CI-850-06.12-A

Bertrandt AG Birkensee 1, 71139 Ehningen Germany Telephone +49 7034 656-0 Telefax +49 7034 656-4100 www.bertrandt.com [email protected]

Report on the 3rd quarter – 1 October 2011 until 30 June 2012

THE FIRST THREE QUARTERS AT A GLANCE

According to the Kiel Institute for the World Economy (IfW), the brighter prospects for the global market were only of a temporary nature. However, the automotive industry continued to be in good condition in many regions around the world. The United States and also China, India, Japan and Russia in particular achieved growth rates and a rising number of passenger vehicle sales according to the VDA (German Association of the Automotive Industry). Against this backdrop, Bertrandt's business performance breaks

down as follows:

In the first three quarters of fiscal 2011/2012, revenues rose by 25 percent over the same period of the previous year to EUR 518.048 million (previous year
In the period under review, Bertrandt recorded an operating profit of
EUR 53.208 million (previous year EUR 41.666 million), translating into a margin of 10.3 percent (previous year 10.1 percent).
Earnings after income tax grew by 26.9 percent to EUR 37.059 million (previous year EUR 29.202 million), equivalent to earnings per share of EUR 3.68 (previous
The number of employees rose by 952 over the end of fiscal 2010/2011 to 9,555 (8,603 employees as of 30 September 2011).
The increase in capital spending to EUR 31.273 million (previous year EUR 22.734 million, EUR 31.769 million as of 30 September 2011) reflects Bertrandt's business
EUR 414.368 million).
year EUR 2.91).
strategy.

As of 30 June 2012, Bertrandt has a solid asset and financial situation. At 55.7 percent (previous year 57.1 percent), the equity ratio was still at a high level. Total assets came to EUR 336.519 million (EUR 294.735 million as at 30 September 2011). Free cash flow stood at EUR -6.361 million (previous year EUR -9.372 million) due to substantial spending and growth-related tying up of funds.

Bertrandt is continuing to systematically pursue its growth and diversification strategy. 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.

F I N A N C I A L
F I G U R E S	IFRS	1.10 .11- 30.0 6.12	1.10 .10- 30.0 6.11

	Inco stat nt me eme
	(EU illion ) Reve R m nues	518 .048	414 .368
	ratin ofit (EUR mil lion) Ope g pr	53.2 08	41.6 66
	Prof it fro rdin (EUR mil lion) ctivi ties m o ary a	53.7 43	42.1 45
	Earn ings afte r inc (EUR mil lion) tax ome	37.0 59	29.2 02
	Cash flow stat nt eme
	h flo w (E illion ) Free UR m cas	-6.3 61	-9.3 72
	Cap ital s pend ing ( EUR milli on)	31.2 73	22.7 34
	Bala shee t nce
	ital a nd r ne ( milli on) Cap on 3 0 Ju EUR eser ves	187 .326	153 .520
	Equi tio o n 30 Jun e (% ) ty ra	55.7	57.1
	Sha re
	Shar e (EU R)* ice o n 30 Jun e pr	59.0 2	52.2 0
	Shar ice h igh ( EUR )** e pr	62.5 0	59.9 4
	Shar ice l ow ( EUR )** e pr	33.0 0	39.5 5
	loye Emp es
	Num ber of em ploy t Be dt G 30 Ju rtran ees a roup on ne	9,55 5	8,04 9

*Closing price in Xetra trading **In Xetra trading

FIGURES

QUARTERLY REPORT

Group management report Interim financial statements Condensed consolidated notes Quarterly survey Financial calendar

Credits

06
13
18
22
23

518.048

EUR million revenues were generated in the Bertrandt Group in the first nine months of fiscal 2011/2012.

Business model and strategy

As one of Europe's leading engineering partners, Bertrandt devises tailored solutions together with customers at 40 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 in the energy, electrical/medical technology and plant/mechanical engineering industries throughout Germany. A broad range of services combined with consistency and confidence are key success factors to Bertrandt that cause customer relationships to thrive.

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 CO2-reduced powertrain solutions, 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 units. In addition to conventional engineering areas such as Bodywork Development, Interior and Simulation, the range comprises such specialist units as Electronics, Engineering Services, Modelmaking and Rapid Technologies, Powertrain and Testing. This linking across disciplines and the continuing development of knowledge enables the Company to secure its status as one of the leading European partners on the market for development services. Its many years of know-how provides our Bertrandt Services subsidiary with a good foundation upon which to realise customised development solutions in new sectors and to take these forward.

