung gestallete Sich Tegonal Sen andere Meiterbin bestehende Reformbedaff im
resultierende Konsolidierungsmaßnahmen, der weitersik belesten, nach wie vor die resultierende Konsolidierungsmalinen, der Treiternamik belasten nach wie vor die Entwicklung.

2011 wird die wirtschaftliche Erholung in Europa weitergehen, wenn auch in mäßigerem
eine zuelende die findie Kanienkturerbolung, zusehends in zwei 2011 wird die wirtschaftiche Einolung in Europarturerholung zusehends in zwein Tempo als bisner. In Euroraum von eng mit der deutschen bortschaft verflochtene Geschwindigkeiten: Deutschland and Chg min auch werden auch werden auch 2011 weiter volkswirtschaften pronteien von wonnenen die drastischen Sparmaßnahmen der expandleren. In Sudeuropa' und mand dampeire als eingere Wettbewerbsfähigkeit die offentlichen Haushalte und Vergielonowelse genigate

Die russische Wirtschaft hat 2010 mit einem BIP-Wachstum von knapp 4 % die Hälfte des Die russische Wirtschalt hat 2010 mit einen Bir vien können. Da im Gegensatz zu den
Rückganges aus dem Jahr 2009 wieder wettmachen konnen nie 2010 bei steinenden Ruckganges aus den Jahr 2009 Micder wenig verschuldet sind, konnten sie 2010 bei steigenden Unternehmen die Privathalte wenig versonale noha, hondernisierungsbedarfes von
Einkommen mehr konsumieren. Aufgrunde brontilienen enwartet. Damit wird sich Einkommen frient Konsumieren. Augrande lovestitionen erwartet. Damit wird sich
Wirtschaft und Infrastruktur werden 2011 steigendeln wirtschaft und mirastrakter Werchstum bei etwa 4 % einpendeln.

Asien

Asien Asiens Emerging Markets Triader aldr Later dank der lebhaffen Unlandsnachfrage Über ein
erwiesen. Insbesondere Instiere erwiesen. Insbesondere indien verlugt aufhe aller einige wirtschaftspolitische Ankurbelungsmaßnahmen schrittweise aus. Für 2011 wird daher ein leichter Rückgang der Konjunktur Indiens von zuletzt knapp 10 % auf 8,5 % erwartet.

China hat 2010 Japan als zweitgrößte Volkswirtschaft der Welt abgelöst. Nachhalliges Wachstum ist weiterhin das oberste Ziel der chinesischen Regierung. Seit Mitte des Vorjahres werden aber auch gezielte Maßnahmen gesetzt, um ein Uberhitzen des Immobilienmarktes zu vermeiden. Nach einem Wirtschaftswachstum von 10,5 % im Jahr 2010 wird für 2011 eine leichte Reduktion auf 9,6 % erwartet.

BRANCHENENTWICKLUNG

International

Die immer noch nicht vollständig ausgestandene Finanz- und Wirtschaftskrise hat - wie erwartet - auch in der Feuerwehrbranche ihre Spuren hinterlassen. Nicht alle Märkte sind gleichermaßen betroffen, einige stärker, andere wiederum sind nach wie vor auf hohem Niveau.

Die Branche wächst vor allem in Ländern mit erhöhtem Sicherheitsbedürfnis nach Natur- und Terrorkatastrophen sowie in aufstrebenden Märkten mit verstärkten Infrastrukturinvestitionen. Der wachsende Flugverkehr und der Einsatz größerer Flugzeuge führen zu einer höheren Nachfrage nach Spezialfahrzeugen.

Die Finanzierung der Feuerwehren ist regional unterschiedlich und in hohem Maße von politischen Rahmenbedingungen abhängig. Für Beschaffungen in vielen entwickelten Industriestaaten ist die Finanzkraft der Kommunen ausschlaggebend, in vielen anderen Ländern erfolgt die Finanzierung über zentral gesteuerte Staatsbudgets. Damit verbunden sind meist Großbeschaffungen, die in unregelmäßigen Abständen erfolgen und unter anderem von Sonderereignissen beeinflusst sind.

Das Absatzvolumen 2009 kann auf Basis der letzten verfügbaren UN-Statistik mit rund 3.000 m€ beziffert werden. Kleinfahrzeuge (bis 7,5 t) sowie feuerwehrtechnische Ausrüstung sind in diesem Volumen nicht enthalten. Mehr als 90 % der Fahrzeuge gehen nach Europa, in die NAFTA-Länder, nach Asien und in den Nahen Osten.

Nordamerika

ln den USA, dem größten Einzelmarkt der Welt, war das Absatzvolumen bereits 2009 um rund 30 % zurückgegangen und blieb auch 2010 auf diesem Niveau. Vor allem die Feuerwehren in den größeren Städten waren vom Rückgang betroffen, in ländlichen Gebieten war er weniger spürbar. Wirtschaftliche Schwierigkeiten einiger US-Hersteller haben zu einem verstärkten Preiswettbewerb und einer Verschiebung der Marktanteile geführt. Für 2011 wird noch nicht mit einer wesentlichen Erholung des Marktes gerechnet.

Europa

Aufarund der verschlechterten Budgetsituation der Kommunen, die in einer Reihe von Ländern das Feuerwehrwesen maßgeblich beeinflussen, sind im abgelaufenen Jahr Teile des europäischen Fahrzeugmarktes stark eingebrochen.

Mit 50 % verzeichnete der spanische Feuerwehrmarkt den massivsten Rückgang. In Österreich ging das Marktvolumen um rund 40 % zurück. In den mittel- und osteuropäischen Ländern wurden anstehende Großprojekte verschoben. Dazu hat die eingetrübte Konjunktur auf diesen Märkten zu einem Rückgang des laufenden Beschaffungsvolumens geführt. Zusätzlich beeinflusst wird der Wettbewerb durch die steigende Zahl lokaler Produzenten, zusaizlien beinfache Löschfahrzeuge herstellen. Hoch entwickelte Fahrzeuge werden hingegen bei renommierten internationalen Herstellern in Auftrag gegeben.

Der deutsche Fahrzeugmarkt über 7,5 t verringerte sich in der Berichtsperiode um rund 15 % Ber doutloone Familier Beschaffungsvolumen als Durchschnittsjahr gilt. Damit gogenaber 2005, "das "Minnalfahrzeugmarkt Europas die Auswirkungen der Finanz- und Zugio auser as größeren Beschaffungsprojekten von Zivil- und Katastrophen-Wittschaftschnischen in den beiden Vorjahren. Mit einem Durchschnittsalter von rund 15 Schutzorganisationen in der belach von in the tinden in die 2. Hälfte ihres der der der der der der der der der der der der der der der der der der der der der der der der de Jahren flaben Welc Fodorwonnamizeagie Wachstum in Sicht. Vielmehr ist am deutschen ubersonnten. Dennfon ice all and der Gemeinden mit einem weiteren Rückgang in der Dimension von 10 % zu rechnen.

Russland ist einer der größten Feuerwehrmärkte der Welt. In der Vergangenheit wurden Nuooland ist einer der groduzierte Fahrzeuge mit einem vergleichsweise geringen allerungs fast frur lond produzionen beschafft. Größere Brände haben das qualitativen – whis eine deutlich erhöht. Als Konsequenz darauf wurden Programme olonemisierung der kommunalen Feuerwehren gestartet, wobei ein möglichst hoher Anteil an lokaler Wertschöpfung angestrebt wird.

In Südeuropa wird das Beschaffungswesen weiterhin von Zentralausschreibungen dominiert, wodurch diese Märkte weitgehend Spot-Charakter haben.

Asien

Die großen asiatischen Feuerwehrmärkte China und Indien sich dank ihres – im Die großen undustrienationen – intakten Wirtschaftswachstums auch 2010 Gogenoan Lauf (1984) Märkten dominieren Kommunalfahrzeuge mit geringem positiv Ontwicken. 17 wiedrigen Kosten vor Ort produziert werden. Für &udlitate and Toomrongrallem Hubrettungs- und Sonderfahrzeuge für Großstädte, etablierte fersteiler sind daner von allen wird auch in China und Indien ein r ughalen odwie madentätsniveau gefordert, das lokale Hersteller noch nicht darstellen können.

Naher Osten

Aufgrund von außergewöhnlich großen Beschaffungsprojekten in den letzten Jahren Augrand von dalsergewonnist wichtige Absatzregion der internationalen Feuerwehrbranche. Der weiterhin erforderliche Nachholbedarf im Bereich Sicherheitsinfrastruktur lässt brunener Detunft einen hohen Investitionsbedarf erwarten, obwohl in einigen Ländern der Region bereits eine gewisse Marktsättigung erkennbar ist.

Sonstige Märkte

Die Märkte in Lateinamerika und Afrika sind durch Spot-Projekte geprägt. In Ländern mit Die Marke in Eatomanenta Amenes einen sichnisch anspruchsvolle Feuerwehrfahrzeuge eigener Erdollorderang werden unten eingefragt. Da die Beschaffungsprogramme zum Teil mehrjährige Vorlaufzeiten haben, sind sie schwer prognostizierbar.

UMSATZ-, AUFTRAGS- UND ERTRAGSLAGE

Rosenbauer konnte im Jahr 2010 den Wachstumskurs der letzten Jahre fortsetzen und rooonbaue nemmer bei Umsatz und Ergebnis erzielen. Die konsequent verfolgte internationale Ausrichtung und weltweite Präsenz und die Technologieführerschaft haben wesentlich zu diesem Erfolg beigetragen.

Der Umsatz stieg 2010 um 6 % auf den Rekordwert von 342,2 m€ (2009: 323,0 m€). Damit hat sich der Umsatz in den letzten sechs Jahren mehr als verdoppelt. Getragen wurde diesen on nat einer der allem vom Exportgeschäft. Mit einer Exportquote von 93 % (2009: 90 %) und Lieferungen in rund 100 Länder weist die Rosenbauer International AG die größte internationale Ausrichtung der Branche auf.

Das Produktsegment Fahrzeuge war mit 69 % (2009: 68 %) das umsatzstärkste Segment. Der Bereich Ausrüstung kam auf einen Umsatz von 39,7 m€ (2009: 41,3 m€), was einem Ber Bereier Australier Australiensatz entspricht. Die Segmente Löschsysteme Anten von 12 % (2009: 9 %) sowie Hubrettungsgeräte mit 4 % (2009: 5 %) lagen auf den Rängen 3 und 4. Der neu gegründete Geschäftsbereich Business Development kam auf einen Umsatz von 1,4 m€ (2009: 1,2 m€). Die Umsätze Service, Ersatzteile und Sonstige beliefen sich 2010 auf 5 % (2009: 5 %).

Rund 34 % (2009: 40 %) des Umsatzes bzw. 114,8 m€ (2009: 129,1 m€) wurden in Westund Osteuropa erzielt. Aufgrund der Zuwächse im Nahen Osten erreichte diese Region mit ana Gesearopa eta hornero 36 % (2009: 29 %) sogar den ersten Platz im Umsatzranking. Die Umsätze in den Sonstigen Ländern betrugen 56,1 m€ (2009: 34,9 m€). Dahinter folgte mit 47,0 m€ (2009: 63,8 m€) die Region Asien/Ozeanien.

