Balda_Q1/2011_e

Sales revenue of 26.7 million euros in the first quarter slightly above the previous year’s
figure of 26.0 million euros
EBIT improved by 0.4 million euros to minus 1.9 million euros following minus 2.3 million
euros in the first quarter of 2010
EBT improved by 2.7 million euros to 4.7 million euros thanks to positive financial result
(same period for the previous year: 2.0 million euros)
Cash flow from current business activities increased significantly by 10.7 million euros to 9.1
million euros (previous year: minus 1.6 million euros)
MobileCom segment: Looking for a strategic partner and to stabilise current processes
Expansion of the Medical segment by acquisition, possibly in a related product area,
as planned / Balda able to finance a potential takeover by its own means
Forecast for 2011: Sales revenue at the previous year’s level with a slightly positive EBIT
Quarterly Report I / 2 011
Key Figures of Balda Group 2
Letter to the Shareholders 3
Notes to the changed structure 4
Interim Management Report 5
Selected explanatory notes 17
Tables 22
Business development in the first quarter of 2011 in line with
expectations | Progress in the reorganisation of the Group | The
Board of Directors is planning a dividend payment for 2012
CONTENT

2
Key Figures of Balda Group
Brief profile of Balda
Technologies | Quality | Outstanding products
Our mission is to provide superior engineered products of the highest quality and a fast, flexible service to our customers at
a competitive price. Balda´s success is based on continual investment in R&D and the use of state-of-the-art, cost-efficient
technologies. The company will continue to invest in innovative technologies and in the skills of its employees. Our teams
from different countries and continents continually strive to produce the best possible product quality. Doing business with
us is easy and we work closely with our customers, ensuring added value for our employees, business partners and share-
holders.
Key Figures of Balda Group
in mio. EUR Q1 / 2011 Q1 / 2010 1
Change
in percent
Revenues 26.7 26.0 2.8
MobileCom 13.2 14.2 -6.5
Electronic Products 6.6 5.5 19.8
Medical 6.8 6.2 10.5
Central Services 0.3 0.4 -31.2
Total operating performance 29.3 29.1 0.7
Operating result (EBIT) -1.9 -2.3
EBIT margin (in %) -6.5 -7.7
Earnings before taxes (EBT) 4.7 2.0 131.2
Earnings continued operations 4.4 1.8 143.1
Earnings per share (in cents) 2
7.4 3.0 146.7
Operational cash flow 9.1 -1.6
Employees 3
1,675 3,999 -58.1
(1) Not including Balda Motherson Solution India Ltd.
(2) Number of shares on the reporting date in millions 58,891 (previous year: 54,157)
(3) Number of employees including agency staff, trainees and temporary personnel – only continued operations

3
Letter to the shareholders
Letter to the shareholders
Dear shareholders,
The Balda Group’s performance in the first quarter of 2011 was a slight improvement on the previous year, although we are not
satisfied with the performance of our operational business. However, other important projects are making very positive progress.
In the first three months of the current financial year your company has achieved sales revenue slightly above the previous
year’s level of 26.7 million euros. The Group’s EBIT was also an improvement on the previous year’s figure at minus 1.9 mil-
lion euros. These key figures were in line with our expectations. The EBT was plus 4.7 million euros thanks to the positive
financial earnings.
The Electronic Products and Medical segments achieved their goals in the first quarter. The MobileCom segment did not
meet our expectations though. After evaluating a report prepared by external experts on the mobile phone market and the
status and prospects of the MobileCom segment, we are taking some firm measures. The Balda Group is looking for a stra-
tegic partner for a joint venture for the two production plants in Beijing. The initial priority is to better utilise production capa-
city and optimise the cost situation in Beijing. The segment now has a clear outlook.
Just as clear is our position with regard to our interest in the touchscreen manufacturer TPK. The Board of Directors is plan-
ning to sell the shares Balda holds in the touchscreen manufacturer TPK in a favourable market environment and to pay out
as much of the proceeds as possible as dividends. The first lock-up, which was recently extended with the agreement of all
of TPK’s major shareholders to the end of July in order to issue a convertible bond for without any disruptions, currently
appears to be benefiting Balda’s shareholders. TPK’s share price has remained at a very high level. The lock-up for the sale
of the second half of our 16.1 percent holding in TPK will end as originally planned at the end of October 2011. We will, as
we have stated on several occasions, do everything in order to pay a reasonable dividend.
And you might ask yourself: “What will happen next? What would happen to Balda after the MobileCom segment has been
newly realigned and TPK shares have been sold? Will Balda be carved up and have its assets stripped?” No. As we have
communicated on several occasions, we are planning to expand the Medical segment. This may involve taking over a compa-
ny in a product area which is related or close to the Medical segment. The due diligence phase in the acquisition process
will soon be completed. The Board of Directors will in this half-year make a submission to the Supervisory Board for deci-
sion. It remains the case that the Balda Group would be able to finance a takeover also without using funds from the pro-
ceeds of any sale of shares in TPK. Balda AG has been free of bank debt since the autumn of 2009 following the successful
measures taken to financially restructure the company.
What are the prospects for the operational business in 2011? We hereby confirm the forecast in the Annual Report 2010 of
March 2011. It concerns only the business of the four segments currently active in the Group. Electronic Products is making
progress. We are closing in on the envisaged positive result. The Medical segment is performing profitably as planned. Mobile-
Com is pursuing the options presented above. Central Services is supporting the operational segments. The Balda Group is
expecting sales revenue in the 2011 financial year to be at the previous year’s level and a slightly positive EBIT.
I would like to thank you, our shareholders, for your confidence. I also take this opportunity on behalf of the Supervisory Board
to ensure you that we will do everything to secure the existence of your company and to increase the value of Balda AG.
Yours
Rainer Mohr
Sole Member of the Board of Directors

4
Notes to the changed structure of the quarterly report
Continued and discontinued operations
The data presented in this report for the first quarter of 2011 is, in terms of the composition of the continued operations, not
identical with the values in the report for the first quarter of 2010. Since the sale of the shares in Balda Motherson Solution
India Ltd. at the end of May 2010, the Group has reported the former India segment in discontinued operations.
This report accordingly shows adjusted comparison figures where necessary.
This interim report is based primarily on the results of the following operating companies:
Balda Medical GmbH & Co. KG
Balda Solutions Malaysia Sdn. Bhd.
Balda Solutions Beijing Ltd.
Balda Solutions USA Inc.
Quarterly Report I/2011

