MBB SE — Interim / Quarterly Report 2011

Aug 31, 2011

Half-Year Financial Report 2011 MBB Industries AG . Berlin

Half-Year Fin nancial Report 2 011

MBB Industri es AG

MBB Industries in figures

Half-year (1 January - 30 June)	2010	2011	Change
(unaudited)	IFRS	IFRS	2010/ 2011
	continuing	continuing
	operations	operations
Earnings figures	€ thou	€ thou	%
Revenue	49.446	51.916	5,0
Operating performance	49.681	52.115	4,9
Total performance	52.277	53.531	2,4
Cost of materials	-35.195	-32.359	-8,1
Staff costs	-10.104	-11.613	14,9
EBITDA	3.399	4.421	30,1
EBITDA margin	6,8%	8,5%	25,0
EBIT	1.680	2.649	57,7
EBIT margin	3,4%	5,1%	50,0
EBT	1.290	2.657	106,0
EBT margin	2,6%	5,1%	96,2
Earnings from continuing operations	1.550	2.258	45,7
Earnings from discontinued operations	-401	36
Consolidated net profit after non-controlling interests	1.149	2.294	99,7
Number of shares	6.600.000	6.600.000	0,0
eps in €	0,17	0,35	99,7
	31 Dec.	30 June
Figures from the statement of financial position	2010	2011
	€ thou	€ thou	%
Non-current assets	39.445	37.577	-4,7
Current assets	52.304	52.141	-0,3
Of which cash and cash equivalents*	33.147	31.526	-4,9
Issued capital (share capital)	6.600	6.600	0,0
Other equity	40.833	41.713	2,2
Total equity	47.433	48.313	1,9
Equity ratio	51,7%	53,8%	4,1
Non-current liabilities and provisions	24.390	21.973	-9,9
Current liabilities and provisions	19.926	19.432	-2,5
Total assets	91.749	89.718	-2,2
Net debt (-)/net cash (+) *	14.846	14.582	-1,8
	31 Dec.	30 June
Employees	2010	2011	%
Technical Applications	178	177	-0,6
Industrial Production	383	373	-2,6
Trade & Services	104	102	-1,9
Total	665	652	-2,0

* This figure includes securities and physical gold stocks.

Contents

MBB Industries in figures	3
Contents	4
Welcome Note from the Managing Board	5
Consolidated Interim Group Management Report	6
Business and economic conditions	6
Net assets, financial position and results of operations	6
Segment performance	7
Employees	7
Report on risks and opportunities	7
Supplementary report	7
Report on expected developments	7
IFRS interim consolidated financial statements	8
Notes to the interim consolidated financial statements	15
Accounting	15
Accounting policies	15
Result of discontinued operations	15
Segment reporting	16
Changes in contingent liabilities	18
Related party transactions	18
Changes in the scope of consolidation	17
Events after the end of the reporting period	18
Review	18
Responsibility statement	18
Financial Calendar	19
Contact	19
Imprint	19

W Welcome Note from m the Ma anaging B Board

De ear Shareholder rs,

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Ov ver the last six m months, the situ uation at MBB w was predomina ntly shaped by three key deve elopments:

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All res art l in all, we are surgent sense o t technologies a highly satisfie of crisis. Our di are a good prep d with recent d versification, so paration for wha developments olid substance atever kind of v and feel no ca and investmen volatile scenario use for concer ts in employees o may arise in fu rn, even given s and state-of-t uture. the the-

Th ad sh us, our main f ddition to the areholders on " ocus is curren solid developm "new family me tly on MBB's g ment of our e mbers" in futur growth through existing portfol re as well. company acq lio – we will uisitions, which regularly repor h means that – rt to you as – in our

Yo ours,

Dr Ch r. Christof Nese hief Executive O emeier Officer

Be erlin, August 31 , 2011

Gert-Maria Fr Chief Investm reimuth ment Officer

Consolidated Interim Group Management Report

MBB Industries AG (hereinafter also "MBB-AG") forms the MBB Industries Group (hereinafter also the "MBB Group") together with its portfolio companies.

