Bertrandt AG — Annual Report 2011

Dec 23, 2011

FISCAL 2010/2011 ANNUAL REPORT

People. Performance. Growth.

FISCAL 2010/2011 AT A GLANCE

IFRS	2010/2011	2009/2010	2008/2009	2007/2008	2006/2007
Income statement
Revenues (EUR million)	576.238	428.834	384.599	434.216	339.528
Operating profit (EUR million)	60.331	43.958	32.769	51.312	32.306
Profit from ordinary activity (EUR million)	60.940	44.630	33.553	51.991	32.580
Earnings after income tax (EUR million)	41.955	31.237	24.605	36.181	22.212
Cash flow statement
Cash flow from operating activities (EUR million)	23.728	25.046	48.800	48.710	36.242
Cash flow from investing activities (EUR million)	-23.561	-11.841	-14.018	-22.173	-15.074
Free cash flow (EUR million)	0.167	13.205	34.782	26.537	21.168
Capital spending (EUR million)	31.769	12.408	14.786	22.945	15.399
Balance sheet
Capital and reserves (EUR million)	166.246	135.949	114.114	105.366	77.561
Equity ratio (%)	56.4	56.7	57.4	45.9	44.3
Total assets (EUR million)	294.735	239.624	198.942	229.385	174.995
Share
Earnings per share (EUR)	4.18	3.11	2.45	3.57	2.20
Dividend per share (EUR)	1.70***	1.20	1.00	1.40	0.80
Share price on 30 September (EUR)*	35.92	43.52	17.75	20.38	22.98
Share price, high (EUR)**	59.94	44.30	20.66	30.00	30.10
Share price, low (EUR)**	32.33	16.60	12.20	20.00	10.74
Shares outstanding on 30 September (number)	10,143,240	10,143,240	10,143,240	10,143,240	10,143,240
Market capitalisation on 30 September (EUR million)	364.3	441.4	180.0	206.7	233.1
Employees
Number of employees at Bertrandt Group
on 30 September	8,603	6,523	5,431	6,080	4,708

*Closing price in Xetra trading. **In Xetra trading. ***Dividend proposed by the Management and the Supervisory Board.

LOCATIONS

Bertrandt can look back on a successful 2010/2011 financial year. Favourable underlying and sector conditions exerted a beneficial effect on revenues and earnings. On 30 September 2011 Bertrandt employed 8,603 people worldwide.

Revenues in fiscal 2010/2011 were up 34.4 percent to EUR 576.238 million (previous year EUR 428.834 million). This performance was accompanied by higher operating profit from EUR 43.958 million in the previous year to EUR 60.331 million thanks to increased capacity and a high level of capacity utilisation. This resulted in a margin of 10.5 percent in fiscal 2010/2011 (previous year 10.2 percent). Earnings after taxes came to EUR 41.955 million (previous year EUR 31.237 million), translating into earnings per share of EUR 4.18 (previous year EUR 3.11). The growth encompassed all three of our segments: Digital Engineering, Physical Engineering and Electrical Systems/Electronics.

The increase in capital spending to EUR 31.769 million (previous year EUR 12.408 million) reflects Bertrandt's business strategy. The Company has thereby established the basis for further, profitable growth.

With an equity ratio of 56.4 percent on 30 September 2011 (previous year 56.7 percent), Bertrandt continues to rank among the best-resourced companies in the market. Against this backdrop, the Management Board and Supervisory Board will be asking shareholders to approve a dividend of EUR 1.70 per share (previous year EUR 1.20) at their annual general meeting in February 2012.

Bertrandt expects continued upbeat business performance provided that market conditions do not deteriorate any further and manufacturers invest on a sustained basis in research and the development of new technologies and models.

PEOPLE. PERFORMANCE. GROWTH.

facilities located in Europe and the United States ensure the greatest possible proximity to customers as a basis for providing them with customised solutions.

LETTER TO THE SHAREHOLDERS

Management Board Report Supervisory Board Report Highlights of the year

PEOPLE. PERFORMANCE. GROWTH.

Geared to the future. Always near to our customers.

THE BERTRANDT SHARE

GROUP MANAGEMENT REPORT

Business and general conditions

Group organisation and management

Declaration on corporate governance

Human resources management

Disclosures on subscribed capital

Subsequent events, risk report and outlook

CONSOLIDATED FINANCIAL STATEMENTS

Consolidated income statement and statement

08
10 14 18	Supervisory Board Report Highlights of the year
20
22 26 28 30 32	Geared to the future. Dependable. Networked. Dedicated.
34
40
42 46 47 50 50 50 52 57 57 58	Business model Range of services Business performance Remuneration report
64
66 67 68 69 70 115	of comprehensive income Consolidated notes
116
126
128 130 132 134 134	Multiyear overview Glossary Locations Financial calendar Credits

of comprehensive income

Consolidated balance sheet

Consolidated statement of changes in equity

Consolidated cash flow statement

Responsibility statement (affidavit)

CORPORATE GOVERNANCE

FURTHER INFORMATION

1, 7 0

euros is the dividend for fiscal 2010/20 11 that the Management Board and the Supervisory Board will be proposing to shareholders at the annual general meeting.

LETTER TO THE SHAREHOLDERS

Management Board Report Supervisory Board Report

10 14 18

MANAGEMENT BOARD REPORT

Dear shareholders,

People. Performance. Growth. – These three words describe our 2010/2011 financial year, briefly and succinctly. The Bertrandt Group continued on its growth course and further strengthened its position on the engineering market.

The global economy was on an upswing at the beginning of our financial year. Bertrandt started well into the period under report thanks to the economic upturn. In Germany, particularly the automotive industry constituted a key driver for economic growth, from which engineering service providers like Bertrandt benefited.

Even though external factors took a turn for the worse in the second half of the 2010/2011 financial year because of the European debt crisis and the related fear of recession, Bertrandt performed encouragingly well.

Range of services fit for the future

As an expert provider of engineering services, the Bertrandt Group offers a broad and deep range of services. Our Company is specifically geared to the requirements of our customers. In the automotive and aviation industries, we assist our customers with a comprehensive offering along the entire value chain in the product creation process. This ranges from the development of single components to modules through to complete derivatives with associated services. Our Bertrandt Services GmbH subsidiary focuses on promising sectors such as energy, electrical and medical technology as well as machinery and plant engineering. This structure enables us to enhance our development and technology expertise in a targeted way and to further expand our range of services in line with our customers' requirements.

Positive trend in the financial year

The Bertrandt Group's good performance in its 2010/2011 financial year reflects the competitiveness of its business model. Revenues rose by 34.4 percent year on year to EUR 576.238 million. Operating profit was up by 37.2 percent to EUR 60.331 million.

With a 56.4 percent equity ratio, Bertrandt is among the well-funded companies in the sector. The Company has a sound financial base and stands side-by-side with its customers, staff and shareholders as a long-term partner. The significant increase in capital investment demonstrates the business prospects. Bertrandt has invested in forward-looking areas such as a battery testing centre. The Company has thereby established the basis for further, profitable growth.

The performance of Bertrandt's share was very encouraging at the beginning of the period under report. On 6 January 2011 the share traded at an all-time high of EUR 59.94. Towards the end of the period under report Bertrandt's share lost value, despite the growth in revenues and earnings, because of the uncertainty on the capital market.

We are pleased that you, our shareholders, will participate in this good performance. The Management Board and Supervisory Board have therefore proposed a dividend of EUR 1.70 per share for the 2010/2011 financial year. Bertrandt's stable financial foundations provide potential for further growth and progress.

Bertrandt's mission statement

The key guiding principles of our corporate culture involve the sharpest possible focus on the customer, high standards of quality, pronounced readiness to perform and a motivating work environment. We strive to convince customers with expert services, strength in implementation and a spirit of partnership.

Bertrandt continues to resolutely implement and broaden its strategy focused on growth with the three cornerstones – automotive, aviation as well as growth sectors outside the

mobility industries.

The Bertrandt Group's good performance in its 2010/2011 financial year reflects the competitiveness of its business model." "

Dietmar Bichler Chairman of the Management Board

Dietmar Bichler Chairman of the Management Board

Ulrich Subklew Member of the Management Board (from left to right)

We are continually working on the further development of our range of services for the automotive sector, so that we can meet our customers' requirements even more specifically. We are taking diversification of the Bertrandt Group forward in a targeted way with the enlargement of our aviation business and by focussing on promising sectors outside the mobility environment with Bertrandt Services GmbH. In so doing, we take care to uphold responsible and sustainable corporate governance. We regard it as a success factor that we were able to retain our lean structures with flat hierarchies and short decision-making channels despite the growth.

Our employees have always been of great importance within the Company. The fact that Bertrandt is yet again ranked among the top 100 most popular employers in Germany provides encouraging confirmation in this respect. With target group-specific further training and recruitment measures we ensure that we have the required skills available. To do so, we spent EUR 8.7 million on further training during the 2010/2011 financial year. At the end of the period under report the Bertrandt Group employed 8,603 people.

Market drivers intact

Europe's carmakers will continue to invest in research and development so as to maintain their leading position on the global market and to meet the further increase in customers' requirements. In addition there are issues such as safety, comfort and economy. Another important focal area involves the development of CO2-reduced drive technologies, lightweight construction solutions as well as personal mobility. Different kinds of motive power are being developed, designed and tested with the aim of reducing emissions. Above all, alternative drive concepts such as hybrids and electric motors are gaining in significance. Numerous carmakers underscored this trend at the International Auto Show (IAA) in Frankfurt by presenting new and multifaceted solutions in this area.

Weight reduction is another factor that serves to reduce CO2 emissions. This is being achieved for example with lightweight construction solutions. It requires ever lighter materials and changed manufacturing processes. At the same time, the buying public wants personal mobility. Many carmakers are extending their model line-ups to satisfy these demands to the best extent possible. This entails additional potential for Bertrandt.

The trend towards lightweight design solutions is also evident in the aviation industry, as is the desire for greater individuality. The call is for solutions that result in fuel savings as well as reduced noise and emissions, and that enhance travel comfort at the same time. These trends represent a promising market setting for the Bertrandt Group.

Outlook

Bertrandt is equipped for the future in the best possible way with its broad and integrated range of services as well as its solid capital base. We consider the past financial year to have substantiated this strategy. We are looking to the future with confidence. Our objective is to generate business success together with our customers, staff and shareholders, and to ensure sustained, profitable business growth.

Although sentiment on the European financial markets is precarious and the outlook is still uncertain as to what the fallout will ultimately be from the debt crisis, the automotive industry's forecasts are upbeat. Some carmakers generated record results in terms of both unit sales and earnings in the past financial year, and have a positive view of the future.

All these factors provide us with reason to assume that we shall be able, with our qualified and motivated staff, to maintain our growth trend in the upcoming financial

year.

We would like to express our sincere thanks to all customers, staff, business partners and shareholders for the confidence that they have shown us and for their commitment.

Yours sincerely,

Dietmar Bichler

Chairman of the Management Board

Our employees have always been of great importance within the Company." "

Activities of the Supervisory Board during the 2010/2011 financial year

The Supervisory Board of Bertrandt AG regularly advised the Management Board during the financial year on the management of the Company and monitored the Management Board's activities on an ongoing basis. Regular briefing by the Management Board in written and oral reports that provided comprehensive and up-to-date information on business performance, planning and the risk situation formed the principal basis for fulfilling the statutory monitoring duties. The Management Board thereby performed in full its duties to provide the Supervisory Board with information. It ensured in the context of its activities that the applicable statutory provisions, the Company's articles of association as well as the byelaws of the Supervisory Board and the Management Board were complied with.

Open and ongoing dialogue characterises the collaboration between the Supervisory Board and the Management Board. In particular, the consultations between the Chairman of the Supervisory Board and the Chairman of the Management Board were in-depth and focused on solutions. The Chairman of the Supervisory Board forwarded key findings and information arising from this dialogue to the other members of the Supervisory Board, thus ensuring that they were kept abreast of all pertinent matters and given an opportunity of contributing their advice.

Changes to the Supervisory Board

Mr. Martin Diepold, who had been on the Supervisory Board since 1 September 2006, died in the year under review. In a ruling dated 29 July 2011, the Local Court of Stuttgart appointed Ms. Astrid Fleischer to the Supervisory Board in accordance with the Company's request. In her capacity as Mr. Diepold's successor, Ms. Fleischer took part in the Supervisory Board meeting of 19 September 2011 for the first time as an employee representative.

Focal points of the Supervisory Board's deliberations

Throughout the fiscal year, the Supervisory Board monitored the Management Board's actions and provided it with advice. The Supervisory Board received regular reports on Bertrandt's business performance as well as the current market situation and its impact on Bertrandt. In addition to monitoring the business performance of Bertrandt AG and of the Bertrandt Group, the Supervisory Board also concerned itself with the performance of individual subsidiaries in and outside Germany. The topics of discussion also involved fundamental issues relating to business policy and strategic direction, its implementation in short and medium-term planning as well as risk management and the Company's financing strategy. The Supervisory Board examined the internal control system and satisfied itself of its efficacy. Moreover, the Supervisory Board was provided with detailed information on the Company's business, financial condition, market and competitive situation as well as its personnel situation.

In the 2010/2011 fiscal year meetings of the Supervisory Board were held on 6 December 2010, 16 February 2011, 9 May 2011 and 19 September 2011. During its meeting on 6 December 2010, the Supervisory Board discussed the Audit Committee's proposal for the choice of auditor for the 2010/2011 fiscal year. The auditor selected submitted to this meeting a written declaration of independence in accordance with the German Corporate Governance Code. Furthermore, the Supervisory Board dealt with the efficiency audit of its activities and new legislation affecting its activity. In addition, the Supervisory Board also approved the resolutions proposed for the annual general meeting, which was held on 16 February 2011 in Sindelfingen. The Supervisory Board met on 19 September 2011 to approve, among other matters, the Group's budget for the upcoming financial year. During its meeting on 5 December 2011, it adopted this report and instructed and authorised the Chairman to duly sign it.

SUPERVISORY BOARD REPORT

Dr. Klaus Bleyer Chairman of the Supervisory Board

Organisation and work of the committees

The Supervisory Board formed the Human Resources and Audit Committees in order to fulfil its duties. The Human Resources Committee comprises Dr. Klaus Bleyer, Prof. Wilfried Sihn and Maximilian Wölfle. To raise efficiency, the Human Resources committee also performs the duties of the Nomination Committee. The Audit Committee is composed of Dr. Klaus Bleyer, Horst Binnig and Maximilian Wölfle. A meeting of the Audit Committee was held on 6 December 2010, during which it considered the financial statements of Bertrandt AG and the Group in the presence of the auditors. At this meeting the Committee also discussed the key auditing parameters for the years ahead with the auditors. The Audit Committee also met on 20 October 2010, 23 November 2010, 1 February 2011, 16 February 2011, 2 May 2011 and 29 July 2011. Among other things, the meetings discussed the revenues, earnings and cash flow disclosed in the financial report due for publication.

The Supervisory Board appointed Dr. Klaus Bleyer as a financial expert on 9 May 2011. He is an independent member of the Supervisory Board with expertise in accounting and auditing in accordance with Section 100 (5) of the Stock Corporation Act.

The Human Resources Committee met on 23 November 2010 and 6 December 2010.

Corporate governance

The term "corporate governance" refers to the responsible management and supervision of companies with the purpose of ensuring long-term creation of value. During its meetings on 6 December 2010 and 19 September 2011, the Supervisory Board dealt with the implementation of the current versions of the German Corporate Governance Code. The amendments to the Code published by the German government's Corporate Governance Code Commission on 2 July 2010 were discussed during these meetings. The Supervisory Board passed a resolution by means of a circular on 26 July 2011 to adopt an updated declaration of conformity in accordance with Section 161 of the Stock Corporation Act. At its meeting on 19 September 2011, the Supervisory Board adopted the current version of the declaration of conformity in accordance with Section 161 of the Stock Corporation Act. Apart from a small number of exceptions, the Company conforms to the Code's recommendations. The deviations are explained in the declaration of conformity. In addition to the Annual Report, all documents pertaining to corporate governance are accessible at all times in the Investor Relations section of Bertrandt's website.

At its meetings held on 6 December 2010 and 19 September 2011, the Supervisory Board adopted a corporate governance declaration in accordance with Section 289a of the German Commercial Code.

In accordance with amended statutory requirements, the Supervisory Board underwent advanced training in May 2011.

Audit of the annual financial statements

At Bertrandt AG's annual general meeting held on 16 February 2011, Pricewaterhouse-Coopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft of Stuttgart was elected statutory auditor for the 2010/2011 fiscal year. The annual financial statements and management report for Bertrandt AG and the consolidated financial statements and Group management report for the 2010/2011 fiscal year together with the accounting were audited by PricewaterhouseCoopers, who issued an unqualified auditor's report in each case.

All members of the Supervisory Board received copies of these financial statements and management reports for the 2010/2011 fiscal year as well as the auditor's reports and the Management Board's proposal for the allocation of unappropriated profit following their preparation in good time for the meeting. After the Audit Committee had dealt with these documents in a preparatory capacity, they were discussed by the Supervisory Board in its entirety during its meeting on 5 December 2011. These meetings were also attended by the auditors who had certified the annual and consolidated financial statements. They reported on the audit as a whole, the key audit parameters and the principal findings of the audit. In addition, they answered questions asked by members of the Supervisory Board. The Supervisory Board did not raise any objections. After conducting its own examination, the Supervisory Board acknowledged the financial statements, the consolidated financial statements, the management report of Bertrandt AG and of the Group as prepared by the Management Board as well as the audit report, and approved the financial statements and the consolidated financial statements. Accordingly, the annual financial statements are deemed to have been adopted and the consolidated financial statements approved. The Supervisory Board agreed with the Management Board's proposal for the allocation of the Company's unappropriated profit in accordance with which EUR 1.70 is to be allocated to pay a dividend of EUR 17.243.508,00 per dividend-entitled share and the balance of EUR 5.327.541,30 is to be carried forward.

The Supervisory Board wishes to thank the Management Board and all the employees of the Bertrandt Group for their dedication in the past fiscal year. With their commitment beyond the call of duty, they have made a decisive contribution to the Group's performance.

Ehningen, 5 December 2011

Dr. Klaus Bleyer Chairman of the Supervisory Board

Members of the Supervisory Board of Bertrandt AG:

• Dr. Klaus Bleyer Chairman of the Supervisory Board
• Maximilian Wölfle Deputy Chairman
• Horst Binnig
• Prof. Dr.-Ing. Wilfried Sihn
• Daniela Brei
• Staff representative
• Astrid Fleischer Staff representative

DECEMBER

Balance sheet press and analyst conference

The balance sheet press and analyst conference marking release of the 2009/2010 annual report was held on 9 December 2010. CEO Dietmar Bichler reported on the Bertrandt Group's business performance and answered questions from the participating media and analysts.

SOS Children's Villages

Bertrandt supported the Niederrhein SOS Children's Village in building an integrated nursery school with its Christmas donation. In addition, the Company has in the committed itself to projects involving early child road safety education and mobility during leisure.

OCTOBER

10 years Hamburg branch

In October 2010 Bertrandt's Hamburg branch looked back on ten years of dedicated development services. By opening the branch at the time, Bertrandt continued to pursue its strategy of decentralised focus on the customer; to provide manufacturers in and suppliers to the aviation and automotive industries with the best possible local service.

HIGHLIGHTS OF THE YEAR

2010 2011

NOVEMBER

EnBW World Gymnastics Cup 2010

The 2010 EnBW World Gymnastics Cup was held in Stuttgart's Porsche Arena from 12 to 14 November. Bertrandt was also involved as a sponsor, providing young talent with support.

New major shareholder

Boysen Holding GmbH has acquired a 14.9 percent shareholding in Bertrandt AG. The shares stem from the holdings of a subsidiary of Landesbank Baden-Württemberg.

FEBRUARY

Annual general meeting

Around 500 shareholders attended Bertrandt AG's annual general meeting on 16 February 2011. Supervisory Board Chairman Dr Klaus Bleyer chaired the meeting and Dietmar Bichler presented the Bertrandt Group's business performance. The dividend for the past 2009/2010 financial year was EUR 1.20 per share.

JULY

Supplier of the Year 2010

The Automotive Group of the international systems supplier Continental presented its Automotive Supplier of the Year 2010 Award to 14 suppliers. A total of about 900 suppliers were assessed. Bertrandt got this award in the engineering services category.

MARCH

Health & Safety certificate

The VBG accident insurance company awarded Bertrandt Technikum GmbH its "AMS Systematic Health & Safety" certificate. The Company had its health & safety management system audited by VBG in accordance with German and foreign standards and it fulfilled all the key criteria. APRIL

VDI conference About 1,300 participants met for the international conference on 'Plastics in Automotive Engineering' of the Association of German Engineers (VDI) on 6 and 7 April 2011. Experts discussed new developments and future prospects concerning both interiors and exteriors. Bertrandt was also on site with a team spanning its various business segments among the approximately 90 exhibitors.

MAY

Sixth Capital Market Day

Our Capital Market Day took place on 11 May 2011 in Ehningen. Dietmar Bichler presented the Company's performance in the first half of fiscal 2010/2011. About 50 participants listened to his speech and the presentations given by Stefan Keller (Audi AG), Michael Valentine-Urbschat (Siemens AG) and Dr Karsten Wilbrand (Shell Global Solutions GmbH).

VDI Recruiting Day

During the VDI's Recruiting Day, held on 28 May 2011 in Ludwigsburg, applicants were able to obtain information from Bertrandt staff from various departments on job and career opportunities.

SEPTEMBER

IAA Frankfurt Bertrandt had a stand at the international Frankfurt Auto Show (IAA) in Frankfurt, which is regarded as one of the world's most significant automotive trade fairs. Several of the Bertrandt Group's specialist departments presented their expertise and range of services.

APRIL

Hanover Trade Fair

Bertrandt Services was once again an exhibitor at the Hanover Trade Fair with a Group-wide team. The focus of the event was on the energy, electrical engineering, medical technology as well as machinery and plant engineering sectors. The Company advised potential job applicants on opportunities for joining it and interested parties on its entire range of services.

Aircraft Interiors Expo

Bertrandt exhibited at the Aircraft Interiors Expo in Hamburg from 5 to 7 April 2011. This exhibition is regarded as the world's leading trade fair for the interior design of aircraft. The event's focal areas were cabin design, in-flight entertainment of the future and network system capabilities that point the way forward.

PEOPLE. PERFORMANCE. GROWTH.

Geared to the future. Always near to our customers.

Dependable. Networked. 22 26 28 30 32

is the number of people B ertrandt employed on 30 Septembe r 2011. This is the highest number of employees in the Company's history.

GEARED TO THE FUTURE.

Guide for reduced-emission mobility.

Sustainable mobility also means making environmentally friendly travel affordable. That calls for innovative engineering especially in the areas of drive and lightweight construction concepts. We provide our customers with targeted and comprehensive support as partners:

• We resolutely gear our development services to the key trends of tomorrow and to our customers' resulting requirements.
• At our branch offices, we offer services in all the relevant development work areas and technologies.
• We take conventional drive concepts forward and simultaneously as well as efficiently develop innovative drive concepts.
• With systematic interlinking of knowledge, we ensure that we have know-how in future technologies that spans the various specialist areas.

Automotive Mobility for the future

Several major global trends are driving tomorrow's mobility. The objective is sustainable and CO2 reduced mobility. More than ever in this process the focus is on developing forward-looking drive concepts as a principal task. Leading carmakers are working hard on environmentally friendly mobility strategies and are pursuing all-encompassing solutions. These range from the demand for new efficiency in dealing with fossil fuels to developing alternative mobility concepts, reducing weight and increasing the proportion of electronic systems in vehicles through to commercial feasibility. The challenges to manufacturers, system suppliers and development service providers are great. They call for close collaboration between all those involved, innovative processes and a large number of development services.

As one of the leading engineering companies, Bertrandt combines pertinent technological and structural benefits. Its range of automotive industry services goes from the development of single components to complex modules and systems through to derivatives combined with comprehensive services related to development work. In order to meet complex demands in terms of new materials, intelligent electronic systems and modern powertrains, Bertrandt has pooled key subject areas in specialist departments. In addition to conventional engineering areas such as bodywork, interior and simulation, the range comprises such specialist areas as electronics, supporting services, powertrains and testing.

Global trends as a driving force.

A number of key global trends that are mutually dependent are defining the setting for the automotive industry. One important trend involves the development of alternative mobility concepts to reduce reliance on fossil fuels and environmentally harmful emissions. The principal answers in this respect are electrification of the drivetrain and use of alternative fuels. Consumption-optimised engines as well as efficient use of fossil fuels are further trends en route to environment friendly mobility. Reducing power dissipation – from the combustion stage through transfer of the power onto the road – plays a major role in this respect. Meeting these objectives requires, along with efficient types of motive power, above all improvement in the vehicle and rolling resistance as well as minimised vehicle weight. The use of new materials and intelligent lightweight construction are factors of key significance in this respect.

In addition, the focus is on optimising driving characteristics by way of control functions such as driver assist systems and comfort as well as safety functions, like car-to-car communication, for instance. The use of such systems increases safety in the vehicle and enhances driving comfort.

A major challenge involves making all such innovations and developments commercially attractive. Efficient development, production and assembly processes, carmakers' wide-ranging model policies as well as in-depth collaboration between the carmaker, supplier and developers will be crucial building blocks in this respect.

Our Competence Centres.

The major trends prescribe clear orientation – for both the work and direction at Bertrandt's individual branches and also in the overarching specialist departments. Our aspiration is to cover all the relevant development topics and technologies with a broad and deep range of services.

Systematic expansion of relevant subject areas as well as ongoing development of our expertise are key elements in our corporate organisation. Among other areas, this occurs in our branch offices, our specialist departments and our competence centres. Here we develop services, tools and methods that also meet the requirements of tomorrow. Interfaces between the individual branch offices and specialist departments are thereby used effectively, reflecting interdisciplinary services in development projects.

From conventional to alternative.

Drive technologies have become more diverse. Alternative solutions are gaining significance, but conventional drives still play an important role. We have focused our services and skills at Bertrandt in line with these global and technological trends and have thereby set ourselves up in accordance with our customers' requirements.

Bertrandt covers a wide range of services in the areas of conventional drive technology. We have, for instance, in recent years resolutely expanded our engine drivetrain development to include testing, application, simulation and function development. Thanks to this strategic expansion we can now offer solutions in all pertinent areas of drivetrain development. We are setting up departments dedicated to the development of alternative drives in line with the requirements of our customers.

Always one step ahead.

As development service providers, we aim to provide our customers with benefits and a lead in the future, too. Whether it is a matter of further interlinking of drive and chassis with electronics and electrification or expanding the virtual development environment: we think on our feet and ahead.

On the way towards reduced-emission mobility the biggest challenges will lie in mastering the variety of technology, in setting up efficient value chains as well as in ensuring both economic and ecological compatibility. Interdisciplinary thinking will therefore assume ever greater significance. We are prepared for that as a company with a large network.

We develop solutions for technologies and subject areas pertinent to future mobility." "

Thomas Martens Business manager Bertrandt Tappenbeck

Market globalisation takes flexibility for granted. Successful industrial enterprises are required to manage their capacity in the best possible way, especially so in future-oriented and fastgrowing sectors. The challenge is to respond rapidly and flexibly to changes in the market and simultaneously to be convincing in terms of quality and innovative developments. This is where Bertrandt Services supports its customers. As longterm partners to industrial and mediumsized businesses, we provide customised engineering and expert solutions.

Bertrandt Services staff are specialists who have extensive process experience and know what companies need. In the very wide variety of tasks involved, they contribute in a results-oriented way to the success of our customers.

Proximity to the customer with presence across Germany.

As a subsidiary of Bertrandt AG, Bertrandt Services is backed by 37 years of development experience in the mobility industry. This entails a high level of process and interface expertise as well as know-how derived from complex tasks along the entire product creation process. It is this combination of specialist know-how, flexibility and capacity that characterises us as a solution-focused service provider. Our objective is to effectively ensure and promote the performance and competitiveness of our customers.

Our employees develop and solve complex projects in their respective market environment, be it instrumentation and control technology, new IT software development or commercial implementation: Bertrandt Services takes pressure off our customers' resources and simultaneously adds value.

Solution-oriented with know-how.

Every employee acts upon and supports Bertrandt Services' expectations of high quality. That is why ongoing development opportunities are supported and demanded. We are keen for our staff to present themselves as real partners to our customers, with strong innovative and teamwork capabilities. Just like the Bertrandt Services company, our employees stand for flexibility, above-average performance, efficiency, dependability, experience and know-how.

At 18 locations we provide our customers with targeted support in realising projects in the engineering sector as well as in filling key technical and commercial positions. Precisely tuned to the respective situation and the specific requirements profile, we develop individual solutions. Due to our local presence, we can quickly recognise and implement customer wishes.

Partners for topics of the future.

The range of what Bertrandt Services offers is geared to the requirements of growth-oriented future sectors. It serves the electrical engineering, energy, machinery and plant engineering as well as medical technology industries. Qualified staff who have profound knowledge in their segment and are used to interdisciplinary thinking and working, which ensures this cross-sector expertise.

DEPENDABLE.

Know-how, flexibility and capacity in a Germany-wide network.

A range of services that transcends sectors and processes.

As expert partners to companies in technically highly developed industries, our focus is on the breadth and depth of our services. We can thereby provide our customers with comprehensive support and take them forward.

The sectors in which we operate:

• Electrical engineering
• Energy
• Machinery & plant engineering
• Medical technology

Examples of service areas: Engineering

• Design and development engineering
• Plant engineering
• Electronic development
• Electrical / automation technology
• Work preparation, quality management and logistics

IT

• IT consulting
• System and network management
• Software development

Bertrandt Services Competence

Bertrandt Services staff stand out with their specific knowledge of the sector and our customers." "

Veronika Grosse Team leader Bertrandt Services Mannheim

As a provider of engineering services, Bertrandt Services supports highly sophisticated industrial companies on their way forward.

automated design of standard parts. For example, we were involved in the initial design one of the world's largest CFRP (carbon-fibre-reinforced plastic) components. We develop system installation solutions to standardise highly complex electrical systems and processes. Our ability to think outside the box is another advantage for our customers. Thinking and working in networks.

This dynamic market makes it necessary to harness any relevant synergistic potential. We do not merely focus on stand-alone solutions but always think in terms of networks. Only in this way we are able to develop competitive and sustainable solutions for our customers. As a longstanding engineering partner to the international aviation industry, we are particularly aware of our commitment and what is expected of us.

Amassing skills by networking expertise forms part of our corporate philosophy. Our many years of experience with carbon fibre, in both automotive and aircraft manufacturing enable us to tap synergistic benefits in the development of lightweight manufacturing solutions. At the same time, development processes are driven forward by the integration of our specialist simulation and testing units. Our services, particularly in connection with lightweight manufacture using carbon fibre composites, have underpinned our status as an established provider of engineering services for transnational projects as well.

Partner for performance and growth.

Our work is characterised by a high degree of integration, quality, flexibility and a broad range of services geared to future requirements. We support our customers by offering broad-based specification of the relevant matters along the entire development chain. In combination with a high level of project and supply chain expertise as well as a transnational organisation, we are thus ideally positioned to generate optimum results geared to our customers' needs.

NETWORKED.

Innovative services for the international aviation industry

History of aviation activities 2000: Bertrandt's aviation activities pooled in Hamburg 2002: Primary structure and cabin engineering services extended

2005: Bremen facility opened 2007: Range of services expanded and Composite Competence Centre set up in Hamburg; initial offshoring work carried out

2010: Focus on integrated international engineering projects; long-standing development partner for Airbus, Eurocopter and related system suppliers

2011: Transnational organisation set up and extended in Germany, France and Spain

Aviation Location Hamburg

T he rising need for mobility and an increasingly dense network of flight connections, particularly in Asia and the Middle East, are spurring demand for modern aircraft. For this reason, aircraft manufacturing offers further growth potential for the future. Development work is focusing on optimising airlines' operating costs, such as fuel costs, clear brand differentiation as well as competitiveness particularly on short and medium-haul routes. As a partner to the international aviation industry, Bertrandt offers integrated engineering services along the entire value chain of aircraft manufacturing. However, Bertrandt also provides specific solutions, particularly in the cabin area, structural and system development work as well as manufacturing-related services.