Auftragslage

Der Auftragseingang der Rosenbauer International AG betrug in der Berichtsperiode 273,7 me (2009: 318,4 m€). Das sind 14 % weniger als im Vorjahr, als der Auftragseingang durch die Hereinnahme eines Großauftrages aus Saudi-Arabien auf 318,4 m€ anstieg. Dabei werden 220 Feuerwehrfahrzeuge im Gesamtwert von 100 m€ an die General Authority of Civil Aviation (GACA) geliefert. Der Auftrag läuft bis 2012 und ist bis dahin umsatz- und ergebniswirksam.

Der Auftragsbestand zum Ende 2010 spiegelte mit 232,2 m€ (2009: 269,3 m€) die solide Buftragseingangsentwicklung wider. Daraus ergibt sich auch für 2011 eine anhaltend hohe Kapazitätsauslastung am Standort Leonding.

Ertragslage

Der Betriebserfolg konnte im abgelaufenen Jahr auf den höchsten bisher erreichten Wert von Bor Beillebben 2,1 m€) gesteigert werden. Wie schon in den Vorjahren hat das Exportgeschäft am meisten zum Ergebnis beigetragen.

2009 wurde als Risikovorsorge wegen eines laufenden Kartellverfahrens eine Rückstellung von 15,0 mE gebildet. Das Verfahren des deutschen Bundeskartellamtes gegen mehrere von 10,0 mr gebilden Babellung der Bußgeldbescheide im ersten nerballer von Rommananden ges gegen die Rosenbauer International AG verhängte Bußgeld beträgt 3,5 m€. Zuzüglich Rechts- und Nebenkosten wird von einem Desamterfordernis in Höhe von 4,5 m€ ausgegangen, was zu einer Teilauflösung der Kartellrückstellung in Höhe von 10,5 m€ geführt hat, die in den sonstigen betrieblichen Erträgen enthalten ist.

Das Finanzergebnis stieg trotz des deutlich gesteigerten Produktionsvolumens auf 8,2 m€ (2009: 6,8 m€). Das gute Finanzergebnis ist auf das niedrige Zinsniveau sowie auf die Erträge aus den Beteiligungen zurückzuführen.

Das Ergebnis vor Steuern (EBT) betrug in der Berichtsperiode 39,4 m€ (2009: 8,9 m€). Der Vorjahreswert wurde durch die Kartellrückstellung im Ausmaß von 15,0 m€ belastet. Der vonantown Steueraufwand stieg auf -5,4 mE (2009: -4,6 m€), Nach Abzug der Ertragssteuern ergibt sich damit ein Jahresüberschuss von 34,0 m€ (2009: 4,3 m€).

Die Marke Rosenbauer steht heute weltweit für innovative Produkte, anerkannte Qualität und hohen technischen Standard. Die starke Position des Unternehmens als Global Player und der weitere Ausbau des internationalen Vertriebes haben das Wachstum in den letzten Jahren maßgeblich vorangetrieben.

REGIONALE ENTWICKLUNG

Die Darstellung der regionalen Segmente ist nach den Standorten der Konzerngesellschaften und nicht nach Absatzmärkten gegliedert. Die Segmentberichterstattung bezieht sich somit auf die Umsätze und Ergebnisse, die von den einzelnen Gesellschaften sowohl auf dem lokalen Markt als auch im Export erwirtschaftet werden.

Die Umsätze der österreichischen Gesellschaften wurden nach dem österreichischen Unternehmensgesetz ermittelt. Die Umsätze der ausländischen Gesellschaften sowie die Umsätze und Ergebnisse der Segmente sind zur besseren Vergleichbarkeit nach IFRS dargestellt.

Österreich

Das Segment Österreich setzt sich aus der Rosenbauer International AG, die den überwiegenden Teil der Umsätze im Export erzielt sowie der Vertriebsgesellschaft Rosenbauer Österreich GmbH zusammen.

lm Segment Österreich konnte 2010 aufgrund des stark gewachsenen Exportgeschäftes der .n. senhauer International AG der Umsatz um 7 % auf 363,3 m€ (2009: 340,3 mE) gesteigert werden. Das EBIT erhöhte sich auf den Rekordwert von 33,7 m€ (2009: 9,8 m€), was einer EBIT-Marge von 9,3 % (2009: 2,9 %) entspricht.

Während das EBIT des Jahres 2009 durch die Rückstellung von 15,0 m€ zur Risikovorsorge wegen eines laufenden Kartellverfahrens in Deutschland belastet wurde, ist durch die Auflösung der Kartellrückstellung im Berichtsjahr ein positiver Effekt zu verzeichnen.

Rosenbauer International

Die Rosenbauer International AG ist die Muttergesellschaft des Konzerns und fungiert als Die Robenbale. Mit Fertigungen in Leonding und Neidling ist sie auch die größte Produktionsgesellschaft im Konzern. Der Standort Leonding ist das Kompetenzzentrum für r roduktionegoonlart in Renzbeniöschfahrzeuge, Löschsysteme und Ausrüstung. Hier erfolgt auch die Entwicklung und Produktion des Kommunallöschfahrzeuges AT entligt auf die allen die den hoch entwickelten Feuerwehrmärkten Mitteleuropas und Asiens abgesetzt wird.

Der Produktionsstandort Neidling/St. Pölten ist das Kompetenzzentrum für Kompaktfahrzeuge bis ca. 11 t Gesamtgewicht. Darüber hinaus ist Neidling für die Entwicklung und Fertigung von Innenausbaukomponenten und Halterungssystemen zuständig, mit denen vorwiegend die europäischen Konzerngesellschaften beliefert werden.

Der Umsatz der Rosenbauer International AG legte im Berichtsjahr um 6 % auf 342,2 m€ (2009: 323,0 m€) zu. Dieses Wachstum ist vor allem auf verstärkte Exporte zurückzuführen. Insgesamt wurden 93 % (2009: 90 %) des Umsatzes der Rosenbauer International AG im Export erwirtschaftet.

Die Produktionskapazitäten der Standorte Leonding und Neidling waren in der Berichtsperiode voll ausgelastet – vor allem mit Exportaufträgen. Das hohe Fertigungsvolumen konnte nur aufgrund der Kapazitätserweiterungen in den letzten Jahren sowie des Einsatzes von über 200 Leasingmitarbeitern bewältigt werden.

Rosenbauer Österreich

Die Rosenbauer Österreich GmbH mit Sitz in Leonding ist die Vertriebs- und Servicegesellschaft für den österreichischen Markt. Die Gesellschaft verkauft Feuerwehrfahrzeuge und -ausrüstung und betreibt Serviceniederlassungen in Leonding, Neidling, Telfs und Graz. Die Fahrzeuge werden mit Ausnahme der Hubrettungsgeräte an den Produktionsstandorten Leonding und Neidling gefertigt.

In der Berichtsperiode ist das Marktvolumen (Auftragseingang) im Fahrzeuggeschäft in Österreich gegenüber dem Vorjahr um rund 40 % zurückgegangen. Dieser Rückgang ist auf geringere Steuereinnahmen sowie zusätzliche Ausgaben der Gemeinden im sozialen Bereich zurückzuführen. Rosenbauer hat dieser Entwicklung durch neue Produkte und verstärkte Vertriebsmaßnahmen gegengesteuert, deshalb ging der Umsatz der Rosenbauer Österreich GmbH nur um 22 % auf 41,9 m€ (2009: 53,7 m€) zurück.

USA

Das US-Segment besteht aus der Holding-Gesellschaft Rosenbauer America LLC. sowie den operativen Unternehmensbereichen Minnesota Division, South Dakota Division, Aerials Division und Rosenbauer Motors.

2010 konnten im US-Segment die Rekordwerte des Vorjahres übertroffen werden. So stieg der Umsatz in der Berichtsperiode auf 155,7 m€ (2009: 144,1 m€). Mit einem EBIT von 15,2 m€ (2009: 14,0 m€) gelang den amerikanischen Gesellschaften eine weitere Ergebnisverbesserung. Diese ist vor allem auf gesteigerte Exportlieferungen sowie Prozessoptimierungen und damit reduzierte Herstellkosten zurückzuführen.

Das Marktvolumen, das 2009 bereits um 30 % zurückgegangen war, hat sich auch 2010 nicht erholt. Vor allem Großstadtfeuerwehren hatten unter den Budgetkürzungen der Kommunen zu leiden, in ländlichen Regionen fiel der Rückgang nicht so drastisch aus. Wirtschaftliche Schwierigkeiten einiger US-Hersteller haben zu einem verstärkten Preiswettbewerb und einer Verschiebung der Marktanteile geführt.

Trotz des schwierigen Marktumfeldes rechnen die US-Gesellschaften für das laufende Jahr nicht mit einem größeren Umsatz- und Ergebnisrückgang. Zusätzliche Exportaufträge sowie die gute Marktposition im Spezialfahrzeugsegment werden die Auswirkungen des Marktrückganges teilweise kompensieren.

Rosenbauer ist heute der zweitgrößte Hersteller von Feuerwehrfahrzeugen in den Vereinigten Staaten. Damit wird das US-Engagement, das der Konzern im Rahmen seiner Internationalisierungsstrategie 1995 begonnen hat, nachhaltig bestätigt.

Minnesota Division (vormals General Division)

Die Minnesota Division mit Sitz in Wyoming, Minnesota, produziert Industrie- und Die Minnesota Driviori mit online in meinere meinere für Berufs- und r lughalennöschlährzeuge Gowo Randenspischen US-Markt als auch im Export
freiwillige Feuerwehren. Das Unternehmen ist sowohl auf die best im export heimlige i ederwennen. Das Ontenheimen zusätzlichen Kapazitäten, von allem im
tätig. Mit den in den letzten Jahren geschaffenen zusätzlichteicht den Umsetz tally: Mit den in den in den Gesenementen gesenementen Division im Berichtsjahr den Umsatz von 40,9 m€ auf 57,1 m€ zu steigern.

South Dakota Division (vormals Central Division)

Die South Dakota Division hat ihren Sitz in Lyons, South Dakota, und produziet Die Sount Dakota - Division - nat- in stelle - Starte des Unternehmens liegt in rederwennanzedge für alle Einskeisen in in erster Linie die freiwilligen.
der industriellen Fertigung der Fahrzeuge. Hauptkunden in der vergenganen der niddstrich i enigang der Fahilbagen wirken.
Feuerwehren in den USA. Darüber hinaus hat die South Dakota in den en denen US r ederwenten in den OOF: Bereit und liefert Fahrzeuge in jene Länder, in denen US-Standards nachgefragt werden.

lm abgelaufenen Geschäftsjahr konnte der Umsatz auf 83,5 m€ (2009: 79,0 m€) gesteigert im abgeladenen Gesonantgann kennte stärkte internationale Ausrichtung der South Dakota werden. Daber Kam die Kompensation rückläufiger Volumina am Heimmarkt durch Exportaufträge ermöglicht.

Aerials Division (vormals Rosenbauer Aerials Division)

Aerials Division mit Sitz in Fremont, Nebraska, produziet hydraulische Dreheiten and Die Aeffals Division mit Oliz in Promon, Restaur (versier sowohl an die US-Gesellschaften als auch Leiterbunnen haber Be Standarder Diese wiefert. 2009 wurde die Fertigung von Löscharmen an andere Aufbauhersteiler in ach Sei Flughafen- und Industrielösehfahrzeugen mit "Fleichtg roor aufgenenmen, als vor anden in der Minnesota Division und in Österreich am Standort Leonding auf die jeweiligen Fahrzeuge aufgebaut.