Business and economic conditions

The business conditions at our portfolio companies improved significantly in the second quarter of the year. Our portfolio companies report on high incoming orders and encouraging order backlogs. The upswing throughout the economy is also driving up commodities prices and reducing the margins on our products. We are therefore facing the challenge of implementing higher product prices on the market.

Net assets, financial position and results of operations

Starting from the basis of the past financial year of 2010, the net assets and financial position are developing positively. In accordance with IFRS 5, the income statement and the following information take into account the sale of Huchtemeier Papier GmbH in 2011, the increased shareholding in Hanke Tissue and the loss of the majority in the Romanian Delignit companies in 2010 such that the prior-year figures no longer include the "discontinued operations" (companies no longer in the Group as at 30 June 2011), thereby improving the comparability of the "continuing operations".

In the first six months of the financial year, the consolidated revenue of the MBB Group rose by 5.0% as against the same period of the previous year to €51.9 million (previous year: €49.4 million).

Other operating income was down year-on-year at €1.0 million (€1.8 million) and, in addition to exchange gains, offsetting income from benefits in kind and income from securities, also included income from the reversal of provisions. The income from the deconsolidation of Huchtemeier Papier is reported separately at €0.4 million.

The ratio for cost of materials to total operating revenue declined from 70.8% in the first six months of the previous year to 62.1%.

EBITDA (earnings before interest, taxes, depreciation and amortisation) amounted to €4.4 million (previous year: €3.4 million). After depreciation and amortisation of €1.8 million, EBIT (earnings before interest and taxes) for the MBB Group in the first half of the year was €2.6 million (previous year: €1.7 million). Considering the balanced financial result, EBT (earnings before taxes) amounted to €2.7 million (previous year: €1.3 million). Earnings from continuing operations totalled €2.3 million (previous year: €1.6 million). The consolidated net profit after non-controlling interests amounted to €2.3 million or €0.35 per share including earnings of discontinued operations.

The consolidated statement of financial position as at 30 June 2011 reported equity of €48.3 million (31 December 2010: €47.4 million). Based on total consolidated assets of €89.7 million, the equity ratio thus equals 53.9%, representing a significant increase compared to 31 December 2010 (51.7%).

As of 30 June 2011, the MBB Group had liabilities to banks of €16.9 million (31 December 2010: €18.3 million) and cash and cash equivalents including securities and physical gold reserves of €31.5 million (31 December 2010: €33.1 million). The net figure for the above liabilities and cash positions (net debt/net cash) was therefore net cash of €14.6 million, virtually unchanged as against 31 December 2010 when net cash of €14.8 million was reported.

Segment performance

The following segments are reported:

• Technical Applications
• Industrial Production
• Trade & Services

In the first six months, revenue in the Technical Applications segment rose slightly compared to the previous year. The external revenue of the Technical Applications segment – namely the Delignit Group as the only equity interest in this segment – amounted to €13.8 million (previous year: €12.5 million) in the first six months; EBIT at €0.7 million, was up significantly on the previous year's figure of €-0.5 million. It should be noted that both the 2011 figures and the prior-year figures contain continuing operations only – they therefore do not include the discontinued Romanian companies.

The Industrial Production segment revenue was stable year-on-year with external revenue of €26.3 million for the period from 1 January to 30 June 2011. EBIT is slightly higher year-on-year at €1.8 million (€1.6 million).

In the Trade & Services segment, revenue rose to €11.2 million as against the previous year (€10.1 million). At €0.7 million, the segment's EBIT, which included income from the deconsolidation of Huchtemeier of €0.4 million, was up on the previous year's figure of €-0.3 million.

Employees

The number of employees in the MBB Group falls slightly at 652 as at 30 June 2011 after 665 as at 31 December 2010.

Report on risks and opportunities

The risks and opportunities of the business development of the MBB are described in the Group management report for the 2010 financial year, which is available on our Internet site.

There have been no significant changes in the risks and opportunities presented since 31 December 2010. The risk management system of MBB Industries AG is appropriate for detecting risks early on and taking direct measures.

