SARTORIUS AG

Göttingen

Sartorius Group Annual Report 2012

This annual report contains statements concerning the Sartorius Group's future performance. These statements are based on assumptions and estimates. Although we are convinced that these forward-looking statements are realistic, we cannot guarantee that they will actually apply. This is because our assumptions harbor risks and uncertainties that could lead to actual results diverging substantially from the expected ones. It is not planned to update our forward-looking statements.

This is a translation of the original German-language annual report. Sartorius shall not assume any liability for the correctness of this translation. The original German annual report is the legally binding version. Furthermore, Sartorius reserves the right not to be responsible for the topicality, correctness, completeness or quality of the information provided. Liability claims regarding damage caused by the use of any information provided, including any kind of information which is incomplete or incorrect, will therefore be rejected.

Throughout the Annual Report, differences may be apparent as a result of rounding during addition.

To Our Shareholders 01

Report of the Executive Board

Ladies and Gentlemen,

I am pleased to report that 2012 was another very successful business year for Sartorius. This was based on sales and earnings growth, especially implementing key components of our long-term strategy for 2020.

As for our financial results, we closed fiscal 2012 even better than what was forecasted at the beginning of the year. Our sales revenue was up slightly more than 15% from a year earlier at €845.7 million and rose more than 11% in constant currencies. Despite significant investments and expanded sales activities, we still increased operating earnings by approximately 20% and achieved an underlying EBITA margin of 16%. Based on these results, the Supervisory Board and the Executive Board will submit a proposal at the Annual Shareholder's Meeting on April 18, 2013, to raise dividends again substantially to €0.96 per preference share and €0.94 per ordinary share.

The excellent development of Sartorius' shares in fiscal year 2012 also was particularly encouraging. The price of our ordinary shares doubled and our preference shares increased by nearly 90%, both substantially outperforming their respective indices. Additional good news for our shareholders was that our preference shares were added to TecDAX, the German index of technology stocks. As a result, our stock attained a sustainably higher level of trading volume.

The past financial year was successful not only in view of the numbers. After our announcement in 2011 of Sartorius 2020, our long term strategy and growth plan, 2012 marked the first full year in which we executed on this strategy, which we fast-tracked, in my opinion.

At the beginning of the year, we implemented the new division structure, which involved numerous changes, particularly for our lab business. In fact, this required a "three-fold integration" process. First, our businesses with laboratory instruments and lab consumables was combined and supplemented by the Biohit Liquid Handling business acquired at the end of 2011. With this significantly broader portfolio of premium laboratory instruments, consumables and services, we established the Lab Products & Services Division. This group will serve as an appealing partner for research laboratories and quality assurance laboratories in both the industrial and academic sectors. Moreover, we quickly moved forward on further initiatives in this division, such as expanding direct sales, increasing the focus of our distributor management policy and developing e-sales channels further.

The new lab division accounts for approximately one-third of our consolidated revenue, holds a leading market position in many of its product categories and, in the very first year of its operations, has fully met our growth and earnings expectations. Regionally, the division performed especially well in North America and Asia, which are two regions where we see the greatest growth potential for the future.

In 2012, our Bioprocess Solutions Division performed excellently. This division, which does bioprocess business with our pharmaceutical customers, is the largest one and generates 56% in consolidated sales. For the second consecutive year, our bioprocess business has grown at double-digit rates with a return on sales of 18.6% and has reached a new high in profitability. To keep pace with this growth in 2012, we invested heavily in manufacturing capacities as planned and opened new facilities for membranes, aseptic bags and biotech equipment.

A major objective for the Bioprocess Solutions Division was to expand our sales organization in North America. This was an important prerequisite for our long-term success in the world's largest biotech market. In this region, we grew at a rate of approximately 18% and we are striving to consolidate and extend this trend moving forward. For the current year, we are planning the same initiative for Asia in order to capitalize fully on our growth options in these critical markets.

We succeeded in further strengthening the strategic position of the Bioprocess Division by acquiring business with cell culture media from Lonza, the Swiss life science company. Similar to aseptic bags and filters, cell culture media are single-use products that are critical for manufacturing of biopharmaceuticals and are an ideal fit for our current product portfolio. Addressing this need will offer potential growth and earnings opportunities during the mid-term plan.

Our third division, Industrial Weighing, in which we combined our business with weighing and control equipment for various industrial applications, showed stable development in 2012 as expected. It posted sales revenue of more than €100 million and an EBITA margin of nearly 10%, making a very good showing in the markets it serves. In line with our strategic focus on the bioprocess and lab sectors, we have been assessing the options in the reporting year for a mid-term divestiture of this activity.

We also continued to make progress in 2012 regarding our operational business processes and supportive IT systems. At our Group headquarters in Goettingen and largest manufacturing site, we productively launched our new ERP system last autumn. This year, we will be starting to roll out the system to all additional sites across the globe.

This initiative is one of the projects we are implementing to facilitate our infrastructure and business processes for further growth and profitability during the long-term.

We predict excellent business prospects for 2013 and beyond. Both of our core divisions, Bioprocess Solutions and Lab Products & Services, are positioned in long-term growth markets that offer particularly attractive earnings opportunities. For 2013, we are targeting increases of approximately 6% to 9% in constant currencies and our underlying EBITA margin from 16.0% to 16.5% in 2013.

The success we gained in 2012 illustrates the momentum for our company. I am proud of our entire team and would like to thank all employees for their tremendous commitment and excellent accomplishments.

My special thanks go out to you, our valued shareholders, customers and business partners, for your trust and open dialogue. We invite you to join us on our road to further success as an innovative and highly profitable technology group.

Yours sincerely

Dr. Joachim Kreuzburg, CEO and Executive Board Chairman

Report of the Supervisory Board

Dear Shareholders,

To summarize the opinion of the Supervisory Board, we look back upon 2012 as an exceptionally successful fiscal year. In all regions, the Sartorius Group succeeded in significantly growing its business in all regions and in further increasing its profitability. Aside from its strong financial performance, the company completed several relatively large investment projects on schedule in the reporting year and has also made excellent progress in implementing its various growth initiatives.

In fiscal 2012, the Supervisory Board thoroughly dealt with the situation and prospects of the company. We advised the Executive Board and performed the tasks assigned by German corporate law and the company's articles of association. In the reporting year, we focused especially on the relatively large investment projects of the Group; integration of the Biohit Liquid Handling business, acquired in December 2011, into the Lab Products & Services Division; as well as on various strategic initiatives of the Executive Board.

