Bertrandt AG — Earnings Release 2012

Feb 18, 2013

CI-900-02.13-A

Report on the 1st quarter – 1 October until 31 December 2012

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

THE FIRST QUARTER AT A GLANCE

Up to the end of 2012, the global economy was facing challenging underlying conditions on account of the sustained debt crisis. Against this backdrop, the automotive industry continued to grow moderately around the world in the final quarter of 2012 accompanied by rising passenger vehicle sales. Heavy demand continued to come from the BRIC nations – Brazil, Russia, India and China – in particular, with China remaining a growth market. The Bertrandt Group performed well again in the first quarter of fiscal 2012/2013. The highlights of its business were as follows:

• year EUR 160.955 million).

• (previous year 9.6 percent).

• In the first three months of fiscal 2012/2013, revenues rose by 14.5 percent over the same period in the previous year to EUR 184.259 million (previous

• Operating profit also increased, coming to EUR 17.567 million in the first
• quarter (previous year EUR 15.517 million), equivalent to a margin of 9.5 percent
• In the period under review, Bertrandt recorded post-tax profits of EUR 12.143 million (previous year EUR 10.782 million).
• Earnings per share came to EUR 1.21 in the first quarter (previous year EUR 1.07).

With total assets standing at EUR 358.960 million (EUR 357.000 million as of 30 September 2012), the equity ratio came to 59.7 percent (56.6 percent as of 30 September 2012). Spending on property, plant and equipment rose to EUR 4.543 million (previous year EUR 10.837 million), while free cash flow came to EUR 34.405 million (previous year EUR 7.458 million). As of 31 December 2012, the number of employees had risen by 131 over the end of fiscal 2011/2012 to 10,083.

The engineering market is offering interesting conditions in Germany in particular thanks to the numerous innovations and challenges such as efforts to reduce CO2 emissions and the development of new drive technologies. Looking forward, Bertrandt continues to see strong potential for positioning itself successfully in the market.

G R O U P					O V E R V I
F I N A N C I A L G S F I U R E	IFRS	01.1 0.12 - 31.1 2.12	Cha nges in %	01.1 0.11 - 31.1 2.11
	Inco stat nt me eme
	(EU illion ) Reve R m nues	184 .259	14.5	160 .955
	ofit (EUR mil lion) Ope ratin g pr	17.5 67	13.2	15.5 17
	Prof it fro rdin ctivi ties (EUR mil lion) m o ary a	17.6 88	12.5	15.7 24
	Earn ings afte r inc (EUR mil lion) tax ome	12.1 43	12.6	10.7 82
	Cash flow stat nt eme
	Free h flo w (E UR m illion ) cas	34.4 05	361 .3	7.45 8
	Cap ital s pend ing ( EUR milli on)	5.44 9	-55. 9	12.3 55
	Bala shee t nce
	Cap ital a nd r on 3 1 De ber (EUR mil lion) eser ves cem	214 .187	20.9	177 .096
	Equi tio o n 31 Dec emb er (% ) ty ra	59.7	3.5	57.7
	Sha re
	Shar ber (EUR )1 ice o n 3 1 De e pr cem	75.7 5	47.1	51.4 9
	Shar ice h igh ( EUR )2 e pr	78.9 8	52.2	51.9 0
	Shar ice l ow ( EUR )2 e pr	57.9 2	75.5	33.0 0
	loye Emp es
	Num bers of e mpl 31 Dec emb oyee s on er	10,0 83	12.2	8,98 4

1Closing price in Xetra trading 2 In Xetra trading

FINANCIAL FIGURES

• Group management report 06
• Interim consolidated financial statements 13
• Condensed consolidated notes 18
• Quarterly survey 21
• Financial calendar 22
• Credits 22

Spurred by a wide diversity of models and variants as well as environmentally friendly drive technologies, the complexity of individual mobility solutions in the automotive and aviation sectors is steadily increasing. Trends for instance towards environmentally friendly power, comfort, safety and driving dynamics call for overarching technical know-how and interlinked thinking in product development. As a provider helping to shape mobility that is focused on 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. In addition to conventional engineering areas such as bodywork, interior and simulation, the range comprises such specialist areas as electronics, engineering services, modelmaking and rapid technologies, powertrains and testing. 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. Its many years of knowhow give our Bertrandt Services subsidiary a solid foundation upon which to realise customised development solutions in new sectors and to take these forward.

Business performance

The Bertrandt Group continued to perform well in the first three months of fiscal 2012/2013, generating revenues of EUR 184.259 million (previous year EUR 160.955 million), equivalent to an increase of 14.5 percent. All of the Group's divisions – Digital Engineering, Physical Engineering and Electrical Systems/Electronics – achieved growth over the previous year. The underpinnings for this were provided by the Group's strategic orientation, which combines a customer and branch-oriented approach to the market with Group-wide specialist units. New drive technologies as well as growing model diversity continue to be crucial forces for market growth.