5
Interim management report
Macroeconomic development
Global economy recovering
The global economy has noticeably recovered from the crisis. Impetus from the expansive monetary policy of many industrial
countries and the growth in international trade have had a lasting positive effect on the global economy, in particular in Asia,
other newly industrialising countries and parts of the European Union. The USA’s economy has also gathered momentum.
On the other hand, the bailing out of the financial system, in particular in Europe in Greece, Ireland and Portugal as well as
in the USA, has resulted in a further increase in national debt. Most recently political unrest in North Africa and the Middle
East and the earthquake disaster in Japan have contributed towards an on the whole unstable economic environment. The
economists of the Organisation for Economic Cooperation and Development (OECD) are expecting growth in the G7 coun-
tries of Germany, France, Great Britain, Italy, USA, Japan and Canada to be around 2.9 percent in the period under review.
The newly industrialising countries remain the engine for global growth.
Eurozone
Europe is continuing to recover from the recession of 2009. According to Eurostat, gross domestic product rose by 0.3 per-
cent in the first quarter of 2011 compared to the previous quarter. However, growth in the eurozone was not homogeneous.
The debt crisis in some euro countries resulted in heterogeneous economic development in the European Union. While the
economy continued to grow in particular in Germany and France, the rate of growth in southern European countries such as
Spain, Italy, Portugal and Greece remained poor. For example, in 2010 Greece had at 10.6 percent a higher budget deficit in
relation to GDP than expected (9.4 percent).
Eurostat estimated the rising annual inflation rate in EMU states in March 2011 to be 2.6 percent (February 2011: 2.4 per-
cent). The unemployment rate in EMU states in February 2011 was 9.9 percent (January 2011: 10 percent).
Germany
According to the Organisation for Economic Cooperation and Development (OECD), Germany’s GDP grew by 3.7 percent in
the first quarter of 2011. Impetus was provided in particular by strong demand for exports. Private consumption also made a
positive contribution to growth in terms of the pleasing development in the labour market. The unemployment rate was 7.6
percent at the end of the period under review. In December 2010 the unemployment rate was 7.2 percent. According to initi-
al calculations by the Federal Statistical Office, the inflation rate rose by 2.1 percent in March 2011 compared to the same
period in 2010. In spite of rising prices, three quarters of Germans described their economic situation in a recent survey by
the ARD broadcasting network as good or very good.
USA
The economic upswing also continued in the USA. The USA is now producing just as much as before the crisis, but with less
people employed. This development has resulted in a rise in productivity and corporate profits. In the fourth quarter of 2010
the US economy grew by 3.2 percent compared to the previous quarter. Private consumption and exports developed particu-
larly strongly, while high stock levels slowed down the rate of growth. Economists are expecting that GDP growth will be bet-
ween 2.5 and 3 percent in the first quarter of 2011. The USA’s trade balance deficit was around 46.3 billion US dollars in
January 2011. The unemployment rate in the USA fell to 8.8 percent in March 2011 from 8.9 percent in February 2011.

6
China
China’s GDP grew by around 9.7 percent in the first quarter of 2011 (previous year: 10.3 percent). On average, analysts had
expected growth of 9.5 percent compared to the previous year. Important early indicators have deteriorated in China in the
last few months. While an economic slowdown has been observed in the industrial sector, consumption continues to develop
strongly. In March the inflation rate was around 4 percent (previous year: 2.4 percent). China’s trade balance was negative in
the first three months of 2011. According to the Chinese customs authorities, China recorded its first trade deficit in the peri-
od under review since the start of 2004.
Sector situation
MobileCom
The global mobile phone market continues to grow. In particular multifunctional mobile phones (smartphones) recorded high
growth rates in the first quarter of 2011. According to the market research institute Gartner, the number of mobile phones
sold in the first three months of 2011 rose to around 372 million units. This equates to growth of about 20 percent compa-
red to the first quarter of 2010.
Nokia remains the market leader among mobile phone manufacturers despite a fall in its market share. The Finnish Group
sold around 28.3 million smartphones in the fourth quarter of 2010 and had a market share of around 28 percent (first
quarter of 2010: around 38.6 percent). The increasing popularity of the multifunctional mobile phones also had an impact in
the first quarter of 2011 on sales of low-price phones. Low tariffs for internet use and new smartphone applications reinfor-
ced this development.
Google’s Android is continuing to gain market share among mobile phone software suppliers. Google’s operating system will
continue to grow strongly according to market observers.
Electronic Products
In Germany the economic recovery is spreading increasingly to business and the domestic electronics industry. According to
the trade association BITKOM, around 78 percent of high-tech companies in Germany recorded an increase in sales in the
first quarter of 2011 compared to the same quarter of the previous year. The business climate index reached a new annual
high in the electronics industry in the first three months of 2011. According to experts, in addition to the good economic situ-
ation, new user-friendly devices such as tablet PCs contributed towards the positive development. A recent survey by the trade
association BITKOM also revealed that companies considered their prospects for the current financial year to be positive.
Medical
Following growth of 9.4 percent in 2010, Germany’s medical technology sector continued its upward trend in the first quarter
of 2011. According to the trade association SPECTARIS, domestic manufacturers of medical equipment will generate sales
growth of 8 percent compared to the previous year. Sentiment indicators among medical technology manufacturers rose
according to a recent survey by SPECTARIS to a new record high.
A rise in domestic demand and an increase in orders from abroad are responsible for this positive development. According
to experts, the positive trend will continue in future due to the innovative strength of German medical technology manufactu-
rers, which is recognised worldwide.

7
Business development
Sales situation
The Balda Group generated sales of 26.7 million euros (pre-
vious year: 26.0 million euros not including India) in the first
three months of the 2011 financial year. This is a slight in-
crease of 0.7 million euros or 2.8 percent. Sales revenue
therefore developed in line with expectations in the first
quarter of 2011. The Medical segment slightly exceeded its
sales target. In the period under review pressure on prices as a result of intense competition among suppliers of mobile phone
manufacturers and electronics producers resulted in stagnant sales and lower margins.
Earnings situation
In particular the MobileCom and Electronic Products segments had a negative impact on the Group’s EBIT in the first quar-
ter of 2011. Overall the Balda Group recorded an EBIT of minus 1.9 million euros in the period under review (same period
for the previous year: minus 2.3 million euros).
The Balda Group achieved positive financial earnings of 6.6 million euros in the first quarter of 2011 following 4.3 million
euros in the previous year. An increase in interest income of around 0.8 million euros and currency gains of 6.8 million
euros relating to internal financing are responsible for this. The item earnings of associated companies, which relates to the
shareholding in TPK, is no longer reported after the loss of significant influence and after change in valuation method in
October 2010 (previous year: 5.3 million euros).
These financial earnings have more than compensated for
the negative EBIT and resulted in an EBT of 4.7 million
euros. In the same period for the previous year the EBT was
2.0 million euros.
The Balda Group recorded a consolidated profit after the
first three months of the current financial year of 4.4 million
euros compared to 1.5 million euros in the same period of
the previous year.
In the period under the review the earnings per share were
7.4 cents. In the same period of the previous year this figure
was 3.0 cents.
Overall, business development was heterogeneous in the Group’s four segments of MobileCom, Electronic Products, Medical
and Central Services.
MobileCom
The MobileCom segment achieved sales revenue of 13.2 million euros in the first quarter of 2011 (same period for the pre-
vious year: 14.2 million euros). Sales revenue for the period under review included a higher share of purchased parts and
therefore a lower share of value-added. Although the segment further reduced its fixed costs, the low utilisation of capacity
squeezed margins in the first two months of the year. In March MobileCom achieved a positive EBIT. Overall the segment
recorded an EBIT of minus 0.9 million euros in the first quarter following a slightly positive EBIT in the previous year.
Electronic Products
The Electronic Products segment increased its sales revenue significantly in the first quarter by 19.8 percent to 6.6 million
euros (previous year: 5.5 million euros). The measures taken to reduce costs had a positive impact in the 2010 financial
2011 26.7
2010 26.0
0 10 20 30
Group sales January to March
(in mio. euros)
Sales by segment January to March
(in mio. euros) = 2011 = 2010
MobileCom 13.2
14.2
Electronic
Products
6.6
5.5
Medical 6.8
6.2
Central
Services 0.4
0.3
0 5 10 15 20

