Wacker Neuson SE — Interim / Quarterly Report 2012

May 29, 2012

First quarter report Q1|2012

Figures at a Glance

January 1 through March 31

in € million		Jan. 1 – Mar. 31, 2012	Jan. 1 – Mar. 31, 2011	Changes
Key figures
Revenue		274.0	211.8	+29.3%
by region
Europe		194.9	151.4	+28.7%
Americas		70.9	53.0	+33.9%
Asia-Pacific		8.1	7.4	+9.2%
by business segment 1
Light Equipment		102.0	85.1	+19.9%
Compact Equipment		127.5	84.6	+50.6%
Services		48.2	44.2	+9.2%
EBITDA		38.8	25.9	+49.6%
Depreciation and amortization		12.5	11.0	+13.2%
EBIT		26.3	14.9	+76.3%
EBT		24.8	13.9	+78.1%
Profit for the period		17.1	9.0	+90.5%
Number of employees		3.806	3.189	+19.3%
Share
Earnings per share in €		0.24	0.13	+84.6%
Key profit figures Gross profit in %
EBITDA margin as a %		31.0	32.6	-1.6 PP
		14.2	12.2	+2.0 PP
EBIT margin as a %		9.6	7.1	+2.5 PP
				Changes
Key figures from the balance sheet	Mar. 31, 2012	Dec. 31, 2011	Mar. 31, 2011	Dec. 31, 2011
Non-current assets	762.0	742.1	674.8	+2.7%
Current assets	552.6	471.2	414.1	+17.3%
Equity before minority interests	919.4	905.0	828.9	+1.6%
Net financial debt	148.7	90.4	41.8	+64.4%
Liabilities	392.1	305.4	257.5	+28.4%
Equity ratio before minority interests as a %	69.9	74.6	76.1	-4.7 PP
Working capital	413.2	370.5	301.9	+11.5%
Cash flow		Jan. 1 – Mar. 31, 2012	Jan. 1 – Mar. 31, 2011
Cash flow from operating activities		-31.6	-10.5	Changes +200.6%
Cash flow from investing activities		-27.3	-17.2	+58.9%
Capital expenditure (property, plant and equipment
and intangible assets)		-30.0	-17.5	+71.4%
Cash flow from financing activities		77.4	17.9	+332.4%
Free cash flow		-59.0	-27.7	+113.0%

1 Consolidated sales before discounts.

All consolidated figures prepared according to IFRS.

Q1 2012 highlights

Overview

Demand for light and compact equipment from Wacker Neuson rose further, fueled by increased readiness to invest among customers in construction, agriculture, landscaping, gardening, logistics and other branches of industry. The upturn in business confirms that Wacker Neuson's strategy of strengthening its presence in these core markets was the right course of action. In April, Wacker Neuson impressed crowds in Paris at the year's largest construction machine trade fair, Intermat. The Group unveiled a raft of innovations under its slogan "Safety and Comfort as Standard".

Q1 2012 compared with Q1 2011

• In the first quarter of 2012, Wacker Neuson saw revenue rise by 29 percent to EUR 274 million, achieving the highest quarterly figure in the company's history.
• These strong results were fueled by rising demand for the Group's light (+20 percent) and compact equipment (+51 percent), flanked by particularly strong business performance in Europe (+29 percent) and the Americas (+34 percent).
• The rise in revenue combined with efficiency gains across the Group boosted earnings. EBIT increased by 76 percent to EUR 26 million (EBIT margin: 9.6 percent) and EBITDA was up 50 percent to EUR 39 million (EBITDA margin: 14.2 percent).

Forecast

Positive industry trends in our core markets of Central Europe and, in particular, North America, combined with the forward-looking strategies we have implemented thus far, give us every reason to remain optimistic about our prospects for 2012 and 2013. Company management confirms its forecast for 2012, and expects revenue to amount to around EUR 1.1 billion (a plus of 11 percent compared with the previous year) and the EBITDA margin to pan out at least 15 percent.

• Letter from the CEO | 02
• Interim Review | 04
• Interim Financial Statements | 19

Consolidated Income Statement Consolidated Total Profit/Loss Consolidated Balance Sheet Consolidated Statement of Changes in Equity Consolidated Cash Flow Statement Consolidated Segmentation

Selected Explanatory Notes to the Interim Financial Statements Financial Calendar/IR Contact | 25

Cem Peksaglam CEO

Dear Ladies and Gentlemen,

2012 got off to a strong start for Wacker Neuson. Our strategies had a positive impact during the first quarter of the year. Various key external market drivers also developed in our favor, particularly in our core markets of Europe and the US. Continued high levels of construction activity in Europe, signs of recovery on the North American construction market plus a readiness to invest across the European agricultural sector increased demand for Wacker Neuson products.

At EUR 274 million, revenue increased by 29 percent relative to the same quarter last year. Revenue was also up on the high figure reported for Q4 2011 (EUR 264.0 million). In fact, Q1 2012 produced our highest revenue figure ever. Our expansion strategies are gaining traction. Despite general economic uncertainty in individual markets, they will continue to secure our success over the coming year.

The compact equipment segment and the Americas region were our two strongest growth drivers, reporting revenue gains of 51 percent and 34 percent respectively relative to the same period last year.

Revenue generated by agricultural equipment was up 41 percent on the previous year. Demand for light equipment – utilities products in particular – also rose during the first quarter of 2012, fueling a robust 20-percent rise in revenue in this segment.

A strong 29-percent increase in revenue in Europe over the first three months of 2012 bears testament to the competitiveness of our innovative product portfolio and the efficiency of our organizational structures. Growth hotspots beyond German-speaking countries were concentrated in France, Denmark, Norway and Poland as well as South Africa and Russia – both of which are included in the Europe segment. The US business further expanded its reach not only in construction, but also in other target markets such as the energy and industrial sectors. Major rental companies and dealers also invested in new machines.

Growth in earnings outpaced growth in revenue. Profit before interest, tax, depreciation and amortization (EBITDA) in the first three months of the year rose to EUR 39 million. The EBITDA margin was up from 12.2 percent in the previous year to 14.2 percent.

In light of our high revenue figures, we made concerted efforts to invest in inventory for finished products and components. This increase in inventory also enables us to strengthen our delivery capabilities. Working capital was thus up by around 11.5 percent to 37.7 percent of revenue compared with the 2011 closing figure.

During the first quarter, we invested EUR 28 million in property, plant and equipment, channeling funds primarily into the expansion of our sales activities and the construction of our new compact equipment production site in Linz (Austria), which will allow us to meet rising demand for our products. Work started with the silver-spade ceremony in June 2011 and took just 11 months to complete. We will be starting production here on May 10, 2012.

In February, we successfully placed a Schuldschein loan in the amount of EUR 120 million at attractive conditions. This gives us the financial headroom to finance our planned investments and create reserves for further growth. With gearing at 16 percent, the financing structure of our company remains strong.

With the construction season set to pick up over the coming months and the trend toward innovative light and compact equipment remaining strong in our core markets, we remain optimistic about the year as a whole. We therefore confirm our forecast for 2012 and expect revenue to amount to around EUR 1.1 billion (11 percent up on the previous year) and the EBITDA margin to reach at least 15 percent.

Economic cycles, however, have become shorter, making general trends extremely difficult to predict in some markets. To distribute risk more evenly, we are increasingly branching out into markets beyond construction, targeting sectors such landscaping, gardening, agriculture and various other branches of industry. This, combined with our extended international reach, makes the Group more resistant to economic fluctuations in individual industries.

