KROMI Logistik AG — Interim / Quarterly Report 2012

May 9, 2012

9-month report 2011 / 2012

Key figures at a glance (IFRS)

	9 months 2011 /2012 (Jul 1, 2011 – Mar 31, 2012)	Comparable period (Jul 1, 2010 – Mar 31, 2011)
Revenue	38,768	26,612
Earnings before interest and tax (EBIT)	770	-594
Earnings before tax (EBT)	726	-592
Consolidated net profit / loss for the period	350	-587
Number of shares in fiscal year	4,124,900	4,124,900
Earnings per share in EUR	0.08	-0.14
Equity ratio in%	67.5	75.3
Cash flow from operating activities	-5,713	-2,305
Cash flow from investing activities	866	-546
Cash flow from financing activities	0	-619
Employees at end of period (excluding Managing Board)	117	102

In EUR thousand (unless otherwise stated)

Financial calendar

September 19, 2012	2011 /2012 Annual Report
November 12-14, 2012	Analyst and investor conference German Equity Forum in Frankfurt /Main

Business model

• KROMI Logistik offers companies in the manufacturing sector end-to-end outsourcing for their supply of precision machining tools via KTCs (Kromi tool dispensers) and IT-based tool management
• Main focus: cutting and machining tools for metalworking and plastics (for example, drills)
• Securing a 24/ 7 supply of tools for customers
• Optimizing tool consumption with consulting and control services
• KROMI is manufacturer-independent
• Five facilities in Germany and four abroad (Slovakia, the Czech Republic, Brazil, Spain) and a liaison office in Turkey; active in five other European countries
• Currently focusing on the sectors of general machine building and mechanical engineering, automotive suppliers, aerospace and marine engine construction

2 | Interim Group management report

• 2 | Business report
• 8 | Report on events after the balance sheet date
• 8 | Risk report and forecast report

10 | Interim consolidated financial statements

• 10 | Consolidated balance sheet
• 11 | Consolidated income statement
• 12 | Consolidated statement of comprehensive income
• 13 | Consolidated cash flow statement
• 14 | Consolidated statement of changes in equity
• 15 | Notes to the consolidated financial statements
• 19 | Responsibility statement within the meaning of Section 37 y no. 1 of the Wertpapierhandelsgesetz (WpHG – German Securities Trading Act)
• 19 | Review according to Section 37 w (5) sentence 6 of the WpHG

Business report

I. Corporate structure and participating interests

As of the March 31, 2012 reporting date, KROMI Logistik AG was present at five locations in Germany: along with its headquarters in Hamburg, the Group operates branches in Magdeburg, Erkrath near Düsseldorf, Eislingen near Stuttgart, and at Laupheim near Ulm. It also has subsidiaries in the Czech Republic, Slovakia, Spain and Brazil. KROMI Logistik also supplies customers in Denmark, Poland, Romania, Italy and France with tools. A liaison office in Turkey that was previously maintained was closed in the quarter elapsed.

II. Employees

At the end of the third quarter of the fiscal year 2011 /2012, KROMI Logistik (excluding its Managing Board) had 117 employees (March 31, 2011: 102). These figures also include one trainee in the wholesale and export trade area, and one staff member who is pursuing logistics management studies in parallel with their employment.

III. Services/Research and development

KROMI Logistik offers manufacturing companies an end-to-end outsourcing concept to supply them with precision machining tools. In this context, the company aims to continuously expand its customer base through acquiring new customers, and through tapping new markets. In the case of existing customers, the optimisation and inefficiency enhancement of machining processes, and the reduction of manufacturing and administration costs, form the focus of their cooperation with KROMI Logistik AG. The company aims to further enhance customer loyalty through constant innovations to its supply concept, among other initiatives.

For this reason, activities in the research and development area are concentrated on diversifying the range of services and products offered, and consequently on the continuous further development of the KROMI supply system. At the same time, customer-related projects to further develop cutting substances for difficult materials are conducted with leading European tool manufacturers.

