Dürr AG — Interim / Quarterly Report 2009

Apr 28, 2009

Interim report for the first quarter 2009

Contents

• 3 Key figures
• 4 Highlights
• 5 Management report
• 23 Consolidated income statement
• 24 Statement of total comprehensive income
• 25 Consolidated balance sheet
• 26 Consolidated statement of changes in shareholders´ equity
• 27 Consolidated cash flow statement
• 28 Notes to the consolidated financial statements
• 36 Responsibility statement by management
• 37 Financial calendar
• 37 Contact

Cover photo:

Dürr's Aircraft and Technology Systems business unit supplies manufacturing equipment for the latest aircraft types. The photo shows the assembly of the fuselage sections.

Key figures for the Dürr Group1) (IFRS)

		Q1 2009	Q1 2008
Incoming order	in € m	208.4	517.8
Orders on hand (March 31)	in € m	817.8	1,210.4
Sales revenues	in € m	309.5	356.2
EBITDA	in € m	9.8	14.8
EBIT	in € m	4.8	10.4
Earnings after tax	in € m	0.5	4.5
Cash flow from operating activities	in € m	-32.3	21.0
Cash flow from investing activities	in € m	-3.8	-2.5
Cash flow from financing activities	in € m	52.5	-15.8
Free cash flow	in € m	-42.3	8.1
Balance sheet total (March 31)	in € m	1,073.5	1,087.0
Equity (with minority interests)
(March 31)	in € m	345.9	253.0
Net financial debt (March 31)2)	in € m	73.0	58.3
Net working capital (March 31)	in € m	187.5	96.5
Employees (March 31)		5,991	6,008
Dürr-stock ISIN: DE0005565204
High3)	€	12.84	27.10
Low3)	€	7.14	17.51
Close3)	€	9.80	26.60
Number of shares (weighted average)	k	17,301	15,728
Earnings per share (diluted / undiluted)	€	0.01	0.27

1) There were no earnings effects from discontinued operations in the first quarters of 2009 and 2008. Consolidated income therefore represents the income of the continuing operations in these interim financial statements.

2) As from the second quarter of 2008 financial liabilities and receivables due to/from at-equity consolidated enterprises are included in the calculation of net financial debt. The figure for the first quarter of 2008 has been adjusted accordingly.

3) XETRA

Immaterial variances may occur in this report in the computation of sums and percentages due to rounding.

Highlights

• Weak order intake, project opportunities in the course of the next months
• Sales revenues down 13% due to customer-induced project delays
• High order backlog of € 818 million
• Comprehensive action plan initiated
• Outlook for 2009: moderate decline in sales and earnings

Management report

Comprehensive action plan initiated

Demand in our markets has weakened appreciably since December 2008, no larger investment decisions have been taken. We were well prepared for this downturn: With the Group-wide FOCUS program and the process optimizations that followed we have made Dürr far more flexible and efficient over the last years. Headcount, fixed costs and capital expenditure were only increased moderately in the upswing phase; we reduced our capacities in the developed countries while expanding our presence strongly in the emerging markets.

On this basis we reacted immediately to the fall-off in demand at the end of the year. Since December 2008 we have been implementing a comprehensive action plan that will reduce our capacities by 15-20%. Concrete measures include:

• about 270 job cuts in France and the USA
• reduction of temporary external workers from 550 to around 100
• rundown of overtime accounts
• hiring freeze and no replacements for natural attrition
• short-time working in certain areas

All the provisions for the workforce reductions defined so far were created either in 2008 or in the first quarter of 2009. Restructuring costs of € 1.3 million were incurred in the first quarter of 2009.

We will be making stronger use of short-time working from May onwards. Its extent in the individual areas and locations will depend on the given levels of capacity utilization. We have developed an extensive offering of further training measures for the period of short-time working which, as far as we can judge today, should not last longer than until December 2009.

Another focus of the action plan is our active resource management. To keep our regular workforce employed, we are increasingly insourcing work, for instance in engineering, assembly and production, that was previously outsourced. We are also coordinating capacity utilization around the world by shifting work packages from locations that are well employed to group companies that have free capacity. Here, we are profiting from our globally harmonized IT infrastructure that enables people in different locations to work simultaneously on the same project.

Another top priority for Dürr, too, is assuring that we have sufficient liquidity. Capital tie-up is being minimized through rigorous inventory and receivables management. In particular, receivables due from non-investment-grade customers and from US car manufacturers at risk to go into insolvency have been reduced.

We are countering the risk of failures among our suppliers through close monitoring. Expenditures are also being strictly controlled; the potential for economies is being tapped in all areas, for instance in travel expenses and consulting.

In addition to spending cuts and capacity reductions, our action plan also includes a product and market offensive to generate additional demand. The focus is on innovations that offer customers greater energy efficiency and lower life-cycle costs. Examples are the energy-saving EcoDryScrubber spray booth concept, energy audits, and balancing and cleaning machines for economical automobile engines. As part of the "Dürr 2010" strategy we are also expanding our services activities as well as the business with the aircraft industry and with Japanese auto makers. Here, we have entered into a partnership with the Japanese company Parker Engineering (for further details see page 18).

We are continuing vigorously with the "Dürr 2010" strategy that we formulated in 2007. "Dürr 2010" has four strategic focuses: customer benefit, process optimization, growth initiatives, and value creation. Implementation of the measures is continuously monitored and is progressing well. With a figure of 32.2%, our equity ratio target of 30% was exceeded in the first quarter of 2009. We are maintaining our defined EBIT, ROCE and sales targets that we had aimed to achieve in 2010. However, owing to the economic development it looks at present as if they will not be reached until 2011/2012.

Economic and industry environment

Economy

The macroeconomic situation continued to deteriorate at fast pace in the first quarter of 2009. Economists meanwhile expect gross domestic product (GDP) to fall by 5-6% in Germany and over 3% in Western Europe in 2009. A decline of about 4% is forecast for the USA and as much as roughly 9% for Japan. According to the International Monetary Fund, the world economy will contract for the first time in 60 years, with minus 1.3%. Central banks and governments have launched sweeping measures to stem the threat to the financial system and the world economy. Encouraging signals are coming from China and India, where gross domestic product grew in the first quarter, also as a result of government support programs.

World automobile production witnessed a double-digit percentage decline in the first three months of this year. In North America, unit sales in March were down 34% year on year but showed first signs of stabilization compared to the first two months of 2009. In markets such as China and Germany government incentive schemes had an impact on demand. In China, 2.2 million automobiles were sold in the first quarter of 2009, an increase of 18.9%, putting it neck-and-neck with the USA in the race for the world's biggest auto market.