The Executive Board provided us with regular, prompt and detailed reports, both written and verbal, about all relevant corporate planning and strategic development issues, the progress of business in the divisions, the situation of the Group, including its risk situation, risk management, internal control systems, and about compliance. Both the Executive Task Committee and the full Supervisory Board discussed all of the company's significant transactions in depth on the basis of the reports provided by the Executive Board. Following thorough review, we cast a positive vote on the Executive Board's reports and proposed resolutions, where required.

Cooperation between the Supervisory Board and the Executive Board was always characterized by openness, constructive dialogue and trust.

Focus of the Supervisory Board's Conferences

In the reporting year, the Supervisory Board convened at four ordinary meetings and one extraordinary meeting, all of which the Executive Board also attended. These regular conferences primarily revolved around the development of sales revenue, earnings and employment trends for the Group, the financial situation of the company and of its affiliates and strategic projects.

At its meeting on March 1, 2012, the Supervisory Board thoroughly discussed the annual and consolidated financial statements for fiscal 2011 and endorsed them based on the reports given by the Audit Committee and the independent auditors who were present during this item of the agenda. Moreover, the board members conferred upon and approved the agenda, along with the proposed resolutions, for the 2012 Annual Shareholders' Meeting and the proposal for appropriation of the annual profit. In addition, following the preparations made by the Executive Task Committee and careful consideration by the plenary session of the Supervisory Board, we decided to adjust the Executive Board's remuneration in 2012.

After the new elections of the shareowner and employee representatives in March and April 2012, the new Supervisory Board was constituted at its meeting on April 19, 2012, and elected the chairman, vice chairman and the members of its committees. Furthermore, the Executive Board reported on the status of various growth initiatives, chiefly on the results of a project to expand the sales organization and activities in the USA. Moreover, various projects in conjunction with improvement of the company's information technology infrastructure were on the agenda.

At our meeting on August 23, 2012, we deliberated in detail on whether the remuneration of the Executive Board was adequate and in line with market practice based on a comparison with peer companies. We also slightly adjusted the compensation system for the Executive Board. In addition, we resolved to sell the non-controlling interest in Munktell & Filtrak GmbH and discussed Group financing topics.

At the focus of an extraordinary Supervisory Board meeting on November 15, 2012 was the possible divestiture of the Industrial Weighing Division. Based on a report given by the Executive Board, we conferred in depth about the spectrum of interests along with the various options entailed.

After thorough consultation at the meeting on December 7, 2012, we decided upon the wording of the Declaration of Compliance in accordance with the Corporate Governance Code. This declaration confirms that Sartorius complies with the recommendations of the current code to the full extent. Moreover, we approved the budget submitted by the Executive Board for 2013. Following in-depth discussions on a further item on the agenda, we consented to signing a cooperation agreement with the Lonza group, which would enable the Sartorius Bioprocess Solutions Division to enter the business of bioprocess media. We also dealt with the results of the efficiency review of the Supervisory Board work and discussed questions about its remuneration.

Activity Report of the Committees

Four committees support the work of the Supervisory Board. These prepare topics that are then considered by the full Supervisory Board and, in individual cases, take decisions in lieu of the full board, as far as permitted. The committee chairmen reported regularly to the Supervisory Board on the details of their committee work.

The Executive Task Committee met five times during the reporting year. In addition to preparing for full Supervisory Board meetings, this committee primarily deliberated on considerations for implementation of the Group strategy as part of its intensive discussions. Furthermore, the committee dealt with matters involving the Executive Board and prepared for decisions on the remuneration of the latter. The committee additionally deliberated on topics involving the development of managers and succession planning.

In the year under review, the Audit Committee held four meetings. The committee prepared for the full Supervisory Board's conference on endorsement and approval of the consolidated annual financial statements for fiscal 2011 and intensively discussed the quarterly and first-half financial reports of 2012. The committee further concentrated on monitoring the effectiveness of the Group-wide risk management and internal control system as well as on in-house auditing and compliance. As part of this review, the committee members consulted in detail on the methods applied and followed presentations on the effectiveness of these methods. In view of the planned introduction of the new Group-wide ERP system, the committee requested regular oral reports on the progress and possible risks associated with this extensive project. In addition, the committee reviewed the Internal Audit Department report, which did not indicate any material discrepancies in business transactions, and also considered the department's plans for the upcoming months. With respect to the audit of the annual financial statements for fiscal 2012, the committee confirmed the independence of the auditors, and conferred in detail on the selection of auditors to recommend at the Annual Shareholders' Meeting for appointment, commissioning the appointed auditors to perform an audit review as well as on defining and monitoring the audit procedure and the focal points of the audit.

The Nomination Committee did not meet in past year. The Conciliation Committee pursuant to Section 27, Subsection 3, of the German Codetermination Law ("MitBestG") likewise did not have to be convened.

Audit of the Annual and Consolidated Financial Statements

The annual and consolidated financial statements prepared by the Executive Board for fiscal 2012 and the management report of Sartorius AG were reviewed by the independent auditing company Deloitte & Touche GmbH, Wirtschaftsprüfungsgesellschaft, based in Hanover, Germany. This company had been commissioned by the Audit Committee of the Supervisory Board pursuant to the resolution passed at the Annual Shareholders' Meeting on April 19, 2012. The independent auditors issued an unqualified audit certificate. Deloitte & Touche auditors attended the Audit Committee meeting on March 4, 2013, and the Supervisory Meeting on March 5, 2013, and reported on the essential results of their audits. Sufficient time was allotted for discussion of all issues with the auditors. Written information and audit reports had been sent to all Supervisory Board members on time and were intensely discussed during the meetings mentioned.

On the basis of its own examination of the annual Sartorius AG and consolidated financial statements, the Sartorius AG management report and the Group management report, the Supervisory Board concurred with the results of the audit conducted by Deloitte & Touche and, at the meeting on March 5, 2013, endorsed the financial statements of Sartorius AG and the Group on recommendation by the Audit Committee. The annual financial statements were thus approved. The Supervisory Board and the Executive Board will submit a proposal at the Annual Shareholders' Meeting on April 18, 2013, that shareholders be paid dividends of €0.96 per preference share and €0.94 per ordinary share from the retained profit.