IV. Market and competitive environment

Macroeconomic situation

The first nine months of the 2011 /2012 fiscal year were largely characterised in economic terms by the debt crisis in some individual Eurozone states and in the USA, as well as by the uncertainties that this triggered. German economic output fell by around 0.2% in the fourth quarter of 2011 after adjusting for price, seasonal and calendar effects. Although GDP nevertheless still reported a strong

rise of around 3% over the full course of 2011, lower growth in economic output is forecast for 2012. In a current study, the German Council of Economic Experts is assuming that the German economy will grow by only 0.8%. The German federal government, too, downgraded its forecast from 1% to 0.7% in its current spring forecast.

It is not only in Germany that a greater level of macroeconomic uncertainty is noticeable. A marked slowdown in growth dynamics is also anticipated in the Eurozone over the coming months. After having still reported moderate growth of 1.5% for calendar 2011, according to the European Union's statistical department (Eurostat), economic output could contract by as much as 0.3% this year according to current figures, particularly due to some Eurozone countries' major debt burden.

Despite these negative indications, some macroeconomic factors continue to suggest that a longlasting recession can be avoided, at least in Germany. The German Federal Office of Statistics, for instance, regards the German economy as currently in a very robust condition, basing this view on the overall stable trend in 2011. An important factor behind the strong growth in 2011 was private consumption spending, which was up by 1.5% on a price-adjusted basis, a level last reached five years ago. The number of individuals in employment also remains on a constant growth path. A total of 41.2 million individuals were in employment in March 2012, 572,000 more than in March of the previous year. The unemployment rate stood at 5.6%, 0.6 percentage points lower than twelve months previously. Overall, these factors, as well as further leading indicators such as the further slight increase in the ifo business climate index in April 2012, provide a stable foundation for a return to a reliable growth path.

The debt crisis in some Eurozone countries has nevertheless not left German industry untouched. Industrial orders in the January/ February two-month period were down by around 1.0% compared with November /December, according to the German Federal Ministry of Economics and Technology. It is striking that, in particular, orders within the Eurozone fell by 4.6%, while orders from Germany and the rest of the world were almost unchanged. A trend which will also make itself felt among orders overall according to the German federal government. In its 2012 annual economic report, for instance, it forecasts that imports will exceed exports in the current calendar year. In this context, economic trends and the accuracy of forecasts will also continue to depend on how the EU, and, in particular, the Eurozone, progress with managing the crisis.

Engineering/precision tools

KROMI Logistik is a tool manager and thus an outsourcing partner for industrial companies, with the company's core competence focusing on machining tools for the processing of metals and plastics. Although KROMI Logistik is not directly attributable to one of the sectors mentioned below on the basis of its business model, trends in the mechanical and plant engineering sector nevertheless provide a good indicator for developments in various customer segments. This sector is also currently characterised by consolidation trends. In the December 2011 to February 2012 three-month period,

orders were 11% down in real terms on the previous year's extremely strong comparable quarter, according to the German Engineering Federation (VDMA). Both domestic orders, which fell 7%, and a 12% drop in export orders, contributed to this development.

The calendar year 2011 was nevertheless a successful year for German Engineering Federation members, particularly due to the very strong first six months. Total revenue growth of 12% was achieved, accompanied by very high capacity utilisation of around 88% measured across all sub-sectors. This trend was underpinned by 35,000 newly created fixed employment jobs. The sector association nevertheless tends to the view that sales will stabilise at a solid level this year. It downgraded its 2012 full-year forecast from 4% to 0%, also because of the continued risk that the real economy will be infected by the debt and financial crisis.

The precision tools sub-sector, which is important for KROMI, is largely unaffected by this trend. While record sales were achieved in calendar 2011 at EUR 10.2 billion, the sector assumes further growth of around 7% in 2012. In particular, the machining tools area benefited from production enhancements in the automotive supply and mechanical engineering sectors, which are important target segments for KROMI, and should thereby continued comprise one of the motors of growth in this segment in 2012. Estimates and production plans produced by KROMI customers confirm this stable and positive trend.