8
year. The segment’s EBIT was, at minus 0.8 million euros, 0.9 million euros less than the previous year’s loss of 1.7 million
euros. In the period under review there was no improvement in the utilisation of capacity or fixed cost degression.
Medical
The Medical segment benefited from advance payments
made in 2010 for future projects. The Medical segment in
Bad Oeynhausen generated sales revenue of 6.8 million
euros in the first quarter of 2011 following 6.2 million euros
in the previous year. The Medical segment achieved an EBIT
of 0.3 million euros as of 31 March 2011 following 0.4 mil-
lion euros in the same period for the previous year.
Central Services
The Central Services segment covers holding and financial
services within the Group, Balda Grundstück with the pro-
perty in Bad Oeynhausen and services for the subsidiary in
the USA. The segment recorded sales revenue of around
0.3 million euros in the period under review (previous year:
0.4 million euros) and an EBIT of minus 0.5 million euros (previous year: minus 1.0 million euros). In this segment currency
gains relating to the operational business and optimised cost structures resulted in an improved EBIT.
Asset situation
The Balda Group recorded as of 31 March 2011 a balance sheet total of 875.6 million euros following 810.5 million euros as
of 31 December 2010.
Investment in the first quarter of 2011 was around the same
level as depreciation. Noncurrent assets increased by 69.1
million euros to 780.8 million euros (2010 reference date:
711.7 million euros). The increase related to financial assets
and was the result of the subsequent valuation of the TPK
shareholding at a higher stock exchange price as of 31
March 2011 at 809 Taiwanese dollars (price as of 31 De-
cember 2010: 670 Taiwanese dollars).
Net working capital, i.e. current assets (not including liquid funds) less current liabilities (not including bank liabilities), was
7.5 million euros at the close of the first quarter of 2011 (2010 reference date: 14.8 million euros). Current assets totalled
94.7 million euros as of 31 March 2011 (2010 reference date: 98.8 million euros). Current liabilities totalled 53.4 million
euros, a fall of around 1.5 million euros compared to the 2010 reference date (54.8 million euros).
The Balda Group’s equity rose as of the end of the first quarter of 2011 to 816.0 million euros (2010 reference date: 749.7
million euros). The subsequent valuation of the TPK shares was responsible for this. The fall in currency conversion differen-
ces due to changes in euro exchange rates had an opposite effect. The equity ratio as of 31 March 2011 was 93.2 percent.
The rise in the equity ratio to 92.5 percent as of the end of 2010 was primarily due to the revaluation of the TPK shares.
EBIT by segment January to March
(in mio. euros) = 2011 = 2010
Group -1.9
-2.3
MobileCom -0.9
0.1
Electronic
Products
-0.8
-1.7
Medical 0.3
0.4
Central
Services -1.0
-0.5
-3.0 -1.5 0 1.5 3.0
31.3.2011 875.6
31.12.2010 810.5
Group balance sheet total
(in mio. euros)
0 300 600 900

9
The Balda Group’s net financial liabilities as of the end of
the first quarter of 2011 were minus 25.9 million euros
(2010 reference date: minus 23.5 million euros). The Balda
Group further increased its surplus of liquid funds over inter-
estbearing liabilities. Net gearing, the ratio of net financial
liabilities to equity, was minus 3.2 percent as of 31 March
2011.
Further comments on the individual items in the balance
sheet for the first quarter are provided on page 19 in the
"condensed notes".
Financial situation
Due to the fall in working capital, the cash flow from current business activities was at 9.1 million euros higher than the pre-
vious year’s figure of minus 1.6 million euros. In particular the MobileCom segment generated, due to the reduction in wor-
king capital, liquid funds to reduce credit lines in the amount of 5.4 million euros. The cash flow from investment activities
(minus 1.7 million euros) and the cash outflow from financing activities (minus 5.7 million euros) resulted as of the end of
the first quarter in a change in the Group’s liquid funds of 0.6 million euros. In net terms, liquid funds as of 31 March 2011
totalled 48.3 million euros (end of 2010: 48.9 million euros).
The net liquidity of the Balda Group has been improved over the first three months. These include primarily the bank liabili-
ties of the operational units in Asia totalling 14.4 million euros. Balda AG by contrast has no bank liabilities.
Follow the reduction in credit lines by companies in the MobileCom segment, the Group still has cash lines totalling 17.5 mil-
lion euros (end of 2010: 20.6 million euros).
Significant events in the first quarter
Rainer Mohr appointed sole board member
On 16 February 2011 the CEO, Michael Sienkiewicz, left Balda AG’s Board of Directors. Rainer Mohr, the company’s existing
Chief Financial Officer, was appointed by the Supervisory Board as the Chief Executive Officer and manages the company’s
affairs as the sole board member.
New order for the Medical segment
The Medical segment has received a further order from a global pharmaceutical company. The order volume is of medium
size. The production period is expected to extend into 2013. Two of the three individual orders will impact on sales in 2011
Changes in the shareholder structure
During the first quarter of 2011 there were changes in Balda AG’s shareholder structure. On 11 February 2011 the major
shareholder Soros Fund Management reduced its share in Balda AG to just below 3 percent. Soros Fund Management had
owned 3.23 percent in Balda AG since October 2010.
On 28 February 2011 the share of the voting rights of Access Industries, LLC, in Balda AG fell below the threshold of 3 per-
cent and is now 2.96 percent.
On 3 March 2011 the share of the voting rights of Kingdon Capital Management, LLC, fell below the threshold of 3 percent
and is now 2.81 percent.
93.2
92.5
Group equity ratio
(in percent)
0 25 50 75 100
31.3.2011
31.12.2010

10
Investments
Up to 31 March the Balda Group invested a total of 1.5 million euros in tangible and intangible assets in its continued opera-
tions. The volume of investments in the first quarter of 2010 totalled around 2.7 million euros.
A large part of the investments were made in the MobileCom segment. The Group invested around 1.0 million euros in the
first quarter of 2011 in order to optimise the infrastructure in the new production plants in Beijing.
The Balda Group invested around 0.3 million euros in the period under review in machinery, property, plant and equipment
in the Electronic Products segment. Totalling 0.2 million euros, investments in the Medical and Central Services segments
were close to the level of the same quarter of the previous year.
Financial structure, Board of Directors
and change of control
Balda AG is obliged to provide the following additional information in accordance with the regulations of § 315 para. 4 of the
German Commercial Code (HGB):
Composition of subscribed capital
As of 31 March 2011 the company's registered capital amounted to 58,890,636 euros and was dispersed in 58,890,636
individual share certificates with a proportional value of the registered capital of 1.00 euro per share. Each individual share is
granted a vote at the company's annual general meeting.
Voting right restrictions or the assignment of shares
All of the company's shares are freely assignable in accordance with the statutes.
The company's Board of Directors is unaware of restrictions on voting rights or restrictions affecting the assignment of sha-
res as of the reporting date.
Shareholdings surpassing ten percent of the capital
As of 31 March 2011 the following shareholders held direct or indirect shareholdings in the company's registered capital that
entitled them to more than 10 percent of voting rights:
Yield Return Investments Ltd., Apia, Samoa: 27.6 percent of the capital and voting rights
Yun-Ling Chiang, Richmond, Canada: 27.6 percent of the capital and voting rights indirectly via Yield Return Investments Ltd
Shareholders with privileges
There are no shares with privileges that grant control authority.
Board of Directors' authority
Authorised capital:
The Board of Directors and the Supervisory Board are entitled to the same rights as of 31 December 2010 with regard to the
authorised capital.