There is growing demand worldwide for smaller, cheaper, economical automobiles. Against this backdrop the automobile industry is pushing the development of alternative drives with lower fuel consumption and CO2 emissions. This downsizing trend is resulting in continued high R&D spending at automobile manufacturers and their suppliers.

Investment activity among our customers

Many investments in the automobile industry were postponed at the end of 2008, virtually all projects were placed under review. Market observers estimate that in 2009 and 2010 capital spending by the industry will be 20-25% lower than in 2008. However, companies will still continue with strategically important investments. This includes new projects in the USA, Germany, Hungary and Morocco for instance. A number of investment projects are also being continued in China given the market's growth. We also see good potential in the growing revamp business; the growth driver here is the need to modernize existing production facilities and make them more flexible, and to lower production costs.

The aircraft industry also continues to carry through strategically important investments. Airbus, for instance, placed a large order with us for the supply of painting equipment for the A350 wide-body aircraft. Airbus also plans to award a number of big orders for installing the assembly infrastructure for the A350. We believe we have good chances here thanks to our strong market position.

Business developments

High share of incoming orders from emerging markets

Our incoming orders were down 60% – albeit from a very high year-earlier figure of € 517.8 million – to € 208.4 million in the first quarter of 2009. The decline is certainly disappointing, but is of a similar magnitude as in the German mechanical and plant engineering industry generally. In January and February, our customers virtually took no investment decisions in view of the dramatic slump in demand and high stockpiles. However, March brought a slight recovery.

7

In the Paint and Assembly Systems division incoming orders were down 63% in the first quarter of 2009. The decline was particularly pronounced in the paint systems business with the automobile industry. Order intake in the Aircraft and Technology Systems unit, on the other hand, was up. This was due to a large order from Airbus for the supply of 57 painting booths, part of which was booked in the first quarter. This is the second large project for Airbus in quick succession. We had already installed an assembly line for the A320 in China in 2008. Both of these orders are important reference projects for Dürr in the strategic expansion of its business with the aircraft industry. Another major project for which we are competing is currently at the final negotiating stage.

Incoming orders in the Measuring and Process Systems division, where the focus is on mechanical engineering, were down 51.0% in the first three months of 2009, with the two business units Cleaning and Filtration Systems and Balancing and Assembly Products witnessing downturns of a similar magnitude.

Order intake in the first quarter of 2009 was distributed more or less evenly over the individual regions. Germany accounted for 28% of incoming orders and the rest of Europe for 32%. America and Asia contributed about 20% each. Larger orders were won in Western Europe (Airbus), India, Russia, and Mexico. Thanks to our above-average international presence we booked 42% of our orders in the emerging markets (Mexico, Brazil, Eastern Europe, Asia ex Japan).

Slower sales realization leads to decline of 13%

In the first quarter there were customer-induced delays on a number of projects that are currently being executed. In addition, many automobile manufacturers introduced short-time working and in part extended the winter plant closures into February. These factors slowed down sales realization and led to a decline of 13.1% in our revenues to € 309.5 million (Q1 2008: € 356.2 million). The slowdown was felt especially in the paint systems business, while sales revenues were up at other business units such as Balancing and Assembly Products and Application Technology.

Europe accounted for 46.9% of sales revenues, Asia (incl. Africa and Australia) for 22.8%, and North and South America for 30.3%. The North America business made a relatively high sales share contribution due to the execution of the large BMW Spartanburg order. The emerging markets contributed 45.6%, with the bulk of this coming from the BRIC countries.

As a result of the slower sales realization, orders on hand only declined by € 107.2 million to € 817.8 million in the first quarter of 2009 despite the low order intake. Our reach of orders is therefore still about 7 months on a calculational basis.

Gross margin improved despite lower capacity utilization

The gross margin improved to 19.7% in the first quarter of 2009 from 17.0% in the same quarter last year. The main reason was that we were able to reduce the cost of sales by 15.9% year on year, and thus more strongly than the decline in sales revenues. Besides process improvements and successes on the sourcing side, another contributing factor was the capacity reductions we initiated immediately at the end of 2008. We recorded double-digit declines in sales and earnings in the higher-margin services business, as customers in the automobile industry ran off stockpiles and partly postponed investments. However, we consider this situation to be temporary.

Sales activities stepped up

In the course of our marketing drive mentioned on page 6 numerous customers have begun testing new products and processes. For instance, we are currently carrying out over ten evaluation projects for the new EcoDryScrubber spray booth concept. As a result of these marketing initiatives, with which we are laying the foundations for future orders, selling and administrative costs were up 3.7% in the first quarter of 2009, and rose from 12.9% to 15.4% of sales. Research and development expenses rose, too, by 6.9% to € 6.1 million (Q1 2008: € 5.7 million), as we want to sustain our high pace of innovation despite the weak market environment. Other operating income and expenses showed a negative balance of € -1.2 million (Q1 2008: € +1.3 million). Here, the biggest net item was effects from currency translation (€ -0.8 million). The restructuring costs for capacity adjustments (for further details see page 5) amounted to € 1.3 million.

EBIT comfortably positive also after restructuring costs

EBITDA was down € 5.0 million to € 9.8 million in the first quarter of 2009. EBIT developed in parallel, declining by € 5.6 million to € 4.8 million. The financial result improved slightly to € -4.0 million (Q1 2008: € -4.1 million). The effective tax rate for 2009 will probably be over 30%; this is due to results at foreign companies that cannot be offset with the results of other companies. To be on the conservative side, we have assumed an effective tax rate of 38%; this results in earnings after tax of € 0.5 million (Q1 2008: € 4.5 million).

Financial position

Cash flow from operating activities positive on a like-for-like basis

In the first quarter of 2009 cash flow from operating activities was down € 53.3 million versus the same period last year to € -32.3 million. This is the result of higher tax payments – most of the taxes paid on intercompany dividend payments will be reimbursed in the course of the year – and lower earnings. Moreover, net working capital (NWC) increased by € 35.8 million versus December 31, 2008, after a marked decrease still in the same quarter last year. The growth in NWC is mostly due to decreases in trade payables and in prepayments received. An added factor was customer-induced delays in project execution.

Cash flow statement

	Q1 2009	Q1 2008
Amounts in € million
Earnings before income taxes	0.8	6.3
Depreciation and amortization	5.0	4.4
Interest result	4.3	4.4
Income taxes	-6.9	-3.7
Change in provisions	-4.6	0.7
Change in net working capital	-35.8	31.3
Other	4.9	-22.4
Cash flow from operating activities	-32.3	21.0
Interest payments (net)	-5.9	-9.2
Capital expenditure	-4.1	-3.7
Free cash flow	-42.3	8.1
Other cash flows	3.7	-4.6
Decrease (+), increase (-) in net financial debt	-38.6	+3.5

Exchange rate effects have been eliminated in the cash flow statement. For this reason, the changes shown here are not fully reflected in the balance sheet.

