Westag AG — Interim / Quarterly Report 2009

May 25, 2009

QUARTERLY REPORT

1st Quarter 2009

REPORT ON Q1 2009

Sales

The economic environment deteriorated markedly in the fi rst quarter of 2009. According to the Federal Statistical Offi ce, incoming orders in the building construction sector dropped by 27.4 %. Against this background, Westag & Getalit AG also reported a decline in sales, which were down 12.9 % on the prior-year quarter to € 50.2 million (2008: € 57.7 million).

Export sales were under extreme pressure and fell by 34.0 % to € 9.9 million. Accordingly, the export share declined to 19.7 % in the fi rst quarter.

Divisions

Sales revenue in € '000	Jan. 1- Mar. 31, 2009	Jan. 1- Mar. 31, 2008	Change in %
Plywood/Formwork	8,030	13,579	- 40.9
Doors/Frames	22,151	22,012	+ 0.6
Laminates/Elements	18,694	21,060	- 11.2

Reporting a 40.9 % drop in sales, the Plywood/Formwork Division was hit especially hard by the economic slowdown. Sales of system formwork panels suffered particularly from the Europewide construction crisis.

Revenues in the Doors/Frames Division increased by a moderate 0.6 % thanks to stable domestic sales.

The Laminates/Elements Division reported an 11.2 % decline in sales. Here, too, export sales were under special pressure.

Earnings

Profi t data in € '000	Jan. 1- Mar. 31, 2009	Jan. 1- Mar. 31, 2008	Change in %
Earnings before income taxes	1,781	3,993	- 55.4
Net Profi t	1,247	2,796	- 55.4
Earnings per share (in €)	0.22	0.49	- 55.4

Earnings before income taxes amounted to € 1.8 million in the fi rst quarter (2008: € 4.0 million). The reduction in earnings was mainly attributable to the negative sales trend. Lower raw materials prices brought some relief on the procurement side.

Earnings per share declined to € 0.22 (2008: € 0.49).

Capital expenditure

Following two years marked by above-average capital expenditures, investment activity in 2009 will be in line with depreciation (approx. € 10 million). The new GetaCore® production line in Waders loh has already been taken into service. The new largesize press for the Plywood/Formwork Division will undergo a test run in the coming days.

Employees

The number of employees has hardly changed compared to the previous year. Human resources were adjusted to the lower demand under our new working hour scheme, which was introduced on January 1, 2009. In addition, the number of temporary workers sourced from personnel service providers was reduced to close to zero.

Workforce	Mar. 31,	Mar. 31,	Change
	2009	2008	in %
Number of staff (incl. trainees/apprentices)	1,269	1,272	- 0.2

Portfolio of own shares

As of March 31, 2009, Westag & Getalit AG held 172,420 own shares, all of which were preference shares.

Outlook

We believe that the economic downturn will continue in 2009 – and maybe even intensify – both in Germany and abroad. This is the main risk to which our company will be exposed.

In view of the measures taken, we are optimistic that we will be able to continue to generate positive results. While the timing of a recovery is still uncertain, it will clearly benefi t us disproportionately thanks to our broad product range, our state-of-theart production facilities and our extremely motivated workforce.

Rheda-Wiedenbrück, May 2009 Westag & Getalit AG The Management Board

BALANCE SHEET

in € '000	Mar. 31, 2009	Dec. 31, 2008
Intangible assets	384	379
Tangible assets	64,778	62,166
Financial assets	1,441	1,443
Deferred tax liabilities	0	0
Non-current assets	66,603	63,988
Inventories	33,720	34,593
Receivables and other assets	30,695	26,164
Cash at banks or in hand	5,227	11,422
Current assets	69,642	72,179
Total assets	136,245	136,167
Subscribed Capital	14,644	14,644
Capital reserve	24,376	24,376
Revenue reserves	43,911	43,911
Accumulated profi t	10,955	9,708
Equity and reserves	93,886	92,639
Pension provisions	13,735	13,671
Deferred tax liabilities	1,644	1,794
Deferred tax liabilities	213	228
Non-current liabilities	15,592	15,693
Trade payables	13,217	11,913
Other current liabilities	13,212	15,364
Current provisions	338	558
Current liabilities	26,767	27,835
Total equity and liabilities	136,245	136,167

INCOME STATEMENT ON A QUARTERLY BASIS

in € '000	Jan. 1- Mar. 31, 2009	Jan. 1- Mar. 31, 2008
Sales	50,210	57,661
In/decrease in inventories	- 57	1,240
Own work capitalised	192	142
Total operating performance	50,345	59,043
Other operating income	478	414
Cost of materials	24,726	30,682
Personnel expenses	16,149	16,281
Depreciation and amortisation	2,451	2,335
Other operating expenses	5,700	6,224
Other taxes	48	48
Operating result	1,749	3,887
Financial result	32	106
Investment result	0	0
Extraordinary items	0	0
Earnings before income taxes	1,781	3,993
Income taxes	534	1,197
Net profi t	1,247	2,796
Earnings per share (undiluted and diluted)	0.22	0.49
Number of shares (undiluted and diluted)	5,720,000	5,720,000