Foreign operations

With its non-domestic branches in Europe and the United States as well as project-based activities in the BRIC countries, Bertrandt pursues a strategy of ensuring the sharpest possible focus on the customer. The close organisational link-up with its branches in Germany enables Bertrandt to offer its customers a 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.

Trends in the economy

Up to the end of 2012, the global economy was in a phase of weakness due to the sustained debt crisis. However, the growth rates of the emerging markets in Asia and Latin America buoyed the global economy. The Eurozone painted a mixed picture. As expected, growth in Germany slowed somewhat towards the end of the year. All in all, full-year German gross domestic product increased by 0.7 percent in 2012 according to the German Federal Bureau of Statistics. Other European countries such as Greece, Ireland and Portugal are feeling the pressure of heavy debt loads and sustained contraction in gross domestic product in some cases.

Sector trends

Against a challenging backdrop, the global automotive industry was on an expansionary course as of the end of 2012, with China also continuing to grow. According to the German Federal Automotive Industry Association (VDA), the number of passenger vehicles sold in China came to 13.2 million in 2012, up eight percent on the previous year. Registrations of new passenger cars in Japan were up 29.7 percent in 2012, rising to 4.6 million vehicles. The Indian passenger vehicle market also performed encouragingly, with sales up over ten percent on the previous year. At 14.4 million, full-year unit sales in the United States rose by 13.4 percent year on year in 2012. By contrast, sales of new passenger vehicles in Western Europe contracted by 8.1 percent over the previous year, coming to just under 11.8 million in 2012. The markets in France, Italy and Spain in particular were weaker at the end of 2012. Only the United Kingdom expanded by over five percent compared with the previous year on sales of over 2 million units. In Germany, new registrations declined by three percent but still bolstered the overall Western European market. All in all, German automotive OEMs in particular are in good condition thanks to strong foreign demand and are stepping up their spending on new technologies. They are continuing to pursue their strategy of high model and version diversity. At the same time, they are attaching particular importance to such factors as quality, optimised fuel consumption, safety, comfort and design. To this end, they are working intensively on different drive technologies to meet the statutory requirements stipulating fuel-efficient and CO2-reduced mobility.

Business model and strategy

As one of Europe's leading engineering partners, Bertrandt devises tailored solutions together with customers at 41 locations in their immediate vicinity. The 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. Its customer base comprises nearly all European manufacturers as well as leading systems suppliers. In the aviation sector, Bertrandt concentrates on structural, cabin and systems development in transnational projects. With Bertrandt Services, furthermore, the Company provides technological and commercial services as well as project solutions outside the mobility industry in the energy, machinery and plant engineering sectors, medical technology and IT sector throughout Germany. A broad range of services combined with consistency and confidence are key success factors to Bertrandt that cause customer relationships to thrive.

0.7 was the growth rate of Germany's gross domestic in the year 2012.

GROUP MANAGEMENT REPORT

14.5

percent was the increase of revenues in the first quarter of fiscal 2012/2013 in comparison to the previous year.

Consolidated revenues (1st quarter) EUR million

200 .000
175 .000
150 .000
125 .000
100 .000
75.0 00
50.0 00
25.0 00
0

At the end of the first quarter, free cash flow stood at EUR 34.405 million (EUR 7.458 million in the first quarter of the previous year). This marks a continuation of the trend that emerged in the final quarter of the previous year in which free cash flow had improved by EUR 16 million. However, the figure for the first quarter was affected by above-average incoming payments as at the balance sheet date. Assuming normal payment receipts and working capital requirements, free cash flow will hover at a substantially lower level in the course of the year. Moreover, we currently project sustained heavy capital spending for fiscal 2012/2013 as a whole and this will leave corresponding traces

on free cash flow.

16.0 00
12.0 00
8.00 0
4.00 0
0

Earnings situation

In the first quarter of fiscal 2012/2013, Bertrandt's operating profit increased by 13.2 percent to EUR 17.567 million (previous year EUR 15.517 million), equal to a margin of 9.5 percent (previous year 9.6 percent). At EUR 0.121 million (previous year EUR 0.207 million), net finance income remained positive. As a result, profit from ordinary business activities rose to EUR 17.688 million in the period under review (previous year EUR 15.724 million). Based on a tax rate of 30.1 percent, the Company generated post-tax earnings of EUR 12.143 million (previous year EUR 10.782 million).