Many years of experience.

When it comes to cabin development, aspects such as passenger and seat comfort, ease of operation as well as inflight entertainment are increasingly gaining significance as distinguishing features. We develop specific solutions for cabin fittings, such as seats and storage compartments, in accordance with our customers' wishes and on the basis of various feasibility studies. In designing cabin architecture, we incorporate the expertise that we have in the areas of electrical systems/electronics,

prototype construction and testing.

Key aspects of structural engineering include weight reduction, growing component standardisation and faster composite production processes. We provide our customers with support based on the many years of experience we have in carbon fibre, the development of software for protecting design data as well as in the

Our work is characterised by a high degree of integration, quality, flexibility and a broad range of services geared to future requirements. "

Stefan Schürings

Branch manager Bertrandt Hamburg

As an engineering service partner for the international aviation industry, we offer competitive and sustainable solutions.

products and services is established and expanded at the local facility. Our matrix organisation enables us to offer integrated engineering services at any time. Temporary projects are executed and monitored in close consultation between the domestic and non-domestic facilities to ensure access to the entire Group's skills.

Defining and implementing customer

proximity.

The internationalisation of our range of products and services is always accompanied by our commitment to guarantee the same high standard of quality both inside and outside Germany. We support our customers in their efforts to successfully develop high-quality products and solutions at an international level. That said, our engineering work remains focused mainly on Europe because numerous models and derivatives are designed to a very large extent in the manufacturers' home countries.

From our base in Germany, we support international customer projects in the area of concept design, project planning and coordination, simulation as well as management of global manufacturing processes. Temporary foreign projects chiefly entail matters such as project and quality management as well as series ramp-up support. This organisational structure enables us to respond flexibly and ensure the greatest possible customer proximity.

Internationalisation: today and tomorrow.

With 37 facilities in Germany, the UK, France, Sweden, Spain, Turkey and the United States, we achieve a high degree of customer orientation. Depending on requirements, we accompany our customers all over the world, including the BRIC countries. We are a reliable partner and always flexible and loyal.

L ooking forward, internationalisation will remain of crucial importance for the automotive industry. Carmakers are installing global production processes and addressing the requirements of individual countries in an effort to serve key markets as effectively as possible. The high purchasing power of the emerging markets has triggered a disproportionately sharp increase in demand for German vehicles, especially those in the premium class. The emerging markets provide the manufacturers with major growth opportunities and great potential.

International markets have differing expectations and requirements. In China, for example, long-wheelbase models and softer seats are preferred. At the same time, there is a strong focus on solely electricity-powered drives. And when it comes to exhaust emissions, different rules apply in countries such as the United States and Japan to Europe. What is more, hybrid drives play an important role on the US market in the interests of CO2-reduced mobility.

Our strategy: worldwide wherever we are needed.

Profiles of requirements specific to certain countries must be developed and tested. The closer you are to the market in question and the more aware you are of its requirements, the more able you are to satisfy its specific requirements and needs. Bertrandt has responded to this trend by adopting a balanced internationalisation strategy. Whenever physical proximity is considered necessary in the long term, we establish local facilities. In the case of projects limited to a specific period of time, we support our customers by providing qualified project teams. Close organisational consultation with the main engineering centres ensures the best possible support during the entire product development process.

Bertrandt's non-German facilities are geared to the specifications of the individual market and customer requirements. Depending on requirements, the range of

ALWAYS NEAR TO OUR CUSTOMERS.

Available to our customers wherever they need us.

tional level."

Karsten Schmidt

We support our customers in their efforts to successfully develop high-quality products and solutions at an interna-37 facilities all pursue a common goal: to provide our customers with optimum support wherever they are located.

Branch manager Bertrandt Rüsselsheim

"

People. Performance. Growth. It is people who make progress and growth possible. Qualified and motivated staff is where it all starts. They are synonymous with dedication and innovativeness. This particularly applies to Bertrandt as a service company operating in a dynamic and highly sophisticated business environment.

We are aware of our responsibilities both as a partner to our customers and as an employer. We offer our staff scope for development, allowing them to make optimum use of their skills to achieve the best possible results for our customers. After all, only satisfied customers will continue to see Bertrandt as a major driver for innovation – as their partner.

A company with prospects.

For some years now, Bertrandt has been amongst the 100 most sought-after employers. There are numerous reasons for this.

With more than 8,000 employees, Bertrandt is one of Europe's leading providers of engineering services. An interesting customer environment coupled with great

sector diversity covering the automotive and aviation industries as well as energy and the electrical engineering/medical technology sectors provides varied and exciting scope for our work. The numerous activities and tasks offer each employee individual opportunities for personal development in project and management careers and for enhancing his or her specialist skills. Systematic personnel development with broad-based scope for advanced training and qualification forms the basis for career and personal advancement. In addition, as one of the leading engineering companies, Bertrandt combines the advantages of a secure and modern employer with one that faces the future with

confidence.

Systematic staff qualification programmes.

Highly qualified staff enjoy numerous opportunities at Bertrandt. With well-founded training programmes and broad-based qualification measures, we encourage the personal and career development of Bertrandt staff and management. The Company's own knowledge portal contains around 300 different offers for advanced training, systematically organised

to form an integrated training programme. As a knowledge-based enterprise, we attach particular importance to sharing knowledge in our day-to-day work. This forms an important basis for creating innovative solutions for our customers. For this reason, we focus on hands-on training and qualification.

Bertrandt's own advanced training and career programme constitutes a crucial element of our corporate organisation, ranging from recruiting university graduates, newcomers and specialists to qualification programmes for new employees as well as continuous encouragement of longtime Bertrandt employees. In addition, young, talented people are given opportunities for systematic career development via numerous advanced training options of a technical or business nature.

Open corporate culture.

As an employer, the Company is characterised by an open culture, flat hierarchies, solidity and a spirit of partnership. Each employee contributes to its success and can enhance and further develop specific issues within the Group. Conversely, each employee is viewed as an individual and receives the encouragement he or she requires.

Respect is a key element of the Company's corporate philosophy and personnel management strategy. Regular structured staff meetings and the newly established competence model for employees and management are used to specifically develop skills and talents, reflecting the awareness that the Company's success hinges on encouraging each individual employee.

Sponsoring models for new employees, regular satisfaction surveys, internal seminar series, 180-degree employee-manager feedback: all this and more contributes to a motivating atmosphere, a constructive spirit of working together, the strong sense of momentum within the Company and, hence, highly satisfied customers.

DEDICATED.

Performance provides benefits.

It's not only our customers we want to win over but also our employees. We achieve this because we systematically and resolutely invest in the development of our employees, thus creating attractive opportunities for each individual. In this connection, different career routes are available to staff:

• project manager
• senior staff
• business administration

Bertrandt is not only one of the leading providers of engineering services but also one of the most sought-after employers.

Personel Opportunities

35.92

THE BERTRANDT SHARE

euros is the price at which the Bertrandt share closed on 30 September 2011.

Performance of the Bertrandt share

The Bertrandt share started the 2010/2011 financial year at a closing price in Xetra trading on 1 October 2010 of EUR 43.02. The SDAX share performed very well in the first three quarters of fiscal 2010/2011, trading at an all-time high of EUR 59.94 on 6 January 2011. On average, about 45,000 shares were traded per day during the 2010/2011 financial year. Towards the end of the period under report Bertrandt's share lost value, despite the growth in revenues and earnings, because of the uncertainty on the capital market. The share bottomed out at EUR 32.33 on 12 September 2011 and closed out the final day of trading in fiscal 2010/2011 at a price of EUR 35.92.

Overview of the equity markets

The performance on equity markets was upbeat at the beginning of the 2010/2011 financial year; German economic output was high und the business data was positive. The German share index (DAX) started the period under report above 6,200 points and rose to good levels above 7,500 points during the first three quarters. In the fourth quarter of our 2010/2011 financial year the German bellwether index slumped below 5,100 points against the backdrop of the European debt crisis and the related fear of recession.

Both the SDAX and the Prime Automobile Performance index performed in line with the DAX over the whole of fiscal 2010/2011. The SDAX started our financial year at nearly 4,400 points, then rose above 5,600 points during the period under report and was subsequently back down to around 4,300 points at the end of our fiscal year. These levels show that the equity markets' performance was initially encouraging and did not drop until the final weeks of the period under report due to the underlying conditions described above.

*Closing price in Xetra trading. **In Xetra trading. ***Dividend proposed by the Management and Supervisory Board.

	2010/2011	2009/2010
Issued capital in 30 September (EUR)	10,143,240	10,143,240
Number of shares	10,143,240	10,143,240
Number of treasury shares	93,939	103,029
Market capitalisation on 30 September (EUR)	364,345,181	441,433,805
Share price on 30 September (EUR)*	35.92	43.52
High (EUR)**	59.94	44.30
Low (EUR)**	32.33	16.60
Earnings per share (EUR)	4.18	3.11
Dividend per share (EUR)	1.70***	1.20

IPO in 1996	Issue price	2.7 million shares at EUR 6.65 each
	First day of trading after IPO	1 October 1996 (regulated market)
	Underwriting syndicate	Bayerische Vereinsbank AG, Dresdner Bank AG,
		Baden-Württembergische Bank AG, Südwest
		deutsche Landesbank, Schwäbische Bank AG
2003 listing	Market segment	Prime Segment, Automobile
	First day of trading	24 March 2003
	Price on first day of trading	EUR 16.30
	SDAX	since 6 January 2009
Listed for trading in		Xetra, Frankfurt, Stuttgart, Berlin, Hamburg,
		Düsseldorf, Munich
Designated sponsors		Deutsche Bank AG,
		Landesbank Baden-Württemberg
WKN/ISIN		523280/DE0005232805

Basic information Bertrandt share

Key data Bertrandt share

59.94 EUR was the Bertrandt share's high

on 6 January 2011.

Shareholder structure

As of the date on which these consolidated financial statements were prepared, shareholdings in Bertrandt AG broke down as follows: Porsche AG, Stuttgart, held 25.01 percent of the shares. Friedrich Boysen Holding GmbH with registered offices in Altensteig, a subsidiary of Friedrich Boysen Unternehmensstiftung, held 14.90 percent of the shares. Süd-Kapitalbeteiligungs-Gesellschaft mbH with registered offices in Stuttgart, a subsidiary of Landesbank Baden-Württemberg, held 5.29 percent of the shares while management and staff held a 13.88 percent stake in Bertrandt AG. The free float amounted to about 40 percent. Notifications of voting rights pursuant to the German Securities Trading Act are published in the Investor Relations section of Bertrandt's website.

Staff share scheme

In May 2011, Bertrandt employees in Germany were given the opportunity of buying Bertrandt shares on beneficial terms with respect to tax. The shares stemmed from the share buy-back programme. In total, 9,090 Bertrandt shares were sold to staff.

Proposed dividend

A dividend of EUR 1.20 per share was paid for the past 2009/2010 financial year. Bertrandt intends to maintain its shareholder-friendly policy for fiscal 2010/2011 by having its shareholders participate in the Company's good performance. Against this backdrop, the Management Board and Supervisory Board will propose to shareholders at the AGM on 15 February 2012 to pay a dividend of EUR 1.70 per share.

Stock coverage by well-known analysts

Bertrandt is covered by analysts at well-known institution including Deutsche Bank, Landesbank Baden-Württemberg, M.M.Warburg & CO, the Lampe and Metzler private banks, DZ Bank as well as UniCredit Markets & Investment Banking. In the course of the fiscal year, analysts adjusted their targets for the Bertrandt share in the light of the interim quarterly reports. Five of the aforementioned analysts are currently recommending the Bertrandt share as a Buy. The analysts' assessments are published on Bertrandt's website under the heading Investor Relations.

Capital Market Day

Our sixth Capital Market Day took place on 11 May 2011 in Ehningen. CEO Dietmar Bichler presented the Bertrandt Group's first-half figures to an audience comprising some 50 participants from the banking industry, capital market and the press. The guest speakers were Stefan Keller of Audi AG, Michael Valentine-Urbschat of Siemens AG and Dr Karsten Wilbrand of Shell Global Solutions GmbH. Their presentations covered the trends concerning future mobility and its challenges.

Investor relations

A key component of Bertrandt's corporate policy involves comprehensive and timely capital markets communication with institutional and private investors, analysts as well as the media. In so doing, the Group seeks to position its share as a long-term investment and, to this end, complies with the high transparency requirements of Deutsche Börse AG's Prime Standard as well as nearly all of the recommendations of the German Corporate Governance Code.

During the 2010/2011 financial year, Bertrandt kept investors and analysts up to date on the Group's business performance in the context of various conferences, presentations and one-on-one discussions. Bertrandt presented itself to potential and existing institutional investors in several roadshows held in Germany, France, the United Kingdom, Italy, Luxembourg, Austria and Switzerland. In addition, the balance sheet press and analyst conference on 9 December 2010 provided the press as well as representatives of financial institutions with information on the Group's business performance. Communications focus on describing the Company's business model and strategic alignment as well as explaining the technical and economic background.

Bertrandt's website

Bertrandt uses the internet as a communication platform to provide all interested parties with comprehensive information on the Company. This is published on Bertrandt's website under the heading Investor Relations without delay in both German and English.

1.70

EUR is the dividend for fiscal 2010/2011 that the Management and Supervisory Boards are going to propose to the shareholders at the annual general meeting.

50

participants from banks, the capital market and the press attended the 6th Capital Market Day.

40 percent of the Company's shares are in free float.

*According to the received disclosures pursuant to Section 21 ff. of the German Securities Trading Act. As of 30 September 2011

GROUP MANAGEMENT REPORT

• Business and general conditions
• Business model
• Range of services
• Group organisation and management
• Declaration on corporate governance
• Human resources management
• Business performance
• Remuneration report
• Disclosures on subscribed capital
• Subsequent events, risk report and outlook

42
46
47
50
50
50
52
57
57

58

5 7 6. 2 3 8

million euros is t he amount of reve nues generated b y Bertran dt in the 2010/20 11 fiscal year, an increase of 34.4 percent over the previous year.

Trend in the economy

The global economy was building momentum at the beginning of our 2010/2011 financial year. A significant uptrend was evident and growth rates were at a high level. According to a study by the ifo Institute, the business climate index at the beginning of 2011 reached its highest level since the end of 2007. The autumn report for 2011 projected 2.6 percent growth in global output for this year. Particularly the emerging countries have hitherto recorded a significant upswing. The performance of the industrialised countries differed from region to region, but was mostly subdued. In direct comparison with the advanced economies, demand in most of the emerging countries remained at a high level. China in particular recorded strong growth. The structural problems in the USA were not resolved. The debt level is still high, consumer spending remains moderate and unemployment persists.

Growth forecasts were revised down towards the end of our past 2010/2011 financial year. This is attributable above all to the European financial crisis, the lowering of sovereign and bank credit ratings by the rating agencies and the resulting fear of recession.

According to the 2011 autumn report, declining leading indicators suggest an increase in global gross domestic product down from 5.1 percent in 2010 to probably 3.8 percent in 2011. Growth in US gross domestic product will likely be down from three percent in 2010 to 1.6 percent in 2011. After a 2010 rise of 1.8 percent, the 2011 gross domestic product of the eurozone as a whole will probably register an increase of 1.5 percent.

The German economy recorded an encouraging upswing in the first nine months of 2011 and acted as a growth driver in the European Union. The economic research institutes' 2011 autumn report calls for a 2.9 percent growth in German gross domestic product for 2011. A 0.8 percent increase is forecast for 2012. Exports above all continue to be a key mainstay for German industry. So far in 2011 they have risen by eight percent year on year. The number of people in employment rose further, while the German Federal Employment Agency put the number of unemployed in September 2011 at about 2.8 million. This took the rate of unemployment below the seven percent mark for the first time in 20 years.

BUSINESS AND GENERAL CONDITIONS

Trends in the automotive industry

The automotive business improved worldwide. Car sales in 2010 were up by eight percent to 61.7 million units. China continued to be a growth market and according to the VDA (German Association of the Automotive Industry) registered a 34 percent increase in demand. A total of 6.8 million vehicles were sold in China in 2010. In the United States, demand for cars picked up by four percent in 2010. On the major western European markets, the trend in the car business was muted in 2010. Western Europe's smaller markets recorded a significant increase that year. The European automotive industry continued to grow in the first nine months of 2011 and gained more market share under challenging conditions.

For Germany the automotive industry continues to be one of the most important sectors of the country's economy. In 2010, the automotive sector not only accounted for more than 20 percent of German industry's total revenues, but it also remains the country's largest employer. The VDA reported that the German manufacturers produced a total of more than 12.6 million vehicles over the whole of 2010, which equates to growth of about 22 percent. According to the VDA, the German car industry's total revenues rose to EUR 318 billion. About EUR 118 billion of this total was generated on the domestic market (EUR 112 billion in the previous year). More than 2.4 million cars were sold in Germany in the first nine months of 2011, equating to a year-on-year increase of about eleven percent. At a figure of EUR 200 billion (previous year EUR 151 billion), export sales registered a substantial, 32 percent increase. Overall, however, the levels recorded in either 2007 or 2008 were not yet matched again.

Source: VDA

Source: ifo

Source: On the basis of VDA

14
12
10
8
6
4
2
0

350.000
300.000
250.000
200.000
150.000
100.000
50.000
0

The trends in the carmakers' business in the course of 2011 were mixed, with the premium-brand manufacturers recording record-level sales figures. Vehicle makers benefited especially from the demand in emerging countries such as in China, for example. In India, new car registrations rose by 8.8 percent to 1.9 million units. At 9.5 million new vehicle registrations, the trend in the United States was likewise positive and equated to a 10.3 percent year-on-year increase. In Europe, by contrast, there were on the whole signs of a slight downtrend. New car registrations declined, by 0.8 percent, versus the same period in the previous year to 10.5 million vehicles.

More than ever, the sector is being called upon by legislators and customers to develop more fuel efficient and more environmentally friendly vehicles. From 2012, average CO2 emissions will gradually have to be lowered to 120 grams per kilometre. Germany's federal government is pursing the objective of reducing climate-damaging emissions by at least 80 percent by 2050.

As the number of vehicles on the road is steadily rising and the distances covered are tending to get longer there is demand for more efficient drive technologies with lower emissions. The European Union is also pursuing the objective of covering about ten percent of its energy requirement on the roads from renewable sources by 2020. Alternative drive concepts, such as electric power, will play a major role in this respect. The topics of economy, reliability and comfort are at the core of the development of alternative drive technologies. At the same time vehicle manufacturers are continuing to develop conventional engine concepts to make them more efficient. Other factors that contribute to reducing emissions and are a focal area of vehicle development include lightweight construction solutions as well as an increased proportion of electronics in vehicles. The car industry presented its initial solutions, concepts and ideas to meet these challenges at this year's International Auto Show (IAA) in Frankfurt.

Along with developing more environmentally friendly vehicles, German carmakers are focusing on broadening their model ranges, thereby satisfying country-specific and individual customer requirements in the best possible way. The major European carmakers have strong brands and efficient value chains in comparison with their competitors elsewhere. To drive their globally leading market position further forward the manufacturers are working hard on innovations in the areas of safety, comfort and communication. They are investing more in researching and developing new technologies. The demand for engineers and qualified personnel is meanwhile high. Manufacturers are relying on strategic partnerships to successfully master these numerous challenges. In the development of new technologies and implementing ideas that point the way forward medium-sized and small companies in particular are confronted with the persistently tightened lending. This presents suppliers with major challenges in funding their projects.

Trends in the aviation industry

The aviation industry also had a good start to 2011 and maintained this trend during the period under report. The German Aerospace Industries Association (BDLI) says that the sector's total revenues were up by 4.5 percent year on year to EUR 24.7 billion (previous year EUR 23.7 billion). There was a further increase in passenger numbers and aviation industry orders rose. New challenges arose in virtually all segments. The civil aviation industry is facing especially tough tasks. This provides opportunity for further growth and new jobs.

Legislators have also raised their pressure, thereby creating additional potential for engineering service providers. The Federal Ministry of Economics and Technology (BMWi) says that, by 2020, fuel consumption and CO2 emissions must both be reduced by 50 percent, nitric oxide emissions must be down by 80 percent and noise pollution also has to be curtailed. The development of state-of-the-art technologies – such as efficient compounds and new fuels – is of major importance in this respect. At the same time, manufacturers are faced with having to decide on the look of their future model lineups, with either completely new series or only partial updates on the table for discussion. With the aim of safeguarding their technological leadership, manufacturers are trying to shorten their innovation cycles while maintaining their high safety and certification standards. This means that they are stepping up their development work while at the same time having to raise the productivity of a given model range. Manufacturers rely on dependable partnerships in developing new technologies and models.

Trends in the engineering market

Carmakers' more multifaceted product ranges and steadily mounting challenges from upcoming technological requirements call for spending on developing new products, which leads to increased need for capital. Spending on research and development constitutes an important success factor in the sector because innovations and attractive design provide a competitive edge and safeguard market share. The German business community's association for promoting science and knowledge ("Stifterverband für die Deutsche Wissenschaft") says that the German automotive industry spent about EUR 19.6 billion on research and development in 2010. The German car industry's investment in research and development remains at a high level because of the major technological and competitive pressure. This trend led to rising demand for development services and qualified staff in 2011. Overall, the trend on the engineering market was positive.

More than ever, the manufacturers are pursuing the objective of variety in technology and models. Numerous technological innovations have to be developed and tested to meet the mounting requirements imposed by legislation and customers with respect to sustainability, safety, comfort and reliability. Sectors like energy, medical technology and electrical engineering are also benefiting from the favourable underlying conditions. Demand for experienced project partners is rising. These trends also provide Bertrandt with fresh opportunities, which is reflected in increased revenues and earnings. The Company succeeded in further expanding and bolstering its market position during

fiscal 2010/2011.

10.5

million vehicles were registered in Europe in the previous fiscal year.

19.6 EUR billion was spent on research and development in 2010.

Source: German business community's association for promoting science and knowledge

	20
	16
	12
	8
	4
	0

As one of Europe's leading engineering partners, Bertrandt devises specific and tailored solutions with customers at 37 locations in their immediately vicinity in Europe and the United States. The range of services for the automotive and aviation industries stretches from the development of single components to complex modules and through to complete derivatives with associated services. Its customer base comprises nearly all European manufacturers as well as numerous leading systems suppliers. With its Bertrandt Services subsidiary, furthermore, the Company provides technological and commercial services outside the mobility industry in such forward-looking sectors as energy, medical technology and electrical engineering as well as machinery and plant engineering throughout Germany. Consistency and confidence are key success factors to Bertrandt that cause customer relationships to thrive.

Basis of the business model

The complexity of individual mobility solutions in the automotive and aviation sectors is steadily increasing due to a wide diversity of models and variants, shorter development periods and new technologies. For instance, trends towards more comfort, safety, environmentally friendly mobility call for overarching technical know-how and interlinked ideas in product development. As a provider helping to shape mobility that is ready for the future, Bertrandt always adapts its range of services to customer requirements as well as to the changing market conditions. In order to meet complex demands in terms of new materials, intelligent electronic systems and modern powertrains, Bertrandt pooled key subject areas in specialist departments. This linking across disciplines and further development of knowledge gives the Company its status as one of the leading European partners on the market for development services. The many years of engineering know-how gained by Bertrandt Services from the mobility industries give it a solid foundation upon which to realise individual development solutions in new sectors and to take these forward. Successful business performance hinges to a significant degree on the market trends described below:

Safety

Safety on the road is a key issue for manufacturers, systems suppliers and engineering service providers. There are more and more additional rules under EU safety legislation aimed at better protection of vehicle occupants and avoiding accidents. For example, by 2014 all vehicles registered in the European Union must be fitted with tyre pressure monitoring systems.

Green mobility

The automotive industry is constantly working on new designs for future models to achieve greater efficiency of vehicle systems and to fulfil the latest environmental regulations. Optimised petrol and diesel engines as well as advanced hybrid technology are on the agenda just as is reduction in vehicle weight. Lightweight construction as part of vehicle development accounts for a major proportion of sustained CO2 emission reduction. The development trend here is towards efficient mixed-composition structures with requirement-related and weight-optimised materials such as aluminium, magnesium and fibre-reinforced plastics. The focus is on materials that have been further developed or are new, just as it is on modern technologies, to be able to take innovative developments from the idea through to readiness for production.

Electronics

The proportion of electronics in the car continues to increase. Networked communication systems play a crucial role in reducing road traffic accidents. Sensors recognise accident-prone situations and report the dangers to assistant or protection systems. Short lines for rapid communication make a key contribution to safety above all in terms of interface with other road users such as pedestrians. Furthermore, electronics are increasingly also to be found outside the mobility industry. Through collaboration between its

37

facilities located in Europe and the United States provide customers with individual services in their immediate vicinity.

Electronics specialist unit and Bertrandt Services, Bertrandt is therefore working on targeted expansion of its electronics business into other future sectors.

Bertrandt's comprehensive range of services provides each customer with customised and all-in solutions along the entire product engineering process. As one of Europe's leading engineering service providers, Bertrandt is a dependable and steadfast partner for current and future projects, during all project phases involving engineering. The customer can also benefit directly on site from the whole Group's expertise, thanks to its Group-wide specialist unit structure as well as branch office-oriented marketing. This multifaceted range of services can be divided mainly into general services, services specific to specialist areas as well as the development of components, modules and

vehicle derivatives.

Services

Along the automotive value chain, there are many tasks parallel to the actual development process. Be it project management, quality management, supplier management or documentation of the entire project – Bertrandt offers its customers a comprehensive service, thereby supporting and enabling them to focus on core areas of expertise.

Services specific to specialist units

Specialist know-how covering every step of the development process is key to our ability to offer our customers the best possible result. Having such a high degree of specialist knowledge, experience as well as interfaces between specialties enables us to cover the different areas in an optimum way. All disciplines can either be integrated in the module development or commissioned as individual services.

Module and derivative development

Bertrandt continually adjusts its range of services to meet the changing needs of its customers. As manufacturers increasingly require their core areas of expertise for other work, they are outsourcing more complex development jobs. Bertrandt covers the knowhow needed to work on the development of components to modules and through to complete derivatives with its experience and specialists. Taking project-related responsibility for the development tasks encompasses overseeing the interface between customers, system suppliers and Bertrandt as well as monitoring quality, costs and deadlines, to name but a few examples.

RANGE OF SERVICES

BUSINESS MODEL

Group-wide specialist units

Group-wide expertise as well as experience Bertrandt has acquired over 35 years are benefits at its customers' disposal, in their immediate vicinity via self-sufficient branch offices. Specific topics are pooled and coordinated in specialist units. They ensure the interlinking and further development of know-how within the Group. Customer wishes can thus be fulfilled on an individual basis.

Electrical Systems/Electronics

Safety and comfort are key future trends for the automotive industry that lead to an increase in electronic applications throughout the vehicle. The development of systems for networked communication, such as car-to-car communication, opens up new dimensions in vehicle safety. Furthermore, navigation and infotainment functions are being constantly enhanced for the driver's greatest possible comfort. As a dependable partner with many years of experience, Bertrandt supports its customers with qualified staff. With the aim of meeting trends and legal requirements in the best possible way, Bertrandt continually expands its range of services and takes advantage of its interface skills and ability to integrate to achieve optimum solutions for customers.

Bodywork Development

Be it bumpers, light and vision or tolerance management – the Bodywork Development specialist unit covers body shells and the exterior. Bertrandt assists its customers along the whole process of creating a body shell: in selecting materials, with the kinetic requirements as well as in developing the functions for pedestrian protection. Key drivers involve material innovations to reduce weight as well as improved production processes. Cost-optimised, design-oriented and legislation-compliant solutions always have priority in this respect.

Engineering Services

The Supporting Services specialist unit assists customers in many interface functions that run either parallel to, before or after the actual development and production. Quality management in particular has gained in importance in recent years. Bertrandt has solid experience in this setting and is able to draw on experts from various development areas from within the Bertrandt network at short notice. Together with its customer, Bertrandt optimises crucial production and other processes, easing the burden on the customer's development resources on a lasting basis.

Interior

The interior of a vehicle is increasingly moving centre stage as a key element of brand identity. Along with comfort and functionality, the consumer's focus is also on design and quality. Innovative ideas and major expertise on interiors are required to fulfil the mounting demands of occupants. The Interiors specialist unit provides support in the development of future vehicle interiors by furnishing ideas, finding solutions and taking care of implementation. From the design through to functional solutions for series production, Bertrandt is at its customers' disposal as an expert partner. In the process, Bertrandt considers all parameters: from the interplay of the components to active and passive safety and through to functionality.

Modelmaking and Rapid Technologies

"Data taking shape" is the prime motto in the Modelmaking and Rapid Technologies specialist unit. Along with virtual design methods, a three-dimensional model for verifying the components is an important factor in the product engineering process. The prototypes thus serve the purposes of data control, design and function assessment at an early development stage already. Product development receives ongoing support and the customer saves valuable time.

Powertrain

"Green mobility" dominates the market. The principal focus here is on developing new and alternative technologies as well as to further develop conventional engine concepts. The aim is to reduce both fuel consumption and emissions, but to keep performance at a high level as well. The Powertrain specialist unit supports its customers throughout the entire product engineering process. The internal networking of these specialist units enables rapid implementation of new ideas and developments, from the concept through to costing and testing.

Simulation

Virtual design methods are firmly embedded in today's engineering so as to be able to successfully and efficiently realise innovative ideas. Be it in the body shell or powertrain specialist areas, or in the development of the whole vehicle – simulation makes it possible to assess innovative ideas at an early stage of development and functional objectives such as occupant protection or rigidity characteristics reliably attainable.

Testing

The resilience of individual components and modules is crucial to the safety and comfort of future occupants. Tests are therefore continually run under virtual reality conditions throughout the entire development process. Yet Bertrandt wants not only to fulfil the statutory requirements, but also jointly with customers to consistently and lastingly improve current standards. The increase in both active and passive safety as well as ensuring environmentally-friendly mobility are key issues in this respect.

Diversification

Bertrandt is also consciously positioning itself outside the automotive industry with its business model. Equipped with an extensive portfolio of services the Company supports customers in the aviation industry as well as in the energy sector, machinery and plant engineering as well as medical technology and electrical engineering with development services.

Aviation

Awarding of development projects to external service providers has also increased in the aviation sector. The degree of project complexity and therefore the demands on development service providers like Bertrandt are rising at the same time. The range of services in the aviation sector encompasses, among other things, the development of frames and interiors, hardware as well as Engineering Services.

Bertrandt Services

In 2007 the Company established its Bertrandt Services GmbH subsidiary to serve specific customer requirements outside the mobility industry as well. With technical and commercial services at 18 branch offices, it is tapping the energy, electrical and medical technology as well as machinery and plant engineering sectors. Bertrandt Services benefits from the Group's many years of project experience and its strong interface expertise. Be it experts or specialists – the objective is to achieve the best possible blend of customer requirements and staff know-how.

18

facilities has Bertrandt Services that all work on business outside the mobility industry.

International Group structure

Bertrandt AG is the parent company within the Bertrandt Group, which operates with legally independent entities or in the form of operating facilities in Germany, the United Kingdom, France, Sweden, Spain, Turkey and the United States. The Management Board of Bertrandt AG runs the Company on an autonomous basis. The Supervisory Board appoints the members of the Management Board and monitors and advises them and, in particular, is consulted on decisions of fundamental importance for the Company.

