Wacker Neuson SE — Interim / Quarterly Report 2015

May 20, 2015

Q1/2015

First quarter report

Figures at a Glance

January 1 through March 31

		Jan 1–Mar. 31,	Jan 1–Mar. 31,
in € million		2015	2014	Change
Key figures
Revenue		324.3	291.6	11.2%
by region
Europe		231.3	216.1	7.0%
Americas		83.9	67.9	23.6%
Asia-Pacific		9.1	7.6	19.7%
by business segment1
Light equipment		100.0	94.4	5.6%
Compact equipment		166.1	141.1	17.7%
Services		62.5	59.7	4.7%
EBITDA		47.4	36.2	30.9%
Depreciation and amortization		15.7	14.1	11.3%
EBIT		31.7	22.1	43.4%
EBT		30.2	20.6	46.6%
Profit for the period		21.3	14.3	49.0%
Number of employees		4.477	4.152	7.8%
Share
Earnings per share in €		0.30	0.20	49.0%
Key profit figures
Gross profit as a %		29.7	29.4	0.3PP
EBITDA margin as a %		14.6	12.4	2.2PP
EBIT margin as a %		9.8	7.6	2.2PP
Key figures from the balance sheet	Jan 1–Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Change Mar. 31, 2014
Non-current assets	834.4	814.1	806.6	3.4%
Current assets	761.4	633.5	580.4	31.2%
Equity before minority interests	1,064.5	1,011.7	949.7	12.1%
Net financial debt	225.5	179.5	184.8	22.0%
Liabilities	526.6	431.3	433.2	21.6%
Equity ratio before minority interests as a %	66.7	69.9	68.5	-1.8PP
Working capital	625.4	532.2	468.7	33.4%
		Jan 1–Mar. 31,	Jan 1–Mar. 31,
Cash flow		2015	2014	Change
Cash flow from operating activities		-20.6	18.7	–
Cash flow from investment activities		-25.4	-27.7	-8.3%
Capital expenditure
(property, plant and equipment and intangible assets)		25.8	27.7	-6.9%
Cash flow from financing activities		50.8	16.4	>100%
Free cash flow		-45.9	-8.5	>100%

¹ Consolidated revenue before discounts.

All consolidated figures prepared according to IFRS. To improve readability, the figures in this report

have been rounded to the nearest EUR million. Percentage changes refer to these rounded amounts.

Latest developments from the first three months of 2015

At a glance

Overall, business developed positively in the first three months of 2015. The Group reported record revenue and profit figures for the first quarter. The Executive Board has confirmed its forecast for fiscal 2015.

Q1 2015 compared with Q1 2014

• Group revenue totaled EUR 324.3 million and was thus 11 percent higher than in the previous year. When adjusted to discount currency fluctuations, this corresponds to a rise of 6 percent.
• The Americas region experienced the strongest growth, reporting a 24-percent increase in revenue. In Europe, revenue increased by 7 percent; Asia-Pacific reported a 20-percent rise in revenue.
• Compact equipment proved the strongest of the Group's business segments, posting an 18-percent rise in revenue. Revenue from the light equipment segment increased by 6 percent and the services segment reported a 5-percent increase.
• Profitability for the first three months of the year was also significantly higher than in the prior-year period. The EBIT margin rose to 9.8 percent (Q1 2014: 7.6 percent).

Forecast

The Wacker Neuson Group has confirmed its annual forecast for 2015. Revenue is expected to increase to between EUR 1.40 and 1.45 billion (2014: EUR 1.28 billion), with an EBIT margin between 9.5 and 10.5 percent (2014: 10.6 percent). The Group remains committed to its strategy and intends to increase its reach in core markets and continue as planned on its expansion path.

Letter from the CEO | 02

Group Management Report | 04

Interim Financial Statements | 17

Consolidated Income Statement Consolidated Statement of Comprehensive Income Consolidated Balance Sheet Consolidated Statement of Changes in Equity Consolidated Cash Flow Statement Consolidated Segmentation

• Selected Explanatory Notes | 24
• Financial Calendar/IR Contact | 27

Cem Peksaglam CEO

Dear Ladies and Gentlemen,

The first quarter of 2015 got the year off to a good start for our company. Our strategies are proving effective even though – from a global perspective – markets are moving in different directions. Construction activity in Central Europe, for example, remains strong and the economy in North America is robust. At the same time, however, markets in South America, Russia and Australia are contracting.

Currency developments had a strong positive impact on our results. The euro's depreciation against the US dollar played a major role here, boosting exports of the products that we manufacture in Germany and Austria.

At EUR 324.3 million, Group revenue was 11 percent higher than in the previous year's quarter. Adjusted to discount currency effects, this corresponds to an increase of 6 percent.

Our growth here was fueled on the one hand by the compact equipment segment, which reported an 18-percent increase in revenue, and on the other by our business in North America. Due to these effects, the Americas region posted a rise in revenue of 24 percent (5 percent when adjusted to discount currency effects). Revenue from agricultural machinery increased by 15 percent relative to the previous year, even though the agricultural machinery sector is currently contracting.

Ongoing crises in Brazil and Chile meant that business in South America developed below our expectations. In the US, however, we were able to further strengthen our position in the construction industry and other target markets such as the industrial sector. From this year on, our skid steer loaders will be manufactured in Menomonee Falls. North America accounts for around 80 percent of sales here, making it the largest market for this product group worldwide. On a cautionary note, however, the energy industry is currently weak, which is dampening willingness to invest.

In Europe, the Wacker Neuson Group experienced its strongest growth in German-speaking countries and also in the UK, Scandinavia and Eastern Europe. Countries in Southern Europe are also continuing to recover. In Asia-Pacific, revenue rose by 20 percent (7 percent when adjusted to discount currency effects) from what is still a low baseline.

Revenue from the light equipment segment increased 6 percent during the first quarter of 2015. When adjusted to discount currency effects, revenue for this segment was 5 percent lower than in the previous year. Currency effects have a greater impact here as a major part of our revenue is generated outside of the eurozone. In the eurozone, a late start to the construction season meant that revenue developed below our expectations. This situation is being further compounded by a current low demand in individual markets such as France and Russia.

We continued to achieve sustainable growth in earnings in the first quarter of the year. Profit before interest and tax (EBIT) increased 43 percent to around EUR 32 million and the EBIT margin rose from 7.6 to 9.8 percent.

Innovation is part of our DNA. In April, we presented many of our new products and innovations to customers and business partners in Paris at Intermat – this year's largest construction industry trade show. At the event, we premiered our new EW65 mobile excavator and the ET90 track excavator as well as the DT10e electric track dumper. Unfortunately, the number of visitors to the show was significantly lower than industry expectations. This was due to the very tense situation in the French construction industry.