Business performance

The intact growth drivers, a large number of new drive technologies and the increasing variety of models offer an attractive market setting for Bertrandt. The Group performed well in the first nine months of its 2011/2012 financial year against this backdrop. Revenues rose by 25.0 percent to EUR 518.048 million (previous year EUR 414.368 million) in the period under report. All of the Company's divisions – Digital Engineering, Physical Engineering and Electrical Systems/Electronics – achieved growth. Bertrandt Services, which addresses the energy, plant/mechanical, electrical and medical technology industries, and also the aviation segment performed encouragingly.

Trends in the economy

According to the IfW, the brighter prospects for the global market were only of a temporary nature. The global economic indicators have recently clouded over again. Only in a few Asian countries did the economy pick up perceptibly in recent months. Above all in Japan GDP recorded a strong surge. In the meantime, the level of overall economic output prior to the disaster has even been exceeded. In the United States GDP grew much more slowly and the economic data have deteriorated since spring. Although the news from the North American real estate market has been mainly positive, the job market has proved to be weak.

The European debt crisis has not yet been resolved and the EU is facing further challenges. The economic performance of individual countries differs widely. Alongside Germany, GDP in Finland, Austria, Slovakia and Slovenia has partially shown a substantial improvement. However, the recession in Greece, Italy, the Netherlands and Spain continued, with economic output in France flattening again. Experts now expect the European debt crisis to have a negative impact on the German economy, too.

Sector trends

The VDA reports that the automotive markets are still in good condition in many regions around the world. Countries like China, the United States, India, Japan and Russia were buoyant. The Chinese passenger vehicle market continued to perform positively and according to VDA increased by around nine percent to more than 6.4 million units in the first six months of fiscal 2012. Growth on a similar scale is projected for 2012 as a whole. But above all positive momentum was noted on the US market. An increase of almost 15 percent to 7.25 million light vehicles (passenger vehicles and light trucks) was recorded up to June 2012. According to VDA, this means that sales of light vehicles in the United States have grown by more than 2.5 million units since 2010. Alongside China and the US, Mexico, India and Japan are also on a growth trajectory. Furthermore, the Russian market has also put in a dynamic performance, increasing by 15 percent so far this year.

The European markets present a mixed picture. In some countries of Western Europe the economic performance has deteriorated. The sovereign debt crisis is now having a dampening effect on demand for new vehicles. New registrations in Western Europe dropped by seven percent to just under 6.5 million units in the first half of 2012. Especially Greece, Italy and Spain are in a poor condition. France recorded a slight decline. The situation is better in other European countries. Sales of passenger cars in the UK picked up by three percent in the first five months of fiscal 2012 while in Switzerland they were up by five percent. Norway and Austria are stable at last year's level, as is the important German market. Demand is much stronger in the new EU countries. In the first six months, registrations of new passenger vehicles in these countries increased by almost five percent to 404,000 units.

The German automobile industry is proving successful in this mixed setting. Manufacturers in the premium segment have a global market share of some 80 percent. Moreover, they lead the world in terms of quality and dependability, safety, design and comfort. One in eight cars sold in North America and every second new car in Western Europe is produced by a German OEM. German manufacturers are continuing to pursue their strategy of great model and version diversity. They are working hard on developing different drive technologies to meet the statutory requirements stipulating fuel-efficient and CO2-reduced mobility. Stronger demand and growing markets are also projected for the mechanical and plant engineering, electrical engineering, energy and medical technology sectors.

40

locations in Europe, the United States and Asia belong to the Bertrandt Group.

GROUP MANAGEMENT REPORT

25.0

percent was the increase of revenues in the first nine months of fiscal 2011/2012 in comparison to the previous year.

Consolidated revenues (Q1-Q3) EUR million

560 .000 480 .000 400 .000 320 .000




240 .000
160 .000
80.0 00
0

Foreign operations

With its non-domestic branches in Europe, the United States and Asia, 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 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.

Earnings situation

The Bertrandt Group generated operating earnings of EUR 53.208 million in the first nine months of fiscal 2011/2012 (previous year EUR 41.666 million), translating into an increase of 27.7 percent over the previous year and a margin of 10.3 percent (previous year 10.1 percent). At EUR 0.535 million (previous year EUR 0.479 million), net finance income/expense continued to improve. Consequently, earnings from ordinary activities rose to EUR 53.743 million during the period under review (previous year EUR 42.145 million). Based on a tax rate of 30.0 percent, earnings after income tax came to EUR 37.059 million (previous year EUR 29.202 million).

Expenses in the first nine months of fiscal 2011/2012 broke down as follows: Driven by business growth, the cost of materials climbed to EUR 49.807 million (previous year EUR 40.065 million). Staff costs came to EUR 362.377 million in the period under review (previous year EUR 289.559 million). The staff cost ratio remained virtually unchanged at 69.9 percent (previous year 69.8 percent). Other operating expenses were also up for growth-related reasons, climbing to EUR 49.209 million in the period under review (previous year EUR 41.636 million).