As a matter of principle, the subsidiaries of Bertrandt AG are run independently by their own management. The interests of the Group and its subsidiaries are coordinated at regular management meetings between the Group Management Board and representatives of the individual subsidiaries. Cyclical and sector-specific changes are constantly monitored and incorporated in good time in the operative management of the business divisions.

Focus on creating value

The objective of all activity is to raise enterprise value on a lasting basis while taking economic, social and ecological factors into account. The Bertrandt Group has a management system aimed at creating value throughout the entire Group. On this basis, the targets are defined for the segments and subsidiaries. Bertrandt is managed on a top-down basis from the Group, via the segments and subsidiaries down to individual profit centre levels. Periodic management is conducted in the light of the recognition and measurement policies adopted for international accounting purposes. Along with operating profit, Bertrandt uses certain segment and branch-specific profitability ratios for such controlling purposes.

The declaration on corporate governance is permanently accessible on Bertrandt's website at www.bertrandt.com/en/Corporate-Governance.html

About 8,600 employees in Germany and abroad work for customers on customised development solutions at the highest level. The guiding principles of Bertrandt's corporate culture involve the sharpest possible focus on the customer, high standards of quality, pronounced readiness to perform and a motivating work environment. Values such as loyalty, confidence and entrepreneurial thinking define the collaboration among staff just as does working with the customer, and guarantee a consistently high standard of quality as well as convincing performance.

Employee numbers

Worldwide, Bertrandt employed 8,603 people on the reporting date (previous year 6,523). This is the highest staffing level in the Company's history. Of that total, 7,601 employees (previous year 5,826) worked in Germany and 1,002 (previous year 697) in other countries on 30 September 2011. The growth in the number of employees involved all segments and branches.

GROUP ORGANISATION AND MANAGEMENT

DECLARATION ON CORPORATE GOVERNANCE

Bertrandt as an attractive employer

Bertrandt has been among the 100 most sought-after employers in Germany for some years already. That is both recognition and a challenge for the future. It documents that Bertrandt gives its staff scope for multifaceted advancement opportunities. Experienced professionals and motivated graduates will find an interesting, varied and demanding

job in the work environment.

Recruitment

Staff recruitment plays a key role at Bertrandt. The objective is to engender enthusiasm about the Company among qualified potential employees and to win them over for it. In addition to specialist know-how, social skills and personality are also of major importance. As a company fit for the future, Bertrandt addresses potential employees in a targeted way at a large variety of events and with a new employer branding campaign. The Company's aim is thereby not only to raise interest at first glance, but also to make a lastingly convincing case. Bertrandt offers committed and qualified applicants a wide variety of entry options: from internships to working student placements and final paper work through to direct entry.

Advanced training

Numerous technological innovations and a high quality requirement on the part of customers call for continuous further training of our employees. Bertrandt is aware of this challenge. To be able to meet these high demands in the best possible way, the Company develops the know-how of its staff on an ongoing basis and optimally supports every individual. Against this backdrop, Bertrandt constantly runs advanced training schemes. In the spirit of life-long learning, the Company offers a wide variety of technical training schemes, management programmes and specific project management courses in its Bertrandt knowledge portal. In total, Bertrandt spent EUR 8.7 million on further training of staff and managers in the past financial year (previous year EUR 4.1 million).

Training

Training young talent has always been of key significance at Bertrandt. Through numerous apprenticeship programmes and collaboration with the Duale Hochschule Baden-Württemberg (college) as well as the Ostfalia Hochschule für angewandte Wissenschaften (college for applied sciences), Braunschweig/Wolfenbüttel, the Company promotes young talent in a targeted way. As at 30 September 2010, 174 colleagues had completed their apprenticeships or training in either technical or commercial fields.

HUMAN RESOURCES MANAGEMENT

8.7 EUR million was spent on staff training.

9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0

Earnings situation

Bertrandt had a good start to its 2010/2011 financial year thanks to the favourable economic and sector-specific conditions. The Company consequently again generated a year-on-year increase in its revenues and earnings in the past fiscal year. This strong growth is based, among other factors, on increased customer demand, more capacity as well as high utilisation of it, the Bertrandt Group's strategic focus and customeroriented marketing with specialist units that span all operations. Optimum capacity management, targeted cost management as well as programmes aimed at raising efficiency also contribute to Bertrandt's good earnings situation.

Uptrend in revenues

Year on year, revenues rose by 34.4 percent to EUR 576.238 million (previous year EUR 428.834 million). This growth encompassed all segments. The Company's foreign subsidiaries likewise recorded significant, 70.3 percent revenue growth to EUR 67.984 million (previous year EUR 39.928 million).

Key expenditure figures

The fiscal 2010/2011 key expenditure figures compared with the previous year are as follows: The cost of materials rose significantly to EUR 55.395 million (from EUR 35.746 million in the previous year) because of the strong growth. In line with the increase in the number of employees, staff costs rose by 31.8 percent to EUR 399.120 million (previous year EUR 302.731 million). The staff cost ratio was 69.2 percent (70.6 percent in the previous year). Depreciation/amortisation expense rose from EUR 10.473 million in the previous year to EUR 11.353 million due to the rise in capital investment from EUR 12.408 million in the previous year to EUR 31.769 million in fiscal 2010/2011. Bertrandt's other operating expenses amounted to EUR 59.067 million (previous year EUR 45.780 million). They were therefore up by 29 percent in the period under report, but down as a proportion of revenues.

Improved operating profit

Bertrandt generated an operating profit of EUR 60.331 million in the 2010/2011 financial year (previous year EUR 43.958 million) and a 10.5 percent margin (10.2 percent in the previous year). The increased operating profit is attributable primarily to the greater volume of business combined with resolute cost management. The Company's foreign subsidiaries generated an operating profit of EUR 6.690 million (previous year

EUR 2.989 million).

Positive financial result

Bertrandt's financial result was again positive but down slightly because of less investment and amounted to EUR 0.609 million (previous year EUR 0.672 million). Despite a larger amount of tied-up funds due to the growth and increased capital expenditure, the Company's liquidity situation was satisfactory. The other financial result dropped to EUR 0.634 million (previous year EUR 0.679 million).

Consolidated revenues EUR million

BUSINESS PERFORMANCE

34.4

percent roses Revenues year on

year.

32.306 06/07 51.312 07/08 32.769 08/09 Operating profit EUR million 43.958 09/10 10/11 64.000 60.000 56.000 52.000 48.000 44.000 40.000 36.000 32.000 28.000 24.000 20.000 16.000 12.000 8.000 4.000 0 60.331

Earnings after income tax

Earnings from ordinary activities rose to EUR 60.940 million during the period under report (from EUR 44.630 million in the previous year), corresponding to 36.5 percent growth. With income tax expense of EUR 18.055 million (previous year EUR 12.686 million), the tax rate for the period under report came to 30.1 percent (previous year 28.9 percent). The tax rate rose because the amount of tax-exempt subsidies granted outside Germany was down and foreign taxes in the form of withholding tax increased. Profit after tax came to EUR 41.955 million (previous year EUR 31.237 million). This works out to earnings per share of EUR 4.18 (up from EUR 3.11 in the previous year).

Performance by division

Bertrandt segments its business into the Digital Engineering, Physical Engineering and Electrical Systems/Electronics divisions, all of which generated a positive trend of revenues and earnings in the 2010/2011 financial year.

The Digital Engineering division, which covers mainly the design of modules and vehicle components, raised its revenues from EUR 259.258 million in the previous year to EUR 361.010 million, corresponding to a 39.2 percent increase. This segment's operating profit accounts for a large proportion of total operating profit. In the period under report it amounted to EUR 34.883 million (previous year EUR 24.435 million).

The Physical Engineering division covers workshop-related activities such as modelmaking, testing, vehicle construction as well as rapid prototyping. In fiscal 2010/2011 the division's revenues were up by 28.7 percent to EUR 101.470 million (previous year EUR 78.848 million). Operating profit rose by EUR 3.134 million year on year to EUR 12.574 million.

The Electrical Systems/Electronics division generated revenues of EUR 113.758 million (previous year EUR 90.728 million), which equates to 25.4 percent growth. Operating profit was up as well, amounting to EUR 12.874 million (previous year EUR 10.083 million).

Asset situation

The Company's balance sheet structure is characterised by matching maturities. Total assets came to EUR 294.735 million, an increase of about 23 percent from the previous year's EUR 239.624 million. The growth is reflected in the enlarged balance sheet and breaks down primarily by the following items: on the asset side there was a year-onyear increase, due to greater capital expenditure, in non-current assets of EUR 12.540 million to EUR 83.638 million. Current assets rose from EUR 168.526 million in the previous year to EUR 211.097 million because of the larger amount of business. There was a related increase in future receivables from manufacturing contracts by EUR 17.546 million to EUR 37.927 million. Current receivables and other assets likewise rose from EUR 98.794 million in the previous year to EUR 135.717 million. On the liabilities side, current debt rose to EUR 110.710 million (from EUR 90.471 million in the previous year) because of the increase in business activity.

Solid equity base

The increase in shareholders' equity on the liabilities side by EUR 30.297 million to EUR 166.246 million is attributable to the positive earnings situation and works out to a 56.4 percent equity ratio (previous year 56.7 percent). With this key ratio Bertrandt continues to be among the well-funded companies in the automotive sector.

Financial situation

Financial management at Bertrandt encompasses capital structure management as well as cash and liquidity management. In principle, this financial management pursues the objective of safeguarding the Company's liquidity at all times.

Earnings after income tax EUR million

4.18 EUR were the earnings per share in the fiscal 2010/2011.

Equity ratio	%
60
50
40
30
20
10
0

Free cash flow

The principal factors influencing free cash flow are the increased capital expenditure, the growth and the related tying-up of funds in current assets. The Company nevertheless generated a positive free cash flow EUR of 0.167 million (previous year EUR 13.205 million) as the end of fiscal 2010/2011.

Capital expenditure

Spending on property, plant and equipment amounted to EUR 22.769 million in the period under report, a year-on-year increase of EUR 11.800 million. The significant increase in capital expenditure is attributable above all to enhancing infrastructure and adapting to the growth. Spending on intangible assets rose by EUR 1.147 million to EUR 2.204 million and investments amounted to EUR 6.796 million (previous year EUR 0.382 million). The larger amount invested reflects the Company's business opportunities and prospects.

General statement on business performance

Bertrandt had an encouraging 2010/2011 financial year. Bertrandt's Management Board judges the Company's business situation and prospects to be good. The Company's revenues and earnings were both improved again versus the previous year. Bertrandt stands on solid financial foundations with an equity ratio of 56.4 percent. The good capital base and the investment made have established the conditions for a continued, successful future.

Free cash flow EUR million

Structure of Management Board remuneration

Remuneration of the Management Board comprises fixed and variable components. Each member of the Management Board receives a fixed component payable in twelve equal amounts at the end of each month. The variable component is linked to Bertrandt Group's earnings in the previous financial year and is paid out in the subsequent financial year. Remuneration of the two Management Board members totalled EUR 2.399 million in the 2010/2011 financial year (previous year EUR 2.353 million), with the variable amount exceeding the fixed amount. For competition reasons, remuneration of the individual members of the Management Board is not disclosed.

Both members of the Management Board are provided with a car for business and private use. Both Management Board members are also covered by a group accident insurance policy. There are retirement benefit obligations vis-à-vis one active member as well as one former member of the Management Board.

Structure of Supervisory Board remuneration

The structure of Supervisory Board remuneration was adopted by the annual general meeting in 2003 and is thus laid down in the Articles of Association. Each member of the Supervisory Board thus receives a fixed amount of remuneration after the financial year, in addition to refund of expenses. The chairman receives double the amount, his deputy one and a half the amount. Supervisory Board members who are also members of a committee additionally receive one quarter of the fixed remuneration, while committee chairpersons receive an extra further quarter of the fixed remuneration. In total, however, Supervisory Board members receive a maximum of two and a half times the fixed remuneration. The Supervisory Board also receives variable remuneration linked to the size of the dividend. The remuneration is payable after the annual general meeting's resolution on profit appropriation. Supervisory Board remuneration totalled EUR 0.212 million in the 2010/2011 financial year (previous year EUR 0.182 million).

Disclosures on subscribed capital and possible takeover restrictions

(Art. 315 (4) HGB)

The share capital amounts to EUR 10,143,240.00, divided into 10,143,240 bearer shares. Each share has one vote. The Management Board is not aware of any restrictions concerning voting rights or the transfer of shares, apart from Bertrandt's treasury shares.

• Dr. Ing. h. c. F. Porsche AG:

• The following shareholders hold more than ten percent of the voting rights:

• 25.01 percent of voting rights as last reported on 30 November 2009
• Friedrich Boysen Holding GmbH:
• 14.90 percent of voting rights as last reported on 21 February 2011

There are no special rights bestowing any powers of control.

Appointment and recall of Management Board members is governed by Articles 84, 85 of the German Public Companies Act (AktG) together with Article 6 of the Company's

Articles of Association.

Pursuant to Art. 179 of the Public Companies Act together with Art. 18 (1) of the Articles of Association, article amendments as a matter of principle require a resolution of the annual general meeting adopted by a simple majority.

Capital spending EUR million

REMUNERATION REPORT

DISCLOSURES ON SUBSCRIBED

CAPITAL

At the annual general meeting on 16 February 2011 shareholders authorised the Management Board to buy back own shares in the Company up to an amount of EUR 1,000,000 until 31 January 2016. At the annual general meeting on 18 February 2009 shareholders further authorised the Management Board to increase the share capital in Bertrandt AG with the Supervisory Board's approval by issuing new shares on a cash or non-cash basis once or multiple times up to a maximum amount of EUR 4,000,000 by 31 January 2014.

Bertrandt has entered into the following agreement of material significance, which provides for the event of a change of control: unutilised credit lines that give the lenders an extraordinary right of termination. There are no agreements with either members of the Management Board or employees on compensation in the event of the change of control.

Subsequent events

The report on subsequent events occurring since the balance sheet date describes those that occurred after the end of the fiscal year. No such events have occurred since 30 September 2011.

Risk report

This section first describes the accounting-related internal control system and the risk management system. Thereafter it looks at the economic as well as individual risks that could influence Bertrandt's business activity.

Description of the principal features of the internal control and risk management systems with respect to the accounting and Group accounting process

Bertrandt's accounting and controlling function with an accounting-related internal control and risk management system that ensures complete, accurate and timely provision of information. The objective is to identify potential risks as early as possible, as well as to minimise or completely avoid them. This is aimed at averting possible harm to the Company und any potential threat to its going-concern status. Bertrandt Group's internal control and risk management system identifies and documents risks to earnings and its viability as a going concern. All Bertrandt Group companies, both domestic and foreign, are covered by the system.

The separate financial statements of Bertrandt AG and its subsidiaries are prepared in accordance with the law of the respective country and are reconciled with financial statements pursuant to IFRS. Group accounting guidelines in the process ensure consistent reporting and measurement. The separate financial statements of the subsidiaries are either audited or subjected to an auditor's review. Their plausibility is also established based on the observance of the report presented by the auditors. Clear delineation of areas of responsibility, the use of the principle of dual control, the use of numerous IT authorisation concepts, encrypted sending of information as well as execution of plausibility checks are likewise important control elements used in the preparation of annual financial statements. Staff are continually advised and trained on subjects pertaining to accounting law.

Regular as well as ad-hoc risk surveys measure all risks liable to influence our business performance with respect to their magnitude, likelihood of occurrence and their significance. For this purpose, similar or identical risks at our foreign and domestic subsidiaries are aggregated to determine their significance for the Group as a whole. Depending on the results, suitable corrective measures are defined with top priority and

SUBSEQUENT EVENTS, RISK REPORT AND OUTLOOK

carried out with minimum delay using best practice methods. Bertrandt's risk exposure, which is constantly updated, entailed the potential individual threats set out below. In addition, the plausibility of minor risks was determined. However, these are not shown separately because of the limited likelihood that they will occur and their limited material

relevance.

Economic risks

The European financial crisis and the related fears of recession caused the conditions underlying the economy and the sector to worsen towards the end of our 2010/2011 financial year. In addition there is the possibility that the USA might dip back into recession. It is at present still difficult to estimate what impact the crisis will have on the global economy. The risk of an actual economic setback becomes greater the longer the uncertainty on the financial markets persists and there is concern that governments have no lasting answers to the debt problem. These potential risks could impact adversely on global trade and on the export-oriented German economy. Various potential solutions are being discussed, but any actual measures are as yet uncertain.

Financial risks

As a service provider operating on an international level, the Bertrandt Group is exposed to financial risks. These risks comprise the risk of default on receivables from customers, liquidity risks as well as risk of fluctuation in interest and exchange rates. These risks are managed centrally by Group Treasury. A liquidity preview covering a fixed future period, credit facilities available to the Bertrandt Group but not utilised as well as alternative finance instruments ensure ample liquidity at all times. Derivatives are used as required to manage the individual fixed-interest period and currency segments. The risk of possible non-recoverable receivables has decreased due to the improved conditions. The Company continues to make preventive credit checks, and credit insurance policies largely avert the risk of such defaults.

Changes in outsourcing strategies

The automotive industry has stepped up its outsourcing of development work in recent years because of the rising number of drive technologies, an increasing variety of models and shortening in model cycles. Bertrandt generally benefits from this trend. The possibility that manufacturers might perform some of the development work in-house cannot be ruled out, however. This would result in a reduction in the size of Bertrandt's current and future business, which in turn could have a negative effect on the Company's revenues and earnings. Given the heavy demand for skilled staff, the numerous technological challenges and the fact that many manufacturers are planning to broaden their model line-ups, however, this risk is deemed to be minor.

Postponement or cancellation of development contracts

The temporary postponement of development contracts might in some business segments result in under-utilisation of capacity that could possibly be offset to a limited extent only. Management changes and changes in corporate structures among carmakers and aircraft makers can lead to reviews of their model line-ups and thus to a changed project structure. We currently do no see any increase in such risk because the manufacturers have said that they intend to have more derivatives of their model line-ups and have set further growth targets for their brands.

Human resources management

Recruitment of qualified staff as well as ongoing further training for employees ensure that the Company has the necessary know-how and is able to grow. Inadequate availability as well as fluctuation in qualified staff could have a restricting effect on business growth. Furthermore, lack of measures to provide qualification could impact negatively on successful execution of projects.

Prices

Prices are not yet back to the level of the period preceding the financial and economic crisis in 2008. The Bertrandt Group confronts these circumstances with an optimised cost structure and a high degree of quality. However, there will be permanent price competition.

Major projects

Work on large-scale projects gives rise to a three-way relationship between the customer, the supplier and Bertrandt involving certain risks. Shortcomings in process and quality management as well as the failure to meet set deadlines may threaten smooth completion of a project. Bertrandt minimises this risk by applying efficient project management as well as adhering to agreed milestones and quality gates.

Overall risk

An early-warning system enables Bertrandt to detect risks in good time and apply corresponding countermeasures. As every year, the system of early risk detection and monitoring was subjected to a compulsory review as part of the audit of this year's annual financial statements. To summarise, the risk analysis on the basis of information currently at our disposal produces a satisfactory result: accordingly, there is no evidence at the moment of any risks to the Bertrandt Group's assets, financial condition and earnings that might threaten its existence. Although the actual amount of overall risk has risen, it has dropped in relation to the Company's growth. It is not yet possible, however, to conclusively estimate the fallout from the European financial crisis.

Outlook

Forecast of the underlying conditions

The autumn reports for 2011 of the economic research institutes say that prospects for the global economy have become significantly poorer since the summer. Growth forecasts for 2012 were revised downward. There was considerable turmoil on the global markets when the US government applied for an increase to the upper limit for publicsector borrowing at the same time as Greece required a new aid package in the European Union. In addition, energy and raw material prices were higher. The USA and Europe therefore have a rather downbeat view of the future. A relapse into recession appears to be fairly unlikely, however. According to the 2011 autumn report, the general expectation is of a 2011 increase in global gross domestic product of 2.6 percent while a 2.5 percent rise is projected for 2012. Growth in gross domestic product of 1.6 percent and 1.8 percent is forecast for the United States and Europe, respectively, this year. The United States are trying to boost their economy with fiscal tools.

2.6

percent growth in the global gross domestic product is estimated for the year 2011.

The debt and confidence crisis could also adversely affect the German economy. The autumn report for 2011 puts this year's growth in German gross domestic product at 2.9 percent and next year's at just 0.8 percent. The major uncertainty could have a considerable dampening effect on domestic demand in Germany. Export business will remain strong because of the rising demand in most of the emerging countries.

There was a continued encouraging trend in the job market in 2011. Nor will it, according to the autumn report for 2011, for the time being be set back by the expected, brief economic stagnation. The Federal Employment Agency put the number of unemployed in September 2011 at about 2.8 million. Looking ahead, the unemployment rate is forecast to drop further from about seven percent in 2011 to 6.7 percent in 2012.

Situation in the sector

The improvement in the underlying and sector conditions for development service providers has continued. As one of the most significant growth drivers in the European economy, the automotive industry presents a lot of potential. According to the estimates of experts, worldwide demand for cars may have risen to about 59.4 million vehicles in 2011. Demand is especially strong from countries like Brazil, Russia, India and China. In order to continue to maintain their leading market position, manufacturers in Europe can be expected to step up their spending on research and development involving new technologies. The VDA says that more than 2.4 million cars were sold on the German market since the beginning of the year, which is equivalent to an increase of nearly eleven percent. This result shows that the German automotive market is in very robust health despite difficult circumstances on the financial markets. This encouraging situation is attributable above all to the good performance in terms of exports. A PricewaterhouseCoopers study estimates that the automotive industry's spending on research and development will rise to EUR 24.3 billion next year. Given the climate protection targets that numerous countries have agreed to call for by law, the sector is challenged to develop more fuel efficient and environmentally friendly vehicles. Against this backdrop, the development of alternative drive technologies as well as optimisation of conventional engine concepts assumes an important role. Economy, efficiency and reliability are of major significance in the development of the various drive technologies. Carmakers have announced, furthermore, that they intend to extend their model line-ups to be able to satisfy country-specific and individual customer requirements even better. The trend towards more communication, safety and comfort in vehicles also continues. The aforementioned backdrop provides Bertrandt with great potential for successfully positioning itself on the market.

The aviation industry is also showing an uptrend. According to the BMWi, the sector expects to see growth in global air traffic of five to seven percent a year. With projected growth of four percent per year in air traffic, there will also be significant potential for growth and work in Germany. The challenges for aircraft manufacturers are great. Due to the ongoing CO2 and climate protection debate, the market is calling for efficient and environmentally friendly solutions. The application of new technologies and materials also plays a key role in this respect. There is still, furthermore, a large variety of specific demands on aircraft in terms of operating range, capacity and passenger numbers. The increase in model variety is something that the aviation industry also confirms. Against this backdrop, there is likely to be increased demand for development work in this market segment in the future.

The engineering market benefited from persistently heavy demand for new products, increased individual requirements and the ensuing need for engineers and specialists. Along with the automotive and aviation industries, sectors such as energy, medical technology and electrical engineering as well as machinery also need specialists and qualified engineering services. Bertrandt Services provides these sectors with targeted support. Bertrandt as a whole has a broad and deep range of services. The Company is among the largest engineering service providers in Europe. The intact market drivers provide the engineering market with good growth opportunity for the short to medium term.

Potential

Bertrandt assists its customers as a dependable partner with convincing development solutions. The Company's objective is, with consistent corporate governance, to successfully position itself on the market and to further broaden its leading market position with a wide and deep range of services. What it offers to the automotive industry covers the entire value chain of product creation. Bertrandt positions itself as a partner both for all-in vehicle development and as a driver for innovation in areas that point the way forward, for example in electronics. Bertrandt's customer base is widely spread. The Company acts as a skilled advisor and practice-oriented partner for realising projects, implementing technological trends of the future in both the automotive and aviation industries. Based on the mounting requirements in the mobility areas from both consumers and legislators as well as the wide diversity of variants and models, Bertrandt sees potential in the years ahead for bolstering and expanding its market position on a lasting basis. Outside the mobility industry, too, there are good prospects for the Company to position itself with technical and commercial services in market sectors such as energy, electrical engineering and medical technology as well as machinery and plant engineering. Thanks to its decentralised structure, Bertrandt is represented in its customers' immediate vicinity as a trusted partner. Customers' wishes can thus be accommodated directly and implemented in projects worldwide. Bertrandt constantly optimises its range of services with targeted capital investment. Its enterprise value is thereby permanently and sustainably raised on a sound commercial basis. Key success factors are the sharpest possible focus on customers, committed employees as well as efficient cost and capacity management.

Foreign operations

With its foreign operations in Europe and the United States as well as project-related presence in the BRIC countries, Bertrandt is pursuing its strategy of ensuring a high degree of customer orientation. Via the close organisational link-up with its facilities in Germany, Bertrandt offers its customers the complete range of its services so as to devise solutions rapidly and efficiently. Furthermore, Bertrandt supports its customers as and when required with varying projects anywhere in the world.

Human resources

The qualifications and skills of our employees constitute an important resource for Bertrandt. With a large amount of recruiting activity and ongoing schemes to provide staff with further training, Bertrandt ensures that its customers' high expectations are fulfilled and that it is perceived as a promising employer. Acting responsibly, strength in implementation and creativity are attributes that are not only promoted, but also demanded. Bertrandt endeavours to generate enthusiasm for its company among both experienced specialists as well as managers and the next generation in the future as well. Bertrandt's human resource management aims to integrate employees into the Company's network quickly and to advance them.

Medium-term outlook

While leading forecasting institutes expect global economic growth to weaken, they expect overall growth to continue. The 2011 autumn report projects a 2.6 percent increase in global output for the current year and a 2.5 percent rise for 2012. The German economy is estimated to have grown by 2.9 percent in 2011 and is forecast to grow by 0.8 percent in 2012. It appears on all the evidence that performance among the carmakers will be mixed, with prospects for the premium manufacturers set to remain disproportionately favourable. To maintain their leading position on the global market, these manufacturers will probably step up their investment in research and development involving new technologies and models. Spending on research and development could rise as a result. Domestic demand is expected to strengthen thanks to the rise in employment and Germany is forecast to remain a major growth driver for the European economy.

Provided that the manufacturers continue to outsource some of their development work, the engineering market can be expected to grow.

General statement on the probable trend

Provided that underlying conditions do not worsen any further, that manufacturers continue to invest in research for and development of new technologies and models, that development work continues to be outsourced and that qualified staff is available, Bertrandt expects rising revenues and earnings in both the next and the subsequent financial year. This growth is likely to encompass all segments. The increased proportion of electronics in vehicles as well as requirements to reduce CO2 emissions could result in encouraging growth in our Electrical Systems/Electronics division as well as in our Body Shell and Powertrain specialist units. Based on its good equity resources, the Company expects a positive trend in its financial situation in the future as well.

Ehningen, 22 November 2011

The Management Board

Dietmar Bichler Ulrich Subklew Chairman

2.9

percent growth for the German economy is projected in 2011.

CONSOLIDATED FINANCIAL STATEMENTS

• Consolidated income statement and statement
• of comprehensive income
• Consolidated balance sheet
• Consolidated statement of changes in equity
• Consolidated cash flow statement
• Consolidated notes
• Responsibility statement (affidavit)

66
67
68
69
70
115

6 0. 3 31

million euros is th e operating profit earned b y Bertrandt in fisc al 2010/2011, eq uivalent to a margin of 10.5 percent.

		2010/2011	2009/2010
01.10. until 30.09.	Anhang
I. Income statement
Revenues	[6]	576.238	428.834
Other internally generated assets	[7]	0.379	0.257
Total revenues		576.617	429.091
Other operating income	[8]	8.649	9.597
Raw materials and consumables used	[9]	-55.395	-35.746
Personnel expenses	[10]	-399.120	-302.731
Depreciation	[11]	-11.353	-10.473
Other operating expenses	[12]	-59.067	-45.780
Operating profit		60.331	43.958
Share of profit in associates		0.006	0.014
Interest income/expense		-0.031	-0.021
Other net financial result		0.634	0.679
Net finance income	[13]	0.609	0.672
Profit from ordinary activities		60.940	44.630
Other taxes	[14]	-0.930	-0.707
Earnings before tax		60.010	43.923
Income taxes	[15]	-18.055	-12.686
Earnings after income tax		41.955	31.237
– attributable to minority interest		0	0
– attributable to shareholders of Bertrandt AG		41.955	31.237
Number of shares (million) – diluted/basic, average weighting		10.049	10.040
Earnings per share (EUR) – diluted/basic	[16]	4.18	3.11
II. Statement of comprehensive income
Earnings after income tax		41.955	31.237
Exchange rate differences		0.007	0.172
Changes in fair value due to hedging instruments		-0.170	0
Tax effects of changes in fair value		0.051	0
Total comprehensive income		41.843	31.409
– attributable to minority interest		0	0
– attributable to shareholders of Bertrandt AG		41.843	31.409

CONSOLIDATED INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME

CONSOLIDATED BALANCE SHEET

Assets
Intangible assets
	Property, plant and equipment
	Investment properties
	Investments accounted for using the equity method
	Other financial assets
	Receivables and other assets
Income tax assets
Deferred taxes
	Non-current assets
Inventories
	Future receivables from construction contracts
	Receivables and other assets
Income tax assets
	Cash and cash equivalents
Current assets
Total assets
	Equity and liabilities
Issued capital
Share premium
	Retained earnings
	Consolidated distributable profit
	Equity attributable to shareholders of Bertrandt AG
Minority interests
	Capital and reserves
Provisions
Other liabilities
Deferred taxes	Non-current liabilities
Tax provisions
Other provisions
Borrowings
Trade payables Other liabilities

Total equity and liabilities

Consolidated income statement and statement of comprehensive income EUR million

30.09.2011 30.09.2010 Anhang [18] 11.486 10.579 [19] 56.339 44.133 [20] 1.869 4.676 [21] 0.824 0.818 [21] 7.127 4.611 [22] 2.860 2.594 [23] 0.720 0.850 [24] 2.413 2.837 83.638 71.098 [25] 0.528 0.470 37.927 20.381 [26] [22] 135.717 98.794 [23] 0.248 0.800 [27] 36.677 48.081 211.097 168.526 294.735 239.624 10.143 10.143 [28] [29] 26.625 26.625 [30] 106.905 78.064 22.571 21.115 166.244 135.947 0.002 0.002 [31] 166.246 135.949 [32] / [33] 6.616 5.986 [34] 0.495 0.527 [24] 10.668 6.691 17.779 13.204 [35] 3.839 4.670 [33] 43.921 36.162 [36] 0.466 0.271 [37] 10.491 7.475 51.993 41.893 [34] 110.710 90.471 294.735 239.624

Consolidated balance sheet EUR million

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	Issued capital	Share premium			Retained earnings			Consoli dated distribu table profit	Equity attribu table to share holders of Bertrandt AG	Mino rity in terests	Total
			Non-dis tributed earnings	Currency translation reserve	Treasury shares	Hedg ing instru ments	Total retained earnings
Value on 01.10.2010	10.143	26.625	81.697	-2.156	-1.477	0	78.064	21.115	135.947	0.002	135.949
Earnings after income tax								41.955	41.955		41.955
Other earnings				0.007		-0.119	-0.112		-0.112		-0.112
Total comprehensive income				0.007		-0.119	-0.112	41.955	41.843		41.843
Dividend payment								-12.048	-12.048		-12.048
Other non-operating changes			28.451				28.451	-28.451	0		0
Change in treasury shares					0.502		0.502		0.502		0.502
Value on 30.09.2011	10.143	26.625	110.148	-2.149	-0.975	-0.119	106.905	22.571	166.244	0.002	166.246
Previous year
Value on 01.10.2009	10.143	26.625	66.638	-2.328	-1.927	0	62.383	14.960	114.111	0.003	114.114
Earnings after income tax Other earnings				0.172			0.172	31.237	31.237 0.172		31.237 0.172
Total comprehensive income				0.172			0.172	31.237	31.409		31.409
Dividend payment								-10.023	-10.023		-10.023
Other non-operating changes			15.059				15.059	-15.059	0	-0.001	-0.001
Change in treasury shares					0.450		0.450		0.450		0.450
Value on 30.09.2010	10.143	26.625	81.697	-2.156	-1.477	0	78.064	21.115	135.947	0.002	135.949

01.10. until 30.09.	2010/2011	2009/2010
1. Net profit for the period (including minority interests)
before exceptionals	41.955	31.237
2. Income taxes	18.055	12.686
3. Interest income/expense	0.031	0.021
4. Other net financial result	-0.634	-0.679
5. Share of profit in associates	-0.006	-0.014
6. Depreciation of non-current assets	11.353	10.473
7. Increase/decrease in provisions	7.063	9.969
8. Other non-cash expenses/income	0.006	-0.036
9. Profit/loss from disposal of non-current assets	0.136	0.075
10. Increase/decrease in inventories, future receivables under construction contracts, trade receivables
and other assets as well as other assets not assigned to investing or financing activities.	-54.625	-35.133
11. Increase/decrease in trade payables and other liabilities not
assigned to investing or financing activities	13.279	9.512
12. Income tax received/paid	-13.431	-13.781
13. Interest paid	-0.006	-0.002
14. Interest received	0.552	0.718
15. Cash flows from operating activities (1.- 14.)	23.728	25.046
16. Payments received from disposal of property, plant and equipment	3.190	0.211
17. Payments received from the disposal of financial assets	5.018	0.356
18. Payments made for investments in property, plant and equipment	-22.769	-10.969
19. Payments made for investments in intangible assets	-2.204	-1.057
20. Payments made for investments in financial assets	-6.796	-0.382
21. Cash flows from investing activities (16.- 20.)	-23.561	-11.841
22. Payment received from the sale of treasury shares	0.502	0.450
23. Payments made to shareholders and minority shareholders	-12.048	-10.023
24. Payments made for acquisition of treasury shares	0	0
25. Payments received from issue of debt instruments and raising of loans	0	0
26. Payments made for discharging debt instruments and repaying loans	0	0
27. Cash flows from financing activities (22.- 26.)	-11.546	-9.573
28. Changes in cash and cash equivalents (15. +21.+ 27.)	-11.379	3.632
29. Effect of exchange rate changes on cash and cash equivalents	-0.025	0.094
30. Cash and cash equivalents at beginning of period	48.081	44.355
31. Cash and cash equivalents at end of period (28.- 30.)	36.677	48.081

The consolidated cash flow statement is explained in the notes under [38].