CASH FLOW STATEMENT

in € '000	Jan. 1- Mar. 31, 2009	Jan. 1- Mar. 31, 2008
Operating result/EBIT	1,749	3,888
Income tax payments	- 1,170	- 1,305
Depreciation and amortisation	2,451	2,335
Result from asset retirements	- 8	- 54
Change in current assets	- 3,047	- 8,299
Change in liabilities	- 1,147	461
Cash fl ow from operating activities	- 1,172	- 2,974
Investments in fi xed assets	- 5,069	- 4,488
Change in fi nancial assets	2	- 47
Income from fi xed asset retirements	8	69
Cash fl ow from investment activities	- 5,059	- 4,466
Interest income	35	192
Interest expenses	0	0
Repayment of non-current fi nancial liabilities	0	0
Acquisition/sale of own shares	0	0
Dividend payments	0	0
Cash fl ow from fi nancing activities	35	192
Change in liquid funds	- 6,196	- 7,248
Cash and cash equivalents as of Jan. 1	11,423	15,833
Cash and cash equivalents as of Mar. 31	5,227	8,585

in € '000	Subscribed capital	Capital reserve	Revenue reserve	lated profi t mu Accu	Total
As of Jan. 1, 2008	14,644	24,344	38,611	9,469	87,068
Transfer to other reserve	0	0	0	0	0
wn shares Change in o	0	0	0	0	0
Addition in accordance with Sect. § 58 II AktG	0	0	0	0	0
Dividend	0	0	0	0	0
Net profi t	0	0	0	2,796	2,796
Mar. 31, 2008 As of	14,644	24,344	38,611	12,265	89,864
As of Jan. 1, 2009	14,644	24,376	43,911	9,708	92,639
Transfer to other reserve	0	0	0	0	0
wn shares Change in o	0	0	0	0	0
Addition in accordance with Sect. § 58 II AktG	0	0	0	0	0
Dividend	0	0	0	0	0
Net profi t	0	0	0	1,247	1,247
Mar. 31, 2009 As of	14,644	24,376	43,911	10,955	93,886

STATEMENT OF CHANGES IN EQUITY

SEGMENT REPORT FOR THE FIRST QUARTER 2009

in € '000	Jan. 1- Mar. 31, 2009	Jan. 1- Mar. 31, 2008	Change in %
Germany
Sales	40,332	42,693	- 5.5
Earnings before income taxes	1,448	2,972	- 51.3
Export
Sales	9,878	14,968	- 34.0
Earnings before income taxes	333	1,021	- 67.4
Full Company
Earnings	50,210	57,661	- 12.9
Earnings before income taxes	1,781	3,993	- 55.4

NOTES ON THE REPORT FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2009

1. Accounting principles

Westag & Getalit AG's quarterly report for the period ended March 31, 2009 was compiled in full compliance with the Financial Reporting Standards (IFRS) as valid on the reporting date. All accounting and valuation principles are consistent with those used for the 2008 fi nancial statements.

2. Cash fl ow statement

The cash fl ows in the cash fl ow statement were determined using the indirect method.

3. Liquid funds

Liquid funds shown in the balance sheet doesn't include securities.

4. Composition of subscribed capital

The subscribed capital of € 14,643,200 is composed of 2.860.000 no-par ordinary shares and 2.860.000 non-voting no-par preference shares with a total value of € 7,321,600.

1. Purchase commitments

As of March 31, 2009, purchase commitments amounted to € 2,585 thousand, compared to € 9,032 thousand in the previous year.

6. Review

The interim fi nancial statements and the interim management report have been neither audited in accordance with section 317 HGB nor reviewed by the auditors.

7. Responsibility statement

The legal representatives of Westag & Getalit AG assure, to the best of their knowledge, that, in accordance with the applied principles of proper interim reporting, the present interim fi nancial statements provide a true and fair view of the net worth, fi nancial and earnings position of the company, that the interim management report presents a true and fair view of the business results and the situation of the company and that the main risks and opportunities of the expected development of the company during the rest of the fi scal year have been outlined.

FINANCIAL CALENDAR*

March 5, 2009	Press Release
	Report on the results of the fi scal year 2008
March 20, 2009	Publication of Financial Report 2008
	(on the Internet)
April 29, 2009	Annual Financial Statements Press Conference
	in Düsseldorf
May 12, 2009	Report on the fi rst three months of 2009
August 14, 2009	Interim report on the fi rst six months of 2009
August 18, 2009	Annual General Meeting
	in Rheda-Wiedenbrück
August 31, 2009	Presentation of Westag & Getalit AG
	at the Small Cap Conference in
	Frankfurt/Main
November 10, 2009	Report on the fi rst nine months of 2009

* For updates refer to: www.westag-getalit.de/fi nanzkalender

Westag & Getalit AG

Postfach 26 29 | 33375 Rheda-Wiedenbrück | Germany Tel. +49 5242 17-0 | Fax +49 5242 17-75000 www.westag-getalit.de | ir@westag-getalit.de