Effects from forfaiting and factoring transactions also need to be taken into account in the year-on-year comparison of cash flow from operating activities. While the volume of these transactions had fallen by € 26.2 million in the first quarter of 2008, it declined by € 52.9 million between December 31, 2008 and March 31, 2009. This was due to the fact that the forfaiting in connection with the large order for BMW's Spartanburg plant in the USA ended and the related payment was received from BMW as agreed. On a like-for-like basis cash flow from operating activities in the first quarter of 2009 would therefore have been € 20.6 million (Q1 2008: € 47.2 million).

	Dec. 31, 2007	March 31, 2008	Dec. 31, 2008	March 31, 2009
Amounts in € million
Factoring	14.2	8.8	15.0	12.5
Forfaiting	20.8	-	67.6	17.2
Total	35.0	8.8	82.6	29.7

Cash flow from investing activities amounted to € -3.8 million in the first three months of 2009 (Q1 208: € -2.5 million). While, at € 2.9 million, capital expenditure on property, plant and equipment was slightly higher than in the first quarter of 2008, the expenditure on intangible assets was more or less level with a year earlier at € 1.2 million.

Cash flow from financing activities was € 52.5 million (Q1 2008: € -15.8 million). It was mostly influenced by the increase in short-term bank liabilities (€ 59.0 million) following the partial redemption of our bond. In addition, there were interest expenses of € 6.1 million.

Free cash flow indicates what resources are left for paying dividends, buying back shares and reducing net financial debt. After the first three months of 2009 it was € -42.3 million. As a result, net financial debt rose by € 38.6 million versus year-end 2008 to € 73.0 million, and thus on a similar scale as NWC. We are convinced that we can reduce NWC again in the following quarters – firstly, because of the time lag between order intake and NWC development and, secondly, through strict receivables management.

Financial and balance sheet ratios slightly improved

The balance sheet ratios have improved compared to the position as of March 31, 2008 due to the capital increase in June 2008, the partial redemption of the bond (October 2008), and higher retained earnings for 2008.

With total assets of € 1,073.5 million as of March 31, 2009, the balance sheet total has been reduced slightly both versus March 31, 2008 and versus year-end 2008. While non-current assets were virtually unchanged versus the end of 2008, current assets declined from € 644.5 million to € 627.5 million. There was a reduction especially in trade receivables, while cash and cash equivalents increased from € 84.4 million to € 102.0 million for dispositional reasons.

As explained when discussing cash flow, net working capital (NWC) rose from € 151.8 million at the end of 2008 to € 187.5 million at the end of the first quarter of 2009.

On the equity and liabilities side, equity and non-current liabilities, too, were little changed versus year-end 2008. With an increase of € 4.5 million in equity to € 345.9 million, the equity ratio improved further to 32.2% (December 31, 2008: 31.4%, March 31, 2008: 23.3%). Current liabilities saw a similar development as current assets. There was a marked reduction in short-term trade payables, while short-term financial debt increased. The prepayments received reported under trade payables declined by € 18.0 million versus year-end 2008 to € 139.3 million owing to the restraint in placing new orders. However, the ratio of prepayments received to orders on hand, which also declined, remained constant. This indicates that the payment morale of our customers has not deteriorated.

Current and non-current liabilities

	March 31, 2009	March 31, 2008	Dec. 31, 2008
Amounts in € million
Financial liabilities (incl. bond)	178.7	209.0	122.6
Provisions (incl. pensions)	113.9	115.3	117.5
Trade payables	302.6	371.7	372.2
of which prepayments received	139.3	179.4	157.3
Income tax liabilities	10.1	27.4	15.7
Other liabilities (incl. deferred taxes, deferred income)	122.4	110.6	118.6
Total	727.7	834.0	746.6

R&D and capital expenditures

In connection with our product and market offensive we increased our research and development (R&D) spending slightly in the first quarter of 2009; it was up 6.9% year on year to € 6.1 million (Q1 2008: € 5.7 million). The R&D ratio rose – also as a result of the decline in sales revenues – to 2.0% (Q1 2008: 1.6%). Including the additional project-related development expenses that are allocated to the respective orders and are therefore recognized in the cost of sales, both R&D spending and the ratio were much higher. Another € 0.5 million of expenditure for research and development was capitalized (Q1 2008: € 0.5 million).

A focus of our R&D activities in the first quarter was the further development of our painting booths. While in the past the fresh air for the booths was conditioned in special air supply units, this process now takes place within the booth's existing air circulation ducts. This does away with the separate air treatment modules, thus saving space and costs.

In painting robot technology we have developed the new EcoPump 9 metering pump, which exactly doses the supply of paint to the atomizers. The EcoPump 9 offers efficiency benefits over its predecessor model through less paint loss, shorter flushing times, and higher metering accuracy. The pump is also more compact and lighter.

In balancing technology we are improving both the ease of operation of our machines and the precise documentation of the balancing process in one step with the development of a so-called "assistance" system. This is an additional software function for our measuring equipment that guides the user through the process safely step by step and generates status displays. The entire balancing process is also automatically documented, which is a major contribution towards quality control.

Capital expenditures*

Capital expenditure on property, plant and equipment and intangible assets was slightly higher than in the first quarter of 2008 but, at € 4.1 million, it was still at a low level (Q1 2008: € 3.7 million). € 2.9 million was invested in property, plant and equipment – mainly on replacements – and € 1.2 million in intangible assets (Q1 2008: € 2.6 million and € 1.1 million, respectively).

	Q1 2009	Q1 2008
in € million
Paint and Assembly Systems	3.4	2.0
Measuring and Process Systems	0.7	1.6
Corporate Center	-	0.1
Total	4.1	3.7

* on property, plant and equipment and on intangible assets

Employees

Capacities adjusted to weaker demand

At the end of 2008 we initiated measures to reduce the number of employees by about 270, primarily in France and the USA, in response to the weakening demand. Around 150 jobs were cut already by the end of March 2009, around two-thirds of which were in the USA. Another roughly 120 employees will be leaving the Group in the second quarter of 2009.

The Group had 5,991 employees as of March 31, 2009. That was 152 fewer than at the end of 2008. Our headcount in the emerging markets was more or less unchanged, with 1,408 employees as compared to 1,416 at the end of 2008. They account for 23.5% of the Group's total workforce by now.