Speed, flexibility and innovation are also becoming increasingly important success factors in our markets. In April, Wacker Neuson unveiled a raft of innovations under the slogan "Safety and Comfort as Standard" at this year's largest construction equipment trade fair, Intermat, in Paris. The new Wacker Neuson telematics system was one of the highlights on show. The new system enables owners to call up information on the location, operating times and maintenance periods of their machines from a computer or a smart phone. We also unveiled a new generation of compact excavators, each model delivering outstanding ergonomics and user friendliness with exceptionally high safety levels. Our new series of track dumpers with 0.5 to 2.5 ton payloads were also on show.

We are flanking our activities here with the launch of new light equipment products in China tailored to the specific requirements of a broad regional user base. We will be presenting the new products to a wide audience for the first time in Shanghai at the bauma China 2012 construction trade fair in November.

As you can see, Ladies and Gentlemen, Wacker Neuson is well on the way to achieving the ambitious goals set for the coming years.

Best regards,

Yours Cem Peksaglam CEO of Wacker Neuson SE

Interim Review

Economic and business trends

Ongoing uncertainties due to the euro debt crises Following a two-year period of strong growth in the global economy, the effects of the ongoing debt crisis in Europe continued to dampen performance in many EU states during the first quarter of 2012. In Portugal, Spain, Italy, Greece, Hungary, the United Kingdom and Ireland in particular, partly restrictive fiscal policies introduced to combat financing problems dampened investments, which in turn negatively impacted economic growth in Europe as a whole.

A drop in orders from EU countries caused Germany's export-oriented economy to shrink by 0.2 percent in Q4 2011. This "dent" in economic growth, however, was smaller than anticipated. During the first quarter of 2012, the German economy expanded slightly and has continued to grow since then, fueled by continued low interest rates. This trend was also confirmed by the Ifo Business Climate Index for April, which shows for the sixth consecutive period that the mood among German companies continues to brighten.

Following extensive intervention from the European Central Bank, the financial sector is generally viewed as being in a more stable position again. In past months, instability here was seen as a major risk factor as experts feared a credit squeeze for companies. However, companies are now investing again, although they are not feeling the full benefits of low real interest rates in the form of attractive loan terms due to the strict borrowing requirements imposed by banks.

Growth in Asia slowed, primarily due to developments in China, which saw imports drop by fifty percent by the end of 2011. By contrast, the US economy flourished, with employment up again in March 2012. Although this rise was lower than experts had predicted, it nevertheless proves a solid performance across the US economy.

Trends in construction and agricultural markets

Favorable weather conditions boost construction sector

The comparably mild winter in Europe (2011/12) fueled demand in the construction sector. Mild temperatures meant that construction activity could continue almost uninterrupted in the fourth quarter of 2011 and in January 2012, enabling some projects to be completed ahead of schedule. Construction companies remained busy during the first quarter of 2012, with February being the only month where outdoor work had to be put on hold due to low temperatures. In anticipation of the seasonal upswing in the construction industry in spring, the VDMA expects the construction and building materials industry to grow by a solid 5 percent in 2012, compared with 15 percent in the previous year.

The construction sector is also developing positively beyond Germany. The US construction industry has picked up. Residential construction is now following on the heels of commercial and industrial construction – showing the first signs of recovery. Demand for construction equipment was also up.

Construction activity in Asia-Pacific as a whole remained lively. China was the only country in this region to experience a drop in demand relative to the previous year.

Willingness to invest remains strong in the agricultural industry

Rising demand for modern agricultural machinery is the main growth driver in the European agricultural technology sector. In Q1 2012, customers continued to focus on intelligent agricultural technology solutions that makes field and yard work more cost effective.

According to the latest results of "Agrar", the economic and investment barometer that measures willingness to invest across the German agricultural industry (German farmer's association), the mood across the sector remains positive. Around 40 percent of landholders intend to make investments over the coming weeks and months, primarily in equipment, buildings and renewable energy.

Group business development

Central Europe and the US are core markets for Wacker Neuson. Demand for light and compact equipment from Wacker Neuson rose further, fueled by a readiness to invest among customers in construction, agriculture, landscaping, gardening, logistics and other branches of industry. The upturn in business confirms that Wacker Neuson's strategy of increasing its presence in these core markets was the right course of action. The Group achieved double-digit revenue growth in Europe and the Americas in the first quarter.

Revenue and earnings up significantly on the previous year's quarter

In the first three months of 2012, Group revenue was up by over 29 percent at EUR 274.0 million (Q1 2011: EUR 211.8 million). We are pleased to report that Q1 2012 even outperformed Q4 2011, which was also a particularly strong quarter (EUR 264.0 million). Revenue for the first quarter of 2012 was the highest quarterly figure in the company's history.

New machine sales in the compact equipment segment in particular continued to develop positively in the period under review. Our efficient and, above all, forward-looking component and product procurement strategies enabled us to keep delivery times short. Increased demand for light equipment in the US also contributed significantly to the rise in revenue compared with the previous year.

Flanked by optimized cost structures, revenue growth thus had a positive impact on profit margins. In the first quarter of 2012, the EBITDA margin rose to 14.2 percent (previous year: 12.2 percent) and the EBIT margin was up at 9.6 percent (previous year: 7.1 percent).

First Schuldschein loan successfully placed

On February 27, 2012, Wacker Neuson SE successfully placed its first Schuldschein loan. The original amount of EUR 75 million issued by the company was oversubscribed by more than twice the initial offering during the subscription phase. This, combined with the fact that the transaction was subscribed at the lower end of the marketing range, prompted Wacker Neuson to increase the amount to EUR 120 million. The loan was placed with cooperative, savings and private banks. The resulting funds will be used to redeem short-term operating lines of credit and to create headroom for further growth. Gearing amounted to around 16 percent at March 31, 2012. With an equity ratio before minority interests of 70 percent at the closing date, the Group's asset position remains strong. For further details, please refer to the "Financials and assets" section.

2012 AGM: Suggested appropriation of net profit

We want our shareholders to share in the company's 2011 success. At the AGM on May 22, 2012, the Executive Board and Supervisory Board will therefore propose a total dividend payout of EUR 35.07 million. This corresponds to around 41 percent of the Group's EUR 85.8 million profit for 2011. It also translates into a higher dividend of EUR 0.50 (previous year: EUR 0.17). Wacker Neuson SE last paid out an amount of this magnitude to shareholders in the precrisis year 2007.

Capital market communication and share trends

In the first quarter of 2012, the Executive Board continued to make regular and active efforts to keep stakeholders up to date on current developments within the company and on the company strategy. They achieved this through various channels including national and international roadshows and conferences.

January through April 2012

Share price trends

The European debt crisis led to volatile stock market trading on financial markets last year. As a result, the share was listed at just EUR 9.40 at the start of 2012. On the back of Wacker Neuson's outstanding figures for 2011 and the Group's positive outlook, the share price rose, closing at EUR 13.36 at March 31, 2012. This corresponds to a jump of over 40 percent since the start of the year and to a market capitalization of EUR 937.1 million. The Wacker Neuson share thus significantly outperformed the SDAX (+17 percent) and DAX (+14 percent).

Profit, financials and assets

The following figures include the effects of purchase price allocation (PPA) resulting from the merger between the former Wacker Construction Equipment AG and Neuson Kramer Baumaschinen AG in fall 2007. These will continue to have an – albeit diminishing – impact on balance sheet earnings into 2013.