The business model of KROMI Logistik AG covers all tool management steps, and is consequently comparable to that of other companies to only a limited extent. Pure tools manufacturers offer their customers only products from their own portfolios. Although tools wholesalers, by contrast, frequently offer a broader product range, they mostly have no particular technical expertise in the machining tools segment. For their part, software companies and dispenser manufacturers mostly offer only partial solutions that customers are subsequently required to combine themselves. By contrast, KROMI Logistik AG's end-to-end tool supply concept allows it to enjoy an almost unique market position that enables it, as a problem solver for industry, to offer customised solutions, thereby tapping attractive market potentials.

V. Analysis of business results and discussion of net assets, financial position and results of operations

General business trends

KROMI Logistik continued to report significant revenue growth in the first nine months of the 2011 /2012 fiscal year. The company registered an approximately 46% year-on-year increase. Following a third quarter that remained very dynamic, KROMI remains in line with its budget of exceeding the revenue growth of 22% that it realised in its previous fiscal year. This marked revenue growth is particularly due to the continued high production levels for existing customers, and related strong demand for tools and consumable parts. New customers also made a positive contribution to business progress.

KROMI Logistik also reports tangible earnings growth in line with this revenue growth. The Group reported earnings before interest and tax (EBIT) of EUR 770 thousand. Earnings before interest and tax in the prior-year period still stood at EUR -594 thousand due to higher investments in the company's growth, both in Germany and abroad. The Brazilian subsidiary also reported business in line with budgets. Significant revenue was generated here in the first nine months of the current fiscal year, which consequently also contributed to the company's growth.

Important key data

German Securities Identification Number (WKN)	A0KFUJ
ISIN	DE000A0KFUJ5
Ticker	K1R
Trading segment	Regulated Market (Prime Standard)
Share type	No-par ordinary bearer shares (no-par shares)
Share capital	4,124,900
Initial listing	March 8, 2007
Share price at the start of the reporting period (July 1, 2011)*	EUR 8.25
Share price at the end of the reporting period (March 31, 2012)*	EUR 8.45
Percentage change	+2.4%
52-week high*	EUR 9.80
52-week low*	EUR 6.70

*Closing price basis, XETRA trading system of Deutsche Börse AG

The performance of the KROMI Logistik AG share in the first nine months of the 2011 /2012 fiscal year was strongly impacted by the European debt crisis, and the uncertainties on global equity markets. The share reached an initial high for the reporting period of EUR 8.79 at the very start of KROMI's financial year on July 8, 2011. KROMI Logistik followed the overall market's downtrend over the following weeks, with the shares reaching their low on October 11, 2011 at EUR 6.70. The share subsequently recovered significantly. The higher for the period under review of EUR 9.01 was reached on January 17, 2012, before the share fluctuated in a narrow band around EUR 8.50. On March 30, 2012, the last trading day in the reporting period, the share quoted at EUR 8.45.

KROMI Logistik AG reported a market capitalisation of EUR 34.86 million as of the end of the reporting period. In overall terms, KROMI Logistik AG registered a moderate share price gain of 2.4% between July 2011 and March 2012, outperforming the SDAX index, which was down by around 4.5% over the same period.

Revenue and results of operations

On a consolidated basis, KROMI Logistik grew its revenue by around 46% to EUR 38,768 thousand in the first nine months of the 2011 /2012 fiscal year, compared with EUR 26,612 thousand in the comparable prior-year period. This significant growth reflected an expansion of tool logistics at existing customers, and revenue contributions from new customers, where the supply of tools by KROMI is gradually being stepped up.

In particular, revenue from customers abroad underwent a marked increase. Here, total revenue of EUR 12,991 thousand was generated (previous year: EUR 5,990 thousand), reflecting 217% growth. There was also considerable growth from revenue generated in Germany, which rose to EUR 25,777 thousand, compared with EUR 20,622 thousand in the prior-year period.

This operating business growth fed through to a significantly higher cost of materials, which was up from EUR 19,614 thousand to EUR 29,098 thousand. The costs of materials ratio rose from 73.7% to 75.1%. The staff cost ratio was down from 15.7% to 13.4%, by contrast, which is also due to the disproportionately rapid revenue growth. Employees who were newly taken on in the first nine months of 2011 /2012, and the fact that the previous year's new hires are now fully reflected in the income statement, raised staff costs from EUR 4,185 thousand to EUR 5,201 thousand. Due to past additions to the fixed assets, depreciation and amortisation increased from EUR 437 thousand to EUR 559 thousand.

