CI-819-04.12-A

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

Report on the 1st half – from 1 October 2011 until 31 March 2012

THE FIRST HALF YEAR AT A GLANCE

The global market stabilised in the first quarter of 2012, with the automotive industry proving to be in good condition in many regions around the world. The United States and also China, India, Japan and Russia in particular achieved appreciable growth rates and a rising number of passenger vehicle sales according to the VDA (Association of the Automotive Industry).

The Bertrandt Group also continued to perform well in the first half of fiscal 2011/2012. Specifically, the Group's business performance breaks down as follows:

In the first six months of fiscal 2011/2012, revenues rose by 27.7 percent over the same period in the previous year to EUR 341.988 million (previous year
Operating profit also increased to EUR 36.290 million in the first half (previous year EUR 27.862 million), which equates to a margin of 10.6 percent (previous year 10.4 percent). This also includes a foreign research grant of EUR 1.328
EUR 267.768 million).
million.
In the period under review, Bertrandt recorded earnings after income tax of EUR 25.978 million (previous year EUR 19.941 million).
The number of employees rose by 752 over the end of fiscal 2010/2011 to 9,355 (8,603 employees as of 30 September 2011).
The increase in capital spending to EUR 23.855 million (previous year EUR 11.111 million, EUR 31.769 million as of 30 September 2011) reflects Bertrandt's business strategy.
year EUR 1.99).

Earnings per share in the first half of fiscal 2011/2012 came to EUR 2.59 (previous

With an equity ratio of 55.3 percent (56.4 percent as of 30 September 2011), Bertrandt continues to be among the well-funded companies in the automotive sector. Total assets rose by 7.4 percent since 30 September 2011 (EUR 294.735 million as of 30 September 2011). Despite higher capital spending and the growth-related commitment of a large amount of funds, a net free cash inflow of EUR 1.984 million was achieved (previous year net free cash outflow of EUR 14.047 million).

With its customer and branch-oriented approach to the market, Bertrandt is systematically continuing to pursue its growth 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- 31.0 3.12	1.10 .10 - 31.0 3.11

	Inco Stat nt me eme
	(EU illion ) Reve R m nues	341 .988	267 .768
	ratin ofit (EUR mil lion) Ope g pr	36.2 90	27.8 62
	Prof it fro rdin (EUR mil lion) ctivi ties m o ary a	36.7 15	28.2 15
	Earn ings afte r inc (EUR mil lion) tax ome	25.9 78	19.9 41
	Cash flow stat nt eme
	h flo w (E illion ) Free UR m cas	1.98 4	-14. 047
	Cap ital s pend ing ( EUR milli on)	23.8 55	11.1 11
	Bala shee t nce
	ital a nd r arch (EU illion ) Cap on 3 1 M R m eser ves	175 .232	144 .309
	Equi tio o n 31 Ma rch ( %) ty ra	55.3	58.0
	Sha re
	Shar rch ( )* ice o n 31 Ma EUR e pr	56.5 0	47.5 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 31 M arch rtran ees a roup on	9,35 5	7,59 2

*Closing price in Xetra trading **Xetra trading

FIGURES

REPORT ON THE 1ST HALF

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

06
13
18
22
23
23	dits Cre

341.988

EUR million revenues were generated in the Bertrandt group in the first half year of the fiscal 2011/2012.

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 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 performed well once again in the first six months of fiscal 2011/2012, generating revenues of EUR 341.988 million in the period under review (previous year EUR 267.768 million), equivalent to an increase of 27.7 percent. 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. New drive technologies as well as growing model diversity continue to be crucial forces for market growth.

Trends in the economy

An improvement emerged in the global market in the second quarter of the Company's fiscal 2011/2012. According to IfW (Kiel Institute for the World Economy), the probability of a massive slowdown in the global economy has receded substantially over the last few months. Evidence of this can be seen in the sizeable improvement in the Ifo Institute's business barometer and expectation index, which rose from 78.7 to 82.4 and from 71.9 to 80.7 points, respectively, in the last quarter. The rate of economic expansion has gained momentum in many key regions. According to IfW, global trade has picked up in the last few months, chiefly underpinned by a sharp recovery in foreign trade in the emerging markets.