11
Authorisation for the purchase of own shares and recovery of the shares thus purchased
There were no changes compared to 31 December 2010.
Main agreements in case of a change of control
There are various agreements at the level of Balda AG and in the Group's companies which are subject to a change of con-
trol resulting from a bid for takeover. Since more detailed information concerning these agreements may put Balda AG at a
considerable disadvantage, they are not disclosed.
Compensation agreements in case of a bid for takeover
There are no compensation agreements with members of the Board of Directors or employees in case of a bid for takeover.
The Board contracts consider a financial compensation in the event of a takeover bid only on voluntary resignation within a
limited, short period of time.
Employees
Number of employees reduced significantly by restructuring in the MobileCom segment
The number of employees fell in the period under review. The Balda Group employed as of 31 March 2011 a total of 1,675
people in its continued operations. This represents a fall of 770 employees or around 31.5 percent compared to 31
December 2010. The fall is largely attributable to the restructuring, which has taken place in the MobileCom segment. The
Group’s staff costs ratio was 23.4 percent in the period under review.
As of 31 March 2011 the MobileCom segment employed a
total of 635 people. At the end of the 2010 financial year
1,344 people were employed in the production plants in
China. Following further analyses of the production proces-
ses in the Chinese plants, the segment has further improved
its production processes. The reduction of 709 employees
was the result of temporary employees being released.
The Electronic Products segment also recorded a fall in the number of employees. As of 31 March 2011 the company
employed 809 people in its production plant in Ipoh, Malaysia. As of the end of December 2010 it employed 874 people.
The slight fall is attributable to improved production processes in the plant in Ipoh.
The Medical segment employed 207 people in Germany in the period under review following 204 people as of the end of the
2010 financial year.
The number of people employed in the Central Services segment remained at the same level of the previous year at 24.
1,675
2,445
Number of employees
0 1,000 2,000 3,000
31.3.2011
31.12.2010

12
Events after the reference date
The TPK Holding Co. Ltd., in which Balda AG holds an investment of 16.1 percent, has covered its Capex financing require-
ments with the successful and several times oversubscribed placement of a convertible bond at favourable terms for 400
million US dollars. According to TPK, the intended high growth rates, which will also continue to support the positive rating of
the TPK share, can only be achieved with this volume of investment.
In order to ensure that the capital measure is a success, all of TPK's major shareholders including Balda have promised the
underwriters of the bond a customary 90-day lock-up from the closing of the convertible bond. Therefore from the end of
July 2011 50 percent of the shares held by Balda in TPK will still be subject to a lock-up and, as before, from the end of
October 2011 none of the shares will be subject to a lock-up.
The CEO was at a roadshow in London for several days in April 2011. Presentations were given to and discussions were held
with several Balda investors and other interested parties, and individual meetings also took place with major investors. The
success of this roadshow could in all probability be deduced from the increase in the share price following it.
The price of the TPK share increased again as of the end of April 2011 to 856 Taiwanese dollars (which equated as of 30
April to around 20 euros and an enterprise value for the Balda shareholding of 720 million euros).
The interest in the Balda share remains at a high level. With a trade volume of 53,8 million euros, the Balda share was as
well the best-selling title of the SDax in April.
Balda's Investor Relations have expanded their social media activities. In April Facebook (to be used in future in particular as
a forum for exchanging views), Flickr (photo gallery) and Stock Twits were added to the current Twitter (short message servi-
ce with links to current news), YouTube (videos) and Slideshare (documentation of presentations) services. The Group also
provides with “Forum” a direct link to frequently used discussion forum concerning Balda of the blog in Wallstreet Online. In
addition to this, the company provides a RSS feed as a tool to advise interested parties of Balda news upon publication. The
Group will gradually expand this service.
No further events occurred after 31 March 2011 which are of major significance to the Balda Group and might result in a dif-
ferent assessment of the company.
Forecast
Global growth continues
The global economy is likely to continue growing in 2011. Although early indicators indicate that growth will slow down due to
the discontinuation of government economic stimulus programmes, economists are expecting growth to accelerate again
during the course of 2011. The current events in Japan following the earthquake disaster should be considered when asses-
sing general economic development. Even if the Balda Group does not consider itself to be directly affected by the disaster,
the consequences for the global economy are not foreseeable. In a worstcase scenario, Japan would face a deep recession
which would also have a noticeable impact on the global economy.
The International Monetary Fund (IMF) is expecting that the economy will continue to recover in 2011 and 2012 and that glo-
bal growth will be around 4 percent. On the other hand there are also risks. The worsening conflicts in North Africa and the
Middle East, the possible escalation of the debt crisis in Europe and the USA and a significant rise in inflation in China will
affect economic development in the global financial markets in 2011.

13
Sentiment indicators have improved significantly in Europe in the last few months. The economic recovery will be supported
in particular by exports and the building-up of stock levels. The eurozone will remain economically divided for the time being
though. The reason for this is the escalating debt of some countries in the eurozone. The IMF is expecting growth of around
1.5 percent in the eurozone following 1.7 percent in the previous year. The inflation rate in the EMU states has risen again
due to higher energy prices. For the current year the experts of MM Warburg & Co. are forecasting an inflation rate of around
2.4 percent following 1.6 percent in the previous year.
Germany remains on its path of growth. Low interest rates, favourable financing conditions, strong demand for German pro-
ducts from all over the world and improved price competitiveness due to the revaluation of the euro will ensure that the eco-
nomic upswing in Germany continues in the next few quarters. Germany's economy will expand by 2.8 percent in 2011 ac-
cording to forecasts by the Ifo Institute. Government experts are expecting the German labour market to continue to recover
and a further fall in the unemployment rate to 7.0 percent following 7.7 percent in the previous year.
After real GDP rose in the USA by 2.8 percent in 2010, the IMF is expecting growth of between 3.5 and 4.0 percent for 2011.
The property and labour markets continue to be affected by uncertainty. The USA's rising national debt represents an addi-
tional risk factor. At around 11 percent of GDP, the USA's national deficit is on average twice as high as in the eurozone. If
there is no fiscal stabilisation in the world's largest economy, this may, according to the IMF, significantly threaten the recove-
ry of the global economy.
The “traffic lights” for economic development in the leading newly industrialising countries will stay on green in 2011 and
2012. With the recovery in industrial countries, exports from newly industrialising countries increased significantly. The main
impetus for growth is provided primarily by exports and rising raw material prices. The experts of the IMF are expecting GDP
growth to be around 9 percent in China following 10.3 percent in 2010. The reason for the moderate fall is the more restricti-
ve monetary and financial policy of the government in light of the threat of the economy overheating. The inflation rate for
China will be between 3.3 and 5 percent in 2011.
Sector situation
MobileCom
Smartphones are continuing to gain in popularity. Mobile web, modern touchscreen technologies and a range of applications
(apps) are encouraging consumers all over the world to spend. In spite of supply shortages in Japan and unrest in the
Middle East, the expectations of market observers are optimistic for 2011. According to the market research institute Gartner,
the number of mobile phones sold in 2011 will continue to growth. The beneficiaries of this development will be mainly
smartphones. Market observers are also forecasting high growth rates in this segment for 2012. Pricing pressure among pro-
ducers of low-price phones will intensify according to consistent forecasts made by experts. The increasing popularity of
modern mobile phones and saturated markets will be the reasons for falling prices in 2011.
Nokia will remain the market leader among mobile phone producers in 2011. Apple will further expand its market position
with the launch of iPhone 5 in 2011. The company from Cupertino is exciting more and more consumers with its advanced
touchscreen expertise and the features and modern design of its phones.
According to the market research company IDC, Android, Google’s operating system, will generate the greatest growth
among the suppliers of mobile phone software and achieve a market share of 24.6 percent in 2014 (2010: 16.3 percent).
Electronic Products
Around 80 percent of all companies are expecting significant growth rates in 2011. According to the trade association BIT-
KOM, sentiment indicators in the electronics sector rose to a record high in the first three months of 2011. New attractive