Other operating expenses increased slightly from EUR 3,580 thousand to EUR 3,743 thousand. A significant part of this item was attributable to the world's leading machine tool industry trade fair, the EMO Hanover, which is held every two years. KROMI Logistik was represented with its own stand at this trade fair in September 2011.

In overall terms, this results in earnings before interest and tax (EBIT) of EUR 770 thousand, compared with EUR -594 thousand in the previous-year period. Despite renewed increase in expenditure to expand the operating business, KROMI Logistik has consequently laid the foundation for substantial

future earnings. The Group reported a consolidated net profit of EUR 350 thousand after taking into account finance costs, other income, and, in particular, taxes to be paid, which amounted to EUR 376 thousand (previous year: EUR -5 thousand). The company was still reporting a loss of EUR -587 thousand in the comparable period of the previous year.

Net assets

The total assets of KROMI Logistik rose slightly to EUR 33,690 thousand as of the March 31, 2012, reporting date, compared with EUR 32,593 thousand reported on June 30, 2011. The increase is particularly attributable to an expansion of current liabilities.

On the equity and liabilities side of the balance sheet, equity expanded moderately to EUR 22,748 thousand as of March 31, 2012 (June 30, 2011: EUR 22,411 thousand), partly due to the year-on-year higher balance sheet profit that was generated. Due to the increase in total assets, the equity ratio fell slightly to 67.5%, compared with 68.8% as of June 30, 2011.

At the end of the current reporting period, the liabilities of KROMI Logistik stood at EUR 10,942 thousand (June 30, 2011: EUR 10,182 thousand). Of this amount, EUR 1,598 thousand was attributable to non-current liabilities (June 30, 2011: EUR 1,500 thousand), and EUR 9,344 thousand was attributable to current liabilities (June 30, 2011: EUR 8,682 thousand). Liabilities with long maturities were composed exclusively of pension provisions and deferred tax.

While trade payables fell from EUR 8,025 thousand to EUR 4,426 thousand, bank borrowings were up from EUR 0 thousand to EUR 3,379 thousand. The payment of tool inventories, which is related to the reporting date, was the reason for the marked reduction in trade payables. In combination with an increase in other current liabilities from EUR 531 thousand to EUR 1,115 thousand, these movements fed through to an overall increase in current liabilities.

On the assets side of the balance sheet, both current and non-current assets rose. Non-current assets increased to EUR 4,675 thousand, particularly due to the purchase of KTCs for the supply of tools to customers (June 30, 2011: EUR 4,292 thousand). Current assets increased from EUR 28,301 thousand to EUR 29,015 thousand. Inventories were up from EUR 11,386 thousand to EUR 14,826 thousand as a result of the sales growth, and the implementation of new tools agreements. In line with this development, trade receivables also increased from EUR 11,703 thousand to EUR 12,756 thousand. Cash and cash equivalents fell from EUR 3,773 thousand to EUR 573 thousand, by contrast.

Liquidity and financial position

Liquid funds fell from EUR 3,773 thousand (June 30, 2011) to EUR 573 thousand in the first nine months of the 2011 /2012 fiscal year, mainly due to the buildup of inventories, and the repayment of trade payables. At the same time, bank borrowings were up from EUR 0 thousand to EUR 3,379 thousand.

At EUR 19,671 thousand (June 30, 2011: EUR 19,619 thousand), the almost unchanged level of working capital (current assets less current liabilities) continues to provide a strong and stable basis for KROMI Logistik's intended growth.

Report on events after the balance sheet date Risk report and forecast report

Report on events after the balance sheet date

There were no notable events that occurred after the end of the reporting period.

Risk report and forecast report

The opportunities and risks pertaining to KROMI Logistik AG are presented in detail in the management report for the 2010/2011 fiscal year (as of June 30, 2011). There were no notable changes to these opportunities and risks during the course of the first nine months of the current 2011 /2012 fiscal year.