Financial and asset situation

At the end of the third quarter of fiscal 2011/2012 Bertrandt's balance sheet was very sound. Due to the growth recorded, total assets increased by EUR 41.784 million, or 14.2 percent, to EUR 336.519 million (EUR 294.735 million as of 30 September 2011). Non-current assets amounted to EUR 102.592 million (EUR 83.638 million as of 30 September 2011). Current assets increased to EUR 233.927 million (EUR 211.097 million as of 30 September 2011). Equity rose to EUR 187.326 at the end of the first nine months of fiscal 2011/2012 (EUR 166.246 million as of 30 September 2011). On the other side of the balance sheet, current liabilities rose to EUR 125.469 million as of 30 June 2012 (EUR 110.710 million as of 30 September 2011). With an equity ratio of 55.7 percent (56.4 percent as of 30 September 2011), Bertrandt is among the best-funded companies in the automotive sector.

187.326 EUR million was the capital and reserves on the 30 June 2012.

Free cash flow (Q1-Q3)

20.0 00
16.0 00
12.0 00
8.00 0
4.00 0
0
-4.0 00
-8.0 00
-12. 000

Capital spending came to EUR 31.273 million in the period under review (previous year EUR 22.734 million). The significantly higher capital spending reflects the Bertrandt Group's business possibilities and prospects.

For instance, two more testing halls were built and opened in Ehningen and Wolfsburg, each with floor space of 3,500 square metres, as well as a battery testing centre. In addition to this, capital was invested in a further building in Ingolstadt with floor space of more than 6,000 square metres. Receivables and liabilities were driven up by the greater volume of business. Against this backdrop, free cash flow amounted to EUR -6.361 million (previous year EUR -9.372 million).

Equity ratio (on 30 June) %

60
50
40
30
20
10
0

32.0 00
28.0 00
24.0 00
20.0 00
16.0 00
12.0 00
8.00 0

4.000 0

Operating profit (Q1-Q3) EUR million

Human Resources

Bertrandt's workforce continued to grow in the first nine months of fiscal 2011/2012, with the Company being able to recruit numerous employees. These highly qualified employees were integrated by means of specific training programmes. All told, staff numbers rose by 952 over the end of fiscal 2010/2011. As at 30 June 2012, the Group had 9,555 employees (8,603 on 30 September 2011), an increase of 1,506 over the same period one year earlier (8,049 employees as of 30 June 2011). Looking forward, Bertrandt will continue to seek qualified and committed employees in order to enhance its continued expansion. The latest information on vacancies and human resources management is available in the Careers section of Bertrandt's web site at www.bertrandt.com.

The Bertrandt share

The performance of global stock markets reflects general market sentiment. In the period under review, the DAX fluctuated in a range between 5,217 points (on 4 October 2011) and 7,158 points (on 16 March 2012). During the same period, the SDAX oscillated in a range between 4,133 points (on 4 October 2011) and 5,252 points (on 28 March 2012). The Prime Automobile Performance Index traded in a range between 591 points (on 4 October 2011) and 945 points (on 15 March 2012).

On 4 October 2011 the Bertrandt share started the day at a price of EUR 33.00. This was the lowest price in the period under review. It hit an all-time high of EUR 62.50 on 1 March 2012, closing at EUR 59.02 in Xetra trading on 29 June 2012. Interest in Bertrandt shares has grown over the past few months, a fact that is also reflected in the higher average trading volume of 30,119 shares a day.

9,555 persons were employed at Bertrandt on 30 June 2012.

59.02

EUR was the price at which the Bertrandt share closed in Xetra trading on 29 June 2012.

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

Risk report

As a provider of engineering services operating on an international scale, the Bertrandt Group is exposed to various risks. All pertinent facts were comprehensively reported in the 2010/2011 Annual Report. Given the persistent European financial crisis and the resultant fears of a recession, economic conditions improved only slightly in the first nine months of fiscal 2011/2012. To be sure, the risk of an economic setback actually occurring will rise the longer uncertainty persists in the financial markets and concerns that politicians do not have any sustainable answers to the debt crisis persist. 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 nine months of fiscal 2011/2012. However, Bertrandt was able to further increase the efficiency of its countermeasures. A broad strategic alignment as well as the Bertrandt Group's solid financial base form a stable foundation for business growth.

Sha re p	rice in co riso n (Q 3) 1-Q mpa
200 190 180 170 160 150 140 130 120	rand t AG Bert SDA X
110
100 90

Forecast and outlook

The IfW indicator for global economic activity, which is calculated on the basis of sentiment indicators in 41 countries, points to a downturn in economic expansion for the coming months. The IMF (International Monetary Fund) made a slight downward correction in its growth forecasts for fiscal 2012 and 2013. This year, the global economy is set to grow by 3.5 percent while a growth rate of 3.9 percent is projected for 2013. According to IMF estimates, global growth will remain robust in spite of a wide range of problems. This can be attributed solely to growth in the emerging markets. In the view of the IfW, the economy in China will pick up slightly again following a weaker first half thanks to a more expansionary monetary and fiscal policy. At around eight percent, the increase in GDP is likely to remain moderate this year and next compared to the growth rates of previous years.