14
devices such as the tablet PC will continue to generate demand in the coming months. Newly developed software program-
mes and applications will also have a positive impact on the development of sales. Experts are expecting intensive price
competition among manufacturers of consumer electronics in future. The fierce competition in the electronics sector will, in
the opinion of the experts, result in falling margins in spite of increased sales.
Medical
The demand for German medical technology will remain stable in 2011 according to current estimates. Following the positive
development in sales in 2010, the upward trend will, in the opinion of experts, continue in the current year. A revival in
domestic demand and additional momentum from developing and newly industrialising countries are contributing towards
this development. The emerging markets will, according to market researchers, become more important as sales markets for
medical technology in future. The innovative strength of German medical technology manufacturers and the aging population
in Western Europe are further drivers of the forecasted growth.
Future corporate situation
The Balda Group will continue its course of gradual optimisation, particularly in the MobileCom and Electronic Products seg-
ments. The Medical segment is right on course.
For the planning and further course of action in the MobileCom segment, as explained above, specific measures are being
taken following the evaluation of an analysis by external experts. The initial goal is to improve the utilisation of production
capacity and further optimise the cost situation. At the same time the Group is prepared to assign shares to a strategic inve-
stor as part of a joint venture.
The Electronic Products segment has also impressively shown an improved performance in the first quarter of 2011. With
sales having increased significantly, an improvement in cost efficiency is now required. With continued successful fixed cost
degression and increased sales, the segment should at least manage to break even in the coming quarters.
Balda Medical will, as previously forecasted, steadily increase sales and earnings in 2011.
Based on the current operational Group segments, the Balda Group is sticking to the forecast for the current financial year
provided in the Annual Report 2010, i.e. the Board of Directors is expecting sales revenue to be at the previous year’s level
and a slightly positive EBIT. Not including income from the potential sale of TPK shares, the EBT is likely to be at the same
level as the EBIT.
This forecast does not include several variables and further factors need to be considered. Any reduction of the MobileCom
segment would require a completely new basis for calculating the forecast. A successful acquisition might also result in fun-
damentally different assumptions for the calculation of the forecast. Unfortunately the Board of Directors is currently unable
to provide a firmer basis.
However, the strategic direction should now be much clearer than at the end of 2010. The Balda Group is seeking to enter
into a joint venture with a strategic partner. The Group is working hard and determined on the acquisition of a substantial
share in a company in the Medical market segment or related to the Medical market segment. The Balda Group can finance
this planned shareholding without using funds from the proceeds of the sale of TPK shares.
Balda AG’s Board of Directors is convinced that the Balda Group will be much more stable, much stronger and with very
good growth prospects at the end of the current financial year, particularly in the operational segments, than after the first
quarter of 2011. The path towards this will be characterised by change. The Bad Oeynhausen company is expecting to open
a new chapter in its company history in 2012.

15
Risks and opportunities report
The Balda Group identifies and assesses its opportunities and risks on a continuous basis. The Group management report
for the 2010 financial year describes the opportunities and risk for the Group in detail. In the first three months of the cur-
rent financial year the Group's opportunities and risk situation has changed due to changes in the following factors.
Financial risks
The financial markets were also affected by the turbulence surrounding national debt in several European countries in the
first quarter of 2011. After Greece and Ireland, Portugal applied for a bailout from the European Union. The country had resi-
sted external support in recent months. The unclear situation resulted in high risk premiums for bonds of peripheral
European countries in the first few months of 2011. Due to unclear situation, the occurrence of risks relating to the general
economic environment cannot be ruled out in 2011 in Spain and Italy either.
The drastic increase in the amount of money in circulation in 2009 might also result in higher inflation rates worldwide.
Rising material prices as a result of the economic recovery reduce the real purchasing power of consumers. The continuing
risk of overheating due to enormous inflows of capital in newly industrialising countries might represent an additional risk for
the Balda Group.
Capital market and financing risks
Fluctuations in the price performance of the TPK shares could result in a risk to the assets of the Group.
From the granted credit lines to the Group, especially in China, a re-payment risk could occur, if the banks do not extend cre-
dit lines or terminate them prematurely. Balda is in constant contact with the banks.
Currency risks
Further risks could arise if the standard rate of exchange between the euro and foreign currencies changes. A weakening of
foreign currencies might have a negative impact on the Balda Group's sales invoiced in the respective currency. In addition,
risks might arise for the Group with respect to the shareholding in TPK due to the fluctuations in the exchange rate with the
Taiwanese dollar.
Risks and opportunities in the market for suppliers
The development of demand in the global market for mobile phones represents a particular risk factor for the Balda Group.
The market for suppliers of manufacturers in this sector remains intensely competitive. The increasing pressure on prices will
also continue in the current financial year. Both the sales and margins of the MobileCom segment remain under pressure.
Customer risks
Dependence on individual customers and their order volumes, particularly in the MobileCom segment, represents a further
risk factor for Balda AG. The market success of customers determines the volume of order calloffs and therefore the number
of system units to be produced by Balda. Any loss of market share by these customers may result in a fall in the Group’s
incoming orders.
The Balda Group counters this risk by pursuing technological diversification. The Group reduces the risk of dependency on
the market success of existing customers with the development and marketing of products for new customers in the Electronic
Products and Medical segments. With the planned acquisition in the Medical segment Balda AG is seeking to significantly
reduce its dependency on the mobile phone sector.

16
Macroeconomic risks
The natural disaster in Japan might also have an impact on macroeconomic development. Even if the Balda Group does not
consider itself to be directly affected by the disaster, the consequences for the global economy are currently not foreseeable.
The potential impact of a nuclear meltdown and the resulting radioactive contamination of a whole economic region is uncle-
ar. The raising of the nuclear alert level at the Fukushima power plant has already had a very negative impact on sentiment
indicators in capital markets. What is noticeable is an increasing trend towards energy sources other than nuclear power.
This might be reflected in a rise in global energy prices.
Overall risk
Based on the present level of information, there are no further risks for the growth or existence of the Group that go beyond
the risks described above. The Board of Directors currently has no further knowledge concerning the worsening or occurren-
ce of any of the abovementioned risks.
Opportunities
The Group's risk can be summarised as follows. With its current level of liquid assets as of the end of the first quarter of
2011, the company has sufficient financial resources for further organic and strategic growth. Balda is well positioned for
important projects, such as the implementation of planned investments and possibly an acquisition.
Balda share
Balda share outdoes the SDax
The devastating impact of the earthquake in Japan, the unrest in Arab countries and the renewed concerns concerning the
European debt crisis resulted in losses in share markets worldwide in the first quarter. Despite the enormous amount of bad
news from Europe and Japan, share prices recovered towards the end of the first quarter at a breath-taking rate. Following a
low of 6,483 points on 15 March, the leading German index managed to rise to over 7,000 points by 30 March. The Dax
opened the trading year at 6,973 points; on 31 March trading closed at 7,041 points. This represents a rise of almost 1 per-
cent in the first quarter. The German index for small and mid caps, the SDax, in which Balda AG’s shares are listed, perfor-
med comparatively unfavourable. It lost 32 points in the first quarter and quoted 5,144 points at the end of the period under
review, a fall of 0.6 percent.
A much more positive performance was again recorded for the shares of Balda AG. The share certificates opened the 2011
trading year with a price of 6.81 euros on the Xetra trading platform of the Frankfurt Stock Exchange. On 31 March a closing
price of 8.49 euros was recorded. This equates to a rise of around 1.68 euros or 24.7 percent. The highest price recorded
for the Balda share in the first quarter was 8.63 euros (closing price on 7 March). The lowest price was 6.65 euros (closing
price on 5 January). The average daily turnover with Balda shares (Xetra) in the first three months of the current financial
year was 502,638 shares (previous year: 297,081 shares). The Balda share had the highest turnover among SDax shares in
the months of January, February and March 2011. Balda AG’s market capitalisation based on 58,890,636 million shares
was 499.9 million euros (31 December 2010: 406.3 million euros).
Balda has been active in various social media channels such as Facebook and YouTube since September 2010. The Group
advises of its publications and provides compact information on current news in the short message service Twitter. The com-
pany will also attach great importance to communicating openly with investors, journalists and analysts in the 2011 financial
year.