Mit dieser Erweiterung des Fertigungsprogramms konnte das Unternehmen im vergangenen Jahr den Umsatz von 7,4 m€ (2009) auf 10,0 m€ steigern.

Rosenbauer Motors

Aloombauer Motors produziert am Standort der Minnesta Division in Wyoming. Die Trosenbauer Metere produzenlöschfahrzeug PANTHER. Diese gehen ausschließlich Minnesota, Onassis für das Pragnalonian, Den Umsatz im Jahr 2010 betrug 16,8 m€ (2009: 17,5 m€).

Deutschland

Das Segment Deutschland besteht aus den zwei Produktionsgesellschaften Metz Aerials Das Gegment Beatschland besonnentechnik GmbH sowie der Vertriebsgesellschaft Rosenbauer Deutschland GmbH mit Sitz in Passau.

Der Umsatz im deutschen Segment konnte 2010 auf 161,2 m€ (2009: 117,3 m€) gesteigen Der Umsalz in deutsonen oogment konnestärkte Exportlieferungen sowie ein erhöhtes werden. Dies ich vor Snem Schäft zurückzuführen. Das EBIT verbesserte sich dadurch auf 4,8 m€ (2009: 3,3 m€).

Die Auftragseingänge am deutschen Kommunalfahrzeugmarkt sind in der Beriohtsperiode im Die Auffagseingange an aucherten 18 um rund 15 % zurückgegangen. Damit hat auch der größte Feuerwehrmarkt Europas – nach größeren Beschaffungsprojekten von Zivil- und großte Tederwennmank Latiopas in den beiden Vorjahren — auf die konjunkturelle Ratastrophenschlützen in Spezialfahrzeuge für Industriebetriebe und Flughäfen Entwicklung reaglen. In Bereien der diese vorwiegend von Unternehmen wal - praktion - Kom - Rachgensjunkturelle Talsohle bereits wieder verlassen haben.

Metz Aerials

Die Metz Aerials GmbH & Co. KG, Karlsruhe, ist das europäische Kompetenzzentrum für Die Meiz Achaio Ombil C Gesellschaft produziert vollautomatische Drehleitern riubeltungsgerate. Die Goodholman p1,5 Meter Rettungshöhe. Metz Aerials konnte im und Teuerwehrbannen Vort 20 blo offräge eine Steigerung des Umsatzes auf 58,8 m€ (2009: 54,9 m€) erreichen.

Rosenbauer Feuerwehrtechnik

Die Rosenbauer Feuerwehrtechnik GmbH mit Sitz in Luckenwalde produziert Feuerwehre Die Rosenbauer Poubliert beliefert mit der ES-Baureine (EuroSystem) fanfzeuge nach Dirtree Nelt und wird ab Mitte 2011 auch den neuen AT fertigen.

In Luckenwalde werden auch Fahrzeuge, Aufbaumodule und PANTHER-Kabinen für die in Luckenwalde werden adon Parized en Parizen hinaus wurden 2010 größere Stückzahlen.
Rosenbauer International AG produziert. Darüber hinaus wurden sofertist Rosenbauer international AG produzionen im Rahmen von Sonderprojekten gefertigt.
für Zivil- und Katastrophenschutzorganisationen im Rahmen von Sonderprojensk AG konnte für Zivil- und Kataströphensonalen die Rosenbauer International AG konnten Zusammen mit den omenten Eiererung auf 65,4 m€ (2009: 42,0 m€) erzielt werden. Das dauditen eine 30%lge Umsalestagerangischten als eine deutlich höhere Auslastung der Fertigung erlaubt, realisiert.

Rosenbauer Deutschland

Aboonbauer Deutschland GmbH mit Sitz in Passau ist die Vertriebs- und Die Noschbauer Boutschläschfahrzeuge am deutschen Markt. Die Rosting gefartiet Selvicegesellschaft für mader Rosenbauer International AG am Standort Leonding, Seuis, i anfzeuge werden von der Recentacities Bremen und Leonding sowie über Del Verkauf enoigt uber alle " vertrobenaft Kommunaliahrzeuge an deutsche vennebspartner. Daraber nihade Relond GmbH konnte den Umsatz im Berichtsjahr auf 37,4 m€ (2009: 20,7 m€) steigern.

Spanien

Die Rosenbauer Española S.A. bearbeitet von Madrid aus die Märkte Spanien, Nordwest-Die Kosenbader Lateinamerikas. Das Produktsortiment umfasst Kommunalfahrzeuge, amka - and - Follo - zeige sowie Industrie- und Flughafenlöschfahrzeuge.

Das Segment Spanien verzeichnete in der Berichtsperiode mit 15,8 m€ (2009: 11,7 m€) Das Segment Opanient Vorzenen Staten Schriften Schriften auf Exportumsätze Zurück-S einen gegenuber dem massiven Absatzrückgang von rund 50 % am lokalen Markt zulunien ist. Damit Konne dem massing weist in der Berichtsperiode ein EBIT von 0,6 m€ (2009: 0,3 m€) aus.

Die im März 2010 begonnenen Bauarbeiten am Standort Linares, rund 300 km südlich von Die in Marz 2010 begonnenen Bastialen. Das neue Produktionsweris die Rosen-Madrid, wurden in 1. Quartar 2011 abgebruiker der Rosenbauer Española sowie die Rosenbauer International AG jeweils 50 % der Anteile halten, hat die komplette spanische Aufbaufertigung übernommen.

Schweiz

Die Rosenbauer AG, Schweiz ist die Vertriebs- und Serviceorganisation für den Schweizer Markt mit Sitz in Oberglatt bei Zürich. Angeboten werden die komplette Rosenbauer Produktpalette sowie Hubarbeitsbühnen in unterschiedlichen Höhen.

Im Segment Schweiz wurde im Berichtsjahr bei einem Umsatz von 7,6 m€ (2009: 9,1 m€) ein EBIT von 0,6 m€ (2009: 0,8 m€) erwirtschaftet.

Asien

Das Asien-Segment besteht aus den Gesellschaften SK Rosenbauer PTE Ltd., Singapur und Eskay Rosenbauer Sdn Bhd, Brunei. Dieses Segment verzeichnete 2010 bei einem gesteigerten Umsatz von 19,4 m€ (2009: 15,7 m€) ein EBIT in der Höhe von 1,9 m€ (2009: 1,1 m€).

SK Rosenbauer produziert Feuerwehrfahrzeuge und Aufbauten für Hubrettungsgeräte, die nach Hongkong, Singapur und in die umliegenden Länder geliefert werden. Der Umsatz betrug im Berichtsjahr 17,2 m€ (2009: 15,4 m€). Eskay Rosenbauer vertreibt Löschfahrzeuge auf dem lokalen Markt und erzielte im abgelaufenen Jahr einen Umsatz von 5,8 m€ (2009: 1,0 m€).

FINANZ-, VERMÖGENS- UND KAPITALSTRUKTUR

Branchenbedingt ist die Bilanzstruktur der Rosenbauer International AG zum Jahresende durch ein hohes Working Capital geprägt. Dieses resultiert aus einer mehrmonatigen Durchlaufzeit der in Fertigung befindlichen Fahrzeuge.

Die Bilanzsumme stieg gegenüber dem Vorjahr von 206,7 m€ auf 212,0 m€. Nach mehreren Jahren konnte nunmehr trotz des weiteren Wachstums eine Stabilisierung der Bilanzsumme erreicht werden.

Aufgrund der Erhöhung des Beteilungsansatzes an der Rosenbauer Holding GmbH & Co.KG stieg das Anlagevermögen von 67,0 m€ auf 74,4 m€.

Die Vorräte blieben im abgelaufenen Jahr wegen des nach wie vor hohen Ausliefervolumens mit 84,1 m€ (2009: 81,0 m€) weiterhin auf hohem Niveau.

Durch das effiziente Management des Umlaufvermögens konnte unter anderem auch der Forderungsstand auf 48,6 m€ (2009: 57,5 m€) reduziert werden.

Die Finanzierungsstrategie ist seit Jahren nach konservativen Grundsätzen ausgerichtet, die der Erhaltung einer gesicherten Liquidität sowie einer möglichst hohen Eigenmittelausstattung Vorrang einräumen. So konnte die Eigenmittelausstattung der Elgenhkendalestational AG im Geschäftsjahr 2010 mit einer Erhöhung um 34 % auf 111,3 m€ (2009: 82,8 m€) weiter verbessert werden. Damit stieg die Eigenkapitalquote auf 53 % (2009: 40 %).

Die ausgezeichnete Finanzsituation - beeinflusst durch die gute Ertragslage der letzten Jahre – hat dazu beigetragen, dass die Verbindlichkeiten von 75,2 m€ auf 57,7 m€ reduziert werden konnten.

INVESTITIONEN

Die Investitionen im Sachanlagevermögen reduzierten sich im Berichtsjahr auf 4,8 m€ (2009: 12,3 m€) und lagen damit auf einem Normalniveau. Mit der Inbetriebnahme der neuen re, and and augen danort Neidling, Österreich, wurde der mehrjährige Ausbau der Produktionskapazitäten in Österreich abgeschlossen.

Der größte Teil Den große rein der mest. (46 %), 42 % wurden für die Erweiterung der Produktionskapazitäten sowie die damit verbundene Verbesserung der Produktivität, 12 % für Rationalisierungsmaßnahmen aufgewendet.

Seit 2005 liegen die Investitionen deutlich über den Abschreibungen, der Zielsetzung eines nachhaltigen Wachstums entsprechend. Die Abschreibungen der Rosenbauer International AG erhöhten sich im Berichtsjahr aufgrund der verstärkten Investitionstätigkeit auf 4,5 m€ (2009: 4,1 m€).

Infrastrukturerweiterung am Standort Leonding

Das starke Wachstum der letzten Jahre und die daraus resultierenden Kapazitätserweiterungen in der Produktion haben im Berichtsjahr zu Anpassungen der Infrastruktur und der fertigungsnahen Einrichtungen geführt. Auch der industrielle n in auf des neuen Kommunallöschfahrzeuges AT erforderte Zusatzinvestitionen am Standort Leonding. Für Maßnahmen in die Infrastruktur wurden 2010 insgesamt 1,2 me aufgewendet.

Investitionen in die Fertigung Leonding

Zur Bearbeitung von Kleinserien und Teilen für den Prototypenbau wurde 2010 ein neues zyklengesteuertes Bearbeitungszentrum im Wert von 0,2 m€ angeschafft. Der Einsatz zynlerigetener Werkzeuge ermöglicht in einer Aufspannung die Bearbeitung komplexer Konturen wie Kugel- und Kegelformen.

Lackieranlage am Standort Neidling

Als letzte Stufe des mehrjährigen Werksausbaus wurde im abgelaufenen Jahr die neue Alle für Neidling in Betrieb genommen. Sie besteht aus einer Halle für die Lackierung n Aching Großkabinen, einer Kabine für den Unterbodenschutz sowie einer Anlage zur Beschichtung von Klein- und Kleinstteilen. Letztere ist mit einem modernen Fördersystem ausgestattet, das das Handling deutlich erleichtert. Das Gesamtinvestitionsvolumen betrug 1,8 m€, wovon 0,2 m€ in der Berichtsperiode angefallen sind.