Supplementary report

The annual meeting of July 7, 2011 approved a dividend of €0.33 per share for the business year 2010. The dividend of €2.178m was paid out on July 8, 2011.

As part of an asset deal effective 1 October 2011, DTS IT AG, a member of MBB Group, will have fully acquired the business activities of eld datentechnik GmbH, Fellbach, via a subsidiary. As a distributor for IT infrastructure systems, eld datentechnik GmbH operates throughout Germany and is specialised in IP-access- and storage-technology. The eld datentechnik unit supplements the specific DTS computing service range for second generation cloud computing.

Other than this, there have been no significant events since the end of the reporting period.

Report on expected developments

For the 2011 and 2012 financial years, the Managing Board is still forecasting increases in revenue as against 2010 for its current portfolio and a positive overall earnings level.

Berlin, August 31, 2011

The Managing Board

IFRS interim consolidated financial statements

The comparative figures for 2010 – and the 2011 figures – include only the information for continuing operations. A breakdown of the results of the discontinued operations can be found in the notes to the interim consolidated financial statements.

IFRS consolidated statement of comprehensive income half year (unaudited)	1 Jan. - 30 Jun. 2011	1 Jan. - 30 Jun. 2010
	€ thou	€ thou
Revenue	51.916	49.446
Increase (+)/decrease (-) in
finished goods and work in progress	199	235
Operating performance	52.115	49.681
Bargain purchase	0	828
Income from deconsolidation	449	0
Other operating income	967	1.768
Total performance	53.531	52.277
Cost of raw materials and supplies	-25.207	-26.473
Cost of purchased services	-7.152	-8.722
Cost of materials	-32.359	-35.195
Wages and salaries	-9.663	-8.137
Social security and
pension costs	-1.950	-1.967
Staff costs	-11.613	-10.104
Other operating expenses	-5.138	-3.579
Earnings before interest, taxes, depreciation and amortisation (EBITDA)	4.421	3.399
Amortisation and depreciation expense	-1.772	-1.719
Earnings before interest and taxes (EBIT)	2.649	1.680
Other interest and similar income	510	173
Interest and similar expenses	-502	-563
Net finance costs	8	-390
Earnings before taxes (EBT)	2.657	1.290
Income tax expense	-204	470
Other taxes	-50	-46
Profit or loss for the period	2.403	1.714
Non-controlling interests (continuing operations)	-145	-164
Profit or loss from continuing operations	2.258	1.550
Profit or loss from discontinued operations	36	-401
Consolidated net profit for the period	2.294	1.149
Earnings per share (in €)	0,35	0,17

IFRS consolidated statement of comprehensive income quarter (unaudited)	1 Apr.- 30 Jun. 2011	1 Apr.- 30 Jun. 2010
	€ thou	€ thou
Revenue	24.254	24.124
Increase (+)/decrease (-) in
finished goods and work in progress	115	318
Operating performance	24.369	24.442
Other operating income	453	1.482
Total performance	24.822	25.924
Cost of raw materials and supplies	-9.391	-12.317
Cost of purchased services	-4.605	-5.126
Cost of materials	-13.996	-17.443
Wages and salaries	-5.367	-4.093
Social security and
pension costs	-949	-912
Staff costs	-6.316	-5.005
Other operating expenses	-2.783	-1.857
Earnings before interest, taxes, depreciation and amortisation (EBITDA)	1.727	1.619
Amortisation and depreciation expense	-872	-878
Earnings before interest and taxes (EBIT)	855	741
Other interest and similar income	425	117
Interest and similar expenses	-249	-287
Net finance costs	176	-170
Earnings before taxes (EBT)	1.031	571
Income tax expense	-11	239
Other taxes	-27	-23
Profit or loss for the period	993	787
Non-controlling interests (continuing operations)	-59	-112
Profit or loss from continuing operations	934	675
Profit or loss from discontinued operations	0	-369
Consolidated net profit for the period	934	306
Earnings per share (in €)	0,14	0,05