The growth strategies that we have initiated are taking effect. Despite the overall uncertain economic climate, these measures will continue to secure our success in individual markets and regions for the rest of the year. The construction season will pick up over the coming months and we remain positive about the year as a whole. We reconfirm our forecast for 2015 and expect revenue to total between EUR 1.40 and 1.45 billion (an increase of 9 to 13 percent relative to the previous year) and the EBIT margin to come in at between 9.5 and 10.5 percent.

We thank you for your continued loyalty.

Best regards,

Cem Peksaglam CEO, Wacker Neuson SE

Group Management Report

Economic and business trends

Key trends in the world's economy continued to shape developments at the start of 2015. These included robust development in established economies offset by slowing growth rates in emerging countries.

The eurozone economy continued to recover, fueled by continued low oil prices, a sharp drop in value of the euro vis-à-vis the foreign currency reserves of key business partners and stabilizing measures implemented by the European Central Bank. However, the situation continues to vary significantly from country to country. The pace of economic growth in recent months was particularly disappointing in France and Italy. The debate surrounding the possibility of Greece exiting the eurozone was reignited after the newly elected Greek government put the country on a collision course with the European Union.

In contrast, Germany's export-oriented economy was able to benefit disproportionately from the positive impulses described above. Capacity utilization is on the rise, especially in the manufacturing and construction industries, and financing conditions are set to remain at unprecedented favorable levels for the foreseeable future, creating the right conditions for companies to increase investment activities. Positive signals are also coming from the labor market.

The US economy remained robust through the start of the year. Low energy prices, favorable financing opportunities and a marked drop in unemployment relative to the previous year also fueled growth here. The US housing market was one of the sectors that benefitted from these factors. The increase in value of the US dollar had a dampening effect, however, by making exports to other regions of the world more expensive.

In the first quarter of 2015, China grew at its slowest rate in six years. The sharp drop in foreign investments and

investments in residential construction – traditionally two key pillars of the Chinese economy – contributed to this. In light of these developments, there were increased calls for the Chinese Central Bank to adopt a more expansionary fiscal policy. Growth in other emerging economies was also more restrained compared with earlier periods.

Construction industry trends

According to the Committee for European Construction Equipment (CECE), the global construction equipment market grew slightly in the first months of the year. In Europe, the industry was buoyed by growth impetus from Spain, Portugal and Italy in particular. The UK, German and Scandinavian markets remained stable. Upward momentum in the US construction sector proved a growth driver for many European manufacturers. In contrast, BRIC countries1 developed below expectations.

Trends in the agricultural sector

In the agricultural machinery sector, falling prices for a number of different agricultural products had been negatively impacting incoming orders for manufacturers of agricultural machinery. According to the European umbrella association of the agricultural machinery industry (CEMA), there were signs that this downward trend was coming to an end in the first quarter of 2015. Incoming orders stabilized, albeit at a comparatively low level. The two largest markets, Germany and France, did not quite keep pace with this development. One of the reasons for this is the large supply of used machinery, which is currently hampering sales of new equipment. Experts remain largely unconcerned that the withdrawal of the milk quota could lead to overcapacities in milk production. From their standpoint, a lack of land, high labor costs and a lack of sites for production facilities are more of a threat to expansion for dairy farmers than the withdrawal of the quota. Nevertheless, experts do believe that price hedging strategies (e.g. commodity futures markets) will become more important for dairy farms.

The Wacker Neuson Group has played an active role in the French market for 55 years. The Group was also present at the Intermat trade show in Paris, welcoming visitors to its stand under the motto "Your partner – yesterday, today and tomorrow". Showcasing a number of new Wacker Neuson and Kramer products, the spotlight was firmly placed on the Group's particularly environmentally friendly and cost-efficient ECO range. At Intermat, the new DT10e electric track dumper, EW65 mobile excavator and ET90 track excavator were unveiled for the first time.

Business developments and highlights in the first three months of the year

Quarterly revenue significantly higher than prior-year figure

Group revenue rose by 11.2 percent to EUR 324.3 million in the first three months of 2015 (previous year: EUR 291.6 million).

Europe and North America are the Wacker Neuson Group's core markets. In Europe, the stable economy increased willingness to invest among customers in the construction and agricultural industries as well as among companies in the gardening, landscaping, industrial and logistics sectors. As a result, Q1 revenue for Europe was 7.1 percent higher than the prior-year figure. The Americas region reported a 23.5-percent rise in revenue in the same period. This was primarily fueled by increased sales of compact equipment. The currency effects resulting from the rise in the US dollar's value relative to the euro also had a strong impact. When adjusted by these effects, revenue in the Americas region actually rose by 5.1 percent. Currency fluctuations also impacted the Asia-Pacific region, pushing revenue for the first quarter 19.8 percent higher than the prior-year quarter. When adjusted by currency effects, revenue rose 6.3 percent.

The Wacker Neuson Group reported a clear rise in profit for the first quarter of 2015. The EBITDA margin1 increased to 14.6 percent in the first three months of 2015 (previous year: 12.4 percent) and the EBIT margin2 rose to 9.8 percent (previous year: 7.6 percent).

The Group's asset position remains strong with an equity ratio before minority interests of 66.7 percent at the closing date. At March 31, 2015, gearing3 amounted to 21.2 percent and was thus higher than the figure at the close of 2014 (17.7 percent). This is due to seasonal fluctuations.

Roller production collaboration with Wirtgen

In February 2015, the Wacker Neuson Group and Hamm AG, a member of the Wirtgen Group, entered a strategic collaboration for the production of rollers for soil and asphalt compaction. The rollers manufactured by Hamm will initially be distributed under the Wacker Neuson brand in Germany, Austria and Switzerland via the company's sales and distribution network. Global distribution will start at a later date. The collaboration rounds off the Group's offering in the soil and asphalt compaction sector, enabling it to offer tandem rollers in the 1.8- to 4.5-ton category and compactors weighing up to 7 tons.

EBITDA margin = EBITDA/revenue.

EBIT margin = EBIT/revenue.

Gearing = net financial debt/equity before minority interests.

2015 AGM: Suggested appropriation of net profit

At the forthcoming Annual General Meeting on May 27, 2015, the Executive Board and Supervisory Board of Wacker Neuson SE will propose a dividend payout in the amount of EUR 0.50 (previous year: EUR 0.40) per eligible share (based on a total of 70.14 million shares). In total therefore, the Group will be paying out EUR 35.1 million (previous year: EUR 28.1 million). Based on Group profit for 2014 in the amount of EUR 91.5 million (previous year: EUR 61.2 million), the distribution ratio thus pans out at around 38 percent (previous year: approximately 46 percent).

The Annual General Meeting will also elect new shareholder representatives to the Supervisory Board.