Composition of the Supervisory Board and the Executive Board

In fiscal 2012, regular new elections of the shareowner and employee representatives to the Supervisory Board were held. Prof. Dr. rer. nat. Dr.-Ing. Heribert Offermanns retired from the Supervisory Board at the end of the Annual Shareholders' Meeting on April 19, 2012, on the grounds of age. We would like to thank Dr. Offermanns for his many years of commendable service on the Supervisory Board. We gained the services of Professor Dr. Thomas Scheper as his successor, who took up his new post at the Supervisory Board meeting on April 19, 2012. The other shareowner representatives were reelected. Concerning the employee representatives, Christiane Benner resigned as she had assumed new duties within the German Metalworkers' Association. Karoline Kleinschmidt was elected to success Ms. Benner, whom we would also like to thank for her many years highly dedicated service on our board. All other employee representatives were reelected. For information on the composition of the Supervisory Board and its individual committees, a list is provided on pages 134 et seq. of this Annual Report.

There were no changes to the membership of the Executive Board in the reporting year.

The Supervisory Board would like to thank the Executive Board and all employees across the globe for their great commitment and successful hard work throughout the fiscal year. In addition, the Supervisory Board expresses its appreciation to its shareholders for the confidence they have shown yet again in the company.

Munich, March 2013

For the Supervisory Board

Prof. Dr. Dies. h.c. Arnold Picot, Chairman

Sartorius Shares

Stock Market Climate

Persistently low interest rates and the adoption of addition bailout packages to shore up the finances of several countries - and the ensuing stabilization of the European single currency - provided support for stock markets in the reporting period. The DAX (Deutscher Aktienindex) performed strongly between the start of the year and the month of December, when it reached its high point for the year of 7,672 points. The DAX ended the year at 7,612 points, which represents an overall gain for 2012 of 29.1%. The TecDax technology index rose by 20.9% to 828 points over the same period.

Sartorius included in the TecDAX

The Sartorius preference share gained inclusion in the German technology share index TecDAX with effect from June 18, 2012. The TecDAX is the lead index of the 30 largest and most liquid German technology companies and follows on directly below the DAX German share index. Inclusion in the TecDAX is determined on the basis of free float market capitalization at the time of examination and exchange trading volumes over the previous twelve months.

The Sartorius preference share placed 13th (previous year: 17th) for market capitalization and 24th (previous year: 40th) for exchange trading volume (volume traded on the Frankfurt Stock Exchange over the preceding twelve months) in the Deutsche Börse free float ranking at year end 2012.

Sartorius shares are additionally listed in Deutsche Börse's CDAX, Prime All Share and Technology All Share indexes and Norddeutsche Landesbank's NI-SAX20 index.

Share Price Development

The Sartorius shares once again performed significantly better than the wider market in 2012. The price of the ordinary share rose from €30.83 at the end of 2011 to €65.30 by the end of the reporting year. This represents a rise of 111.8%. The price of the Group's preference share rose by 89.4% from €35.50 at the end of 2011 to €67.25 as of December 31, 2012.

The preference share hit its lowest price for the year, €34.00, on January 15, 2012, while the lowest closing price for the ordinary share, €30.95, was reached on January 2, 2012. The ordinary and preference shares reached their peak, based on Xetra daily closing prices, at €74.00 on November 30, 2012 and at €72.05 on November 29, 2012 respectively, buoyed in part by the good progress of the business and an improved overall forecast for the year.

Facts about the Shares

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ISIN	DE0007165607 (Ordinary share)
	DE0007165631 (Preference share)
Designated sponsor	Close Brothers Seydler Bank AG \| DZ Bank AG
Market segment	Prime Standard
Indexes	TecDAX \| CDAX \| Prime All Share Index \| Technology All Share Index \| NISAX20
Stock exchanges	Xetra \| Frankfurt \| Hanover \| Duesseldorf \| Munich \| Berlin \| Hamburg \| Bremen \| Stuttgart
Number of shares	18,720,000 no-par individual share certificates with a calculated par value of €1 per share
Of which	9,360,000 ordinary shares
	9,360,000 preference shares
Of which shares outstanding	8,528,056 ordinary shares
	8,519,017 preference shares

Trading Volume and Share Price Development

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	2012	2011	Change in %
Preference share in € (Xetra year-end closing price)	67.25	35.50	89.4
Ordinary share in € (Xetra year-end closing price)	65.30	30.83	111.8
Market capitalization in millions of €1)	1,129.8	565.3	99.8
Average daily trading volume of preference shares	15,538	10,718	45.0
Average daily trading volume of ordinary shares	1,334	1,454	- 8.3
Trading volume of preference shares in millions of €	210.6	87.8	139.9
Trading volume of ordinary shares in millions of €	17.0	11.9	42.9
Total trading volume in millions of €	227.6	99.6	128.4
TecDAX	828	685	20.9
DAX	7,612	5,898	29.1

1) without treasury shares

Sources: Deutsche Börse AG, vwd

Sartorius Shares in € January 02, 2012, to December 31, 2012

Sartorius Shares in Comparison to the DAX, TecDAX, and NASDAQ Biotechnology Index (indexed) January 02, 2012, to December 31, 2012

Market Capitalization and Trading Volume

Along with the positive development of the share price, market capitalization increased while the number of shares remained unchanged during the reporting period. Market capitalization as of December 31, 2012 amounted to €1.1 billion, which represents an increase over the previous year (€565.3 million) of 99.8%.

Market Capitalization1) € in millions (without treasury shares, based on Xetra)

1) as of December 31 of the respective year

The average number of preference shares traded on the Frankfurt Stock Exchange (Xetra + trading floor) every day rose to 15,538 over the period under review (previous year: 10,718). The average number of ordinary shares traded every day amounted to 1,334 compared to 1,454 in the previous year.

Trading Volume € in millions (preference & ordinary shares, FSE)

Owing to the increased price of the Sartorius ordinary and preference shares and the greater numbers traded, the trading volumes for both types of share on the Frankfurt Stock Exchange were up significantly in 2012. The volume of ordinary shares traded amounted to €17.0 million (+42.9%) while the volume of preference shares traded rose by 139.9% to €210.6 million. The trading volume of the Sartorius shares thus grew significantly compared to a lower overall volume of shares traded in 2012 on the Frankfurt Stock Exchange, which declined by 23.2%.

Investor Relations Activities

Our investor relations work focuses on maintaining an ongoing, open dialogue with shareholders, potential investors and financial analysts. We ensure the highest possible level of transparency and provide shareholders and the interested general public alike with equal and timely access to information relevant to our share prices. Therefore, as part of our reporting, we regularly disclose detailed information about our strategic approach, the current progress of our business and about our prospects.