	March 31, 2009	March 31, 2008	Dec. 31, 2008
Paint and Assembly Systems	3,492	3,530	3,595
Measuring and Process Systems	2,451	2,430	2,499
Corporate Center	48	48	49
Total	5,991	6,008	6,143

Company officers

There were no changes in the Board of Management or Supervisory Board in the reporting period.

Overview of the divisions

Paint and Assembly Systems

		Q1 2009	Q1 2008
Incoming orders	in € million	144.0	386.4
Sales revenues	in € million	223.3	268.8
EBITDA	in € million	10.9	11.7
EBIT	in € million	8.1	9.1
Employees (March 31)		3,492	3,530

At € 144 million, order intake at Paint and Assembly Systems was well down in the first quarter of 2009. The paint systems business with the automobile industry especially was extremely subdued. As a result of the sharp slump in demand decisions on investments in the automobile industry were pared to an absolute minimum in January and February, although the negotiations on strategically important projects were not broken off and were stepped up again in March. The development in markets such as India and China also gives cause for some confidence. The few larger paint systems orders that the automobile industry placed in the first quarter came from Russia and Mexico. Tata placed an order with us to relocate the paint shop already installed for the Nano to the new location in Gujarat in the west of India.

Thanks to the capacity adjustments we initiated in December 2008 utilization was held at a satisfactory level. The decline in sales is due primarily to the paint systems engineering business, where customer-induced delays in the time schedules for the execution of orders slowed the progress in sales realization, while the Application Technology business unit increased its sales revenues. EBIT was almost held at the high year-earlier level despite the decline in sales revenues, mainly due to the better order quality and to efficiency enhancement and risk management measures. There were 103 fewer employees as of March 31, 2009 than at the end of 2008.

Measuring and Process Systems

		Q1 2009	Q1 2008
Incoming orders	in € million	64.4	131.3
Sales revenues	in € million	86.2	87.4
EBITDA	in € million	-0.8	3.7
EBIT	in € million	-2.2	2.3
Employees (March 31)		2,451	2,430

Measuring and Process Systems also suffered substantial declines in new orders in both of its business units. As at other manufacturers of mechanical engineering products, a number of orders at Cleaning and Filtration Systems were cancelled or postponed. At Balancing and Assembly Products sales and earnings were slightly up on the first quarter of 2008, and EBIT was positive. Cleaning and Filtration Systems was confronted with capacity utilization problems especially in the USA and France. The business unit reacted immediately with adjustments, which led to restructuring costs of € 0.5 million.

The number of employees in the Measuring and Process Systems division fell by 48 compared to the end of 2008. Our real estate and services subsidiary Schenck Technologie- und Industriepark GmbH in Darmstadt, which is part of the Measuring and Process Systems division, continued its positive performance and achieved a good result.

Corporate Center

Corporate Center (Dürr AG) EBIT in the first quarter of 2009 came to € -0.7 million, after € -1.1 million in the same period last year. Net expenses of € 0.3 million (Q1 2008: € 0.8 million) were incurred in connection with the Campus project.

In addition to the earnings contributions from the two divisions (€ 5.9 million) and from the Corporate Center (€ -0.7 million), consolidated Group EBIT (€ 4.8 million) includes earnings effects from the application of new IFRS rules (IAS 23) and the elimination of consolidation effects. The consolidation effects were lower in the same period last year. In this connection we would draw your attention to the reconciliation statement on page 33.

Opportunities and risks

Risks

Besides the usual risks in our business, which are discussed in detail in Dürr's Annual Report for 2008, the Group's risk situation is influenced at present above all by the effects of the current economic weakness.

For the full year 2009 it is estimated that the automobile industry will cut back its capital spending by 20-25%. While this will also have an effect on our business, we stand to benefit from the fact that our customers are continuing with several important investment projects for realizing strategic objectives, such as new model launches, market entries, or gaining market share in the growing small car segment. We are countering utilization risks as a result of weaker demand through the capacity adjustment measures discussed on page 5. We have made preparations for further action should this be necessary.

The risk of payment defaults by individual customers has increased as a result of the economic crisis. However, the liquidity position at many automobile manufacturers is still good. Moreover, the majority of the international companies have investment grade ratings.

Accounts receivable from the US automakers General Motors (GM), Ford and Chrysler have been reduced by € 11 million since the end of 2008 to € 29 million. Unbilled costs on projects that are currently being executed with these three customers have also fallen by € 7 million (December 31, 2008) to € 11 million. The probability that GM and Chrysler file for bankruptcy is currently considered very high by the persons responsible in the USA. However, even if this should happen, it would not necessarily mean that all our claims against these companies would be written off. We assume that at least half of these receivables can be recovered in the event of bankruptcy proceedings.

Generally, we counter default risks by closely monitoring payment receipts from customers that do not have investment grade ratings. At the same time we seek to ensure that our projects are always cash positive, in other words that the prepayments we receive from our customers at least cover our own costs at each stage of the project. To reduce the risk of failures among our suppliers, which has also increased, we have further intensified our supplier monitoring, especially for financial stability. Moreover, we are not dependent on individual suppliers but can select from a broad, international supplier base from project to project. We only conclude framework agreements for larger volumes with first-line suppliers of good credit standing.

The currently restrictive lending practices have no negative consequences for us as we were able to successfully complete the Group's refinancing in September 2008. With our new € 440 million syndicated loan (€ 200 million credit line, € 240 million guarantee facility) and the remaining half (€ 100 million) of our corporate bond, our financing is secured until into the second half of 2011.

Opportunities

The opportunities we see for our business are also discussed in detail in our Annual Report for 2008. This includes the expansion of the services business, the growth in the emerging markets on a mid-term view, the increasing importance of environmentally compatible and energy-saving manufacturing systems, and internal productivity enhancements through the global IT harmonization that we will be completing at the end of 2009.

Good opportunities for profitable growth are also presented by our business in assembly and manufacturing systems for the aircraft industry that we are expanding successfully as part of our "Dürr 2010" strategy. At the beginning of April we signed a framework agreement with EADS/Airbus for the supply of 57 painting booths for seven Airbus plants in Europe. Airbus is expected to reach a decision on the award of another large order in the coming weeks. We are also in advanced order negotiations with other aircraft manufacturers and suppliers.

We have improved our market access in Japan significantly through the partnership with the Japanese company Parker Engineering that we entered into at the beginning of the year. With this cooperation, we aim to increase our sales revenues from business with the Japanese automobile industry to well over € 100 million in the mid term. Parker Engineering is Japan's third largest supplier of paint systems with about 210 employees, and has longstanding, close relations with the Japanese automobile industry.

