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Balda Q1 2012 (englisch)
1. Group earnings after tax thanks to the partial sale of TPK shares at 133.6 million euros.
Sales and operating result below previous year’s value
Statements for the 2012 calendar year confirmed
Growth strategy for the Medical segment defined
Restructuring of Electronic Products segment on track
Shareholders should make important decisions at the annual general meeting on 11 May
Balda AG: setting a significant, strategic course and
large Group earnings in the first quarter of 2012
Transfer adapter made of soft
and hard plastic components, to
prepare a compound of syringe
and ampoule.
1
Quarterly Report I/2012
Key Figures of Balda Group 2
Letter to the Shareholders 3
Notes to the changed structure 4
Interim Management Report 6
Selected explanatory notes 16
Tables 20
CONTENT
2. 2
Key Figures of Balda Group
Brief profile of Balda
Technologies | Quality | Outstanding products
Our mission is first-class solutions in plastic and electronic products. We offer our customers innovative engineering and pro-
ducts of outstanding quality. One of our many strengths are fast and flexible services at competitive prices. Our customers
appreciate our close cooperation and our simple and fast processing. This way, we create long-term added value for our employ-
ees, business partners and shareholders.
Key Figures of Balda Group
in mio. euros Q1 2012 Q1 2011 1
Change
in percent
Sales 12.2 13.5 -9.4
Electronic Products 6.2 6.6 -7.1
Medical 6.0 6.8 -11.8
Central Services 0.1 0.3 -79.1
Overall operating performance 15.4 15.6 -0.8
EBIT -3.1 -1.0
EBIT margin (in %) -20.0 -6.3 -
Earnings before taxes (EBT) 133.8 6.0 -
Earnings of continued
business divisions 133.6 5.9 -
Earnings per share (in cents) 2
2.27 0.07
Operating cash flow -1,599 9,086
Number of employees 3
1,437 1,040 38.2
1) Excluding the MobileCom segment sold in 2011 (except operating cash flow)
2) Number of shares as of the balance sheet date in millions 58,891 (previous year's balance sheet date: 58.891)
3) Number of employees including temporary agency employees, assistants and trainees – continued business divisions only
3. 3
Letter to shareholders
Letter to shareholders
Dear shareholders,
During the first quarter of 2012, the Balda Group has set an important course for successful future development. The
Executive Board, which took its position on 1 January of this year, has introduced measures to be taken in future for impro-
ving performance in operational businesses. In addition, planning for the Group's future strategic focus has been widely
encouraged.
Our aim is clear: the Executive Board intends to establish Balda as an innovative plastic processing company whose opera-
tional businesses are sustainably profitable and continue to grow. We cannot, and do not want to, live off our reputation any
longer. It is therefore necessary to realign both the Medical and Electronic Products business segments and bring them on
course for profitable growth. We must concentrate on this – and only this.
An important step during the first quarter was the partial sale of our share in the Chinese touchscreen manufacturer TPK
Holding. The divestiture of 20 million shares, reduced by our share of 16.1 percent to 7.6 percent brought in cash flow of
around 238 million euros and a contribution to financial earnings of 137.6 million euros. The Executive Board sticks to its
announcement that the income from the sale of TPK will reach you, our valued shareholders – namely in any way which
allows the strategic, financial and fiscal requirements of our company to have maximum benefit.
For this reason, the Executive Board and the Supervisory Board will suggest at the Annual General Meeting on 11 May 2012
that the first step should be a dividend of €1.30 per share, which would correspond to a total payout of approximately 77
million euros. If any other suggestion by Management is accepted at the General Meeting and the financial year of our com-
pany is shifted to the balance sheet date of 30 June, a further payout would still be possible in the spring of this year.
As already explained, we would like to sell all of the remaining shares in TPK soon, probably in 2012, since obtaining the hig-
hest possible price takes precedence over a quick sale. Further payments would be expected as a result of this disinvest-
ment.
However, the considerably positive impact that the partial sale of the shares in TPK has had on Balda's income in the first
quarter, which closed with a consolidated profit of 133.6 million euros after tax, should not disguise the significant challen-
ges facing the operational business. Group revenues decreased by 1.3 million euros on the previous year to 12.2 million
euros in the first three months. The operational income (EBIT) was also lower than the previous year's figure at minus 3.1
million euros.
The sales and operational income of both of the Group's operational segments closed the first quarter below the previous
year's values. The Medical segment, based in Bad Oeynhausen, had to accept delays in order call-offs from customers for a
new project, although these losses should be absorbed in the coming quarters. We would like to expand upon the generally
positive situation in our Medical business in the coming years by way of an ambitious growth strategy comprising of stronger
internationalisation, the expansion of the product and customer portfolio and the consolidation of our own concept. Targeted,
modest acquisitions will play a key role in this development.
The Electronic Products segment, based in Malaysia, had to deal with complex production launches for plastic products
during the first quarter. Demanding surface technology requirements and additional measures on quality assurance led to
lower production volumes and decreases in sales. Delays in order call-offs affected sales and income.
We have introduced a number of measures for Electronic Products, which aim to improve the positioning of this business in
the market, to increase the sales performance and to eradicate internal deficits in structures and processes. We are confi-
dent that we will achieve our aim and that we will manage an operational turn-around in Malaysia by the end of this calendar
year. After the first quarter the restructuring of the segment is on track.
4. Notes on the structure of the quarterly report
4
The Executive Board has confirmed the statements made in February with regard to the Balda Group's business performan-
ce in the 2012 calendar year: we are experiencing sales revenues at around the same level as the previous year, and a once
again negative operational income in the single-digit million range. However, the Group's annual financial statements will be
distinctly positive as a result of the earnings from the sale of the shares in TPK.
I would like to thank you, most valued shareholders, for placing your confidence in the new Executive Board. The 2012
calendar year is a transitional year for Balda, in which we would like to set the course for a successful future. All of the requi-
rements for this are in place, and now it comes down to the necessary measures being implemented and no time being lost.