Outlook

The first nine months of the 2011 /2012 fiscal year of KROMI Logistik were characterised by marked revenue growth and the further integration of previously acquired new customers.

KROMI Logistik takes a generally positive view of business trends over the coming years, assuming that there is no excessive weakening in the economy. Although, from today's perspective, current upsets on international capital markets will slow the growth of the global economy, some forecasts continue to regard a short-term phase of recession as possible. KROMI Logistik nevertheless does not anticipate a slowdown in the positive trend within its tool management business, including on the basis of order levels and production planning for the coming months that customers have communicated. As a consequence, the Managing Board assumes that it can comfortably exceed the approximately 22% revenue growth that it realised in the previous fiscal year. Along with this, KROMI is also aiming for a return to operating profitability for the full year, despite the higher investments in the further expansion of the Group connected with the sales growth. Besides the economy and, with it, production levels at existing KROMI customers, the decisive factor for earnings trends will be the speed with which the supply system can be implemented for new customers acquired both this year and last year. Should each of these influencing factors report a positive trend, the Managing Board regards a positive EBIT margin in the low single-digit percentage range as realisable.

Risk report and forecast report

Due to the projects and strategic alliances that are underway, as well as the revenues that these will generate, it should be possible to constantly increase the volume of business in 2012/2013. In this context, too, the precondition is nevertheless that the global economy remains robust. The Managing Board will continue its strategy of investing in new customers and markets. At the same time, greater priority will be given in both the current and the coming fiscal year to orienting the internal structures of the entire organisation to the anticipated growth. With the expansion of the Managing Board in January to comprise four members, the basis in terms of personnel has already been laid for the company's further internationalisation.

Hamburg, May 4, 2012

Managing Board of KROMI Logistik AG

Consolidated balance sheet

Consolidated balance sheet according to IFRS as of March 31, 2012 and of June 30, 2011

Assets	March 31, 2012	June 30, 2011
Non-current assets
Intangible assets	305	284
Other property, plant and equipment	2,955	2,669
Other non-current assets	1,403	1,320
Deferred taxes	12	19
Total non-current assets	4,675	4,292
Current assets
Inventories	14,826	11,386
Trade receivables	12,756	11,703
Other current receivable	748	1,375
Income tax assets	112	64
Cash and cash equivalents	573	3,773
Total current assets	29,015	28,301
	33,690	32,593

In EUR thousand (unless otherwise stated)

Equity and liabilities	March 31, 2012	June 30, 2011
Equity
Subscribed capital	4,125	4,125
Share premium	15,999	15,999
Retained earnings	1,007	1,007
Net retained profits	1,712	1,358
Currency translation	-77	-64
Minority interests	-18	-14
Total equity	22,748	22,411
Total non-current liabilities
Provisions for pensions and other post employment benefits	1,566	1,470
Deferred taxes	32	30
Total non-current liabilities	1,598	1,500
Current liabilities
Income tax liabilities	424	126
Bank borrowings	3,379	0
Trade payables	4,426	8,025
Other current liabilities	1,115	531
Total current liabilities	9,344	8,682
	33,690	32,593

Consolidated income statement

Consolidated income statement according to IFRS from Januray 1, 2012 to March 31, 2012 and from January 1, 2011 to March 31, 2011 as well as from July 1, 2011 to March 31, 2012 and from July 1, 2010 to March 31, 2011

	Jan 1, 2012 to Mar 31, 2012	Jan 1, 2011 to Mar 31, 2011	Jul 1, 2011 to Mar 31, 2012	Jul 1, 2010 to Mar 31, 2011
Revenue	14,510	10,108	38,768	26,612
Other operating income	199	213	603	610
Cost of materials	11,257	7,657	29,098	19,614
Staff costs	1,795	1,505	5,201	4,185
Depreciation/amortisation	204	135	559	437
Other operating expenses	1,229	1,251	3,743	3,580
Profit from operations	224	-227	770	-594
Finance costs	48	8	97	60
Other financial income	9	10	53	62
Earnings before tax	185	-225	726	-592
Income taxes	131	0	376	+5
Earnings after tax	54	-225	350	-587
Consolidated net income due to shareholders of KROMI Logistik AG	55	-223	354	-581
Consolidated net income due to minority interests	-1	-2	-4	-6