The eurozone has continued to paint a mixed picture, with Germany performing favourably in the first quarter of 2012. By contrast, other European countries such as Italy and Spain are feeling the strain of muted economic output and heavy debt levels, generating little or no growth.

Sector trends

The VDA reports that automotive markets were in sound condition in many regions around the world in recent months. The United States, China, India, Japan and Russia were buoyant, with the improvement in market conditions particularly evident in the United States. The US light vehicles market widened by 13 percent (3.46 million units) in the first quarter of 2012. In this dynamic environment, German carmakers' unit sales rose by more than 23 percent during this period.

The Chinese market remained upbeat. After a weak month in January, passenger vehicle sales surged at enormous rates in the subsequent two months. At 3.13 million units sold in the first quarter, the Chinese market generally remained at the previous year's very high level in the first quarter of 2012.

The Japanese passenger vehicle market benefited greatly from pent-up demand and government stimulus activities. According to the VDA Industry, sales of 1.45 million units were up by half over the same period in the previous year.

In the first quarter of 2012, new passenger vehicle registrations in Western Europe were up by a total of eight percent over the previous year. New registrations in the German market climbed by more than three percent, thus providing the market as a whole with support. The UK passenger vehicle market also grew by two percent. In the other Western European markets, consumer uncertainty is persisting. Accordingly, new registrations in the other European countries in the first three months of 2012 contracted by nine percent over the previous year.

German manufacturers are continuing to pursue their strategy of great model and version diversity. This trend was well and truly in evidence at this year's Geneva Motor Show, at which many carmakers unveiled numerous new products. 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 39 locations in their immediately 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

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

GROUP

MANAGEMENT

REPORT

27.7

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

Consolidated revenues (1st half) EUR million

360 .000
320 .000
280 .000
240 .000
200 .000
160 .000
120 .000
80.0 00
40.0 00
0

Financial and asset situation

Bertrandt's balance sheet as of 31 March 2012 was solid once again, with total assets increasing by EUR 21.929 million to EUR 316.664 million (EUR 294.735 million as of 30 September 2011) on account of additional business volumes. On the assets side of the balance sheet, non-current assets were valued at EUR 97.525 million as of the balance sheet date (EUR 83.638 million as of 30 September 2011). Current assets amounted to EUR 219.139 million (EUR 211.097 million as of 30 September 2011). Shareholders' equity was up slightly in the first half of fiscal 2011/2012, standing at EUR 175.232 million as of 31 March 2012 (EUR 166.246 million as of 30 September 2011). In addition current liabilities rose to EUR 119.959 million (EUR 110.710 million as of 30 September 2011). With an equity ratio of 55.3 percent (56.4 percent as of 30 September 2011), Bertrandt is among the best-funded companies in the automotive sector.

In the first half of fiscal year 2011/2012, capital spending climbed to EUR 23.855 million (previous year EUR 11.111 million), reflecting the Bertrandt Group's business possibilities and prospects. Receivables and liabilities were driven up by the greater volume of business. Against this backdrop, free cash flow amounted to EUR 1.984 million (previous year EUR -14.047 million).

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.

Earnings situation

Bertrandt's operating profit came to EUR 36.290 million in the first half of fiscal 2011/2012 (previous year EUR 27.862 million), equal to a margin of 10.6 percent (previous year 10.4 percent). At EUR 0.425 million (previous year EUR 0.353 million), net finance income/expense improved. As a result, profit from ordinary business activities came to EUR 36.715 million in the period under review (previous year EUR 28.215 million). Based on a tax rate of 28.1 percent, the Company generated earnings after income tax of EUR 25.978 million (previous year EUR 19.941 million).

Expenses in the first half of fiscal year 2011/2012 broke down as follows: Driven by business growth, the cost of materials climbed to EUR 33.479 million (previous year EUR 26.225 million). The personnel expenditure ratio remained steady at 69.4 percent (previous year 69.4 percent). All told, staff costs came to EUR 237.540 million in the period under review (previous year EUR 185.857 million). Other operating expenses were also up for growth-related reasons, climbing to EUR 33.392 million in the period under review (previous year EUR 26.634 million).