Yours sincerely,
Dominik Müser
Chairman of the Executive Board
Notes on the structure of the quarterly report
In the report for the first quarter of 2012, the Balda Group structures its continued business divisions into three segments:
Medical
Electronic Products
Central Services
This interim report is based primarily on the earnings from the sale of TPK shares and the earnings of the following operating
companies:
Balda Medical GmbH & Co, KG
Balda Solutions Malaysia Sdn, Bhd,
Balda Solutions USA Inc,
The data for the first quarter of 2012 presented in this report does not concur, in terms of the composition of the continued busi-
ness divisions, with the values provided in the report for the first quarter of 2011. In the interim report of 31 March 2011, the
MobileCom segment was still a continued business division. This report presents appropriately adjusted and comparable figures,
where necessary, from the previous period.
5. 5
The Balda Share and investor relations
The Balda Share and investor relations
Shares markets take off
The shares markets got off to a positive start in 2012. The atmosphere on the international stock exchanges during the first quar-
ter was characterised by optimism from investors. The credit banks’ waiver of Greek bonds, the increase in the euro zone rescue
fund, the continuously low interest rate of central banks and positive speculative data from the US led to significant market gains
in the first quarter. The DAX, the leading German index, gained around 18 percent in value during the first three months of the
current financial year. The SDax small cap index, in which the Balda share is listed, ended the first quarter of 2012 with a gain of
16.6 percent.
The Balda AG share grew even more strongly than the benchmark index during the period under review. The securities started the
2012 trading year on 4.20 euros. The shares certificates registered their three-month high at 6.42 euros on 5 March 2012. The
Balda AG share registered its lowest price on 5 January 2012, at 4.15 euros. The Balda Share ended the first quarter on 30
March 2012 at a closing price of 6.22 euros. The securities therefore posted a price increase of around 48 percent in the first
three months.
An average of 312,525 shares were traded per day in the first three months of the current financial year (Xetra) (previous year:
505,809 shares per day). The market capitalisation of Balda AG amounted to around 366 million euros as of 30 March 2012
based on 58,890,636 million shares in circulation and a price of 6.22 euros. On 31 December 2011, the market value had
amounted to 255 million euros with the same quantity of shares and a year-end price of 4.33 euros.
January February March
Share price January to March 2012
in euro
4.0
4.4
4.8
5.2
5.6
6.0
6.4
Balda AG
SDAX
6. 6
Quarterly Report I/2012
Interim management report
Macroeconomic development
The global economy is slowly cooling off
As generally expected, global economic growth slowed down in the first quarter of 2012. The uncertainty arising from the
euro debt crisis led to consumers and businesses being considerably restrained with regard to consumption and investment.
Following a drop for the second consecutive period in the first quarter of 2012, the ifo business climate index registered a
slight upward movement to 82.4 points, compared to 78.7 points in the fourth quarter of 2011. However, it still remains con-
siderably below its long-term average. The economic climate in emerging countries suggests an economic cooling off.
Eurozone
The economic situation in the eurozone was once again blurred by sustained concerns due to the European debt crisis. The
euro came under more pressure during the first quarter. It fell below the 1.30 US dollar mark for the first time in mid-
February and remains there. Industrial output fell by 1.8 percent in February 2012 in comparison with the same period in
2011. The sales volume in the retail sector fell by 0.1 percent in February 2012 compared to the previous year. The unem-
ployment rate in the eurozone increased to 10.8 percent in February 2012 (February 2011: 10.0 percent). According to initial
estimates, gross domestic product increased by 0.2 percent in the first quarter of 2012 compared to the previous quarter.
Germany
The German economy lost momentum during the period under review, although it still appears robust. According to the
German Institute for Economic Research (DIW), the GDP remained unchanged in the first three months of 2012 compared to
the previous quarter. The economic output increased by 3.7 percent during the first quarter of 2011.
In contrast, the ifo business climate index grew positively. The situation on the German employment market also improved in
March 2012 compared to the same period of the previous year. The unemployment rate fell at the end of the first quarter to
7.2 percent. One year ago, it was 7.6 percent.
The listing of the Chinese touchscreen manufacturer TPK Holding Co., Ltd. by Balda, which still holds a 7.6 percent share
following a partial sale in the first quarter, opened the 2012 trading year at a price of 370 Taiwanese dollars (around 9.53
euros). The TPK share price was around 477 Taiwanese dollars (approximately 12.29 euros) when trading closed on 30
March 2012. Over the three months as a whole, the TPK listing recorded a gain of 107 Taiwanese dollars (around 2.75
euros). The value of Balda's holding in TPK reached around 219 million euros at the end of the quarter.
Shareholder structure
The following changes were made to Balda AG's shareholder structure during the period under review:
RoundKeep Capital Advisors LLC, based in Illinois, USA, fell below the 3 percent threshold for voting rights, and now holds
2.997 percent of the voting rights in Balda AG.
Furthermore, Brookdale International Partners, L.P., based in New York, informed Balda AG on 2 March 2012 that its share
in voting rights had exceeded the 5 percent threshold and now amounts to 5.10 percent (3,002,226 voting rights). These
voting rights must now be apportioned to the shareholder Weiss Asset Management, whose overall registered share of voting
rights amounted to 6.10 percent.
7. 7
Quarterly Report I/2012
USA
The US economy stabilised at the start of the year. The GDP registered a growth of 1.7 percent in the first quarter of 2011.
The USA's trade balance deficit amounted to around 15.6 billion US dollars at the end of March 2012. However, the situation
on the American employment market is strained. The USA's unemployment rate fell at the end of the first quarter of 2012 to
8.2 percent, compared with 8.8 percent in March 2011.
China
The economy in emerging countries grew at a much slower rate than expected during the first quarter of 2012. According to
the National Bureau of Statistics, China's economic output increased by 8.1 percent during the first three months of the cur-
rent financial year. The world's second-largest economy had grown by 8.9 percent in the previous quarter. Surprisingly, indu-
strial output increased. The industrial production index registered an increase of 11.9 percent during the first quarter in com-
parison with the same period of the previous year. Consumption increased in the first quarter by 15.2 percent compared
with the same period of the previous year.