Employees (on 30 June) number

As the IfW sees it, the economy in the United States will accelerate only slightly as the year progresses. In Japan this year, the economy is being given a considerable boost thanks to government measures to support structures. GDP will record a sharp increase of 2.4 percent following a drop of 0.7 percent last year.

The IfW believes that the economy in the Eurozone will remain weak in the summer half of 2012. According to a recent IfW report, Germany will grow by a slow 0.9 percent in 2012 as a whole. Other countries such as Greece, Ireland and Portugal are continuing to feel the effects of heavy public-sector debt and subdued economic output. All in all, IfW expects GDP for the Eurozone economy as a whole to contract by 0.4 percent year on year in 2012.

The VDA expects to see an increase in global passenger car sales of four percent, to around 68 million units in 2012. However, experts still assume that automotive OEMs will perform disparately. The outlook for premium carmakers remains upbeat. To maintain their leading global market position, manufacturers will presumably step up their investment in research and development involving new technologies and models. The Chinese passenger car market will see an increase to 13.1 million units, according to the VDA, representing a gain of more than 1.8 million passenger cars compared to 2010. Furthermore, the VDA expects sales of light vehicles in the United States to increase by ten percent to at least 14 million units in 2012. For the German automobile industry the VDA projects global production of a good 13.5 million passenger cars for 2012 as a whole, equating to a growth of four percent.

All automotive OEMs are continuing to pursue their strategy of investing more heavily in the development of more environment-friendly drive technologies. Spurred by strong pressure from governments and customers to develop new technologies, the major automotive manufacturers and system suppliers are continuing to work hard on all drive technologies that will be viable in the future. According to the VDA the German automobile industry will invest EUR 10 to 12 billion in the coming three to four years. At the same time, they are broadening their model line-ups to satisfy specific regional and customer preferences as effectively as possible. Overall, companies in the German automotive industry invest more than EUR 20 billion in research and development every year.

Assuming that the economy and the sectors addressed by Bertrandt continue to perform favourably, businesses increase their spending on research in and the development of new models and technologies and development work is outsourced to suppliers, Bertrandt expects successful business performance in the current year.

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 of positioning the Company successfully in the engineering market.

INTERIM 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



1.10 il 30 .06. . unt

I. In e sta tem ent com

Reve nue s
Oth er in ally ed a tern erat ssets gen
l rev Tota enu es
Oth ting inco er o pera me
Raw erial d co able d mat s an nsum s use
Pers el ex onn pens es
recia tion Dep
Oth ting er o pera exp ense s
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 avar age g
ings sha re (E UR) – dil uted /bas ic Earn per

of c rehe II. St nsiv e in atem ent omp com e

Earn ings afte r inc tax ome

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

Q3	Q3	Q1- Q3	Q1- Q3
201	201	201	201
1/20	0/20	1/20	0/20
12	11	12	11



176	146	518	414
.060	.600	.048	.368
0.13	0.09	0.25	0.21
2	5	8	5
176	146	518	414
.192	.695	.306	.583
1.71	2.53	7.18	6.56
6	1	0	1
-16.	-13.	-49.	-40.
328	840	807	065
-124	-103	-362	-289
.837	.702	.377	.559
-4.0	-2.8	-10.	-8.2
08	78	885	18
-15.	-15.	-49.	-41.
817	002	209	636
16.9	13.8	53.2	41.6
18	04	08	66
0.00	0.02	0.04	0.05
2	3	1	7
-0.0	-0.0	-0.0	-0.0
25	06	48	12
0.13	0.10	0.54	0.43
3	9	2	4
0.11	0.12	0.53	0.47
0	6	5	9
17.0	13.9	53.7	42.1
28	30	43	45
-0.2	-0.3	-0.8	-0.7
74	64	36	36
16.7	13.5	52.9	41.4
54	66	07	09
-5.6	-4.3	-15.	-12.
73	05	848	207
11.0	9.26	37.0	29.2
81	1	59	02
0	0	0	0
11.0	9.26	37.0	29.2
81	1	59	02
10.0	10.0	10.0	10.0
61	49	61	49
1.10	0.92	3.68	2.91



11.0	9.26	37.0	29.2
81	1	59	02
0.22	-0.0	0.32	-0.1
7	89	5	82
0.17	0.13	0.17	0.13
9	8	0	8
-0.0	-0.0	-0.5	-0.0
54	41	1	41
0.35 2	0.08	0.44 4	-0.0 85
11.4	9.26	37.5	29.1
33	9	03	17
0	0	0	0
11.4	9.26	37.5	29.1
33	9	03	17

0.9

percent increase in the German gross domestic product is expected for the year 2012 according to the Kiel Institute for the World

Economy (IfW).