Expenses in the first three months of the year broke down as follows: The cost of materials increased marginally to EUR 16.671 million (previous year EUR 16.412 million). The staff cost ratio rose slightly to 70.2 percent (previous year 68.8 percent). All told, staff costs came to EUR 129.412 million in the period under review (previous year EUR 110.778 million). Other operating expenses were also up for growth-related reasons, climbing to EUR 18.757 million in the period under review (previous year EUR 17.018 million).

Financial and asset situation

On 31 December 2012, total assets were largely unchanged, rising only marginally by EUR 1.960 million to EUR 358.960 million (EUR 357.000 million as of 30 September 2012). The individual items of the balance sheet break down as follows: Non-current assets were valued at EUR 106.517 million on the balance sheet date (EUR 105.013 million on 30 September 2012). Current assets amounted to EUR 252.443 million (EUR 251.987 million as of 30 September 2012). On the other side of the balance sheet, current liabilities dropped to EUR 124.220 million (EUR 134.811 million as of 30 September 2012). Equity rose in the first three months of fiscal 2012/2013, coming to EUR 214.187 million as of 31 December 2012 (EUR 202.135 million as of 30 September 2012). With an equity ratio of 59.7 percent (56.6 percent as of 30 September 2012), Bertrandt is among the best-funded companies in the automotive sector.

358.960

EUR million were the total assets on 31 December 2012.

60
50
40
30
20
10
0

36.0 00
30.0 00
24.0 00
18.0 00
12.0 00
6.00 0
0

Operating profit (1st quarter) EUR million

Human Resources

Bertrandt continued to recruit new employees in the first quarter of fiscal 2012/2013. As of 31 December 2012, the Group had 10,083 employees, an increase of 1,099 over the same period one year earlier (8,984 employees as of 31 December 2011). Compared with the end of fiscal 2011/2012, the workforce was up by 131 (9,952 employees as of 30 September 2012). The latest information on human resources management can be found in the "Careers" section of Bertrandt's website at www.bertrandt.com.

The Bertrandt share

The DAX began the first quarter of fiscal 2012/2013 at 7,327 points on 1 October 2012. The index hit a low for the period of 6,951 points on 16 November 2012, after which it rose to 7,612 points as of 31 December 2012. The SDAX started the period at 5,011 points and rose to 5,249 points as of the end of the quarter. The Prime Automobile Performance Index oscillated between 838 and 976 points.

Against this backdrop, the Bertrandt share outperformed the market in the first quarter of fiscal 2012/2013. After hitting a low of EUR 57.92 in Xetra trading on 1 October 2012, it reached a high for the quarter of EUR 78.98 on 14 December 2012, closing the period at EUR 75.75 in Xetra trading on 31 December 2012.

131 new employees were recruited in the first quarter of fiscal 2012/2013.

Employees (on 31 December) number

75.75 EUR was the price at which the

Bertrandt share closed in Xetra trading on 31 December 2012.

Analysts' ratings of the Bertrandt share and information on our Company can be found at www.bertrandt.com under Investor Relations.

Risk report

As an engineering service provider operating on an international scale, the Bertrandt Group is exposed to a wide variety of risks. All pertinent facts were comprehensively reported in the fiscal 2011/2012 annual report. The European financial crisis and resultant fears of a recession stood in the way of any improvement in underlying economic conditions in the first quarter of fiscal 2012/2013. What is more, the impact of an automatic cap on debt in the United States cannot be ascertained. At this stage, it is difficult to estimate what impact the crisis will have on the global economy. These potential risks could impact adversely on global trade and on the export-oriented German economy. As a result, the volume of research and development work could decrease, with the major automotive manufacturers changing their outsourcing strategy as a consequence. There was no increase in the probability of these risks arising for Bertrandt in the first quarter of fiscal 2012/2013. A broad strategic alignment as well as the Bertrandt Group's solid financial base form a stable foundation for business growth.

Forecast and outlook

According to the 2012 autumn report, the global economy will expand at a relatively slow pace in the course of 2013. The economic research institutes forecast growth of around 2.6 percent for 2013, with Brazil, Russia, India and China in particular continuing to make a large contribution. Performance within the Eurozone will vary from region to region: Germany is expected to grow by one percent, while other countries such as Greece, Ireland and Portugal will continue to feel the effects of weak economic growth and the parlous state of their public-sector budgets. The institutes anticipate slow stabilisation in the first half of 2013, which, according to the current autumn report, should usher in a gradual economic recovery in the second half of the year. Overall, the Eurozone's gross domestic product is expected to rise by 0.1 percent in 2013.

2.6

percent growth rate is estimated for the global economy in the year 2013 according to the IfW.