Key figures

			Change
in € million	Q1/2012	Q1/2011	as a %
Revenue	274.0	211.8	29.3
Gross profit margin
as a %	31.0	32.6	-1.6 PP
EBITDA	38.8	25.9	49.6
EBITDA margin as a %	14.2	12.2	2.0 PP
EBIT	26.3	14.9	76.3
EBIT margin as a %	9.6	7.1	2.5 PP
EBT	24.8	13.9	78.1
Profit for the period	17.1	9.0	90.5

Revenue and earnings

Revenue growth in first quarter of 2012

Favorable weather conditions enabled work to continue almost uninterrupted on construction sites in Europe and the US, although February 2012 proved to be a cold month. Our customers continued to invest in equipment. These trends were reflected in Group revenue and earnings, both of which increased during the first quarter of fiscal 2012. Revenue for the quarter rose by 29.3 percent to EUR 274.0 million (previous year: EUR 211.8 million).

Adjusted to discount currency fluctuations, this corresponds to an increase of 27.4 percent. Revenue was also up 3.8 percent on the fourth quarter of 2011 (EUR 264.0 million), which was itself a very strong period for the Group.

Revenue Q1 2012 and 2011 in € million

Q1/2012	274.0
Q1/2011	211.8

Higher production volumes in the first three months of the year caused manufacturing costs to rise 32.5 percent to EUR 189.1 million (previous year: EUR 142.7 million).

Gross profit rose in the same period by 22.8 percent to EUR 84.9 million (previous year: EUR 69.1 million). The gross profit margin amounted to 31.0 percent (previous year: 32.6 percent). This figure reflects the change in the light/compact revenue mix compared with the previous year, with the faster-growing compact equipment segment accounting for a higher share of manufacturing costs than the light equipment segment. It is worth noting in this context that this effect is offset at the sales and service expenses level due to the cost efficiencies resulting from the Group's strategy of using existing sales structures to distribute compact equipment.

At 46 percent (previous year: 40 percent), compact equipment accounted for the larger share of revenue, followed by light equipment at 37 percent (previous year: 40 percent). The services segment accounted for the remaining 17 percent (previous year 21 percent).

Reduction in SG&A and R&D expenses as percentage of revenue

Despite the increased volume of business, SG&A and R&D expenses grew at a slower pace than revenue in the first quarter of 2012. Their relative share of revenue was down at 21.9 percent (previous year: 26.4 percent).

Sales and service expenses were 7.3 percent up on the previous year at EUR 38.2 million (previous year: EUR 35.6 million). At EUR 6.3 million, R&D costs were up 12.1 percent on the previous year's figure of EUR 5.6 million. General administrative costs rose to EUR 15.4 million in the first three months of the year (previous year: EUR 14.6 million). The relative share of revenue fell to 5.6 percent (previous year: 6.9 percent).

Increase in profitability

The rise in revenue, flanked by efficiency gains across the Group, led to an increase in earnings relative to the same period last year. Profit before interest, tax, depreciation and amortization (EBITDA) grew 49.6 percent to EUR 38.8 million (previous year: EUR 25.9 million) in the first quarter. The EBITDA margin increased to 14.2 percent (previous year: 12.2 percent).

EBITDA

Q1 2012 and 2011 in € million

Q1/2012	38.8
Q1/2011	25.9

Depreciation and amortization amounted to EUR 12.5 million for the first three months of 2012 (previous year: EUR 11.0 million).

Profit before interest and tax (EBIT) rose to EUR 26.3 million (previous year: EUR 14.9 million) – an increase of 76.3 percent1 . The EBIT margin increased to 9.6 percent (previous year: 7.1 percent).

EBIT Q1 2012 and 2011 in € million

Q1/2012	26.3
Q1/2011	14.9

Development Q1 2008 – 2012 of revenues and EBITDA margin Revenue in € million

Q1/2008	12.9	228.2
Q1/2009	- 9.0	137.3
Q1/2010	2.4	150.3
Q1/2011	12.2	211.8
Q1/2012	14.2	274.0

EBITDA margin as a %

Group profit is hardly affected by exchange rate fluctuations arising from the international flow of goods due to natural currency hedging, in particular with regard to the euro/US dollar. During the first three months of 2012, the average euro/dollar exchange rate was EUR 1 to USD 1.33 (previous year: EUR 1 to USD 1.39).

The financial result for the period under review amounted to EUR -1.5 million (previous year: EUR -1.0 million).

Profit before tax (EBT) increased 78.1 percent to EUR 24.8 million (previous year: EUR 13.9 million) in the first quarter of 2012. Tax expenditure amounted to EUR 7.5 million (previous year: EUR 4.8 million). The tax rate was 30.3 percent (previous year: 34.6 percent).

At EUR 17.1 million, net profit for the first three months of 2012 was almost double the previous year's figure of EUR 9.0 million. Earnings per share amounted to EUR 0.24 (previous year: EUR 0.13) based on 70.14 million ordinary shares in circulation.

1 The book impact of purchase price allocation (PPA) reduced EBIT by EUR -0.9 million (previous year: EUR -0.9 million). PPA will continue to have an – albeit diminishing – impact until the end of 2013.

Financials

Capital investments impact cash flow from operating activities

Cash flow from operating activities amounted to EUR -31.6 million at the end of March 2012 (previous year: EUR -10.5 million). Discounting investments in working capital, this figure would have totaled EUR 10.4 million. We made concerted efforts to build up inventory here in order to secure our future ability to deliver in light of rising demand.

Cash flow from investment activities reflected the rise in investments in property plant and equipment. In the first three months of 2012, this item amounted to EUR -27.3 million (previous year: EUR -17.2 million). As planned, the Group invested a total of EUR 30.0 million, EUR 28.0 million of which was channeled into property, plant and equipment. Projects here included construction of the new compact equipment plant in Hörsching (near Linz, Austria), the expansion of our sales activities and investments in our rental fleet. Overall, we invested around twice as much as during the same period last year.

Financial position
in € K	Q1/2012	Q1/2011
Cash flow from
operating activities	-31,633	-10,523
Cash flow from investing activities	-27,322	-17,191
Free cash flow	-58,955	-27,714
Cash flow from financing activities	77,359	17,868
Change in cash and cash
equivalents due to consolidation	80	0
Effect of exchange rates on cash
and cash equivalents	-205	-239
Change in cash and cash
equivalents	18,279	-10,085
Cash and cash equivalents at
beginning of period	16,890	36,559
Cash and cash equivalents at
end of period	35,169	26,474

As expected, these investments exceeded write-downs, which was also the case in the prior-year period. Free cash flow was thus negative, amounting to EUR -59.0 million at the end of March 2012 (previous year: EUR -27.7 million).

The Group did not acquire or sell any companies during the period under review. Changes to the consolidation structure are described in more detail in the Notes.

Funds from Schuldschein loan provide financial headroom

On February 27, 2012, Wacker Neuson SE placed a Schuldschein loan in the amount of EUR 120 million. High demand enabled the transaction to be subscribed at the lower end of the marketing range, with a coupon rate of 3.00 percent p.a. for the fixed five-year term and 3.66 percent p.a. for the seven-year term. The funds from the loan were used to redeem short-term lines of credit. Part of it was also used to finance investments.

The additional funds pushed up cash flow from financing activities in the first months of the year to EUR 77.4 million (previous year: EUR 17.9 million). Long-term borrowings increased by EUR 119.1 million, while at the same time, short-term borrowings dropped by EUR 41.8 million. The Schuldschein loan enables us to secure our liquidity at a fixed interest rate, create a sound financial basis for future growth and strengthen our independence.