Equity ratio (as of 31 March) %

60
50
40
30
20
10
0

28.0 00

24.0 00
20.0 00
16.0 00
12.0 00
8.00 0
4.00 0
0

Operating profit (1st half) EUR million

	08/0 9	09/1 0	10/1 1	11/1 2
40.0 00
36.0 00
32.0 00
28.0 00
24.0 00
20.0 00
16.0 00
12.0 00
8.00 0
4.00 0
0
	19.3 72	19.8 60	27.8 62	36.2 90

55.3

percent was the equity ratio on 31 March 2012.

Human Resources

Bertrandt continuously recruited new qualified staff in the first half of fiscal 2011/2012. As a result, staff numbers rose by 752 over the end of fiscal 2010/2011 to 9,355 as of 31 March 2012 (8,984 employees as of 31 December 2011 and 8,603 employees as of 30 September 2011). Compared with the same period in the previous year, staff numbers were up 1,763 (7,592 employees as of 31 March 2011). You will find the latest information on human resources management in the Careers section of Bertrandt's web site at www.bertrandt.com.

9,355 persons were employed at Bertrandt on 31 March 2012.

Employees (as of 31 March) number

Free cash flow (1st half) EUR million

The Bertrandt share

In the quarter under review, the DAX moved between 5,988 points (on 9 January 2012) and 7,194 points (on 16 March 2012), with a general upward trend in evidence. During the same period, the SDAX oscillated in a range between 4,397 points (on 9 January 2012) and 5,252 points (on 28 March 2012). The Prime Automobile Performance Index traded in a range between 713 points (on 3 January 2012) and 945 points (on 15 March 2012). The indices reflect the more upbeat sentiment on the markets.

The Bertrandt share entered the second quarter of fiscal 2011/2012 on 3 January 2012 at its low of EUR 50.75. It hit an all-time high of EUR 62.50 on 1 March 2012, closing the quarter at EUR 56.50 in Xetra trading on 30 March 2012. Average trading volumes in Xetra trading came to 36,858 shares per trading day in the first half of fiscal 2011/2012.

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

Risk report

As 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 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 half 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 a slightly increase in the probability of these risks arising for Bertrandt in the first half 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.

56.50

EUR was the price at which the Bertrandt share closed in Xetra trading on 30 March 2012.

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).

Forecast and outlook

According to IfW, the probability of a massive slowdown in the global economy has subsided substantially over the last few months. Although global trade will initially only expand at a muted rate, it will gain greater momentum over the coming two years. IfW expects global gross domestic product to grow by 3.4 percent in 2012 as a whole. The markets in China and the other emerging markets are exhibiting slightly weaker but enduring growth. The economic outlook for the United States over the next six months is more favourable than it was three months ago. IfW expects US gross domestic product to climb by two percent in 2012 as a whole.

In Japan, gross domestic product is also expected to widen by two percent. Assuming that the sovereign debt crisis does not worsen any further, economic research institutes expect the economy to stabilise in the eurozone as a whole. However, performance within the eurozone will be disparate. According to the Spring 2012 report, the German economy should 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 the eurozone economy as a whole to contract by a slight 0.2 percent year on year in 2012.

Experts 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. According to VDA, the global automotive market will rise by four percent to around 68 million passenger vehicles sold in 2012. Further growth is expected in the emerging markets, particularly China.

VDA expects the US automotive market to grow by around five percent in 2012 to 13.4 million units.

Given the unabated 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.