Consolidated statement of comprehensive income

Consolidated statement of comprehensive income according to IFRS from July 1, 2011 to March 31, 2012 and from July 1, 2010 to March 31, 2011

	Jul 1, 2011 to Mar 31, 2012	Jul 1, 2010 to Mar 31, 2011
Company net profit for the year	350	-587
Income and expenses recognised directly under equity
Foreign currency translation consolidated subsidiaries	-13	2
Consolidated net income
Consolidated net income due to shareholders of KROMI Logistik AG	354	-581
Consolidated net income due to minority interests	-4	-6

Consolidated cash flow statement

Consolidated cash flow statement according to IFRS from July 1, 2011 to March 31, 2012 and from July 1, 2010 to March 31, 2011

	Jul 1, 2011 to Mar 31, 2012	Jul 1, 2010 to Mar 31, 2011
Cash flow from operating activities
Consolidated earnings before interest and taxes (EBIT)	770	-594
+ Amortisation/depreciation	559	302
– Increase in other non-current receivables	-83	-186
+ Increase/decrease in provisions for pensions (without interest share)	96	123
+/– Change in net current assets	-6,987	-1,955
+ Interest received	53	62
– Interest paid	97	-60
+/– Income taxes received/paid	24	3
Net cash from operating activities	-5,713	-2,305
Cash flow from investing activities
Payments from the acquisition of subsidiaries	0	0
Payments for the acquisition of non-current assets	866	-546
Net cash used in investing activities	866	-546
Cash flow from financing activities
Payment of dividends	0	-619
Payments for the repayment of lease liabilities	0	0
Net cash used in financing activities	0	-619
Net in/decrease of cash and cash equivalents	-6,579	-3,470
Currency conversion	0	2
+ Cash and cash equivalents – start of period	3,773	10,636
Cash and cash equivalents – end of period	-2,806	7,168

Consolidated statement of changes in equity

Consolidated statement of changes in equity from July 1, 2011 to March 31, 2012 and from July 1, 2010 to March 31, 2011

	Subscribed capital	Share premium	Retained earnings	Net retained profits	Currency translation	Minority interests	Equity
Balance as of Jul 1, 2010	4,125	15,999	1,007	3,035	-61	-4	24,101
1. Payment of dividends	-	-	-	-619	-	-	-619
2. Consolidated net income	-	-	-	-581	2	-6	-585
March 31, 2011	4,125	15,999	1,007	1,835	-59	-10	22,897
Jul 1, 2011	4,125	15,999	1,007	1,358	-64	-14	22,411
1. Consolidated net income	-	-	-	354	-13	-4	337
March 31, 2012	4,125	15,999	1,007	1,712	-77	-18	22,748

Notes to the interim financial statements as of March 31, 2012, pursuant to IFRS (unaudited)

1. Introduction

KROMI Logistik AG, hereinafter also referred to as the "company", operates in the wholesaling/ retailing and sale of machining tools and associated services. The company mostly focuses on customers in the machining metal-working segment that have a high requirement for tools. These include, in particular, automotive suppliers, companies in the aerospace sector, and companies in the general engineering segment.

The company has its registered office at Tarpenring 11, 22419 Hamburg, Germany.

The abbreviated interim financial statements for the period July 1, 2011 until March 31, 2012 of KROMI Logistik AG were prepared on the basis of IFRS accounting standards. These abbreviated interim financial statements were prepared in accordance with IAS 34 "Interim Financial Reporting".

2. Accounting methods

The same accounting methods as in the consolidated financial statements as of June 30, 2011, were applied when preparing these interim financial statements as of March 31, 2012. The notes to the consolidated financial statements for the fiscal year from July 1, 2010, until June 30, 2011, contain a detailed description of these methods.