The performance of carmakers will presumably be mixed, while the forecasts for the premium manufacturers will largely be upbeat. To maintain their leading global market position, manufacturers will presumably step up their investment in research and development involving new technologies and models. Spending on research and development could rise as a result. Looking forward, Germany is expected to remain a major growth driver for the European economy while its domestic demand is forecast to rise thanks to the high level of employment. In addition, the BRIC nations – especially China – are expected to expand.

The VDA expects the US automotive market to widen to over 15 million units in 2013. Given the persistently strong demand for exports, a further boost in demand is forecast for the German automotive industry.

All automotive OEMs are continuing to pursue their strategy of investing more heavily in the development of new drive technologies. Spurred by strong pressure from governments and customers to innovate, the major automotive manufacturers and system suppliers are continuing to work hard on all drive technologies that will be viable in the future. At the same time, they are broadening their model line-ups to satisfy specific regional and customer preferences as effectively as possible.

Provided that the underlying economic conditions do not deteriorate any further, that OEMs invest on a sustained basis 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 its revenues and earnings to rise in the current fiscal year. All segments should contribute to this growth.

With its solid business foundations, Bertrandt is endeavouring to enhance its enterprise value on an enduring and sustained basis. The objective is to systematically pursue its strategy of growing in the automotive and aviation industries as well as in the energy, plant, mechanical and electrical engineering sectors and to position the Company successfully in the engineering market.

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

solid ated nd s t of preh Con inco ensi ve in stat nt a tate me eme men com com e	milli EUR on
01.1 0. u ntil 31.1 2.
I. In e sta tem ent com
Reve
nue s Oth er in ed a tern erat ssets
ally gen l rev Tota
enu es Oth inco
ting er o pera me Raw erial d co able d mat s an nsum s use
Pers el ex onn es
pens recia tion Dep
Oth ting er o ense s
pera exp ofit Ope ratin
g pr Shar e of prof it in ciate asso s
Inte inco me/ rest expe nse
Oth er fi ial re sult nanc
fina inco Net nce me
Prof it fro rdin activ ities m o ary
Oth er ta xes
Earn ings bef tax ore
Inco me t axes
ings afte r inc Earn tax ome
ibut able inor ity in attr to m tere st –
ibut able hare hold f Be dt A G attr to s rtran ers o –
Num ber of sh (mi llion ) – d ilute d/ba sic, weig htin ares aver age g
Earn ings sha re (E UR) – dil uted /bas ic per
of c rehe nsiv e in II. St atem ent omp com e
Earn ings afte r inc tax ome
Exch e dif fere e rat ang nces

Exch e dif fere e rat ang nces
Cha in f air v alue due nges	to h edg ing instr nts ume
effec ts of cha in f Tax nges	air v alue
Oth arni afte r tax er e ngs	es1
l com preh Tota ensi ve in	com e
ibut able inor ity in attr to m –	tere st
ibut able hare hold attr to s –	f Be dt A G rtran ers o

201 2/20 13	201 1/20 12
184 .259	160 .955
0.14 0	0.03 7
184 .399	160 .992
2.48 6	1.98 5
-16. 671	-16. 412
-129 .412	-110 .778
-4.4 78	-3.2 52
-18. 757	-17. 018
17.5 67	15.5 17
-0.0 11	-0.0 01
-0.0 10	-0.0 08
0.14 2	0.21 6
0.12 1	0.20 7
17.6 88	15.7 24
-0.3 04	-0.2 51
17.3 84	15.4 73
-5.2 41	-4.6 91
12.1 43	10.7 82
0	0
12.1 43	10.7 82
10.0 61	10.0 49
1.21	1.07
12.1 43	10.7 82
-0.0 91	0.12 7
0	-0.0 84
0	0.02 5
-0.0 91	0.06 8
12.0 52	10.8 50
0	0
12.0 52	10.8 50

¹ The after-tax result will be recycled in the income statements of future quarterly and annual reports.