We will be further expanding our global leadership in balancing technology. Potential is offered above all by business with the turbocharger industry where, according to forecasts, production is set to grow overall by more than 40% by the year 2013. The main driver is the trend towards more compact, economical automobile engines that are often fitted with one or even two turbochargers. Moreover, the market share of turbocharged diesel engines is expected to rise in the USA. At the beginning of April 2009 we acquired the French specialist Datatechnic S.A. in order to tap the growth opportunities in the turbocharger segment. Further details can be found in the report on events subsequent to the reporting date on page 22.

Related-party disclosures

These disclosures can be found in the notes to the consolidated financial statements on page 34.

Outlook

The economic framework conditions continued to deteriorate strongly in the first quarter of 2009. The research institutes have continually reduced their forecasts for the economy.

Nonetheless, we still expect a moderate decline in new orders, sales revenues and earnings for 2009. The relatively high order backlog at the end of the first quarter and the recurring services business, which is being marketed actively, cover a good part of the sales targeted for 2009. We expect the automobile industry to increasingly place strategically important projects again from the second quarter onwards. We are responding actively to the automobile industry's reduced investment spending with the capacity adjustments explained above. In addition, we aim to continue to win market share in 2009 thanks to our international presence, the current marketing and product drive, and our stable financial position.

Earnings performance will benefit in 2009 from the elimination of the losses in the final assembly conveyor business and at the Aircraft and Technology Systems business unit. The interest result will also improve significantly as a result of the refinancing completed in 2008. While we expect a higher average utilization of the syndicated loan this year owing to the project postponements in the automobile industry, interest expenses will be reduced by the partial redemption of our highinterest bond. In addition, the one-off refinancing costs of € 9.4 million included in the interest result in 2008 will fall away.

In the plant engineering business the postponement of projects and prepayments has a direct impact on net working capital, and thus on cash flow. In these circumstances we therefore expect cash flow to decline, although a reliable forecast is difficult. To keep the possible decline in cash flow low we will continue to focus on strict cash and net working capital management.

Much depends on whether our customers award the investment projects they have announced for the coming months as planned. If there are further postponements we would not be able to achieve our ambitious targets.

19

We are reducing our capital expenditure on property, plant and equipment and intangible assets this year and confining it to the essential. The completion of the Dürr Campus in Bietigheim-Bissingen will require some final investments. However, this project is being largely financed off the balance sheet by way of an operating lease. In 2010, capital expenditure on property, plant and equipment and intangible assets should be in the region of € 15 to 20 million and be mostly on replacements.

Net financial debt will probably be above the year-end 2008 level in 2009 and 2010. With regard to equity we expect continued growth in absolute terms and a ratio of over 30%. The redemption of the second tranche of our corporate bond, which we had planned for the second half of 2009, has been shelved for the time being given that more favorable financing alternatives are not available in the current environment.

We expect a moderate reduction in the number of employees in 2009. Depending on the development of new orders, and the distribution of projects and capacity utilization within the Group, we do not rule out the possibility of further capacity adjustments in individual areas and countries.

Treasury stock and capital changes

Dürr AG owns no treasury stock. In the reporting period there were no changes in the company's subscribed capital of € 44.3 million, which is divided into 17.3 million shares.

Development of Dürr stock

Dürr stock in XETRA indexed DAX indexed MDAX indexed SDAX indexed

As the economic crisis worsened, the downward trend on the equity markets gathered pace up to the end of February 2009, when governments and central banks passed further support measures to stabilize the markets. March brought a recovery on signs that many financial institutions would be reporting much better results than for the fourth quarter of 2008. Automobile sales also showed first signs of stabilization in March.

The Dürr share lost 20.0% in the first quarter of 2009, while the DAX lost 15.1% and the SDAX 15.2%. However, the price of our stock has rebounded strongly since the beginning of March, almost doubling from a low of € 7.14 by mid-April.

Shareholder structure

The shareholder structure changed only marginally in the reporting period. Heinz Dürr GmbH bought a further 42,500 shares in the first quarter.

The present shareholder structure is as follows:

The free float as calculated by Deutsche Börse is 35.7%.

Events subsequent to the reporting date

We acquired the French specialist Datatechnic S.A. through Schenck RoTec GmbH with effect as of April 2, 2009 to round out our offering for turbocharger balancing. The technologies of Schenck RoTec and Datatechnic for measuring and eliminating imbalances complement each other ideally. Moreover, we are able to offer our customers a full spectrum of services worldwide. The independent Datatechnic S.A. was established in 1989 and employs about 40 people in Uxegney, France. Sales are below € 10 million, and the company is profitable. Schenck RoTec has approximately 1,000 employees and achieves sales of over € 180 million.

Stuttgart, April 28, 2009

Dürr Aktiengesellschaft

The Board of Management

Consolidated income statement

of Dürr Aktiengesellschaft, Stuttgart, for the period January 1 to March 31, 2009

	Q1 2009	Q1 2008
Amounts in € k
Sales revenues	309,537	356,159
Cost of sales	-248,605	-295,574
Gross profit on sales	60,932	60,585
Selling expenses	-25,519	-23,654
General and administrative expenses	-22,017	-22,153
Research and development costs	-6,125	-5,731
Other operating income and expenses	-1,219	1,305
	6,052	10,352
Restructuring expenses/onerous contracts	-1,294	-
Earnings before investment income, interest and similar income, interest and similar expenses, and income taxes	4,758	10,352
Profit/loss from entities accounted for using the equity method	331	376
Interest and similar income	318	1,938
Interest and similar expenses	-4,640	-6,376
Earnings before income taxes	767	6,290
Income taxes	-291	-1,824
Net income of the Dürr Group	476	4,466
Profit/loss share of minority interests of the Dürr Group	349	296
Profit/loss share of shareholders of Dürr Aktiengesellschaft in the Dürr Group	127	4,170
Earnings per share in € (basic and diluted)	0.01	0.27

Statement of total comprehensive income

of Dürr Aktiengesellschaft, Stuttgart, for the period January 1 to March 31, 2009

	Q1 2009	Q1 2008
Amounts in € k
Net income of the Dürr Group	476	4,466
Other comprehensive income
Gain/losses resulting from changes in the fair value of financial instruments used for hedging purposes
Changes unrealized gains/losses Reclassification adjustments for gains/losses recognized in net	-5,231	-421
income in the current period	3,471	527
Total unrealized gains/losses	-1,760	106
Currency translation reserve resulting from the consolidation of foreign subsidiaries	5,585	-8,490
Currency translation reserve resulting from entities accounted for using the equity method	-453	376
Gains/losses from non-current assets classified as held for sale	-	-402
Deferred taxes on other comprehensive income	657	-212
Other comprehensive income after tax	4,029	-8,622
Total comprehensive income after tax	4,505	-4,156
of which attributable to minority interests	349	296
of which attributable to shareholders of Dürr Aktiengesellschaft	4,156	-4,452