CONSOLIDATED CASH FLOW STATEMENT

Consolidated statement of changes in equity EUR million Consolidated cash flow statement EUR million

CONSOLIDATED NOTES

[1] Basis of preparation Bertrandt AG is a listed joint stock company (Aktiengesellschaft) incorporated and operating in accordance with the law of the Federal Republic of Germany with registered offices at Birkensee 1, 71139 Ehningen, Germany (commercial register number HRB 245259, Local Court of Stuttgart). The consolidated financial statements are published in the electronic "Bundesanzeiger". The business purpose of Bertrandt AG and its subsidiaries is to provide engineering and related services including but not limited to designing, developing, engineering, producing and fabricating prototypes and parts of prototypes, testing, planning and project management as well as CAD activities of all kinds for branches like automotive, aircraft, transportation, energy sector, mechanical and medical engineering.

As stipulated by EU Regulation (EC) Number 1606/2002, the consolidated financial statements of Bertrandt AG for the year ending 30 September 2011 have been prepared in accordance with accounting standards published by the International Accounting Standards Board (IASB), the International Financial Reporting Standards (IFRS) and the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) in the version endorsed by the European Union (EU). In addition, allowance was made for the provisions to be observed in accordance with Section 315a (1) of the German Commercial Code.

All compulsory standards are applicable in the 2010/2011 fiscal year were applied. The consolidated financial statements have been prepared on the basis of historical cost with the exception of certain financial assets, which are measured at fair value.

The consolidated financial statements were prepared in Euros. Unless stated otherwise, all amounts are shown in millions of Euros (EUR million).

Presentation of the annual financial statements

The income statement is prepared using the total-cost method. The current/non-current distinction is applied to assets and liabilities presented in the consolidated balance sheet in accordance with the International Accounting Standards (IAS) 1. There are no changes over the previous year.

Assets and liabilities are considered to be current if they are due for settlement in one year or less. Likewise, non-current assets and liabilities are those held by the Company for longer than one year. Trade receivables and payables are generally recognised in the balance sheet as current items. For reasons of clarity, advance payments received for services still to be provided are no longer reported within other current provisions but within other current liabilities. Provisions for post-retirement benefits are now carried under non-current liabilities to reflect their long-term nature. As a matter of principle, deferred tax assets and liabilities are classified as non-current.

International Financial Reporting Standards and Interpretations that are subject to mandatory application as of fiscal 2010/2011

The following table sets out the International Financial Reporting Standards and Interpretations that are subject to mandatory application as of fiscal 2010/2011:

The standards and interpretations required to be adopted for the first time do not have any effect on the effect on the annual financial statements with the exceptions of IFRS

7, IFRS 8 and IAS 1.

International Financial Reporting Standards and Interpretations that have been published but are not yet binding

The following standards and interpretations have already been adopted by the IASB and partly approved by the EU but they were not yet mandatory in fiscal 2010/2011. Bertrandt AG will apply them as of the accounting period for which they become

mandatory.

Standard/Interpretation		Compulsory application
IFRS 1	First-time application of IFRS – version dated 27 November 2008	01.01.2010
IFRS 1	First-time application of IFRS, additional exemptions for first-time adopters	01.01.2010
IFRS 1	Amendments to IFRS 1, limited exemption from comparative IFRS 7 disclosures	01.07.2010
IFRS 2	Amendment of share-based payments	01.01.2010
IAS 32	Classification of rights issues	01.02.2010
IFRIC 15	Agreements for the Construction of Real Estate	01.01.2010
IFRIC 17	Distributions of non-cash assets to owners	01.11.2009
IFRIC 18	Transfers of assets from customers	01.11.2009
IFRIC 19	Extinguishing financial liabilities with equity instruments	01.07.2010
Improvement to IFRS	Individual amendments	Individual amendments

Expected effects	Compulsory application		Standard/Interpretation
		Amendments IFRS 1:	IFRS 1*
None	01.07.2011	severe hyperinflation and removal of fixed datas
Disclosures in the notes	01.07.2011	Amendment to IFRS 7: disclosures in the notes	IFRS 7*
Classification, measurement**	01.01.2013	Financial instruments	IFRS 9*
None	01.01.2013	Consolidated financial statements	IFRS 10*
None	01.01.2013	Joint arrangements	IFRS 11*
None	01.07.2012	Disclosures of interests in other entities	IFRS 12*
Disclosures in the notes	01.01.2013	Fair value measurement	IFRS 13*
None	01.01.2013	Presentation of items of other comprehensive incomes	IAS 1*
None	01.01.2012	Deferred taxes: realisation of the underlying assets	IAS 12*
Disclosures in the notes	01.01.2013	Employee benefits	IAS 19*
Disclosures in the notes	01.01.2011	Disclosures on related parties	IAS 24
None	01.01.2013	Separate financial statements	IAS 27*
Disclosures in the notes	01.01.2013	Investments in associates and joint ventures	IAS 28*
None	01.01.2011	Prepayments of existing minimum funding requirements	IFRIC 14
Single-case	Individual	Individual amendments	Improvement to IFRS
audit	amendments

*not yet endorsed by the EU **It is impossible to make a reliable estimate of the impact at the moment.

[2] Companies consolidated

In addition to Bertrandt AG, the consolidated financial statements include all operating subsidiaries under the legal and constructive control of Bertrandt AG. This specifically entails the following German companies: the Bertrandt Ingenieurbüro GmbH companies in Cologne, Gaimersheim, Ginsheim-Gustavsburg, Hamburg, Munich, Neckarsulm, Tappenbeck, Bertrandt Technikum GmbH, Bertrandt Projektgesellschaft mbH and Bertrandt Services GmbH in Ehningen as well as ZR-Zapadtka + Ritter Geschäftsführungs GmbH, which are all consolidated.

Accordingly, the consolidated companies comprise the non-domestic entities Bertrandt France S.A. in Paris/Bièvres and Bertrandt S.A.S. in Paris/Bièvres, Bertrandt UK Ltd. in Dunton, Bertrandt Sweden AB in Trollhättan, Bertrandt US Inc. in Detroit and Bertrandt Otomotiv Mühendislik Hizmetleri Ticaret Ltd. Sti. in Istanbul.

[3] Consolidation principles The annual financial statements of the fully consolidated companies are, pursuant to IAS 27, prepared with consistent accounting and measurement principles. The reporting dates of the separate financial statements of the consolidated companies are, as a matter of principle, concomitant with Bertrandt AG's financial year.

Companies on which Bertrandt exercises material but not dominant influence are accounted for using the equity method as associated companies in the consolidated financial statements. These are Bertrandt Entwicklungen AG & Co. OHG, Bertrandt Automotive GmbH & Co. KG, aucip. automotive cluster investment platform GmbH & Co. KG and aucip. automotive cluster investment platform Beteiligungs GmbH as well as Bertrandt Aeroconseil GmbH.

Details of the shares held by Bertrandt AG are set out in Note [49] of this report.

Companies are consolidated using the acquisition method by netting the acquisition costs against the prorated remeasured equity and reserves attributable to the parent company as of the date of purchase. If the purchase price of the acquisition exceeds the fair value of the identifiable assets net of liabilities, the difference is classified as goodwill and recognized upon initial consolidation. Companies are consolidated for the first time on the date on which control can be exercised and deconsolidated upon such possibility being lost.

Shares in associates are accounted for using the equity method if it is possible for significant influence to be exercised (IAS 28). This is fundamentally the case if the Group holds between 20 and 50 percent of the voting power of the associate and therefore also applies to joint ventures coming within the definition in IAS 31. The carrying amounts of associates accounted for using the equity method are adjusted annually to reflect any change in the equity capital of the associate attributable to the Bertrandt Group. The principles for full consolidation are also applied to the allocation and measurement of any difference in the acquisition costs of the share in the associate and the Group's proportionate share in its equity.

Receivables and liabilities as well as sales, expenses and income between consolidated companies are netted. The consolidation principles are unchanged over the previous year.

[4] Currency translation

[5] Summary of the main recognition and measurement methods as well as the underlying assumptions

The single-entity financial statements prepared by foreign subsidiaries outside the European Monetary Union were translated to the Group's functional currency pursuant to IAS 21. As the subsidiaries carry out their business independently for financial, commercial and organisational purposes, the functional currency is identical to the currency of the country in which they are based.

Accordingly, these companies' assets and liabilities are presented in the consolidated financial statements at the mean end-of-year exchange rate, while expenses and income are translated using the average annual exchange rate. Any currency differences from this as well as the translation of amounts brought forward from the previous year are charged to equity.

Foreign-currency transactions are translated into the functional currency using the exchange rates prevailing on the date of the transaction. Gains and losses from the settlement of such transactions as well as the transaction-date translation of monetary assets and liabilities held in a foreign currency are taken to the income statement.

The parities of the key currencies relative to the Euro were as follows:

The preparation of the consolidated financial statements requires to some degree the use of estimates and assumptions that affect the assets and liabilities reported, the disclosure of contingent liabilities and receivables on the balance sheet and the income and expenses recognised. The assumptions and estimates have been selected in such a way as to provide a true and fair view of the Bertrandt Group's net assets, financial condition and results of operations. They are based on premises which in turn reflect the knowledge available at that point in time. In particular, estimates concerning the Company's expected future economic performance are based on the circumstances known as of the date on which the consolidated financial statements are prepared as well as realistic expectations as to future trends in business conditions. Among other things, this also applies to the discount rates used.

The amounts actually arising may vary from the original estimates as a result of unforeseeable developments beyond management's influence. In this case, the underlying assumptions and, if necessary, the carrying amounts of the assets and liabilities are

restated.

Currency translation relative to one euro
		Average rate on balance sheet date		Annual average rate
		30.09.2011	30.09.2010	2010/2011	2009/2010
United Kingdom	GBP	0.8650	0.8600	0.8689	0.8693
Sweden	SEK	9.2680	9.1421	9.0627	9.8343
Turkey	TRY	2.5124	1.9806	2.2140	2.0523
United States	USD	1.3494	1.3648	1.3955	1.3560

Recognition of income and expenses

Revenues and other operating income are recognised once the service in question is provided or the risks pass to the customer. In the case of construction contracts for individual customers, revenues are recognised in accordance with the percentage-of-completion method (PoC-Method), with due allowance made for threatened losses upon these becoming known. Operating expenses are charged to the income statement once the service in question is utilised or on the date on which such expenses are incurred. Provisions for guarantees were set aside at the time the corresponding revenues were recognised. Government grants are recognised only where it is reasonably certain that the applicable conditions have been met and the grants will be disbursed. They are charged to the periods in which the expenses that the grants are to cover are incurred. Interest income and expenses are recognised in the period in which they arise and income or expenses placed on the books at the end of the fiscal year.

Intangible assets

Acquired or internally generated intangible assets are recognised pursuant to IAS 38 if future economic benefits are expected to flow from the asset and it is possible to measure the cost of the asset reliably. Production costs for internally generated intangible assets do not include interest paid on borrowings.

Intangible assets are shown at cost less straight-line amortisation in accordance with their useful lives. This useful life is deemed to be three to five years with the exception of goodwill from consolidation, starting with the commencement of commercial utilisation.

Goodwill has no longer been written down on a straight-line basis. Instead, it is subjected to an annual impairment test pursuant to IAS 36 and IFRS 3. This test is carried out at least once a year and additionally always upon the occurrence of material events or any change in circumstances. Impairment testing is based on detailed corporate forecasts covering a period of three years. In addition, depending on the assessment of the beta factors, a discount rate of between 10.4 percent (previous year 10.4 percent) and 11.4 percent (previous year 11.4 percent) is applied. Goodwill contains stable if the discounting rate changes about +/- 5 percent.

The corporate forecasts take account of current knowledge as well as historical performance. The discounted cash flow method is used to calculate the value in use from the derived future cash flows of the cash generating units. The Digital Engineering, Physical Engineering and Electrical Systems/Electronics segments constitute cash generating units. If the value in use is less than the carrying amount, the latter is written down accordingly. If the reasons for impairment loss recognised in previous periods no longer apply, it is reversed with the exception of goodwill.

The main assumptions for the forecasts relating to the Digital Engineering, Physical Engineering and Electrical Systems/Electronics divisions are based on sector forecasts concerning global research and engineering requirements underlying marketing and capacity planning as well as specific contracts received from customers and specific internal adjustments, which also take account of planned cost adjustments.

Property, plant and equipment

Property, plant and equipment used in business operations for more than one year are carried at cost less scheduled depreciation. Cost includes all costs allocable to the production process as well as an appropriate part of the production-related overheads. Finance charges are not included. Scheduled depreciation is based on useful lives determined on a uniform basis within the Group.

Buildings are assumed to have useful lives of between 17 and 40 years and technical equipment and machinery of three to 20 years. Assuming normal use, plant and office equipment are written off over a period of between three and ten years. The useful lives of property, plant and equipment are reviewed on each balance sheet date and, if necessary, adjusted. New additions are generally written down using the straight-line method on a time proportionate basis.

Investment properties

Investment properties comprise those properties which Bertrandt does not use for business or administration purposes. They are recognised at cost less systematic depreciation. Buildings are assumed to have useful lives of between 25 and 40 years.

Impairment losses

Impairment losses incurred on intangible assets, plant and equipment and investment products are calculated in accordance with IAS 36 if the value in use or the net recoverable value of the asset in question has dropped below its carrying amount. If the reasons for impairment loss recognised in previous periods no longer apply, such loss is reversed with the exception of goodwill.

Financial instruments

These comprise both originated financial instruments (e.g. trade receivables and payables) and derivative financial instruments (e.g. transactions to hedge the risk of any

change in value).

In accordance with IAS 39, Bertrandt AG assigns its financial instruments to the following

categories:

financial assets and liabilities at fair value through profit and loss,

• loans and receivables,
• financial liabilities measured at amortised cost,
• available-for-sale assets.

Categorisation depends on the purpose for which the financial asset has been acquired or the financial liability accepted.

The reconciliation statement in Note [42] assigns the financial instruments to the various

categories.

Financial assets are recognised for the first time on their settlement date and measured at their fair value including transaction costs, if any. They are then subsequently measured at amortised cost or at their fair value. Financial instruments are derecognised when the rights to payment from the investment have extinguished or have been transferred and the Group has transferred materially all of the risks and opportunities arising from

ownership.

Financial assets accounted for using the equity method

Shares in associated companies on which Bertrandt exercises material but not dominant influence are accounted for using the equity method. Similarly, joint ventures are also accounted for using the equity method.

Other financial assets

Other investments and loans are reported at amortised cost unless they are required to be recognised at their fair value or it is not possible for the fair value to be determined.

Other receivables and financial assets

Other receivables and financial assets (with the exception of derivatives) are recognised at amortised cost. Adjustments are made to allow for discernible individual risks and general credit risks.

Future receivables from construction contracts

Completed work as well as work in progress is classified as future receivables from construction contracts. Work in progress is recognised at cost plus a profit margin in line with the degree of completion provided that the economic benefits flowing from the completed work can be reliably measured. Advance payments received are netted against receivables from construction contracts.

Trade receivables

Trade receivables are recognised at amortised cost, with due allowance made for all discernible risks.

Cash and cash equivalents

Cash and cash equivalents comprise cash at banks, cheques received but not yet honoured and cash in hand, all of which are recognised at their nominal amounts.

Liabilities

Liabilities are reported at amortised cost.

Derivative financial instruments

As a service provider operating on an international level, the Bertrandt Group is primarily exposed to interest and exchange-rate risks. These risks are hedged by means of derivative financial instruments. Interest derivatives are used to hedge and optimise net interest result on the current floating-rate debt of the Group and are classified pursuant to IAS 39 as available-for-sale financial instruments. Any changes in fair value are taken to the income statement. They are remeasured on the basis of their fair value.

Foreign-currency forwards used to hedge future payment flows in a foreign currency are measured at their fair value. The effective part of any changes in the value of hedges is recorded within equity and not recycled to profit and loss until the hedged transaction has been executed. The ineffective part is taken directly to profit and loss.

Other derivatives are measured at their fair value, with any changes recorded in profit and loss.

Fair value is determined using acknowledged actuarial methods on the basis of mean prices. Derivative financial instruments are recorded as assets if they have a positive fair value and as liabilities if they have a negative fair value.

Inventories

Deferred tax assets and liabilities

Deferred tax assets and liabilities are recognised in accordance with IAS 12 for all temporary differences between the carrying amount pursuant to IFRS and the corresponding tax base and for consolidation measures taken to the income tax statement. Deferred tax assets also include tax rebate claims arising from the expected use of loss carryforwards in future years provided that there is a reasonable likelihood of such use. Deferred taxes are calculated on the basis of the tax rates applicable or expected in the individual countries in accordance with prevailing law on the date of recognition. A discount of deferred tax assets and liabilities is not applied.

Provisions

Pension provisions Provisions are set aside for post-retirement benefits on the basis of pension plans. The Group operates both defined-contribution and defined-benefit pension plans.

Provisions for post-retirement benefits are calculated using the projected-unit-credit method allowing for the corridor approach as defined in IAS 19.

The defined-contribution obligations apply towards government or private pension funds in accordance with statutory or contractual provisions. Upon payment of the contributions the Company does not incur any further obligations to pay benefits.

Tax provisions

Tax provisions are set aside for current income tax obligations. Current income taxes are calculated in accordance with the applicable national legislation.

Other provisions Other provisions are set aside if there is any legal or constructive present obligation towards a third party as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle such obligation and a reliable estimate can be made of the amount of this obligation.

Other provisions which do not result in an outflow of resources in the following year are recognised at the present value of the settlement amount as of the balance sheet date and discounted using market interest rates.

Government grants

Government grants for investments are reported under other non-current liabilities and are released to the income statement on a straight-line basis over the expected useful life of the assets concerned.

Grants related to assets and grants related to income are deducted from the corresponding expenditure provided that the grant is received in the same accounting year (presentation on a net basis).

The cost of materials breaks down as follows:

In the year under review, the material expenses increased by EUR 19.649 million.

The Bertrandt Group employed a total average of 7,504 people in the year under review

(previous year 5,955):

Staff costs include expenditure on wages and salaries of EUR 334.434 million (previous year EUR 254.099 million) as well as expenditure on social security of EUR 64.686 million (previous year EUR 48.632 million) including the employer contribution to the statutory pension fund and further defined-contribution expenses of EUR 30.169 million (previous year EUR 22.810 million).

Staff costs include government grants of EUR 0.091 million (previous year EUR 1.019 million) received under government economic stimulus packages.

[6] Revenues

• [7] Other internally generated assets
• [8] Other operating income

Leasing contracts	[9] Raw materials and consumables used
IAS 17 stipulates that leases are to be classified according to the extent to which the risks and rewards incidental to ownership of a leased asset lie with the lessor or the les see. If economic ownership is assumed to lie with the Bertrandt Group, the asset in ques tion is recognised at the present value of the lease payments on the date of addition
and written down on a straight-line basis over its expected useful life or the term of the lease, whichever is the shorter.		of which CAD costs
Obligations arising from future lease payments are recognised within borrowings.		of which external work of which incoming freight
The Bertrandt Group leases property, plant and equipment including buildings. Eco nomic ownership and hence the bulk of the opportunities and risks arising from these leases lies solely with the lessor (operating lease). The lease or rental payments are		Total
recorded directly as expense in the income statement.
Notes on items of the income statement	[10] Staff costs	(previous year 5,955):
Revenues are recognised once the service in question is provided or the risks pass to the customer. Moreover, changes in inventories of completed work and work in progress measured using the PoC-Method are recognised under revenues net of value added tax and all discounts and bonuses claimed.
Of the consolidated revenues of EUR 576.238 million (previous year EUR 428.834 mil lion), the domestic companies contributed EUR 508.254 million (previous year EUR 388.906 million) and the non-domestic companies EUR 67.984 million (previous year		Technical employees Office employees Trainees/undergraduates
EUR 39.928 million). This breakdown reflects the regional segmentation of Bertrandt's operations. The proportion of revenues calculated using the percentage-of-completion method stands at EUR 127.273 million (previous year EUR 76.968 million). All told, Bertrandt generated more than ten percent of its total revenues in business with two		Interns/post-graduates Temporary staff Total
customers spread across all segments. This item comprises internally generated tangible and intangible assets recognised pur suant to IAS 16 and 38 and written down over their expected useful lives on a straight
line basis.
Other operating income in the 2010/2011 fiscal year breaks down as follows:

Miscellaneous other operating income includes a grant of EUR 0.911 million (previous year EUR 1.433 million).

	2010/2011	2009/2010
Work-related income	4.319	5.071
of which non-cash benefits to employees	2.383	2.036
of which rental income	1.936	3.035
Non-work-related income	2.185	2.202
of which income from disposal of assets	0.098	0.009
of which income from reversal of provisions	1.936	2.163
of which income from reversal of impairment losses	0.151	0.030
Miscellaneous other operating income	2.145	2.324
of which payments for damages received	0.114	0.115
of which income from exchange-rate differences	0.053	0.117
of which miscellaneous	1.978	2.092
Total	8.649	9.597

	2010/2011	2009/2010
Expenditure on raw materials and consumables used	4.736	4.534
Expenditure on work purchased	50.659	31.212
of which CAD costs	8.903	8.168
of which external work	41.627	22.914
of which incoming freight	0.129	0.130
Total	55.395	35.746

	2010/2011	2009/2010
Wages and salaries	334.434	254.099
Expenditure on social security	64.686	48.632
of which employer contribution to social security	34.280	25.720
of which expenditure on post-employment benefits	30.406	22.912
Total	399.120	302.731

Technical employees Office employees Trainees/undergraduates Interns/post-graduates Temporary staff Total

	2010/2011	2009/2010
	583	445
	6,393	5,139
	150	153
	223	122
	155	96
	7,504	5,955

Other operating income EUR million

Personnel expenses EUR million

Employees in average number

Raw materials and consumables used	EUR million
------------------------------------	-------------

Depreciation expense breaks down as follows:

A detailed breakdown of the depreciation expense for individual items can be seen from the Statement of Changes in Assets under the corresponding items of the Notes (Notes [18-21]).

Other operating expenses break down as follows:

Other non-operating expenses include the cost of restructuring measures of EUR 0.378 million (previous year EUR 0 million). Other operating expenses primarily comprise fleet costs as well as legal and consulting expense.

Net finance income of EUR 0.609 million (previous year EUR 0.672 million) breaks down as follows:

[11] Depreciation

[12] Other operating expenses

[13] Net finance income

The finance expense of EUR 0.031 million (previous year EUR 0.021 million) includes interest expense of EUR 0.025 million (previous year EUR 0.019 million) on provisions.

No interest expense was incurred on non-current bank borrowings in fiscal 2010/2011 (previous year 0 million).

Other net finance income/finance expense for the period under review comprises interest income of EUR 0.645 million (previous year EUR 0.468 million) net of losses from changes in the fair value of derivative financial instruments of EUR 0.011 million (previous year losses of EUR 0.039 million). No income from investments in associates arose in the year under review (previous year EUR 0.250 million).

Foreign tax expenditure primarily involves the subsidiaries in France.

Income taxes comprise corporate tax of 15.0 percent plus the solidarity surcharge of 5.5 percent as well as trade tax of 14.0 percent in Germany and comparable income taxes in other countries. In addition, this item includes deferred taxes on the temporary differences between the carrying amounts recognised pursuant to IFRS and corresponding tax bases as well as consolidation measures and, where applicable, usable loss carryforward in accordance with IAS 12.

Income taxes thus break down as follows:

[14] Other taxes

2010/2011	2009/2010
3.384	2.808	[15] Income taxes
20.143	17.779
13.122	7.971
1.917	1.476
9.957	7.270
0.071	0.079
2.346	1.014
8.127	7.383
59.067	45.780

Net finance income	0.609	0.672
Other net financial result	0.634	0.679
Borrowing expenses	-0.031	-0.021
Share of profits in associates	0.006	0.014
	2010/2011	2009/2010

	2010/2011	2009/2010
Depreciation on
intangible assets	1.301	1.899
property, plant and equipment	9.887	8.359
investment properties	0.165	0.215
Total	11.353	10.473

Domestic tax expense Foreign tax expense Other taxes

2010/2011	2009/2010
0.172	0.158
0.758	0.549
0.930	0.707

Actual domestic tax expense Actual foreign tax expense Actual tax expense Deferred tax expense Income taxes

2010/2011	2009/2010
13.179	11.458
0.427	0
13.606	11.458
4.449	1.228
18.055	12.686

Depreciation EUR million

Other operating expenses EUR million

Income taxes EUR million

Other taxes EUR million

Net finance income EUR million

[16] Earnings per share

The income tax expense of EUR 18.055 million calculated for fiscal 2010/2011 was EUR 0.052 million higher than the expected income tax expense of EUR 18.003 million that would have arisen had a tax rate of 30 percent (previous year 30 percent) been applied to consolidated pre-tax earnings.

Reconciliation of expected and actual income tax expense is as follows:

Deferred income tax assets of EUR 1.424 million (previous year EUR 0.109 million) arising from tax losses were utilised in the year under review. Additions to deferred income tax assets arising from tax losses came to EUR 0.152 million in the year under review (previous year EUR 0.740 million). The item "tax effects of non-deductible operating expenses and other tax modifications" includes tax effects resulting from the tax-free grant of EUR 0.467 million (previous year EUR 0.020 million).

Earnings per share as defined in IAS 33 are as follows:

	2010/2011	2009/2010
Earnings before income tax	60.010	43.923
Expected tax rate	30.0 %	30.0 %
Expected income tax expense	18.003	13.177
Differences in tax treatment outside Germany	0.310	0.097
Tax effects of payouts and pre-year tax assessments	0.111	-0.534
Tax effect of non-deductible operating expenses
and other tax modifications	-0.351	-0.061
Other effects	-0.018	0.007
Actual income tax expense	18.055	12.686
Effective tax rate	30.1%	28.9 %

	2010/2011	2009/2010
Earnings after income tax (EUR million)	41.955	31.237
Minority interests (EUR million)	0	0
Profit attributable to the shareholders of Bertrandt AG (EUR million)	41.955	31.237
– Number of shares (million)	10.143	10.143
– Number of treasury shares (million)	-0.094	-0.103
Number of shares which are entitled to dividend (million)
– diluted/basic, average weighting	10.049	10.040
Earnings per share (EUR)
– diluted/basic	4.18	3.11

[17] Further notes on the income statement in accordance with IFRS 7 (Financial Instruments)

Net gains or net losses on financial instruments comprise interest, changes in the fair value of financial instruments, the results of currency translation, adjustments and any changes resulting from remeasurement of these.

Assets which are disposable for sale include other associates. Financial assets or liabilities at fair value through profit and loss comprise derivatives used for hedging interest risks. The "loans and receivables" category comprises all other financial assets, trade receivables, other assets and cash and cash equivalents

Financial liabilities measured at amortised cost entail liabilities to bank, trade payables

and other liabilities.

Impairment losses on loans and receivables came to EUR 1.467 million in the year under review (previous year EUR 0.315 million).

Interest income Interest expenses Total

Net gains or net losses on financial instrument by category as defined in IAS 39	EUR million
	2010/2011	2009/2010
Financial assets at fair value through profit and loss	-0.011	-0.039
Available-for-sale assets	0.569	0.250
Loans and receivables	-0.764	0.061
Financial liabilities measured at amortised cost	0.002	-0.004
Total	-0.204	0.268

Reconciliation of income tax EUR million

Calculation earnings per share according to IAS 33

Total interest income and expense for financial assets or liabilities that are not at fair value through profit and loss	EUR million
	2010/2011	2009/2010
Interest income	0.605	0.423
Interest expenses	-0.006	-0.002
	0.599	0.421

Historical costs
Value on 01.10.2009	20.635	0.572	8.973	0	30.180
Currency differences	0.007	0	0	0	0.007
Additions	1.010	0.018	0.029	0	1.057
Disposals	0.206	0	0	0	0.206
Reclassifications	0	0	0	0	0
Value on 30.09.2010	21.446	0.590	9.002	0	31.038
Depreciation
Value on 01.10.2009	18.191	0.572	0	0	18.763
Currency differences	0.003	0	0	0	0.003
Additions	1.897	0.002	0	0	1.899
Disposals	0.206	0	0	0	0.206
Reclassifications	0	0	0	0	0
Value on 30.09.2010	19.885	0.574	0	0	20.459
Residual carring amount 30.09.2010	1.561	0.016	9.002	0	10.579
Residual carring amount 30.09.2009	2.444	0	8.973	0	11.417

Previous year

	Notes on items in the balance sheet	[19] Property, plant and equipment
	Assets
	Non-current assets		dings.
[18] Intangible assets	Additions to intangible assets primarily comprise CAD software licenses and other tech nical software licences.		well as testing facilities.
	Intangible assets undergo regular impairment testing in accordance with IAS 36. No im pairment as identified in the year under review.
	Goodwill breaks down by segment as follows: Digital Engineering EUR 6.093 million (previous year EUR 6.093 million) and Physical Engineering EUR 2.909 (previous year EUR 2.909 million).