Multiple awards for innovation

The Wacker Neuson Group continued to expand its leading position in product safety and environmental protection, unveiling a number of new zero emissions products. These include battery-powered rammers, electric wheel loaders, and excavators equipped with the Group's dual power option. These innovations recently garnered a number of awards across the industry. The Group's AS 50 batterypowered rammer, for example, received the bi-GaLaBau "Green Award" gold medal at the international gardening and landscaping trade show in Nuremberg, Germany. At the Intermasz trade show in the Polish town of Pozna the dual power excavator was awarded the "MTP gold medal", an accolade that recognizes particularly innovative products. The dual power excavator also received a Gold Award in the INTERMAT Innovation Awards 2015 in Paris at the international trade show for the construction equipment and materials industries. It also received two awards at the UK construction industry exhibition Plantworx 2015. Building further on this success, the Wacker Neuson WL20e wheel loader and the Weidemann eHoftrac were awarded a gold medal in the new product awards at the demopark+demogolf 2015 trade show. And the 1160 eHoftrac received the Special Jury Award for innovation at the Equitana 2015 trade show in the German city of Essen and the Innovation Award at the Bulgarian trade show AGRA 2015.

Capital market communication and share trends

The Wacker Neuson share continued its dynamic upwards trend in the first quarter of 2015, reaching its high point for the period on March 12 when it was listed at EUR 23.47. At March 31, it closed at EUR 23.27 and was thus an impressive 37 percent higher than the price at the end of 2014 (EUR 16.96). Over the same period, the DAX and

SDAX rose 22.2 and 17.1 percent respectively against the backdrop of a generally very positive market environment. At the close of the quarter, market capitalization totaled EUR 1,632.2 million (70.14 million shares).

During the period under review, the Executive Board regularly kept stakeholders updated on current Group developments and corporate strategy. It accomplished this through a variety of channels, including (tele)conferences with capital market players and by visiting investors.

Share price trends January through April 2015

Profit, financials and assets Revenue and earnings

Positive development of revenue

Group revenue for Q1 2015 rose 11.2 percent relative to the previous year to a new record high of EUR 324.3 million (previous year: EUR 291.6 million). Adjusted to discount currency effects, revenue rose 5.7 percent.

Revenue Q1 2015 and 2014 in € million

The Group uses hedging instruments to protect itself against unfavorable exchange rates in key currencies. However, these instruments are subject to certain assumptions and opinions from currency experts in the financial sector. In the Group's consolidated financial statements, which are drawn up in euros, the significant

Key figures

in € million	Q1/2015	Q1/2014	Change as a %
Revenue	324.3	291.6	11.2
Gross profit margin as a %	29.7	29.4	0.3 PP
EBITDA	47.4	36.2	30.9
EBITDA margin as a %	14.6	12.4	2.2 PP
EBIT	31.7	22.1	43.4
EBIT margin as a %	9.8	7.6	2.2 PP
EBT	30.2	20.6	46.6
Profit for the period	21.3	14.3	49.0

devaluation of the euro against some key currencies had a positive impact on Q1 revenue and earnings for 2015 relative to the prior-year quarter. The average euro/dollar exchange rate in the first quarter of 2015 was EUR 1 to USD 1.13 (previous year: EUR 1 to USD 1.38).

Compact equipment accounted for the biggest share of total revenue at 50.6 percent (previous year: 47.8 percent), followed by light equipment at 30.4 percent (previous year: 32.0 percent). The services segment accounted for the remaining 19.0 percent (previous year: 20.2 percent).

Development of manufacturing costs

Manufacturing costs rose by 10.8 percent to EUR 227.9 million during the first three months of the year (previous year: EUR 205.7 million). This figure reflects strong growth in the compact equipment sector (+18 percent), which involves higher manufacturing costs but reports lower selling expenses.

At EUR 96.5 million, gross profit for the first three months of the year increased 12.5 percent (previous year: EUR 85.8 million). The gross profit margin amounted to 29.7 percent and was thus slightly higher than the previous year (29.4 percent).

SG&A, R&D and administrative expenses decreased relative to revenue

Compared with the rise in the volume of business, operating costs rose 9.4 percent in the first three months of 2015, thus growing at a slower rate than revenue. Expressed as a percentage of revenue, total expenses improved on the prior-year period at 21.8 percent (previous year: 22.2 percent).

At EUR 45.2 million, selling expenses were 7.8 percent higher than the prior-year period (previous year: EUR 42.0 million). R&D costs increased by 16.7 percent to EUR 8.1 million (previous year: EUR 6.9 million) and general administrative costs for the first three months of the year rose 10.6 percent to EUR 17.5 million (previous year: EUR 15.8 million). Administrative costs accounted for a 5.4-percent share of revenue, remaining unchanged compared to the previous year (5.4 percent).

Profit bolstered

The Group's profit situation reflects the development of revenue and the effects of cost control measures. Profit before interest, tax, depreciation and amortization (EBITDA) rose 30.8 percent in the first quarter to EUR 47.4 million (previous year: EUR 36.2 million). The EBITDA margin thus increased to 14.6 percent (previous year: 12.4 percent).

Development of revenue and EBIT margin Q1 2011 – 2015

Revenue in € million

Q1/2015	9.8	324.3
Q1/2014	7.6	291.6
Q1/2013	4.3	257.1
Q1/2012	9.6	274.0
Q1/2011	7.1	211.8

EBIT margin as a %

Depreciation and amortization amounted to EUR 15.7 million in the first quarter of 2015 (previous year: EUR 14.1 million).

Profit before interest and tax (EBIT) for Q1 2015 rose 43.4 percent to EUR 31.7 million (previous year: EUR 22.1 million). The EBIT margin increased to 9.8 percent (previous year: 7.6 percent).

The financial result amounted to EUR -1.5 million during the period under review and was thus equal to the prior-year figure (previous year: EUR -1.5 million).

Profit before tax (EBT) for the first quarter increased 46.6 percent to EUR 30.2 million (previous year: EUR 20.6 million). Tax expenditure amounted to EUR 8.7 million (previous year: EUR 6.2 million). The tax rate was thus 28.8 percent (previous year: 30.1 percent).

At EUR 21.3 million, net profit for the first quarter of 2015 was 49.0 percent higher than the prior-year figure of EUR 14.3 million. Earnings per share amounted to EUR 0.30 based on 70.14 million ordinary shares (previous year: EUR 0.20).

Financial position

Development of cash flow from operating activities

By the end of March 2015, cash flow from operating activities decreased to EUR -20.6 million due to investments in working capital1 (previous year: EUR 18.7 million). Discounting investments in working capital, cash flow from operating activities amounted to EUR 38.1 million (previous year: EUR 35.0 million).

Cash flow from investment activities came to EUR -25.4 million in the first quarter of 2015 (previous year: EUR -27.7 million). The Group made investments in the amount of EUR 25.8 million, of which EUR 22.6 million was channeled into property, plant and equipment. This figure included investment in the expansion of the Group's international sales network and its own rental pool in Europe.

Free cash flow corresponds to cash flow from operating activities plus cash flow from investment activities2 . Because cash flow from operating activities was negative, free cash flow at the close of Q1 2015 was also negative and came in at EUR -45.9 million (previous year: EUR -8.5 million).