Selected explanatory notes
General explanations
The headquarters of Balda Aktiengesellschaft is located in Bad Oeynhausen, Germany.
The interim report as of 31 March 2011 and the consolidated financial statements for the 2010 financial year were prepared
in compliance with the International Financial Reporting Standards (IFRS), as they are to be applied within the European
Union (EU). The accounting methods applied are in accordance with the EU regulations for the accounting of consolidated
financial statements.
All values stated are in millions of euros, unless otherwise is stated.
The financial statements of the companies included in the consolidated financial statements are based on uniform accoun-
ting and valuation principles that comply with the IFRS.
Changed basis of consolidation
In January 2011 the legal requirements for closing Balda Solutions (Xiamen) Ltd, Xiamen (China) were met. The company was
liquidated and is no longer included in the basis of consolidation.
The consolidated financial statements of the first three months of 2011 included, alongside Balda AG, six domestic and 10
foreign subsidiaries within the scope of full consolidation.
17
January February March
Performance of the Balda share January - March 2011
in euro
6.2
6.6
7.0
7.4
7.8
8.2
8.6
Balda AG
SDAX

18
Information about the accounting and valuation methods
The interim consolidated financial statements as of 31 March 2011 were prepared for the interim reporting taking into account
the International Financial Reporting Standards (IFRS), as they are to be applied within the European Union (EU). In accordance
with the regulations of IAS 34, a condensed report compared to the consolidated financial statements as of 31 December 2010
was selected. The interim consolidated financial statements were prepared applying the same accounting, valuation and consoli-
dation methods as in the consolidated financial statements for the 2010 financial year and comply with the IAS 34 regulations
(interim reporting).
The principles and methods of the estimates for the interim report have not changed compared to the previous periods (IAS
34,16 (d)). A detailed account of the accounting, consolidation and valuation methods is given in the notes of the annual financi-
al statements as of 31 December 2010. The exercising of options included in the IFRS is also addressed here.
The exchange rates taken as basis for the foreign exchange translation related to Euro 1 developed as follows:
Average spot-exchange rate on reference date Average exchange rate
31 March 31 December First Quarter
Currencies ISO Code 2011 2010 2011 2010
US Dollar USD 1.4099 1.3252 1.3660 1.3247
Chinese Renminbi CNY 9.2337 8.7336 8.9767 8.9558
Malaysian Ringgit MYR 4.2608 4.0800 4.1534 4.2483
Segment reporting
The segment reporting (see table in the appendix) is prepared in accordance with the same principles as in the 2010 annual
financial statements.
The MobileCom, Electronic Products, Medical and Central Services segments require reporting. In the MobileCom segment
Balda produces solely high-quality plastic systems for the mobile phone market. The Electronic Products segment has been
focusing on the development and production of electronic products since the realignment. In the Medical segment the Group
manufactures complex plastic products for the medical sector. The Central Services segment includes expenditure and income
relating to holding functions and income from the shareholding in TPK.
In accordance with internal reporting, information on total output has been added to the segment reporting. The total output
comprises sales revenue, other operating income and changes in inventories of finished and unfinished goods.
The development of sales and the earnings situation of the individual Group segments are presented in detail in "Business deve-
lopment" (see page 7).
Cash flow statement
The cash flow statement (see table in the appendix) only reports the data of the continued operations under the individual
items. The comparison figures for the first quarter of the previous year have been adjusted accordingly.
Significant increase in operational cash flow
The Balda Group’s cash inflow from operating activities increased in the first quarter of 2011 due to the reduction in working
capital to 9.1 million euros (previous year: minus 1.6 million euros).

19
The Group spent 1.7 million euros on investment activity by the end of the first quarter of the current business year (pre-
vious year: 4.3 million euros). In the same period for the previous year the Group received liquid funds from the sale of sha-
res in TPK (9.6 million euros).
Cash outflows from financing activities in the first three months of 2011 totalled 5.4 million euros and primarily related to the
repayment of credit lines in the MobileCom segment.
The Group’s liquid funds totalled as of the end of the first quarter 48.3 million euros following 48.9 million euros at the end
of the previous year.
Balance sheet structure
The Balda Group is reporting a balance sheet total of 875.6 million euros as of 31 March 2011. Compared to the figure of
810.5 million euros as of the reference date 2010 (31 December 2010), the balance sheet total increased by 65.1 million
euros.
On the assets side, the value of fixed assets fell as of the end of the first quarter by 3.5 million euros to 58.1 million euros
(2010 reference date: 61.6 million euros). This fall is primarily currency-related.
Goodwill also fell due to currency effects to 14.9 million euros as of 31 March 2011 following 15.7 million euros as of the
2010 reference date. Financial investments under the item financial assets recorded an increase of 74.0 million euros as of
the end of the period under review. The reason for this is the subsequent valuation of the TPK shares at stock exchange
price as of 31 March 2011 in the amount of 809 Taiwanese dollars.
Overall, non-current assets increased by 69.1 million euros as of the end of the first quarter of 2011 to 780.8 million euros
(2010 reference date: 711.7 million euros).
In current assets, inventories increased as of the end of the
first quarter due to advance payments made by almost 2.0
million euros to 20.6 million euros (2010 reference date:
18.6 million euros). Trade accounts receivable fell by 5.4
million euros due to customer payments.
On the liabilities side, equity rose by 66.3 million euros to
816.0 million euros (2010 reference date: 749.7 million
euros). In addition to currency-related conversion differences,
in particular the subsequent valuation of the TPK shares is
responsible for the increase.
Current liabilities fell from 54.8 million euros as of the 2010
reference date to 53.4 million euros as of 31 March 2011.
The fall is in particular the result of credit lines being repaid
in the MobileCom segment. The item advance payments
received increased by 2.6 million euros to 7.4 million euros
due to the increase in advance payments for tools and
assembly units for new projects in the Medical segment.
The other balance sheet items have not changed significant-
ly compared to the end of the previous year.
875.6
810.5
Current and non-current assets
(in mio. euros)
0 250 500 750 1,000
31.3.2011
31.12.2010
59.6
60.8
Current and non-current liabilities
(in mio. euros)
0 20 40 60 80
31.3.2011
31.12.2010