During 2012, we provided regular information on current business developments within the Sartorius Group via press releases and quarterly, half-year and annual reports. In addition to quarterly telephone/ webcast conferences, we retained our contacts with the capital markets at a large number of roadshows in the financial centers London, Paris, Frankfurt am Main, Zurich and New York. We were also able to step up our regular dialog within the context of various international investor conferences and our analysts and investors meeting at the ACHEMA trade fair and numerous face-to-face meetings. Communication with investors focused in 2012 primarily on elucidating our corporate strategy in connection with the introduction of the new divisional structure and the new business model of the Lab Products & Services Division.

All information and publications relating to our company and its shares may be found on the website at www.sartorius.com. The Sartorius Investor Relations Team is available to private and institutional investors as well as financial analysts wishing to contact it directly on questions relating to the Sartorius Group.

Analysts

The recommendations of financial analysts serve as an important foundation for the decisions of private and institutional investors when investing in shares. Currently, the following institutions regularly prepare reports and updates on Sartorius AG's shares:

Research Coverage

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Institute	Date	Vote
Berenberg	November 1, 2012	Buy
Cheuvreux	January 30, 2013	Underperform
Commerzbank	January 30, 2013	Hold
DZ Bank	January 31, 2013	Buy
Nord LB	February 1, 2013	Hold

Dividends

The management of Sartorius intends, as usual, to distribute an appropriate proportion of the company's profits for fiscal 2012 to shareholders. The dividend proposal presented by the Supervisory Board and the Executive Board at the Annual Shareholders' Meeting scheduled for April 18, 2013 will call for the payment of dividends of €0.96 (previous year: €0.82) per preference share and €0.94 (previous year: €0.80) per ordinary share.

Dividends in €

1) amounts suggested by the Supervisory Board and the Executive Board of Sartorius AG

This would increase the total profit distributed by 17.3% from €13.8 million for the previous year to €16.2 million. The total profit distributed, based on the underlying net profit (see p. 26) would be 25.7%, compared with the previous year's figure of 26.2%. Based on the 2012 year-end share price, this would give a dividend yield of 1.4% (previous year: 2.3%) for Sartorius' preference shares, and 1.4% (previous year: 2.6%) for Sartorius' ordinary shares. Treasury shares held by Sartorius AG are not entitled to dividends.

Shareholder Structure

Sartorius AG's issued capital comprises 9.36 million ordinary shares and the same number of preference shares, each with a calculated par value of €1 per share. Roughly 9% of preference shares are held as treasury shares; the remaining 91% can be attributed to free float. The majority of the ordinary shares are held by the Sartorius family, with a good 50% under the management of an executor. Approximately 7% are held directly by members of the family and approximately 9% are held as treasury shares by the corporation. According to the most recent information available the US company Bio-Rad Laboratories Inc. holds around 30% of the ordinary shares. According to our current information, the remaining portion, comprising around 4% of the ordinary shares, is in free float.

Shareholder Structure Ordinary Shares in %

Shareholder Structure Preference Share in %

Key Figures for Sartorius Shares

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		2012	2011	2010	2009	2008
Ordinary shares1) in €	Reporting date	65.30	30.83	28.21	15.45	10.05
	High	74.00	39.00	29.20	18.00	31.00
	Low	30.95	26.50	15.40	9.70	8.41
Preference shares1) in €	Reporting date	67.25	35.50	27.45	15.90	8.16
	High	72.05	39.00	27.87	17.40	27.01
	Low	34.00	26.00	15.84	6.10	6.17
Market capitalization2) in millions of €		1,129.80	565.3	474.4	267.2	155.2
Dividend per ordinary share3) in €		0.94	0.80	0.60	0.40	0.40
Dividend per preference share3) in €		0.96	0.82	0.62	0.42	0.42
Total dividends3)4) in millions of €		16.2	13.8	10.4	7.0	7.0
Payout ratio3)5) in %		25.7	26.2	26.7	33.7	38.4
Dividend yield per ordinary share6) in %		1.4	2.6	2.1	2.6	4.0
Dividend yield per preference share6) in %		1.4	2.3	2.3	2.6	5.1

1) Xetra daily closing price

2) Without treasury shares

3) For 2012, amounts suggested by the Supervisory Board and the Executive Board of Sartorius AG

4) Calculated on the basis of the number of shares entitled to dividends

5) Based on the underlying net result excluding non-cash amortization and, for 2011 and 2012, additional effects from fair value adjustments of hedging instruments, as well as excluding non-cash interest expenses for share price warrants in 2008 and 2009

6) In relation to the closing price in the year concerned

Group Management Report 02

Structure and Management of the Group

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Sartorius AG		Additional Shareholders
generally 100%	approx. 74%	approx. 26%
Worldwide Production and Sales facilities	Sartorius Stedim Biotech Group

Group Legal Structure

Sartorius is a globally operating company with more than 50 subsidiaries and some 5,500 employees around the world. The parent company of this Sartorius Group is Sartorius AG, which, as a holding company, controls the Group's direct and indirect affiliates.

Sartorius Stedim Biotech is run as a legally independent subgroup in which Sartorius AG holds approximately 74% of the shares outstanding and around 85% of the voting rights as reported for the year ended December 31, 2012. The parent company of Sartorius Stedim Biotech, Sartorius Stedim Biotech S.A., is listed on the Paris Bourse, has its headquarters at Aubagne in southern France and holds shares directly or indirectly in sales and manufacturing companies located across the globe. Its further sales and manufacturing companies are legally owned, mostly by 100%, by Sartorius AG.

New Division Structure Since the Start of 2012

As of January 1, 2012, Sartorius reorganized its division structure that had formerly comprised the two divisions of Biotechnology and Mechatronics. Since then, the company has been conducting its operating business in three divisions: Bioprocess Solutions, Lab Products & Services and Industrial Weighing. The new divisions each combine their respective businesses for the same customer groups and fields of application and thus more clearly reflect Sartorius' focus on its major markets.

Changes in the Group Portfolio

The consolidated financial statements include the parent company Sartorius AG and all major affiliates in which Sartorius AG has a controlling interest pursuant to IFRS 27.

Changes in the list of consolidation primarily arose from the integration of the Biohit Liquid Handling business that Sartorius had acquired on December 14, 2011. After this acquisition had already been recognized in the consolidated statement of financial position in 2011, it has been included in the income statement since 2012.