Cash flow from financing activities came to EUR 50.8 million in the first quarter of 2015 (previous year: EUR 16.4 million) due to investment in working capital.

See the Explanatory Notes for details of companies acquired or sold during the reporting period and for information about changes to the consolidation structure.

Comfortable liquidity situation

Liquidity increased from EUR 14.2 million at the start of the year to EUR 20.1 million at March 31, 2015. As planned, the Group is 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, the Group had not drawn on around 40 percent of funds available through credit lines, providing it with sufficient financial headroom. The Group continues to demonstrate healthy levels of liquidity.

Working capital = inventories + trade receivables - trade payables.

² If available, excluding changes to the consolidation structure and plus amounts accruing from the issue of new shares including the costs of raising capital.

Assets

Assets in healthy position with continued high equity ratio

After the first three months of the year, the balance sheet shows that Group assets remain strong. The balance sheet total rose to EUR 1,595.8 million at March 31, 2015 (December 31, 2014: EUR 1,447.6 million; March 31, 2014: EUR 1,386.9 million).

Assets increased to EUR 781.0 million (December 31, 2014: EUR 761.3 million; March 31, 2014: EUR 758.7 million). The value of finished products rose 19.9 percent at the end of the quarter to EUR 355.7 million (December 31, 2014: EUR 296.6 million) and by 42.1 percent relative to March 31, 2014 (EUR 250.3 million). Inventories were up 16.8 percent to EUR 495.4 million (December 31, 2014: EUR 424.0 million) and by 44.0 percent relative to the same prior-year period (March 31, 2014: EUR 344.1 million). Trade receivables grew to EUR 226.5 million since the start of the year (December 31, 2014: EUR 173.3 million; March 31, 2014: EUR 196.6 million).

Total current assets rose to EUR 761.4 million compared with the previous year (December 31, 2014: EUR 633.5 million; March 31, 2014: EUR 580.4 million).

Group equity before minority interests amounted to EUR 1,064.5 million at the end of March 2015 (December 31, 2014: EUR 1,011.7 million; March 31, 2014: EUR 949.7 million). At 66.7 percent, the equity ratio before minority interests remains high (December 31, 2014: 69.9 percent; March 31, 2014: 68.5 percent). The Group's share capital remained unchanged at EUR 70.14 million.

Non-current liabilities were posted at EUR 209.5 million (December 31, 2014: EUR 209.1 million; March 31, 2014: EUR 202.4 million). Trade payables amounted to EUR 96.5 million (December 31, 2014: EUR 65.2 million; March 31, 2014: EUR 71.9 million). Total current liabilities amounted to EUR 317.1 million (December 31, 2014: EUR 222.2 million; March 31, 2014: EUR 230.8 million), reflecting the rise in short-term borrowings from banks in the first three months of the year.

Working capital developments

In the first three months of 2015, working capital amounted to EUR 625.4 million (December 31, 2014: EUR 532.2 million). EUR 93.2 million was invested in working capital in the first three months of 2015 (+17.5 percent relative to December 31, 2014). Working capital was 33.4 percent higher than the prior-year figure (March 31, 2014: EUR 468.7 million). This rise stems from the Group's targeted efforts to increase inventories for the start of the 2015 construction season in its core markets. These measures help enhance the Group's rapid delivery capabilities and enable it to respond flexibly to global markets. Procuring and storing engines has become a more complex process primarily due to changing legislation governing emissions regulations.

Assets, equity and liabilities

in € K	Mar. 31, 2015	Dec. 31, 2014	Change as a %	Mar. 31, 2014	Change as a %
Total non-current assets	834,371	814,067	2.5	806,555	3.4
Total current assets	761,388	633,500	20.2	580,352	31.2
Total assets	1,595,759	1,447,567	10.2	1,386,907	15.1
Equity before minority interests	1,064,535	1,011,749	5.2	949,687	12.1
Total non-current liabilities	209,506	209,138	0.2	202,417	3.5
Total current liabilities	317,110	222,206	42.7	230,820	37.4
Minority interests	4,608	4,474	3.0	3,983	15.7
Total liabilities	1,595,759	1,447,567	10.2	1,386,907	15.1

At 48.21 percent, the working capital to annualized revenue ratio was higher than the equivalent figure for 2014 (previous year: 40.2 percent).

Solid financing structure

At EUR 225.5 million, net financial debt2 was higher than the equivalent figure at the close of 2014 (December 31, 2014: EUR 179.5 million; March 31, 2014: EUR 184.8 million).

Gearing3 increased marginally from 17.7 percent at the start of the year to 21.2 percent at the interim closing date. The Group's financing structure thus remains strong for the industry.

Net financial position

in € K	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Long-term borrowings	-126,366	-126,593	-130,300
Short-term borrowings	-118,857	-66,682	-76,971
Current portion of long-term borrowings	-419	-441	-435
Cash and cash equivalents	20,127	14,200	22,889
Total	-225,515	-179,516	-184,817
Gearing3 as a %	21.2	17.7	19.5

Financial position

in € K	Q1/2015	Q1/2014
Cash flow from operating activities	-20,570	18,700
Cash flow from investment activities	-25,373	-27,711
Free cash flow	-45,943	-8,824
Cash flow from financing activities	50,809	16,534
Effect of exchange rates on cash
and cash equivalents	1,061	13
Change in cash and cash
equivalents	5,927	7,356
Cash and cash equivalents at
beginning of period	14,200	15,533
Cash and cash equivalents at
end of period	20,127	22,889

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 Wacker Neuson Group utilizes off-balance-sheet financial instruments, such as the sale of receivables, to a limited extent only. In connection with the sale of receivables, customers are offered financing models through external companies. These are in part interestsubsidized (with a negative impact on revenue) and can also be reported as factoring in the wider context. However, the Group only uses these schemes to contribute to financing.

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 profits of the Group.

Note on calculation: 625.4/(324.3*4) = 48.2 percent.

² Net financial debt = long- and short-term borrowings + current portion of long-term

borrowings - marketable securities - cash and cash equivalents.

3 Net financial debt/equity ratio before minority interests.

Segment reporting

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

Segment reporting provides an overview of business developments according to region (Europe1 , Americas and Asia-Pacific). The Group also breaks revenue down according to business segment (light equipment, compact equipment and services).

During the first quarter of 2015, the Group increased revenue in all regions. When adjusted to discount currency fluctuations, all regions still reported a rise in revenue.

Results for Europe, the Americas and Asia-Pacific

25.9 Americas (23.3) 71.3 Europe (74.1)

Robust rise in revenue in Europe region

In the first three months of 2015, revenue in Europe rose 7.0 percent to EUR 231.3 million (previous year: EUR 216.1 million). Profit before interest and tax (EBIT) increased from EUR 25.5 million for the same period last year to EUR 35.9 million.

Europe accounts for the lion's share of the Wacker Neuson Group's revenue. Due to a strong rise in revenue in the other regions, Europe's share of total revenue dropped to 71.3 percent (previous year: 74.1 percent).