Comfortable liquidity situation

Bolstered by the Schuldschein loan, liquidity rose from EUR 16.9 million at the start of the year to EUR 35.2 million at March 31, 2012. The Group thus continues to demonstrate healthy levels of liquidity.

As planned, the Group is easily able to meet its liquidity needs for the current year through a combination of existing liquid assets and credit lines extended by credit institutes. At the closing date, we had not drawn on over 45 percent of the EUR 343 million available through credit lines, providing us with sufficient financial headroom.

Assets

Assets, equity and liabilities

The equivalent figures from the previous closing date (March 31, 2011) are included to make comparison easier.

After the first three months of the year, the balance sheet again shows that Group assets remain strong. At March 31, 2012, the balance sheet total was up at EUR 1,314.6 million (December 31, 2011: EUR 1,213.3 million; March 31, 2011: EUR 1,088.9 million).

Assets increased to EUR 729.8 million (December 31, 2011: EUR 712.5 million; March 31, 2011: EUR 642.8 million). Due to an increase in production levels, the value of finished products amounted to EUR 206.8 million. This represents a rise of 12.2 percent on December 31, 2011 (EUR 184.2 million) and 40.2 percent compared with March 31, 2011. At EUR 304.8 million, inventories were up 11.0 percent on December 31, 2011 (EUR 274.5 million) and 46.4 percent on the prior-year figure (March 31, 2011: EUR 208.2 million). As anticipated, trade receivables developed in line with revenue, increasing to EUR 180.9 million (December 31, 2011: EUR 158.4 million; March 31, 2011: EUR 159.8 million). The increase in working capital also drove up current assets to EUR 552.6 million (December 31, 2011: EUR 471.2 million), also pushing it above the equivalent figure for 2011 (March 31, 2011: EUR 414.1 million).

Group equity before minority interests amounted to EUR 919.4 million at the end of March 2012 (December 31, 2011: EUR 905.0 million; March 31, 2011: EUR 828.9 million). At 69.9 percent, the equity ratio before minority interests remained high for the industry (December 31, 2011: 74.6 percent; March 31, 2011: 76.1 percent). The company's share capital remained unchanged at EUR 70.14 million.

Non-current liabilities rose to EUR 193.2 million due to the Schuldschein loan placed by the company in the amount of EUR 120 million (December 31, 2011: EUR 76.8 million; March 31, 2011: EUR 82.2 million). The Group did, however, pay off other non-current liabilities. Trade payables rose to EUR 72.5 million (December 31, 2011: EUR 62.4 million; March 31, 2011: EUR 66.0 million). The repayment of shortterm borrowings in the amount of EUR 42.6 million brought total current liabilities down to EUR 198.9 million (December 31, 2011: EUR 228.7 million) and thus closer to the prior-year figure (March 31, 2011: EUR 175.3 million).

Revenue growth and inventory build-up increase working capital

Since the start of the year, Wacker Neuson has again been making concerted efforts to increase inventory to meet continued high demand and secure its ability to deliver products. During the first three months of 2012, working capital rose by EUR 42.7 million to EUR 413.2 million, an increase of 11.5 percent (December 31, 2011: EUR 370.5 million). This figure has developed in line with revenue and is thus also up on the previous year's level (March 31, 2011: EUR 301.9 million).

Assets, equity and liabilities
in € K	Mar. 31, 2012	Dec. 31, 2011	Change as a %	Mar. 31, 2011	Change as a %
Total non-current assets	762,000	742,132	2.7	674,792	12.9
Total current assets	552,620	471,207	17.3	414,083	33.5
Total assets	1,314,620	1,213,339	8.3	1,088,875	20.7
Equity before minority interests	919,436	904,996	1.6	828,932	10.9
Minority interests	3,088	2,928	5.5	2,459	25.6
Total non-current liabilities	193,179	76,758	151.7	82,155	135.1
Total current liabilities	198,917	228,657	-13.0	175,329	13.5
Total liabilities	1,314,620	1,213,339	8.3	1,088,875	20.7

At March 31, 2012, working capital to revenue (Q1 2012 revenue annualized) corresponded to 37.7 percent and was thus above the equivalent prior-year ratio (Q1 2011: 35.6 percent).

Gearing reflects optimized financing structure

The Group's success at placing the Schuldschein loan again confirms Wacker Neuson's position as a sound investment. The loan places net financial debt at EUR 148.7 million at March 31, 2012 (December 31, 2011: EUR 90.4 million; March 31, 2011: EUR 41.8 million). Company management feels that the Group remains in a healthy financial position.

Gearing (net financial debt as a percentage of equity before minority interests) increased from around 10 percent at the start of the year to around 16 percent at the closing date. From company management's perspective, this development shows an optimized financing structure.

Net financial position

	Mar. 31,	Dec. 31,	Mar. 31,
in € K	2012	2011	2011
Long-term borrowings	-134,391	-15,261	-27,266
Short-term borrowings	-49,026	-91,654	-35,264
Current portion of long-term borrowings	-425	-421	-5,789
Cash and cash
equivalents	35,169	16,890	26,474
Total	-148,673	-90,446	-41,845

Off-balance-sheet assets and financial instruments In addition to the assets shown in the consolidated balance sheet, the Group also makes customary use of assets that cannot be recognized in the balance sheet. These generally refer to leased, let or rented assets (operating leases).

The Group only utilizes off-balance-sheet financial instruments, such as the sale of receivables, to a limited extent. In connection with the sale of receivables, customers are offered interest-subsidized financing models, for example, which can also be reported as factoring in the wider context. However, these schemes are only used to finance sales and are not a major source of funding for the Group.

Judgments and estimates

During the period under review, no voting rights were exercised and no balance-sheet disclosures made which, if exercised or disclosed differently, would have had a material effect on the net assets, financials and earnings of the Group.

Segment reporting

The Wacker Neuson Group supplies customers across the globe with its broad product and service portfolio.

Segment reporting provides an overview of business developments according to region (Europe, Americas and Asia-Pacific). At a secondary level, we also break revenue down according to business segment (light equipment, compact equipment and services).

In the first quarter of 2012, all Group business segments developed positively. Our core markets of Europe and the Americas performed particularly well, with the Group reporting strong double-digit revenue growth in both regions. The company also benefited from sales synergies resulting from our cross-selling strategy between product groups.

Results for Europe, the Americas and Asia-Pacific

Revenue by region Q1 2012 as a % (previous year)

Strong revenue growth in core market Europe

As predicted, Europe accounted for the lion's share of total Group revenue at 71.1 percent (previous year: 71.5 percent). Revenue for the period was up 28.7 percent at EUR 194.9 million (previous year: EUR 151.4 million). Profit before interest and tax (EBIT) more than doubled, increasing from EUR 6.4 million for the same period last year to EUR 16.6 million in 2012.

Europe

Q1 2012 and 2011 in € million

Revenue

Q1/2012	194.9
Q1/2011	151.4
EBIT

Q1/2012	16.6
Q1/2011	6.4

In addition to German-speaking countries, revenue developed particularly well in France, Denmark, Norway and Poland as well as in South Africa and Russia, both of which we include in the segment Europe although geographically they are located outside the region. The construction situation in Spain and Italy remains difficult. Wacker Neuson does not own Group companies in countries such as Portugal, Greece and Ireland.

Strong growth in the Americas

Revenue for the period in the Americas was up 33.9 percent on the previous year at EUR 70.9 million (previous year: EUR 53.0 million). Profit before interest and tax (EBIT) rose from EUR 4.9 million to EUR 8.7 million. Adjusted to reflect exchange rate fluctuations, this corresponds to a plus of 29.3 percent. Achieved revenue for Q1 2012 was the Group's highest ever quarterly revenue figure for this region. At 25.9 percent, the region's share of overall revenue increased slightly (previous year: 25.0 percent).