Intangible assets EUR million

	Concessions and licences	Internally generated software	Goodwill	Software being written in-house	Total intangible assets
Historical costs
Value on 01.10.2010	21.446	0.590	9.002	0	31.038
Currency differences	0	0	0	0	0
Additions	2.118	0.049	0	0.037	2.204
Disposals	0.149	0	0	0	0.149
Reclassifications	0.006	0	0	0	0.006
Value on 30.09.2011	23.421	0.639	9.002	0.037	33.099
Depreciation
Value on 01.10.2010	19.885	0.574	0	0	20.459
Currency differences	0.001	0	0	0	0.001
Additions	1.293	0.008	0	0	1.301
Disposals	0.148	0	0	0	0.148
Reclassifications	0	0	0	0	0
Value on 30.09.2011	21.031	0.582	0	0	21.613
Residual carring amount 30.09.2011	2.390	0.057	9.002	0.037	11.486
Residual carring amount 30.09.2010	1.561	0.016	9.002	0	10.579

Technical equipment and machinery as well as other equipment, plant and office equipment primarily comprise CAD machines, prototype construction equipment as

Property, plant and equipment EUR million

	Property and plant	Technical equipment and machinery	Other facilities, factory and office equipment	Advance payments and work in progress	Total PPE
Historical costs
Value on 01.10.2010	19.855	38.951	49.068	1.665	109.539
Currency differences	0	0	-0.002	0	-0.002
Additions	1.182	4.806	11.541	5.240	22.769
Disposals	0.017	4.987	3.629	0	8.633
Reclassifications	0.082	1.340	0.169	-1.597	-0.006
Value on 30.09.2011	21.102	40.110	57.147	5.308	123.667
Depreciation
Value on 01.10.2010	4.165	26.578	34.663	0	65.406
Currency differences	0	0	-0.002	0	-0.002
Additions	0.682	3.193	6.012	0	9.887
Disposals	0	4.922	3.041	0	7.963
Reclassifications	0	0	0	0	0
Value on 30.09.2011	4.847	24.849	37.632	0	67.328
Residual carring amount 30.09.2011	16.255	15.261	19.515	5.308	56.339
Residual carring amount 30.09.2010	15.690	12.373	14.405	1.665	44.133
Previous year
Historical costs
Value on 01.10.2009	19.592	34.559	46.735	1.158	102.044
Currency differences	0	0	0.035	0	0.035
Additions	0.237	4.068	5.269	1.665	11.239
Disposals	0.003	787	2.989	0	3.779
Reclassifications	0.029	1.111	0.018	-1.158	0
Value on 30.09.2010	19.855	38.951	49.068	1.665	109.539
Depreciation
Value on 01.10.2009	3.499	24.894	32.030	0	60.423
Currency differences	0	0	0.031	0	0.031
Additions	0.668	2.410	5.281	0	8.359
Disposals	0.003	0.725	2.679	0	3.407
Reclassifications	0.001	-0.001	0	0	0
Value on 30.09.2010	4.165	26.578	34.663	0	65.406
Residual carring amount 30.09.2010	15.690	12.373	14.405	1.665	44.133
Residual carring amount 30.09.2009	16.093	9.665	14.705	1.158	41.621

[21] Shares in associates and other financial assets

riod under review.

Bertrandt AG's share of the profits of these associates came to EUR 0.006 million in the year under review (previous year EUR 0.014 million). The disposals in the year under review related to the sale of the share in Aeroconseil S.A.; the resultant income of EUR 0.569 million (previous year EUR 0) is reported within other operating income.

The long-term loans granted comprise employer loans subject to an interest rate of five percent. These are due for settlement in two to five years. The carrying amounts primarily match the fair values.

[20] Investment properties As of 30 September 2011, the fair values of the investment properties more or less match their carrying amounts. They are calculated using the discounted cash flow method. However, no external independent report was used for this purpose. Rental income of EUR 0.511 million (previous year EUR 0.695 million) arose during the period in question.

Previous year

	Investment properties
Historical costs
Value on 01.10.2010	9.541
Additions	0
Disposals	4.915
Reclassifications	0
Value on 30.09.2011	4.626
Depreciation
Value on 01.10.2010	4.865
Additions	0.165
Disposals	2.273
Reclassifications	0
Value on 30.09.2011	2.757
Residual carring amount 30.09.2011	1.869
Residual carring amount 30.09.2010	4.676

Historical costs
Value on 01.10.2009	9.541
Additions	0
Disposals	0
Reclassifications	0
Value on 30.09.2010	9.541
Depreciation
Value on 01.10.2009	4.650
Additions	0.215
Disposals	0
Reclassifications	0
Value on 30.09.2010	4.865
Residual carring amount 30.09.2010	4.676
Residual carring amount 30.09.2009	4.891

Value on 01.10.2009
Additions
Reclassifications
Disposals
Value on 30.09.2010
Depreciation
Value on 01.10.2009
Additions
Disposals
Value on 30.09.2010
Residual carring
amount 30.09.2010
Residual carring
amount 30.09.2009

	Shares in	Other	Non-current	Total financial
	associates	associates	loans granted	assets
Historical costs
Value on 01.10.2010	0.818	3.750	0.861	5.429
Additions	0.006	0	6.796	6.802
Reclassifications	0	0	0	0
Disposals	0	3.750	0.530	4.280
Value on 30.09.2011	0.824	0	7.127	7.951
Depreciation
Value on 01.10.2010	0	0	0	0
Additions	0	0	0	0
Disposals	0	0	0	0
Value on 30.09.2011	0	0	0	0
Residual carring
amount 30.09.2011	0.824	0	7.127	7.951
Residual carring
amount 30.09.2010	0.818	3.750	0.861	5.429
Previous year
Historical costs
Value on 01.10.2009	0.804	3.750	0.789	5.343
Additions	0.014	0	0.382	0.396
Reclassifications	0	0	0	0
Disposals	0	0	0.310	0.310
Value on 30.09.2010	0.818	3.750	0.861	5.429
Depreciation
Value on 01.10.2009	0	0	0	0
Additions	0	0	0	0
Disposals	0	0	0	0
Value on 30.09.2010	0	0	0	0
Residual carring
amount 30.09.2010	0.818	3.750	0.861	5.429

Investment properties EUR million

5.343

0.789

3.750

0.804

Shares in associates and other financial assets EUR million

[22] Current and noncurrent receivables and other assets

[23] Current and noncurrent income tax

assets

[24] Deferred taxes

Receivables and other assets are carried at amortised cost, which largely matches their fair value, with due allowance made for all discernible individual risks.

Receivables and other assets break down as follows:

Other current assets include receivables from employees, tax refund claims, refund claims from social security funds, other current receivables as well as advance payments made for services, the corresponding expense for which is to be allocated to future periods.

Other non-current assets comprise reinsurance claims of EUR 1.720 million (previous year EUR 1.496 million) and derivative financial instruments of EUR 0.011 million (previous year EUR 0.022 million). The carrying amount represents the maximum default risk for the derivative financial instruments.

Adjustments of EUR 3.427 million (previous year EUR 2.143 million) were included.

Of the corporate tax credit in accordance with the Act Relating to Fiscal Measures Intended to Accompany the introduction of the European Company and the Subsequent modification of other Fiscal Provisions (SEStEG), an amount of EUR 0.720 million (previous year EUR 0.850 million) is reported with non-current income tax assets and an amount of EUR 0.170 million (previous year EUR 0.170 million) within current income tax assets. In addition, the current income tax assets include current tax credits of EUR 0.078 million (previous year EUR 0.630 million).

Deferred taxes result from temporary differences between the carrying amounts used for the IFRS balance sheet and the tax base, from IFRS-based valuation as well as from the tax losses that are likely to be capable of being used. Deferred taxes were calculated in accordance with the rules laid down in IAS 12, according to which deferred taxes are determined on the basis of the tax rates applicable or expected in the individual countries in accordance with prevailing law on the date of recognition.

Trade receivables	129.315	129.315	0	0
Other assets	9.262	6.402	1.140	1.720
Total	138.577	135.717	1.140	1.720
Previous year
	30.09.2010	< 1 Jahr	1- 5 Jahre	> 5 Jahre
Trade receivables	94.397	94.397	0	0
Other assets	6.991	4.397	1.098	1.496
Total	101.388	98.794	1.098	1.496

Deferred tax assets and liabilities break down as follows:

The other items include deferred income tax assets of EUR 0.051 million (previous year EUR 0) arising from changes in the fair value of hedges and are reported within other comprehensive income. Of the deferred tax assets, EUR 0.758 million (previous year EUR 2.016 million) have a residual maturity of more than one year. Of the deferred tax liabilities, EUR 5.820 million (previous year EUR 2.287 million) are current and EUR 4.848 million (previous year EUR 4.404 million) are non-current.

In addition to the deferred tax assets arising from tax losses, there are unused tax losses from both German and foreign business in an amount of EUR 6.674 million (previous year EUR 6.708 million) not subject to any time limit with respect to their utilisation. In individual countries, utilisation is restricted to a 15-year period.

Current assets

The Bertrandt Group's inventories were valued as follows on the balance sheet date:

Future receivables from construction contracts, which comprise work in progress as well as work that has been completed but not yet delivered, are measured using the percent-of-completion method. The percent of completion is determined by comparing the costs incurred with the total costs (cost-to-cost method). Work that has been completed but not yet delivered is measured at the value of the contract in question.

[25] Inventories

[26] Future receivables from construction contracts

	30.09.2011		30.09.2010
	Deferred	Deferred	Deferred	Deferred
	tax assets	tax liabilities	tax assets	tax liabilities
Non-current assets	0.028	2.310	0.039	2.148
Inventories	0	5.800	0.048	2.287
Post-retirements benefit provisions	0.032	0	0.004	0
Other provisions	0.986	0	0.974	0
Unused tax losses	1.033	0	1.461	0
Consolidation	0	2.311	0	1.995
Other items	0.334	0.247	0.311	0.261
Total	2.413	10.668	2.837	6.691

Raw materials and consumables used

30.09.2011 0.528
		0.470
		30.09.2010

Receivables and other assets EUR million

Deferred tax assets and liabilities EUR million

Inventories EUR million

Future receivables from construction contracts EUR million
		30.09.2011	30.09.2010
Construction contracts not yet completed		48.254	25.120
Completed construction contracts		20.600	7.986
Advance payments received on construction contracts		-30.927	-12.725
Total		37.927	20.381

[27] Cash and cash equivalents	Cash and cash equivalents primarily comprise cash at hand, bank balances and cheques. Foreign-currency balances were translated into the Group currency at the mean ex change rate prevailing on 30 September 2011. Cash and cash equivalents are due for settlement in less than three months. Cash and cash equivalents are broken down in the cash flow statement.
	Equity and liabilities
	Capital and reserves
[28] Issued capital	Bertrandt AG's subscribed capital amounted to EUR 10,143,240 on 30 September 2011 and was paid in full. It is thus divided into 10,143,240 no-par-value shares with a no tional value of EUR 1.00 each.
	Authorised capital
	The Management Board is authorised to increase the share capital with the Supervisory Board's approval by issuing new shares on a cash or non-cash basis once or multiple times up to a maximum amount of EUR 4 million by 31 January 2014.
	The Management Board is authorised with the Supervisory Board's approval a) to exclude the shareholders' subscription rights once or repeatedly, however only up to a total of EUR 1 million, if the issue amount of the new shares falls short by no more than five percent of the average price of Bertrandt AG stock for the five trading days preceding the date on which the Management Board passes the resolution to issue the new shares. For this purpose, the applicable price equals the closing price in Xetra trad ing (or a comparable replacement system) for Bertrandt AG stock; b) to exclude the shareholders' subscription rights once or repeatedly, however only up to a total of EUR 3 million, if the non-cash equity issue is for the purpose of acquiring all or part of other companies; c) to exclude the shareholders' subscription rights to fractional amounts.
[29] Share premium	The share premium comprises solely the premium on the issue of new shares.
[30] Retained earnings	Translation differences arising from the consolidation of the subsidiaries' equity are net ted with retained earnings.
	As of the balance sheet date, treasury stock consisted of 93,939 (previous year 103,029) shares. This change is due to a staff share programme executed in fiscal 2010/2011. The treasury stock is netted against retained earnings at its historical cost of EUR 0.975 million (previous year EUR 1.477 million) of the company issued capital.
[31] Minority interests	Shares held by other parties are recognised as an equity component and are assigned to minority interests.
	Non-current liabilities
[32] Provisions for post employment benefits	Provisions for post-employment benefits are calculated using the internationally standard projected-unit-credit method stipulated by IAS 19 in the light of foreseeable future trends on the basis of the following assumptions:

As of 30 September 2011, the provisions for post-employment benefits increased by EUR 0.237 million (previous year EUR 0.114 million) to EUR 2.337 million (previous year

EUR 2.100 million).

Net expenditure on post-employment benefit plans in fiscal 2009/2010 breaks down

as follows:

The actuarial present value of pension obligations changed as follows:

The actuarial present value of the previous year's obligations stood at EUR 2.159 million as of 30 September 2009, EUR 1.532 million as of 30 September 2008 and EUR 1.850

million as of 30 September 2007.

The actuarial gains (-)/losses (+) from historical adjustments came to EUR -0.014 million in fiscal 2010/2011, EUR -0.014 million in fiscal 2009/2010, EUR -0.014 million in fiscal 2008/2009 and EUR -0.014 million in fiscal 2007/2008.

Interest rate
Assumed rate of salary increase
Assumed rate of pension increase
Valuation of widow (pension) entitlement
Retirement age

	30.09.2011	30.09.2010
Interest rate	4.80 %	4.20 %
Assumed rate of salary increase	0 - 2.50 %	0 - 2.50 %
Assumed rate of pension increase	1.75 - 2.50 %	1.75 - 2.50 %
Probability of mortality and invalidity according to Heubeck	2005G	2005G
Valuation of widow (pension) entitlement	Collective	Collective
Retirement age	65 years	65 years
Average remaining life expectancy of persons with active entitlement	1- 11 years	1-12 years

Assumptions for determining pension obligations diverse information

Present value on 01.10. Service cost Interest expense Actuarial gains (-) / losses (+) Planned reduction Present value on 30.09.

2010/2011	2009/2010
2.886	2.159
0.048	0.035
0.121	0.114
-0.356	0.613
0	-0.035
2.699	2.886

	2010/2011	2009/2010
Service cost	0.048	0.035
Interest expense	0.121	0.114
Amortisation of actuarial gains (-) / losses (+)	0.068	0
Planned reduction	0	-0.035
Total	0.237	0.114

Net expenditure on post-employment benefit plans EUR million

Actuarial present value of pension obligations EUR million

[34] Current and noncurrent borrowings

[35] Tax provisions

[36] Current financial borrowings

The funding of post-employment benefit obligations breaks down as follows as of 30 September 2011:

Other provisions are set aside whenever there is a current legal or constructive obligation towards a third party as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle such obligation and a reliable estimate can be made of the amount of this obligation. Other provisions break down as follows:

Personnel provisions primarily comprise amounts for profit sharing arrangements and bonuses as well as handicapped employee levies and dues for industrial compensation societies.

Provisions for ongoing business operations essentially comprise guarantee obligations and threatened losses from pending transactions. Other provisions have been set aside for numerous discernible individual risks. Other current provisions include amounts of EUR 0.885 million (previous year EUR 0.209 million) set aside for restructuring obligations.

The caring amounts of the other liabilities, all of which are current in nature, largely match their fair values and break down as follows:

Miscellaneous other liabilities include an investment grant of EUR 0.527 million (previous year EUR 0.559 million), which was received as a government grant for a realised investment. In accordance with IAS 20, an amount of EUR 0.032 million (previous year EUR 0.032 million) was released to the income statement in accordance with the useful

life of the assets concerned.

Current liabilities

Tax provisions have primarily been set aside for income tax. Deferred taxes are shown as separate items in the balance sheet.

Funding of pension obligations	EUR million
Actuarial present value of benefit entitlement not
financed by investment funds
Adjustment for actuarial gains not yet netted
Net post-employment benefit plan obligations
pursuant IAS 19

As of the balance sheet date, there were no non-current financial borrowings. The financial borrowings reported comprise cheques which have been issued but not yet presented for payment. The credit facilities available were not utilised.

As in the previous year, ongoing investments were financed from the cash flow.

	Personnel provisions	Provisions for ongoing business operations	Other provisions	Total of other provisions	of which less than 1 year	of which more than 1 year
Value on 01.10.2010	24.801	2.711	12.536	40.048	36.162	3.886
Currency difference	0	0	-0.001	-0.001
Utilisation	20.294	2.523	3.306	26.123
Reversal	1.304	0.016	0.616	1.936
Addition	27.225	2.614	6.373	36.212
Value on 30.09.2011	30.428	2.786	14.986	48.200	43.921	4.279

Borrowings

Previous year

Borrowings

Current and non-current other borrowings	EUR million
	30.09.2011	< 1 year	1- 5 years	> 5 years
Borrowings	0.466	0.466	0	0
Previous year	30.09.2010	< 1 year	1- 5 years	> 5 years
Borrowings	0.271	0.271	0	0

Current and non-current other provisions EUR million

[33] Current and non-current other provisions

Current and non-current other liabilities EUR million
	30.09.2011	< 1 year	1- 5 years	> 5 years
Taxes	11.910	11.910	0	0
Payroll and church tax	4.784	4.784	0	0
Social security	1.204	1.204	0	0
Wages and salaries	0.974	0.974	0	0
Personnel obligations	23.763	23.763	0	0
Advance payments received for
outstanding services	6.218	6.218	0	0
Miscellaneous other	3.635	3.140	0.495	0
Other liabilities	52.488	51.993	0.495	0
Previous year
	30.09.2010	< 1 year	1- 5 years	> 5 years
Taxes	7.666	7.666	0	0
Payroll and church tax	3.524	3.524	0	0
Social security	1.300	1.300	0	0
Wages and salaries	0.546	0.546	0	0
Personnel obligations	19.000	19.000	0	0
Advance payments received for
outstanding services	7.163	7.163	0	0
Miscellaneous other	3.221	2.694	0.527	0
Other liabilities	42.420	41.893	0.527	0

Taxes
Payroll and church tax
Social security
Wages and salaries
Personnel obligations
outstanding services
Miscellaneous other
Other liabilities

The Electrical Systems/Electronics division entails conventional automotive electrical systems together with modern automotive electronics, including the development of electronic modules such as onboard networks, software and simulated deployment.

Segment information is based on the same recognition and measurement methods as the consolidated financial statements. Internal revenues are invoiced at normal market prices in compliance with the arm's length principle. Income and expenses as well as intra-group results have been eliminated.

Segmentation of assets and liabilities is not necessary as these do not form part of the internal reporting system at the division level.

Other disclosures

As in the previous year, no collateral was provided as of the balance sheet date.

Future financial obligations resulting from rental, maintenance and leasing contracts, which are carried at their nominal values, fall due as follows:

The total primarily comprises real estate rental contracts and leases of EUR 51.951 million (previous year EUR 51.250 million).

The following table reconciles the line items of the balance sheet with the categories of financial instruments broken down by the carrying amounts and fair values of the finan-

cial instruments.

	Digital Engineering		Physical Engineering		Electrical Systems/ Electronics		Total for all divisions
01.10. until 30.09.	2010/2011	2009/2010	2010/2011	2009/2010	2010/2011	2009/2010	2010/2011	2009/2010
Revenues	366.024	263.853	103.599	80.230	115.539	92.544	585.162	436.627
Transfer between segments	5.014	4.595	2.129	1.382	1.781	1.816	8.924	7.793
Consolidated revenues	361.010	259.258	101.470	78.848	113.758	90.728	576.238	428.834
Operating profit	34.883	24.435	12.574	9.440	12.874	10.083	60.331	43.958
Scheduled depreciation	3.316	3.102	6.267	5.618	1.610	1.506	11.193	10.226
Exceptional depreciation	0.083	0.075	0.064	0.136	0.013	0.036	0.160	0.247

Segments EUR million

As of 30 September 2011 the domestic and non-domestic interest rate on current financial borrowings was between 1.5 and 6.25 percent (previous year 1.5 and six percent). The carrying amount reported for current financial liabilities equals their fair value.

The carrying amounts more or less match the market values and are due for settlement in less than one year.

The cash flow statement shows how the Bertrandt Group's liquidity position has changed in the course of the year under review as a result of cash inflows and outflows regardless of the structure of the balance sheet. In accordance with IAS 7, cash flows are distinguished according to operating, investing and financing activities. The item cash and cash equivalents comprises solely the cash and cash equivalents recognised on the face of the consolidated balance sheet.

The changes in the individual items are derived from the consolidated balance sheet and income statement.

Using net profit after tax as a basis, the cash flow statement was prepared in accordance with the indirect method. Net profit after tax was adjusted for non-cash expenses and income. Allowing for changes in working capital, this produces cash flow from operating activities of EUR 23.728 million (previous year EUR 25.046 million). There was a net cash outflow from investing activities of EUR -23.561 million (previous year EUR -11.841 million), which primarily comprised cash outflows for additions to assets. Despite the greater volume of funds tied up in working capital and an increase in capital spending, a net free cash inflow of EUR 0.167 million (previous year EUR 13.205 million) was generated. There was a net cash outflow from financing activities of EUR -11.546 million (previous year EUR -9.573 million) due to dividend payments and the repayment of loans. Cash and cash equivalents come to EUR 36.677 million (previous year EUR 48.081 million).

The Group is managed on the basis of its segments Digital Engineering, Physical Engineering and Electrical Systems/Electronics. Non-current assets as defined in IFRS 8 are valued at EUR 69.694 million (previous year EUR 59.388 million). Of this, domestic noncurrent assets account for EUR 65.169 million (previous year EUR 55.628 million) and non-domestic non-current assets EUR 4.525 million (previous year EUR 3.760 million).

The Digital Engineering division comprises the design of vehicle components such as power trains, chassis, body shells as well as the complete development of entire vehicles including technical calculations using the usual design methods such as CAD. This segment also includes aircraft business and Bertrandt Services GmbH.

The Physical Engineering division is made up of activities related to model construction, trials, vehicle bodies, rapid prototyping and rapid tooling as well as the construction of steel-plate prototypes and plastics engineering.

[37] Trades payable

[38] Notes on the cash flow statement

[39] Notes on segment reporting

[40] Collateral provided

[41] Other financial obligations

[42] Further notes on the balance sheet in accordance with IFRS 7 (Financial Instruments)

	30.09.2011	30.09.2010
Trade payables	10.491	7.475

Trade payables EUR million

	30.09.2011	30.09.2010
< 1 year	35.200	26.014
1- 5 years	30.025	26.493
> 5 years	12.616	16.776
Total	77.841	69.283

Other financial obligations EUR million

In accordance with IFRS 7, financial instruments valued at fair value through profit and loss must be assigned to one of the three levels of the fair value hierarchy. Level one comprises financial instruments which are measured on the basis of the listed prices of identical assets or liabilities in active markets. Financial assets which are allocated to the level two are measured on the basis of other directly or indirectly observable information not coming with the scope of level one. Level three comprises financial instruments which are measured on the basis of information derived from non-observable market data. The interest derivatives and currency forwards measured as of the balance sheet date are allocated to level two and other derivatives to level three. A sensitivity analysis is performed annually to review and evaluate the probability of internal and external factors and underlying conditions as well as the resultant financial impact. No changes were made to the carrying amount as a result of this analysis.

	Measured at fair value		Measured at amortised cost	Outside the scope of IFRS 7/ No measurement category under IAS 39	Balance sheet item 30.09.2011
	Carrying amount	Carrying amount	Fair value	Carrying amount
Non-current assets
Shares in associates				0.824	0.824
Other financial assets		7.127	7.127		7.127
Receivables and other assets	0.011	2.849	2.849		2.860
Current assets
Receivable from construction contracts		37.927	37.927		37.927
Receivables and other assets		131.907	131.907	3.810	135.717
Cash and cash equivalents		36.677	36.677		36.677
Other liabilities				0.495	0.495
Current liabilities
Borrowings		0.466	0.466		0.466
Trade payables		10.491	10.491		10.491
Other liabilities		9.526	9.526	42.467	51.993
Previous year	Measured at fair value		Measured at amortised cost	Outside the scope of IFRS 7/ No measurement category under	Balance sheet item 30.09.2010

				IAS 39
	Carrying amount	Carrying amount	Fair value	Carrying amount
Non-current assets
Shares in associates				0.818	0.818
Other financial assets		4.611	0.861*		4.611
Receivables and other assets	0.022	2.572	2.572		2.594
Current assets
Receivable from construction contracts		20.381	20.381		20.381
Receivables and other assets		96.025	96.025	2.769	98.794
Cash and cash equivalents		48.081	48.081		48.081
Other liabilities				0.527	0.527
Current liabilities
Borrowings		0.271	0.271		0.271
Trade payables		7.475	7.475		7.475
Other liabilities		9.757	9.757	32.136	41.893

*This difference is attributable to miscellaneous investees whose fair value cannot be reliably determined.

Reconsiliation of the line items of the balance sheet with the categories of financial instruments	EUR million		[43] Management of

financial risks

Hedging policies and principles of financial risk management

As a service provider operating on an international level, the Bertrandt Group is exposed to financial risks. Bertrandt primarily distinguishes the following types of risks:

• Liquidity risk
• Default and credit risk
• Market price risk

Group Treasury is responsible for managing, monitoring and addressing financial risks with the aim of recognising them in good time and taking suitable measures to limit

them.

Liquidity risks can arise from deterioration in operating business or as a result of credit and market price risks. The Bertrandt Group manages liquidity risks by means of short and long-term liquidity planning in the light of existing credit facilities. These plans are monitored and updated on an ongoing basis. There are cash pooling arrangements in force with Bertrandt AG's domestic subsidiaries via banks. The foreign subsidiaries are funded by means of loans provided by banks or Group companies. In addition, the Bertrandt Group has sufficient unused credit facilities as well as access to alternative financing instruments. A material part of the credit facilities is secured on a medium-term basis. Under the terms of an option agreement, the Group may face a maximum theoretical liquidity and credit risk involving a gross liability of EUR 11.960 million in the event of immediate exercise of the option. We do not expect the option to be exercised. In any case, collateral is available for immediate liquidation, meaning that the net liability stands at EUR 0.

The following table sets out the agreed (undiscounted) interest and capital payments on originated financial liabilities and derivative financial instruments.

Financial instruments for which payments have already been agreed as of the balance sheet date are included in the portfolio. Payment obligations under floating-rate financial instruments were calculated using the interest rates last determined prior to the balance sheet date. This does not include budgeted figures for future liabilities. Foreign-currency items were translated using the spot exchange rate prevailing on the balance sheet date. Financial liabilities repayable on demand were assigned to the shortest maturity band.

Borrowings Trade payables Other liabilities

Borrowings Trade payables Other liabilities

Previous year

Originated financial liabilities

	Payment obligations		Carrying amount
2015/2016	2012/2013	2011/2012	30.09.2011
and	until
beyond	2014/2015
0	0	0.466	0.466
0	0	10.491	10.491
0	0.495	51.993	52.488
2014/2015	2011/2012	2010/2011	30.09.2010
and	until
beyond	2013/2014
0	0	0.271	0.271
0	0	7.475	7.475
0	0.527	41.893	42.420

EUR million

Group policies stipulate that the Bertrandt Group's counterparties must comply with certain credit rating criteria before the contract is signed and also during the performance of the contract. The risk of customer default is very largely averted by means of preventive credit rating checks and ongoing monitoring of accounts receivable. As of the balance sheet date, there were no material payment defaults. The future risk of default is also considered to be minor due to this active receivables management and credit insurance cover. Adjustments are made to existing receivables as of the balance sheet date to allow for the risk of default. The carrying amount of EUR 145.704 million (previous year EUR 102.249 million) of the receivables, other assets and other loans recorded in the balance sheet equals the maximum default risks.

The risk in connection with other financial assets and other assets is negligible. Cash and cash equivalents are placed in short-term investments free of any risk exposure.

The following table analyses the credit and default risk applicable to financial assets by gross carrying amounts.

The following table breaks down the age of financial assets past due as at the reporting date but not impaired:

	Neither overdue nor impaired	Overdue but not impaired	Impaired	30.09.2011
Other loans	7.127	0	0	7.127
Trade receivables	106.358	22.492	3.740	132.590
Other assets	9.262	0	0.152	9.414
	122.747	22.492	3.892	149.131
Previous year	Neither overdue nor impaired	Overdue but not impaired	Impaired	30.09.2010
Other loans	0.861	0	0	0.861
Trade receivables	80.476	13.662	2.257	96.395
Other assets	6.984	0	0.152	7.136
	88.321	13.662	2.409	104.392

Credit and default risk of financial assets EUR million

There was no evidence of any impairment in the value of the assets which were overdue but had not been adjusted.

The adjustments made to trade receivables and other assets are analysed in the following

table:

In the year under review, expense from derecognised receivables came to EUR 0.071 million (previous year EUR 0.056 million).

The Company is exposed to market price risks, i.e. primarily risks arising from changes in interest and exchange rates. The Group pursues a strategy of hedging risks in an appropriate manner. Accordingly, long-term finance is generally arranged on a fixed-term basis. In addition, Group Treasury utilises suitable medium-term interest derivatives to hedge the interest risk from ongoing utilisation of current accounts. Foreign currency risks are addressed by ensuring that as far as possible transactions are invoiced in the applicable functional currency. Failing this, currency forwards as well as combined interest/currency swaps are used to hedge the risk. Such hedges are transacted centrally via Group Treasury.

The following table sets out the hedges outstanding as of the balance sheet date.

In accordance with IFRS 7, sensitivity analyses are performed of the interest risks to which the Company is exposed. This shows the effects of changes in market interest rates on interest payments as well as interest income and expenses. If the market interest rate were to rise (fall) by 100 basis points, profit or loss would be EUR 0.388 million higher and EUR 0.473 million lower (previous year EUR 0.516 million higher and EUR 0.483 million lower, respectively).

Financial instruments measured at amortised cost, which are therefore subject to a fixed rate of interest, are not exposed to any interest risks as defined in IFRS 7.

Adjustments made to financial assets	EUR million
			2010/2011	2009/2010
Value on 01.10.			2.143	1.858
Addition			1.370	0.461
Utilisation			0.069	0.055
Reversal			0.017	0.118
Currency difference			0	-0.003
Value on 30.09.			3.427	2.143

	until 30 days	from 31 to 90 days	more than 90 days	30.09.2011
Other loans	0	0	0	0
Trade receivables	11.090	8.930	2.472	22.492
Other assets	0	0	0	0
	11.090	8.930	2.472	22.492
Previous year	until	from 31 to	more than	30.09.2010
	30 days	90 days	90 days
Other loans	0	0	0	0
Trade receivables	8.177	5.102	0.383	13.662
Other assets	0	0	0	0
	8.177	5.102	0.383	13.662

Age of financial assets past due as the reporting date but not impaired EUR million

Hedging instruments EUR million
	Nominal volume		Fair value
	30.09.2011	30.09.2010	30.09.2011	30.09.2010
Caps	3.000	3.000	0.011	0.022
< 1 year	0	0	0	0
1- 5 years	3.000	3.000	0.011	0.022
5 - 10 years	0	0	0	0

[44] Disclosures on capital management

[45] Disclosures pursuant to Sections 21

The Bertrandt Group is exposed to only a fairly minor currency translation risk as all business is invoiced in the local functional currency as a matter of principle. Accordingly, a change in the value of the euro against the foreign currency in question has only a minor influence on profit or loss. Underlying transactions not denominated in the functional currency (receivables under construction contracts) are hedged by means of currency forwards. As of the balance sheet date, they had a negative market value of EUR 0.170 million (previous year EUR 0), which is reported within other comprehensive income. In addition, a sum of EUR 0.019 million (previous year EUR 0) has so far been reported via the hedged asset. The outstanding cash flows will arise in fiscal 2011/2012. Deviations in the end-of-year exchange rate by 10 percent upwards or downwards result in a positive market value of EUR 0.185 million (previous year EUR 0) or a negative market value of EUR 0.603 million (previous year EUR 0), respectively, which is only reported in equity.

The Bertrandt Group pursues the goal of safeguarding its going-concern status on a long-term basis and protecting the interests of its shareholders, employees and all other users of this annual report.

The capital structure is managed in the light of any changes in general economic conditions and risks arising from underlying assets.