Sector situation
Medical
The positive trend in German medical engineering is continuing. In 2011, the sector registered a sales increase of 6 percent
on 2010 to 21.1 billion euros. Above all, increased orders from abroad contributed to the boom. According to the trade asso-
ciation SPECTARIS, the sector grew by around 7 percent internationally. Above all, exports to China and the USA increased
significantly in 2011. Domestic demand was less strong, with an increase of 3 percent in 2011 compared to the previous
year. According to experts, the increasing affluence in emerging countries and the growing global population were responsi-
ble for the positive sales figures. Demographic change and the leading innovational strength of German medical engineering
manufacturers should therefore propel sales growth in the future.
Electronic Products
The debt crisis in Europe and the uncertainty regarding the growth trend in emerging countries had hardly any influence on
the consumer mood in the period under review. According to Gartner, the worldwide demand for computers increased to 89
million units in the first quarter of 2012, 1.9 percent higher than the first quarter of 2011. The causes of this were, amongst
others, the high number of orders from emerging countries. Sales of electronic products in the BRIC countries increased by
a total of around 10 percent in 2011. This growth was mainly thanks to the ever-increasing popularity of Smartphones.
Compact Notebooks also had a positive effect on producers' sales figures. New touchscreen technologies and numerous
software applications are attracting more and more consumers.
Business performance of the first three months of 2012
Overall evaluation
The Balda Group’s business performance remained below expectations in both operating business segments in the first
quarter of 2012 due to delays in orders and extra costs. The Group EBIT amounted to minus 3.1 million euros. The Group
recorded a considerable profit after tax of 142.1 million euros for the period under review due to on the income from the par-
tial sale of the holding to TPK Holding in February 2012. The Board of Directors confirms its current expectations of the
sales and earnings performance for the whole of the 2012 calendar year.
8. 8
Quarterly Report I/2012
Group sales and earnings performance
In the first three months of the current financial year the Balda Group recorded sales revenue of 12.2 million euros. This
equates to a fall of 1.3 million euros or around 9.4 percent compared to the first quarter of 2011. This drop is due to delays
in order call-offs and start up difficulties with new projects in the Electronic Products segment. Delays in order call-offs of a
large client had a dampening effect on the sales performance in the medical segment as well.
Operating costs were affected in the first three months by
the rise of 0.7 million euros in personnel expenses to 5.1
million euros, due to the temporarily employment of more
temporary agency workers in the Electronics Products seg-
ment. Other operating expenses were up from 3.0 million
euros to 4.4 million euros. The rise in energy costs and high
expenditure on the maintenance of machinery and facilities
in Malaysia due to new projects, among others, are respon-
sible for this.
Because of these influences, the EBIT was at minus 3.1 million euros in the first quarter (same period of the previous year:
minus 1.0 million euros).
The EBT was at 133.8 million euros during the period under review compared to 6.0 million euros in the same period of the
previous year. Earnings from the release of reserves from the market valuation of shares in TPK amounting to 137.6 million
euros is responsible for this considerable increase. TPK shares were shown at their market value up until the time of sale.
The changes in value were recorded as having no effect on the income statement against equity under the item reserves
from market valuation. Therefore the proceeds of sale corresponded to the book value at the time of sale. The earnings in
the profit and loss statement only resulted from the release of reserves set up.
The earnings from continued business divisions after taxes amounted to 133.6 million euros (first quarter of 2011: 5.9 mil-
lion euros).
Since the earnings from the discontinued business division was 0 euro (same period of the previous year: minus 1.6 million
euros), the earnings of the combined Group totalled 133.6 million euros. (Previous year: 4.4 million euros).
Medical segment
The Medical segment generated sales of 6.0 million euros in the first quarter of 2012 (first quarter of 2011: 6.8 million
euros). This equates to a fall of 0.8 million euros or around 11.8 percent. The fall is attributable to delays in order call-offs of
a new customer project. Operations in the segment will rise as planned during the financial year.
The segment’s EBIT was minus 0.5 million euros under the previous year's level of plus 0.2 million euros after the first three
months. The EBT was minus 0.5 million euros (previous year: plus 0.1 million euros). Reasons for this performance are hig-
her expenses for the start-up of new products in addition to low sales.
Electronic Products segment
The Electronic Products segment recorded a fall in sales revenue to 6.2 million euros in the first quarter of 2012 compared
to 6.6 million euros in the same period of the previous year (minus 7.1 percent). The fall is due to the postponement of
order call-offs from customers and the production start-up of new demanding projects. These projects require costly and
complex surface engineering. The above-average rejection rate in the start-up phase resulted in below-target unit quantities
so the planned sales revenue could not be achieved.
2012 12.2
2011 13.5
0 5 10 15
Group sales January to March
in mio. euros
9. 9
Quarterly Report I/2012
The segment’s EBIT registered a loss of 1.2 million euros (same period of previous year: minus 0.8 million euros). As a
result, costs for additional measures towards quality assurance of new projects, among others, had an impact, as well as
additional costs for the processing of orders, including the creation of reserves. The EBT was in the business division at
minus 1.2 million euros (same period of the previous year: minus 0.8 million euros).
Central Services segment
Profits generated by the Central Services segment resulted from holding and financing services, as well as allocations char-
ged to the operational Group segments. The financial earnings also include currency gains relating to internal financing.
The overall performance of the Central Services segment stood at 1.3 million euros at the end of the first quarter compared
to 2.2 million euros in the same period of the previous year.
Segment expenses which can not be allocated led to an
EBIT of minus 1.3 million euros after the first three months
of 2012 (same period of the previous year: minus 0.3 mil-
lion euros).
The EBT rose to 135.6 million euros compared to 6.6 mil-
lion euros in the first quarter of 2011. The income from the
release of reserves following the sale of TPK shares is
responsible for this considerable rise.