Consolidated balance sheet

of Dürr Aktiengesellschaft, Stuttgart, as of March 31, 2009

	March 31, 2009	March 31, 2008	December 31, 2008
Amounts in € k
Assets
Goodwill	268,055	259,983	265,974
Other intangible assets	35,242	30,601	36,131
Property, plant and equipment	90,291	88,322	89,005
Investment property	20,844	13,470	21,019
Investments in entities accounted for using the equity method	12,905	12,573	13,040
Other financial assets	343	347	342
Trade receivables	1,104	2,936	2,803
Income tax receivables	116	156	116
Other receivables and other assets	4,960	8,602	5,950
Deferred taxes	5,447	3,723	4,716
Prepaid expenses	6,712	366	4,383
Non-current assets	446,019	421,079	443,479
Inventories and prepayments	82,462	68,434	77,923
Trade receivables	406,806	401,672	443,810
Income tax receivables	6,904	8,185	6,377
Other receivables and other assets	24,321	27,653	29,294
Cash and cash equivalents	102,018	145,864	84,385
Prepaid expenses	5,004	7,890	2,745
	627,515	659,698	644,534
Non-current assets classified as held for sale	-	6,182	-
Current assets	627,515	665,880	644,534
Total assets Dürr Group	1,073,534	1,086,959	1,088,013
Equity and liabilities Subscribed capital	44,289	40,264	44,289
Capital reserve	200,186	160,459	200,186
Revenue reserves	131,949	99,081	131,814
Accumulated other comprehensive income	-38,018	-45,514	-42,039
Amounts recorded directly in equity from non-current assets classified as held for sale	-	-3,202	-
Equity without minority interests	338,406	251,088	334,250
Minority interests	7,468	1,865	7,119
Equity with minority interests	345,874	252,953	341,369
Provisions for post-employment benefit obligations	52,511	50,047	52,222
Other provisions	6,566	7,870	8,575
Bond	97,223	192,200	96,917
Other financial liabilities	6,663	7,107	6,854
Income tax liabilities	-	15,363	123
Other liabilities	15,609	14,876	16,189
Deferred taxes	18,707	18,203	19,513
Deferred income	864	1,112	895
Non-current liabilities	198,143	306,778	201,288
Other provisions	54,777	57,434	56,663
Trade payables 1)	302,617	371,666	372,179
Financial liabilities	74,828	9,737	18,834
Income tax liabilities	10,132	12,077	15,601
Other liabilities 1)	86,578	75,357	81,666
Deferred income	585	957	413
Current liabilities	529,517	527,228	545,356
Total equity and liabilities Dürr Group	1,073,534	1,086,959	1,088,013

1) Adjusted previous year figures as of March 31, 2008, compare page 138 Annual Report 2008

Consolidated statement of changes in shareholders´ equity

of Dürr Aktiengesellschaft, Stuttgart, for the period January 1 to March 31, 2009

	Subscribed capital	Capital reserve	Revenue reserves	Accumula ted other compre hensive income	Amounts resulting from assets held for sale	Equity without minority interests	Minority interests	Equity with minority interests
Amounts in € k
January 1, 2008	40,264	160,459	94,911	-37,294	-2,800	255,540	1,569	257,109
Total comprehensive income after tax	-	-	4,170	-8,220	-402	-4,452	296	-4,156
March 31, 2008	40,264	160,459	99,081	-45,514	-3,202	251,088	1,865	252,953
January 1, 2009	44,289	200,186	131,814	-42,039	-	334,250	7,119	341,369
Total comprehensive income after tax	-	-	127	4,029	-	4,156	349	4,505
Other changes	-	-	8	-8	-	-	-	-
March 31, 2009	44,289	200,186	131,949	-38,018	-	338,406	7,468	345,874

Consolidated cash flow statement

of Dürr Aktiengesellschaft, Stuttgart, for the period January 1 to March 31, 2009

	Q1 2009	Q1 2008
Amounts in € k
Earnings before income taxes	767	6,290
Income taxes paid	-6,895	-3,673
Net interest	4,322	4,438
Profit/loss from entities accounted for using the equity method	-331	-376
Amortization and depreciation of non-current assets	4,997	4,378
Net gain/loss on the disposal of non-current assets	-34	42
Other non-cash income and expenses	-	11
Changes in operating assets and liabilities
Inventories	-3,769	-11,966
Trade receivables	44,435	-7,854
Other receivables and assets	4,619	-9,959
Provisions	-4,630	665
Trade payables	-76,437	51,096
Other liabilities (other than bank)	5,046	-7,228
Other assets and liabilities	-4,383	-4,876
Cash flow from operating activities	-32,293	20,988
Purchase of intangible assets	-1,182	-1,102
Purchase of property, plant and equipment	-2,913	-2,570
Proceeds from the sale of non-current assets	68	231
Interest received Cash flow from investing activities	239 -3,788	964 -2,477
Change in current bank liabilities	59,018	-5,222
Repayment of non-current financial liabilities	-218	-241
Payment of finance lease liabilities	-217	-210
Repayment (borrowing) of financial liabilities due to entities accounted
for using the equity method	-2	10
Interest paid	-6,099	-10,183
Cash flow from financing activities	52,482	-15,846
Effects of exchange rate changes	1,232	-4,290
Changes in cash and cash equivalents	17,633	-1,625
Cash and cash equivalents
At the beginning of the period	84,385	147,489
At the end of the period	102,018	145,864

Notes to the consolidated financial statements January 1 to March 31, 2009

1. Summary of significant accounting policies

The company

Dürr Aktiengesellschaft ("Dürr AG" or the "Company") is headquartered in Stuttgart, Germany. The Dürr Group ("Dürr" or the "Group") consists of Dürr AG and its subsidiaries. The Dürr Group specializes in mechanical and plant engineering and is one of the global market leaders in almost all of its fields of business. It generates some 85% of sales revenues with the automotive industry, but also acts as supplier of production technology for other industries including the aviation, mechanical engineering as well as the chemical and pharmaceutical industries. Dürr serves the market with two divisions: the Paint and Assembly Systems division offers production and painting technologies, mainly for automotive bodyshells. The machines and systems produced by the Measuring and Process Systems division are used in engine and transmission production as well as final assembly.