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 components 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 inco nd s t of preh ensi ve in Con stat nt a tate me eme men com com e	milli EUR on


1.10 il 31 .03. . 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
erial d co able d Raw mat s an nsum s use
Pers el ex onn pens es
Dep recia tion
Oth ting er o pera exp ense s
ratin ofit Ope 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

II. Statement of comprehensive income

Earnings after income tax

Exchange rate differences Changes in fair value of hedging instruments Changes in fair value of available for sale assets Tax effects of changes in fair value Total comprehensive income attributable to minority interest attributable to shareholders of Bertrandt AG

Q2	Q2	Q1+ Q2	Q1+ Q2
201	201	201	201
1/20	0/20	1/20	0/20
12	11	12	11



181	141	341	267
.033	.860	.988	.768
0.08	0.08	0.12	0.12
9	0	6	0
181	141	342	267
.122	.940	.114	.888
3.47	2.60	5.46	4.03
9	3	4	0
-17.	-13.	-33.	-26.
067	362	479	225
-126	-99.	-237	-185
.762	228	.540	.857
-3.6	-2.7	-6.8	-5.3
25	20	77	40
-16.	-13.	-33.	-26.
374	496	392	634
20.7	15.7	36.2	27.8
73	37	90	62
0.04	0.00	0.04	0.03
1	4	0	4
-0.0	-0.0	-0.0	-0.0
15	04	23	06
0.19	0.16	0.40	0.32
2	5	8	5
0.21	0.16	0.42	0.35
8	5	5	3
20.9	15.9	36.7	28.2
91	02	15	15
-0.3	-0.2	-0.5	-0.3
11	33	62	72
20.6	15.6	36.1	27.8
80	69	53	43
-5.4	-4.3	-10.	-7.9
84	51	175	02
15.1	11.3	25.9	19.9
96	18	78	41
0	0	0	0
15.1	11.3	25.9	19.9
96	18	78	41
10.0	10.0	10.0	10.0
49	40	49	40
1.51	1.13	2.59	1.99



15.1	11.3	25.9	19.9
96	18	78	41
-0.0	-0.1	0.09	-0.0
29	48	8	93
0.07 5	0	-0.0 09	0
0	0.56 8	0	0.56 8
-0.0	-0.0	0.00	-0.0
22	08	3	08
15.2	11.7	26.0	20.4
20	30	70	08
0	0	0	0
15.2	11.7	26.0	20.4
20	30	70	08

	31.0 3.20 12	30.0 9.20 11
Asse ts

Inta ngib le as sets	13.4 87	11.4 86
plan d eq uipm Prop erty, t an ent	70.3 62	56.3 39
Inve rties stme nt p rope	1.83 6	1.86 9
nted for g th hod Inve usin uity stme nts a met ccou e eq	0.22 7	0.82 4
Oth er fi ial a ssets nanc	6.19 3	7.12 7
Rece ivab les a nd o ther ts asse	1.99 0	2.86 0
Inco me t ssets ax a	0.73 7	0.72 0
Defe rred taxe s	2.69 3	2.41 3
Non rent ets -cur ass	97.5 25	83.6 38
Inve ies ntor	0.55 8	0.52 8
Futu ceiv able s fro uctio nstr ntra cts re re m co n co	56.6 67	37.9 27
ivab les a nd o ther Rece ts asse	138 .188	135 .717
Inco me t ssets ax a	2.10 0	0.24 8
Cash and h eq lents uiva cas	21.6 26	36.6 77
Cur rent ets ass	219 .139	211 .097

l ass Tota ets	316 .664	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 ning Reta ear s	106 .997	106 .905
solid ated dist ribu tabl ofit Con e pr	31.4 65	22.5 71
Equ ity t trib utab le sh areh olde rs of Ber dt A G o at tran	175 .230	166 .244
Min ority inte rests	0.00 2	0.00 2
Cap ital and res erve s	175 .232	166 .246
ision Prov s	6.84 4	6.61 6
Oth er lia biliti es	0.48 0	0.49 5
Defe rred taxe s	14.1 49	10.6 68
Non liab ilitie rent -cur s	21.4 73	17.7 79
ision Tax prov s	4.65 4	3.83 9
Oth rovis ions er p	35.2 83	43.9 21
Borr owin gs	3.96 9	0.46 6
Trad yab les e pa	14.0 15	10.4 91
Oth er lia biliti es	62.0 38	51.9 93
Cur liab ilitie rent s	119 .959	110 .710
l eq uity and liab ilitie Tota s	316 .664	294 .735