FORSCHUNG UND ENTWICKLUNG

2010 wurden in der Rosenbauer International AG 7,3 m€ (2009: 6,6 m€) in Forschung und Entwicklung investiert. Das sind 3,4 % (2009: 3,4 %) der relevanten Nettoerlöse der Eigenproduktion.

Im vergangenen Jahr lag der Schwerpunkt der Forschungs- und Entwicklungsarbeit bei den Vorbereitungen auf die größte Feuerwehrmesse Europas. Die "Interschutz – Der Rote Hahn" wird alle fünf Jahre in Deutschland veranstaltet und fand vom 7. bis 12. Juni 2010 in Leipzig statt. Alle namhaften Hersteller waren auf dieser Feuerwehrleitmesse vertreten. Rosenbauer präsentierte sich auf rund 5.000 m² als größter Aussteller und Innovationsführer der Branche.

lm Zentrum der Entwicklungstätigkeit stand die Integration aller wichtigen Komponenten und in zontram in ein Gesamtsystem: "Integrated Solutions" — Lösch- und Fahrzeugtechnik r unktionen in on Sicherheitseinrichtungen, die über den CAN-Bus miteinander kommunizieren.

Aus allen Geschäftsbereichen wurden Innovationen präsentiert. Die meiste Aufmerksamkeit Aus allen Goodhateboreien EPS (Electronic Power System), die Tauchpumpe ermeiten der node Art, das Ertriges einer Nutzlast von 450 kg sowie der Großwerfer NAO HEGO, der Bronischen Rettangenen. 13.000 l/min und einer Wurfweite von 120 m.

Institutionalisiertes Innovationsmanagement erweitert

Rosenbauer ist mit seinen ständigen Neuentwicklungen eines der innovativsten Unterrobonbauer Branche. Die Basis dafür bildet ein systematisches Innovationsmanagement, nennien der Brandrie. Die Bautenen Jahr wurde das Innovationsmanagement auf den Standort Neidling ausgeweitet, wo ein lokales Innovationsteam eingerichtet wurde. auf den Standon Rolainig ausgen von Mitarbeitern und aus anderen Quellen auf, evaluiert Dieses filmmt die kreat. Die besten werden schließlich an Projekteams weitergereicht und von diesen bis zur Markt- bzw. Serienreife entwickelt.

Einen entscheidenden Anteil an der Innovationsstärke des Unternehmens haben jene Linon Sitterlerden vir Feuerwehren tätig sind. Ihre Erfahrungen aus der Einsatzpraxis Mitarbeien, die Produktentwicklung ein. So wird gewährleistet, dass neue Produkte micht nur technisch State of the Art sind, sondern auch in Bedienung und Ergonomie den Anforderungen der Einsatzkräfte entsprechen.

Im Frühjahr 2010 wurde Rosenbauer für sein Innovationsmanagement ausgezeichnet und erhielt die Auszeichnung "Best Innovator" in der Kategorie Innovationsorganisation und er nachers gewürdigt wurde dabei der breite Zugang der Mitarbeiter zum Innovationsprozess.

Das Kommunalfahrzeug der Zukunft – der neuen AT

Mit 90 Innovationen und einem perfekten Zusammenspiel aller Komponenten ist der neue AT Mit 30 Innovation and Solutions" aus dem Hause Rosenbauer. Alle Systeme uas beste Belopier für "mitegratou CAN-Bus gesteuert und über Eisplays bedient. werden die offen binnen binnen die wichtigsten Entwicklungsziele beim neuen AT.

lm komplett überarbeiteten Mannschaftsraum haben die Einsatzkräfte nun deutlich mehr in Kompiet aberden die Sicherheitsgurten, Gurtstraffern und Roll-overr falz, "Cromais" worden" als "Olas schaffen bessere Lichtverhältnisse in der Kabine Gottenanbage en noch vor dem Aussteigen eine erste Orientierung am Einsatzort.

Erstmals wurde die LED-Technologie konsequent in einem Feuerwehrfahrzeug umgesetzt, Eron Frontblitzer bis zur Umfeld- und Unterflurbeleuchtung, von den Lichtschienen in den von Tronteilles Bio Ein Officentischen für den Lichtmast. LED bringt im Einsatz Geraleraumen bis zu den noonlietange on and LED-Leuchten sind LED-Leuchten sehr robust, langlebig und energieeffizient.

Tauchpumpe NAUTILUS

Die NAUTILUS ist ein gutes Beispiel für die erfolgreiche Einführung starker Eigenmarken im Die NAS 100%-ige Eigenentwicklung wird sie seit Frühjahr 2010 am Standort Leonding in zwei Varianten gefertigt: mit 400 l/min und 4 mm Flachsaugleistung Standort Leonding in Zwer Vananten gerentigt. Der Absatz konnte gegenüber füheren bzw. mit 800 mm und o min Flaorodagetang, at wurde, verdie its werden. Währenden, wing, die Jahren, als die Tauchpunpen noon Skonn zugesprochen werden konnten, ging die NAUTILUS im Vorjahr zu 70 % an internationale Kunden.

Electric Power System (EPS)

Elestrie Power Dystem ( Das EPS ISt ein neues Energiesysten zahl einem Hochleistungsgenerator, generator, generalten das - Federwenn annzeug. - Es - boosin. - aus - einen - wird über einen zweiten drenzamunangig elektrisone Enorgio der Löschpumpe, vom Fahrzeugmotor Nebenantheb, abgenommen. Der Generator lierere bie zeitig zu versorgen. Das patentierte Vielzant an leistungsintensiven Verbrauchen gieren and einer sich flexibel an jeden Fahrzeugmotor anpassen.

MITARBEITER

Der Erfolg von Rosenbauer beruht ganz wesentlich auf der Leistungsfähigkeit und dem Del Einog von Nosenbauer berunt ganz n Sie waren im Vorjahr besonders gefordert, galt Einsatz der Menschen, die für inn arbeiten. Ste war einerschutz-Messeauftritt erfolgreich zu bewältigen.

Dass Rosenbauer als attraktiver Arbeitgeber gilt, liegt nicht nur an den faszinierenden Dass Rosenbauer als attraktiver Alber gint her begründet. Als Unternehmen mit Produkten, Sondern ist auch in der Dhoenehmensstrategie auf Nachhaltigkeit und langfristiges
langer Tradition ist auch die Unternehmensstrategie der in der Schaftscherbeit langer Fraullion for aus eständigkeit gibt den Mitarbeitern Sicherheit.

Kontinuität in der Personalpolitik und langjährige Mitarbeiterbindung sind für Rosenbauer als Kontiriuttat in der Fersonalponinge min der Brößter Bedeutung. Teamwork menmeltich in Familienbesiz sichenden einen ein gener einer war einen der letzten Jahre erfolgreich umgesetzt werden konnte.

Zum Jahresende 2010 beschäftigte die Rosenbauer International AG insgesamt 903 Zum Janiesende 2010 Desonangto and in den produktionsnahen Bereichen
Mitarbeiter (2009: 867). Vor allem in der Fertigung und in 165 Arbeiter (2009: 446) Mitarbeitel (2009. 007). Vor alleti in der Fengahl gliedert sich in 465 Arbeiler (2009: 445),
wurde die Personalstärke erhöht. Die Gesamtzahl genes (2008: Arbeitering in wirde die Personalstarke en ont Die Goddinean Fig. Zusätzliche Beschäftigung in 348 Angestelle (2009. 350) and 30 Echninge (2000) 2009. Einsatz von 215 Leiharbeitskräften (2009: 245).

Das Durchschnittsalter der Rosenbauer Mitarbeiter in Österreich lag 2010 bei 37,5 Jahren Das Durchschilltsater der Nosenbauer Mitalberten Schrittliche Zugehörgkeitschauer zum (Arbeiter) bzw. 50,9 Jahren (Angestellten 13,1 Jahre, die niedige die niedige Üntemennen beirug bei Anbeiten 11,8 % und Arbeitern von 0,9 % ist ein Maßstab für die Stabilität des Unternehmens als Arbeitgeber.

Aus- und Weiterbildung

Die Qualifikation der Mitarbeiter stellt ein zentrales Element des Personalmanagements dar. Die Qualifikation der Mitarbeiter Stein on Echkräfen im abgelaufenen Jahr auf Die externen Autwendungen für Aus and Treiter Programm von internen und 410,0 te (2009. 391,0 te). Roodmader bister on 177.
externen Aus- und Weiterbildungsveranstaltungen an. Es reicht von Sprachschulungen über Technikertrainings, Sicherheitsschulungen, EDV-Kursen bis hin zu Seminaren zur Verbesserung der Teamarbeit, sozialer Kompetenz und Persönlichkeitstrainings.

Gesicherter Nachwuchs

Rosenbauer bildet seit Jahrzehnten über den eigenen Bedarf hinaus aus. Berücksichtigt wird rosonbador blace och van prognostizierten Fachkräftebedarf im Unternehmen auch die en daber neben geschlechandliche vorantwortliche engagieren sich, damit 90 Lehrlinge erfolgreich eine hochwertige und praxisnahe Ausbildung erhalten.

Von den 15 Berufen, die bei Rosenbauer erlernt werden können, liegen die meisten im von den 10 Bereich, alereich. Spitzenreiter war 2010 die Ausbildung zum Industriellen baw. Gornhoenen Bereinen Mechatroniker und Elektroanlagentechniker. Im Musoninonbautoenniken Rosenbauer die Ausbildung zum Industrie- und Kaumannisonen - Bereier - beter - vier Konstrukteur. In einem speziellen Burokaumann, miermationsten Mitarbeiter nach dem Lehrabschluss zu universell im Unternehmen einsetzbaren Fachkräften weiterqualifizieren.

Zur Erhöhung der Motivation wurde die Erfolgsbeteiligung für Mitarbeiter auch auf Zur Ernonung der Motivation Produzt das bestehende, ergebnisorientierte Entralt setent Auszublideriad ausgewoller eis eigenzt der Nachwuchsausbildung im Haus. Damit besteht eine einheitliche Entgeltsystematik vom Management bis zum Lehrling.

Führungskräfteentwicklung

Hochqualifizierte und engagierte Führungskräfte sind eine entscheidende Ressource, ihre riochqualifzierte und Ongagione Francentischen Erfolg von Rosenbauer. Im Rahmen des Lestung ist mallegenten führungs werden angehende und aktive Führungskräfte sowie Projektleiter in mehreren Modulen weitergebildet.

Dabei stehen die Vermittlung der Rosenbauer Führungsgrundsätze, des im Unternehmen Daber sichen die Vomiklang der Ressende Kompetenzen und Verhaltensweisen für die gephegten Leitung einer Atteilung, eines Projektes oder einer Tochtergesellschaft im enolgreiene Eenting omor Abenlang, "ührungskräften vor allem der Neuerwere von Wissen vondergrand. Während ber Rashwahren mit Coaching von Führungskräften vor allem die Analyse und Evaluierung des bisherigen Führungsstils.