20
Income statement
The Balda Group generated sales of 26.7 million euros in the first quarter of 2011 in continued operations compared to 26.0
million euros in the same period for the previous year.
The revenue of the individual segments is presented in the interim management report.
The Balda Group recorded a total output of 29.3 million euros in the period under review (same period for the previous year:
29.1 million euros).
The cost of materials and services increased in the first quarter of 2011 by 3.2 million euros to 17.1 million euros (same peri-
od for the previous year: 13.9 million euros). Balda’s cost of materials ratio measured against total output was 58.4 percent
compared to 47.9 percent in the first quarter of 2010. The reasons for the increase are increased start-up costs for a new pro-
ject in the smartphone sector and the change in the product mix.
Personnel expenses fell in the year under review by 1.3 million euros to 6.9 million euros. In the same period for the previous
year they totalled 8.2 million euros. The reduction in personnel due to the restructuring in the MobileCom segment taken
place in 2010 was the main reason for the fall.
The reduced depreciation in the first quarter of 2011 of 1.8 million euros compared to 2.7 million euros in the same period for
the previous year is a result of the restructuring of the MobileCom segment and the elimination of depreciation of customer
relations at Balda Solutions Malaysia.
Other operating expenses fell by 1.1 million euros to 5.4 million euros as of the end of the first quarter of 2011 (same period
for the previous year: 6.5 million euros). Their share in total output fell to 18.5 percent compared to 22.5 percent in the pre-
vious year.
Balda was able to reduce the fixed costs due to the restructuring in the MobileCom segment and process optimisations in 2010.
Earnings development
The Balda Group reports an EBIT of minus 1.9 million euros in the first quarter of 2011 (same period for the previous year:
minus 2.3 million euros). The improved cost structures in the individual segments are starting to take effect.
The Group’s financial earnings rose to 6.6 million euros (same period for the previous year: 4.3 million euros). The reasons for
the increase are beside a fall in interest expenses due to the elimination of convertible participation rights especially currency
gains from internal financing in the amount of 6.8 million euros. The earnings of associated companies relating to the share-
holding in TPK are no longer reported as financial assets after the loss of significant influence and the change in the valuation
method in October 2010. In the same period for the previous year a figure of 5.3 million euros was reported here.
Tax expenses were calculated based on customary tax rates and totalled 0.4 million euros in the period under review (same
period for the previous year: 0.2 million euros).
Quarterly earnings for the first three months of 2011 were plus 4.4 million euros (previous year: plus 1.8 million euros). In the
previous year the Group reported earnings from the discontinued division of minus 0.3 million euros.
The Balda Group’s net profit in the first quarter of 2011 was 4.4 million euros following 1.5 million euros in the same period
for the previous year.
Based on 58,891 million shares (as of 31 March 2011), undiluted earnings per share of 7.4 cents are calculated from the pro-
fit for the period. In the previous year the earnings per share based on 54,157 million shares were 3.0 cents.

21
Related parties
Alongside the companies included in the consolidated financial statements, there are companies and persons as well as per-
sons in key positions of management or bodies that are related to the Balda Group according to IAS 24. In the period under
review there were no business relations with these persons or companies, other than the remuneration for the Board of
Directors and the Supervisory Board.
Other financial obligations
Other financial obligations, consisting mainly of letting and leasing obligations as well as purchase commitments for invest-
ments, amounted to 1.1 million euros as of 31 March of the current financial year.
Events after the reference date
Information on significant events after the reference date is presented in this report in "Events after the reference date" on
page 12.
Details on the preparation of the quarterly report
The consolidated balance sheet, the statements of comprehensive income, cash flow statements, the segment reports, the
statements of changes in equity, the interim management report and the condensed notes prepared as of 31 March 2011
have not been audited or subjected to an auditing review. They were prepared for the interim report.
Statements relating to the future contain risks. This interim report contains statements which also relate to the future deve-
lopment of Balda AG. These statements are based on both assumptions and estimates. Although the Board of Directors is
convinced that these forward-looking statements are realistic, they cannot be guaranteed. The assumptions contain risks and
uncertainties which may result in the actual events deviating from the expected events.
Responsibility statement
To be best of my knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the
interim consolidated financial statements give a true and fair view of the asset, financial and result situation of the Group,
and the interim management report of the Group includes a fair review of the development and performance of the business
and the position of the Group, together with a description of the significant opportunities and risks associated with the expec-
ted development of the Group for the remaining months of the financial year.
Bad Oeynhausen, 5 May 2011
Rainer Mohr
Sole Member of the Board of Directors

22
Quarterly Financial Statements I/2011

23
Balance Sheet Group – Assets
in KEUR 31 March 2011 31 December 2010
A. Long-term assets
I. Tangible assets 58,072 61,601
1. Land and buildings 28,226 29,586
2. Machinery and equipment 27,335 29,317
3. Fixtures, furniture and office equipment 2,375 2,676
4. Advance payments and construction in progress 136 22
II. Goodwill 14,940 15,705
III. Intangible assets 835 900
IV. Financial assets 701,308 627,293
1. Investments 1 1
2. Financial Investments 700,853 626,812
3. Other financial assets 454 480
V. Deferred taxes 5,676 6,168
Long-term assets 780,831 711,667
B. Current assets
I. Inventories 20,605 18,616
1. Raw materials and supplies 5,603 5,357
2. Work in progress and finished goods and merchandise 11,075 10,399
3. Advance payments 3,927 2,860
II. Trade accounts receivable 20,400 25,772
III. Other current assets 4,810 4,830
IV. Tax refund 622 648
V. Cash and cash equivalents 48,289 48,937
Current assets 94,726 98,803
Total assets 875,557 810,470
Balda Group – Balance Sheet as of 31 March 2011 – Assets

24
Balance Sheet Group – Total Liabilities and Shareholders’ Equity
in KEUR 31 March 2011 31 December 2010
A. Shareholders’ equity
I. Subscribed share capital 58,891 58,891
II. Reserves 567,852 505,944
III. Net profit 189,251 184,885
1. Earnings 4,366 94,584
2. Retained earnings 184,885 90,301
Total shareholders’ equity 815,994 749,720
B. Long-term liabilities
I. Long-term debt 272 440
1. Bank loans 272 440
II. Long-term finance lease obligations 161 222
III. Deferred taxes 5,680 5,172
IV. Long-term provisions/pension accruals 68 69
Long-term liabilities 6,181 5,903
C. Current liabilities
I. Trade accounts payable 23,276 21,643
II. Other current liabilities 5,076 6,038
III. Advance payments received 7,440 4,768
IV. Short-term debts and current portion of long-term debts 14,418 19,819
V. Current portion of finance lease obligation 109 179
VI. Tax liabilities 2,943 2,307
VII. Short-term provisions 120 93
Current liabilities 53,382 54,847
Total liabilities and shareholders’ equity 875,557 810,470
Balda Group – Balance Sheet as of 31 March 2011 – Total Liabilities and Shareholders’ Equity

25
Income Statement
Balda Group – Income Statement – 1st 3-months 2011
in KEUR 1 Quarter 1 Quarter
2011 2010
Revenues 26,681 25,952
Other operating income 1,511 1,456
Changes in inventories of finished goods and work in progress 1,111 1,680
Total income 29,303 29,088
Material expenses 17,122 13,931
Material costs rate in % 58.4% 47.9%
Personnel expenses 6,866 8,209
Ratio of personnel costs in % 23.4% 28.2%
Depreciations 1,805 2,651
Other operating expenses 5,411 6,548
Operating income -1,901 -2,251
Operating income in % -6.5% -7.7%
Financial result -226 -986
Other financial costs 6,846 0
Earnings from affiliated companies 0 5,278
Total financial result 6,620 4,292
Earnings before income taxes 4,719 2,041
Taxes on income and on earnings -353 -245
Net income – continued operations 4,366 1,796
Earnings discontinued operations 0 -262
Group result 4,366 1,534
Annual income total Group added to:
Shareholders of Balda AG 4,366 1,605
thereof from continued operations 4,366 1,796
thereof from discontinued operations 0 -191
Shares of other associates 0 -71
thereof from continued operations 0 0
thereof from discontinued operations 0 -71
Earnings per Share:
Average number of tradeable shares (undiluted) 58,891 54,157
Average number of tradeable shares (undiluted) 58,891 54,182
Earnings per Share – Group
- undiluted (EUR) 0.074 0.030
- diluted (EUR) 0.074 0.030
Earnings per Share – continued operations
- undiluted (EUR) 0.074 0.033
- diluted (EUR) 0.074 0.033
in KEUR 2011 2010
1. Annual result total Group 4,366 1,534
2. Other result 61,908 12,570
1. Discrepancy contribution from currency conversion -11,029 12,467
2. Share of other result of at equity balanced associated companies 0 103
3. Subsequent measurement of financial instruments 72,937 0
3.Total result of the period 66,274 14,104
Total result of the period attributable to:
Shareholders of Balda AG 66,274 14,079
Share of other associates 0 25
Group-Total-Income-Statement – 1st 3-months 2011