IFRS consolidated statement of comprehensive income half year - part 2 (unaudited)	1 Jan. - 30 Jun. 2011	1 Jan. - 30 Jun. 2010
	€ thou	€ thou
Consolidated net profit	2.294	1.149
Non-controlling interests	145	164
Profit or loss for the period	2.439	1.313
Changes due to currency translation
Changes recognised in equity	-139	-442
Net profit recognised in the reporting period from
the revaluation of financial assets in the "available for sale" category	-2	381
Other comprehensive income after taxes (OCI)	-141	-61
Comprehensive income for the reporting period	2.298	1.252
Of which attributable to:
Shareholders of the parent company	2.152	1.113
Non-controlling interests	146	139

Statement of financial position		31 Dec.
Assets (IFRS)	30 Jun. 2011	2010
	unaudited	audited
	€ thou	€ thou
Non-current assets
Concessions, industrial property rights and similar rights	1.729	1.792
Goodwill	1.816	1.816
Intangible assets	3.545	3.608
Land and buildings including
buildings on third-party land	15.019	15.239
Technical equipment and machinery	8.762	9.524
Other equipment, operating and office equipment	2.297	2.323
Advance payments and assets under development	1.107	935
Property, plant and equipment	27.185	28.021
Investments in associates	0	45
Investment securities	4.684	5.083
Other loans	318	363
Financial assets	5.002	5.491
Deferred tax assets	1.845	2.325
	37.577	39.445
Current assets
Raw materials and supplies	5.603	3.741
Work in progress	2.879	2.474
Finished goods	6.292	6.581
Inventories	14.774	12.796
Trade receivables	7.831	8.325
Other current assets	2.694	3.119
Trade receivables and other current assets	10.525	11.444
Gold and commodities	1.823	1.852
Securities	11.342	8.568
Available-for-sale financial assets	13.165	10.420
Cash in hand	8	6
Bank balances	13.669	17.638
Cash in hand, bank balances	13.677	17.644
	52.141	52.304

Statement of financial position		31 Dec.
Equity and liabilities (IFRS)	30 Jun. 2011	2010
	unaudited	audited
	€ thou	€ thou
Equity
Issued capital	6.600	6.600
Capital reserves	15.251	15.251
Legal reserve	61	61
Retained earnings	24.330	23.153
Non-controlling interests	2.071	2.368
	48.313	47.433
Non-current liabilities
Pension provisions	4.814	5.164
Liabilities to banks	13.516	13.430
Other provisions	681	1.907
Other liabilities	149	965
Deferred tax liabilities	2.813	2.924
	21.973	24.390
Current liabilities
Liabilities to banks	3.428	4.871
Other liabilities	2.588	3.043
Tax provisions	280	257
Provisions with the nature of a liability	3.943	1.954
Trade payables	9.173	9.777
Advance payments received	20	24
	19.432	19.926
Total liabilities and equity	89.718	91.749