Americas Q1 2012 and 2011 in € million

Revenue

70.9	Q1/2012
53.0	Q1/2011

EBIT

Q1/2012			8.7
Q1/2011			4.9

North America proved a particularly strong market here, with revenue from utility products – above all generators and light towers – developing extremely well. The expansion of our sales network to incorporate the distribution of compact equipment in the Americas had a positive impact. Demand for our products was strong in the US, Canada and South America.

Low level growth in Asia-Pacific

At EUR 8.1 million, revenue for the Asia-Pacific region was around 9 percent up on the previous year (previous year: EUR 7.4 million). Profit before interest and tax (EBIT) totaled EUR 0.4 million (previous year: EUR 0.8 million). In light of strong growth in other regions, this region's relative share of total revenue dropped to 3.0 percent (previous year: 3.5 percent).

Asia-Pacific Q1 2012 and 2011 in € million

Revenue
---------

Q1/2012	8.1
Q1/2011	7.4

EBIT
Q1/2012											0.4
Q1/2011											0.8

Asia-Pacific is an important growth market for Wacker Neuson. Demand for high-quality products is steadily rising here and our future go-to-market strategies are focused specifically on meeting this growth. Wacker Neuson intends to introduce selected light equipment products tailored to market dynamics in Asia, thus strengthening its competitive position through a wider, market-ready portfolio. China and India, in particular, are key future markets for us. We established some of our first affiliates there over 15 years ago.

Results for the light equipment, compact equipment and services business segments

Revenue by business segment

in € K	Q1/2012	Q1/2011
Segment revenue from external customers
Light Equipment	102,004	85,074
Compact Equipment	127,513	84,644
Services	48,218	44,166
Less cash discounts	-3,746	-2,052
Total	273,989	211,832

as a % (previous year)

Demand for light equipment remains high

The light equipment business segment covers the Wacker Neuson Group's activities within the strategic business fields of concrete technology, soil and asphalt compaction, demolition, and utility. Production is synchronized with demand and delivery times are short. Orders are usually delivered within a few days. The Group therefore does not report an order backlog for this segment.

In February, Wacker Neuson received the German Industry Innovation Award for the DPU 130, the world's most powerful vibratory plate.

The ET series is Wacker Neuson's new compact excavator generation in the 1.7 to 2.4 ton class.

Demand for light equipment rose considerably during the first quarter of 2012. Revenue from this segment was up 19.9 percent at EUR 102.0 million at the end of March 2012 (previous year: EUR 85.1 million). We see this as a positive sign of a long-term trend as the light equipment segment is traditionally an early mover in economic cycles. This segment's share of total revenue was 37 percent (previous year: 40 percent).

In Q1 2012, we launched new gasoline floor saws plus a range of high-power diamond blades for our entire portfolio of cut-off saws. We are currently working on a range of light equipment products tailored to the Asian market.

In February 2012, Wacker Neuson received the German Industry Innovation Award for the DPU 130, the world's most powerful vibratory plate. The machine is based on an entirely new concept comprising a split base plate with separate hydraulic controls. This gives the plate a unique degree of maneuverability, allowing it to compact effectively from any position – whether stationary or cornering. It also enables operators to continuously adjust speed without impacting the machine's exceptional responsiveness. The vibratory plate thus delivers 30 percent more compaction performance than conventional plates on the market and, despite its operating weight of just 1.2 tons, can easily

do the job of a seven-ton roller. The innovative machine has thus resulted in qualifiable and quantifiable safety, performance and cost efficiency gains in the construction industry. Shortly before receiving this accolade, the DPU 130 was also recognized in Austria. In January 2012, the Austrian construction magazine Baublatt Österreich named the DPU 130 the winner in the Innovation of the Year 2012 category at its annual meeting for Austrian construction and construction equipment companies.

Highest revenue growth in compact equipment segment

The compact equipment business segment covers the manufacture and sale of compact machinery for the construction and agricultural industries, as well as for gardening, landscaping and industrial firms, recycling companies and municipal bodies. The portfolio includes excavators, wheel loaders, skid steer loaders, telescopic handlers as well as wheel and track dumpers weighing up to approximately 14 tons. The Group is also targeting its compact equipment portfolio at more and more markets outside of Europe.

This business segment was the largest revenue driver in the first three months of the year thanks to our successful cross-selling strategy, the expansion of sales network

Over a stand area of 1,600m2 , Wacker Neuson presented its extensive product portfolio under the slogan "Safety and Comfort as Standard" to almost 150,000 visitors at Intermat 2012 in Paris.

capabilities to include compact equipment and aboveaverage market demand in the agricultural sector. Demand for compact equipment was particularly strong in Germany, Switzerland, France, Poland and Australia as well as in North and South America. Q1 revenue before discounts was up from EUR 84.6 million in the previous year to EUR 127.5 million: This corresponds to an increase of 50.6 percent.

The compact equipment segment therefore upped its share of total revenue during the period under review to 46 percent (previous year: 40 percent).

In order to meet rising demand, the Group is tripling its production capacity for compact equipment with a new production facility in Hörsching, near the city of Linz in Austria. A mere eleven months after the silver-spade ceremony in June 2011, production in the completed building is due to start in the middle of May 2012.

Order intake for compact equipment from the construction and agricultural industries continued to develop favorably, finishing over 27 percent up on the prior-year month at March 31, 2012.

Demand for our innovative Weidemann-branded machines, which are primarily used for yard work, was fueled by a willingness to invest among agricultural landholders and by a growing focus on the need to raise efficiency and productivity levels across the agricultural sector. Revenue generated by agricultural equipment rose 41 percent in the first quarter to EUR 48.0 million (previous year: EUR 34.1 million). At the close of the first three months of 2012, compact equipment for the agricultural sector (including sales to Claas) accounted for 17 percent of total Group revenue (previous year: 16 percent).

The Group continued to successfully deliver special financing options for customers in the compact equipment business.

Wacker Neuson presented a host of innovations at Intermat, the largest construction equipment trade fair of the year, in Paris in April. A telematics system that delivers optimum efficiency and safety gains was just one the highlights on show. It will be available from mid-2012. Wacker Neuson telematics provide the fastest link between owners and their machines in the field. This technology enables them to call up information on a wide range of parameters including location and runtimes at any time using a computer or smart phone. The telematics system can also be programmed to send service reminders by e-mail or text message, making maintenance scheduling easier. The integrated Geofence function is a particularly convenient feature that sends immediate notification if a machine is being used without authorization. It does this by creating a virtual fence around a specific area. If the machine in question leaves this area, the system issues an alarm.

Wacker Neuson also unveiled the new-generation ET18, ET20 and ET24 models in the 1.7 to 2.4-ton compact excavator class. These new machines feature a raft of improvements that take compact excavator technology to the next level and deliver the added value our customers come to expect from Wacker Neuson. By combining proven innovations with totally new features and state-of-theart technologies, Wacker Neuson has virtually reinvented this equipment class with details designed for maximum efficiency and outstanding performance. The redesigned, spacious cabs provide even higher levels of ergonomics, user friendliness and safety. The new models also feature powerful engines, require little maintenance and are easy to transport. In addition, the new ET series is equipped with a unique cooling system that provides outstanding resistance to high temperatures, enabling operators to work at full capacity in ambient temperatures of 45 degrees Celsius. Components are arranged intelligently for easy, efficient maintenance.