Europe Q1 2015 and 2014 in € million

Revenue
Q1/2015	231.3
Q1/2014	216.1
EBIT
Q1/2015	35.9
Q1/2014	25.5

The Wacker Neuson Group was able to report growth in almost all of its European markets.

Strongest growth in the Americas

Revenue in the Americas for Q1 2015 increased 23.6 percent relative to the prior year to EUR 83.9 million (previous year: EUR 67.9 million). Profit before interest and tax (EBIT) rose from EUR 4.1 million to EUR 8.3 million. When adjusted to discount currency fluctuations, revenue actually grew by 5.1 percent. The region's share of total revenue rose to 25.9 percent (previous year: 23.3 percent).

Americas Q1 2015 and 2014 in € million

Revenue
Q1/2015			83.9
Q1/2014			67.9
EBIT
Q1/2015			8.3

Q1/2014 4.1

The Group experienced particularly strong growth in the US. Its strategy of expanding its sales network to distribute compact equipment in the Americas is increasingly paying dividends.

¹ Including South Africa, Turkey and Russia. The Wacker Neuson Group includes these countries in its Europe segment even though – geographically speaking – they are located outside of the region.

Growth in Asia-Pacific

At EUR 9.1 million, revenue in the Asia-Pacific region was 19.7 percent higher than the previous year (previous year: EUR 7.6 million). Discounting currency fluctuations, revenue in the region increased by 6.7 percent. Profit before interest and tax (EBIT) totaled EUR 1.8 million (previous year: EUR 0.2 million). The region's share of total revenue remained almost unchanged at 2.8 percent (previous year: 2.6 percent).

Asia-Pacific Q1 2015 and 2014 in € million

Revenue

Q1/2015					9.1
Q1/2014					7.6

EBIT
Q1/2015	1.8
Q1/2014	0.2

Asia-Pacific is an important growth market for the Wacker Neuson Group. Demand for high-quality products is steadily rising here. The Group is therefore committed to developing dedicated measures for this region and offers a selected range of products tailored to the needs of markets here. The products are robust and built to the Wacker Neuson Group's high quality standards.

Emerging markets1 accounted for 10.6 percent of total revenue in the first three months of 2015 (previous year: 10.1 percent).

Results for the light equipment, compact equipment and services segments

Revenue by business segment Q1 2015 as a % (previous year)

Light equipment trends

The light equipment business segment covers the Wacker Neuson Group's activities within the strategic business fields of concrete technology, compaction and worksite technology. Production is synchronized with demand and delivery times are short. The Wacker Neuson Group therefore does not report an order backlog for this segment.

By the end of March 2015, revenue before cash discounts from the light equipment segment increased by 5.9 percent to EUR 100.0 million (previous year: EUR 94.4 million). When adjusted to discount currency fluctuations, revenue actually fell 4.6 percent. This is because a major part of revenue from light equipment is generated outside of the eurozone. This segment's share of total revenue was 30.4 percent (previous year: 32.0 percent).

¹ Emerging markets: The Dow Jones definition covers 35 countries: Argentina, Bahrain, Brazil, Bulgaria, Chile, China, Columbia, the Czech Republic, Egypt, Estonia, Hungary, India, Indonesia, Jordan, Kuwait, Latvia, Lithuania, Malaysia, Mauritius, Mexico, Morocco, Oman, Pakistan, Peru, the Philippines, Poland, Qatar, Romania, Russia, Slovakia, South Africa, Sri Lanka, Thailand, Turkey, United Arab Emirates.

Revenue by business segment

in € K	Q1/2015	Q1/2014	Change as a %
Segment revenue
Light equipment	99,951	94,390	5.9
Compact equipment	166,132	141,107	17.7
Services	62,491	59,722	4.6
Less cash discounts	-4,249	-3,635	16.9
Total	324,326	291,584	11.2

Compact equipment trends

The compact equipment business segment covers compact machinery targeted at the construction and agricultural industries, gardening, landscaping and industrial firms as well as 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 15 tons.

Revenue before cash discounts from the compact equipment segment increased by 17.7 percent from EUR 141.1 million in the previous year to EUR 166.1 million in the first quarter of 2015. When adjusted to discount currency fluctuations, revenue actually grew by 15.7 percent. The region's share of total revenue was 50.6 percent and was thus higher than the prior year (previous year: 47.8 percent).

Already in 2014, the compact equipment segment was the largest revenue driver (+16.5 percent) thanks to the expansion of the Group's global sales network capabilities to include compact equipment.

The Group's customers continue to place orders at short notice. It is therefore crucial that these orders are delivered as quickly as possible.

In the first three months of the year, accumulated order intake for compact equipment for the construction and agricultural sectors remained at the same high level as the previous year.

In the first quarter of 2015, agricultural compact equipment's share of Group revenue rose to 16.3 percent (previous year: 15.8 percent). Demand for innovative Weidemann- and Kramer-branded machines is being fueled by customers' growing need to raise efficiency and productivity levels.

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

Services segment trends

The Wacker Neuson Group complements new equipment sales with an extensive range of services. The services segment covers the global repair and spare parts business, the reconditioned equipment business and rental in Central Europe. Revenue from the services segment in Q1 2015 increased by 4.6 percent to EUR 62.5 million (previous year: EUR 59.7 million). This segment's share of total revenue was 19.0 percent (previous year: 20.2 percent).

Other factors that impacted on results

Headcount

The Wacker Neuson Group had already increased headcount in specific areas in 2014 as a result of its strong performance. During the first quarter of 2015, headcount had again increased relative to the year-end figure. At March 31, 2015, the Group employed a total of 4,477 people worldwide. This is an increase of 2.4 percent relative to the close of 2014 (December 31, 2014: 4,372; March 31, 2014: 4,152)1 .

Research and development activities secure leading position

Much of the Wacker Neuson Group's 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. The Group's 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. Its products are also designed to deliver the highest productivity levels for customers by providing optimum power in vibratory plates, for example, or through innovations such as the Vertical Digging System® for excavators.

¹ Headcount figures do not reflect the actual number of people employed. They are calculated by converting the number of jobs within the Group into full-time equivalents (not including temporary staff).

The Group's development efforts also aim to extend its pioneering position in product safety, operator safety and environmental protection. Noise- and vibration-reduction features (such as low hand-arm vibrations in vibratory plates), as well as safety features (such as infrared remote controls for trench rollers or the Smart Handling® system for telescopic loaders) are just some examples of operator safety innovations here.

In addition, research, development and innovation are key to achieving climate protection goals. These activities have a high priority for the Wacker Neuson Group as it intends to maintain high standards in the delivery of environmentally sound, safe products moving forward. The Group will therefore continue to focus its R&D efforts on compliance with more stringent environmental regulations governing combustion engine emissions.

Changes to the opportunity and risk situation

In the first quarter of 2015, the Wacker Neuson Group continued to implement its risk management system as a key steering tool for business decisions and processes. This internal control and risk management system is described in detail in the consolidated financial statements for 2014.