Asset position
The Balda Group recorded as of 31 March 2012 a balance sheet total of 558.5 million euros compared to 490.5 million euros as
of 31 December 2011. This amounts to an increase of 68.0 million euros or 13.9 percent. The increase resulted mainly from
price gains realised in the first quarter from the partial sale of TPK shares and the increased value of existing shares in TPK.
On the assets side, the non-current assets due to the remai-
ning payment of the loan granted related to the sale of
MobileCom in 2011, recorded an increase as of 31 March
2012 to 52.6 million euros compared to 50.3 million euros
as of 31 December 2011.
The current assets as of 31 March 2012 increased to 505.9
million euros following 440.2 million euros at the end of
2011. This increase is attributable to the rise in value of the TPK shareholding in the first quarter of 2012. The Group earned
around 238 million euros in liquid assets from the sale of 20.0 million shares. At the same time, share participation fell by
202.3 million euros. However the valuation of the remaining TPK shares resulted in an increase in value of 36.0 million
euros compared to the 31 December 2011.
The inventories rose as of March 31 2012 to 13.8 million euros (end of 2011: 9.6 million euros). The rise is attributable to
delayed order call-offs. They should be resolved in the second quarter of 2012.
Customer payments of invoices at the end of 2011 decreased trade accounts receivable as of the end of the first quarter to
7.4 million euros (end of 2011: 10.7 million euros).
The non-current assets held for sale totalled 216.1 million euros as of the 31 March 2012 compared to 382.3 million euros
as of 31 December 2011. Following the heavy fall in the TPK share price in 2011 (31 December 2011: 394.5 Taiwanese dol-
lars) the share rose as of 31 March 2012 to 477.5 Taiwanese dollars. The valuation resulted in increase in value, including
currency differences, of 71.6 million euros compared to 31 December 2011. The Group earned around 238 million euros in
liquid assets through the sale of 20.0 million shares.
Segment sales from January to March
in mio. euros = 2012 = 2011
Medical 6.0
6.8
Electronic
Products
6.2
6.6
Central
Services 0.3
0.1
0 3 6 9
31.3.2012 558.5
31.12.2011 490.5
Balda Group / Balance Sheet
in mio. euros
0 200 400 600
10. 10
Quarterly Report I/2012
The Balda Group recorded as of the end of the period under review a rise in equity to 530.1 million euros from 463.0 million
euros as of 31 December 2011. After the partial sale of TPK shares, reserves from the adjustment item for the market valua-
tion of TPK shares had to be released (minus 138.3 million euros). The high market valuation of TPK shares as of the balan-
ce sheet date had an opposite effect in this position (plus 71.6million euros). In addition, however, the positive quarterly ear-
nings resulted in the increase in equity.
The equity ratio at the end of March was 94.9 percent follo-
wing 94.4 percent as of the end of the previous financial
year.
Trade accounts payables increased by 1.3 million euros to
8.8 million euros mainly due to the creation of inventories
(reference date 2011: 7.5 million euros).
The Group did not record any significant bank liabilities as of
the end of the first quarter.
Financial position
Investments
Up to 31 March 2012 the Balda Group invested in the current financial year a total of around 0.8 million euros in tangible and
intangible assets in its continued operations (same period of the previous year: 0.5 million euros).
These are primarily replacement investments. The Balda Group invested around 0.3 million euros on fixed assets and machinery
in the Electronic Products segment in the first three months of 2012. In the period under review, investments in the Medical seg-
ment totalled 0.1 million euros and 0.1 million euros in the Central Services segment.
Cash flow
The values of the first quarter of 2012 are only partially comparable to the previous year’s key figures shown here. The 2011 key
figures include the values of the sold MobileCom segment of the end of 2011.
The Balda Group’s cash or cash equivalents totalled 266.3 million euros as of the end of the first quarter of 2012 (same period
for the previous year: 48.3 million euros). Cash flow from investment activities with cash inflow from the partial sale of TPK sha-
res excluding transaction costs totalling 237.1 million euros was responsible for the significant rise in liquid assets. Cash flow from
current business activities recorded cash outflows of 1.6 million euros (same period of the previous year: inflow of 9.1 million
euros), cash flow from financing activities of 0.2 million euros (same period of the previous year: outflow of 5.7 million euros).
The Balda Group is able to realise its planned projects with existing liquidity from its own means.
530.1
463.0
Balda Group / Equity ratio
in mio. euros
0 150 300 450 600
31.3.2012
31.12.2011
11. 11
Quarterly Report I/2012
Significant events in the first quarter
New Board of Directors
With effect from 1 January 2012, Dominik Müser and James Lim were appointed as members of the Board of Directors.
Dominik Müser was appointed as the CEO of the company. He is responsible for the company’s strategies and performs the
functions of Chief Financial Officer (CFO). He is also responsible for financial, legal and administrative affairs. James Lim is
responsible for development, production and sales as the Chief Operating Officer (COO) and concentrates chiefly on the
Electronic Products segment in Malaysia.
Annual General Meeting
The Balda AG share holders confirmed the members of the Supervisory Board in their office at the extraordinary general
meeting on 8 February 2012. The proposal of the shareholder Octavian Special Master Fund, L.P. for members to be dismis-
sed was rejected with a clear majority of 76.9 percent of share capital present. The committee remains unchanged and com-
prises the Berlin lawyer Dr. Michael Naschke, Yu Sheng Kai, a Managing Director from Taipeh and Chun-Chen Chen, a
Chairman of the Board of Directors from Taipeh. For more details please refer to the Group’s Annual Report for the 2011
financial year.
Changes in the shareholder structure
During the course of the first quarter of 2012 there were changes in the shareholder structure of Balda AG. For further infor-
mation please refer to the chapter on the Balda share.