Wacker Neuson also unveiled five new track dumper models at Intermat. With payloads ranging from 0.5 to 2.5 tons and 29 possible configurations, the new machines raise the bar for cost efficiency, resource conservation and versatility. Flexibility is a key characteristic of these innovative, well designed models. They can be used for a wide range of jobs – from demolition and interior reconstruction through underground construction to gardening and landscaping.

Kramer Allrad also presented two compact solutions unique to the 0.6 m3 class. The 550 and 650 models deliver the same performance levels as the largest compact wheel loader model (50 to 60 hp) yet have extremely compact dimensions and low operating weight. The machines are particularly cost efficient thanks to their high power levels and low fuel consumption.

Revenue up in services segment

Wacker Neuson complements new equipment sales with an extensive range of services. The services segment covers the business fields of rental in Central Europe and global after-market (repair and spare parts). During Q1 2012, the Group was able to increase revenue in all fields here. Increased construction activity and our enhanced offering boosted segment revenue by 9.2 percent to EUR 48.2 million (previous year: EUR 44.2 million). This segment's share of overall revenue thus amounted to 17 percent (previous year: 21 percent) due to the sharp rise in revenue in our product segments.

The Group's European used equipment center in Gotha was opened in April 2011 and provides a new sales platform for used light and compact equipment from Wacker Neuson. The new hub is used to repair and resell used equipment returned by customers. The reconditioned market benefits from the highest maintenance and repair standards, drawing on the experience on Wacker Neuson as the OEM. Our online sales platform (www.used.wackerneuson.com) has been well received by our customers.

Other factors that impacted on results

Headcount rises due to healthy order situation

In light of strong business performance, we increased headcount in specific areas, primarily in Austria and the US. At March 31, 2012, Group headcount totaled 3,806 (December 31, 2011: 3,514; March 31, 2011: 3,189)1 . This increase of 8.3 percent in just three months is primarily down to the inclusion of 219 employees at Wacker Neuson Kragujevac d.o.o., our Serbian production facility, which was included in the consolidation structure for the first time during the first quarter of this year.

Prices for raw materials rise

Prices for raw materials have risen slightly. Additional costs incurred since the start of the year were passed on to the market via an average 2.5-percent increase in the price of light equipment, some compact equipment models and spare parts.

Research and development activities secure leading position

Wacker Neuson is a global technology leader in the manufacturing industry. Over fifty percent of light and compact revenue is generated with products that are less than five years old.

Much of our light and compact equipment is subject to particularly high stresses. R&D activities for these products thus focus on ensuring robust design, shorter downtimes and longer maintenance intervals. Our aim here is to keep operating costs as low as possible over the entire product lifecycle, for example, by ensuring a long service life and high reliability. Our products are also designed to deliver the highest productivity levels for our customers by providing optimum power in vibratory plates, for example, or through innovations such as our Vertical Digging System for excavators. Another aim of our development activities is to extend our pioneering position in product safety, operator safety and environmenta protection. Noise- and vibrationreduction features such as hand-arm vibration systems in breakers and safety features such as infrared remote controls for trench rollers or our Smart Handling system for telescopic loaders are just some examples of operator safety innovations here. In addition, research, development and innovation are becoming increasingly important in the bid to achieve climate protection goals. Our activities here have a particularly high priority as we intend to maintain our high standards in the delivery of environmentally sound, safe products as we move forward. We will therefore continue to focus our R&D efforts on compliance with more stringent environmental regulations governing combustion engine emissions.

The company benefits from its strategy of continuous investment in research and development activities. The R&D share of total revenue currently stands at 2.3 percent.

Changes to the opportunity and risk situation

In the first quarter of 2012, the Wacker Neuson Group continued to implement its risk management system as a key steering tool for business decisions and processes. The internal control and risk management system is described in detail in the consolidated financial statements for 2011.

The company has identified the following risks to the Wacker Neuson Group as of March 31, 2012 that deviate from the 2011 consolidated financial statements:

An economic downturn in Europe could depress light and compact equipment sales and this drop in demand could squeeze Wacker Neuson Group profitability. We consider these effects to be of a short-term nature as our sales are diversified across industries and regions. From an organizational perspective, we also implement flexible work and production models that enable us to absorb capacity fluctuations. Wacker Neuson is countering this risk by continuously monitoring key leading indicators that will enable it to implement appropriate countermeasures in good time.

¹ Headcount figures do not reflect the actual number of people employed. They are calculated by converting the number of positions within the company into full-time jobs.

The remaining risks to the Group in the period under review are listed in the 2011 Annual Report on pages 79 to 82.

Company management is not currently aware of any other significant risks to the Wacker Neuson Group. We also have not identified any single or collective risks to our continued existence as a going concern that might negatively affect the Group in the foreseeable future.

Business opportunities are described in detail in the 2011 Annual Report on pages 92 to 94 and in the Outlook section of this interim management report.

Supplementary report

There have been no events since the reporting date that could have an impact on the future business development of the Wacker Neuson Group.

Outlook

Shorter economic cycles

The global economy is set to grow by 2.5 percent in 2012. In April 2012, the US Federal Reserve (Fed) raised its forecast for economic growth in the US for the current year. The gross domestic product (GDP) of the world's largest economy is now expected to grow by between 2.4 and 2.9 percent in 2012. While Central Europe is experiencing growth, peripheral countries are still struggling with recession.

According to the DIW institute, the German economy is set to grow by 0.4 percent in the second quarter of 2012. Favorable financing conditions should enable companies to step up investment levels. Leading research institutes expect growth for the entire year to pan out at 1 percent. In 2013, this is set to rise to 2 percent. Mid-term growth prospects, however, are closely linked to stability across the eurozone.

Major uncertainties, above all in Europe as a result of the unresolved debt crisis and in China due to the stagnating economy, pose the greatest risks here.

Stability and flexibility are crucial factors for companies looking to overcome the challenges posed by an increasingly fast-paced global business world where economic cycles are becoming ever shorter and more difficult to predict.

Regional differences in the European construction industry

While experts predict a further downturn in the construction industry in countries such as Italy, Spain and the UK, construction activity is expected to rise in markets such as Poland, Scandinavia, Germany, Switzerland and France. Many European countries need to carry out infrastructure projects, with investment funds earmarked for the expansion of road, rail, transport and telecommunications networks. Positive momentum for the construction industry should continue to stem primarily from residential and commercial construction. Public construction across Europe is likely to remain at its present level due to austerity measures in many countries.

The mood across the construction industry in Germanspeaking countries remained buoyant in the first quarter of 2012, with all leading indicators positive. The VDMA expects Germany to significantly improve on the previous year's results. Experts at the Ifo institute fear that public spending cuts aimed at reducing debt will dampen public construction investments further.

By contrast, German residential construction is set to grow further thanks to the country's stable job market, low interest rates, the backlog of projects that has built up over recent years and renewed interest among private individuals in inflation-proof real estate investments. The German construction federation, ZDB, expects the number of new residential developments to rise by almost 15,000 to just under 177,000.

Following the sharp upturn in recent years, Germany's construction machinery dealers remain positive overall about future developments.

Experts remain optimistic about future prospects for agricultural technology and the European agricultural industry in general.

Confirmation of 2012 forecast

The uncertainties described above make it difficult to predict overall market trends. Our strategy of diversifying our products and services across different market segments enables us to spread risk further and absorb economic fluctuations in individual industries more effectively. Our strong financial position and increased profitability together with our flexible production processes and efficient organizational structures provide extra stability for the Wacker Neuson Group.