As part of the operational integration of this business activity, several former Biohit sales companies were merged during 2012 with the corresponding local Sartorius affiliates based worldwide.

Moreover, in the reporting year, Sartorius sold its nonconsolidated stake of 49.05% in the joint venture Munktell & Filtrak GmbH, which had been held by Sartorius Stedim Biotech GmbH.

Organization and Management of the Group

The Sartorius Group is consistently organized by function worldwide and is accordingly controlled through its core operating functions.

The Group's central management entity is the Sartorius Group Executive Committee (GEC), which currently has a membership of six: the members of the Executive Board of Sartorius AG, the executive members of the Board of Directors of Sartorius Stedim Biotech S.A. and one further senior manager with cross-divisional responsibility.

Functional responsibility is also assigned at a global level across all sites and regions in the senior management tiers immediately beneath the GEC. Implementing the Group's various strategies and projects at the local level is the responsibility of the national affiliates. The management bodies of the local companies manage their organizations in accordance with the applicable statutory provisions, articles of association and rules of procedure and in keeping with the principles of corporate governance that apply throughout the Sartorius Group worldwide.

Macroeconomic Environment and Conditions in the Sectors

Macroeconomic Environment

The global economy grew by around 3.3% in 2012 according to International Monetary Fund (IMF) estimates (previous year: 3.8%). The main cause of this slight dip in the rate of growth was the worsening sovereign debt crisis in many industrialized nations.

Global Development GDP (2008 to 2012) in %

Source: International Monetary Fund

The IMF data shows that economic output in the industrialized countries increased by 1.3% in the reporting year (2011: 1.6%), with performance once again varying enormously from country to country.

The U.S. economy is predicted to have grown by 2.2% (2011: 1.8%) in the reporting year. Strong private demand was the main factor driving growth, but rising government spending and exports also made a significant contribution.

The slowdown of economic momentum evident since the end of 2011 in Germany persisted and while private consumers and the state both increased spending, companies responded to the uncertain business outlook by reducing capital expenditure and lowering inventories. Given these developments and softer demand from the eurozone, the IMF expects German gross domestic product to have risen by 0.9% in the reporting year (previous year: 3.1%).

Economic activity appears to have slowed in France too, with the rate of growth forecast to have dropped back from 1.7% in the previous year to just 0.1% in 2012. Rising unemployment and a sharp fall in capital expenditure are considered the main cause of this change.

Gross Domestic Product EU in %

Source: International Monetary Fund

The rapid growth rates of many Asian countries (China, India, Indonesia, Malaysia, the Philippines, Thailand and Vietnam) slowed slightly in the reporting year in the face of weakening demand from the eurozone and the USA. They remained high by global standards, however, with overall growth in the region in 2012 expected to reach 6.7% (previous year: 7.8%).

China's economy is likely to have grown by around 7.8% in the reporting year according to the IMF (previous year: 9.2%). The main factors driving this growth were investment in plant and equipment and infrastructure measures.

India felt the effects of weak demand due to the debt crisis and the tightening of fiscal policy as part of efforts to combat budget deficit concerns and economic growth in the country consequently dropped back to 4.9% according to the IMF (previous year: 6.8%).

The IMF estimates that the Japanese economy will have grown by 2.2% in 2012 (previous year: -0.8%). This growth was driven mainly by the government investment program introduced following the natural disaster of the previous year. The positive effects of this spending were particularly pronounced in the first half of 2012.

Gross Domestic Product by Region in %

1) Asia = China, India and Asean-5 (Indonesia, Malaysia,

Source: International Monetary Fund

Exchange Rate Trends

Important currencies for the Sartorius Group include the U.S. dollar, to which a number of other significant currencies are linked, as well as the euro. The euro weakened against the U.S. dollar in the mid of the reporting period, reaching 1.20 U.S. dollars in July. However, the euro strengthened towards the end of the year 2012, registering a rate of 1.32 U.S. dollars.

Development of the EUR | U.S. Dollar Period: January 02, 2012, to December 28, 2012

Source: vwd

Interest Rate Trends

Average global interest rates fell sharply during the year under review and reached historically low levels. The 3-month EURIBOR rate - the rate of interest on fixed-term deposits denominated in euros in interbank business - fell from 1.4% as at December 31, 2011 to 0.2% on December 31, 2012.

Sources: International Monetary Fund: World Economic Outlook October 2012; vwd; Deutsche Bundesbank.

Sector Conditions

Sartorius serves customers mainly from the biophar-maceutical and pharmaceutical industry, the chemical and food industries and the public research sector. The progress of the Group's business accordingly depends to a considerable extent on developments in these areas.

Continued Stable Growth in the Pharmaceutical Markets

The key factors influencing the pharmaceutical sector remained largely unchanged during the reporting period. While demographic change, improving access to healthcare, particularly in the Emerging Markets, the increasing prevalence of lifestyle diseases and chronic illnesses and the development of new drugs continued to drive growth, austerity measures affecting the healthcare systems of the industrialized nations and the expiration of patents exerted a braking effect.

International market research institute IMS Health expects growth of 3% to 4% for the global pharmaceutical market in 2012 (previous year: 5.1%).

Growth of the Regional Pharma Markets in %

Source: IMS Health

According to IMS, growth was once again strongest in the regions of Asia | Africa | Australia, at 10% to 11%, and Latin America, at 13% to 14%. The expansion of state-funded healthcare systems was the main factor behind the growth seen in this area.

Biotechnology Market Continues to Grow Faster than Market as a Whole

The biotechnology market again grew significantly faster than the global pharmaceutical market as a whole. This is attributable in particular to the launch of many new biopharmaceutical drugs in the last few years and expanded indications for existing medicines. IMS Health is forecasting an average annual growth rate for the period 2012-2015 of around 7.7%. Expert studies suggest that the proportion of sales revenue accounted for by medications manufactured using biotech methods rose from 10% to around 20% between 2002 and 2012. Therapeutic proteins, which play an important role in the treatment of conditions including diabetes and chronic anemia, still make up the largest category of active ingredients produced using biotech methods at the moment, but experts expect the importance of other categories, especially monoclonal antibodies, to continue growing over the next few years. Monoclonal antibodies are used for applications including the treatment of cancer, HIV and autoimmune diseases such as multiple sclerosis and rheumatoid arthritis. A study produced by the Boston Consulting Group found that there were approximately 300 monoclonal antibodies undergoing clinical development (Phase I-III) in 2011, which represents a significant increase even on the previous year.