The company has not identified any risks to the Wacker Neuson Group as of March 31, 2015 that deviate from the 2014 consolidated financial statements.

The risks to the Group relevant to the period under review are listed in the 2014 Annual Report on pages 84 to 87.

Business opportunities for the Wacker Neuson Group are described in detail on page 88 of the 2014 Annual Report and in the Outlook section of this interim management report.

Supplementary report

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

Outlook

Slight upturn in global economy expected

According to the International Monetary Fund (IMF), global economic growth is set to remain moderate in 2015, with experts projecting a rise of 3.5 percent. The economic impetus here looks set to come largely from developed economies, especially the US.

Economic recovery in the eurozone is likely to continue at a modest level, with Italy to emerge from the recession as the last of the major European economies. The IMF anticipates an increase in economic output of 1.5 percent for Europe. High-export countries, in particular, should continue to benefit from a significantly weaker euro relative to the previous year. Low oil prices should also play a supporting role, at least in the immediate future. Nevertheless, countries in southern Europe – particularly Greece – remain a source of uncertainty due to their high debt levels, which could subdue overall willingness to invest.

For Germany, the IMF forecasts GDP growth of 1.6 percent for 2015. Germany should therefore remain a pillar of the economic recovery in Europe, together with the UK. The French market is set to develop very cautiously in 2015. There is a lot of uncertainty in the construction sector due to political reforms, which include the reorganization of the country's national administrative structures.

With projected expansion of 3.1 percent, the US could become the prime growth driver for the global economy in 2015. Domestic consumption is already healthy, and should be boosted further by lower oil prices and continued expansionary monetary policy.

In contrast, Brazil's economic output is set to shrink and Russia's economy is expected to contract by 3.8 percent in 2015. Growth rates for China are only forecast at just over 6 percent. India is projected to grow by more than 7 percent.

Construction industry remains important pillar in global economy

In Europe, the construction sector may stagnate in some key markets. However, Germany, the UK and Scandinavia, in particular, look set to have a stabilizing effect on European construction in 2015. In Germany, the Central Association of German Construction (ZDB) expects growth of 2 percent.

Meanwhile, the North American market looks set to experience a strong year in 2015. The mood in the US housing market, in particular, remains buoyant, with the number of new-build projects estimated to rise by 20 percent and thus exceed 1 million. Infrastructure and industrial construction should also pick up further. Among those set to benefit from this development are rental firms for construction equipment. The American Rental Association (ARA) anticipates a revenue increase of 8.1 percent for 2015.

The outlook for Latin America is mixed. Countries like Chile and Brazil are experiencing economic difficulties while other markets such as Mexico, Peru and Columbia are expanding.

Emerging markets in particular will be investing in infrastructure projects in the medium term, notably roads, airports, rail networks, utility services (energy, waste and water), public buildings such as schools, universities and hospitals, and telecommunication networks.

European agriculture

Forecasts for the European agricultural technology industry are less pessimistic than at the start of the year. Order intake in this sector has stabilized. However, the industry has invested heavily in machinery in recent years, which could result in the market stagnating in 2015.

Nevertheless, universal trends – such as the world's growing population and the resulting increase in demand for foodstuffs – should continue to have a positive effect on the agricultural equipment sector in the medium and long term. The basic need for modern machines, particularly to work agricultural holdings efficiently, will continue to

increase. A renewed rise in agricultural prices should bolster landholders' income – a factor which, in turn, should further fuel demand for Weidemann- and Kramer-branded equipment.

Strategies for further profitable growth

The Wacker Neuson Group has set itself ambitious goals for the coming years. The Group's focus is set on increasing market penetration, expanding market share and strengthening its position as an international innovation leader. By concentrating more on user processes and market requirements, the Wacker Neuson Group aims to align its sales and distribution activities even more closely with customer needs and priorities. On the compact equipment front, the Group's strategy to expand its sales and distribution network worldwide, flanked by strategic alliances with Caterpillar and Claas, will deliver further growth potential in this segment. The Wacker Neuson Group also intends to increase its presence in regions in which it has identified concrete sales potential, for example, in South America, Eastern Europe, Africa and Asia.

Forecast for 2015 confirmed

The Executive Board is still predicting overall revenue for fiscal 2015 to come to between EUR 1.40 and EUR 1.45 billion (previous year: EUR 1.28 billion) with an EBIT margin of between 9.5 and 10.5 percent (previous year: 10.6 percent).

The Group predicts further growth for all three business segments – light equipment, compact equipment and services. The compact equipment segment is expected to continue on its dynamic growth path. As the services segment continues to grow in line with the rise in sales, the Group expects its share of revenue to remain at more or less the same level.

For the current fiscal year, the Group has earmarked around EUR 95 million in total for investments (previous year: EUR 90 million). As in 2014, it again expects a positive free cash flow at the close of 2015, with cash flow from operating activities covering investment needs over the year.

The Group aims to maintain its solid balance sheet structure with a comparatively high equity ratio. Equity ratio is currently around 67 percent and net financial debt is comparatively low. Gearing is not expected to rise significantly. As such, the Group is in a comfortable financial position. It aims to continue leveraging its strong financials and assets to drive further growth over the coming two years.

With a view to enhancing its product portfolio and expanding its international footprint, the Group is not ruling out the possibility of further partnerships and acquisitions.

Munich, May 7, 2015 Wacker Neuson SE

The Executive Board

CEO CFO

Cem Peksaglam Günther C. Binder

Martin Lehner CTO (Deputy CEO)

Consolidated Income Statement

January 1 through March 31

	Jan. 1 – Mar. 31,	Jan. 1 – Mar. 31,
in € K	2015	2014
Revenue	324,326	291,584
Cost of sales	-227,876	-205,750
Gross profit	96,450	85,834
Sales and service expenses	-45,240	-41,979
Research and development expenses	-8,100	-6,940
General administrative expenses	-17,485	-15,811
Other income	13,318	2,823
Other expenses	-7,272	-1,834
Profit before interest and tax (EBIT)	31,671	22,093
Financial income	533	634
Financial expenses	-2,042	-2,086
Profit before tax (EBT)	30,162	20,641
Taxes on income	-8,693	-6,222
Total profit/loss for the period	21,469	14,419
Of which are attributable to:
Shareholders in the parent company	21,335	14,301
Minority interests	134	118
	21,469	14,419
Earnings per share in EUR (diluted and undiluted)	0.30	0.20