Consolidated statement of cash flows (1 January - 30 June) (unaudited)	2011 € thou	2010 € thou
1. Cash flow from operating activities
Earnings before interest and taxes (EBIT)	2.649	1.680
Adjustments for non-cash transactions
- Write-downs on non-current assets	1.772	1.719
- Increase (+)/decrease (-) in provisions	664	312
- Income from deconsolidation	-449	0
- Other non-cash expenses/income	-171	-971
Change in working capital:	1.816	1.060
- Increase (-)/decrease (+) in inventories, trade receivables and other assets	-3.133	-3.283
- Decrease (-)/increase (+) in trade payables
and other liabilities	879	1.062
	-2.254	-2.221
- Income taxes paid - Interest received	-231 510	-46 173
	279	127
Cash flow from operating activities	2.490	646
2. Cash flow from investing activities
- Investments (-)/divestments (+) of intangible assets	-45	-48
- Inflows (+)/outflows (-) for divestments/investments in
property, plant and equipment	-844	-1.024
- Investments (-)/divestments (+) of financial assets	45	-5
- Investments (-)/divestments (+) of available-for-sale financial assets and securities	-2.348	-3.282
- Acquisition of sub-holding	-2.000	0
- Disposal (+)/Acquisition (-) of consolidated companies
(less cash and cash equivalents sold/received)	513	-353
Cash flow from investing activities	-4.679	-4.712
3. Cash flow from financing activities
- Proceeds from borrowing financial loans	0	551
- Repayments of financial loans	-1.268	-642
- Interest payments	-502	-563
Cash flow from financing activities	-1.770	-654
Cash and cash equivalents at end of period
Change in cash and cash equivalents
(Subtotal 1-3) Effects of changes in foreign exchange rates (non-cash)	-3.959 -8	-4.720 0
Cash and cash equivalents at start of reporting period	17.644	27.462
Cash and cash equivalents at end of period	13.677	22.742
Composition of cash and cash equivalents
- Cash in hand	8	9
- Bank balances	13.669	22.733
Reconciliation to liquidity reserve on 30 June
Cash and cash equivalents at end of period	13.677	22.742
- Gold	1.823	1.050
- Securities	16.026	11.065
Liquidity reserve on 30 June	31.526	34.857

Statement of changes in consolidated equity (unaudited)

				Re	ine ing d e ta arn	s
	Iss d ue ita l ca p	Ca ita l p res erv es	Leg l a res erv e	Cu rre ncy lat ion tra ns i f fer d en ce	Av i la b le a for le sa f ina ia l nc ets ass	Ge d rat ne e l i da d te co nso ity eq u	S ha f re o M B B A G ha ho l de s re rs f o	No n l l ing ntr co o int sts ere	Co l i da d te ns o ity eq u
	€ t ho u	€ t ho u	€ t ho u	€ t ho u	€ t ho u	€ t ho u	€ t ho u	€ t ho u	€ t ho u
1 Jan 2 01 0	6. 6 0 0	15 25 1	61	-2. 4 0 0	-5 6	3 2.4 74	51 9 3 0	3. 65 6	55 .5 8 6
D iv i de ds i d n a	0	0	0	0	0	-3. 3 0 0	-3. 3 0 0	0	-3. 3 0 0
p Su bto l ta	6. 6 0 0	15 25 1	6 1	-2. 4 0 0	-5 6	29 174	4 8. 6 3 0	3. 65 6	5 2. 28 6
Am ise d in he he ive nts ot ou re co g n r c om p re ns
inc om e	0	0	0	0	6 6 1	0	6 6 1	0	6 6 1
Cu lat ion d i f fer tr rre ncy an s en ce	0	0	0	3 0 1	0	0	3 0 1	19 0	4 9 1
Co l i da d n f it te et nso p ro	0	0	0	0	0	-6. 8 44	-6. 8 44	8 9	-6. 75 5
ive inc To l c he ta om p re ns om e	0	0	0	3 01	6 61	-6. 84 4	-5. 8 8 2	27 9	-5. 6 0 3
C ha fro ita l inc f De l ig it A G ng e m ca p rea se o n	0	0	0	0	0	0	0	1. 22 0	1. 22 0
C ha fro de l i da ion t ng e m co nso	0	0	0	2. 3 17	0	0	2. 3 17	-2. 78 7	-47 0
31 De 2 01 0 c.	6. 6 0 0	25 15 1	61	21 8	6 05	2 2. 3 3 0	0 65 45	2. 3 6 8	3 3 47 .4
D iv i de ds i d n p a	0	0	0	0	0	0	0	0	0
Su bto l ta Am ise d in he he ive nts ot ou re co g n r c om p re ns	6. 6 0 0	15 25 1	6 1	21 8	6 05	22 3 3 0	45 0 65	2. 3 6 8	47 4 3 3
inc om e	0	0	0	0	-2	0	-2	0	-2
Cu lat ion d i f fer tr rre ncy an s en ce	0	0	0	-14 0	0	0	-14 0	1	-13 9
Co l i da d n f it te et nso p ro	0	0	0	0	0	2. 29 4	2. 29 4	14 5	2. 4 3 9
ive inc To l c he ta om p re ns om e	0	0	0	-14 0	-2	2. 2 94	2.1 5 2	14 6	2. 2 9 8
No l l ing int D T S I T A G tro sts n-c on ere	0	0	0	0	0	0	0	44 0	44 0
C ha fro is it ion f s b- ho l d ing ng e m ac q o u u	0	0	0	0	0	-9 75	-9 75	-1. 0 25	-2. 0 0 0
C ha fro de l i da ion t ng e m co nso	0	0	0	0	0	0	0	14 2	14 2
3 0 Ju 2 01 1 n.	6. 6 0 0	15 25 1	61	7 8	6 0 3	2 3. 64 9	4 6. 24 2	2. 07 1	4 8. 31 3