Accounting policies

The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union as of the balance sheet date, and the additional requirements of German commercial law pursuant to Sec. 315a (1) HGB ("Handelsgesetzbuch": German Commercial Code). The consolidated financial statements are in line with all IFRSs that have to be adopted by the balance sheet date. Due to the application of IAS 34 "Interim Financial Reporting", these financial statements do not include all of the information and footnotes required by IFRS for complete financial statements for year-end reporting.

The consolidated financial statements as of March 31, 2009 are not subject to any review or audit in accordance with Sec. 317 HGB.

With regard to the preparation of consolidated financial statements for interim reporting in accordance with IAS 34 the Management Board has to make estimates and judgements, which influence the application of accounting policies within the Company and the reporting of assets and liabilities as well as income and expenses. The actual amounts can differ from these estimates.

The accounting policies used generally correspond to the methods applied in the consolidated financial statements as of December 31, 2008; we refer to our 2008 annual report. Changes in the accounting policies in the first quarter of fiscal year 2009 mainly arised from the following new or amended standards, for which an application is mandatory since January 1, 2009.

IAS 1 "Presentation of Financial Statements": One significant change compared to the previous version is the presentation of changes in equity. IAS 1 now provides for all changes other than those arising from transactions with owners to be presented either in a statement of comprehensive income or based on two separate statements. Dürr decided to present them in two schedules. Components of comprehensive income are no longer permitted to be presented in the statement of changes in equity. In addition, IAS 1 requires income tax relating to each component of other comprehensive income and reclassification adjustments to be disclosed separately. Furthermore, IAS 1 introduces new titles for the individual financial statement elements; entities may use titles other than those set forth in the standard, however.

IAS 23 "Borrowing Costs": The IASB issued an amended version of IAS 23 in March 2007. It requires borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset to be capitalized. The previous option of immediately recognizing borrowing costs as an expense was eliminated. For further information see note 6.

IFRS 8 "Operating Segments": IFRS 8 replaces IAS 14 "Segment Reporting". IFRS 8 requires the disclosure of financial and narrative information on the reportable segments. Reportable segments are either operating segments or aggregations of operating segments that meet specified criteria. Operating segments are components of an entity about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Generally, financial information is required to be reported on the same basis as is used internally for evaluating operating segment performance (management approach).

Income that is recorded during the reporting period for seasonal reasons, due to cyclical developments, or only occasionally is not cut off in the consolidated interim financial statements. Expenses that are incurred irregularly during the reporting period have been cut off in those cases where they would also be cut off at yearend.

The income taxes were determined on the basis of an estimated average annual effective income tax rate.

The consolidated financial statements are prepared in euros; all amounts are reported in thousands of euros (€ k), unless stated otherwise.

2. Consolidated group

Besides Dürr AG, the consolidated financial statements as of March 31, 2009 contain all domestic and foreign companies which Dürr AG can control directly or indirectly (control concept). The entities are included in the consolidated financial statements from the date on which the possibility of control was obtained. Joint ventures and associates are included in the consolidated financial statements using the equity method from the date on which joint control or the possibility of significant influence, respectively, has started to exist.

The table below shows the number of entities included in the consolidated group besides Dürr AG. The consolidated group remained unchanged in the first quarter of 2009.

	March 31, 2009	December 31, 2008
Number of fully consolidated entities
Germany	10	10
Other countries	39	39
	49	49
	March 31, 2009	December 31, 2008
Number of entities accounted for using the equity method
Germany	2	2
Other countries	1	1
	3	3

3. Earnings per share

Earnings per share are determined pursuant to IAS 33 "Earnings per Share".

They are determined by dividing the earnings share of the shareholders of Dürr Aktiengesellschaft by the weighted average number of shares outstanding. The calculation is presented below. In the reporting periods from January 1 to March 31, 2009 and 2008 there were no dilutive effects.

		Q1 2009	Q1 2008
Profit/loss attributable to shareholders of Dürr Aktiengesellschaft	€ k	127	4,170
Number of shares outstanding (weighted average)	k	17,300.5	15,728.0
Earnings per share (basic and diluted)	€	0.01	0.27

4. Income tax effects relating to other comprehensive income

The following table shows the components of other comprehensive income and the associated tax effects, taking into account the changes of the items "Amounts resulting from assets held for sale" and "Minority interests".

	Q1 2009
Amounts in € k	Before tax	Tax effect	Net	Before tax	Tax effect	Net
Net gains/losses (-) from derivatives used to hedge cash flows	-1,760	657	-1,103	106	-212	-106
Exchange differences	5,585	-	5,585	-8,490	-	-8,490
Exchange difference from entities accounted for using the equity method	-453	-	-453	376	-	376
Amounts recorded directly in equity from non-current assets classified as held for sale	-	-	-	-402	-	-402
Other comprehensive income	3,372	657	4,029	-8,410	-212	-8,622

5. Liabilities from restructuring measures

Liabilities from restructuring measures have decreased by € 803 thousand to € 8,971 thousand compared to December 31, 2008. This was mainly due to the utilization of liabilities formed in prior periods, whereas an addition of € 167 thousand was recorded in the first quarter of fiscal year 2009 with opposite effect.

6. Segment reporting

The segment reporting was prepared according to IFRS 8 "Operating Segments". Based on the internal reporting and organizational structure of the Group, the consolidated financial statement data is presented by divisions. The segmentation aims to make the earnings power and the net assets and financial situation of the respective activities transparent.

The reporting is based on the divisions of the Group. The Dürr Group is comprised of a management holding and two divisions differentiated by product and service spectrum that each have global responsibility for their products and results. The Corporate Center mainly consists of Dürr AG.

Management monitors the EBIT (earnings before investment income, interest and similar income and similar expenses, and income taxes) of its divisions separately for the purpose of making decisions about resource allocation, determination of profitability and performance assessment. As the segment reporting in accordance with IFRS 8 is based on the internal reporting (management approach), EBIT can be measured differently from EBIT in the consolidated financial statements. Group financing (including interest income and interest expenses) and income taxes are managed on a group basis and are not allocated to the operating segments.