Mitarbeitergespräch erweitert

Das Mitarbeitergespräch ist ein bewährtes Instrument der Personalentwicklung Es wird in Das Mildrbeitergooprach for ein aften konsequent angewendet. Neben dem Verhalten des allen odenonischen Seseitzt das Führungsverhalten der Vorgesetzten behandelt. Um zu Mitalbeiers wird auch Umgang miteinander und die Mitarbeiterzufriedenheit im allafysleren, wie Sier der Omgang Hilkelnatien anonymisiert und in einem jährlichen generellengen generellengen assuisen die Ornemennen zusammengefasst. Die selbstständige Arbeitsgestaltung sowie die Nimannen bewertet.

Gesundheit und Arbeitssicherheit

Das Wohlergehen der Mitarbeiter sowie Gesundheit und Sicherheit am Arbeitspitz haben Das Womongenen auf minohen Stellenwert. Im Rahmen der betrieblichen Gesundheitsber Rosenbauer omon Tierlen Steller Leistungen an, vom Gesundheitspass mit kostenloser Vorsorgeuntersuchung bis zur medizinisch-psychologischen Unterstützung bei der vonsorgenterentwöhnung. Seit dem Vorjahr sind die Rosenbauer Standorte in Österreich alkoholund rauchfreie Betriebe.

Rosenbauer Arbeitsplätze sind sicher. Das Unternehmen investiert laufend morgäntien, Nosenbauer Arbeitshilfen und Sicherheitseinrichtigen, persönliche eigenemisons - Aromassen die gesetzlichen Bestimmungen hinaus zur Verfügung gestellt. Ochulzausrustung wird aber als ged regelmäßig in SOS (Sicherheit-Ordnung-Sauberkeit) i Ber Gland der Rhontenen Beinaheunfälle nach einem definierten Meldesystem dokumentiert und analysiert.

Mit der erfolgreichen Zertifizierung des Sicherheitsmanagements nach OHSAS 18001 im Mr 2009 wurde der hohe Stand der Arbeitssicherheit bei Rosenbauer bestätigt.

KVP und Teamarbeit

Ziel des Kontinuierlichen Verbesserungsprozesses "KVP" bei Rosenbauer ist nicht nur die Verbesserung der betrieblichen Abläufe, sondern der gesamten Unternehmenskultur. verbesserang der betrieblium, dass die zielgerichtete Teamarbeit im KVP-Prozess auch Dannter stont die BBB1Bang, will beiträgt. 2010 waren 550 Mitarbeiter in 45 20 einen noch booseron Kima in erken einen Einen Einen Einsparungeffekt von 0,5 krein Kvi - reams engagion, frir umgeseiller-Prozess wurden bislang 1.500 ldeen erfolgreich realisiert.

Das hohe Engagement aller Mitarbeiter hat entscheidend dazu beigetragen, das Das Tiche Lieferprogramm des Jahres 2010 trotz des enormen Termindruks erfolgreich auch amblierte Elorerprograinm und Anerkennung. Der Dank und Anerkennung. Der Dank geht auch zu bewalligen. Barar gebantreinen der Konzerngesellschaften im In- und Ausland für die konstruktive Zusammenarbeit.

CHANCEN- UND RISIKOMANAGEMENT

Rosenbauer ist in seinem weltweiten unternehmerischen Handeln unterschiedlichen rtosenbauer ist in oomen Welthertrategie definiert einen strukturierten Prozess, Onanoon and Rietten ausgeschäftsrisiken vorsieht. Damit können sowohl Chancen als auch Risiken frühzeitig erkannt und beurteilt werden.

Im Rahmen dieses Prozesses werden Risiken identifiziert, hinsichlich der m Kannfon alsoss u erwartenden Ausmaßes analysiert und beweftet. Eintrittswarroomliek and - Risikokontrolle/-vermeidung abgeleitet bzw. gegeleinenfalls Daraus worden mannante zur Absicherung festgelegt. Funktionsfähigkeit und Wirksamkeit der die instranente Lat-Aberwachung werden in einer jährlichen Bilanzausschusssitzung behandelt.

Das Risikomanagement greift grundsätzlich auf die im Unternehmen vorhandenen Das Nisikomaniagonient grönt grück und ergänzt diese um spezifische Organisations , Benehe and Risikobeurteilung erforderlich sind. Die Rontaniieriiche Liemente, die zur ordnangegenation ist daher integraler Bestandteil des führungs-, Planungs- und Controllingprozesses. Im Kern besteht das Risikomanagement aus fünf Elementen:

• der schriftlich ausformulierten Risikostrategie sowie der ergänzenden Risikopolitik,

• · dem zentralen Risikomanagementbeauftragten, der den zentralen Rismerestiven Einheiten von den Risikoverantwortlichen unterstützt wird,
• · der Risikoerfassung und -bewertung in den einzelnen Bereichen,
• · der Reportingstruktur und
• · dem Risikobericht auf Geschäftsbereichs- und Einzelgesellschaftsebene.

Die unmittelbare Verantwortung für das Risikomanagement trägt die Geschaftsleitung der jeweiligen operativen Einheit. Auf dieser Ebene erfolgen auch die regelmalsiert für des jewelligen operativen annelle Risikoinventur. Die Gesamtverantwortung für das der Kisikomanagement liegt beim Vorstand. Die Ergebnisse der Risikoinventur werden operanvo Risikomanagement zusammengefasst und jährlich im Bilanzausschuss mit dem Aufsichtsrat diskutiert.

Ein wesentliches Element der laufenden Überwachung der wirtschaftlichen Risiken stellt das Berichtswesen dar. Durch konsequente Umsetzung können nicht nur etwaren hau Denomowoon - auch - Daren - Chancen frühzeitig erkannt und gezielt wahrgenommen bzw. optimiert werden.

Branchen- und unternehmensspezifische Chancen und Risiken

Rosenbauer analysiert regelmäßig die maßgeblichen Branchenrisiken und nützt Chancen Noschbauer andryner rogemeise sie eine eine eine in in in isten der in issen der in isser den in isser und duf neuen Märkten. Künftige Absatzchancen bieten sich vor allem in jenen und auf neuen Markten: Frannige von Naturkatastrophen, terroristischen Gefahren oder regionen, die ausgranter in feuerwehrtechnische Ausrüstung investieren müssen.

Die Risikolandschaft wird derzeit geprägt von einer wachsenden Wettbewerbsittenstaten Die Nisikolandbonalt wird der gepreh die rezessive Entwicklung in den Industriestaden der reuerwonibranene. Dieboommung der öffentlichen Haushalte geführt hat. Auswirkungen verstant, die zu einer vonthapping an den vergangenen beiden Jahren in einzelnen Feuerwehrmärkten bereits zu spüren.

Zur Absicherung eines nachhaltigen Wachstums verfolgt Rosenbauer eine konsequente Zur Abstonerang Sinter Hattigelf Produktionsbetrieben auf drei Kontinenten und einem internationaligenangestion erreicht werden, die es ermöglicht, Absatzschwankungen in einzelnen Märkten auszugleichen.

Risiken, die sich für das Feuerwehrgeschäft aufgrund politisch oder rechn & feunderter Rahmenbedingungen ergeben, sind in der Regel nicht zu vermeiden. Aufgrund der runnenbeungangen bigelein, emer kommt es allerdings nur in Ausnahmefällen zu aberwiegen. Durch politische Krisen und allfällige Embargobestimmungen kann der Zugang zu bestimmten Märkten vorübergehend eingeschränkt werden.

Die jährliche Businessplanung wird von der mehrjährigen Strategie abgeleitet und umfasst Die jannsho Beschäftsbereichen gegliederten Zielkatalog, der als Steuerungsinstrument einen nach Goodhalten Systematik können und etwaige strategische Risiken frühzeitig erkannt werden.

Betriebliche Risiken

Die Produktionstätigkeit bedingt eine intensive Auseinandersetzung mit den Risiken entlang Die Produktionstette. Im Zuge der sich verkürzenden Innovationszyklen kommt der Forschungs- und Entwicklungsarbeit dabei zunehmende Bedeutung zu. Die auffreienden r orschungs- and Entwondigen eine Reihe von Kennzahlen (Produktivität, Montage- und Durchlaufzeiten, Produktionsstückzahlen etc.) permanent überwacht.

Das zentrale Steuerungselement in der Fahrzeugfertigung ist die "mitlaufende Kalkulation", Das Zentrale Utouerungooloment in ellkosten jedes Einzelauftrages überwacht werden.

Zur Abfederung von Veränderungen in der Auslastung fertigt Rosenbauer zunenmend im Zur Ablederang von Veranderangen in abterne Partner. Dadurch wird das Risiko
Konzernverbund und vergibt Fertigungsaufträge an externe Partner strangss Konzen unterauslastung der Produktion im Falle eines deutlichen Marktrickganges in einer Onteradslading der Produktion. Aufgrund der nach wie vor zufriedenstellenden uberschadbaren Gronzon genanen. auch im Jahr 2011 gut ausgelastet. Zum Autragslage Sind die Fredaktionsetting Dasenbauer International Anneseunan Anneseunan an ain Jahresende 2010 - Desonangto - and - Rivestz kann eine rasche Anpassung an ein Leasingmitarbeiter. Duron derfolgen, ohne in das Stammpersonal eingreifen zu müssen.

Die Beschaffungs- und Einkaufsrisiken bestehen insbesondere in möglichen Die - Desonanungs - and - Einkationen. Durch die Standardisierung Liererantenaustunen, Quantaloproblemwie die Diversifizierung der Lieferantenstruktur wird von Dautenen und Kompononen und gualitätkonforme Versongung der ulesen Nisiker en gegengewinkt. Om a vichtigsten Zulieferpartner regelmann Produktion Sicheizusleilen, werden and moningelen deutlich reduziert werden. Auch das Dadurch Kann das Nichte von Produktionsstätten trägt dazu bei, betriebliche Risiken zu internationale Netzwerk orgener Prolichen lessen können allerdings nicht vollständig ausgeschlossen werden.

Die Rohstoffnachfrage an den Weltmärkten ist in der Berichtsperiode wieder deutlicht Die Tronstonnaumrage an Genere Erhöhung der Rohstoffpreise. Rosenbauer reagiert auf gestlegen. Danit vorbanden var eine mit längerfristigen Rahmenverträgen, und sichert den Stark Schwankenden Alammanpreis. Da Rosenbauer als vorwiegendes sich daudren cinen otablich annan geringe Prozessenergie benötigt, spielen Energiekosten eine untergeordnete Rolle.

Ertragsrisiken, die sich aufgrund von Störungen in der Produktion ergeben könten, werden Erliagsfisiken, die Sich aufgrand von Stellangen abgedeckt. Eine angemessene duren entsproninas Froundersätzlich für Risiken im Zusammenhang mit Feuer, Explosionen und ähnlichen elementaren Gefahren.

IT-Risiken bestehen darin, dass Netzwerke ausfallen und Daten durch Beden- oder rr-Risken besterien aufh, ados Notzerstört verden könten. Diesen. Diesen. Diesen von Frogrammienier Sowie Skerne Ennestitionen in Hard- und Software, den Einsatz von Nisken wird Togenhaltige invie durch strukturierte Zugangs- und Zugriffskontrollen begegnet.