26
Cash flow
Balda Group – Cash Flow – 1st 3-months 2011
in KEUR 3-Month Report 3-Month Report
01.01.2011 - 01.01.2010 -
31.03.2011 31.03.2010
Net loss/income before income tax and financing costs –
continued operations -1,901 -2,251
Net loss/income before income tax and financing costs –
discontinued operations 0 -191
+ Income from interest 108 99
- Interest payments -53 -195
+ / - Payments on tax on income and earnings -69 0
+ / - Write-offs/write-ups on long-term assets
(excluding deferred taxes) 1,805 2,817
+ / - Other non-cash affecting expenses and earnings 1,771 -2,598
+ / - Increase/decrease in tax refund and tax liabilities 275 -196
+ / - Increase/decrease in provisions 26 9
+ / - Increase/decrease in inventories, trade accounts receivable
and other assets not itemised within investment or financing activities 3,402 -5,807
+ / - Increase/decrease in accounts payable and other liabilities not
itemised within investment or financing activities 3,722 6,689
= Cash flow from operating activities 9,086 -1,624
thereof discontinued operations 0 69
Cash flow from investing activities
- Payments in intangible and tangible assets affecting payment 1
-1,696 -4,304
+ Cash inflow from the sales of shares of the group 0 9,578
= Cash flow from investing activities -1,696 5,274
thereof discontinued operations 0 -45
Cash flow from financing activities
- Repayments of liabilities to financial institutions -5,569 -1,229
- Change in finance lease obligations affecting payment -131 -43
= Cash flow from financing activities -5,700 -1,272
thereof discontinued operations 0 322
+ / - Change in cash and cash equivalents affecting payment 1,690 2,378
+ Cash and cash equivalents at the beginning of the fiscal year 48,937 44,294
+ / - Impact of exchange rate differences on cash held in foreign currencies -2,338 2,601
= Cash and cash equivalents at the beginning of Q1
including discontinued operations 48,289 47,762
Cash and cash equivalents at the end of Q1 –
discontinued operations 0 1,511
Cash and cash equivalents at the end of Q1 – Group 48,289 49,273
Total financial resources at end of Q1
Cash funds 48,289 49,273
(1) Payment partially regards previous years

Segment Reporting
27
Balda Group – Segment Reporting as of 31 March 2011
Quarterly result as of 31.03.2011
Electronic
in KEUR MobileCom Products Medical
Revenues external 13,229 6,625 6,827
Revenues internal 17 18 0
Revenues total 13,246 6,643 6,827
Change from previous year -6.5% 19.8% 10.5%
Total income 14,275 6,684 7,337
Change from previous year -10.8% 18.4% 6.1%
EBIT -917 -822 317
in % of total income -6.4% -12.3% 4.3%
EBT -1,273 -786 271
Investments 1,024 341 48
Segment assets (1)/(2)
74,425 36,271 14,636
Number of employees as 31.03. (3)
635 809 207
Quarterly result as of 31.03.2010
Electronic
in KEUR MobileCom Products Medical
Revenues external 14,167 5,546 6,180
Revenues internal 0 0 0
Revenues total 14,167 5,546 6,180
Total income 15,997 5,645 6,912
EBIT 65 -1,735 437
in % of total income 0.4% -30.7% 6.3%
EBT -92 -1,586 382
Investments 2,081 38 536
Segment assets (1)/(2)
89,377 54,225 20,755
Number of employees as 31.03. (3)
2,620 1,143 211
(1) Segment assets = long-term assets plus short-term assets excluding deferred tax and tax refund claims
(2) The segment assets for„Central Services“ with KEUR 700,853 (previous year KEUR 46,221) contains the equity of the associate TPK
(3) Number of employees at 30.03 = including temporary employment agency workers, apprentices and temporary personnel
(4) The amounts listed in the reconciliation relate to assignments to the discontinued operation
(5) The Inter-segment adjustments relate to the revenues that have been reached between the segments, Group internal receivables and the elimination oft Group internal
dividends between the segments

28
Segment Reporting
Sum
operating
Central Services segments Transition (4)
Corrections (5)
Group
0 26,681 0 0 26,681
273 308 0 -308 0
273 26,989 0 -308 26,681
-31.2% 2.7% 2.8%
2,627 30,923 0 -1,620 29,303
10.1% -0.1%
-479 -1,901 0 0 -1,901
-18.2%
6,507 4,719 0 0 4,719
247.7%
93 1,506 0 0 1,506
753,460 878,792 0 -9,533 869,259
24 1,675 0 0 1,675
Sum
operating
Central Services segments Transition (4)
Corrections (5)
Group
59 25,952 0 0 25,952
338 338 0 -338 0
397 26,290 0 -338 25,952
2,386 30,940 0 -1,852 29,088
-1,018 -2,251 0 0 -2,251
-42.7%
3,337 2,041 0 0 2,041
139.9%
85 2,740 0 0 2,740
110,548 274,905 152 -23,566 251,491
25 3,999 0 0 3,999

29
Balda Group – Changes to Shareholders’ Equity – 2010 - 2011 – as of 1 January - 31 March
Subscribed Capital Revenue Revaluation
in KEUR share capital reserves reserves reserve
Balance on 01.01.2010 54,157 154,432 976 905
Group result -
Other result 56 -56
Total result 0 0 56 -56
Balance on 31.03.2010 54,157 154,432 1,032 849
Balance on 01.01.2011 58,891 34,555 1,881 0
Group result
Other result
Total result 0 0 0 0
Balance on 31.03.2011 58,891 34,555 1,881 0
Changes to Shareholders’ Equity

30
Changes to Shareholders’ Equity
Available-for- Total
sale financial Currency Retained Balda AG Minority shareholders´
assets reserves earnings shareholders interest equity
0 4,230 -57,669 157,031 2,204 159,235
1,605 1,605 -71 1,534
12,474 12,474 96 12,570
0 12,474 1,605 14,079 25 14,104
0 16,704 -56,064 171,110 2,229 173,339
434,206 35,302 184,885 749,720 0 749,720
4,366 4,366 0 4,366
72,937 -11,029 61,908 0 61,908
72,937 -11,029 4,366 66,274 0 66,274
507,143 24,273 189,251 815,994 0 815,994

31
Shareholding of the Bodies as of 31 March 2011
31.03.2011 31.12.2010 Change
Share Capital 58,890,636 58,890,636 0
R. Mohr 0 0 0
Management Board Total 0 0 0
A. Chen 0 - 0
K. Kai 0 - 0
D. Kitzinger 54,000 49,000 5,000
M. Littlefield 0 0 0
T. Leonard 0 0 0
Dr. M. Naschke 21,000 21,000 0
Supervisory Board Total 75,000 70,000 5,000
Executive Body Total 75,000 70,000 5,000
in % of share capital 0.13 0.12
Shareholding of the Bodies

32
Investor Relations Contact
Clas Röhl
Phone +49 (0) 57 34 / 9 22 - 27 28
Fax +49 (0) 57 34 / 9 22 - 26 04
E-Mail croehl@balda.de
Photography
Balda AG
The Quarterly Report is available in German and English and can be downloaded on the Internet at www.balda.de.
Contact

Balda Aktiengesellschaft • Bergkirchener Str. 228 • D-32549 Bad Oeynhausen
Telefon +49 (0)5734 922-0 • Fax +49 (0)5734 922-2604 • www.balda.de • E-Mail info@balda.de

Balda_Q1/2011_e

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