Pronounced Move to Single-use Systems in Biopharmaceutical Production

Biotech production methods are much more complex than traditional methods and have so far also proved more cost-intensive. Manufacturers and suppliers are consequently engaged in an intensive search for more productive process technologies. Single-use products, which require significantly less capital expenditure, reduce cleaning and validation costs and minimize downtime, have a crucial role to play here. Single-use products deliver greater flexibility too and help to bring developments to market faster. Thanks in particular to their cost-efficiency, single-use products have now become well established in a large number of process steps.

The Public Research Sector - Emerging Countries Growing in Significance

A proportion of the demand for our laboratory equipment comes from public-sector research. The OECD reports that some countries have announced and instituted cuts in R&D budgets in the wake of the economic crisis but still expects overall global R&D spending to have risen from $1.3 billion in 2011 to $1.4 billion in 2012. It credits this increase chiefly to greater total spending on R&D in the emerging countries; no change is expected in R&D investment in the industrialized countries.

The Chemical Industry - Production Growth Slows

The rate of growth in global chemical production fell from 4.8% in 2011 to 2.0% in the 2012 reporting year according to the German Chemical Industry Federation (VCI). The U.S. chemical industry saw no growth in 2012 and chemical production in Germany actually contracted by 3%, but in China, for example, the rate of growth in the sector remained strong at 10.5%. The industry is expected to report disproportionately strong growth in sales revenue despite these contrasting fortunes due to a sharp rise in prices, particularly in the petrochemicals sector.

Sources: The Boston Consulting Group: "Medizinische Biotechnologie in Deutschland 2012" [Medical Biotechnology in Germany 2012]; Cefic: Chemicals Trends Report November 2012; Evaluate Pharma: World Preview 2018; OECD: Science, Technology and Industry Outlook 2012; IMS: IMS Health Market Prognosis May 2012.

Group Business Development

Order Intake and Sales Revenue

In the reporting year, business for the Sartorius Group performed very positively again, with substantial double-digit gains in sales revenue and earnings. Therefore, the Group developed even better than forecasted at the outset of the year, especially due to the strong North American business of the Bioprocess Solutions Division.

Group Order Intake and Sales Revenue € in millions

In 2012, order intake jumped 15.7%, or 12.0% in constant currencies, to €866.8 million. Group sales revenue rose 15.4%, or 11.7% in constant currencies, to €845.7 million. The Biohit Liquid Handling business acquired at the end of 2011 contributed around six percentage points to this expansion in sales revenue.

Group Sales Revenue by Division in %

The Group divisions Bioprocess Solutions and Lab Products & Services posted significant growth in the reporting year. Order intake for the Bioprocess Solutions Division thus rose 11.0%, or 7.3% in constant currencies, to €479.5 million. Its sales revenue jumped 15.6%, or 11.8% in constant currencies, to €474.2 million, primarily as a result of the strong demand for our single-use products.

Group Sales Revenue and Growth1) € in millions, unless otherwise specified

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	Sales revenue € in millions	Growth in %	Growth1) in %
Group	845.7	15.4	11.7
Bioprocess Solutions	474.2	15.6	11.8
Lab Products & Services	268.9	21.1	17.1
Industrial Weighing	102.7	1.8	- 0.2

1) currency-adjusted (cc)

In the reporting year, the Lab Products & Services Division received orders amounting to €282.0 million, which equates to a sharp gain of 30.5%, or 26.2% in constant currencies. Its sales revenue soared 21.1%, or 17.1% in constant currencies, to €268.9 million. Initial consolidation of the Biohit Liquid Handling business contributed around 19 percentage points, based on constant currencies, to this sales increase. Without currency and acquisition effects, sales revenue was slightly below the excellent previous year's level that was favorably impacted by the comparably high order backlogs from 2010.

The Industrial Weighing Division increased its order intake by 3.9%, or 1.9% in constant currencies, to €105.4 million. With sales revenue up 1.8% (currency-adjusted -0.2%) at €102.7 million, the division approximately reached the good level it had posted in the year before.

Further information on the business development of the Group divisions is given on pp. 30 et seq. (Bioprocess Solutions Division), pp. 37 et seq. (Lab Products & Services Division) and on pp. 41 et seq. (Industrial Weighing Division).

Group Sales Revenue by Region1) in %

1) acc. to customers' location

In Europe, the region that generates the highest share of sales of around 50% for the Sartorius Group, we reported a gain in sales revenue of 8.6% in constant currencies. While the Bioprocess Solutions Division posted an increase of 7.6% in constant currencies for this region, the Lab Products & Services Division contributed overproportionately to positive business development in Europe by recording a gain of 17.5% in constant currencies, based on initial consolidation of the Biohit Liquid Handling business. Seen against the backdrop of the dampened economic environment, sales revenue for the Industrial Weighing Division eased slightly from the previous year's level (currency-adjusted -3.8%).

In the Asia | Pacific region that accounts for around 24% of sales, the Bioprocess Solutions Division posted sales up by 13.9% in constant currencies. While the Lab Products & Services Division reported a gain of 14.4% on a currency-adjusted basis, sales of the Industrial Weighing Division were up by 7.0% in constant currencies. On the whole, sales revenue for the region rose 13.0% in constant currencies.

North America, which represents approximately 23% of Group revenue, saw highly dynamic growth of 18.9% in constant currencies, which was driven by the Bioprocess Solutions Division (currency-adjusted + 18.2%) and the Lab Products & Services Division (currency adjusted +25.4%). Revenue for the Industrial Weighing Division was approximately at the year-earlier level (currency-adjusted -0.7%).

Group Sales Revenue1) by Region € in millions, unless otherwise specified

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	Sales revenue € in millions	Growth in %	Growth in %
Group	845.7	15.4	11.7
Europe	419.2	9.3	8.6
North America	191.1	28.6	18.9
Asia \| Pacific	203.8	18.6	13.0
Other Markets	31.6	9.0	8.8

1) acc. to customers' location

2) currency-adjusted

Earnings

The Sartorius Group uses earnings before interest, taxes and amortization, EBITA, as the key profitability measure. Amortization in this context refers exclusively to purchase price allocation to intangible assets acquired, as specified by IFRS 3. To provide a complete and transparent presentation of the Group's profitability, we additionally report earnings adjusted for extraordinary expenses and income (= underlying EBITDA, underlying EBITA).