The Bertrandt Group is committed to a strategy of steady and enduring growth in its enterprise value.

The Bertrandt Group's equity capital matches the equity capital shown on the face of the balance sheet. The ratio of equity capital to total assets (equity ratio) stood at 56.4 percent as of 30 September 2011 (previous year 56.7 percent).

Further information can be found in the management report and the statement of changes in equity capital.

Disclosure pursuant to Section 21 (1) of the German Securities Trading Act

Vermögensverwaltungsgesellschaft Familie Bichler bR, Iptingen represented by its shareholder/managing director Dietmar Bichler, Germany, notified us pursuant to Section 21 (1) Sentence 1 of the German Securities Trading Act that it had dropped below the 10 percent threshold of the voting capital in Bertrandt Aktiengesellschaft, Ehningen on 25 August 2004. As of 25 August 2004, it holds 6.82 percent of the voting capital.

Disclosure pursuant to Sections 21 (1) and 22 (1) Sentence 1, Number 1 of the German Securities Trading Act

Mr Dietmar Bichler, Germany, notified us pursuant to Sections 21 (1), 22 (1) Sentence 1, Number 1 of the German Securities Trading Act that his share of the voting rights in Bertrandt Aktiengesellschaft, Ehningen had dropped below the 10 percent threshold of the voting capital on 25 August 2004. As of 25 August 2004, he holds 7.81 percent of the voting capital. Of this share, a total of 6.82 percent of the voting capital is attributable to him via Vermögensverwaltungsgesellschaft Familie Bichler bR, Iptingen pursuant to Section 22 (1) Sentence 1 Number 1 of the German Securities Trading Act.

Disclosure pursuant to Sections 21 (1), 22 (1) Sentence 1, Number 1 and Number 6, Sentence 2 of the German Securities Trading Act

In a letter dated 15 December 2005, which we received on 23 December 2005, CSI Asset Management Establishment, Vaduz, Liechtenstein notified us pursuant to Section 21 (1) of the German Securities Trading Act that its share in the voting capital of Bertrandt AG had dropped below the 5 percent voting rights threshold on 12 December 2005 and now stood at 3.77 percent. Of this, 3.77 percent of the voting rights are attributable to CSI Asset Management Establishment pursuant to Section 22 (1) Number 1 and Number 6 in connection with Sentence 2 of the German Securities Trading Act.

Disclosure pursuant to Sections 21 (1), Sentence 1, Section 22 (1) Sentence 1, Number 1, of the German Securities Trading Act

In a letter dated 15 December 2005, which we received on 23 December 2005, Absolute Capital Management Holding Limited, Grand Cayman, Cayman Islands, notified us pursuant to Section 21 (1) of the German Securities Trading Act that its share in the voting capital of Bertrandt AG had dropped below the 5 percent voting right threshold on 12 December 2005 and now stood at 3.77 percent. Of this, 3.77 percent of the voting rights are attributable to Absolute Capital Management Holdings Limited pursuant to Section 22 (1) Number 1 and Number 6 of the German Securities Trading Act.

Disclosure pursuant to Sections 21 (1) Sentence 1, 22 (1) Sentence 1, Number 1, of the German Securities Trading Act

a) In accordance with Section 21 (1) Sentence 1 of the German Securities Trading Act, Porsche GmbH, Stuttgart, Porsche GmbH, Salzburg (Austria), Louise Daxer-Piëch GmbH, Stuttgart, Ferdinand Alexander Porsche GmbH, Stuttgart, Gerhard Porsche GmbH, Stuttgart, Wolfgang Porsche GmbH, Stuttgart, Hans-Peter Porsche GmbH, Stuttgart, Porsche Holding Gesellschaft m.b.H., Salzburg (Austria), Louise Daxer-Piëch GmbH, Salzburg (Austria), Prof. Ferdinand Alexander Porsche GmbH, Salzburg (Austria), Gerhard Anton Porsche GmbH, Salzburg (Austria), Ing. Hans-Peter Porsche GmbH, Salzburg (Austria), Louise Daxer-Piëch, Vienna (Austria), Mag. Josef Ahorner, Vienna (Austria), Mag. Louise Kiesling, Vienna (Austria), Prof. Ferdinand Alexander Porsche, Gries/Pinzgau (Austria), Dr. Oliver Porsche, Salzburg (Austria), Kai-Alexander Porsche, Innsbruck (Austria), Mark Philipp Porsche, Innsbruck (Austria), Gerhard Anton Porsche, Mondsee (Austria), Dr. Wolfgang Porsche, Munich, Hans-Peter Porsche, Salzburg (Austria) and Peter Daniell Porsche, Hallein/Rif (Austria) each informed us on 27 March 2006 that the share in the voting capital of Bertrandt AG held by each of the aforementioned disclosing parties

• exceeded the 25 percent threshold on 11 February 2002 and thereupon
• dropped below the 25 percent threshold on 26 February 2002 and thereupon stood at 24.998 percent;

• exceeded the 25 percent threshold on 19 March 2003 and thereupon

• stood at 25.01 percent;

• stood at 25.01 percent; reached the 25 percent threshold on 26 September 2003 and thereupon stood at 25.00 percent;
• dropped below the 25 percent threshold on 29 September 2003 and thereupon stood at 24.99 percent; exceeded the 25 percent threshold on 14 January 2004 and thereupon stood at 25.01 percent;
• dropped below the 25 percent threshold on 1 September 2004 and thereupon stood at 24.998 percent;
• exceeded the 25 percent threshold on 17 February 2005 and thereupon stood at 25.01 percent;
• stood at 24.998 percent; at 25.01 percent;
• thereupon stood at 24.99 percent, and exceeded the 25 percent threshold on 24 October 2005, thereupon stood at 25.01 percent and now stands at 25.14 percent and that the aforementioned shares in the voting rights were or are attributable to the disclosing parties in accordance with Section 22 (1) Sentence 1 No. 1 of the German Securities

• Trading Act.

• dropped below the 25 percent threshold on 11 March 2005 and thereupon

• exceeded the 25 percent threshold on 18 May 2005 and thereupon stood
• dropped below the 25 percent threshold on 28 September 2005 and

exceeded the 25 percent threshold on 11 February 2002 and thereupon

stood at 25.01 percent;

• dropped below the 25 percent threshold on 26 February 2002 and thereupon stood at 24.998 percent;
• exceeded the 25 percent threshold on 19 March 2003 and thereupon stood at 25.01 percent;
• reached the 25 percent threshold on 26 September 2003 and thereupon stood at 25.00 percent;
• dropped below the 25 percent threshold on 29 September 2003 and thereupon stood at 24.99 percent;
• exceeded the 25 percent threshold on 14 January 2004 and thereupon stood at 25.01 percent;
• dropped below the 25 percent threshold on 1 September 2004 and thereupon stood at 24.998 percent;
• at 25.01 percent;
• stood at 24.998 percent;
• at 25.01 percent; dropped below the 25 percent threshold on 28 September 2005 and thereupon stood at 24.99 percent, and
• exceeded the 25 percent threshold on 24 October 2005, thereupon stood at 25.01 percent and now stands at 25.14 percent and that the aforementioned shares in the voting rights were or are attributable to the disclosing parties in accordance with Section 22 (1) Sentence 1 No. 1 of the German Securities

• Trading Act.

• exceeded the 25 percent threshold on 17 February 2005 and thereupon stood

• dropped below the 25 percent threshold on 11 March 2005 and thereupon
• exceeded the 25 percent threshold on 18 May 2005 and thereupon stood

Disclosure pursuant to Section 21 (1) of the German Securities Trading Act

In a letter dated 17 November 2006, Familie Porsche Privatstiftung located in Salzburg, A-5020 Salzburg, and Familie Porsche Holding GmbH located in Salzburg, A-5020 Salzburg, informed us in accordance with Section 21 (1) Sentence 1 of the German Securities Trading Act that the share held by these two disclosing parties in the voting capital of Bertrandt AG exceeded the 5 percent, 10 percent and 25 percent thresholds on 13 November 2006 and now stands at 25.01 percent. These shares are attributable to the disclosing parties in accordance with Section 22 (1) Sentence 1 No. 1 of the German Securities Trading Act.

Disclosure pursuant to Section 21 (1) of the German Securities Trading Act

In a letter dated 11 December 2009, which was received on the same day, Dr. Ing. h.c. F. Porsche Aktiengesellschaft in Stuttgart informed us as follows:

This information is being provided on account of the restructuring of the Porsche Group in preparation of the acquisition by Volkswagen AG of a share in Porsche's operating business. The company previously known as Dr. Ing. h.c. F. Porsche Aktiengesellschaft with registered offices in Stuttgart, entered in the commercial register of the Local Court of Stuttgart under the number HRB 722287, which had previously held 25.01 percent of the shares in Bertrandt AG (ISIN DE0005232805), was amalgamated into Porsche Zwischenholding GmbH with registered offices in Stuttgart, entered in the commercial register of the Local Court of Stuttgart under the number HRB 731330, by means of the transfer of all of its assets to the latter entity in the form of a merger through absorption in accordance with Section 2 No. 1 of the German Corporate Conversion Act with legal effect from 30 November 2009. As a result of the amalgamation, Porsche Zwischenholding GmbH acquired on 30 November 2009 all of the shares in Bertrandt AG held by the transferring entity.

b) In accordance with Section 21 (1) Sentence 1 of the German Securities Trading Act, Familie Porsche Beteiligung GmbH, Stuttgart informed us on 27 March 2006 that the share held by Familie Porsche Beteiligung GmbH in the voting capital of Bertrandt AG

• exceeded the 5 percent and 10 percent thresholds on 30 December 2002 and thereupon stood at 24.99 percent;
• exceeded the 25 percent threshold on 19 March 2003 and thereupon stood at 25.01 percent;
• reached the 25 percent threshold on 26 September 2003 and thereupon stood at 25.00 percent;
• dropped below the 25 percent threshold on 29 September 2003 and thereupon stood at 24.99 percent;
• exceeded the 25 percent threshold on 14 January 2004 and thereupon stood at 25.01 percent;
• dropped below the 25 percent threshold on 1 September 2004 and thereupon stood at 24.998 percent;
• exceeded the 25 percent threshold on 17 February 2005 and thereupon stood at 25.01 percent;
• dropped below the 25 percent threshold on 11 March 2005 and thereupon stood at 24.998 percent;
• exceeded the 25 percent threshold on 18 May 2005 and thereupon stood at 25.01 percent;
• dropped below the 25 percent threshold on 28 September 2005 and thereupon stood at 24.99 percent, and
• exceeded the 25 percent threshold on 24 October 2005, thereupon stood at 25.01 percent and now stands at 25.14 percent and that the aforementioned shares in the voting capital were or are attributable to Familie Porsche Beteiligung GmbH in accordance with Section 22 (1) Sentence 1 No. 1 of the German Securities Trading Act.

c) In accordance with Section 21 (1) Sentence 1 of the German Securities Trading Act, Familie Porsche-Daxer-Piёch Beteiligung GmbH, Stuttgart informed us on 27 March 2006 that the share held by Familie Porsche-Daxer-Piёch Beteiligung GmbH in the voting capital of Bertrandt AG

• exceeded the 5 percent and 10 percent thresholds on 19 December 2003 and thereupon stood at 24.99 percent;
• exceeded the 25 percent threshold on 14 January 2004 and thereupon stood at 25.01 percent;
• dropped below the 25 percent threshold on 1 September 2004 and thereupon stood at 24.998 percent;
• exceeded the 25 percent threshold on 17 February 2005 and thereupon stood at 25.01 percent;
• dropped below the 25 percent threshold on 11 March 2005 and thereupon stood at 24.998 percent;
• exceeded the 25 percent threshold on 18 May 2005 and thereupon stood at 25.01 percent;
• dropped below the 25 percent threshold on 28 September 2005 and thereupon stood at 24.99 percent, and
• exceeded the 25 percent threshold on 24 October 2005, thereupon stood at 25.01 percent and now stands at 25.14 percent and that the aforementioned shares in the voting capital were or are attributable to Familie Porsche-Daxer-Piёch Beteiligung GmbH in accordance with Section 22 (1) Sentence 1 No. 1 of the German Securities Trading Act.

d) In accordance with Section 21 (1) Sentence 1 of the German Securities Trading Act Ferdinand Piëch GmbH, Wiernsheim, Hans-Michel Piëch GmbH, Wiernsheim, Dipl.-Ing. Dr.h.c. Ferdinand Piëch GmbH, Salzburg (Austria), Dr. Hans Michel Piëch GmbH, Salzburg (Austria), Dr. Ferdinand Piëch, Salzburg (Austria), and Dr. Hans Michel Piëch,

Immediately after the amalgamation, Porsche Zwischenholding GmbH transferred the entire business operations which had been acquired by virtue of the merger to its wholly owned subsidiary, Dr. Ing. h.c. F. Porsche Aktiengesellschaft, with registered offices in Stuttgart, entered in the commercial register of the Local Court of Stuttgart under the number HRB 730623, which at that stage was still doing business as Porsche Fünfte Vermögensverwaltung AG, in the form of a spin-off for absorption in accordance with Section 123 (3) No. 1 of the German Corporate Conversion Act with legal effect from 30 November 2009. The 25.01 percent of the voting-entitled shares in Bertrandt AG formed part of the transferred assets.

The share of voting rights held by Dr. Ing. h.c. F. Porsche Aktiengesellschaft with registered offices in Stuttgart, entered in the commercial register of the Local Court of Stuttgart under the number HRB 730623, in Bertrandt AG with registered offices in Ehningen exceeded the thresholds of 3 percent, 5 percent, 10 percent, 15 percent, 20 percent and 25 percent on 30 November 2009 and as of the present day stands at 25.01 percent of the voting rights (2,537,095 out of a total of 10,143,240 voting rights).

All voting rights are held directly by Dr. Ing. h.c. F. Porsche Aktiengesellschaft.

Disclosure pursuant to Section 21 (1) of the German Securities Trading Act

In a letter dated 11 December 2009, which was received on the same day, Porsche Zwischenholding GmbH in Stuttgart informed us as follows:

This information is being provided on account of the restructuring of the Porsche Group in preparation of the acquisition by Volkswagen AG of a share in Porsche's operating business. The company previously known as Dr. Ing. h.c. F. Porsche Aktiengesellschaft with registered offices in Stuttgart, entered in the commercial register of the Local Court of Stuttgart under the number HRB 722287, which had previously held 25.01 percent of the shares in Bertrandt AG (ISIN DE0005232805), was amalgamated into Porsche Zwischenholding GmbH by means of the transfer of all of its assets to the latter entity in the form of a merger through absorption in accordance with Section 2 No. 1 of the German Corporate Conversion Act with legal effect from 30 November 2009. As a result of the amalgamation, Porsche Zwischenholding GmbH acquired on 30 November 2009 all of the shares in Bertrandt AG held by the transferring entity.

Immediately after the amalgamation, Porsche Zwischenholding GmbH transferred the entire business operations which had been acquired by virtue of the merger to its wholly owned subsidiary, Dr. Ing. h.c. F. Porsche Aktiengesellschaft, with registered offices in Stuttgart, entered in the commercial register of the Local Court of Stuttgart under the number HRB 730623, which at that stage was still doing business as Porsche Fünfte Vermögensverwaltung AG, in the form of a spin-off for absorption in accordance with Section 123 (3) No. 1 of the German Corporate Conversion Act with legal effect from 30 November 2009. The 25.01 percent of the voting-entitled shares in Bertrandt AG formed part of the transferred assets.

The share of voting rights held by Porsche Zwischenholding GmbH with registered offices in Stuttgart entered in the commercial register of the Local Court of Stuttgart under the number HRB 731330 in Bertrandt AG with registered offices in Ehningen exceeded the thresholds of 3 percent, 5 percent, 10 percent, 15 percent, 20 percent and 25 percent on 30 November 2009 and stands at 25.01 percent of the voting rights (2,537,095 out of a total of 10,143,240 voting rights) as of the present day.

Pending the legal efficacy of the spin-off on 30 November 2009, all voting rights were held directly by Porsche Zwischenholding GmbH. Following the spin-off, which took legal effect on 30 November 2009, all 2,537,095 voting rights are attributable to Porsche Zwischenholding GmbH in accordance with Section 22 (1) Sentence 1 No. 1 of the German Securities Trading Act. All of the voting rights attributable to Porsche Zwischenholding GmbH are held via Dr. Ing. h.c. F. Porsche Aktiengesellschaft with registered offices in Stuttgart entered in the commercial register of the Local Court of Stuttgart under the number HRB 730623, which is controlled by Porsche Zwischen-

holding GmbH.

Disclosure pursuant to Section 21 (1) of the German Securities Trading Act

In a letter dated 11 December 2009 received on the same day, we were informed by B. Metzler seel. Sohn & Co. Holding AG in Frankfurt that the share of voting rights held in Bertrandt AG with registered offices in Ehningen by B. Metzler seel. Sohn & Co. Holding AG with registered offices in Frankfurt, entered in the commercial register of the Local Court of Frankfurt under the number HRB 35728, exceeded the thresholds of 3 percent, 5 percent, 10 percent, 15 percent, 20 percent and 25 percent on 7 December 2009 and stands at 25.01 percent of the voting rights (total of 2,537,095 voting rights). These shares are attributable to the disclosing party in accordance with Section 22 (1) Sentence 1 No. 1 of the German Securities Trading Act. Names of the controlled companies to which 3 percent or more are attributable in accordance with Section 22 (1) Sentence 1 of the German Securities Trading Act: Metzler Beteiligungsgesellschaft mbH (Local Court of Frankfurt am Main, HRB 41496), Dritte Gallus Treuhandgesellschaft mbH (Local Court of Frankfurt am Main, HRB 86764), Porsche Zwischenholding GmbH (Local Court of Stuttgart, HRB 731330) and Dr. Ing. h.c. F. Porsche Aktiengesellschaft (previously doing business as Porsche Fünfte Vermögensverwaltung AG, Local Court Stuttgart, HRB 730623).

Disclosure pursuant to Section 21 (1) of the German Securities Trading Act

In a letter dated 11 December 2009 received on the same day, we were informed by Metzler Beteiligungsgesellschaft mbH in Frankfurt that the share of voting rights held in Bertrandt AG with registered offices in Ehningen by Metzler Beteiligungsgesellschaft mbH with registered offices in Frankfurt, entered in the commercial register of the Local Court of Frankfurt under the number HRB 41496, exceeded the thresholds of 3 percent, 5 percent, 10 percent, 15 percent, 20 percent and 25 percent on 7 December 2009 and stands at 25.01 percent of the voting rights (total of 2,537,095 voting rights). These shares are attributable to the disclosing party in accordance with Section 22 (1) Sentence 1 No. 1 of the German Securities Trading Act. Names of the controlled companies to which 3 percent or more are attributable in accordance with Section 22 (1) Sentence 1 of the German Securities Trading Act: Dritte Gallus Treuhandgesellschaft mbH (Local Court of Frankfurt am Main, HRB 86764), Porsche Zwischenholding GmbH (Local Court of Stuttgart, HRB 731330) and Dr. Ing. h.c. F. Porsche Aktiengesellschaft (previously doing business as Porsche Fünfte Vermögensverwaltung AG, Local Court Stuttgart, HRB 730623).

Disclosure pursuant to Section 21 (1) of the German Securities Trading Act

In a letter dated 11 December 2009 received on the same day, we were informed by Dritte Gallus Treuhandgesellschaft mbH in Frankfurt that the share of voting rights held in Bertrandt AG with registered offices in Ehningen by Dritte Gallus Treuhandgesellschaft mbH with registered offices in Frankfurt, entered in the commercial register of the Local Court of Frankfurt under the number HRB 86764, exceeded the thresholds of 3 percent, 5 percent, 10 percent, 15 percent, 20 percent and 25 percent on 7 December 2009 and stands at 25.01 percent of the voting rights (total of 2,537,095 voting rights). These shares are attributable to the disclosing party in accordance with Section 22 (1) Sentence 1 No. 1 of the German Securities Trading Act. Names of the controlled companies to which 3 percent or more are attributable in accordance with Section 22 (1) Sentence 1 of the German Securities Trading Act: Porsche Zwischenholding GmbH (Local Court of Stuttgart, HRB 731330) and Dr. Ing. h.c. F. Porsche Aktiengesellschaft (previously doing business as Porsche Fünfte Vermögensverwaltung AG, Local Court Stuttgart, HRB 730623).

Disclosure pursuant to Section 21 (1) of the German Securities Trading Act

In a letter dated 1 April 2010, received by us on the same date, JP Morgan Chase Bank National Association, United Kingdom notified us as follows: on behalf of JP Morgan Asset Management (UK) Limited with registered offices in London, United Kingdom, we hereby notify you in accordance with Section 21 (1) of the German Securities Trading Act that the share of the voting rights held by JP Morgan Asset Management (UK) Limited in Bertrandt AG exceeded the threshold of 3 percent of the voting rights on 29 March 2010 and stood at 3.06 percent of the voting rights (310,356 voting rights) as of that date. All voting rights are attributable to that company in accordance with Section 22 (1) Sentence 1 No. 6 of the German Securities Trading Act.

Disclosure pursuant to Section 21 (1) Sentence 1 of the German Securities Trading Act

In a letter dated 8 November 2010, received by us on the same date, Porsche Wolfgang 1. Beteiligungs GmbH & Co. KG with registered offices in Stuttgart informed us in accordance with Section 21 (1) of the German Securities Trading Act that its share in the voting rights in Bertrandt AG had exceeded the thresholds of 3 percent, 5 percent, 10 percent, 15 percent, 20 percent and 25 percent on 29 September 2010 and stood at 25.01 percent (2,537,095 voting rights) as of that date.

All of the aforementioned 2,537,095 voting rights are attributable to the disclosing entity in accordance with Section 22 (1) Sentence 1 No. 1 of the German Securities Trading Act via the following controlled companies whose share in the voting rights of Bertrandt AG exceeds 3 percent in each case: Wolfgang Porsche GmbH, Familie Porsche Beteiligung GmbH, both with registered offices in Grünwald, Porsche Automobil Holding SE, Porsche Zwischenholding GmbH and Dr. Ing. h.c. F. Porsche Aktiengesellschaft, all with registered offices in Stuttgart.

The voting rights did not accrue through the exercise of any rights of acquisition vesting by means of financial instruments in accordance with Section 25 (1) Sentence 1 of the German Securities Trading Act.

Disclosure pursuant to Section 21 (1) Sentence 1 of the German Securities Trading Act

In a letter dated 23 February 2011, received on the same day, we were provided with the following notification by Landesbank Baden-Württemberg, Stuttgart (Germany) concerning changes in voting rights:

This is to inform you in accordance with Section 21 (1) of the German Securities Trading Act that the share held by Landesbank Baden-Württemberg in Bertrandt AG's votingrights dropped below the thresholds of 10 percent on 21 February 2011 and stood at 5.29 percent (536,500 voting rights) as of that date. We are entitled to exercise these voting rights in full pursuant to Section 22 (1) Sentence 1 No. 1 of the German Securities Trading Act.

The voting rights attributable to us are held by the following entities which are controlled by us and whose share in Bertrandt AG is three percent or greater:

• LBBW Spezialprodukte-Holding GmbH, Stuttgart, Germany
• Süd-Kapitalbeteiligungs-Gesellschaft mbH, Stuttgart, Germany

This is to inform you in accordance with Section 21 (1) in connection with Section 24 of the German Securities Trading Act that the share held by LBBW Spezialprodukte-Holding GmbH in Bertrandt AG's voting rights dropped below the thresholds of 10 percent on 21 February 2011 and stood at 5.29 percent (536,500 voting rights) as of that date. These voting rights are attributable in full to LBBW Spezialprodukte-Holding GmbH in accordance with Section 22 (1) Sentence 1 No. 1 of the German Securities Trading Act.

The voting rights attributable to LBBW Spezialprodukte-Holding GmbH are held by the following entity, which is controlled by it and whose share in Bertrandt AG is three percent or greater:

Süd-Kapitalbeteiligungs-Gesellschaft mbH, Stuttgart, Germany

This is to inform you in accordance with Section 21 (1) in connection with Section 24 of the German Securities Trading Act that the share held by Süd-Kapitalbeteiligungs-Gesellschaft mbH in Bertrandt AG's voting rights dropped below the thresholds of 10 percent on 21 February 2011 and stood at 5.29 percent (536,500 voting rights) as of that date.

Disclosure pursuant to Section 26 (1) Sentence 1 of the German Securities

Trading Act

We were informed by Friedrich Boysen-Unternehmensstiftung with registered offices in Altenstieg, Germany, that its share in the voting rights of Bertrandt AG had exceeded the threshold of 10 percent of the voting rights on 21 February 2011 and stood at 14.9 percent of the voting rights (1,511,343 voting rights) as of that date. These voting rights are held by Friedrich Boysen Holding GmbH with registered offices in Altenstieg, Germany, and are attributable to Friedrich Boysen-Unternehmensstiftung in accordance with Section 22 (1) Sentence 1 No. 1 of the German Securities Trading Act.

The 7.45 percent of the voting rights (755,671 voting rights) acquired by Friedrich Boysen Holding GmbH accrued to said company through the exercise of rights to buy shares in Bertrandt AG embodied in financial instruments held by said company in accordance with Section 25 (1) Sentence 1 of the German Securities Trading Act.

Disclosure pursuant to Section 26 (1) Sentence 1 of the German Securities

Trading Act

We were informed by Friedrich Boysen Holding GmbH with registered offices in Altenstieg, Germany, that its share in the voting rights of Bertrandt AG had exceeded the threshold of 10 percent of the voting rights on 21 February 2011 and stood at 14.9 percent of the voting rights (1,511,342 voting rights) as of that date.

The 7.45 percent of the voting rights (755,671 voting rights) acquired by Friedrich Boysen Holding GmbH accrued to said company through the exercise of rights to buy shares in Bertrandt AG embodied in financial instruments held by said company in accordance with Section 25 (1) Sentence 1 of the German Securities Trading Act.

Disclosure pursuant to Section 26 (1) Sentence 1 of the German Securities

Trading Act

In a letter dated 28 February 2011, which reached us on the same day, we were informed by b.invest AG with registered offices in Ehningen, Germany, that its share in the voting rights of Bertrandt AG had exceeded the threshold of 3 percent of the voting rights on 24 February 2011 and stood at 4.8 percent of the voting rights (486,876 voting rights) as of that date.

Disclosure pursuant to Section 26 (1) Sentence 1 of the German Securities Trading Act

In a letter dated 1 March 2011, received by us on the same day, JP Morgan Chase Bank, National Association, United Kingdom, notified us as follows:

1. On behalf of JP Morgan Asset Management (UK) Limited with registered offices in London, United Kingdom, we hereby notify you in accordance with Section 21 (1) of the German Securities Trading Act that the share of the voting rights held by JP Morgan Asset Management (UK) Limited in Bertrandt AG dropped below the threshold of 3 percent of the voting rights on 24 February 2011 and stood at 2.99 percent of the voting rights (303,640 voting rights) as of that date. 2.97 percent of the aforementioned voting rights (301,425 voting rights) are attributable to the company pursuant to Section 22 (1) Sentence 1, Number 6 of the German Securities Trading Act A further 0.02 percent of the aforementioned voting rights (2,215 voting rights) are attributable pursuant to Section 22 (2) of the German Securities Trading Act.

2. On behalf of JP Morgan Investment Management Inc. with registered offices in New York, United States, we hereby notify you in accordance with Section 21 (1) of the German Securities Trading Act that the share of the voting rights held by JP Morgan Asset Management (UK) Limited in Bertrandt AG dropped below the threshold of 3 percent of the voting rights on 24 February 2011 and stood at 2.99 percent of the voting rights (303,640 voting rights) as of that date. 0.02 percent of the aforementioned voting rights (2,215 voting rights) are attributable to the company pursuant to Section 22 (1) Sentence 1, Number 6 of the German Securities Trading Act A further 2.97 percent of the voting rights (301,425 voting rights) are attributable pursuant to Section 22 (2) of the German Securities Trading Act.

Disclosure pursuant to Section 26 (1) Sentence 1 of the German Securities Trading Act

In a letter dated 31 May 2011, which reached us on the same day, we were informed by MainFirst SICAV with registered offices in Senningerberg, Luxembourg, that its share in the voting rights of Bertrandt AG had exceeded the threshold of 3 percent of the voting rights on 31 May 2011 and stood at 3.868 percent of the voting rights (392,369 voting rights) as of that date and that no financial instruments had been used.

Disclosure pursuant to Section 26 (1) Sentence 1 of the German Securities Trading Act

In a letter dated 5 September 2011, received on the same date, we were provided with the following notification by Landesbank Baden-Württemberg, Stuttgart (Germany) concerning changes in voting rights:

This is to inform you in accordance with Section 21 (1) in connection with Section 24 of the German Securities Trading Act that the share held by LBBW Spezialprodukte-Holding GmbH with registered offices in Stuttgart, Germany, in Bertrandt AG's voting rights dropped below the thresholds of 5 percent and 3 percent on 5 September 2011 and stood at 0.00 percent (no voting rights) as of that date.

This is additionally to inform you in accordance with Section 21 (1) in connection with Section 24 of the German Securities Trading Act that the share held by Süd

Beteiligungen GmbH with registered offices in Stuttgart, Germany, in Bertrandt AG's voting rights exceeded the thresholds of 3 percent and 5 percent on 5 September 2011 and stood at 5.29 percent (536,500 voting rights) as of that date. These voting rights are attributable in full to Süd Beteiligungen in accordance with Section 22 (1) Sentence 1 No. 1 of the German Securities Trading Act.

[46] Declaration of compliance with the Corporate Governance Code

[47] Material events

occurring after balance

sheet date

[48] Disclosure on the

Company's corporate governance bodies Management Board

The voting rights attributable to Süd Beteiligungen GmbH are held by the following entity which is controlled by it and whose share in Bertrandt AG is 3 percent or greater:

Süd-Kapitalbeteiligungs-Gesellschaft mbH, Stuttgart, Germany

Disclosure pursuant to Section 26 (1) Sentence 1 of the German Securities

Trading Act

1. In a letter dated 14 September 2011 and received on the same day, CI Financial Corp. with registered offices in Toronto, Canada, notified us pursuant to Section 21 (1) of the German Securities Trading Act that its share in the voting rights of Bertrandt AG had exceeded the 3 percent threshold on 12 September 2011 and now stood at 3.05 percent (309,500 voting rights). Of this, 3.05 percent of the voting rights are attributable to CI Financial Corp. pursuant to Section 22 (1) Sentence 1 Number 6 in connection with Sentence 2 of the German Securities Trading Act.

2. In a letter dated 14 September 2011 and received on the same day, CI Investments Inc. with registered offices in Toronto, Canada, notified us pursuant to Section 21 (1) of the German Securities Trading Act that its share in the voting rights of Bertrandt AG had exceeded the 3 percent threshold on 12 September 2011 and now stood at 3.05 percent (309,500 voting rights). Of this, 3.05 percent of the voting rights are attributable to CI Investments Inc. pursuant to Section 22 (1) Sentence 1 Number 6 in connection with Sentence 2 of the German Securities Trading Act.

3. In a letter dated 14 September 2011 and received on the same day, CI Global Holdings Inc. with registered offices in Toronto, Canada, notified us pursuant to Section 21 (1) of the German Securities Trading Act that its share in the voting capital of Bertrandt AG had exceeded the 3 percent threshold on 12 September 2011 and now stood at 3.05 percent (309,500 voting rights). Of this, 3.05 percent of the voting rights are attributable to CI Global Holdings Inc. pursuant to Section 22 (1) Sentence 1 Number 6 of the German Securities Trading Act.

The Management Board and Supervisory Board of Bertrandt AG have issued a declaration of compliance with the Corporate Governance Code pursuant to Section 161 of the German Stock Corporation Act and have made this available to shareholders on the internet at www.bertrandt.com/en/Table/Investor-Relations/

No other material events occurred after the end of the reporting period (1 October 2010 until 30 September 2011).