Sale of TPK shares
Balda Investments Singapore Pte. Ltd. a company belonging to the Balda AG Group, sold a total of 20.0 million shares in
TPK Holding Co., Ltd. on 29 February 2012 and gained revenues of around 238.0 million euros from this (on the basis of
the Euro/Taiwanese dollar exchange rate on the day transactions were closed). The transaction was carried out within the
framework of a block trade according to the rules of the Taiwanese stock exchange. Balda Investments Singapore Pte. Ltd.
still holds around 17.8 million shares in TPK after the transaction. The holding in the Chinese producer of touchscreens is
reduced from 16.1 percent to 7.6 percent through the partial sale. The Board of Directors intends to sell the remaining sha-
res at optimal market value.
Voluntary special audit
The Board of Directors, in office since 1 January 2012, in consultation with the Supervisory Board, commissioned the law
firm Hengeler Mueller to carry out a voluntary special audit after the extraordinary general meeting. The object is to determi-
ne whether the bodies of Balda AG can be accused of misconduct in connection with efforts to sell shares from the holding
to TPK Holding in 2011 and whether the company and shareholders suffered a loss. The Board of Directors will report the
findings of the audit at the ordinary general meeting on 11 May 2012.
Dividend proposal for the 2011 financial year
Balda AG announced on 29 March 2012 that the Board of Directors and Supervisory Board will propose a dividend of 1.30
euros per share for the 2011 financial year at the ordinary general meeting on 11 May 2012. This would result in a total pay-
ment of 76.5 million euros. This means that almost the entire amount currently distributed by Balda AG would be utilised.
The dividend proposal is in line with the goal of allowing shareholders to quickly share in the proceeds of the sale of shares
in TPK Holding Co., Ltd.
Change in financial year planned
At the ordinary general meeting on 11 May 2012, the Board of Directors and the Supervisory Board will propose to have a
short financial year for the period of 1 January 2012 to 30 June 2012. The company’s financial year should subsequently
always end on 30 June. The change could bring shareholders further proceeds from the resulting partial sale of shares in
TPK in the current calendar year.
12. 12
Quarterly Report I/2012
Financial structure, Board of Directors and change of control
In accordance with the regulations of paragraph 289 (4) and paragraph 315 (4) of the German Commercial Code (HGB), Balda AG is
obliged to provide the following additional information:
Composition of subscribed capital
As of 31 March 2012 the company's share capital amounted to 58,890,636 euros and was dispersed in 58,890,636 indivi-
dual share certificates with a proportional value of the share 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 2012 the following shareholders held direct or indirect shareholdings in the company's share capital that ent-
itled them to more than 10 percent of voting rights:
Yield Return Investments Ltd., Apia, Samoa: 27.60 percent of the capital and voting rights
Yun-Ling Chiang, Richmond, Canada: 27.60 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.
Special controlling of voting rights for employees
To the Board of Directors' knowledge, employees who hold shares in the company exercise their voting rights directly.
Board of Directors' authority
Authorised capital:
The Board of Directors and the Supervisory Board are entitled to the same rights as of 31 December 2012 with regard to the
authorised capital.
Authorisation for the purchase of own shares and recovery of the shares thus purchased:
The annual general meeting in 2011 authorised the Board of Directors of the company, with the approval of the Supervisory
Board, to acquire its own shares to the value of up to 10 percent of the share capital up to 26 May 2016 as of the time of
the resolution.
Significant 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 commented on in detail.
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.
13. 13
Quarterly Report I/2012
Employees
New appointments in the Electronic Products segment and at Balda Medical
The number of employees in the group was higher in the first quarter of 2012 than the same period of 2011. As of 31 March
2012, there was a total of 1,437 employees (including trainees and temporary personnel), which amounts to 259 employees
or 22.0 percent more than at the end of 2011. The rise is primarily attributable to the increased employment of agency staff
in the Electronic Products segment to ensure quality when launching a new, sophisticated project.
As of the end of the first quarter of 2012, the Group employs
a total of 1,188 people in the production plants in Malaysia
(31 December 2011: 942 employees).
The number of employees in the Medical segment also
increased during the period under review from 220 to 233
employees. The number of employees in the Central
Services segment remained unchanged at 16 people compa-
red to the end of 2011.
The personnel expenses ratio, measured against the Group’s
total output, was 32.9 percent as of 31 March 2012 (31
March 2011: 28.3 percent).
Events after the reference date
No events relevant to the business performance and to the earnings, asset and financial position occurred after the reference date
of 31 March 2012.
Forecast
Macroeconomic development
The assessment of the development of the world economy and sectors of Balda have not significantly changed compared to
the Annual Report 2011.
Furthermore, the economic development for 2012 is highly uncertain. Due to consequences of the sovereign debt crisis, the
risk of further weakening of global performance has increased, particularly for Western industrialised countries. The World
Bank is expecting global growth of 2.5 percent for the current year compared to 3.8 percent in the previous year. The newly
industrialising countries remain the drivers of growth for the global economy. For China gross domestic product is expected
to fall by 8.2 percent.
The US economy should grow only moderately during the current year. The reason for this, among others, is that the deve-
lopment of the property market continues to be uncertain. Comparatively high unemployment also negatively affects the eco-
nomy. In addition, rising energy costs create uncertainty for producers and consumers. Experts at the World Bank forecast a
rise in economic output from 1.4 percent in 2011 to 1.7 percent for the USA.
1,437
1,178
Number of employees
0 500 1,000 1,500
31.3.2012
31.12.2011
32.9 %
28.3 %
Personnel expenses ratio
0 15 30 45
31.3.2012
31.3.2011
14. 14
Quarterly Report I/2012
The Euro debt crisis, which has now come firmly to the foreground, should continue to have a negative impact on the spen-
ding behaviour of private and public households in 2012. The IMF is expecting a decline in GDP of around 0.3 percent in the
eurozone in 2012 following 1.5 percent in the previous year.
Leading economic institutes expect GDP growth of around 1.0 percent in Germany in 2012 following 3.0 percent in the pre-
vious year. According to leading economic research institutes, unemployment will continue to fall and have a positive impact
on consumers.