	30.0 6.20 12	30.0 9.20 11

Asse ts

Inta ngib le as sets	13.7 69	11.4 86
plan d eq uipm Prop erty, t an ent	73.7 30	56.3 39
Inve rties stme nt p rope	1.82 0	1.86 9
Inve nted for usin g th uity hod stme nts a met ccou e eq	0.22 9	0.82 4
Oth er fi ial a ssets nanc	6.24 8	7.12 7
Rece ivab les a nd o ther ts asse	3.95 3	2.86 0
Inco me t ssets ax a	0.74 6	0.72 0
Defe rred taxe s	2.09 7	2.41 3
Non rent ets -cur ass	102 .592	83.6 38
Inve ies ntor	0.63 6	0.52 8
Futu ceiv able s fro uctio nstr ntra cts re re m co n co	65.5 93	37.9 27
ivab les a nd o ther Rece ts asse	153 .513	135 .717
Inco me t ssets ax a	0.17 0	0.24 8
Cash and h eq uiva lents cas	14.0 15	36.6 77
Cur rent ets ass	233 .927	211 .097

l ass Tota ets	336 .519	294 .735

nd l iabi litie Equ ity a 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	108 .010	106 .905
solid ated dist ribu tabl ofit Con e pr	42.5 46	22.5 71
Equ ity t trib utab le sh areh olde rs of Ber dt A G o at tran	187 .324	166 .244
Min ority inte rests	0.00 2	0.00 2
Cap ital and res erve s	187 .326	166 .246
Prov ision s	6.99 5	6.61 6
Oth er lia bilit ies	0.47 1	0.49 5
Defe rred taxe s	16.2 31	10.6 68
Non liab ilitie rent -cur s	23.6 97	17.7 79
ision Tax prov s	2.59 2	3.83 9
Oth rovis ions er p	37.2 61	43.9 21
Borr owin gs	9.53 4	0.46 6
Trad yab les e pa	11.6 40	10.4 91
Oth er lia biliti es	64.4 69	51.9 93
Cur liab ilitie rent s	125 .496	110 .710

l eq and liab ilitie Tota uity s	336 .519	294 .735

Consolidated balance sheet

	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 to shar e hold ers of Bert rand t AG	Min ority inte rests	Tota l
			Non distr i bute d ings earn	Curr ency tran s latio n rese rve	Trea sury shar es	Hed ging instr u ts men	l Tota ined reta ings earn
Valu 1.1 0.20 11 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

Earn ings afte r inc tax ome								37.0 59	37.0 59		37.0 59
Oth rnin er ea gs				0.32 5		0.11 9	0.44 4	0	0.44 4		0.44 4
l com preh ensi Tota ve
inco me				0.32 5		0.11 9	0.44 4	37.0 59	37.5 03		37.5 03

Divi den d pa nt yme								-17. 084	-17. 084		-17. 084
Cha in t hare nges reas ury s s					0.66 1		0.66 1		0.66 1		0.66 1
Valu 30.0 6.20 12 e on	10.1 43	26.6 25	110 .148	-1.8 24	-0.3 14	0	108 .010	42.5 46	187 .324	0.00 2	187 .326
Prev ious yea r
Valu 1.10 .201 0 e on	10.1 43	26.6 25	81.6 97	-2.1 56	-1.4 77	0	78.0 64	21.1 15	135 .947	0.00 2	135 .949
Earn ings afte r inc tax ome								29.2 02	29.2 02		29.2 02
Oth rnin er ea gs				-0.1 82		0.09 7	-0.0 85	0	-0.0 85		-0.0 85
Tota l com preh ensi ve
inco me				-0.1 82		0.09 7	-0.0 85	29.2 02	29.1 17		29.1 17

Divi den d pa nt yme								-12. 048	-12. 048		-12. 048
Cha in t hare nges reas ury s s					0.50 2		0.50 2		0.50 2		0.50 2
Valu 30.0 6.20 11 e on	10.1 43	26.6 25	81.6 97	-2.3 38	-0.9 75	0.09 7	78.4 81	38.2 69	153 .518	0.00 2	153 .520