	31.1 2.20 12	30.0 9.20 12
Asse ts
ngib le as Inta sets	13.7 68	13.9 36
plan d eq uipm Prop erty, t an ent	76.8 67	76.4 10
Inve rties stme nt p rope	1.78 7	1.80 3
Inve nted for usin g th uity hod stme nts a met ccou e eq	0.22 4	0.22 6
Oth er fi ial a ssets nanc	5.45 5	6.09 5
ivab les a nd o ther Rece ts asse	5.90 9	3.99 9
Inco me t ssets ax a	0.59 3	0.58 6
Defe rred taxe s	1.91 4	1.95 8
Non rent ets -cur ass	106 .517	105 .013
Inve ies ntor	0.79 7	0.56 0
ceiv able s fro uctio Futu nstr ntra cts re re m co n co	46.4 77	58.6 95
ivab les a nd o ther Rece ts asse	149 .119	170 .876
Inco me t ssets ax a	0.17 0	0.33 9
Cash and h eq uiva lents cas	55.8 80	21.5 17
Cur rent ets ass	252 .443	251 .987
l ass Tota ets	358 .960	357 .000
Equ ity a nd l iabi litie s
Issue d ca pita l	10.1 43	10.1 43
Shar emi e pr um	26.6 25	26.6 25
ined Reta ning ear s	139 .569	139 .660
Con solid ated dist ribu tabl ofit e pr	37.8 49	25.7 06
Equ ity a ttrib utab le to sha reho lder s of Bert rand t AG	214 .186	202 .134
Min ority inte rests	0.00 1	0.00 1
Cap ital and res erve s	214 .187	202 .135
Prov ision s	7.54 6	7.52 0
Oth er lia biliti es	0.45 6	0.46 4
Defe rred taxe s	12.5 51	12.0 70
Non liab ilitie rent -cur s	20.5 53	20.0 54
ision Tax prov s	9.62 2	8.93 6
Oth rovis ions er p	30.2 15	50.1 51
Borr owin gs	0.12 5	0.14 9
Trad yab les e pa	8.78 1	11.2 08
Oth er lia biliti es	75.4 77	64.3 67
Cur liab ilitie rent s	124 .220	134 .811
l eq and liab ilitie Tota uity s	358 .960	357 .000

Consolidated balance sheet EUR million

	Issue d capi tal	Shar e ium prem		Reta	ined ning ear	s		Con soli date d distr i buta ble prof it	Equ ity ibu attr tabl e hare to s hold f ers o rand Bert t AG	Min ority inte rests	Tota l
			Non -dis tribu ted ings earn	Curr ency slati tran on rese rve	Trea sury shar es	Hed ging instr u ts men	Tota l ined reta ings earn
Valu 01. 10.2 012 e on	10.1 43	26.6 25	141 .649	-1.6 75	-0.3 14	0	139 .660	25.7 06	202 .134	0.00 1	202 .135
Earn ings afte r inc tax ome							0	12.1 43	12.1 43		12.1 43
Oth rnin er ea gs				-0.0 91			-0.0 91		-0.0 91		-0.0 91
l com preh ensi ve in Tota com e				-0.0 91		0	-0.0 91	12.1 43	12.0 52		12.0 52
Valu 31. 12.2 012 e on	10.1 43	26.6 25	141 .649	-1.7 66	-0.3 14	0	139 .569	37.8 49	214 .186	0.00 1	214 .187
ious Prev yea r
Valu 01. 10.2 011 e on	10.1 43	26.6 25	110 .148	-2.1 49	-0.9 75	-0.1 19	106 .905	22.5 71	166 .244	0.00 2	166 .246
ings afte r inc Earn tax ome								10.7 82	10.7 82		10.7 82
Oth rnin er ea gs				0.12 7		-0.0 59	0.06 8		0.06 8		0.06 8
Tota l com preh ensi ve in com e				0.12 7		-0.0 59	0.06 8	10.7 82	10.8 50		10.8 50
Valu 31. 12.2 011 e on	10.1 43	26.6 25	110 .148	-2.0 22	-0.9 75	-0.1 78	106 .973	33.3 53	177 .094	0.00 2	177 .096