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 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	Avai lable for s ale fina l ncia ts asse	l Tota ined reta ings earn
Valu e on
1.10 .201 1	10.1 43	26.6 25	110 .148	-2.1 49	-0.9 75	-0.1 19	0	106 .905	22.5 71	166 .244	0.00 2	166 .246
Earn ings afte r inco me t ax									25.9 78	25.9 78		25.9 78
Oth er ings earn				0.09 8		-0.0 06		0.09 2	0	0.09 2		0.09 2
l com Tota pre
hen sive inco me				0.09 8		-0.0 06		0.09 2	25.9 78	26.0 70		26.0 70
Divi den d ent paym									-17. 084	-17. 084		-17. 084
Valu e on
31.0 3.20 12	10.1 43	26.6 25	110 .148	-2.0 51	-0.9 75	-0.1 25	0	106 .997	31.4 65	175 .230	0.00 2	175 .232
ious Prev yea r
Valu e on
1.10 .201 0	10.1 43	26.6 25	81.6 97	-2.1 56	-1.4 77	0	0	78.0 64	21.1 15	135 .947	0.00 2	135 .949
afte Earn ings r inco me t ax									19.9 41	19.9 41		19.9 41
Oth er
ings earn l com Tota				-0.0 93			0.56 0	0.46 7	0	0.46 7		0.46 7
pre hen sive inco me				-0.0 93			0.56 0	0.46 7	19.9 41	20.4 08		20.4 08
Divi den d ent paym									-12. 048	-12. 048		-12. 048

Valu e on 31.0 3.20 11	10.1 43	26.6 25	81.6 97	-2.2 49	-1.4 77	0	0.56 0	78.5 31	29.0 08	144 .307	0.00 2	144 .309

Consolidated statement of changes in equity EUR million

1.10	il 31 .03. . unt	Q1+ Q2	Q1+ Q2
		1/20 201 12	0/20 201 11
1.	fit fo r the iod (inc ludi ) Net inor ity i nter ests pro per ng m
	befo tion als re e xcep	25.9 78	19.9 41
2.	Inco me t axes	10.1 75	7.90 2
3.	Inte inco me/ rest expe nse	0.02 3	0.00 6
4.	Oth et fi ial re sult er n nanc	-0.4 08	-0.3 25
5.	Sha re of fit in ciate pro asso s	-0.0 40	-0.0 34
6.	Dep recia tion of n nt as sets on-c urre	6.87 7	5.34 0
7.	Incr /dec e in ision ease reas prov s	-7.6 12	-4.4 92
8.	Oth ash inco me/ er n on-c expe nse	0.06 7	-0.1 87
9.	Prof it/lo ss fr disp osal of n nt as sets om on-c urre	0.05 7	0.04 5
10.	/dec ies, f bles und Incr e in inve eiva uctio ntor utur nstr ease reas e rec er co n
	de r ecei vabl nd o ther wel l as o ther igne d 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	-21. 104	-29. 590
11.	Incr /dec e in trad yab les a nd o ther liab ilitie igne d to inve sting t ass ease reas e pa s no
	or fi ing a ctivi ties nanc	16.0 08	6.10 7
12.	ed/p aid Inco ceiv me t ax re	-5.9 86	-8.4 12
13.	Inte paid rest	-0.0 09	-0.0 01
14.	Inte ived rest rece	0.41 1	0.30 6
15.	Cas h flo ws f ratin tivit ies ( 1. -1 4.) rom ope g ac	24.4 37	-3.3 94
16.	ceiv ed f disp osal of p plan d eq uipm Pay ts re rty, t an ent men rom rope	0.40 6	0.14 2
17.	ed f the disp osal of f cial Pay ceiv inan ts re ts men rom asse	1.20 6	0.31 6
18.	Pay ade for i nts i plan d eq uipm ts m tme rty, t an ent men nves n pr ope	-20. 468	-10. 126
19.	Pay ade for i nts i n int ible ts m tme ts men nves ang asse	-2.9 78	-0.8 33
20.	Pay ade for i nts i n fin anci al as ts m tme sets men nves	-0.4 09	-0.1 52
21.	min g fro m th rcha f co nsol idat ed c anie d ot her busi uni Pay outs stem ts e pu se o omp s an ness	-0.2 10	0
22.	h flo ws f inv esti ctiv ities (16 .) Cas .-21 rom ng a	-22. 453	-10. 653
23.	d fro m th le of sha Pay eive t rec trea men e sa sury res	0	0
24.	Pay ade to sh areh olde d m inor ity s hare hold ts m men rs an ers	-17. 084	-12. 048
25.	Pay ade for a isitio n of sha ts m trea men cqu sury res	0	0
26.	ceiv ed f issu e of deb t ins and rais ing o f loa Pay ts re trum ents men rom ns	0	0
27.	ade for d isch ng d ebt nd r loan Pay argi instr ing ts m nts a men ume epay s	0	0
28.	h flo ws f fina ies ( 27.) Cas ncin tivit 23.- rom g ac	-17. 084	-12. 048
29.	Cha in c ash and cash ivale nts ( 15. + 22.+ 28.) nges equ	-15. 100	-26. 095
30.	Effe ct of hang e ch sh a nd c ash ivale e rat nts exc ang es o n ca equ	0.04 9	-0.0 40
31.	Cas h an d ca sh e quiv alen beg inni f pe riod ts at ng o	36.6 77	48.0 81
32.	h an d ca sh e quiv alen end of p erio d (2 1.) Cas 9. -3 ts at	21.6 26	21.9 46