Management Board

• Dietmar Bichler, Chairman of the Management Board President of the Board of Directors and Director of Bertrandt France S.A., Bièvres Member of the Advisory Board of Kreissparkasse Böblingen, Böblingen Chairman of the Supervisory Board of b.invest AG, Ehningen (since 26 November 2010)

Ulrich Subklew, Member of the Management Board

• Member of the Board of Directors of Bertrandt France S.A., Bièvres
• Director of Bertrandt S.A.S, Bièvres
• Member of the Board of Directors of Bertrandt US Inc., Detroit
• President of the Board of Directors of Bertrandt UK Ltd., Dunton
• Member of the Board of Directors of Bertrandt Sweden AB, Trollhättan

The short-term total remuneration paid to the Management Board in fiscal 2010/2011 comes to EUR 2.399 million (previous year EUR 2.353 million) and includes a fixed element and a performance-tied component. The additions to post-retirement benefit provisions for members of the Management Board include service cost of EUR 0.048 million for the current year (previous year EUR 0.035 million).

Provisions amounting to EUR 0.940 million (previous year EUR 0.845 million) were set aside to cover post-retirement benefits payable to former members of the Management Board.

Changes in the holdings of Bertrandt shares owned by members of the Management Board during fiscal 2010/2011 are shown in the following table:

Supervisory Board

Dr. Klaus Bleyer, Chairman of the Supervisory Board

• Chairman of the Supervisory Board of MAHLE GmbH, Stuttgart
• Chairman of the Supervisory Board of Ravensburger AG, Ravensburg
• Deputy Chairman of the Supervisory Board of Lindauer DORNIER GmbH, Lindau
• Chairman of the University Council of the University of Ulm, Ulm

Maximilian Wölfle, Deputy Chairman

• Chairman of the Advisory Committee of J. WIZEMANN GmbH & Co., Stuttgart
• Chairman of the Advisory Committee of Heinrich von Wirth GmbH & Co. KG, Stuttgart
• Member of the Administrative Board of Westiform Holding AG, Bürglen
• Member of the Advisory Committee of Kaiser-Brauerei W. Kumpf GmbH & Co. KG, Geislingen/Steige
• Member of the Advisory Committee of SÜDWESTBANK AG, Stuttgart
• Member of the Advisory Committee of PAUL LANGE & Co. OHG, Stuttgart
• Member of the Supervisory Board of Schwabenverlag AG, Ostfildern (since 12 May 2011)

Horst Binnig

• Chairman of the Management Board of KS Aluminium-Technologie GmbH, Neckarsulm
• Chairman of the Management Board of KS ATAG GmbH, Neckarsulm
• Member of the Management Board of KS ATAG Bearbeitungsgesellschaft mbH, Neckarsulm
• Chairman of the Management Board of Kolbenschmidt Gmbh, Neckarsulm Member of the Management Board of Kolbenschmidt Pierburg Shanghai
• Nonferrous Components Co., Ltd. (KPSNC), Shanghai Member of the Supervisory Board of KS Shanghai Piston Co. Ltd., Shanghai
• Member of the Supervysory Supervisory Board of Karl Schmidt Unisia Inc., Marinette
• Member of the Supervisory Board of Shriram Piston & Rings Ltd., New Delhi

Prof. Dr.-Ing. Wilfried Sihn

• Professor of operating engineering and system planning at the Institute of Management Science of the Technical University of Vienna Management Director of the Fraunhofer Austria Research GmbH, Vienna Deputy Chairman of the Supervisory Board of WITTENSTEIN AG, Harthausen Member of the Board of Directors of Baumer Holding AG, Frauenfeld Member of the Board of Directors of Glutz AG, Soloturn Member of the Supervisory Board of MELECS AG, Vienna (since 1 November 2010)

Daniela Brei, Staff representative Commercial clerk

Martin Diepold, Staff representative (until 20 March 2011)

Designer

Astrid Fleischer, Staff representative (since 29 July 2011)

Technical draughtswoman

On the basis of the proposed dividend, the Supervisory Board will receive total remuneration of EUR 0.212 million for its activities in fiscal 2010/2011 (previous year EUR 0.182 million), comprising a fixed component of EUR 0.096 million (previous year EUR 0.099 million) and a variable component of EUR 0.116 million (previous year EUR 0.083 million).

The amounts payable breakdown by Supervisory Board member as follows:

The share shares issued by Bertrandt and held by members of the Supervisory Board

break down as follows:

Total	801,094	801,094
Ulrich Subklew	0	0
Dietmar Bichler	801,094	801,094
	Shares	Shares
		Balance at 30.09.2011 Balance at 30.09.2010

Options are not disclosed here as there is currently no option programme.

Shares owned by members of the Management Board number

Options are not disclosed here as there is currently no option programme.

*Until 20 March 2011. **Since 29 July 2011.

	Shares owned by members of the Supervisory Board number
Balance at 30.09.2011 Balance at 30.09.2010
Shares Shares
0 0	Dr. Klaus Bleyer
0 0	Maximilian Wölfle
0 0	Horst Binnig
0 0	Prof. Dr.-Ing. Wilfried Sihn
172 162	Daniela Brei
(-) 45	Martin Diepold*
60 (-)	Astrid Fleischer**
232 207	Total

	Fixed	Variable	Total
	2010/2011	2010/2011	2010/2011
Dr. Klaus Bleyer	27,500	32,000	59,500
Maximilian Wölfle	22,000	24,000	46,000
Horst Binnig	13,750	16,000	29,750
Prof. Dr.-Ing. Wilfried Sihn	13,750	16,000	29,750
Daniela Brei	11,000	16,000	27,000
Martin Diepold*	5,500	8,000	13,500
Astrid Fleischer**	2,750	4,000	6,750
Total	96,250	116,000	212,250

Supervisory Board compensation EUR

*Until 20 March 2011. **Since 29 July 2011.

[49] Shares owned by Bertrandt AG

The breakdown of the voting rights is in accordance with the shareholder structure.

The exercise by Bertrandt AG of a material influence on Bertrandt Automotive GmbH & Co. KG is determined on the basis of the provision of material technical information as well as the possibility for exerting information on key business transactions.

The net assets and results of operations of associates are as follows:

Bertrandt Automotive GmbH & Co. KG, aucip. automotive cluster investment platform GmbH & Co. KG and aucip. automotive cluster investment platform Beteiligungs GmbH adopted the calendar year as their financial year, while Bertrandt Entwicklungen AG & Co. OHG has the same balance sheet date as the Bertrandt Group. The supply/delivery and business relationships between Bertrandt AG and these companies were based on arm's length prices. No receivables against associated companys (previous year EUR 0.309 million). The net sales volume of Bertrandt Entwicklungen AG & Co. OHG in the period under review was EUR 0.884 million (previous year EUR 2.352 million). The company was accounted for using the equity method in the consolidated financial statements.

The net assets and results of operations of the joint venture are as follows:

Bertrandt Aeroconseil GmbH has the same balance sheet date as the Bertrandt Group. As of 30 September 2011, there were receivables against associated companies of EUR 3.638 million ( previous year EUR 4.822 million) and trade payables of EUR 0.433 million (previous year EUR 0.547 million). The net sales volume of this company was EUR 9.843 million (previous year EUR 14.136 million). On 1 October 2011, Bertrandt AG acquired a further 50 percent for EUR 0.500 million. The fair values of the assets and liabilities acquired match their carrying amounts.

The auditor's fees, which are expensed in accordance with Section 319 (1) of the German Commercial Code, break down as follows:

In accordance with Section 58 (2) of the German Stock Corporation Act, the dividend distributed by Bertrandt AG is based on the unappropriated surplus recorded by Bertrandt AG in the financial statements prepared according to German commercial law for the year ending 30 September 2011.

The Management Board proposes using Bertrandt AG's unappropriated surplus of EUR 22,571,049.30 to pay a dividend of EUR 1.70 per dividend-entitled share and carrying forward the balance of EUR 5,327,541.30. In accordance with the German Stock Corporation Act, any treasury shares held by Bertrandt AG at the time the proposal is adopted are not entitled to a dividend. The amount applicable to such shares with no par value that are not entitled to any dividend is also carried forward.

The Management Board of Bertrandt AG has submitted the consolidated financial statements to the Supervisory Board, which will make a decision concerning these on

5 December 2011.

Ehningen, 22 November 2011

The Management Board

Dietmar Bichler Ulrich Subklew Chairman

[50] Auditor´s fee

[51] Profit allocation proposal

[52] Day of release for publication

	Share in equity capital
Germany
Bertrandt Ingenieurbüro GmbH, Neckarsulm	100.00
Bertrandt Ingenieurbüro GmbH, Gaimersheim	100.00
Bertrandt Ingenieurbüro GmbH, Cologne	100.00
Bertrandt Ingenieurbüro GmbH, Munich	100.00
Bertrandt Ingenieurbüro GmbH, Ginsheim-Gustavsburg	100.00
Bertrandt Ingenieurbüro GmbH, Hamburg	100.00
Bertrandt Ingenieurbüro GmbH, Tappenbeck	100.00
Bertrandt Technikum GmbH, Ehningen	100.00
Bertrandt Projektgesellschaft mbH, Ehningen	100.00
Bertrandt Services GmbH, Ehningen	100.00
ZR-Zapadtka + Ritter Geschäftsführungs GmbH, Ehningen	100.00
Bertrandt Aeroconseil GmbH, Hamburg	50.00
Bertrandt Entwicklungen AG & Co. OHG, Stuttgart	30.00
aucip. automotive cluster investment platform
GmbH & Co. KG, Pullach i. Isartal	28.00
aucip. automotive cluster investment platform
Beteiligungs GmbH, Pullach i. Isartal	28.00
Bertrandt Automotive GmbH & Co. KG, Pullach i. Isartal	15.00
Non-Germany
Bertrandt France S.A., Bièvres, France	99.93
Bertrandt S.A.S., Bièvres, France	100.00
Bertrandt UK Limited, Dunton, United Kingdom	100.00
Bertrandt Sweden AB, Trollhättan, Sweden	100.00
Bertrandt Otomotiv Mühendislik Hizmetleri Ticaret Ltd. Sti., Istanbul, Turkey	100.00
Bertrandt US Inc., Detroit, Michigan, United States	100.00

Shares owned by Bertrandt AG %

	30.09.2011	30.09.2010
Assets	2.805	11.413
Liabilities	2.172	10.223
Revenues	7.642	4.224
Net profit for the year	-0.018	-0.004

Net assets and results of the joint venture EUR million
	30.09.2011	30.09.2010
Assets		5.958 6.972
Liabilities		4.931 5.946
Revenues		14.918 16.350
Net profit for the year		-14.917 -16.338

Net assets and results of associated companies EUR million

Audit of financial statements Tax consulting services Other services Total

2010/2011	2009/2010
0.179	0.163
0.108	0.085
0.059	0.050
0.346	0.298

Auditor's fee EUR million

Auditor's Report

We have audited the consolidated financial statements prepared by Bertrandt Aktiengesellschaft, Ehningen – comprising the balance sheet, statement of comprehensive income, statement of equity movements, cash flow statement and notes – and the management report for the fiscal year from 1 October 2010 hrough 30 September 2011. The preparation of the consolidated financial statements and the Group management report in accordance with the International Financial Reporting Standards (IFRS), as they are to be applied in the EU, and the additional accounting provisions in accordance with Section 315a (1) HGB is the responsibility of the Company's Management Board. Our responsibility is to express an opinion on the consolidated financial statements and the Group management report based on our audit.

We conducted our audit of the consolidated financial statements in accordance with Section 317 HGB and the German generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW). Those standards require that we plan and perform the audit such that misstatements materially affecting the presentation of the net assets, financial position and results of operations in the consolidated annual financial statements in accordance with the applicable principles of proper accounting and in the Group management report are detected with reasonable assurance. Knowledge of the business activities and the economic and legal environment of the Group and evaluations of possible misstatements are taken into account in the determination of audit procedures. The effectiveness of the accounting-related internal control system and the evidence supporting the disclosures in the Group annual financial statements and the Group management report are examined primarily on a test basis within the framework of the audit. The audit includes an assessment of the financial statements of the companies included in the Group, the definition of the scope of consolidation, the accounting and consolidation principles used and the significant estimates made by the Management Board as well as evaluating the overall presentation of the consolidated financial statements and the Group management report. We believe that our audit provides a reasonable basis for our opinion.

Our audit has not led to any reservations.

In our opinion based on the results of our audit, the consolidated financial statements comply with IFRS as they are to be applied in the EU, the supplementary provisions of German commercial law in accordance with Section 315a (1) HGB and in the light of these provisions give a true and fair view of the net assets, financial position and results of operations of the Group. The Group management report is consistent with the consolidated annual financial statements and on the whole provides a suitable understanding of the Group's position and suitably presents the risks to future development.

Stuttgart, 22 November 2011

PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft

Udo Bäder ppa. Volker Engesser

Certified Public Auditor Certified Public Auditor

To the best of our knowledge, and in accordance with the applicable reporting principles for financial reporting, the condensed consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group and the management report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description

of the principal opportunities and risks associated with the expected development of the Group.

Ehningen, 22 November 2011

Bertrandt AG

The Management Board

Dietmar Bichler Ulrich Subklew Chairman

RESPONSIBILITY STATEMENT (AFFIDAVIT)

5 6. 4

percent was Bert randt's equity rati o on 30 S eptember 2011. Shareholders' equity came to EUR 166.246 million at the end of the financial year.

CORPORATE GOVERNANCE

The Supervisory Board has independently formulated its own regulations governing the handing of conflicts of interest which deviates from the recommendations in Section 5.5.2 and 5.5.3 Sentence 1 of the GCGC. The Supervisory Board's Rules of Procedure obliges every Supervisory Board Member to disclose conflicts of interest to the chairperson of the Supervisory Board; the chairperson of the Supervisory Board is obliged to provide disclosure to the vice-chairperson. Such stipulations exceed Section 5.5.3 Sentence 1 of the GCGC and do not differentiate as to whether the conflict of interests is material or only temporary but include every possible conflict. The waiving of the public disclosure of such statements allows the supervisory board members to confidentially discuss violations that are in reality not violations but merely appear so in full confiden-

The Bertrandt AG released the report for the third quarter of the 2009/2010 business year on 18 August 2010. Bertrandt AG reporting fulfils the strict requirements of the Prime Standards for Deutsche Börse AG. As long as the German Corporate Governance Code is not synchronised with the regulations in the Prime Standards, Bertrandt AG reserves the right to deviate from Section 7.1.2 Sentence 4 of the GCGC.

The Management Board The Supervisory Board

The Management and Supervisory Boards at Bertrandt AG declare herewith that, in compliance with § 161 of the German Stock Corporation Act (AktG) the recommendations from the governing commission of the German Corporate Governance Code (GCGC) in the version dated 26 May 2010 and released in the electronic version of the German Federal Gazette on 2 July 2010 were and are generally adhered to. The recommendations listed under Section 2.3.3 Sentence 2, 3.8 Paragraphs 3, 4.1.5, 4.2.3, 5.4.1 Paragraphs 2 and 3, 5.5.2 and 5.5.3 Sentence 1 and Section 7.1.2 Sentence 4 of the GCGC were and are not applied. Further-more exceptions were made to Section 5.4.3 Sentence

The deviations from the individual recommendations were based and shall only be based

The Articles of Association of Bertrandt AG have no provisions for an absentee ballot, mean-ing that legally no absentee balloting may take place. It is also the case that participation in the annual general meeting allows shareholders to make a well-founded decision. Furthermore, the presentations from the Management Board and the Supervisory Board can be taken into consideration as well as the contributions from other shareholders or spokespersons for shareholder associations.

Bertrandt AG has taken out a pecuniary damage liability insurance policy (a so called directors and officers insurance policy). In deviation from Section 3.8 Paragraph 3 of the GCGC, the policy has no deductible for Supervisory Board members. Bertrandt AG took out the insurance policy to preserve its interests in the event of hypothetical

The total remuneration of the Management Board generally conforms to the recommendation in Section 4.2.3 of the GCGC; it includes fixed and variable portions. The principles behind compensation are also explained in more detail in the Bertrandt AG management report. However, the remuneration did not and does not contain any components with a long-term impetus and risk characteristics as defined in Section 4.2.3

DECLARATION OF COMPLIANCE WITH THE GERMAN CORPORATE GOVERNANCE CODE PURSUANT TO SECTION 161 OF THE GERMAN STOCK CORPORATION ACT	The Management and Supervisory Boards at Bertrandt AG declare herewith that, in com pliance with § 161 of the German Stock Corporation Act (AktG) the recommendations from the governing commission of the German Corporate Governance Code (GCGC) in the version dated 26 May 2010 and released in the electronic version of the German Federal Gazette on 2 July 2010 were and are generally adhered to. The recommenda tions listed under Section 2.3.3 Sentence 1, 3.8 Paragraphs 3, 4.1.5, 4.2.3, 5.4.1 Para graphs 2 and 3, 5.4.3 Sentence 2, 5.5.2, 5.5.3 Sentence 1 and 7.1.2 Sentence 4 of the GCGC were not applied. The deviations from the individual recommendations are based on the following argu	Section 5.5.2 and Section 5.5.3 Sentence 1 DCGC
Section 2.3.3 Sentence 1 DCGC	ments: The Articles of Association for the Bertrandt AG have no provisions for an absentee ballot, meaning that legally no absentee balloting may take place. It is also the case that par ticipation in the annual general meeting allows shareholders to make a well-founded decision, as the presentations from the Management Board and the Supervisory Board can be taken into consideration along with the contributions from other shareholders or spokespersons for shareholder associations.	Section 7.1.2 Sentence 4 DCGC	tiality with the chairperson. serves the right to deviate from Section 7.1.2 Sentence 4 of the GCGC.
Section 3.8 Paragraph 3 DCGC	The Bertrandt AG has taken out a pecuniary damage liability insurance policy (a so called directors and officers insurance policy). In deviation from Section 3.8 Paragraph 3 of the GCGC, the policy has no deductible for supervisory board members. The Bertrandt AG took out the insurance policy to preserve its interests in the event of hypothetical damage.		Ehningen, 26 July 2011 The Management Board Dietmar Bichler Chairman	The Supervisory Board Dr. Klaus Bleyer Chairman
Section 4.2.3 DCGC	The total remuneration of the management board generally conforms to the recom mendation in Section 4.2.3 of the GCGC; it includes fixed and variable portions. The principles behind compensation are also explained in more detail in the Bertrandt AG management report. However, the remuneration does not contain any components with a long-term impetus and risk characteristics as defined in Section 4.2.3 Paragraph 3 of the GCGC. Whether and how the recommendations from Section 4.2.3 Paragraph 4 of the GCGC can be legally implemented is still not entirely clear. The Company also reserves the right to deviate from Section 4.2.3 Paragraph 4 of the GCGC in order to remain com	DECLARATION OF COMPLIANCE WITH THE GERMAN CORPORATE GOVERNANCE CODE PURSUANT TO SECTION 161 OF THE GERMAN STOCK CORPORATION ACT	2 of the GCGC on 26 July 2011.
Section 5.4.1 Paragraphs 2 and 3 as well as 4.1.5 DCGC	petitive. Due to competitive reasons, the release of the Management Board's compensation was only made and shall only be made to the extent legally required. The Annual General Meeting decided on 18 February 2009 to continue with the long-standing disclosure practice with a further decision to suspend disclosure in accordance with the stipulations in the German Management Board Remuneration Act (VorstOG). Exceptions were made to Section 5.4.1 Paragraphs 2 and 3 as well as 4.1.5 of the GCGC. Bertrandt AG places great emphasis on experience, capability and individual knowledge	Section 2.3.3 Sentence 2 GCGC	on the following arguments: shareholders or spokespersons for shareholder associations.
Section 5.4.3 Sentence 2 GCGC	when hiring members of the Management Board and Supervisory Board as well as for any other leadership position material to the company. The Management Board intends to apply for judicial addition to the members of the Supervisory Board so that a new member can be elected to the employee-representative seat that has become vacant. The Management Board would like – contrary to what the	Section 3.8 Paragraph 3 GCGC	damage.
	wording of Section 5.4.3 Sentence 2 of the GCGC might suggest – not to limit in time the application for judicial appointment until the next annual general meeting. The Company holds the view that this recommendation makes sense only with respect to the shareholder representatives on the Supervisory Board because the date of the annual general meeting is of no significance to the Supervisory Board members to be elected by employees. Furthermore, it is in the interests of the Company to avoid a re-election outside the normal cycle of employee elections to the Supervisory Board given the work and costs that carrying out such elections involve.	Section 4.2.3 GCGC	Paragraph 3 of the GCGC.

Pursuant to Article 161 of the German Public Companies Act, the Management Board and the Supervisory Board declare once a year whether the recommendations set out in the German Corporate Governance Code (GCGC) were and are still complied with and which recommendations were or are not applied. Bertrandt issued this declaration for the current year on 19 September 2011. It is reproduced in our annual report for fiscal 2009/2010 and on our website at www.bertrandt.com.

The basic structure of Bertrandt AG's corporate governance is determined by the mandatory assignment of duties as specified by the German Public Companies Act:

Management Board

The Management Board manages Bertrandt AG autonomously and is its statutory representative. The board consists of two members. Notwithstanding the overall responsibility of the Management Board as a whole, specific tasks are assigned to its members in accordance with a business allocation plan. Observance of the law, the Company's own guidelines and ethical principles (compliance) constitute a key management duty. The members of the Management Board are solely committed to furthering the Group's interests. Any significant outside business transactions require the approval of the Supervisory Board.

Supervisory Board

The Supervisory Board of Bertrandt AG consists of six members, of whom four were elected by shareholders at the 2009 annual general meeting. Two members, the employee representatives on the Supervisory Board, were nominated in Article 9 of the codetermination agreement of 9 May 2008 entered into between the Management Board of Bertrandt AG and the Special Employee Negotiation Committee. One of these two employee representatives died in the 2010/2011 fiscal year. In a ruling dated 29 July 2011, the Local Court of Stuttgart therefore appointed Ms. Astrid Fleischer to the Supervisory Board in accordance with the Company's request.

The Supervisory Board monitors the Management Board and is responsible in this capacity for appointing the members of the Management Board. It has established a Human Resources Committee and an Audit Committee in the interests of ensuring effective and efficient performance of its duties. The Audit Committee consists of Dr Klaus Bleyer, Maximilian Wölfle and Horst Binnig. The Human Resources Committee consists of Dr Klaus Bleyer, Maximilian Wölfle and Prof. Dr.- Ing. Wilfried Sihn. The Human Resources Committee is simultaneously the Nomination Committee. On 9 May 2011, the Supervisory Board appointed Dr. Klaus Bleyer as an independent member of the Supervisory Board with accounting expertise in accordance with Section 100 (5) of the German Stock Corporation Act (AktG) ("financial expert")

Intensive, ongoing communication takes place between the Management Board and the Supervisory Board, with the Management Board briefing the Supervisory Board on the Group's business performance, its situation (including risk exposure and risk management as well as compliance) and corporate planning as well as orientation regularly, comprehensively and without delay. The Audit Committee also discusses the half-year report as well as the quarterly reports with the Management Board.

Whether and how the recommendations from Section 4.2.3 Paragraph 4 of the GCGC can be legally implemented is still not entirely clear. The Company also reserves the right to deviate from Section 4.2.3 Paragraph 4 of the GCGC in order to remain competitive.

Due to competitive reasons, the release of the Management Board's compensation was only made and shall only be made to the extent legally required by the accounting regulations. The Annual General Meeting decided on 18 February 2009 to continue with the long-standing disclosure practice with a further decision to suspend disclosure in accordance with the stipulations in the German Management Board Remuneration Act (VorstOG).

On 26 July 2011 the Management Board has applied for judicial completion of the members of the Supervisory Board so that the employee-representative seat that has become vacant shall be newly filled. The Management Board has not – contrary to what the wording of Sec-tion 5.4.3 Sentence 2 of the GCGC might suggest – limited in time the application for judicial appointment until the next annual general meeting. At the time of the application the Company held the view that this recommendation only makes sense with respect to the shareholder representatives on the Supervisory Board because the date of the annual general meeting is of no significance to the Supervisory Board members to be elected by employees. Furthermore, it was in the interest of the Company to avoid a re-election outside the normal cycle of employee elections to the Supervisory Board given the work and costs that carrying out such an election involves. With enactment of 29 July 2011 the local district court of Stuttgart filled in compliance with the application of the Company the vacancy of the Supervisory Board by appointing Astrid Fleischer as a member of the Supervisory Board

Exceptions were made and will be made to Section 5.4.1 Paragraphs 2 and 3 as well as 4.1.5 of the GCGC. Bertrandt AG places primarily great emphasis on experience, capability and individual knowledge when hiring members of the Management Board and Supervisory Board as well as for any other leadership position material to the Company. Section 5.4.1 Paragraphs 2 and 3 as well as 4.1.5 GCGC

The Supervisory Board has in its Rules of Procedure independently formulated its own regu-lations governing the handling of conflicts of interest which deviates from the recommenda-tions in Section 5.5.2 and 5.5.3 Sentence 1 of the GCGC. The Supervisory Board's Rules of Procedure obliges every Supervisory Board Member to disclose conflicts of interest to the Chairman of the Supervisory Board; the Chairman of the Supervisory Board is obliged to provide disclosure to the Vice-Chairman. Such stipulations exceed Section 5.5.3 Sentence 1 of the GCGC and do not differentiate as to whether the conflict of interest is material or only temporary but include every possible conflict. The waiving of the public disclosure of such statements also allows the supervisory board members to confidentially discuss violations that are in reality not violations but merely appear so in full confidentiality with the chairperson. Section 5.5.2 and Section 5.5.3

Ehningen, 19 September 2011

As long as the German Corporate Governance Code is not synchronised with the regulations of the Prime Standards of the German Stock Exchange, Bertrandt AG reserves the right to deviate from Section 7.1.2 Sentence 4 of the GCGC. The Bertrandt AG did not make use of this reservation in the reporting period. Section 7.1.2 Sentence 4 GCGC

The Management Board The Supervisory Board

Dietmar Bichler Dr. Klaus Bleyer Chairman Chairman

Section 5.4.3 Sentence 2 GCGC

Sentence 1 GCGC

REPORT PURSUANT TO SECTION 3.10 OF THE GERMAN CORPORATE GOVERNANCE CODE

Management Board remuneration

The total remuneration paid to the members of the Management Board in fiscal 2010/2011 came to EUR 2.399 million (previous year EUR 2.353 million).

The remuneration paid to each member of the Management Board comprises fixed and variable components pursuant to the individual employment contracts signed. The variable components of remuneration are linked to consolidated earnings.

At the moment, no share options have been issued to the members of the Management Board. Nor are any planned. Both members of the Management Board are provided with a car for business and private use. Both Management Board members are also covered by a group accident insurance policy. There are retirement benefit obligations visà-vis one active member as well as one former member of the Management Board.

For competitive reasons, the remuneration paid to members of the Management Board is disclosed only to the extent required by prevailing accounting law. On 18 February 2009, the shareholders approved the continuation of the long-standing reporting practice by passing a non-disclosure resolution in accordance with the Management Remuneration Act.

Supervisory Board remuneration

The members of the Supervisory Board received the following remuneration in fiscal

2010/2011:

The members of the Supervisory Board were not paid any compensation or benefits in the 2009/2010 financial year for services provided in a personal capacity, in particular involving consulting and brokerage services.

Purchase or sale of shares in the Company or of financial instruments relating to shares by persons specified in Section 6.6 of the GCGC

The members of Bertrandt AG's Management Board and Supervisory Board as well as parties closely related to them did not disclose any transactions involving shares in the Company or related financial instruments subject to compulsory disclosure in accordance with Section 15a of the German Securities Trading Act and Section 6.6 of the German Corporate Governance Code in the 2010/2011 fiscal year.

Annual general meeting

The shareholders of Bertrandt AG take advantage of their rights at the annual general meeting, where they exercise their voting rights. Each share has one vote. There are no shares with multiple, preferential or maximum voting rights. At the annual general meeting, the shareholders pass resolutions particularly on such matters as profit appropriation, the discharge of the members of the Management Board and the Supervisory Board, election of shareholder representative members to the Supervisory Board as well as selection of auditors. Shareholders are notified regularly by means of a financial calendar, which is published in the annual report, the quarterly reports as well as the Company's website, of important dates. As a matter of principle, the Chairman of the Supervisory Board chairs the annual general meeting. Bertrandt AG offers its shareholders the service of proxy votes as per their instructions.

Holdings of shares or related financial instruments by members of the Management Board and the Supervisory Board

There were no changes in the number of shares in Bertrandt held by the members of the Management Board during the 2010/2011 fiscal year.

Similarly, there were only minor changes in the number of Bertrandt shares held by members of the Supervisory Board in fiscal 2010/2011. These holdings break down as follows:

		Balance at 30.09.2011 Balance at 30.09.2010
	Shares	Shares
Dietmar Bichler	801,094	801,094
Ulrich Subklew	0	0
Total	801,094	801,094

Options are not disclosed here as there is currently no option programme.

Shares owned by members of the Management Board number

Dr. Klaus Bleyer Maximilian Wölfle Horst Binnig Prof. Dr.-Ing. Wilfried Sihn Daniela Brei Martin Diepold* Astrid Fleischer** Total

Fixed	Variable	Total
2010/2011	2010/2011	2010/2011
27,500	32,000	59,500
22,000	24,000	46,000
13,750	16,000	29,750
13,750	16,000	29,750
11,000	16,000	27,000
5,500	8,000	13,500
2,750	4,000	6,750
96,250	116,000	212,250

Supervisory Board compensation EUR

*Until 20 March 2011. **Since 29 July 2011.

Options are not disclosed here as there is currently no option programme. *Until 20 March 2011. **Since 29 July 2011.

	Balance at 30.09.2011	Balance at 30.09.2010
	Shares	Shares
Dr. Klaus Bleyer	0	0
Maximilian Wölfle	0	0
Horst Binnig	0	0
Prof. Dr.-Ing. Wilfried Sihn	0	0
Daniela Brei	172	162
Martin Diepold*	(-)	45
Astrid Fleischer**	60	(-)
Total	232	207

Shares owned by members of the Supervisory Board number

Disclosure on Company share option programmes and similar security-based incentive schemes

Bertrandt AG does not have any share option programmes or similar security-based incentive schemes. However, the Company supports employees in the acquisition of shares in the company to the extent permitted by tax law under the terms of staff participation programmes. In addition, interest-bearing loans were extended to the Group's management (but not to members of the Company's Management Board or managing directors of Group companies) in the light of the applicable tax law to assist them in acquiring the shares of a subsidiary which holds the Company's shares.

Explanation of individual deviations from the GCGC recommendations

The Management Board and the Supervisory Board of Bertrandt AG deliberated at length on the GCGC recommendations. It was deemed necessary to deviate from individual recommendations in the interests of the Company.

Pursuant to Section 161 of the German Stock Corporation Act, the Management Board and the Supervisory Board of Bertrandt AG declared on 19 September 2011 that as a matter of principle the Company conforms to the recommendations issued by the government commission on the German Corporate Governance Code (GCGC) in the version dated 26 May 2010 and published in the electronic Bundesanzeiger of 2 July 2010. It does not comply - and has not done so in the past - with the recommendations contained in Sections 2.3.3 Sentence 2, 3.8 (3), 4.1.5, 4.2.3, 5.4.1 (2) and (3), 5.5.2, 5.5.3 Sentence 1 and 7.1.2 Sentence 4 of the German Corporate Governance Code. In addition, on 26 July 2011 the Company departed from Section 5.4.3 Sentence 2 of the GCGC.