EUR million Consolidated statement of changes in equity EUR million

01.1	0. u ntil 30.0 6.	201 1/20 12	201 0/20 11

1.	prof it fo r the iod (inc ludi inor ity i ) Net nter ests per ng m
	befo als tion re e xcep	37.0 59	29.2 02
2.	Inco me t axes	15.8 48	12.2 07
3.	Inte inco me/ rest expe nse	0.04 8	0.01 2
4.	Oth et fi ial re sult er n nanc	-0.5 42	-0.4 34
5.	Shar e of prof it in ciate asso s	-0.0 41	-0.0 57
6.	of n Dep recia tion nt as sets on-c urre	10.8 85	8.21 8
7.	Incre ase/ decr in p rovis ions ease	-6.1 17	-3.7 74
8.	Oth ash inco me/ er n on-c expe nse	0.07 8	-0.3 26
9.	Prof it/lo ss fr disp osal of n nt as sets om on-c urre	0.08 6	-0.3 89
10.	ase/ decr in in ories , fut ivab les u nde ctio Incre vent stru ease ure rece r con n
	de r vabl nd o ther wel l as o ther d ecei igne cont racts , tra ts as ts no t ass es a asse asse
	to in ing o r fin anci ctivi ties vest ng a	-45. 476	-43. 558
11.	Incre ase/ decr in t rade able d ot her liabi lities not ease pay s an
	assig ned to in ing o r fin anci ctivi ties vest ng a	21.6 34	15.0 21
12.	ceiv ed/p aid Inco me t ax re	-11. 064	-10. 733
13.	paid Inte rest	-0.0 29	-0.0 04
14.	Inte ived rest rece	0.61 7	0.32 1
15.	Cash flow s fro ting iviti es ( 1. -1 4.) act m o pera	22.9 86	5.70 6
16.	Paym ived from disp osal of p lant and ipm ents rty, p ent rece rope equ	0.51 1	2.93 8
17.	ived from the disp osal of f inan cial Paym ents ts rece asse	1.62 5	4.71 8
18.	de fo lant and Paym r inv in p ipm ents estm ents rty, p ent ma rope equ	-26. 551	-15. 008
19.	Paym de fo r inv in in ible ents estm ents tang ts ma asse	-3.8 73	-1.2 65
20.	Paym de fo r inv in f inan cial ents estm ents ts ma asse	-0.8 49	-6.4 61
21.	Payo min g fro m th rcha f co nsol idat ed c anie d ot her busi uni uts s tem ts e pu se o omp s an ness	-0.2 10	0
22.	Cash flow s fro m in ing activ ities (16 .-21 .) vest	-29. 347	-15. 078
22.	ived from the sale of t hare Paym ent rece reas ury s s	0.66 1	0.50 2
23.	de t o sh areh olde d m hare hold Paym inor ity s ents ma rs an ers	-17. 084	-12. 048
24.	Paym de fo uisit ion o f tre y sh ents ma r acq asur ares	0	0
25.	Paym ived from issu e of deb t ins and rais ing o f loa ents trum ents rece ns	0	0
26.	de fo r dis char ging deb t ins and ayin g loa Paym ents trum ents ma rep ns	0	0
27.	Cash flow s fro m fi cing iviti es (2 7.) 3.-2 act nan	-16. 423	-11. 546
28.	Cha ash and cash ivale (15. .) in c +22 .+ 28 nts nges equ	-22. 784	-20. 918
29.	Effec t of exch e ch sh a nd c ash ivale e rat nts ang ang es o n ca equ	0.12 2	-0.0 77
30.	Cash and h eq uiva lents at b egin ning of p erio d cas	36.6 77	48.0 81
31.	Cash and h eq uiva lent end of p erio d (2 9. -3 1.) s at cas	14.0 15	27.0 86

Consolidated cash flow statement EUR million

		Bala at 3 0.06 .201 2 nce	Bala at 3 0.09 .201 1 nce
ard Man t Bo age men	Diet Bich ler mar	801 ,094	801 ,094
	Ulric h Su bkle w	0	0
Sup ervi Boa rd sory	Dr. K laus Bley er	0	0
	Max imili an W ölfle	0	0
	Hors t Bin nig	0	0
	Prof . Wi lfried Sih . Dr. -Ing n	0	0
	iela Dan Brei	182	172
	Astr id Fl eisch er	70	60
Tota l		801 ,346	801 ,326

Shares owned by members of the Management and Supervisory Boards number

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

	Digi tal E ngin eerin g		Phys ical Engi ing Elec trica l Sys neer Elec ics tron		s/ Tota l of a ll div tem		ision s

il 30 1.10 .06. . unt	1/20 201 12	0/20 201 11	1/20 201 12	0/20 201 11	1/20 201 12	0/20 201 11	1/20 201 12	0/20 201 11

Reve nues	327 .667	264 .274	94.4 25	73.6 34	103 .255	82.5 74	525 .347	420 .482
Tran sfer betw ents een segm	4.85 5	3.54 4	1.10 8	1.10 9	1.33 6	1.46 1	7.29 9	6.11 4
Con solid ated rev enu es	322 .812	260 .730	93.3 17	72.5 25	101 .919	81.1 13	518 .048	414 .368