In fiscal 2012, earnings for the Sartorius Group again performed better than forecasted at the outset of the year. The strong business of the Bioprocess Solutions Division and positive currency effects primarily contributed to this performance. Underlying EBITDA thus increased overproportionately by 19.8% to €163.6 million. The underlying EBITA margin was at 19.3%, up from 18.6% a year ago. Underlying EBITA surged 20.3% to €135.0 million and the respective earnings margin improved from 15.3% to 16.0%.

Group EBITDA and EBITA € in millions

1) underlying

Group EBITDA and EBITA margin in %

1) underlying

In the reporting year, the Bioprocess Solutions Division achieved the highest gain, with its underlying EBITA increasing overproportionately by 22.9% from €71.6 million to €88.0 million. The division's margin improved from 17.5% to 18.6%. The Lab Products & Services Division reported an underlying EBITA of €36.9 million, which is up from €30.7 million a year ago and equates to a gain of 20.1%. At 13.7%, the division's margin remained as expected approximately at the previous year's level of 13.8%. The Industrial Weighing Division attained an underlying EBITA of €10.1 million, up from €9.9 million a year earlier; at 9.9%, its margin remained nearly constant relative to 9.8% a year ago.

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	EBITA1) € in millions	EBITA Margin1) in %
Group	135.0	16.0
Bioprocess Solutions	88.0	18.6
Lab Products & Services	36.9	13.7
Industrial Weighing	10.1	9.9

1) underlying

Including extraordinary items of -€13.9 million (2011: - €11.3 million), EBITA amounted to €121.1 million, up from €100.9 million a year earlier. Extraordinary items essentially covered the transfer of single-use bag manufacture from Concord, California, to Yauco, Puerto Rico; integration of the Biohit Liquid Handling business; and other non-operating expenses and income. The Group's respective EBITA margin was at 14.3%, compared with 13.8% a year ago. For the reporting year, unadjusted consolidated net profit after non-controlling interest totaled €48.5 million, up from €41.6 million in the year before.

The relevant underlying net profit for the Group surged 19.3% to €63.0 million from €52.8 million in the previous year. This figure is calculated by adjusting for extraordinary items, eliminating non-cash amortization and the effects of fair value adjustments of hedging instruments, including the respective tax effects, as well as by taking non-controlling interest into account. The corresponding earnings per ordinary share are at €3.69, up from €3.09 a year earlier, and per preference share, at €3.71 euros, up from €3.11 euros a year ago.

Further information on the earnings development and the extraordinary items for the Group divisions is given on pages 33, 38 et seq and 42 et seq.

Group Earnings per Share1) in €

1) excluding non-cash amortization and, for 2011 and 2012, additional effects from fair value adjustments of hedging instruments, as well as excluding non-cash interest expenses for share price warrants in 2008 and 2009

2) underlying

Appropriation of Profits

The Supervisory Board and the Executive Board will submit a proposal at the Annual Shareholders' Meeting on April 18, 2013, to raise dividends for fiscal 2012. According to this proposal, dividends are set to increase from €0.82 a year ago to €0.96 per preference share, and from €0.80 a year earlier to €0.94 per ordinary share. The total amount disbursed under this proposal would thus rise 17.3% from €13.8 million to €16.2 million.

Research and Development

The Group as a whole invested a total of €48.1 million in research and development (R&D) in the reporting year. This represents a year-on-year increase of 8.6% (previous year: €44.3 million). The ratio of R&D costs to sales revenue stands at 5.7%, down slightly from the previous year's mark (6.0%).

R&D Costs € in millions

We endeavor to expand our range of products continuously both via our own research and development and by integrating technologies through alliances.

We operate a strategic intellectual and industrial property rights policy across our divisions to protect our expertise. This entails a systematic program to detect any infringements of our rights plus reviews based on a cost | benefit approach to determine which specific individual rights need to be maintained.

The number of applications filed for intellectual and industrial property rights in 2012 remained high at 258 (previous year: 259) and we were issued 204 patents and trademarks in the reporting year as a result of past applications (previous year: 182). As of the balance sheet date, we had a total of 2,847 patents and trademarks in our portfolio (previous year: 2,365).

Further information may be found in the sections covering the individual divisions on pages 35 et seq, 40 and 44.

Capital Expenditure

We completed the construction projects undertaken to expand our production capacities on schedule in the reporting year, which contributed to capital expenditure at the Sartorius Group remaining high at €74.2 million (previous year: €51.8 million).

A new building for the production of filter membranes was opened at the Goettingen site in April, while the expansion of the Yauco site, which has become our main production and logistics facility for the North America market and now also manufactures bags as well as filters, was completed in the summer of 2012. In addition,fermenter and bioreactor production transferred in May 2012 from Melsungen to our newly developed site at Guxhagen.

Finally, Sartorius also commissioned a new ERP system in Goettingen in the reporting year. The system is based on the new business processes, which were defined in a standardized way across the group in 2011. This marked the passing of a significant milestone on the path to establishing a uniform global platform for sustainable and profitable growth. We intend to roll the harmonized business processes and the new ERP system out internationally in stages beginning in 2013.

Group Employees

The numbers of employees reported in the following include all staff members except for vocational trainees, interns, employees on extended leaves of absence and those participating in an early retirement plan. These numbers are recorded as head counts, meaning that all employees are counted regardless of whether they work full or part time.

The number of people employed by the Sartorius Group rose by 12.4% to 5,491 in the year to December 31, 2012. This increase stemmed in part from our dynamic growth and in part from the inclusion for the first time of around 400 employees who joined us with the Biohit Liquid Handling business. Our 2011 head count including the effect of this acquisition would have been 5,299.

Employees

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	2012	20111)	Growth in %
Bioprocess Solutions	2,777	2,621	5.9
Lab Products & Services	1,972	1,547	27.4
Industrial Weighing	742	718	3.4
Group	5,491	4,887	12.4

1) excluding Biohit Liquid Handling

Around half of our employees worked in the Bioprocess Solutions Division (2,777 or 50.6%), while the Lab Products & Services Division employed a good third (1,972). This division had the largest number of new staff added due to the acquisition of Biohit Liquid Handling. The Industrial Weighing Division had 742 employees as of the reporting date (13.5%).