Consolidated Statement of Comprehensive Income

January 1 through March 31

in € K	Jan. 1 – Mar. 31, 2015	Jan. 1 – Mar. 31, 2014
Total profit/loss for the period	21,469	14,419
Other income
Profit/loss to be recognized in the income statement for subsequent periods:
Exchange differences	31,488	-84
Profit/loss to be recognized in the income statement for subsequent periods	31,488	-84
Profit/loss not to be recognized in the income statement for subsequent periods:
Actuarial gains/losses from pension obligations	-27	-15
Effect of taxes on income	-10	4
Profit/loss not to be recognized in the income statement for subsequent periods	-37	-11
Other comprehensive income after tax	31,451	-95
Total comprehensive income after tax	52,920	14,324
Of which are attributable to:
Shareholders in the parent company	52,786	14,206
Minority interests	134	118
	52,920	14,324

Consolidated Balance Sheet

As at March 31

in € K	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Assets
Property, plant and equipment	404,544	388,907	393,519
Investment properties	18,051	17,998	18,375
Goodwill	238,396	237,290	236,261
Intangible assets	119,997	117,095	110,547
Other investments	0	0	487
Deferred tax assets	40,638	35,018	32,646
Other non-current financial assets	11,138	16,170	13,115
Other non-current non-financial assets	1,607	1,589	1,605
Total non-current assets	834,371	814,067	806,555
Inventories	495,395	424,036	344,060
Trade receivables	226,510	173,317	196,623
Tax offsets	3,128	2,834	4,232
Other current financial assets	1,730	5,071	1,235
Other current non-financial assets	14,498	14,042	11,313
Cash and cash equivalents	20,127	14,200	22,889
Total current assets	761,388	633,500	580,352
Total assets	1,595,759	1,447,567	1,386,907
Equity and liabilities
Subscribed capital	70,140	70,140	70,140
Other reserves	620,859	589,408	576,501
Net profit/loss	373,536	352,201	303,046
Equity attributable to shareholders in the parent company	1,064,535	1,011,749	949,687
Minority interests	4,608	4,474	3,983
Total equity	1,069,143	1,016,223	953,670
Long-term borrowings	126,366	126,593	130,300
Deferred tax liabilities	33,846	33,187	32,524
Long-term provisions	49,294	49,358	39,593
Total non-current liabilities	209,506	209,138	202,417
Trade payables	96,519	65,187	71,938
Short-term borrowings from banks	118,857	66,682	76,971
Current portion of long-term borrowings	419	441	435
Short-term provisions	13,329	12,827	12,182
Tax liabilities	1,515	1,357	756
Other short-term financial liabilities	23,787	25,347	18,729
Other short-term non-financial liabilities	62,684	50,365	49,809
Total current liabilities	317,110	222,206	230,820
Total liabilities	1,595,759	1,447,567	1,386,907

Consolidated Statement of Changes in Equity January 1 through March 31

						Equity at tributable
						to share
	Sub		Exchange	Other		holders in
	scribed	Capital	differ	neutral	Net profit/	the parent	Minority	Total
in € K	capital	reserves	ences	changes	loss	company	interests	equity
Balance at December 31, 2013	70,140	618,661	-33,888	-8,177	288,745	935,481	3,865	939,346
Total profit/loss for the period	0	0	0	0	14,301	14,301	118	14,419
Other comprehensive income
after tax	0	0	-84	-11	0	-95	0	-95
Total comprehensive income	0	0	-84	-11	14,301	14,206	118	14,324
Balance at March 31, 2014	70,140	618,661	-33,972	-8,188	303,046	949,687	3,983	953,670
Balance at December 31, 2014	70,140	618,661	-13,722	-15,531	352,201	1,011,749	4,474	1,016,223
Total profit/loss for the period	0	0	0	0	21,335	21,335	134	21,469
Other comprehensive income
after tax	0	0	31,488	-37	0	31,451	0	31,451
Total comprehensive income	0	0	31,488	-37	21,335	52,786	134	52,920
Balance at March 31, 2015	70,140	618,661	17,766	-15,568	373,536	1,064,535	4,608	1,069,143

Consolidated Cash Flow Statement

January 1 through March 31

in € K	Jan. 1 – Mar. 31, 2015	Jan. 1 – Mar. 31, 20141 (adjusted)
Profit before tax (EBT)	30,162	20,641
Adjustments to reconcile profit before tax with gross cash flow:
Depreciation and amortization expense	15,699	14,123
Other non-cash income/expenditure	-14,867	278
Gains/losses from sale of intangible assets and property, plant and equipment	-415	86
Book value from the disposal of rental equipment	5,296	4,160
Actuarial gains/losses from pension obligations	-37	-11
Financial result	1,509	1,452
Changes in misc. assets	8,726	-4,061
Changes in provisions	-374	-674
Changes in misc. liabilities	6,625	9,460
Interest paid	-5,096	-4,921
Income tax paid	-9,637	-6,137
Interest received	469	634
Gross cash flow	38,060	35,030
Changes in inventories	-44,387	-10,355
Changes in trade receivables	-43,016	-33,222
Changes in trade payables	28,773	27,247
Changes in working capital	-58,630	-16,330
Cash flow from operating activities	-20,570	18,700
Purchase of property, plant and equipment	-22,558	-23,876
Purchase of intangible assets	-3,216	-3,822
Proceeds from the sale of property, plant and equipment,
intangible assets and non-current assets held for sale	799	474
Change in consolidation structure	-398	-487
Cash flow from investing activities	-25,373	-27,711
Free cash flow 2	-45,943	-8,524
Cash receipts from short-term/long-term borrowings	51,058	16,648
Repayments from short-term/long-term borrowings	-249	-294
Cash flow from financing activities	50,809	16,354
Increase/decrease in cash and cash equivalents	4,866	7,343
Effect of exchange rates on cash and cash equivalents	1,061	13
Change in cash and cash equivalents	5,927	7,356
Cash and cash equivalents at beginning of period	14,200	15,533
Cash and cash equivalents at end of period	20,127	22,889

The cash flow from the previous year has been adjusted in line with the new presentation of cash flow for the year under review (see p. 25).

Free cash flow = cash flow from operating activities + cash flow from investment activities.

Consolidated Segmentation

January 1 through March 31

in € K	Europe	Americas	Asia-Pacific	Consolidation	Group
Q1 2015
Segment revenue
Total external sales	409,067	219,769	18,199	0	647,035
Less intrasegment sales	-141,382	-125,476	-1,279	0	-268,137
	267,685	94,293	16,920	0	378,898
Intersegment sales	-36,355	-10,433	-7,784	0	-54,572
Total	231,330	83,860	9,136	0	324,326
EBIT	35,855	8,252	1,835	-14,271	31,671
Depreciation/amortization	15,129	2105	232	-1,767	15,699
EBITDA1	50,984	10,357	2,067	-16,038	47,370
Q1 2014
Segment revenue
Total external sales	367,600	172,661	12,920	0	553,181
Less intrasegment sales	-136,166	-95,529	-621	0	-232,316
	231,434	77,132	12,299	0	320,865
Intersegment sales	-15,360	-9,251	-4,670	0	-29,281
Total	216,074	67,881	7,629	0	291,584
EBIT	25,534	4,054	162	-7,657	22,093
Depreciation/amortization	14,001	1,719	200	-1,797	14,123
EBITDA1	39,535	5,773	362	-9,454	36,216

¹ EBITDA = Earnings Before Interest, Taxes, Depreciation and Amortization.