Consolidated cash flow statement EUR million

il 31 1.01 .03. . 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	114 .419	91.5 05	32.9 52	24.2 59	35.9 44	27.8 91	183 .315	143 .655
Tran sfer betw ents een segm	1.61 5	1.17 5	0.36 5	0.40 9	0.30 2	0.21 1	2.28 2	1.79 5
Con solid ated rev enu es	112 .804	90.3 30	32.5 87	23.8 50	35.6 42	27.6 80	181 .033	141 .860

Ope ratin ofit g pr	12.1 75	9.66 8	4.17 3	2.97 7	4.42 5	3.09 2	20.7 73	15.7 37

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

1.10 il 31 .03. . 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	216 .004	171 .959	61.8 53	46.1 81	68.5 96	53.6 29	346 .453	271 .769
Tran sfer betw ents een segm	3.05 4	2.36 8	0.67 0	0.75 3	0.74 1	0.88 0	4.46 5	4.00 1
Con solid ated rev enu es	212 .950	169 .591	61.1 83	45.4 28	67.8 55	52.7 49	341 .988	267 .768

ratin ofit Ope g pr	20.5 62	16.6 15	7.61 2	5.31 0	8.11 6	5.93 7	36.2 90	27.8 62

Consolidated segment report EUR million

		Bala at 3 1.03 .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	172	172
	Astr id Fl eisch er	60	60
Tota l		801 ,326	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.

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 unaudited consolidated interim financial statements as at 31 March 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 half year 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 effect on the half year 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
f ion o		01.0 7.20 11	Non
tand ards	–
of f	ixed

ion o f		01.0 1.20 13	Non
tand ards	–

he n	otes	01.0 1.20 13	Disc losu
			in th e no
ts men		01.0 1.20 12	Disc losu
			in th e no
		01.0 1.20 15	Clas sific atio
			mea sure men
		01.0 1.20 13	Non
		01.0 1.20 13	Non
s		01.0 1.20 13	Non
		01.0 1.20 13	losu Disc
			in th e no
preh ensi	ve	01.0 7.20 12	Non

rlyin	g	01.0 1.20 12	Non

		01.0 1.20 13	Disc losu
			in th e no
		01.0 1.20 13	Non
t ven ture	s	01.0 1.20 13	losu Disc
			in th e no
ilitie s		01.0 1.20 14	Disc losu
			in th e no
min cut	ing	01.0 1.20 13	Non

*not yet endorsed by the EU

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

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 half year report that are not shown in the financial statements for the six-month reporting period from 1 October 2011 to 31 March 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.

Responsibility statement

Declaration in line with Article 37y and Article 37w Section 2 number 3 German Securities Trading Act:

To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the condensed consolidated interim financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group and the interim 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 for the remaining months of the financial year.