Sector situation
Medical Technology
The demand for German medical technology will remain stable in 2011 according to current estimates. The trade association
SPECTARIS is expecting a double-digit percentage growth in sales in 2012. The stable demand for German medical technolo-
gy in Europe and the growing wealth in emerging countries are significant drivers of the forecasted growth. The long term
conditions for the global medical technology industry are positive. Experts expect that the global health market will double
from currently 220 billion euros to around 450 billion euros by 2020.
Electronic Products
Forecasts for the development of the electronic goods market are optimistic despite the uncertain economic situation.
Industry specialist Gartner forecasts that globally sold tablets will almost double to 119 million devices in 2012 compared to
2011. Experts predict that the global PC market will grow by around 4.4 percent in the year.
Portable computers and smartphones will continue to be favourites among consumers and drive global demand. However,
the increasingly rapid introduction of new products increases price pressure on the market for electronic products. Experts
predict that the increasing competition will have a negative impact on producers’ profitability.
Future corporate situation
The Board of Directors has been developing since the beginning of the year a detailed strategy to put the Group’s operational
business on a profitable course as quickly as possible. The aim is to lead the Balda Group in a phase of profitable growth, to
sustain its ability to pay dividends from operational business and to make the company therefore more attractive on the capi-
tal market.
The realignment includes a fundamental, strategic advancement of the Medical segment, which should increase internationa-
lisation, expand the range of services and customer base and add more value. The potential acquisition targets are identified
abroad, whereby the US market has the first priority. The aim is for the segment to reach sales of over 100 million euros in
the middle term through targeted and moderate acquisitions. No further delays in order call-offs are expected in the current
financial year.
In parallel, the restructuring and realignment of the Electronic Products segment will continue. This process is right on track.
The first months of the year were characterised by the processing of orders with insufficient profit contributions.
Restructuring primarily includes the identification of attractive niche markets in which Electronic Products employs its techno-
logical know-how and adequate margins can be reached.
In the Central Services segment in the current year, the focus is on adjusting the structures to the significantly reduced size
of the Balda Group following the sale of the MobileCom segment and realising corresponding cost savings.
15. 15
Quarterly Report I/2012
The Board of Directors continues to expect to be able to sell the remaining shares in TPK Holding in the current calendar
year. Obtaining an attractive price, however, takes precedence over a quick sale. The shareholders of Balda AG should share
in the proceeds from the partial sale and planned sales to the maximum extent possible in the form of special dividends.
For the current financial year to 31 December 2012, the Board of Directors of Balda AG expects sales to be at the level of
the previous year in both currently operating segments and another negative operating profit in single-digit millions. However,
the Group's EBT and annual net profit will be distinctly positive as a result of the earnings from the sale of the shares in
TPK.
Risks and opportunities report
The Balda Group identifies and assesses its risks and opportunities on a continuous basis. The Group management report provi-
ded in the Annual Report for the 2011 financial year describes the future opportunities and risks in detail. In the first quarter of
the current financial year the Group's opportunities and risk situation has changed due to changes in the following factors.
Financial risks
Negative development in the global financial market could lead to risks for the Balda Group. These could have a negative effect
on the sales situation for the Balda Group’s products and customers as well as TPK share prices.
The sovereign debt crisis and the banking crisis, especially in Europe, were not definitively resolved when Greece’s debt was cut.
Despite the European Central Bank’s additional liquidity for banks amounting to around one billion euros at 1 percent interest
for a duration of 3 years, interest for Spanish government bonds rose considerably as of the end of the first quarter of 2012.
Bond conditions for Italy and Portugal also deteriorated. Banks in the eurozone continue to withhold interbank loans. Many cre-
dit institutes, particularly in the south of the eurozone, are considered to be at risk. There continues to be a lack of trust among
banks. Other factors burdening the financial market are austerity measures with low government spending and often sluggish
economic development in many countries in the eurozone, but also in China and the USA. They increase the banks’ credit risks,
reduce tax revenues and weaken the debt capacity of affected countries. The property market also carries risks. The financial
crisis may break out again at any time with far-reaching consequences on the real economy according to experts.
Customer risks
The business performance of the Balda Group depends on the market success and volume of order call-offs of customers.
Delays in order call-offs from customers which cannot be attributed to or influenced by the Balda Group may have a direct
impact on the sales and result situation in the medium term. They represent a risk.
If further losses of production occur in addition to delays in order call-offs which occurred in the first quarter of 2012, Balda's
2012 earnings targets are endangered.
Electronic Products segment risk
The Group’s Electronic Products segment is undergoing restructuring and realignment. If the segment, based in Malaysia, does
not reach the threshold of a positive EBT by the end of the 2012 calendar year after continuous restructuring measures, the
Board of Directors will have to find alternative options for the divestment of the segment. In this event, a burden on the earnings
and asset position of the Balda Group is not to be ruled out.
TPK share risk
By reducing the shareholding of TPK Holding from 16.1 percent to 7.6 percent, the related currency and price risk decreased.
Nevertheless, the shareholdings as an important asset of the Group still represent a value risk. The future price of TPK shares
pending sale does not only depend on TPK’s fundamental data. In fact, data and sizes from technology, from the relevant sales
16. 16
Quarterly Report I/2012
markets, from the financial market (see Financial market risk) and from the stock market environment have an influence on the
quotation. Balda itself does not have any considerable influence on the prices of TPK shares.
Overall risk
Based on the present level of information, there are no further risks for business development of the Group beyond the risks
outlined in the risk report of the Annual Report 2011 and the risks described above. The Board of Directors currently has no
new information or knowledge which points to the worsening or increase of a mentioned risk.
Opportunities
With its current level of liquid assets as of the end of the first quarter of 2012 and the remaining TPK shareholding of 7.6 per-
cent, the Balda Group has sufficient financial resources to achieve its strategic targets. Balda is particularly in the position to
realise the planned investments and targeted acquisition in the Medical segment, by its own means.
Selected explanatory notes
General explanations
The headquarters of Balda Aktiengesellschaft is located in Bad Oeynhausen, Germany.
The interim report as of 31 March 2012 was 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 euros (KEUR), unless noted otherwise.
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.