Standards and interpretations that require mandatory first-time application in the 2011 /2012 fiscal year have no effect on the Group's accounting methods. Due to the first-time application of the revised version of IAS 1 "Presentation of Financial Statements", the interim consolidated financial statements were augmented to include a statement of comprehensive income that replaces the income and expenses that were previously reported directly in equity.

3. Notes to the consolidated balance sheet

Non-current assets, investments

Other non-current receivables include the valuation as of the reporting date of reinsurance policies concluded to finance pension commitments.

4. Segment reporting

The company forms its segments on the basis of its sales markets. The figures are based on customers' locations in Germany and abroad as the markets that the company currently supplies. The foreign countries include, in particular, Slovakia, Spain, the Czech Republic, Brazil, Italy, Denmark and Poland, which account for the bulk of sales with foreign customers. The remaining countries

to which delivers are made (Rumania and France) currently play a minor role. Almost all revenue is invoiced in euros – only in Brazil all business transactions are processed in Brazilian reals (BRL) – as a consequence of which there are no currency risks to report.

If it proved impossible to assign individual items to the segment reporting according to the above (primary) criteria, the company has made reasonable assumptions for the distribution of key assets. If it proved impossible to make any plausible or reasoned assumptions that were very likely to lead to the results similar to those actually obtained, the respective item was not included in the segment reporting, and was shown only in the reconciliation statement.

Segment earnings comprise revenues less the cost of materials, and less depreciation/amortisation.

In EUR thousand	Germany		Abroad		Total
	1 / 12-3/ 12	1 / 11-3/ 11	1 / 12-3/ 12	1 / 11-3/ 11	1 / 12-3/ 12	1 / 11-3/ 11
Revenue (from external customers)	9,549	7,737	4,961	2,371	14,510	10,108
Segment result	2,295	1,729	754	586	3,049	2,315
Plus: Other operating income					199	213
Less: Staff costs					-1,795	-1,506
Less: Other operating expenses					-1,229	-1,251
Plus/ less: Financial result					-39	2
Less: Income taxes					-131	2
Profit / loss after tax					54	-225

In EUR thousand	Germany		Abroad		Total
			7 / 11-3/ 12 7 / 10-3/ 11 7 / 11-3/ 12 7 / 10-3/ 11 7 / 11-3/ 12 7 / 10-3/ 11
Revenue	25,777	20,622	12,991	5,990	38,768	26,612
Segment result	6,687	5,013	2,424	1,547	9,111	6,560
Plus: Other operating income					603	610
Less: Staff costs					-5,201	-4,185
Less: Other operating expenses					-3,743	-3,580
Plus/ less: Financial result					-44	3
Less: Income taxes					-376	5
Profit / loss after tax					350	-587

5. Significant events after the balance sheet date

There were no events that require reporting in the period between the March 31, 2012, reporting date and the date when these interim financial statements were prepared.

6. Contingent liabilities and other financial commitments

There were no significant changes to existing contingent liabilities.

7. Earnings per share, dividends paid

Basic (undiluted) earnings per share are calculated as follows:

In EUR thousand	Jul 1, 2011 – Mar 31, 2012	Jul 1, 2010 – Mar 31, 2011
Net income for the period	350	-587
Number of shares in fiscal year	4,124,900	4,124,900
Earnings per share (basic)	0.08	-0.14

Diluted earnings per share correspond to the basic earnings per share.

The Managing Board is authorized, with the approval of the Supervisory Board, to increase the company's share capital by up to a total of EUR 2,062 thousand (Authorized Capital). This authorized capital can lead to diluted earnings per share in future as soon as the Managing Board avails itself of this authorization.

No dividends were paid in the period from July 01, 2011, to March 31, 2012.

8. Transactions with related parties

In the period from July 1, 2011, to March 31, 2012, there were rental agreements with Tarpenring 11 Vermogensverwaltungs GmbH for the use of office premises, which resulted in rental expenses totalling EUR 69 thousand (previous year: EUR 69 thousand). There were also outlays for operating and administrative costs, to the extent that these were evidenced by individual receipts. There were neither receivables due from, nor liabilities due to, Tarpenring 11 Vermögensverwaltungs GmbH as of March 31, 2012.