Employees by Region December 31, 2012; in %

The regional breakdown shows that head count rose most quickly in Europe, where Sartorius had a total of 3,650 people in its employment on December 31, 2012. This represents an increase of 13.7% over the previous year's figure of 3,211. The number of people employed in the Asia | Pacific region rose by 9.4% to 1,078 (2011: 985). The increases recorded in both regions resulted principally from acquisitions. The number of people employed in North America rose by 6.1% year on year to 606 (2011: 571). Our recruitment activities in this part of the world focused in particular on sales and application specialists. We increased head count at our bag manufacturing site at Mohamdia (Tunisia), which we report under Other Markets, from 120 people to 157.

Employees by Function December 31, 2012; in %

We had 2,965 people - that is to say 54.0% of our total workforce - employed in the Production function on the reporting date (previous year: 2,600). This 14.0% increase stems chiefly from the expansion of production capacities in response to strong demand for single-use products and the Biohit Liquid Handling acquisition. A total of 1,580 people, or nearly a third of the company's total workforce, work in the Marketing, Sales and Distribution and Service functions (previous year: 1,433). Our head count in research and development increased by 13.6% to 451 people, while the number of people employed in the Administrative units, which include Finance, Human Resources and IT, amounted at the end of the reporting year to 496 (previous year: 458).

Employees by Age

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in %	2012
16 - 20 years	0.7
21 - 30 years	20.8
31 - 40 years	29.2
41 - 50 years	27.5
51 - 60 years	19.4
61 years and above	2.4

The Sartorius Group employed 1,856 women and 3,635 men as of December 31, 2012, meaning that women make up 34% of the total workforce and men 66%. More than half of our employees are between the ages of 31 and 50. The average employee age across the entire workforce in the reporting period was 40.7 years.

Attrition Rate, Recruitment, Length of Service and Absence

The attrition rate reported by Sartorius expresses the number of people leaving the company as a percentage of the average head count in the reporting year. It includes terminated contracts, retirements and other reasons for employees leaving the company. The calculated attrition rate for the Group as a whole amounted in 2012 to 11.3% (previous year: 7.6%). The relocation of jobs from Concord, California, to Yauco as well as head-count variations due to temporary workers at the French production sites accounted for this increase. Our German Group sites, which employ 43.6% of our people, recorded an improved attrition rate of 3.9% (previous year: 4.2%).

A total of 838 new employees joined the company in the reporting year. The average length of time for which employees remain with the company stood in 2012 at 10.3 years worldwide and 14.2 years in Germany.

The average period missed due to sickness amounted in the reporting year to 6.5 days per employee based on our total head count. This does not include time lost due to long-term health conditions and statutory maternity entitlements or absence as a result of work-related accidents.

Business Development of the Bioprocess Solutions Division

Strategy

Bioprocess Business Leads the Way

Bioprocess business, which dominated the activities of the former Biotechnology Division, has been pursued through its own dedicated division, Bioprocess Solutions, since the beginning of 2012. The remaining - and much smaller - part of the Biotechnology Division's operation, the business with laboratory consumables, became part of the Lab Products & Services Division at the start of the reporting year.

The Bioprocess Solutions Division operates as a total solution provider offering integrated solutions for the main process steps in biopharmaceutical production. Its extensive range of technologies, products and services helps customers to manufacture medications and vaccines safely and efficiently using biological methods. The division ranks as a global leader in process filtration, fermentation, fluid management technology and membrane chromatography.

Integrated Products and Services along the Customer's Process Chain

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Cell Culture Media	Fermentation	Cell Harvesting	Buffer Preparation	Purification
■ Media	■ Seed Bioreactor	■ Cell Removal & Clarification Filters	■ Buffers	■ Crossflow Systems & Consumables
■ Prefilled bags	■ Production Bioreactor	■ Crossflow Systems & Consumables	■ Prefilled bags	■ Membrane Chromatography
■ Mixing Systems	■ Freeze-Thaw Technologies	■ Configurable Solutions	■ Single-Use-Mixing Technologies	■ Virus Inactivation Technologies
■ Sterile Filters	■ Monitoring & Control Technologies	■ Sterile Filters	■ Bags & Tanks	■ Sterile Filters
■ Storage Bags			■ Monitoring & Control Technologies
■ Virus Inactivation Technologies

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Services
Evaluation & Optimization	Engineering & Design	Implementation & Technical Services

Extensive Single-use Portfolio

Our major focus is to provide single-use products to our biopharmaceutical customers to serve their needs in production processes. Our innovative single-use products, which account for approximately three quarters of our sales revenue, are an innovative alternative to conventional reusable stainless steel systems thanks to significant cost- and time-savings and reduce the risk of contamination. We have the most extensive portfolio of single-use technologies in the sector and also offer integrated single-use systems. Our services, which we tailor specifically to the requirements of individual applications, and our comprehensive technical consulting differentiate ourselves from the competition.

Total Solution Provider Strategy Offers Great Potential

The Bioprocess Solutions Division is continuing to consistently implement its solution provider strategy that has proven so successful over the past decade. Accordingly, we focus on the biopharmaceutical market, which we continue to regard as highly attractive with stable, above-average growth potential.

We aim to achieve further significant organic growth going forward. We plan to expand our existing business worldwide based on the strong position we have already attained and, in the process, to continue enhancing our regional presence. North America remains the leading market in the world for biopharmaceuticals and we have consequently expanded our capacities, especially in sales and distribution and application development, in this region in order to grow our business even faster and gain market share. We have also enlarged our organization in the dynamically expanding pharmaceutical markets of Asia, especially China, India and South Korea, which we have identified as our second regional focal point. Here too we have been concentrating on expanding capacity in sales, distribution and in application technology functions.

Expanding the Product Portfolio

The cooperation agreement signed with Swiss life sciences group Lonza in December 2012 concerning the marketing of cell culture media adds another key element to our product portfolio. In addition we intend to expand the Bioprocess Solutions product range - already one of the broadest and most attractive in the sector - step-by-step across the biopharmaceutical industry process chain.

Research and Development

Carefully chosen strategic partnerships and acquisitions play a central role alongside our own research and development activities in putting our strategy into practice. Our R&D department, which has actively expanded its expertise in technology integration in line with this approach, quickly combines the technologies contributed by our partners with our own components to create innovative new products.

Key figures for Bioprocess Solutions

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€ in millions		2012	2011
Order intake		479.5	432.0
Sales revenue		474.2	410.2
EBITDA1)		104.7	87.7
	- as a % of sales revenue	22.1	21.4
Depreciation and amortization		25.0	24.5
EBITDA1)		88.0	71.6
	- as a % of sales revenue	18.6	17.5
Employees as of Dec. 31		2,777	2,621

1) underlying