Consolidated statement of changes in equity EUR million

01.1	ntil 0. u 31.1 2.		1/20 201 12
1.	Net fit fo r the iod (inc ludi inor ity i ) nter ests pro per ng m
	befo tion als re e xcep	12.1 43	10.7 82
2.	Inco me t axes	5.24 1	4.69 1
3.	me/ Inte inco rest expe nse	0.01 0	0.00 8
4.	Oth et fi ial re sult er n nanc	-0.1 42	-0.2 16
5.	Sha re of fit in ciate pro asso s	0.01 1	0.00 1
6.	recia tion of n Dep nt as sets on-c urre	8 4.47	3.25 2
7.	/dec e in ision Incr ease reas prov s	-19. 910	-15. 284
8.	Oth ash me/ inco er n on-c expe nse	0.07 7	-0.1 30
9.	Prof it/lo ss fr disp osal of n nt as sets om on-c urre	0.02 0	0.03 4
10.	Incr /dec e in inve ies, f eiva bles from ctio ntor utur stru ntra cts, ease reas e rec con n co
	ivab les a nd o ther wel l as o ther igne d to inve sting or f inan cing ts as ts no t ass rece asse asse
	activ ities	31.9 90	3.11 8
11.	/dec trad yab les a nd o ther liab ilitie d to Incr e in igne inve sting t ass ease reas e pa s no
	or fi ing a ctivi ties nanc	8.65 1	14.9 95
12.	Inco ceiv ed/p aid me t ax re	-3.9 17	-2.5 71
13.	Inte paid rest	-0.0 01	-0.0 01
14.	ived Inte rest rece	0.10 1	0.18 7
15.	h flo ws f ratin tivit ies ( 4.) Cas 1. -1 rom ope g ac	38.7 52	18.8 66
16.	Pay ceiv ed f disp osal of p plan d eq uipm ts re rty, t an ent men rom rope	0.22 7	0.18 2
17.	Pay ceiv ed f the disp osal of f inan cial ts re ts men rom asse	0.87 5	0.97 5
18.	Pay ade for i nts i plan d eq uipm ts m tme rty, t an ent men nves n pr ope	-4.5 43	-10. 837
19.	ade for i nts i n int ible Pay ts m tme ts men nves ang asse	-0.4 72	-1.1 93
20.	ade for i n fin al as Pay nts i anci ts m tme sets men nves	-0.4 34	-0.3 25
21.	Pay min g fro m th rcha f co nsol idat ed c anie d ot her busi uni outs stem ts e pu se o omp s an ness	0	-0.2 10
22.	Cas h flo ws f inv esti ctiv ities (16 .-21 .) rom ng a	-4.3 47	-11. 408
23.	Pay eive d fro m th le of sha t rec trea men e sa sury res	0	0
24.	ade to sh areh olde d m inor ity s hare hold Pay ts m men rs an ers	0	0
25.	ade for a n of sha Pay isitio ts m trea men cqu sury res	0	0
26.	Pay ceiv ed f issu e of deb t ins and rais ing o f loa ts re trum ents men rom ns	0	0
27.	Pay ade for d isch argi ng d ebt instr nd r ing loan ts m nts a men ume epay s	0	0
28.	Cas h flo ws f fina ncin tivit ies ( 23.- 27.) rom g ac	0	0
29.	Cha in c ash and cash ivale nts ( 15. + 22.+ 28.) nges equ	34.4 05	8 7.45
30.	Effe ct of hang e ch sh a nd c ash ivale e rat nts exc ang es o n ca equ	-0.0 42	0.06 4
31.	h an d ca sh e alen beg f pe riod Cas quiv inni ts at ng o	21.5 17	36.6 77
32.	Cas h an d ca sh e quiv alen end of p erio d (2 9. -3 1.) ts at	55.8 80	44.1 99

Consolidated cash flow statement EUR million

	Digi tal E ngin	eerin g	Phys ical Engi	ing neer	Elec trica l Sys Elec ics tron	s/ tem	l of a ll div Tota	ision s
01.1 0. u ntil 31.1 2.	201 2/20 13	201 1/20 12	201 2/20 13	201 1/20 12	201 2/20 13	201 1/20 12	201 2/20 13	201 1/20 12
Reve nues	112 .499	101 .585	37.9 93	28.9 01	38.1 91	32.6 52	188 .683	163 .138
sfer betw Tran ents een segm	2.32 9	1.43 9	1.86 6	0.30 5	0.22 9	0.43 9	4.42 4	2.18 3
Con solid ated rev enu es	110 .170	100 .146	36.1 27	28.5 96	37.9 62	32.2 13	184 .259	160 .955
Ope ratin ofit g pr	9.11 7	8.38 7	4.14 7	3.43 9	4.30 3	3.69 1	17.5 67	15.5 17

Consolidated segment report EUR million

Management Board Dietmar Bichler Hans-Gerd Claus Michael Lücke Markus Ruf Supervisory Board Dr. Klaus Bleyer Maximilian Wölfle Horst Binnig Prof. Dr.-Ing. Wilfried Sihn Daniela Brei Astrid Fleischer Total

Bala at 3 1.12 .201 2 nce	Bala at 3 0.09 .201 2 nce
801 ,094	801 ,094
40	n.s.1
30	n.s.1
0	n.s.1
0	0
0	0
0	0
0	0
132	182
70	70
801 ,366	801 ,346

Shares owned by members of the Management and Supervisory Boards number

Options are not disclosed here as there is currently no option programme. 1Member of the Management Board since 1 October 2012.

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: Bertrandt Ingenieurbüro GmbHs in Gaimersheim, Ginsheim-Gustavsburg, Hamburg, Cologne, Munich, Neckarsulm, Tappenbeck and Bertrandt Fahrerprobung Süd GmbH in Nufringen, Bertrandt Technikum GmbH, Bertrandt Projektgesellschaft mbH and Bertrandt Services GmbH in Ehningen; in addition Bertrandt Ehningen GmbH and Bertrandt GmbH in Hamburg were consolidated.