Ope ratin ofit g pr	29.7 55	24.3 21	11.4 61	8.50 1	11.9 92	8.84 4	53.2 08	41.6 66

1.04 il 30 .06. . unt	201 1/20 12	201 0/20 11	201 1/20 12	201 0/20 11	201 1/20 12	201 0/20 11	201 1/20 12	201 0/20 11

Reve nues	111 .663	92.3 15	32.5 72	27.4 53	34.6 59	28.9 45	178 .894	148 .713
sfer betw Tran ents een segm	1.80 1	1.17 6	0.43 8	0.35 6	0.59 5	0.58 1	2.83 4	2.11 3
solid ated Con rev enu es	109 .862	91.1 39	32.1 34	27.0 97	34.0 64	28.3 64	176 .060	146 .600

Ope ratin ofit g pr	9.19 3	7.70 6	3.84 9	3.19 1	3.87 6	2.90 7	16.9 18	13.8 04

Consolidated segment report EUR million

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 2011/2012. Bertrandt will apply them as of the accounting period for which they become mandatory.

Accounting priniciples

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 2011 were prepared using the International Financial Reporting Standards (IFRS) as applicable after the reporting date and as endorsed by the European Union (EU).

The presented consolidated interim financial statements as at 30 June 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 2010/2011 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 2011/2012, 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 2010/2011. This is also accessible on the internet at www.bertrandt.com.

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 2011/2012

The following table sets out the International Financial Reporting Standards and Interpretations that are subject to mandatory application as of fiscal 2011/2012:

The new standards and interpretations that are subject to mandatory application have no significant effect on the interim report.

Stan dard / tatio Inte rpre n		Com puls ory licat ion app

IFRS 7	Ame ndm to I FRS 7: d isclo s in the ents note sure s	01.0 7.20 11
IAS 2 4	Disc losu lated ties res o n re par	01.0 1.20 11
IFRIC 14	of e xisti inim um f und ing irme Prep ents nts aym ng m requ	01.0 1.20 11
Imp t rove men	Indiv idua l am end ts men	Indiv idua l
to IF RS		ndm ents ame

CONDENSED CONSOLIDATED

NOTES

		Com puls ory licat ion app	Expe cted effe cts
to I	itial licat f FRS 1: In ion o	01.0 7.20 11	Non
nges iona	app l Fin anci al Re tand ards
rnat	ing S port –
usly high	infla tion and oval of f ixed rem
n ini upo	tial a pplic atio n of IFRS f
to I nges	itial licat FRS 1: In ion o app	01.0 1.20 13	Non e
iona rnat	l Fin al Re tand ards anci ing S port –
lic se ctor	loan s
ndm ent	to IF RS 7 : dis clos in t he n otes ures	01.0 1.20 13	Disc losu res
			in th tes e no
ncia l ins	trum ents	01.0 1.20 15	Clas sific atio n,
			t** mea sure men
to I nges	FRS 9 an d IFR S 7: Man dato ry	01.0 1.20 15	Disc losu res
tive Date	and Tran sitio n Di sclo sure s		in th tes e no
			Clas sific atio n,
			t** mea sure men
solid ated	fina l sta ncia tem ents	01.0 1.20 141	Non e
t arr ang	nts eme	01.0 1.20 141	Non e
losu res o	f int ts in oth titie eres er en s	01.0 1.20 141	Non e
to I nges	FRS 10, C lidat ed F inan cial onso	01.0 1.20 13	Non e
nts, eme	Join and IFRS 11, t Arr nts, ang eme
12, Disc	losu re of ther Inte in O Ent ities rests :
sitio nal P	rovis ions
valu e me	nt asur eme	01.0 1.20 13	Disc losu res
			in th tes e no
tion enta me	of it of o ther preh ensi ems com ve	01.0 7.20 12	Non e
rred taxe	alisa tion of t he u nde rlyin s: re g	01.0 1.20 12	Non e

loye e be	nefit s	01.0 1.20 13	Disc losu res
			in th tes e no
fina rate	l sta ncia tem ents	01.0 1.20 141	Non
nts i stme	ocia nd jo int v tes a entu n ass res	01.0 1.20 141	Disc losu res
			in th tes e no
ncia l ass	et of fina ncia l liab ilitie ets n s	01.0 1.20 14	Disc losu res
			in th tes e no
of e arth	oval dur ing o min ing cut rem pen-	01.0 1.20 13	Non e
idua l am	end ts men	Indiv idua l	Sing le-ca se
		ndm ents ame	aud it

^**it is impossible to make a reliable estimate of the impact at the moment.