Positive industry trends in our core markets of Central Europe and, in particular, North America combined with the forward-looking strategies we have implemented thus far gives us every reason to remain optimistic about our prospects for 2012 and 2013. However, we do not expect growth rates for upcoming quarters to be as dynamic as for the first three months (Q1 2012: +29 percent, whereby Q1 2011 was negatively impacted by unfavorable weather conditions).

Company management confirms its forecast for 2012, and expects revenue to amount to around EUR 1.1 billion (a plus of 11 percent compared with the previous year) and the EBITDA margin to pan out at least 15 percent. This prognosis also factors in rising material prices.

We intend to invest a total of around EUR 100 million during the course of the current fiscal year. Net financial debt is set to rise slightly in 2012. As things stand, we do not expect gearing to rise above 20 percent. The medium-term plan foresees lower annual investment and we expect operating cash flow to be positive by the end of the year.

We will continue to keep a careful eye on costs throughout 2012. We will adjust headcount, probably slightly upwards, to accommodate increases in demand during the year. For 2012, the break-even point (on EBIT level) is around EUR 700 million.

Strategies for further profitable growth

The Group has set itself ambitious goals for the period through 2016. We aim to focus on increasing market penetration, expanding our market share and strengthening our position as an innovation leader. By concentrating more on user processes and market requirements, we aim to align our sales and distribution activities even more closely with customer needs and priorities. On the compact equipment front, our strategy to expand our sales and distribution network in Europe and the Americas, flanked by strategic alliances with Caterpillar and Claas will drive further growth potential in this segment. We intend to increase our presence in regions in which we have identified concrete sales potential, for example, in emerging markets such as South America, Eastern Europe and Asia.

With a view to enhancing our product portfolio and expanding our international footprint, we will also investigate further partnerships and acquisitions in the medium to long term. We aim to maintain our sound balance sheet structure with a high equity ratio.

Munich, May 8, 2012 Wacker Neuson SE

Executive Board

Cem Peksaglam
(CEO)

Martin Lehner (Deputy CEO)

Richard Mayer Günther C. Binder Werner Schwind

Consolidated Income Statement

January 1 through March 31

in € K	Jan. 1 – Mar. 31, 2012	Jan. 1 – Mar. 31, 2011
Revenue	273,989	211,832
Cost of sales	-189,085	-142,695
Gross profit	84,904	69,137
Sales and service expenses	-38,221	-35,607
Research and development expenses	-6,327	-5,643
General administrative expenses	-15,362	-14,574
Other income	4,415	3,668
Other expenses	-3,069	-2,043
Profit before interest and tax (EBIT)	26,340	14,938
Financial result	-1,514	-995
Profit before tax (EBT)	24,826	13,943
Taxes on income	-7,533	-4,831
Profit before minority interests	17,293	9,112
Minority interests	-160	-118
Profit for the period	17,133	8,994
Earnings per share in EUR	0.24	0.13

Consolidated Total Profit/Loss

January 1 through March 31

in € K	Jan. 1 – Mar. 31, 2012	Jan. 1 – Mar. 31, 2011
Profit/loss before minority interests	17,293	9,112
Items not recognized in profit/ loss for the period
Exchange differences	-2,366	-10,628
Securing cash flows:
Profit/losses incurred in the current period	0	-52
Items not recognized in profit/ loss for the period after tax	-2,366	-10,680
Total profit/loss for the period after tax	14,927	-1,568
Of which are attributable to:
Shareholders in the parent company	14,767	-1,686
Minority interests	160	118
Total profit/loss for the period after tax	14,927	-1,568

Consolidated Balance Sheet

As at March 31

in € K	Mar. 31, 2012	Dec. 31, 2011	Mar. 31, 2011
Assets
Property, plant and equipment	368,934	348,930	294,676
Investment property	21,227	21,277	17,065
Goodwill	237,257	237,509	236,033
Intangible assets	102,411	102,793	89,844
Other investments	0	2,000	5,165
Deferred tax assets	23,731	20,706	20,885
Other non-current assets	8,440	8,917	11,124
Total non-current assets	762,000	742,132	674,792
Inventories	304,813	274,492	208,172
Trade receivables	180,891	158,358	159,770
Current tax receivables	2,621	2,488	1,287
Other current assets	29,126	18,281	17,682
Cash and cash equivalents	35,169	16,890	26,474
Non-current assets held for sale	0	698	698
Total current assets	552,620	471,207	414,083
Total assets	1,314,620	1,213,339	1,088,875
Equity and liabilities
Subscribed capital	70,140	70,140	70,140
Other reserves	602,604	604,970	592,996
Net profit/loss	246,692	229,886	165,796
Equity before minority interests	919,436	904,996	828,932
Minority interests	3,088	2,928	2,459
Total equity	922,524	907,924	831,391
Long-term borrowings	134,391	15,261	27,266
Deferred tax liabilities	28,899	30,713	24,806
Long-term provisions	29,889	30,784	30,083
Total non-current liabilities	193,179	76,758	82,155
Trade payables	72,533	62,362	66,024
Short-term borrowings from banks	49,026	91,654	35,264
Current portion of long-term borrowings	425	421	5,789
Short-term provisions	15,276	15,151	13,298
Current tax payable	2,318	1,967	3,198
Other current liabilities	59,339	57,102	51,756

Total current liabilities 198,917 228,657 175,329 Total liabilities 1,314,620 1,213,339 1,088,875

Consolidated Statement of Changes in Equity

As at March 31

						Equity
	Sub		Exchange	Other		before
	scribed	Capital	diffe	neutral	Net profit/	minority	Minority	Total
in € K	capital	reserves	rences	changes	loss	interests	interests	equity
Balance at December 31, 2010	70,140	618,661	-14,718	-267	156,802	830,618	2,341	832,959
Total profit/loss for the period	0	0	-10,628	-52	8,994	-1,686	118	-1,568
Balance at March 31, 2011	70,140	618,661	-25,346	-319	165,796	828,932	2,459	831,391
Balance at December 31, 2011	70,140	618,661	-13,680	-11	229,886	904,996	2,928	907,924
Total profit/loss for the period	0	0	-2,366	0	17,133	14,767	160	14,927
Change in consolidation
structure	0	0	0	0	-327	-327	0	-327
Balance at March 31, 2012	70,140	618,661	-16,046	-11	246,692	919,436	3,088	922,524

Consolidated Cash Flow Statement

January 1 through March 31

	Jan. 1 –	Jan. 1 –
in € K	Mar. 31, 2012	Mar. 31, 2011
EBT	24,826	13,943
Depreciation and amortization	12,453	10,997
Foreign exchange result	-278	-5,845
Gains/losses from sale of intangible assets and property, plant and equipment	-1,830	188
Book value from the disposal of rental equipment	1,026	768
Gains/losses from derivates (cash flow hedging)	0	-52
Financial result	1,514	995
Changes in inventories	-28,973	-24,192
Changes in trade receivables and other assets	-33,571	-40,197
Changes in provisions	-770	818
Changes in trade payables and other liabilities	8,528	36,557
Interest paid	-1,590	-1,032
Income tax received/paid	-13,258	-3,874
Interest received	290	403
Cash flow from operating activities	-31,633	-10,523
Purchase of property, plant and equipment	-28,045	-15,639
Purchase of intangible assets	-1,962	-1,855
Proceeds from the sale of property, plant and equipment and intangible assets	2,685	303
Cash flow from investing activities	-27,322	-17,191
Proceeds/income from short-term borrowings	-41,771	22,820
Proceeds/income from long-term borrowings	119,130	-4,952
Cash flow from financing activities	77,359	17,868
Increase/decrease in cash and cash equivalents	18,404	-9,846
Change in cash and cash equivalents due to consolidation	80	0
Effect of exchange rates on cash and cash equivalents	-205	-239
Change in cash and cash equivalents	18,279	-10,085
Cash and cash equivalents at beginning of period	16,890	36,559
Cash and cash equivalents at end of period	35,169	26,474