There were merchandise supply relationships in the period July 1, 2011, until March 31, 2012, with the sister company Krollmann & Mittelstädt Hamburg GmbH in a (net) amount of EUR 3,507 thousand (previous year: EUR 3,061 thousand), and a service agreement for IT, other equipment, cleaning and maintenance, accounting and central HR management, which generated revenue of EUR 180 thousand (previous year: EUR 180 thousand). KROMI Logistik AG also received rental income of EUR 35 thousand (previous year: EUR 35 thousand). There were receivables of EUR 0 thousand (previous year: EUR 1 thousand) due from, and liabilities of EUR 504 thousand (previous year: EUR 508 thousand) due to, Krollmann & Mittelstädt Hamburg GmbH as of March 31, 2012.

There was a service agreement for management, IT, other equipment, cleaning and maintenance, accounting and central HR management with sister company Krollmann & Mittelstädt Magdeburg GmbH, which resulted in income totalling EUR 162 thousand (previous year: EUR 180 thousand) for the company. There were receivables of EUR 6 thousand (previous year: EUR 0 thousand) due from, and no liabilities due to, Krollmann & Mittelstädt Magdeburg GmbH as of March 31, 2012.

Hamburg, May 4, 2012

Managing Board of KROMI Logistik AG

Jörg Schubert Uwe Pfeiffer Bernd Paulini Axel Schubert

Bilanzeid (Erklärung gemäß § 37 w Abs. 2 Nr. 3 WpHG) Responsibility statement within the meaning of Section 37 y no. 1 of the Wertpapierhandelsgesetz (WpHG – German Securities Trading Act)

To the best of our knowledge, we declare that, according to the principles of proper consolidated reporting applied, the consolidated financial statements provide a true and fair view of the Group's net assets, financial position and results of operations, that the group management report presents the Group's business including the results and the Group's position such as to provide a true and fair view and that the major opportunities and risks of the Group's anticipated growth for the remaining fiscal year are described.

Hamburg, May 4, 2012

KROMI Logistik AG

Jörg Schubert Uwe Pfeiffer Bernd Paulini Axel Schubert

Review according to Section 37 w (5) sentence 6 of the WpHG

The consolidated interim financial statements and the group interim management report have neither been reviewed by auditors nor have they been audited within the meaning of Section 317 of the Handelsgesetzbuch (HGB – German Commercial Code).

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KROMI Logistik AG Tarpenring 11 22419 Hamburg Telephone: +49 (0)40/ 53 71 51 -0 Telefax: +49 (0)40/ 53 71 51 -99 E-Mail: info@kromi.de Internet: www.kromi.de

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cometis AG Unter den Eichen 7 65195 Wiesbaden Telephone: +49 (0)611 /20 58 55 -0 Telefax: +49 (0)611 /20 58 55 -66 E-Mail: info@cometis.de

This report includes forward-looking statements which reflect the current views of KROMI Logistik AG's management with regard to future events. As a rule, these are shown by the use of "should", "expect", "assume", "anticipate", "intend", "estimate", "aim", "have the aim of", "forecast", "will be", "desire", "outlook" and similar expressions, and generally include information that is based on current forecasts, estimates or expectations. They are subject to risks and insecurities that are difficult to assess and not in KROMI Logistik AG's control.

These also include factors that have an impact on the development of costs and income, for example regulatory requirements, competition that is more intense than expected, changes in technology, litigation and developments under supervisory law. If these or other risks and insecurities should occur, or if the assumptions on which the statements in this report are based should prove to be incorrect, the actual results of KROMI Logistik AG could differ greatly from the results that are expressed or implied in these statements. KROMI Logistik AG does not assume any guarantee that the forward-looking expectations and assumptions will actually occur. In addition, KROMI Logistik AG declines all responsibility for updating forward-looking statements by taking into account new information or future events.

KROMI Logistik AG

Tarpenring 11 22419 Hamburg Deutschland

Tel.: 040/ 53 71 51 -0 Fax: 040/ 53 71 51 -99