Information at company level

Products and services

	Jan. 1 – Mar. 31,	Jan. 1 – Mar. 31,
in € K	2015	2014
Segment revenue from external customers
Light equipment	99,951	94,390
Compact equipment	166,132	141,107
Services	62,491	59,722
	328,574	295,219
Less cash discounts	-4,248	-3,635
Total	324,326	291,584

Geographical areas

Revenue according to company location

	Jan. 1 – Mar. 31,	Jan. 1 – Mar. 31,
in € K	2015	2014
Wacker Neuson overall	324,326	291,584
of which Germany	126,216	117,838
of which outside Germany	198,110	173,746
of which USA	62,684	47,410
of which Austria	31,419	29,405

Non-current assets according to company location

	Jan. 1 – Mar. 31,	Jan. 1 – Mar. 31,
in € K	2015	2014
Wacker Neuson overall	782,595	760,307
of which Germany	268,390	282,285
of which outside Germany	514,205	478,022
of which Austria	343,124	338,486

The non-current assets reported here include property, plant and equipment, investment properties, intangible assets and other non-current non-financial assets that are not classified as financial instruments.

Selected Explanatory Notes to the Interim Financial Statements for Q1 2015

Accounting rules

The Wacker Neuson SE consolidated interim financial statements to March 31, 2015 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, 2014. The comments there also apply to the quarterly and half-year statements for fiscal 2015, unless explicitly stated otherwise.

The general accounting principles, valuation methods and estimates used for the fiscal 2014 consolidated statements have also been applied to these interim financial statements.

Amendments to IAS 19 (Defined benefit plans: employee contributions) as well as the changes contained in the Annual Improvement to IFRSs 2010 – 2012 and 2011 – 2013 cycles apply for the first time in the current fiscal year. These have not had any effect on the company.

Legal changes to company structure

The following companies were included in the consolidation structure as of January 1, 2015:

Company name	Country
Wacker Neuson Bogotá S.A.S.	Colombia
Wacker Neuson Lima S.A.C.	Peru
Wacker Neuson Shanghai Ltd.	China
Wacker Neuson (Singapore) PTE. LTD	Singapore

These companies were not previously consolidated within the Group due to their minor impact on the Group's net assets, financials and earnings.

Seasonal fluctuations

The construction and agricultural industries are dependent on a number of factors including weather. Revenue is thus subject to seasonal fluctuations. The annual analysis of the seasonal distribution of consolidated revenue over the year clearly shows that seasonal fluctuations can have an impact on Group business.

The quarterly distribution of consolidated revenue from fiscal 2012 through 2014 was as follows:

as a %	2014	2013	2012
Q1	23	22	25
Q2	25	28	26
Q3	25	24	23
Q4	27	26	26

The increase in working capital stems from targeted measures to increase inventory for the start of the 2015 construction season in core markets. These measures help secure the Group's rapid delivery capabilities and enable it to respond flexibly to global markets.

The large change relative to the previous year in the "Exchange differences" item in the Consolidated Statement of Comprehensive Income (see p. 18) was largely due to the development of the US dollar (USD) and Swiss franc (CHF).

	Jan. 1 – Mar. 31,		Jan. 1 – Mar. 31,
	2014		2014
	as	Adjust
in € K	reported	ment	adjusted
Cash flow from operating
activities	18,859	-159	18,700
Cash flow from invest
ment activities	-27,711	–	-27,711
Cash flow from financing
activities	16,186	168	16,354
Decrease in cash and
cash equivalents	7,334	9	7,343
Effect of exchange rates on cash and cash equi
valents	22	-9	13
Change in cash and cash
equivalents	7,356	–	7,356

Information on financial instruments

Additional information on financial instruments must be provided in this interim report due to the application of IFRS 13 in fiscal 2015.

The book values and fair values of financial assets and liabilities are presented in the following table:

	Mar. 31, 2015	Mar. 31, 2015
in € K	Fair value	Book value
Assets
Other non-current assets	12,745	12,745
Trade receivables	226,510	226,510
Other current assets	16,228	16,228
Cash and cash equivalents	20,127	20,127

	Mar. 31, 2015	Mar. 31,2015
in € K	Fair value	Book value
Liabilities
Long-term borrowings	130,907	126,366
Trade payables	96,519	96,519
Short-term borrowings from
banks	118,857	118,857
Current portion of long-term
borrowings	419	419
Other current liabilities	86,471	86,471

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.

	2015	2014
Q1
Quarterly earnings attributable to shareholders in € K	21,335	14,301
Weighted average number of ordinary shares in circulation during the period in thousands	70,140	70,140
Earnings per share in € (diluted and undiluted)	0.30	0.20

Cash flow statement

The previous year's cash flow has been adjusted in line with the change in how the cash flow is presented in the period under review. In fiscal 2015, the Group determined the currency-related adjustment of all balance sheet items and allocated these individually instead of netting them under "Other non-cash income/expenditure" within the cash flow from operating activities. The previous fiscal year was adjusted as follows:

At March 31, 2015, only financial assets in the amount of EUR K 1,554 existed whose fair value is calculated using prices listed on active markets for identical financial assets (level 1 evaluation).

Segmentation

Segment reporting has been adjusted due to further developments in internal reporting.

Intrasegment business transactions were previously reported under EBIT for the individual segments. Now they are listed in the Consolidation column.

Non-current assets will be reported according to key countries in the future.

Related party disclosures

In the case of the Group, IAS 24 defines a related party necessitating disclosures as shareholders, entities over which shareholders have control or significant influence (sister companies), non-consolidated companies, members of the Executive Board, members of the Supervisory Board and a pension fund. The type and scope of related party disclosures are comparable to the previous year. Please refer to the 2014 Annual Report for more information.

Important events

At the Annual General Meeting on May 27, 2015, the Executive Board and Supervisory Board of Wacker Neuson SE will propose a dividend payout of EUR 0.50 per registered share for fiscal 2014.

Events since the interim statements

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

Munich, May 7, 2015 Wacker Neuson SE

The Executive Board

Cem Peksaglam CEO

Martin Lehner CTO (Deputy CEO)

Günther C. Binder CFO

Financial Calendar

Financial Calendar 2015

May 27, 2015 AGM, Munich

June 17, 2015 German, Swiss & Austrian Conference 2015, Berlin August 4, 2015 Publication of half-year report 2015 September 10, 2015 Sector Conference 2015, Frankfurt November 12, 2015 Publication of nine-month report 2015

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.wackerneusongroup.com

Publishing Details

Issued by: Wacker Neuson SE

Concept, design & realization: Kirchhoff Consult AG

Content: Wacker Neuson SE

Disclaimer

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. This report of Wacker Neuson SE has not been certified or approved.

All rights reserved. Valid May, 2015. 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