Page 14

Notes to the interim consolidated financial statements

Accounting

The half-year financial report of the MBB Group for the period 1 January 2011 to 30 June 2011 was prepared on the basis of the International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board (IASB) as adopted in the EU. It was prepared in accordance with IAS 34.

Accounting policies

The accounting policies adopted are the same as those of the consolidated financial statements as at 31 December 2010. The preparation of the financial statements was influenced by recognition and measurement policies in addition to assumptions and estimates affecting the amount and reporting of recognised assets, liabilities, contingent liabilities and income and expense items. Matters relating to sales are deferred intra-year.

Result of discontinued operations

Effective 1 January 2011, MBB Industries AG sold its interest in Huchtemeier Verwaltung GmbH and thereby its 80% share in Huchtemeier Papier GmbH. This sale is shown as a discontinued operation in line with IFRS 5. The comparative figures for 2010 include the results of the Romanian companies S.C. Cildro S.A., S.C. Cildro Service Srl. and S.C. Delignit Romania Srl., which were majority sold in 2010, in the results of discontinued operations.

Result of discontinued operations	1 Jan. -	1 Jan. -
	30 Jun. 2011 € thou	30 Jun. 2010 € thou
Revenue	4.047	14.385
Other operating income	7	226
Increase (+)/reduction (-) in inventories of finished goods and work in progress	0	154
Operating performance	4.054	14.765
Cost of raw materials and supplies	-3.675	-10.591
Cost of purchased services	-25	-1.001
Cost of materials	-3.700	-11.592
Wages and salaries	-167	-1.357
Social security and
pension costs	-29	-436
Staff costs	-196	-1.793
Other operating expenses	-93	-1.358
Earnings before interest, taxes, depreciation and amortisation (EBITDA)	65	22
Amortisation and depreciation expense	-5	-282
Earnings before interest and taxes (EBIT)	60	-260
Other interest and similar income	0	0
Interest and similar expenses	-22	-190
Net finance costs	-22	-190
Earnings before taxes (EBT)	38	-450
Income tax expense	0	-85
Other taxes	0	0
Profit or loss for the period	38	-535
Non-controlling interests (continuing operations)	-2	134
Profit or loss from discontinued operations	36	-401
Earnings per share (in €)	0,01	-0,06

Segment reporting

MBB's management divides the segments as reported in the interim Group management report.

1 Jan. - 30 Jun. 2011 (unaudited)	Technical Applications	Industrial Production	Trade & Services	Reconciliation	Group
	€ thou	€ thou	€ thou	€ thou	€ thou
Revenue from third parties	13.755	26.316	11.236	609	51.916
Other segments	416	118	12	-546	0
Total revenue	14.171	26.434	11.248	63	51.916
Earnings (EBIT)	654	1.761	742	-508	2.649
Amortisation and depreciation expense Share of the profit from the	328	1.089	341	14	1.772
associated company	0	0	0	0	0
Investments	20	415	296
Investments in associates	0*	0	0
Segment assets	16.603	32.101	6.757
Segment liabilities	4.748	8.742	2.621

* Figures as of 30 June 2011 were not available at the time of production of this report