Ehningen, 2 May 2012

Bertrandt AG The Management Board

Dietmar Bichler Ulrich Subklew Chairman

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 consolidated financial statements for the first half of the year.

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 half year report. Bertrandt Engineering Shanghai Co., Ltd., which was incorporated during the period under review, was consolidated 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 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 include liabilities to Group companies of EUR 3.638 million.

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 six-months 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:

United Kingdom Sweden Turkey United States

	Aver on b alan rate age ce shee t da te		Aver rate age first half	in th e

	31.0	31.0	1/20	0/20
	3.20	3.20	201	201
	12	11	12	11
GBP	0.83	0.88	0.84	0.85
	26	30	60	69
SEK	8.83	8.93	8.97	9.04
	90	20	31	57
TRY	2.37	2.19	2.41	2.07
	51	63	76	31
USD	1.33	1.42	1.32	1.36
	32	03	99	35

Currency translation relative to one euro

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

Pub lishe d an d ed ited by
rand t AG Bert Birke 9 Eh 1, 7 113 ning nsee en Germ any Tele pho 49 7 034 656 -0 ne + Tele fax + 49 7 034 656 -410 0 .ber dt.c tran om www info@ bert rand t.co m
HRB 245 259 Amt icht Stut tgar t sger
Con tact
Sabr ina F örsc hler Rela tion Inve stor s Tele pho 49 7 034 656 -420 1 ne + Tele fax + 49 7 034 656 -448 8 sabr ina.f chle r@d e.be dt.c rtran oers om
Anja Sch ause r unic atio Corp orat e Co mm n Tele pho 49 7 034 656 -403 7 ne + Tele fax + 49 7 034 656 -409 0 anja .sch r@d e.be dt.c rtran ause om
ign, layo Des ut and duc tion pro
SAH ARA We rbea Stut tur, tgar t gen .sah ara.d www e
Lith phy and prin ting ogra
Met Dru ck, O brig heim zger
Pho tos
And Kör Stut tgar t reas ner, Foto lia

FINANCIAL CALENDAR

QUARTERLY SURVEY CREDITS

Consolidated income statement EUR million

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

Reve nue s	181 .033	160 .955	161 .870	146 .600	141 .860
Oth er in ally ed a tern erat ssets gen	0.08 9	0.03 7	0.16 4	0.09 5	0.08 0
l rev Tota enu es	181 .122	160 .992	162 .034	146 .695	141 .940
Oth ting inco er o pera me	3.47 9	1.98 5	2.08 8	2.53 1	2.60 3
Raw erial d co able d mat s an nsum s use	-17. 067	-16. 412	-15. 330	-13. 840	-13. 362
Pers el ex onn pens es	-126 .762	-110 .778	-109 .561	-103 .702	-99. 228
recia tion Dep	-3.6 25	-3.2 52	-3.1 35	-2.8 78	-2.7 20
Oth ting er o pera exp ense s	-16. 374	-17. 018	-17. 431	-15. 002	-13. 496
Ope ratin ofit g pr	20.7 73	15.5 17	18.6 65	13.8 04	15.7 37
Net fina inco nce me	0.21 8	0.20 7	0.13 0	0.12 6	0.16 5
Prof it fro rdin activ ities m o ary	20.9 91	15.7 24	18.7 95	13.9 30	15.9 02
Oth er ta xes	-0.3 11	-0.2 51	-0.1 94	-0.3 64	-0.2 33
Earn ings bef tax ore	20.6 80	15.4 73	18.6 01	13.5 66	15.6 69
Inco me t axes	84 -5.4	-4.6 91	-5.8 48	-4.3 05	-4.3 51
Earn ings afte r inc tax ome	15.1 96	10.7 82	12.7 53	9.26 1	11.3 18
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	15.1 96	10.7 82	12.7 53	9.26 1	11.3 18
– ber of sh llion Num
(mi ) ares dilu basi	10.0 49	10.0 49	10.0 49	10.0 49	10.0 40
ted/ ight ing c, av erag e we – Earn sha – dil uted ic	1.51	1.07	1.27	0.92	1.13
ings re (E UR) /bas per

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.