These departures from individual recommendations are based on the following considerations:

Bertrandt AG's Articles of Association do not provide for postal voting, the result being that a postal vote is not legal. Furthermore, participation in the annual general meeting also enables shareholders to make well-founded decisions because they can consider the explanations of Management Board and Supervisory Board members in their voting, just as they can take into account what other shareholders and spokespersons of shareholder associations say.

Bertrandt AG has taken out directors and officers (D&O) insurance. Contrary to Section 3.8 (3) of the GCGC, this cover does not provide for any deductible for members of the Supervisory Board. Bertrandt AG has taken out an insurance policy to protect itself in a hypothetical claim for damages.

As a matter of principle, the overall compensation paid to the members of the Management Board complies with the recommendations contained in Section 4.2.3 of the GCGC and comprises fixed and variable components. The principles underlying compensation are described in greater detail in Bertrandt AG's annual report. However, the remuneration did not and does not contain any specific components with a long-term incentive effect containing risk elements as defined in Section 4.2.3 (3) of the GCGC.

Whether and how the recommendations in Section 4.2.3 (4) of the GCGC can be legally implemented is still not entirely certain. Moreover, the Company reserves the right to deviate from the provisions of Section 4.2.3 (4) of the GCGC as and when required in order to be competitive.

For competitive reasons, the compensation paid to members of the Management Board has been and is disclosed only to the extent required by prevailing accounting law. On 18 February 2009, the shareholders approved the continuation of the long-standing reporting practice by passing another non-disclosure resolution in accordance with the Management Remuneration Act.

The Company does not conform to Sections 5.4.1 (2) and (3) or to 4.1.5 of the GCGC. When making appointments to its Management Board and Supervisory Board as well as other executive positions, Bertrandt AG considers the experience, capabilities and knowledge of the individual to be in the primary interest of the Company.

On 26 July 2011, the Management Board applied for a court ruling to have a new member appointed to the Supervisory Board to fill a seat held by one of the employee representatives which had become vacant. Contrary to what the wording of Section 5.4.3 Sentence 2 of the GCGC might suggest, the Management Board did not want the court ruling to be restricted in application to a period expiring on the date of the next annual general meeting. At the time at which it lodged this application, the Company held the view that this recommendation referred only to shareholder representatives on the Supervisory Board as the date of the annual general meeting is irrelevant for the election of the employee representatives to the Supervisory Board. Furthermore, it was in the interests of the Company to avoid a supplementary election outside the normal cycle of employee elections to the Supervisory Board given the work and costs that such elections involve. In a ruling dated 29 July 2011, the Local Court of Stuttgart appointed Ms. Astrid Fleischer to the Supervisory Board in accordance with the Company's application.

In its Rules of Procedure, the Supervisory Board has specified how it treats any conflict of interest autonomously and at variance to the recommendations contained in Sections 5.5.2 and 5.5.3 Sentence 1 of the GCGC. The Rules of Procedure require each member of the Supervisory Board to disclose any conflict of interest to the Chairman of the Supervisory Board, who, himself, is required to disclose any such conflict to the Deputy Chairman of the Supervisory Board. These rules go beyond the scope provided for in Section 5.5.3 Sentence 1 of the GCGC and do not make any distinction on the basis of whether conflicts of interest are material or only temporary. Rather, all conflicts of interest must be disclosed. The public discussion of such disclosures may be waived to permit the members of the Supervisory Board to discuss with the Chairman even only apparent conflicts of interest on a confidential basis.

Bertrandt AG reserves the right to depart from Section 7.1.2 Sentence 4 of the GCGC as long as the German Corporate Governance Code is not consistent with the rules applicable to the Prime Standard of Deutsche Börse. No use was made of this reserved right during the period under review.

Ehningen, 5 December 2011

The Management Board The Supervisory Board

Dietmar Bichler/Ulrich Subklew Dr. Klaus Bleyer/Maximilian Wölfle

Chairman/Member of the Chairman/Deputy Chairman Management Board

Section 5.4.1 (2) and (3) as well as 4.1.5 of the GCGC

Section 5.4.3. Sentence 2 of the GCGC

Section 5.5.2 and Section 5.5.3 Sentence 1 of the GCGC

Section 7.1.2 Sentence 4 of the GCGC

Section 2.3.3 Sentence 2

of the GCGC

Section 3.8 (3) of the GCGC

Section 4.2.3 of the GCGC

31. 7 69

million euros is the amount invested in f iscal 2010/2011. Bertrandt has thereby established a basis for continued profitable growth.

FURTHER INFORMATION

Multiyear overview Financial calendar

128
130	Glossary
132	Locations
134
134	Credits

MULTIYEAR OVERVIEW

Assets
Intangible assets
	Property, plant and equipment
	Investment properties
Financial assets
	Receivables and other assets
Income tax assets
Deferred taxes
	Non-current assets
Inventories
	Future receivables from construction contracts
	Receivables and other assets
Income tax assets
	Cash and cash equivalents
Current assets
	Assets held for sale
Total assets
	Equity and liabilities
Issued capital
Share premium
Retained earnings
	Consolidated distributable profit
	Equity attributable to shareholders of Bertrandt AG
Minority interests
	Capital and reserves
Provisions
Borrowings
Other liabilities
Deferred taxes
	Non-current liabilities
Tax provisions
Other provisions
Borrowings
Trade payables Other liabilities

Total equity and liabilities

30.09.2011	30.09.2010	30.09.2009	30.09.2008	30.09.2007
11.486	10.579	11.417	13.226	12.144
56.339	44.133	41.621	40.833	33.836
1.869	4.676	4.891	5.109	0
7.951	5.429	5.343	1.083	1.097
2.860	2.594	1.532	1.583	1.560
0.720	0.850	0.973	1.091	1.206
2.413	2.837	2.558	2.395	2.602
83.638	71.098	68.335	65.320	52.445
0.528	0.470	0.416	0.466	0.371
37.927	20.381	13.279	28.444	23.432
135.717	98.794	72.387	104.301	84.309
0.248	0.800	0.170	0.340	0.170
36.677	48.081	44.355	30.463	14.268
211.097	168.526	130.607	164.014	122.550
0	0	0	0.051	0
294.735	239.624	198.942	229.385	174.995
10.143	10.143	10.143	10.143	10.143
26.625	26.625	26.625	26.625	26.625
106.905	78.064	62.383	53.670	31.283
22.571	21.115	14.960	14.926	9.508
166.244	135.947	114.111	105.364	77.559
0.002	0.002	0.003	0.002	0.002
166.246	135.949	114.114	105.366	77.561
6.616	5.986	5.932	6.010	5.098
0	0	0	4.723	6.199
0.495	0.527	0.559	0.591	0.732
10.668	6.691	5.211	7.213	5.974
17.779	13.204	11.702	18.537	18.003
3.839	4.670	11.177	17.973	8.577
43.921	36.162	21.854	36.269	28.584
0.466	0.271	0.105	0.708	1.624
10.491	7.475	5.879	7.797	7.222
51.993 110.710	41.893 90.471	34.111 73.126	42.735 105.482	33.424 79.431
294.735	239.624	198.942	229.385	174.995

	2010/2011	2009/2010	2008/2009	2007/2008	2006/2007
Revenues	576.238	428.834	384.599	434.216	339.528
Other internally generated assets	0.379	0.257	0.201	0.219	0.163
Total revenues	576.617	429.091	384.800	434.435	339.691
Other operating income	8.649	9.597	12.167	7.104	4.970
Raw materials and consumables used	-55.395	-35.746	-34.222	-45.920	-38.589
Personnel expenses	-399.120	-302.731	-272.769	-281.909	-218.948
Depreciation	-11.353	-10.473	-10.953	-8.855	-9.143
Other operating expenses	-59.067	-45.780	-46.254	-53.543	-45.675
Operating profit	60.331	43.958	32.769	51.312	32.306
Net finance income	0.609	0.672	0.784	0.679	0.274
Profit from ordinary activities	60.940	44.630	33.553	51.991	32.580
Other taxes	-0.930	-0.707	-0.505	-0.495	-0.433
Earnings before tax	60.010	43.923	33.048	51.496	32.147
Income taxes	-18.055	-12.686	-8.443	-15.315	-9.935
Earnings after income tax	41.955	31.237	24.605	36.181	22.212
– attributable to minority interest	0	0	-0.001	0	0
– attributable to shareholders of Bertrandt AG	41.955	31.237	24.604	36.181	22.212
Number of shares (million) –
diluted/basic, average weighting	10.049	10.040	10.023	10.123	10.117
Earnings per share (EUR) –
diluted/basic	4.18	3.11	2.45	3.57	2.20

Income statement EUR million

Balance sheet EUR million

A

Ad hoc bulletins: The German Securities Trading Act obliges companies to issue ad hoc bulletins without delay on important news concerning the company that might have a considerable effect on its share. This is intended to rule out the possibility that share-relevant news is known only to insiders, who might exploit their advantage in terms of knowledge.

Arm's-length principle: Internal sales are invoiced at normal market prices and as a matter of principle are thus in line with sales to third parties.

Authorised capital: Contingent resolution passed by the shareholders authorising the management board of a public company to increase the capital up to a certain amount and within a certain timeframe.

B

Beta-Factor: A measure of the relative risk of an individual share compared with the market as a whole.

Borrowings: Capital raised externally by taking on loans.

C

Capital and reserves: Funds made available to a company by its legal owners. Equals the company's assets net of all liabilities, provisions and deferred items.

Capital gains tax: Tax on investment income.

Capital increase: Issue of new shares on a cash or non-cash basis or by using the company's own funds.

Cash and cash equivalents: Cash at hand plus bank balances and cheques.

Cash flow: Cash flow represents the funds generated from own operating activity and shows the ability of a company to fund itself (net profit plus depreciation and transfer to long-term provisions).

Convertible bonds: Bonds that are issued by a public company entitling the creditor to subscribe to shares by converting the bonds.

Corporate compliance: This refers to a company's efforts to comply with statutes, guidelines and voluntary codes and entails, for example, the entrenchment of applicable laws in the company's corporate culture and day-to-day business practice.

Corporate Governance: This term describes the key legal requirements concerning the management and supervision of listed companies and comprises both domestic and international standards for responsible business management.

D

DAX: The DAX (German share index) encompasses Germany's 30 largest public companies that are stock-market listed.

Deferred taxes: Products that are derived from a base asset and whose price depends to a large extent on the price of the underlying financial instrument. They make it possible to control market price risks. Derivatives include the following types of product: forex forward transactions, swaps, options and option-like instruments (caps, floors etc.).

Designated sponsors: Banks or financial service providers that look after listed enterprises and guarantee ongoing trade in their shares.

Distributable profit: The surplus of net profit or net loss plus profit or loss carryforwards, less retained profit and minority interests.

Dividend: The earnings for a period that are due to and paid out to shareholders.

Derivative financial instruments: Products that are derived from a base asset and the price of which depends to a large extent on the price of the underlying financial instrument. They make it possible to control market price risks. Derivatives include the following types of product: forex forward transactions, swaps, options and option-like instruments (caps, floors etc.).

E

Earnings per share: Derived by dividing the earnings for a period that are due to the shareholders by the average number of share outstanding during the period.

EBIT/Operating profit: Earnings before interest and taxes.

EBT: Earnings before tax.

Equity method: Method of accounting for investments in associates in single and consolidated financial statements.

Equity ratio: Ratio of shareholders' equity to total capital.

F

Fair Value: In accordance with IFRS.

Free cash flow: Cash flow from operating activities and cashflow from investing activities.

Free float: Shares in a public company not held by major investors.

G

GCGC: The GCGC (German Corporate Governance Code) comprises material statutory provisions relating to the governance and monitoring of listed German companies. It contains acknowledged standards of responsible corporate governance acknowledged in Germany and abroad. In this way, the corporate governance and monitoring rules applicable in Germany are rendered transparent to investors.

Goodwill: Intangible asset. Corresponds to the future economic benefit of assets that cannot be individually identified or separately carried.

Gross domestic product: Income from the output of all production factors employed in a domestic market less depreciation/amortisation.

Gross national product: Sum of economic output that the inhabitants of a country generate in a given period.

H

HGB: German appreviation for the Commercial Code

I

IAS: The IAS (International Accounting Standards) are intended to ensure that accounting and reporting is comparable on an international level.

IFRS: IFRS (International Financial Reporting Standards) refer to the internationally accepted accounting standards since 2002. They therefore also comprise the applicable International Accounting Standards.

Impairment test: A method of testing the value of assets.

Institutional investor: Institutional investors may be insurance companies, pension funds, capital investment companies or also banks that regularly have investment requirement. Other investor groups comprise professional traders and private investors.

ISIN: The ISIN (International Security Identification Number) is a ten-digit number prefixed with a country code (DE = Germany, CH = Switzerland) and serves to make securities internationally identifiable.

Issue price: The price that investors must pay for new shares.

Issued capital: The share capital in a public company or company with limited liability that is to be recorded in the balance sheet.

M

Market capitalisation: Reflects the current stockmarket value of the company. Derived by multiplying the number listed shares by the closing-day

share price.

Material expenses: Sum of all the expenses incurred in the purchase of raw materials and supplies needed for the company's own processing,

plus acquired services. O

Ordinary share: Unrestricted shareholder right to participate in, vote at and receive information during the annual general meeting, as well as dividend entitlement, right to subscribe to capital increases and share in liquidation proceeds.

P

Payout: Dividends, bonuses, bonus shares as well as liquidation proceeds that are paid out to shareholders.

Percentage-of-completion method: Degree of completion, used to value unfinished work.

Price-earnings ratio: Ratio of the current share price to earnings per share.

R

Research: Analysis of a security with respect to its prospects or of a company with respect to its earnings power etc. The term research is used to describe systematic study of value and price-determining factors relating to a security.

S

SDAX: Defined index in the Prime Standard for smaller companies (small caps) of the traditional industries below the MDAX companies.

T

Tax rate: Ratio of actual income taxes to earnings

before income taxes.

Total assets/liabilities: The sum of all assets or the sum of shareholders' equity and liabilities.

V

VorstOG: German abbreviation for Act on the Appropriateness of Management Board Compen-

sation.

W

WKN: German abbreviation for Security Code Number.

Working capital: Current assets (trade receivables, future receivables from construction contracts, inventories and other current assets) less current liabilities (trade payables and other current liabilities not attributable to financing activity).

GLOSSARY

B E R T R A N D T F R A N C E

M o n t b é l i a r d 1 0 , r u e F r é d é r i c J a p y I m m e u b l e L e Q u a s a r 2 Z A C Va l P a r c F - 2 5 2 0 0 M o n t b é l i a r d Te l e p h o n e + 3 3 3 8 1 9 9 3 5 0 s o c h a u x @ f r . b e r t r a n d t . c o m

0

P a r i s B e r t r a n d t S . A . S B u r o s p a c e , B â t i m e n t 1 0 R o u t e d e G i s y, B . P. 3 5 F - 9 1 5 7 2 B i è v r e s C E D E X Te l e p h o n e + 3 3 1 6 9 3 5 1 5 0 p a r i s @ f r . b e r t r a n d t . c o m

5

B E R T R A N D T U N I T E D K I N G D O M

D u n t o n B e r t r a n d t U K L t d . U n i t 3 4 H o r n s b y S q u a r e S o u t h f i e l d s I n d u s t r i a l P a r k L a i n d o n B a s i l d o n G B - S S 1 5 6 S D E s s e x Te l e p h o n e + 4 4 1 2 6 8 5 6 4 3 d u n t o n @ u k . b e r t r a n d t . c o m

0 0

B E R T R A N D T S W E D E N

T r o l l h ä t t a n B e r t r a n d t S w e d e n A B K a r d a n v ä g e n 7 2 S E - 4 6 1 3 8 T r o l l h ä t t a n Te l e p h o n e + 4 6 5 2 0 4 8 6 5 - 0 t r o l l h a t t a n @ s e . b e r t r a n d t . c o

0

m

B E R T R A N D T S P A I N

B a r c e l o n a B e r t r a n d t A G P o l i g o n o I n d u s t r i a l C a n C o m e l l e s S u d C / G r e s o l , 2 - 4 . A p . C o r r e o s 1 8 3 E S - 0 8 2 9 2 E s p a r r a g u e r a ( B a r c e l o n a ) Te l e p h o n e + 3 4 9 3 7 7 7 8 7 - 0 0 b a r c e l o n a @ e s . b e r t r a n d t . c o m

B E R T R A N D T T U R K E Y

i k

I s t a n b u l B e r t r a n d t O t o m o t i v M ü h e n d i s l H i z . T i c . L t d . Ş t i . C u m h u r i y e t C a d . 1 0 3 , K a t 3 T R - 3 4 3 6 0 E l m a d a ğ ( I s t a n b u l ) Te l e p h o n e + 4 9 7 0 3 4 6 5 6 - 0 i s t a n b u l @ t r . b e r t r a n d t . c o m

B E R T R A N D T U N I T E D S T AT E S

D e t r o i t B e r t r a n d t U S I n c . 1 7 7 5 W . H a m l i n R o a d U S - R o c h e s t e r H i l l s , M I 4 8 3 0 9 Te l e p h o n e + 1 2 4 8 5 9 8 5 1 0 0 d e t r o i t @ u s . b e r t r a n d t . c o m

B E R T R A N D T S E R G E R M A N Y

V I C E S

H

B e r l i n B e r t r a n d t S e r v i c e s G m b F r a n k f u r t e r A l l e e 2 D - 1 0 2 4 7 B e r l i n Te l e p h o n e + 4 9 3 0 2 4 3 b e r l i n @ b e r t r a n d t s e r v i c

1 0 2 - 1 8 6 e s . c o m

H

B i e l e f e l d B e r t r a n d t S e r v i c e s G m b N i e d e r w a l l 4 7 D - 3 3 6 0 2 B i e l e f e l d Te l e p h o n e + 4 9 5 2 1 9 2 b i e l e f e l d @ b e r t r a n d t s e

3 9 7 0 - 0 v i c e s . c o m

r

D o

r t m u n d

b H 1 1

B e r t r a n d t S e r v i c e s G m M a r t i n - S c h m e i ß e r - W e g D - 4 4 2 2 7 D o r t m u n d Te l e p h o n e + 4 9 2 3 1 7 2 d o r t m u n d @ b e r t r a n d t -

5 1 9 8 - 0 e r v i c e s . c o m

s

H

D ü s s e l d o r f B e r t r a n d t S e r v i c e s G m b P r i n z e n a l l e e 9 D - 4 0 5 4 9 D ü s s e l d o r f Te l e p h o n e + 4 9 2 1 1 5 2 0 d u e s s e l d o r f @ b e r t r a n d t -

6 5 7 7 - 0 s e r v i c e s . c o m

H

F l ö r s h e i m a m M a i n B e r t r a n d t S e r v i c e s G m b I n d u s t r i e s t r . 2 D - 6 5 4 3 9 F l ö r s h e i m a m Te l e p h o n e + 4 9 6 1 4 5 5 4

M a i n 6 0 6 - 0 e r v i c e s . c o m

f l o e r s h e i m @ b e r t r a n d t s

H

F r a n k f u r t B e r t r a n d t S e r v i c e s G m b I m W e i h e r f e l d 1 D - 6 5 4 6 2 G i n s h e i m - G u s Te l e p h o n e + 4 9 6 1 3 4 2 5 f r a n k f u r t @ b e r t r a n d t s e r

t a v s b u r g 6 6 - 7 0 0 v i c e s . c o m

H

F r e i b u r g B e r t r a n d t S e r v i c e s G m b e c h t i n g e r S t r . 1 1 D - 7 9 1 1 1 F r e i b u r g Te l e p h o n e + 4 9 7 6 1 8 8 8 f r e i b u r g @ b e r t r a n d t s e r v

5 7 2 - 0 i c e s . c o m

H

G ö p p i n g e n B e r t r a n d t S e r v i c e s G m b Vo r d e r e K a r l s t r . 1 2 D - 7 3 0 3 3 G ö p p i n g e n Te l e p h o n e + 4 9 7 1 6 1 6 5 g o e p p i n g e n @ b e r t r a n d t

8 8 3 - 0 s e r v i c e s . c o m

H

H a m b u r g B e r t r a n d t S e r v i c e s G m b B l o h m s t r . 1 0 D - 2 1 0 7 9 H a m b u r g Te l e p h o n e + 4 9 4 0 7 9 7

h a m b u r 5 1 2 9 - 2 8 0 0 r v i c e s . c o m

b e r t r a n d t s e

g @ i l b r o n n

H e

H

B e r t r a n d t S e r v i c e s G m b F r i e d r i c h - G a u s s - S t r . 5 D - 7 4 1 7 2 N e c k a r s u l m Te l e p h o n e + 4 9 7 1 3 2 3 8 h e i l b r o n n @ b e r t r a n d t s e

6 - 4 0 0 r v i c e s . c o m K a r l s r u h e B e r t r a n d t S e r v i c e s G m b H Z e p p e l i n s t r . 2 D - 7 6 1 8 5 K a r l s r u h e Te l e p h o n e + 4 9 7 2 1 6 2 7 3 6 9 9 - 0 k a r l s r u h e @ b e r t r a n d t s e r v i c e s . c o m

K e m n a t h B e r t r a n d t S e r v i c e s G m b H H a m m e r g r a b e n s t r . 2 8 D - 9 5 4 7 8 K e m n a t h Te l e p h o n e + 4 9 9 6 4 2 7 0 5 - 2 1 4 0 k e m n a t h @ b e r t r a n d t s e r v i c e s . c o m

C o l o g n e B e r t r a n d t S e r v i c e s G m b H O s k a r - S c h i n d l e r - S t r . 1 0 D - 5 0 7 6 9 K ö l n - F e l d k a s s e l Te l e p h o n e + 4 9 2 2 1 7 0 2 2 - 4 9 0 k o e l n @ b e r t r a n d t s e r v i c e s . c o m

M a n n h e i m B e r t r a n d t S e r v i c e s G m b H A u g u s t a a n l a g e 1 8 D - 6 8 1 6 5 M a n n h e i m Te l e p h o n e + 4 9 6 2 1 4 3 2 7 0 7 - 0 m a n n h e i m @ b e r t r a n d t s e r v i c e s . c o m

M u n i c h B e r t r a n d t S e r v i c e s G m b H L e o p o l d s t r . 3 2 D - 8 0 8 0 2 M ü n c h e n Te l e p h o n e + 4 9 8 9 1 2 0 2 1 2 7 - 0 m u e n c h e n @ b e r t r a n d t s e r v i c e s . c o m

N u r e m b e r g B e r t r a n d t S e r v i c e s G m b H P r e t z f e l d e r S t r . 1 3 - 1 5 D - 9 0 4 2 5 N ü r n b e r g Te l e p h o n e + 4 9 9 1 1 3 5 0 6 4 4 9 - 0 n u e r n b e r g @ b e r t r a n d t s e r v i c e s . c o m

S t u t t g a r t B e r t r a n d t S e r v i c e s G m b H B i r k e n s e e 1 D - 7 1 1 3 9 E h n i n g e n Te l e p h o n e + 4 9 7 0 3 4 6 5 6 - 4 6 0 0 s t u t t g a r t @ b e r t r a n d t s e r v i c e s . c o m

U l m B e r t r a n d t S e r v i c e s G m b H E d i s o n a l l e e 7 D - 8 9 2 3 1 N e u - U l m Te l e p h o n e + 4 9 7 3 1 7 1 5 7 8 3 - 0 0 u l m @ b e r t r a n d t s e r v i c e s . c o m

K a s s e l B e r t r a n d t I n g . - B ü r o G m b H G u n t e r s h ä u s e r S t r . 1 D - 3 4 2 2 5 B a u n a t a l Te l e p h o n e + 4 9 5 6 1 8 9 0 7 8 2 1 - 0 w o l f s b u r g @ d e . b e r t r a n d t . c o m

C o l o g n e B e r t r a n d t I n g . - B ü r o G m b H O s k a r - S c h i n d l e r - S t r . 1 0 D - 5 0 7 6 9 K ö l n - F e l d k a s s e l Te l e p h o n e + 4 9 2 2 1 7 0 2 2 - 0 k o e l n @ d e . b e r t r a n d t . c o m

M u n i c h B e r t r a n d t I n g . - B ü r o G m b H H u f e l a n d s t r . 2 6 - 2 8 D - 8 0 9 3 9 M ü n c h e n Te l e p h o n e + 4 9 8 9 3 1 6 0 8 9 - 0 m u e n c h e n @ d e . b e r t r a n d t . c o m

N e c k a r s u l m B e r t r a n d t I n g . - B ü r o G m b H F r i e d r i c h - G a u s s - S t r . 5 D - 7 4 1 7 2 N e c k a r s u l m Te l e p h o n e + 4 9 7 1 3 2 3 8 6 - 0 n e c k a r s u l m @ d e . b e r t r a n d t . c o

m

N o r d s t e i m k e B e r t r a n d t I n g . - B ü r o G m b H H e h l i n g e r S t r . 2 1 D - 3 8 4 4 6 W o l f s b u r g - N o r d s t e i m k e Te l e p h o n e + 4 9 5 3 6 6 9 6 1 1 - 0 w o l f s b u r g @ d e . b e r t r a n d t . c o m

R e g e n s b u r g B e r t r a n d t I n g . - B ü r o G m b H O s t e r h o f e n e r S t r . 1 2 D - 9 3 0 5 5 R e g e n s b u r g Te l e p h o n e + 4 9 8 9 3 1 6 0 8 9 - 0 r e g e n s b u r g @ d e . b e r t r a n d t . c o m

R ü s s e l s h e i m B e r t r a n d t I n g . - B ü r o G m b H I m W e i h e r f e l d 1 D - 6 5 4 6 2 G i n s h e i m - G u s t a v s b u r g Te l e p h o n e + 4 9 6 1 3 4 2 5 6 6 - 0 r u e s s e l s h e i m @ d e . b e r t r a n d t . c o m

S t a d t h a g e n B e r t r a n d t I n g . - B ü r o G m b H E r l e n w e g 6 D - 3 1 7 1 5 S t a d t h a g e n - M e e r b e c k Te l e p h o n e + 4 9 5 7 2 1 9 2 7 4 - 5 0 s t a d t h a g e n @ d e . b e r t r a n d t . c o m

W o l f s b u r g B e r t r a n d t I n g . - B ü r o G m b H K r ü m k e 1 D - 3 8 4 7 9 Ta p p e n b e c k Te l e p h o n e + 4 9 5 3 6 6 9 6 1 1 - 0 w o l f s b u r g @ d e . b e r t r a n d t . c o m

B E R T R A N D T A G

E h n i n g e n B e r t r a n d t A G – H e a d q u a r t e r B i r k e n s e e 1 D - 7 1 1 3 9 E h n i n g e n Te l e p h o n e + 4 9 7 0 3 4 6 5 6 - 0 Te l e f a x + 4 9 7 0 3 4 6 5 6 - 4 1 0 0 i n f o @ b e r t r a n d t . c o m

B E R T R A N D T G E R M A N Y

A l t e n b u r g B e r t r a n d t Te c h n i k u m G m b H M ü h l p f o r t e 2 D - 0 4 6 0 0 A l t e n b u r g Te l e p h o n e + 4 9 3 4 4 7 8 9 0 0 - 0 0 a l t e n b u r g @ d e . b e r t r a n d t . c o m

B r e m e n B e r t r a n d t I n g . - B ü r o G m b H C o r n e l i u s - E d z a r d - S t r . 2 5 D - 2 8 1 9 9 B r e m e n Te l e p h o n e + 4 9 4 2 1 1 6 3 3 5 9 - 0 b r e m e n @ d e . b e r t r a n d t . c o m

D o n a u w ö r t h B e r t r a n d t I n g . - B ü r o G m b H D r . - L u d w i g - B ö l k o w - S t r . 1 D - 8 6 6 0 9 D o n a u w ö r t h Te l e p h o n e + 4 9 9 0 6 9 8 0 0 4 - 1 5 d o n a u w o e r t h @ d e . b e r t r a n d t . c o m

E h n i n g e n B e r t r a n d t P r o j e k t g e s e l l s c h a f t m b H B i r k e n s e e 1 D - 7 1 1 3 9 E h n i n g e n Te l e p h o n e + 4 9 7 0 3 4 6 5 6 - 0 b p g @ d e . b e r t r a n d t . c o m

E h n i n g e n B e r t r a n d t Te c h n i k u m G m b H B i r k e n s e e 1 D - 7 1 1 3 9 E h n i n g e n Te l e p h o n e + 4 9 7 0 3 4 6 5 6 - 5 0 0 0 e h n i n g e n @ d e . b e r t r a n d t . c o m

F r i e d r i c h s h a f e n B e r t r a n d t Te c h n i k u m G m b H C o m p e t e n c e P a r k F r i e d r i c h s h a f e n O t t o - L i l i e n t h a l - S t r . 4 D - 8 8 0 4 6 F r i e d r i c h s h a f e n Te l e p h o n e + 4 9 7 5 4 1 3 7 4 7 9 - 0 f r i e d r i c h s h a f e n @ d e . b e r t r a n d t . c o m

H a m b u r g B e r t r a n d t I n g . - B ü r o G m b H B l o h m s t r . 1 0 D - 2 1 0 7 9 H a m b u r g Te l e p h o n e + 4 9 4 0 7 9 7 5 1 2 9 - 0 h a m b u r g @ d e . b e r t r a n d t . c o m

I n g o l s t a d t B e r t r a n d t I n g . - B ü r o G m b H L i l i e n t h a l s t r . 5 0 - 5 2 D - 8 5 0 8 0 G a i m e r s h e i m Te l e p h o n e + 4 9 8 4 5 8 3 4 0 7 - 0 i n g o l s t a d t @ d e . b e r t r a n d t . c o m

L O C AT I O N S

Annual report 2010/2011 Annual press and analysts´conference

8 December 2011 Stuttgart/Frankfurt

Report on the 1st quarter 2011/2012

13 February 2012

Annual General Meeting

15 February 2012

10:30

City Hall Sindelfingen

Report on the 2nd quarter 2011/2012

9 May 2012

7th Capital Market Day

9 May 2012 Ehningen

Report on the 3rd quarter 2011/2012

14 August 2012

Annual report 2011/2012 Annual press and analysts´conference

6 December 2012 Stuttgart/Frankfurt

Annual General Meeting

20 February 2013

10:30

City Hall Sindelfingen

Published and edited by

Bertrandt AG Birkensee 1, D-71139 Ehningen Telephone +49 7034 656-0 Telefax +49 7034 656-4100 www.bertrandt.com info@bertrandt.com

HRB 245259 Amtsgericht Stuttgart

Contact

Sabrina Förschler Investor Relations Telephone +49 7034 656-4201 Telefax +49 7034 656-4488 sabrina.foerschler@de.bertrandt.com

Anja Schauser Corporate Communication Telephone +49 7034 656-4037 Telefax +49 7034 656-4090 anja.schauser@de.bertrandt.com

Design, layout and production

SAHARA Werbeagentur, Stuttgart www.sahara.de

Lithography and printing

Metzger Druck, Obrigheim

Photos

Andreas Körner, Stuttgart Fotolia Getty Images Bertrandt archive

FINANCIAL CALENDAR

CREDITS

FURTHER INFORMATION FINANCIAL CALENDAR CREDITS

Legal Notice

This report contains inter alia certain foresighted statements about future developments, which are based on current estimates of management. Such statements are subjected to certain risks and uncertainties. If one of these factors of uncertainty or other imponderables should occur or the underlying accepted statements proved to be incorrect, the actual results could deviate substantially from or implicitly from the expressed results specified in these statements. We have neither the intention nor do we accept the obligation of updating foresighted statements constantly since these proceed exclusively from the circumstances on the day of their publication.

As far as this report refers to statements of third parties, in particular analyst estimations, the organisation neither adopts these, nor are these rated or commented thereby in other ways, nor is the claim laid to completeness in this respect.

Bertrandt AG Birkensee 1, 71139 Ehningen Germany Telephone +49 7034 656-0 Telefax +49 7034 656-4100 www.bertrandt.com info@bertrandt.com