Mit der Zustellung der Bußgeldbescheide im Februar 2011 wurde das seit 2009 anhängige won Mit der Zustellang der Balogofabesonenen mehrere gegen mehrere Hersteller von venannen - ues - deutsonen - Bandonanianischende monetäre Risiko war durch Konmunallanizedgen abgesonlooon. Dao albach ekt. Ob und in welcher Höhe konkreten konn eine lin Jahr 2009 geblidete Racheten angeltend gemacht werden können, kann Schadenersalzansprache oslicer gesteilt werden. Darüber hinaus läuft bei der deutschen Zum neutigen Zeitpankt nicht beareich Feuerwehren im Bereich Feuerwehrdrehleitern, bei Bundeskatenbende om Welteres Kartoniert. Aus diesem Verfahren wird keine den Meiz Achans als Riententen genentwicklungen zu vermeiden, wurden die

Compliance-Vorschriften verschärft und Sanktionen für wettbewerbsschädigendes Verhalten beschlossen.

In der Berichtsperiode bestanden keine weiteren wesentlichen Rechtsansprüche Dritter gegenüber dem Unternehmen.

Umweltrisiken sowie Risiken im Zusammenhang mit der Rohstoff- und Energieversorging Umweltfisiken sowie Kisiken im Zubannenhang mit der n Anbietern von untergeordneter Bedeutung.

Produktchancen und -risiken

Um Produkte mit höchstmöglichem Kundennutzen anbieten zu können, verfügt Rosenbauer Um Produkte mit hochstinogilenem Ranagement und arbeitet in der Produktentwicklung eng uber ein systematisches innovationsmann aus Fertigung, Vertrieb und Controlling mit den Federweriren. Ein Expertentsamen im Rahmen einer vorgegebenen
gibt die Richtung im Entwicklungsprozess vor. Dabei wird in Rahmeflichkeiteringen gibt die Richtung inn Entwicklungsprozuse Vor. Bassi Miranten Andreitsüberlegungen zurückgegriffen.

Rosenbauer betreibt ein konsequentes Qualitätsmanagement zur Vermeidung von Rosenbauer betreibt ein konsequontos wichtigsten Qualitätsnommen zertifiziert. Trotz Produktifallungsmethoden, permanenten Kontrolle und Verbesserung der modernster Entwicklangsmethoden, pormaner gänzlich ausgeschlossen werden. Zuri Produktqualitat Konnen Froduktnianger Hoher Minimierung doo - tor anondukthaftpflichtversicherung eingesetzt.

Personelle Risiken

reisenbauer sieht die Mitarbeiter als wichtigen Erfolgsfaktor zur Erreichung der Rosenbauel Sieht die Milanboller als ministen mit institutionalisierten unterhenmenschen Ziele an: Konsequentiertes Enthhhnungssystem sind die zentralen zu binden Mitarbeitergesprachen und motivierte Mitarbeiter an das Unternehmen zu binden. instrumente, unt qualinzierte und motivonen die Fluktuation von Mitarbeitern in
Personalrisiken ergeben sich im Wesentlichen durch interengel Fersonalnsiken eigeben Sieh Inn Beschaffung und Entwicklung von Personal.

Finanzielle Risiken

i manzielle Ribikon
Einer soliden Finanzbasis kommt gerade in Zeiten volatiler Finanzmärkte entscheidende Einer sollden Finanzbasis Kontine gerade in Libenstigten Rotriebemittel, und Bedeutung zu. Basierend auf der gaten alsern die benötten Betriebsmittel- und resunterenden Bonitat des Onlement konnen and zu weiterhin guten Konditionen sichergestellt werden.

Zur Sicherung einer möglichst hohen Unabhängigkeit der Unternehmensfinanzierung wird Zur Sicherung einer moglichst nonen Onabhangigisten das Finanzmanagement
diese über mehrere Banken dargestellt. Darüber dinan danen die Pesition, des diese uber mennere Banken Ratinggespräche, aus denen die Position des Unternehmens auf dem Finanzmarkt abgeleitet wird.

Aus den internationalen Aktivitäten entstehen zins- und währungsbedingte Risiken, die durch Aus den merhallonalen Aktivitaten entstenen eine handligen eine gelen. Dabei regelt eine den Einsatz ontoprositore, welche Instrumente zulässig sind.

Die dabei entstehenden operativen Risiken werden durch derivative Finanzinstrumente wie Die dabei entstehenden operativen Nisiken der der und auf der ann ander Zinssicherungsgeschäfte abgesichert. Diese Transaktionen werden ausschließlich zur Absicherung von Risiken, nicht abgesichen. Diese Transaktionen werden durchgeführt. In diesem Zusammenhang wird
aber zu Handels- oder Spekulationszwecken durchgeführt. In diesem Zusammenhang wird aber 2d Handelo Guer Spon Erläuternden Angaben verwiesen.

Kreditrisiken, die sich aus Zahlungsausfällen ergeben könnten, werden gering eingeschätzt, Kreditrisiken, die sich aus Zanungsausen ergenen Konnehmer sind. Bei Lieferungen in
da der überwiegende Anteil der Kunden öffentliche Absicherung in da der uberwegende Antein der Tunuch Sinfinien Riskis werden zur Absicherung in
Länder mit einem erhöhten politischen und wirtschaftiichen Risko agenommen Lander mit einem erhonten politioenen and mitten genommen.
der Regel staatliche und private Exportversicherungen in Anspruch genommen.

Beurteilung des Gesamtrisikos

Beurtenung des Gouththeitten die Anforderungen, die von Markt, wirtschafflichen.
Rosenbauer sieht sich gut aufgestellt, um destallt worden, auch künftig zu erfüllen, Aus Rosenbauer sient sich gut aufgestellt und des Rierden, auch künftig zu erfüllen. Aus Umfeld und Wettbewerb an das Unterrichning gesein weine Anhaltspunkte erschtlich, die der Analyse der derzeit erkennbaren Einzelrischen - den Enthestand des der Analyse der delzelt entennbarer Entizen omt anderen Risken – den Forbestand des
für sich genommen oder in Kombination mit anderen Risken Frankeschlos für sich genommen oder in Korilianian infrastian Fironisse der abgeschlossenen
Unternehmens gefährden. Dies gilt sowohl für die Ergebrisse der abgeleitet sind. Unternehmens gelannden Konnen. Dies git Sonon Fall als als eingeleitet sind.
wirtschaftlichen Tätigkeit als auch für Aktivitäten, die geplant oder bereits eingeleitet sind.

INTERNES KONTROLLSYSTEM (IKS)

Mit dem Unternehmensrechtsänderungsgesetz (URÄG) 2008 wurde die 8. EU-Richtlinie in der Mit dem Unternehment alleringsgosce (UTV-) 2018 - 10:40 - 10 - 10 - 10 - 10 - 10 - 10 - 10 - 10 - 10 - 10 - 10 - 10 - 10 - 10 - 10 - 1 österreichisches Recht uberhonmen: Nach die wichtigsten Merkmale des IKS im Lagebericht darstellen.

Rosenbauer hat Mitte 2009 begonnen, die internen Kontrollprozesse rund um die Rosenbauer hat Mitte 2009 begonnen, und zu leinentieren. Anlässlich des Rechnungslegung Prüfungsausschusses (Audi Committee) in Mingehend diskutlert. Die Dokumentation der dem Aufsichtsrat zur Beurenung vorgen and als ein. Die Konzernevision wird
internen Kontrollsysteme wird mit Ende 2011 abgeschlossen sein Einhaltung internen Kontrollsysteme wird mit Ende 2011 augeoonlossen eine aller
im Rahmen der laufenden Prüfungstätigkeit die Prozesse evaluieren und deren Einhaltung überprüfen.

Eine wichtige Basis des IKS bei Rosenbauer stellen die Richtlinien dar, die laufend Eine wichtige Basis des IKS bei Rosenbaue stemmtsystem verankeren werankerten aktualisiert - Werden. - Dazu - Rommen - die - n. - Michtlinien und Arbeitsanweisungen ergänzt werden.

Das Kontrollumfeld des Rechnungslegungsprozesses ist durch eine Aundeutig Personen (z.B. in Das Kontrollument des Rechnungslegungsprospress sind eindenity Personen (z.B. in
Ablauforganisation gekennzeichnet. Sämtliche Finktionen sind eindeningsrozess Ablauforganisation gekeinzendinet. Samminen en and eine eine eine generen eine generen einen einen einen einen einen einen einen einen einen einen einen einen einen einen ein Finanzbuchnaltung - Sael - Schlichen Voraussetzungen.
beteiligten Mitarbeiter erfüllen alle fachlichen Voraussetzungen.

Bei allen relevanten Prozessen wird für die Rechnungslegung, soweit es die Größe der Bei allen relevanten Prozessen wird frankenen Kapaziëten zulassen, grundsätzlich auf
jeweiligen Gesellschaft und die damit vorhandenen Kapazitäten handel jeweiligen Gesellschaft und die dannt vormandeten Finanzbuchhaltungssystemen handelt
ein Vier-Augen-Prinzip geachtet. Bei den verwendeten Finanzbuchhaltungssystem ist ist ein Vier-Augen-Pinzip geachtet. Bei den verwenden min und unte Zugriffe geschützt ist.

Auf den Rechnungslegungsprozess bezogen sind wesentliche Bilanzierungs- und Auf den Rechnungslegungsprozess bezogen omd alseit wird, festgehalten und Bowortangend von lokalen Einheiten umzusetzen.

Weiters werden Vollständigkeit und Richtigkeit von Daten des Rechnungswesens
Sechnungsbilität in der billtätenrüfungen, sowohl manuell als auch Weiters werden Vollstandigkeit und Plausibilitätsprüfungen sowohl manuell als auch EDV-unterstützt überprüft. Daneben erfolgen regelmäßige analytische Prüfengen im EDV-unterstutzt uberprun. Banbiben Streigen Auf Basis detaillierter wöchentlicher, Rannen des Outrollinge und ass monationen und Quartaisiger in derjahreswerten identifiziert und analysiert.

Dieses ausgeprägte Regelungs- und Berichtssystem gibt neben den prozessnientierten Dieses ausgepragte Regelangs und Benehmen vor, die von sämtlichen. Die energtive Rannfenbeuingungen vor allernenen eingehalten werden missen. Die operative berantwortung liegt bei den eingeserantwortlichen, die Einhaltung des verantwortung nege bei den jewenig die Interne Revision im Rahmen der periodischen Prüfung der jeweiligen Bereiche gewährleistet.

BESCHAFFUNG, LOGISTIK UND PRODUKTION

Das Einkaufsvolumen der Rosenbauer International AG an Produktionsmaterialien und Das Ellikaulsvolumen der Rosenbador internas (2009: 239,2 m€). Dies entspricht Handelswaren betrug in den Umsatzerlösen und ist auf das branchenspezifisch hohe Zukaufsvolumen zurückzuführen.

85 % des Einkaufsvolumens der Rosenbauer International AG werden in Europa, als family, 00 % des Linkaufsvolument aus den USA. Die wichtigsten Lieferanten konmen aus den Rest stammt uberwiegend auch es en einkeil am Einkaufsvolumen haben mit
Österreich, Deutschland und den USA. Den größten der Fobrgochlie sind Osterreich, Deutschland und den Gert Ben grotten Alle
25 % die Fahrgestelle für Feuerwehrfahrzeuge. Die Hauptlieferanten der Fahrgestelle sind Mercedes Benz und MAN.