The consolidated companies additionally include the non-domestic entities Bertrandt France S.A. in Paris/Bièvres, Bertrandt S.A.S. in Paris/Bièvres, Bertrandt UK Ltd. in Dunton, Bertrandt Sweden AB in Stockholm, Bertrandt US Inc. in Detroit, Bertrandt Engineering Shanghai Co., Ltd. in Shanghai and Bertrandt Otomotiv Mühendislik Hizmetleri Ticaret Ltd. Sti. in Istanbul.

Accounting priniciples

The presented consolidated interim financial statements as at 31 December 2012 were prepared based on International Accounting Standards (IAS) 34 "Interim Financial Reporting", in principle applying the same reporting methods as in the Annual Report on the 2011/2012 financial year. The provisions of the German Commercial Code over and above Section 315a (1) of the German Commercial Code as well as all the standards and the interpretations of the International Financial Reporting Interpretations Committee (IFRIC), which are subject to mandatory application in fiscal 2012/2013, have been considered.

A detailed description of these methods is published in the notes to the consolidated financial statements of the Annual Report for fiscal 2011/2012. This is also accessible on the internet at www.bertrandt.com.

The consolidated financial statements of Bertrandt Aktiengesellschaft, registered at Birkensee 1, 71139 Ehningen, Germany (register number HRB 245259, commercial register of the local court of Stuttgart), for the year ending 30 September 2012 were prepared using the International Financial Reporting Standards (IFRS) as applicable after the reporting date and as endorsed by the European Union (EU). NOTES IFRS 11

This interim report was compiled in euros. Unless stated otherwise, all amounts are shown in millions of euros (EUR million).

International Financial Reporting Standards and Interpretations that are subject to mandatory application as of fiscal 2012/2013

The following table sets out the International Financial Reporting Standards and Interpretations that are subject to mandatory application as of fiscal 2012/2013.

The new standard does not have any material influence on the quarterly financial statements.

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

The following standards and interpretations have already been adopted by the International Accounting Standards Board (IASB) and partly approved by the EU but they were not yet mandatory in the fiscal 2012/2013. Bertrandt will apply them as of the accounting period for which they become mandatory.

Stan dard / tatio Inte rpre n		Com puls ory licat ion app
IAS 1	Pres tion of I s of Oth er C rehe nsiv e Inc enta tem omp ome	01.0 7.20 12

CONDENSED CONSOLIDATED

Expe cted effe cts	Com puls ory licat ion app		Stan dard / Inte tatio rpre n
Non e	01.0 1.20 13	ndm Ame to I FRS 1: G nt Lo ents over nme ans
Non e	01.0 1.20 13	Ame ndm to IF RS 1 : Sev ere H rinfl atio d ent ype n an Rem oval of F ixed Dat es fo r Firs t-Tim e Ad opte rs	IFRS 1
Disc losu res	01.0 1.20 13	ndm FRS isclo s–Of fsett ing Ame ents to I 7: D sure	IFRS 7
in th tes e no		Fina ncia l Ass nd F inan cial Liab ilitie ets a s
Clas sific atio n,	01.0 1.20 15	cial nd a dme IFRS 9: F inan Instr nts a nts t ume men o	d IFRS 9 an
t2 mea sure men		IFRS 9 an d IFR S 7: Effec tive date and disc losu res ansi tion at tr	IFRS 71
Non e	01.0 1.20 14	Con solid ated Fina ncia l Sta tem ents	IFRS 10
Non e	01.0 1.20 14	Join t Arr nts ang eme	IFRS 11
Non e	01.0 1.20 14	losu f Int Oth Disc ts in er En titie res o eres s	IFRS 12
Disc losu res	01.0 1.20 13	Fair Valu e M ent easu rem	IFRS 13
in th tes e no
Non e	01.0 1.20 13	Ame ndm to I FRS 10, IFRS 11 and IFRS 12 – ents	IFRS 10,
		sitio n Gu idan Tran ce	IFRS 11 and
			IFRS 121
Non e	01.0 1.20 14	Ame ndm to I FRS 10, IFRS 12 and IAS 2 7 – ents	IFRS 10,
		Inve rties stme nt p rope	IFRS 12 and
			IAS 2 71
Non e	01.0 1.20 13	Defe rred y of Und erlyi tax : Rec ng A ssets over	IAS 1 2
Non e	01.0 1.20 13	loye nefit Emp e Be s	IAS 1 9
Non e	01.0 1.20 14	Sepa Fina ncia l Sta rate tem ents	IAS 2 7
Disc losu res	01.0 1.20 14	Inve nts i n As soci and Join t Ve stme ates ntur es	IAS 2 8
in th tes e no
Disc losu res	01.0 1.20 14	Offs ettin g Fin anci al As and Fina ncia l Lia biliti sets es	IAS 3 2
in th tes e no
Non e	01.0 1.20 13	the duct Phas e of Strip ping Cos ts in Pro ion a Surf Min ace e	IFRIC 20
Sing le-ca se	Indiv idua l	Indiv idua l am end ts men	Imp t rove men
aud it	ndm ents ame		RS1 to IF