Scope of consolidation
The consolidated financial statements of the first three months of 2012 included, alongside Balda AG, five domestic and
seven foreign subsidiaries within the scope of full consolidation.
Information about the accounting and valuation methods
The interim consolidated financial statements as of 31 March 2012 were prepared for the interim reporting taking into
account the International Financial Reporting Standards (IFRS), as they are to be applied within the EU. In accordance with
the regulations of IAS 34, a condensed report compared to the consolidated financial statements as of 31 December 2011
was selected. The interim consolidated financial statements were prepared applying the same accounting, valuation and con-
solidation methods as in the consolidated financial statements for the 2011 financial year and comply with the IAS 34 regula-
tions (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
financial statements as of 31 December 2011. The exercising of options included in the IFRS is also addressed here.
17. 17
Quarterly Report I/2012
The exchange rates taken as basis for the currency translation related to 1.00 euro developed as follows:
Average spot-exchange rate on reference date Average exchange rates
31 March 31 December 1st quarter
Currencies ISO Code 2012 2011 2012 2011
US-Dollar USD 1.3339 1.2948 1.3103 1.3909
Chinese Renminbi CNY - 8.2237 - 8.9759
Malaysian Ringgit MYR 4.0833 4.1068 4.0066 4.2465
Segment reporting
The segment reporting (see table in the appendix) is prepared in accordance with the same principles as in the 2011 annual
financial statements.
The Electronic Products, Medical and Central Services segments require reporting. In the Medical segment the Group manufac-
tures complex plastic products for the medical sector. The Electronic Products segment has been focusing on the development
and production of electronic products since the realignment. The Central Services segment provides financing and supplies stra-
tegic guidelines and support as part of the usual holding functions.
The values of the sold MobileCom segment are no longer part of segment reporting in the current interim report.
The total output comprises other operating income and changes in inventories of finished and unfinished goods, in addition to
sales revenue. The development of sales and the earnings situation of the individual Group segments are presented in detail in
"Business development" (see page 7).
Cash flow statement
The figures for the period under review are only partially comparable to the previous year’s comparison figures. The 2011
comparison figures include the figures of the MobileCom segment sold at the end of 2011.
From ongoing operations, the Balda Group recorded an outflow of funds of 1.6 million euros. In the first quarter of 2011, the
Group posted an inflow of funds including MobileCom of 9.1 million euros. In addition to the revenues missing from the peri-
od under review, working capital in particular could not be established to the same extent as in the comparison period.
The cash flow from investment activities was extremely positive in the amount of 233.1 million euros. Payments for tangible
assets amounted to 0.8. million euros. Payment of the remainder of the loan granted to the buyer for the sale of MobileCom
in 2011 resulted in an outflow of funds in the amount of 3.2 million euros. The new inflow of funds from the partial sale of
shares in TPK was 237.1 million euros.
The cash flow from financing activities amounted to -0.2 million euros following a further -5.7 million euros in the first quar-
ter of 2011. The high repayments in the previous year concerned the loan for the MobileCom segment sold.
As at 31 March 2012 the Balda Group’s inventory of liquid funds stood at 266.3 million euros. This is a significant increase
compared with 48.3 million euros at the reporting date 31 March 2011. The noticeable improvement in liquid funds was attri-
butable to revenues from the partial sale of shares in TPK.
In view of its continued comfortable level of cash and cash equivalents, Balda is able to finance the operational business in
2012 and planned acquisitions from its own resources.
18. 18
Quarterly Report I/2012
Balance sheet structure
The Balda Group recorded as of 31 March 2012 a balance sheet total of 558.5 million euros following 490.5 million euros
as of 31 December 2011. This is a rise of 68.0 million euros or 13.9 percent. The increase resulted primarily from realised
price gains in the first quarter from the sale of TPK shares and the increase in value of existing shares.
The non-current assets rose as of 31 March 2012 to 52.6 million euros due to the remaining payment of the loan granted as
part of the sale of MobileCom in 2011, following 50.3 million euros as of 31 December 2011.
The stocks in the current assets rose to 13.8 million euros as of 31 March 2012 (reference date 2011: 9.6 million Euros).
The increase is attributable to the delayed order call-offs.
Liquid assets recorded a considerable increase of 230.4 million euros to 266.3 million euros as of the end of the period
under review from the sale of TPK shares in the first quarter.
The item of non-current assets held for sale performed in the first quarter of 2012 as follows:
in KEUR
As of 31 December 2011 382,344
Change in fair value on the basis of the share price development 76,322
Currency differences -4,678
Disposal of sale of TPK shares -237,932
As of 31 March 2012 216,056
Current assets increased overall to 505.9 million euros as of 31 March 2012 compared to 440.2 million euros as of the end
of 2011.
The Balda Group recorded a rise in equity to 530.1 million euros as of the end of the period under review after 463.0 million
euros as of the reference day in 2011. After the partial sale of TPK shares, reserves from the adjustment item for the market
valuation of TPK shares had to be released (minus 138.3 million euros). By contrast, exchange rate differences had less of
an effect on the market valuation of TPK shares as on the balance sheet date (71.6 million euros). In addition, the positive
quarterly results led in particular to an increase in equity.
Income statement
The Balda Group generated sales of 12.2 million euros in the first quarter of 2012 compared to 13.5 million euros in the
same period of the previous year. This equates to a fall of 1.3 million euros or 9.4 percent.
The business performance including the earnings position of the individual segments is presented in the interim report on
page 7 ff.
The Balda Group’s total output amounted to 15.4 million euros in the first quarter after 15.6 million euros in the same peri-
od of the previous year.
In particular the increase in personnel requirements in the Electronic Products segment led to a rise in personnel expenses
of 5.1 million euros (same period of the previous year: 4.4 million Euros).
The EBT of 133.8 million euros in the period under review was considerably higher than the previous year's figure of 6.0 mil-
lion euros. A major reason for this is the income from the release of reserves following the sale of TPK shares.