Eine der Hauptaufgaben im abgelaufenen Jahr war die Anpassung von Produktion und Eine der Hauptaugaben in abgelantenen Die bedaffsgerechte Versorgung der Logistik an das welter gestlegene Auchtige Rolle bei der Sicherung eines reibungslosen Produktionsablaufes.

Angesichts der hohen Zahl an verschiedenen Zukaufteilen stellt die Qualität der Angesichts der Tionen Zahr an Volosfnochen Entsprechend sorgfältig werden die Lieferanten evaluiert und ausgewählt. Rosenbauer setzt gezielt auf eine enge und partnerschaftliche Zusammenarbeit mit den Lieferanten.

Einkaufspreise

Durch eine konsequente Einkaufspolitik gelingt es schon seit Jahren, massive Preisspitzen in der Durch eine Konsequente Einkaufspillit goling. So von Weltmärken ist in der beim Zukauf von Konstonen zu glatten. De ronsten war eine Erhöhung der Rohstoffpreise.

Ronslofpreise.
Den größten Einfluss auf die Herstellkosten haben die Fahrgesten Durchläufspreise Den großen Linnass auf die Horsteilteten här Rosenbauer einen Durchläufer darstellen.
Bat alfi Markt bekannt Sind und danor in Progentlich in wesentlich geringerem Ausmaß – hat Auswilkungen auf die Hersteillesten Aluminiumbleche und -profile sowie aufen die Entwickling - Gor - Ennadlepreise - Aluminiumpreisentwicklung, reagiert auf Kunststoffelle. Kösenbauer beobachter auf sichert sich dadurch eine stabile Kalkulationsgrundlage.

Das wichtigste Projekt im abgelaufenen Geschäftsjahr war die Einführung des neuen Das wichtigste Trojekt in abgelaatenen Gossinning entlang der Lieferkette Lieferantenportals: Ober diesen Forta die Lieferantenwahl bis zur Materialsen and automalison ab — von der Pronung uber and abstranden von der und -steuerungssystem angebunden und können sich über künftige Bedarfe bei Rosenbauer selbstständig angebunden und Konnen Sieh aber stanling Bedürfingen Bedürfnissen zu
informieren. Sie werden in die Lage versetzt, ihre Produktion und werden Echler in informleren. Sie werden in die Lage versetzt, in er reautiert und werden Fehler in steuern. Damit wird der Aufwand auf belach Gotter abunder 2010 vom Bundesverband für der Abwickung vermieden. Dao Eloloranten Supply Excellence Award" ausgezeichnet.

INFORMATIONEN GEMÄSS § 243A ABS 1 UGB

• · Das Grundkapital der Rosenbauer International AG beträgt 13,6 m€ und ist geteilt in Das Grundkapliar der Rosenbauer internation die jeweils einen anteiligen Betrag am
  6.800.000 auf Inhaber lautende Stückaktien, die jeweils eine syf Verbrigfing ihrer 6.000.000 auf Innaber lauten. Der Anspruch der Aktionare auf Verbriefiung ihrer Grundkapital von 2,0 € verbronism. Ber no Erneuerungsscheine ist ausgeschlossen.
  Anteile sowie etwaiger Gewinnanteils- und Erneuersche susgestellt worden Antelle Sowie etwaiger Oownhantens and Siellen ausgestellt werden.
  Es können Sammelurkunden im Sinne des §24 Depotgesetz ausgestellt werden.
• es Konnen Sammelungen, im Sinne aus 32 F Bepagen 12 Stimmers 12 Stimmers 12 Stimmers 1 betreffend, vor.
• betrend, vor.
  Am 31. Dezember 2010 hielt die Rosenbauer Beteiligengerwaltung GmbH 51 % Am 31. Dezember 2010 hiert die Roodhbauer Brongener Brongenbauer der Anteile an der Rosenbauer internationer in der Anteile an der Rosenbauer International AG.
• · Soweit der Gesellschaft bekannt, gibt es keine Inhaber von Aktien mit besonderen Kontrollrechten.
• · Die Arbeitnehmer üben ihre Stimmrechte direkt aus.
• · Die Arbeitrenmer dbon infernational AG sind die Bestimmungen zur in der Salzung der Noschbauer interhallend Vorstandes und des Aufsichtsrates
  Ernennung und Abberufung der Mitglieder des Vorstandes worden, war dos 65 Ernehnung und Abberundig der Mitglidae kann nur bestellt werden, wer das 65.
  festgelegt. Zum Mitglied des Vorstandes kann mit bestellung lestgelegt. Zum Miglioa doo vorstellung noch nicht vollendet hat. Die Bestellung den 66 Lebensjani Zum Zeipankt der Bestendrig die zum Zeitpunkt der Bestellung das 65.
  einer Person zum Mitglied des Vorstandes, die zum mit estenrechendem einer Person zum Mitgliod dos voretanach ann zulässig, wenn mit entsprechendem Lebensjan bereits vollender hat, let jedoon alsmann abgegebenen Stimmen erteilt wird.
• abgegebeneh otimmen ortom ver das 70. Lebensjahr zum Zeitpunkt In den Aufsichtsfat Kann hur gewahlt worden, wol einer Person zum Mitglied des del Wahr hicht filcht vollendet har. Vahl das 70. Lebensjahr bereits vollendet hat, Aufsichtsrätes, die zum Zeitpankt der Frank deschluss in der Hauptversammlung mit ist Journ Lalassign der abgegebenen Stimmen gefasst wird.
• einfacher Mentrichen Hauptversamming vom 21. Mai 2010 wurde der Beschluss in der To. ordentilenen nauptverbariirkauf aufgehoben und dafür der Vorstand
  vom 30. Mai 2008 zum Aktienrückkauf aufgehoben serverban (Rückkeyf): Die vom 30. Mai 2006 Zum Aktienruokkaar ausgektG zu enwerben (Rückkauf): "Die ermächigt, Aktien häch g 60 Abb. 1 Er and en Inhaber lautende Stückklien.
  Hauptversammlung ermächtigt den Vorstand, auf den Inhaber er enwerbanden Hauptversammung enmachtigt den Voreaner, auf der Anteil der zu erwerbenden
  der Rosenbauer International AG zu erwerben, wobei der Anteil der zu erwerbenden der Rosenbauer International Ro La ornen Schriften am Grundkapital ist. Die und der bereits erworbenen Aktion an Sonnaten ab dem Tag diesen Beschluss-Ermachtigung gilt für Cine Bauer Vol. Gegenwert (Erwerbskurs) je zu erwerbender lassung, somt bis zum 20.11.2012. Ster Aktie der jeweils letzen zwanzig Stuckaklie dan den Durchsonnationen die Hälfte dieses nicht unterschreiten. Der Erwerb Borselage hicht uber- und die Hallto diesel har die von erfolgen. Der Vorstand ist elgener Aktieft Kann uber die Boise oder Lauren in der Börse oder durch welters enmachtigt, erwordene eigens Annon (e) Veräußerungsbedingungen festzuein bilentifches Angebor zu Verausen Pauptversammlung mit Zustimmung des setzen, (b) offine welteren Besoniabe der Flaup von 5 Jahren ab Beschlussfassung.
  Aufsichtsrats einzuziehen, und (c) für die Dauer von 5 Jahren Art, guob Aufsichtsrats einzuzionen, and (0) Tall (0) Tede andere gesetzlich zulässige Art, auch

außerbörslich, zu veräußern, wobei der Vorstand auch über den Ausschluss der allgemeinen Kaufmöglichkeit entscheiden kann.

• aligentlinen Kaumrogilenken enteenbarungen, die bei einem Kontrollwechsel in der . Es gibt keine bedeutsamen verbinbarangen, als bersten, sich wesentlich ändern oder enden.
• · Für den Fall eines öffentlichen Übernahmeangebotes gibt es keine Entschädigungs-Fur den r all eines onentionen Gbernannfeingen Vorstands- und Aufsichtsratsmitgliedern oder Arbeitnehmern.

NACHTRAGSBERICHT

Mit Wirkung vom 1. Januar 2011 wurde vom Aufsichtsrat der Rosenbauer international AG Mit Wilkung vom 1. Januar 2011 Warad vestellt. Dieter Siegel folgt Mag. Manfred Schwetz
Dr. Dieter Siegel zum Vorstandsmitglied bestellt. Dieter als Vertriebevestend in Dr. Dieter Slegen zum Vorstandsmitgilou booteilt Dieten als Vertriebsvorstand in den Ruhestand treten wird.

Nach dem Bilanzstichtag zum 31. Dezember 2010 wurde mit Zustellung der Bullgeld-Nach den Bilanzslichtag zum OT: DV-schlandes deutschen Bundeskartellamtes gegen beschelde das seit 2009 annangige venunen abeeschlossen. Ob und in welcher Höher menfele Hersteller Von Kommunanizougen ubgeseilt und geltend geltend gemacht werden können, kann zum heutigen Zeitpunkt nicht beurteilt werden.

Die politischen Unruhen in mehreren nordafrikanischen haben auf das laufende Die politischen Ohlunch in mehroren, da das Abwicklungsvolumen aus dem aktuellen.
Lieferprogramm nur geringe Auswirkungen, da das Abwicklingen in ein künftige Lielerprogramm nur genige Auswindingen, Ca asse Fahrzeuge beschränkt. Die künftige Auftragsbestand in alboo eander eieser Region sowie dem bislang noch weniger Autragseingangsentwicklang – aus – aus – aus – auf eingeschätzt werden.

Darüber hinaus sind keine Vorgänge von besonderer Bedeutung für die Gesellschaft Daruber ninaus Sind Keine Vorgango Vermögens-, Finanz- und Ertragslage geführt hätten.

PROGNOSEBERICHT

Gesamtwirtschaftliche Entwicklung

Im Jahr 2010 setzte sich die Stabilisierung des Welthandels und der Weltindustrierroduktione im Jahr 2010 seizte sich die Stablierang aus einer Die Weltwitterhäfflichen in der der der der der der der der der der der der der der der der der der der der der der der de fort, wober die Entwicklung Tegional Som ante einer BIP-Rate von deutlich über 4 % jedoch wieder annähernd so stark wie vor der Finanzkrise.

Für 2011 wird ein weltweites BIP-Wachstum von etwas unter 4 % prognostiziert. Am Für 2011 Wird ein weltweites Dir Vüchten Asiens und Lateinamerikas wachsen, wenne
stärksten werden wie die Jahre zuvor die Länder Asiens andere Schwellenländer starksten werden wie die Jahre Zuror die Euriaer Aleine China und andere Schwellenländer auch filcht fifent in demseiben Ausmale wie zureiden und setzen Maßnahmen zur Drosselung des Wachstums.

Perspektiven auf den Absatzmärkten

Forelne Märkte, allen voran die USA als größter Einzelmarkt der Welt, haben bereits mit Ellizeine Marke, allen Voran die Ser Auftragsvergabe auf die Wirtschaftskrise reagiert. Mit einer deutlichen Zuruckhaltung ber der Achtsche Markt um und 15 % zurück. Für 2011 ist
zeitlicher Verzögerung ging nun auch der deutsche mit einem woiteren. 100%-igen zeitlicher Verzogerung ging han auch ausferten mit einem weiteren 10%-igen Rückgang zu rechnen.