¹probable time of first application by the EU. Time of first application according to IASB 01.01.2013

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 Gaimersheim, Ginsheim-Gustavsburg, Hamburg, Cologne, Munich, Neckarsulm, Tappenbeck, Bertrandt Technikum GmbH, Bertrandt Projektgesellschaft mbH and Bertrandt Services GmbH in Ehningen. In addition, ZR-Zapadtka + Ritter Geschäftsführungs GmbH and, for the first time, Bertrandt GmbH (formerly Bertrandt Aeroconseil GmbH) were included in the quarterly consolidated financial statements.

In addition the foreign subsidiaries Bertrandt France S.A. in Paris/Bièvres, 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, were consolidated in the interim report. Bertrandt Engineering Shanghai Co., Ltd., which was incorporated during the period under review, was included in the quarterly consolidated financial statements for the first time.

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.

Effective 1 October 2011, Bertrandt AG acquired a further 50 percent of the capital of Bertrandt GmbH (formerly Bertrandt Aeroconseil GmbH) and now holds all of that company's capital. The purchase price amounted to EUR 500,000. The fair values of the assets and liabilities acquired match their carrying amounts. The assets of EUR 5.958 million include intragroup receivables of EUR 0.433 million. The debt of EUR 4.931 million includes liabilities to Group companies of EUR 3.638 million.

Currency translation

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 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

Based on a resolution passed by the Supervisory Board on 23 July 2012, the following new members of the Management Board were appointed, effective 1 October 2012: Markus Ruf (Finance department), Michael Lücke (Sales department) and Hans-Gerd Claus (Technology department). Dietmar Bichler remains Chairman of the Management Board, while Ulrich Subklew will leave the Board on 30 September 2012.

No further material events occurred following the end of the period under report from

1 October 2011 to 30 June 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.

United Kingdom Sweden Turkey United States

	Aver rate age	on b alan ce	Q1- Q3 Aver rate age
	shee t da te

	30.0 6.20 12	30.0 6.20 11	201 1/20 12	201 0/20 11
GBP	0.80 65	0.90 41	0.83 44	0.86 58
SEK	8.77 80	9.16 30	8.95 21	9.03 58
TRY	2.28 45	2.35 45	2.38 48	2.13 35
USD	1.25 77	1.44 72	1.31 45	1.38 92

Currency translation relative to one euro

FINANCIAL CALENDAR CREDITS

ual r 11/2 Ann rt 20 012 epo ual p and Ann ress	Pub lishe d an d ed ited by
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	Des ign, layo nd p rodu ctio ut a n
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	And Kör Stut tgar t reas ner, lia Foto

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.

Consolidated income statement EUR million

	Q3 1 1/12	Q2 1 1/12	Q1 1 1/12	Q4 1 0/11	Q3 1 0/11

Reve nue s	176 .060	181 .033	160 .955	161 .870	146 .600
Oth ally ed a er in tern erat ssets gen	0.13 2	0.08 9	0.03 7	0.16 4	0.09 5

Tota l rev enu es	176 .192	181 .122	160 .992	162 .034	146 .695
Oth ting inco er o pera me	1.71 6	3.47 9	1.98 5	2.08 8	2.53 1
erial d co able d Raw mat s an nsum s use	-16. 328	-17. 067	-16. 412	-15. 330	-13. 840
el ex Pers onn pens es	-124 .837	-126 .762	-110 .778	-109 .561	-103 .702
Dep recia tion	-4.0 08	-3.6 25	-3.2 52	-3.1 35	-2.8 78
Oth ting er o pera exp ense s	-15. 817	-16. 374	-17. 018	-17. 431	-15. 002

ratin ofit Ope g pr	16.9 18	20.7 73	15.5 17	18.6 65	13.8 04

Net fina inco nce me	0.11 0	0.21 8	0.20 7	0.13 0	0.12 6
Prof it fro rdin activ ities m o ary	17.0 28	20.9 91	15.7 24	18.7 95	13.9 30
Oth er ta xes	-0.2 74	-0.3 11	-0.2 51	-0.1 94	-0.3 64

Earn ings bef tax ore	16.7 54	20.6 80	15.4 73	18.6 01	13.5 66
Inco me t axes	-5.6 73	-5.4 84	-4.6 91	-5.8 48	-4.3 05

ings afte r inc Earn tax ome	11.0 81	15.1 96	10.7 82	12.7 53	9.26 1
ibut able inor ity in attr to m tere st –	0	0	0	0	0
ibut able hare hold o Be dt A G attr to s ers t rtran –	11.0 81	15.1 96	10.7 82	12.7 53	9.26 1
Num ber of sh (mi llion ) ares
dilu ted/ basi ight ing c, av erag e we –	10.0 61	10.0 49	10.0 49	10.0 49	10.0 49
ings sha re (E UR) – dil uted /bas ic Earn per	1.10	1.51	1.07	1.27	0.92