** The shares held in the Romanian companies are reported in the Technical Applications segment at a value of €1.

1 Jan. - 30 Jun. 2010 (unaudited)	Technical Applications	Industrial Production	Trade & Services	Reconciliation	Group
	€ thou	€ thou	€ thou	€ thou	€ thou
Revenue from third parties	12.540	26.255	10.051	600	49.446
Other segments	1.273	100	2	-1.375	0
Total revenue	13.813	26.355	10.053	-775	49.446
Earnings (EBIT)	-514	1.638	-26	582	1.680
Amortisation and depreciation expense Share of the profit from the	331	949	309	130	1.719
associated company	0	0	0	0	0
Investments	87	1.113	43
Investments in associates	0	0	0
Segment assets	17.389	32.180	5.406
Segment liabilities	5.871	9.475	2.380

Segment liabilities do not include any obligations arising from taxes, finance leases or liabilities to banks.

Changes in the scope of consolidation

DTS IT AG was founded by way of notarised contract on 1 March 2011 with its headquarters in Herford. It was entered in the commercial register on 4 March 2011. The object of the company is the management of its own assets, including in particular forming and acquiring, investing in, managing and selling companies in Germany and abroad, particularly in the field of information technology. The initial capital of the company was €2,200 thousand, divided into 2,200,000 no-par value shares. MBB Industries AG holds 80% in the company. On 5 April 2011, DTS Systeme GmbH and ICSmedia GmbH were regrouped under DTS IT AG. The three companies form the DTS Group.

Effective 1 January 2011, the shares in Huchtemeier Verwaltungs GmbH, Dortmund, and thereby the 80% stake in Huchtemeier Papier GmbH, Dortmund, were sold to Mr. Alfred Voßschulte. The following table shows the calculation of the gain on disposal generated.

	30 Jun. 2011 € thou
Consideration received in the form of cash	515
Assets and liabilities disposed of due to loss of control
Current assets
Cash and cash equivalents	2
Trade receivables	1.278
Inventories	204
Other current assets	577
Non-current assets
Deferred taxes	390
Financial assets	45
Property, plant and equipment	11
Intangible assets	5
Non-controlling interests	-141
Current liabilities
Loans payable	89
Liabilities	3.299
Non-current liabilities
Provisions for pensions	225
Deferred taxes	6
Net assets sold	-966
Gain on the disposal of subsidiaries
Consideration received	515
Net assets sold	-966
Gain on disposal	449
Net inflow of cash from the sale of subsidiaries
Cash and cash equivalents received	515
Less cash and cash equivalents disposed of with the sale	2
Net inflow	513
Cash flow from discontinued operations
	1 Jan. - 30 Jun. 2011
Cash flow from operating activities	126
Cash flow from investing activities	-3
Cash flow from financing activities	-125
Net cash flow from discontinued operations	-2

Changes in contingent liabilities

There were no changes in contingent liabilities as against 31 December 2010.

Related party transactions

Business transactions between Group companies that are fully consolidated and Group companies that are not fully consolidated are conducted as at arm's length.

Events after the end of the reporting period

For information on events after the end of the reporting period, please see the supplementary report on page 4 of the interim Group management report.

Review

The condensed interim financial statements as at 30 June 2011 and the interim Group management report were neither audited in accordance with section 317 HGB nor were they reviewed by an auditor.

Responsibility statement

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.

Berlin, August 31, 2011

The Managing Board

Financial Calendar

Analysts' Conference German Equity Forum Frankfurt/Main

22 November 2011, 12:45 pm, "London" room

Quarterly Financial Report Q3/2011

30 November 2011

End of the financial year

31 December 2011

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Contact

MBB Industries AG Joachimstaler Straße 34 10719 Berlin Tel.: +49 (0) 30 844 15 330 Fax.: +49 (0) 30 844 15 333 www.mbbindustries.com anfrage@mbbindustries.com

Imprint

© MBB Industries AG Joachimstaler Strasse 34 10719 Berlin

Cover photo: Andreas Rose

MBB Industries AG . Joachimstaler Straße 34 . 10719 Berlin, Germany . www.mbbindustries.com