Auf den Emerging Markets zeigt sich ein unterschiedliches Bildt. Während in einigen Ländern Auf den Emerging Marktets zeigt sich ein antenson de L besteht in Regionen wie zum
bereits Anzeichen einer Marktsättigung zu erkennen sind, bestent in Regionen s bereits Anzeichen einer Marksatigene Ed Gritien isterungsbedarf. Dieser spiegelt sich Beispiel dem Nanen Osten flach wie vor none Erdöleinnelomen und der Nachholbedaff
auch in einer großen Projektlandschaft wider. Hohe Erdöleinhen und der Nachholmen auch in einer groisen Projektandschaft wirdt insten Ursachen der Investitigkeit
im Bereich der Sicherheitsinfrastruktur sind die wichtigsten Sicherheitsbedirfnis aufgrund im Bereich der Sichernelismitur affit die Westligen des Sicherheitsbedürfnis aufgrund
in diesen Märkten. Darüber hinaus beeinflusst das Bestenfentlichen in diesen Markten. Daruber ninaus beeinnusst uds geschaffungsverhalten der öffentlichen
weltweiter Katastrophen und Terroranschläge das Beschaffungsverhalten der öffentliche Haushalte.

Das in Bearbeitung befindliche Projektvolumen im internationalen Exportgeschäft befindet Das in Bearbeitung beindliche 1 rojektvollen mit dem vorliegenden Auftragsbestand zum
sich nach wie vor auf hohem Niveau. Zusammen mit dem vorliegenden sich hach wie vor auf nonem Niroad. Lastinande Jahr eine gute Visibilität gegeben.
Jahresende 2010 ist damit für das laufende Jahr eine gute Visibilität gegeben.

Die generelle Marktentwicklung des Jahres 2012 wird im Wesentlichen von der Verfügbarkeit Die generelle Marktentwicklung des Jahres 2012 wird in Wosskallen.
der öffentlichen Budgets abhängen und ist daher zum jetzigen Zeitpunkt noch nicht zuverlässig einschätzbar.

Nordamerika

Nordamenka
In den USA, dem größten Einzelmarkt der Welt, war das Absatzvolumen bereits 2009 um die In den USA, dem großten Einzenhant der voll, naf diesem Niveau. Vor allem die
rund 30 % zurückgegangen und blieb auch 2010 auf diesem Gebieten war rund 30 % zuruckgegangen und biten waren davon betroffen, in iändlichen Gebieten war
Feuerwehren in den größeren Stächen waren davon betingen unden Feuerwehren in den großeren Staden warch ander US-Hersteller haben
der Rückgang weniger spürbar. Wirtschaftiiche Schweitshien defind Für der Rückgang weniger spurbal. Wirsonanienen Verschiebung der Marktanteile geführt. Für
zu einem verstärkten Preiswettbewerb und einer des Markte gerochnet Zu einem verstarkten Preiswettbowerb und einer und einer derechnet.
2011 wird noch nicht mit einer wesentlichen Erholung des Marktes gerechnet.

Durch zusätzliche Exportaufträge sowie die gute Marktposition im Spezialfahrzeugsegment Durch Zusatzliche Exportaunage Sowic'die gate weitgehend kompensiert werden. Darüber konnen die Auswirkungen des Markträoliganges weitgenen konsequenten Ausbau des Händlernetzes entgegengewirkt.

Europa

Europa
Im abgelaufenen Jahr sind fiere die serschlachterte Rudgetsitustion der Kommunen, die lm abgelaufenen eingebrochen. Hauptgraffer landern maßgeblich finanzieren.

Der Markt für kommunale Feuerwehrzeuge reagiert auf die allgemeine Konjunktur mit Der Markt für Kommunale Feuel Wein bir 2011 muss daher von einem einem einem einer zeltilchen Verzogerung von Bis Zero ausgegangen auch in Ländern, in Österreich und weiternin unterdurchschmittlichen Absatzenahren adegegings in Gange ist. In Österreich und
denen der wirtschaftliche Aufschwung bereits wieder voll im Gange ist. In Österreic denen der Wirtschaftiene von etwa 10 % erwartet.

In Osteuropa hat die eingetrübte Konjunkturlage dazu geführt, dass das In Osteuropa hat die eingestiäft deutlich zurückendlich zurückegaangen ist. Bei
Beschaffungsvolumen im Feuerwelingeschäft versundingeschaft. Beschaffungsvolumen internationalen Anbielen Werden aller aller aller aller der in der und ziert.
Die große Masse einfacherer Löschfahrzeuge wird vorwiegend lokal produziert.

In Russland wurde ein Programm zur Modernisierung der alsesweiten
die komment de Besten son insbesondere die kommunalen In Russland wurde ein Davon profitieren insbesondere die kommunalen
Feuerwehrinfrastruktur gestartet. Davon profitieren labr 150 Feuerwehringstruktur gestartet. Davon promiser hat im abgelaufenen Jahr 150
Feuerwehren. Das Produktions-Joint-Venture in Micel Pur 2011 Feuerwehren. Das Produktions-John Feuenwehren in West-Russland – geliefet. Für 2011
Feuerwehrfahrzeuge – vorwiegend an Feuenwehren wed demit einer were einen in Feuerwentranfzeuge – vorwegend an Froderwonnen und damit einer weiteren Erhöhung der Moskauer Produktion gerechnet.

In Südeuropa wird das Beschaffungswesen von Zentralausschreibungen dominiert, wodurch diese Märkte weitgehend Spot-Charakter haben.

Internationales Exportgeschäft

miternationale Projektlandschaft lässt für 2011 vorsichtigen vonnelojoh in einzelnen Die Internationale Frojektandsonalt Tacol Tall Leinem Niveau, wenngleich in einzelnen. und der Absatzvolumen im Nahen Osten Ist hauf wie vor auf fiele Erdielingahmen und der Markten eine leichte Mantisangang einterfinen sind weiterhin die Haupttreiber der Investitionstätigkeit in moderne Feuerwehrausstattung.

Positiv zeigt sich auch die Entwicklung in Asien und Ozeanien. Vor allem die Boomländer Positiv Zeigt sich auch die Entwickläng in Aberholten Mal hohe Ble-Raten, die deutlichen deminieren China und inden verzeichneten zu ro zum heiden Feuerwehrmärkten dominieren dem den den den den den de uber den der westlichen industrieren Qualitäts- und Technologieanspruch, die zu niedrigen Kommunanzantzeuge Thit genngen Qualitato and vreteller ist daher vor allem der Bereich Kosten vor Ort produzen werden. Für etabliere nor Interesse. Hier wird auch in China.
Sonderfahrzeuge für Flughäfen und Industriebe von Interesselsche Bloretoller noch nicht Sonderfanfzeuge für Flughalen und maachebenesseren das lokale Hersteller noch nicht darstellen können.

Die Märkte in Lateinamerika und Afrika sind durch Spot-Projekte geprägt. In Ländern mit Die Markte In Latemannenka und Ainka Sinka Sina's technisch anspruchsvolle eigenei Erdonorderung worden Fellenwennanizeige "aus" europaloener "ouer" "Gerlaufzeiten haben, sind sie jedoch schwer prognostizierbar.

Um die Auswirkungen der Schwankungen einzelner Märkte zu kompensieren, forciet Um die Auswirkungen der Genwankangen Sin jenen Märkten, die künftig ein
Rosenbauer den Ausbau des internationalen Vertriebe die globale Präsenz Rosenbauer den Ausbau des internationalen lassen. So wird nicht zuletzt die globale Präsenz
erhöhtes Beschaffungspotenzial erwarten lassen. Welligensitien gefettigt ernontes Beschandnigspotenziar orwarten fübernerbsposition gefestigt.

Aufgrund der unterschiedlichen Entwicklung einzelner Märkten Abestzregionen ist eine Augrund der unterschleinen Entwicklung wichtiger Absatzregionen ist eine der aktien schwieng zu proghöstälerenden en des Jahres 2011 kaum möglich. Das in Konkreie Aussage uber Aufrageeingen owie die verstärken Vertriebsmaßnahmen
Bearbeitung befindliche hohe Projektvolumen sowie Dersportive Bearbeitung behndlione none Fröffnen jedoch eine optimistische Perspektive.

Innovationen und neue Produkte

itthovationsführen and Innovationsführer der Branche - bereits vor der Finanz- under Rosenbauel Trat – als Throvationeranier Produktkonzepte die Anforderungen viltschaftskrise begonnen, mit der Enwielten. Die gilt insbesondere für das Kommunaliöschfahrzeug – den neuen AT, der mit einer vielzahl an Innovationen, Kommunalioschlährizeug — den nicuon Frienen Feuenwehrmann gute Chancen
verbesserter Funktionalität und mehr Sicherheit für den Marktenteile zu gewinnen verbesseiter Füriktionentar und Theni Gionern Zentraleuropas Marktanteile zu gewinnen.

Investitionen und Kapazitäten

mit der Inbetriebnahme der neuen Lackieranlage in Neidling wurde 2010 das mehriährigen.
Mit der Inbetriebnahme der neuen Michigen Ausgeblassen. Ausgebend von den Mit der Inbeinenne der neuen Lautioranisgään. Ausgehlosen. Ausgehend von den Ausbauprogramm der Fengangskapazitaton vonauer damit gut für die kommenden Jahre aufgestellt.

lm laufenden Jahr ist am Standort Leonding geplant, für die produktionsnahe Abwicklung und den Service sowie den Geschäftsbereich Ausrüstung zusätzliche Büroräume zu errichten. Damit wird auch den in diesen Bereichen gestiegenen Abwicklungsvolumina Rechnung getragen.

Finanz- und Liquiditätslage

Die Finanzierungsstrategie von Rosenbauer ist nach konservativen Grundsätzen ausgerichtet und räumt der Erhaltung einer gesicherten Liquidität sowie einer möglichst hohen Eigenmittelausstattung absoluten Vorrang ein.

Das seit 2009 anhängige Verfahren des deutschen Bundeskartellamtes gegen mehrere Hersteller von Kommunalfahrzeugen wurde mit Zustellung der Bußgeldbescheide im Februar 2011 abgeschlossen. Das verhängte Bußgeld beträgt für die Rosenbauer International AG 3,5 m€ und ist im laufenden Geschäftsjahr abgeflossen.

Aufgrund der guten Ertragssituation der letzten Jahre konnte die Finanzierung der Rosenbauer International AG weiter verbessert werden, was auch durch den Anstieg der Eigenmittelquote dokumentiert wird.

Umsatz- und Ertragslage

Auf Basis des erreichten Auftragsbestandes und der aktuellen Projektlage ist für das laufende Jahr 2011 eine weiterhin gute Visibilität der Auslastung der Produktionskapazitäten gegeben. Nach sechs operativen Rekordjahren in Folge rechnet das Management für 2011 mit einer Konsolidierung der Umsatz- und Ertragszahlen auf hohem Niveau.

Hohes technologisches Know-how und Innovationskraft, kombiniert mit der langjährigen Frende och im abwehrenden Brandschutz, stellen die Basis für das weitere Unternehmenswachstum dar. Die Kunden entscheiden sich für Rosenbauer, weil sie auf die Qualität und die technische Leistungsfähigkeit von Rosenbauer vertrauen.

eonding, am 25. März 2011

Schwetz

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