Consolidated Segmentation

January 1 through March 31

Segmentation (geographical segments)

in € K	Europe	Americas	Asia-Pacific	Consolidation	Group
Q1 2012
Segment revenue
Total external sales	329,526	98,480	12,380
Less intrasegment sales	-116,756	-14,672	-902
	212,770	83,808	11,478
Intersegment sales	-17,828	-12,884	-3,355
Total	194,942	70,924	8,123	0	273,989
EBIT	16,575	8,678	429	658	26,340
EBITDA	27,512	10,027	596	658	38,793
Net financial debt	139,516	6,466	2,691	0	148,673
Working capital	267,151	138,929	23,868	-16,777	413,171
Q1 2011
Segment revenue
Total external sales	258,042	71,003	12,177
Less intrasegment sales	-99,355	-11,764	-509
	158,687	59,239	11,668
Intersegment sales	-7,266	-6,270	-4,226
Total	151,421	52,969	7,442	0	211,832
EBIT	6,387	4,920	844	2,787	14,938
EBITDA	16,069	6,087	993	2,786	25,935
Net financial debt	35,235	6,183	427	0	41,845
Working capital	195,424	98,210	20,047	-11,763	301,918

Revenue with non-Group companies generated by affiliates headquartered in Germany amounted to EUR K 112,886 (previous year: EUR K 88,987).

Segmentation (business segments)

	Jan. 1 –	Jan. 1 –
in € K	Mar. 31,2012	Mar. 31,2011
Segment revenue from external customers
Light Equipment	102,004	85,074
Compact Equipment	127,513	84,644
Services	48,218	44,166
	277,735	213,884
Less cash discounts	-3,746	-2,052
Total	273,989	211,832

Selected Explanatory Notes to the Interim Financial Statements for the First Quarter 2012

Accounting Rules

The Wacker Neuson SE consolidated interim financial statements to March 31, 2012 were prepared in accordance with the International Financial Reporting Standards (IFRS) and their interpretation as valid on the reporting date and adopted in the EU. The statements adhere to International Accounting Standard (IAS) 34 for condensed statements.

All interim financial statements of the domestic and foreign companies included in the consolidated statements were prepared according to the standardized Wacker Neuson SE accounting principles and valuation methods.

As an information instrument, this interim report builds on the Consolidated Financial Statements. We therefore refer to the notes to the consolidated statements of December 31, 2011. The comments there also apply to the quarterly and half-year statements for fiscal 2012, unless explicitly stated otherwise.

The general accounting principles, valuation methods and estimates used for the fiscal 2011 consolidated statements have also been applied to these interim financial statements with the exceptions listed below.

Legal changes to company structure

On January 1, 2012, the Serbian companies Wacker Neuson Kragujevac d.o.o. and Wacker Neuson Lapovo d.o.o. were included in the consolidation structure. The companies were not previously consolidated due to their minor impact on the Group's assets, financials and earnings.

Seasonal fluctuations

The annual analysis of the seasonal distribution of consolidated revenue over the year reinforces the assumption that seasonal fluctuations only have a minor impact on Group revenue.

The quarterly distribution of consolidated revenue from fiscal 2009 through 2011 was as follows:

in %	2011	2010	2009
Q1	21	20	23
Q2	27	27	26
Q3	25	26	25
Q4	27	27	26

Earnings per share

In accordance with International Accounting Standard (IAS) 33, earnings per share are calculated by dividing the consolidated earnings by the average number of shares. There was no share dilution effect in the reporting period shown.

	2012	2011
Q1
Quarterly earnings attributable to shareholders in € K	17,133	8,994
Weighted average number of ordinary shares in circulation
during the period in thousands	70,140	70,140
Earnings per share in EUR	0.24	0.13

Important events

At the AGM on May 22, 2012, the Executive Board and Supervisory Board of Wacker Neuson SE will propose a dividend payout of EUR 0.50 per registered share for fiscal 2011.

On February 27, 2012, Wacker Neuson SE placed a Schuldschein loan in the amount of EUR 120 million to secure liquidity and hedge interest rates. The loan is based on terms of five and seven years. The transaction was subscribed at the lower end of the marketing range, with a coupon rate of 3.00 percent p.a. for the fixed five-year term and 3.66 percent p.a. for the seven-year term.

In January 2012, the Group sold a site in Tokyo, Japan, that had previously been disclosed under "assets held for sale". Earnings from the sale in the amount of EUR 1.7 million are reported under "Other income".

Events after the balance sheet date

There have been no other significant events since the reporting date for these interim financial statements.

Munich, May 8, 2012 Wacker Neuson SE

Executive Board

Cem Peksaglam (CEO)

Martin Lehner (Deputy CEO)

Richard Mayer Günther C. Binder Werner Schwind

Financial Calendar

Financial Calendar 2012

May 10, 2012	Publication of first-quarter report 2012
May 15, 2012	German & Austrian Corporate Conference 2012, Frankfurt
May 22, 2012	AGM, Munich
August 09, 2012	Publication of half-year report 2012
November 13, 2012	Publication of nine-month report 2012

IR Contact

Contact

Wacker Neuson SE

Investor Relations Preussenstrasse 41 80809 Munich Germany

Phone +49 - (0)89 - 354 02 - 173 Fax +49 - (0)89 - 354 02 - 298

ir@wackerneuson.com www.wackerneuson.com

Publishing Details

Issued by: Wacker Neuson SE, Department: Corporate Communication/ Investor Relations

Concept, design & realization: Kirchhoff Consult AG

Content:

Wacker Neuson SE

Disclaimer

The Q1 report of Wacker Neuson SE has not been certified or approved. Selected business segments have been reviewed by the auditors. The Q1 report should be read in conjunction with the approved Consolidated Financial Statements of Wacker Neuson SE for fiscal 2011, which have been prepared in accordance with the same accounting processes. This report contains forward-looking statements which are based on the current estimates and assumptions by the corporate management of Wacker Neuson SE. Forwardlooking statements are characterized by the use of words such as expect, intend, plan, predict, assume, believe, estimate, anticipate and similar formulations. Such statements are not to be understood as in anyway guaranteeing that those expectations will turn out to be accurate. Future performance and the results actually achieved by Wacker Neuson SE and its affiliated companies depend on a number of risks and uncertainties and may therefore differ materially from the forward-looking statements. Many of these factors are outside the Company's control and cannot be accurately estimated in advance, such as the future economic environment and the actions of competitors and others involved in the marketplace. The Company neither plans nor undertakes to update any forward-looking statements.

All rights reserved. Valid May, 2012. Wacker Neuson SE accepts no liability for the accuracy and completeness of information provided in this brochure. Reprint only with the written approval of Wacker Neuson SE in Munich, Germany. The German version shall govern in all instances. In the event of discrepancies between the German and the English version, the German version shall prevail.

Wacker Neuson SE Preussenstrasse 41 80809 Munich Germany Phone +49 - (0)89 - 354 02 - 0 Fax +49 - (0)89 - 354 02 - 390 www.wackerneuson.com