1not yet endorsed by the EU

² it is impossible to make a reliable estimate of the impact at the moment

QUARTERLY SURVEY

Reve nue s
Oth er in tern	ally ed a erat ssets gen
Tota l rev	enu es
Oth er o pera	ting inco me
Raw mat	erial d co able d s an nsum s use
Pers onn	el ex pens es
Dep recia	tion
Oth er o pera	ting exp ense s
Ope ratin	ofit g pr
fina Net	inco nce me
Prof it fro	rdin activ ities m o ary
Oth er ta xes
Earn ings	bef tax ore
Inco me t	axes
ings Earn	afte r inc tax ome
ibut attr –	able inor ity in to m tere st
ibut attr –	able hare hold dt A o Be G to s ers t rtran
Num ber	of sh in m illion ares –
dilut ed/b	asic, wei ghti ave rage ng

Consolidated income statement EUR million

2/13	1/12	1/12	1/12	1/12
Q1 1	Q4 1	Q3 1	Q2 1	Q1 1
184	191	176	181	160
.259	.275	.060	.033	.955
0.14	0.22	0.13	0.08	0.03
0	5	2	9	7
184	191	176	181	160
.399	.500	.192	.122	.992
2.48	1.82	1.71	3.47	1.98
6	7	6	9	5
-16.	-16.	-16.	-17.	-16.
671	319	328	067	412
-129	-131	-124	-126	-110
.412	.681	.837	.762	.778
-4.4	-4.3	-4.0	-3.6	-3.2
78	66	08	25	52
-18.	-19.	-15.	-16.	-17.
757	075	817	374	018
17.5	21.8	16.9	20.7	15.5
67	86	18	73	17
0.12	-0.4	0.11	0.21	0.20
1	68	0	8	7
17.6	21.4	17.0	20.9	15.7
88	18	28	91	24
-0.3	-0.3	-0.2	-0.3	-0.2
04	25	74	11	51
17.3	21.0	16.7	20.6	15.4
84	93	54	80	73
-5.2	-6.4	-5.6	84	-4.6
41	34	73	-5.4	91
12.1	14.6	11.0	15.1	10.7
43	59	81	96	82
0	0	0	0	0
12.1	14.6	11.0	15.1	10.7
43	59	81	96	82
10.0	10.0	10.0	10.0	10.0
61	61	61	49	49
1.21	1.46	1.10	1.51	1.07

Companies on which Bertrandt exercises material but not dominant influence are accounted for using the equity method as associated companies in the interim report. 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.

Currency translation

The single-entity financial statements of subsidiaries applying a functional currency other than the euro were translated into the Group's functional currency in accordance with 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 interim financial statements at the mean end-of-period exchange rate, while expenses and income are translated using the average exchange rate of the period under report. 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:

Material events occurring after the end of the interim reporting period

There were no key events occurring after the end of the period covered by this interim report that are not shown in the financial statements for the three-month reporting period from 1 October 2012 to 31 December 2012.

German Corporate Governance Code

The current declarations pursuant to Section 161 of the German Public Companies Act on the German Corporate Governance Code by the Management and Supervisory Boards of Bertrandt AG are accessible on the www.bertrandt.com.

		Aver on b alan Aver Q1 rate rate age ce age shee t da te
		31.1 2.20 12	31.1 2.20 11	2/20 201 13	1/20 201 12
Chin a	CNY	8.21 50	8.14 35	8.10 20	8.57 89
Unit ed K ingd om	GBP	0.81 58	0.83 67	0.80 74	0.85 72
Swe den	SEK	8.58 00	8.91 71	8.62 41	9.09 14
Turk ey	TRY	2.35 60	2.44 60	2.32 93	2.47 71
Unit ed S tate s	USD	1.31 86	1.29 32	1.29 74	1.34 85

Currency tranlation relative to one euro

Annual General Meeting

20 February 2013 10:30 City Hall Sindelfingen

Report on the 2nd quarter 2012/2013

15 May 2013

8th Capital Market Day

15 May 2013 Ehningen

Report on the 3rd quarter 2012/2013

14 August 2013

Annual report 2012/2013 Annual press and analysts' conference

12 December 2013 Stuttgart/Frankfurt

Annual General Meeting

19 February 2014 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

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.