Q1 2009		Paint and Assembly Systems	Measur ing and Process Systems	Total segments	Recon ciliation	Total Dürr Group
External sales revenues	€ k	223,314	86,223	309,537	-	309,537
Sales revenues with other divisions	€ k	203	3,788	3,991	-3,991	-
Total sales revenues	€ k	223,517	90,011	313,528	-3,991	309,537
EBIT	€ k	8,114	-2,218	5,896	-1,138	4,758
Assets (as of March 31)	€ k	582,542	400,878	983,420	90,114	1,073,534
Employees (as of March 31)		3,492	2,451	5,943	48	5,991

Paint and Assembly Systems	Measur ing and Process Systems	Total segments	Recon ciliation	Total Dürr Group

External sales revenues	€ k	268,757	87,402	356,159	-	356,159
Sales revenues with other divisions	€ k	147	7,026	7,173	-7,173	-
Total sales revenues	€ k	268,904	94,428	363,332	-7,173	356,159
EBIT	€ k	9,053	2,323	11,376	-1,024	10,352
Assets (as of March 31)	€ k	547,989	406,278	954,267	132,692	1,086,959
Assets (as of December 31)	€ k	609,657	407,088	1,016,745	71,268	1,088,013
Employees (as of March 31)		3,530	2,430	5,960	48	6,008

Group figures are derived as follows from the segment figures:

	Q1 2009	Q1 2008
Amounts in € k
EBIT of segments	5,896	11,376
EBIT Corporate Center	-747	-1,103
Reclassification borrowing costs in accordance with IAS 23	-211	-
Eliminations	-180	79
EBIT of Dürr Group	4,758	10,352

	March 31, 2009	March 31, 2008	December 31, 2008
Amounts in € k
Segment assets	983,420	954,267	1,016,745
Assets Corporate Center	501,507	496,093	496,536
Eliminations	-538,783	-540,084	-533,902
Cash and cash equivalents	102,018	145,864	84,385
Tax receivables	7,020	8,341	6,493
Investments in entities accounted for using the equity method	12,905	12,573	13,040
Deferred tax assets	5,447	3,723	4,716
Non-current assets classified as held for sale	-	6,182	-
Gross assets Dürr Group	1,073,534	1,086,959	1,088,013

Q1 2008

The employees of the Corporate Center are reported in the reconciliation column.

The amended IAS 23 "Borrowing Costs" requires borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset to be capitalized. The previous option of immediately recognizing borrowing costs as an expense was eliminated. In Dürr's financial statements this leads to a reclassification of finance expenses, which are attributable to long-term construction contracts according to IAS 11 "Construction Contracts", from interest expenses to cost-of-sales. As the internal monitoring is based on EBIT without financing costs, borrowing costs are not included in the segment results.

7. Related-party transactions

Dr.-Ing. E. h. Heinz Dürr is the chairman of the Supervisory Board of Dürr AG and Dürr Systems GmbH. In the reporting period he received remuneration of € 68 thousand (prior period: € 52 thousand) for these duties. Dr.-Ing. E. h. Heinz Dürr is also a member of the supervisory board of Landesbank Baden-Württemberg. In the reporting period expenses of € 65 thousand (prior period: € 48 thousand) were payable to Heinz Dürr GmbH, Berlin, of which Dr.-Ing. E. h. Heinz Dürr is general manager, for reimbursement of office and travel expenses relating to supervisory board activities and for cost reimbursements for the Dürr office in the German capital, Berlin. For his former activity as general manager, Dr.-Ing. E. h. Heinz Dürr also received benefits from the pension commitment (of April 2, 1978, supplemented December 21, 1988) of € 95 thousand (prior period: € 93 thousand) in the reporting period.

Mr. Joachim Schielke is a Supervisory Board member of Dürr AG, member of the board of management of Landesbank Baden-Württemberg and chairman of the board of management of Baden-Württembergische Bank. From the current business relationship, a balance of € 3,746 thousand (prior period: € 49,110 thousand) and liability from utilization of the cash line of the syndicated loan of € 16,250 thousand were held at Baden-Württembergische Bank as of the balance sheet date. Transactions with Baden-Württembergische Bank resulted in interest expenses of € 356 thousand (prior period: € 20 thousand) in the reporting period. The warranties and guarantees issued by Baden-Württembergische Bank on behalf of Dürr amounted to € 18,661 thousand as of the balance sheet date (prior period: € 18,894 thousand).

The Board of Management confirms that all the related-party transactions described above were carried out at arm's length conditions.

8. Contingent liabilities and other financial obligations

	March 31, 2009	December 31, 2008
Amounts in € k
Contingent liabilities from guarantees, notes and check guarantees	30,935	38,881
Other	34,585	34,838
Contingent liabilities	65,520	73,719
	March 31, 2009	December 31, 2008
Amounts in € k
Rent and lease agreements (operating leases)	139,299	147,741
Liabilities from other continuous obligations	15,661	18,697

The Company assumes that these contingent liabilities will not lead to any liabilities and thus cash outflows.

Other financial obligations 154,960 166,438

9. Subsequent events

As part of the "Dürr 2010" strategy, which guides Dürr in the pursuit of profitable growth in all six group business units, Dürr acquired the specialized company Datatechnic S.A., Uxegney, France, effective as of April 2, 2009. This rounds out Dürr´s product range for balancing turbochargers. Dürr acquired 100% of the shares of Datatechnic S.A. Due to the fact, that the opening balance as of April 2, 2009, was not finalized at the time of the release of this interim report, the required disclosures in accordance with IFRS 3.66-77 will be published in the interim report for the first half 2009 as of June 30, 2009 according to IFRS 3.71.

Responsibility statement by management

To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated 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.

Stuttgart, April 28, 2009

Dürr Aktiengesellschaft

The Board of Management

Ralf Dieter Ralph Heuwing Chairman of the Board Chief Financial Officer of Management

Financial calendar

April 30, 2009 Annual general meeting, Stuttgart

August 06, 2009 Interim financial report for the first half of 2009

November 05, 2009 Interim report for the first nine months of 2009

Contact

Please contact us for Dürr AG further information: Günter Dielmann

Corporate Communications & Investor Relations Otto-Dürr-Strasse 8 70435 Stuttgart Germany Phone +49 711 136-1785 Fax +49 711 136-1716 corpcom@durr.com investor.relations@durr.com

www.durr.com

This interim report is the English translation of the German original. The German version shall prevail.

This interim report includes forward-looking statements about future developments. As is the case for any business activity conducted in a global environment, such forward-looking statements are always subject to uncertainty. Our information is based on the conviction and assumptions of the Board of Management of Dürr AG, as developed from the information currently available. However, the following factors may affect the success of our strategic and operating measures: geopolitical risks, changes in general economic conditions (especially a prolonged recession in Europe or North America), exchange rate fluctuations and changes in interest rates, new products launched by competitors, and a lack of customer acceptance for new Dürr products or services, including growing competitive pressure. Should any of these factors or other imponderable circumstances arise, or should the assumptions underlying the forward-looking statements prove incorrect, actual results may differ from those projected. Dürr AG undertakes no obligation to provide continuous updates of forward-looking statements and information. Such statements and information are based upon the circumstances as of the date of their publication.