19. 19
Quarterly Report I/2012
The Group’s earnings in the first quarter totalled 133.6 million euros. The comparable value in the same period of the pre-
vious year was 4.4 million euros taking into account the earnings of the discontinued business area MobileCom (minus 1.6
million euros).
Based on 58,891 million shares, a profit of 268 euros per share was generated from the net income of continued business
divisions. In the previous year the profit per share was 0.074 euros based on 54,157 million shares.
Related parties
Alongside the companies included in the consolidated financial statements, there are companies and persons, as well as
persons in key positions of management 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 excepting the remuneration payments to 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 material
investments, amounted to 0.4 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 13.
Details on the preparation of the interim 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 2012
have not been audited or subjected to an auditing review. They were prepared for this interim report.
Statements relating to the future contain fundamental uncertainties. This interim report contains statements which also rela-
te to the future development 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 assump-
tions contain risks and uncertainties which may result in the actual events deviating from the expected events.
Responsibility statement
To be best of our 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, 02 May 2012
The Board of Directors
Dominik Müser James Lim
21. 21
Balance Sheet Group – Assets
in KEUR 31 March 2012 31 December 2011
A. Long-term assets
I. Tangible assets 25,380 25,594
1. Land and buildings 15,509 15,704
2. Machinery and equipment 7,443 7,558
3. Fixtures, furniture and office equipment 1,700 1,851
4. Advance payments and construction in progress 728 481
II. Goodwill 6,917 6,877
III. Intangible assets 368 358
IV. Financial assets 13,893 11,417
1. Investments 1 1
2. Loans 13,892 11,416
V. Deferred taxes 6,063 6,086
Long-term assets 52,621 50,332
B. Current assets
I. Inventories 13,783 9,603
1. Raw materials and supplies 4,568 3,964
2. Work in progress and finished goods and merchandise 6,145 2,452
3. Advance payments 3,070 3,187
II. Trade accounts receivable 7,365 10,696
III. Other current assets 2,054 1,313
IV. Tax refund 306 312
V. Cash and cash equivalents 266,339 35,895
VI. Long-term assets held for sale 216,056 382,344
Current assets 505,903 440,163
Total assets 558,524 490,495
Balda Group – Balance Sheet as of 31 March 2012 – Assets
22. 22
Balance Sheet Group – Total Liabilities and Shareholders’ Equity
in KEUR 31 March 2012 31 December 2011
A. Shareholders’ equity
I. Subscribed share capital 58,891 58,891
II. Reserves 191,873 258,385
III. Net profit 279,313 145,748
1. Earnings 133,565 -39,137
2. Retained earnings 145,748 184,885
Total shareholders’ equity 530,077 463,024
B. Long-term liabilities
I. Long-term debt 0 0
1. Bank loans 0 0
II. Long-term finance lease obligations 202 227
III. Deferred taxes 4,862 4,809
IV. Long-term provisions/pension accruals 98 97
Long-term liabilities 5,162 5,133
C. Current liabilities
I. Trade accounts payable 8,794 7,499
II. Other current liabilities 3,935 3,674
III. Advance payments received 6,682 6,782
IV. Short-term debts and current portion
of long-term debts 286 439
V. Current portion of finance lease obligation 12 11
VI. Tax liabilities 1,159 1,143
VII. Short-term provisions 2,417 2,790
Current liabilities 23,285 22,338
Total liabilities and shareholders’ equity 558,524 490,495
Balda Group – Balance Sheet as of 31 March 2012 – Total Liabilities and Shareholders’ Equity
23. 23
Income Statement / Group-Total-Income-Statement
Balda Group – Income Statement – 1 January to 31 March 2012
(1) related to turnover and changes in inventory of finished and unfinished products
in KEUR 1 Quarter 1 Quarter
2012 2011
Revenues 12,194 13,452
Other operating income 847 1,652
Changes in inventories of finished goods and work in progress 2,386 453
Total income 15,427 15,557
Material expenses 8,140 8,207
Material costs rate in % (1)
55.8% 59.0%
Personnel expenses 5,079 4,400
Ratio of personnel costs in % 32.9% 28.3%
a. Wages and salaries including social expenditure 4,090 4,400
b. Expenditure for temporary workers 989 0
Depreciations 930 981
Other operating expenses 4,366 2,951
Operating income -3,088 -982
Financial result -260 129
Other financial costs -374 6,846
Reversal of reserves for market valuation 137,556 0
Earnings before income taxes 133,834 5,993
Taxes on income and on earnings -269 -65
Net income – continued operations 133,565 5,928
Earnings discontinued operations 0 -1,562
Group result 133,565 4,366
Annual income total Group added to:
Shareholders of Balda AG 133,565 4,366
thereof from continued operations 133,565 5,928
thereof from discontinued operations 0 -1,562
Shares of other associates 0 0
thereof from continued operations 0 0
thereof from discontinued operations 0 0
Earnings per Share:
Average number of tradeable shares – undiluted (per thousand) 58,891 58,891
Earnings per Share – undiluted (EUR) 2.268 0.074
Average number of tradeable shares – diluted (per thousand) 58,891 58,891
Earnings per Share – diluted (EUR) 2.268 0.074
in KEUR 2012 2011
1. Annual result total Group 133,565 4,366
2. Other result -66,512 61,908
2.1. Discrepancy contribution from currency conversion 135 -11,029
2.2. Change in fair value of financial assets held for sale 71,645 74,040
2.3. Attributable income taxes 0 -1,103
3. Reclassification to the profit and loss account -138,292 0
4.Total result of the period 67,053 66,274
Total result of the period attributable to:
Shareholders of Balda AG 67,053 66,274
Share of other associates 0 0
Group-Total-Income-Statement – 1 January to 31 March 2012
24. 24
Cash flow
Balda Group – Cash flow – 1 January to 31 March 2012
in KEUR 3-Month Report 3-Month Report
01.01.2012 - 01.01.2011 -
31.03.2012 31.03.2011
Net loss/income before income tax and financing costs –
continued operations -3,088 -982
+ / - Net loss/income before income tax and financing costs –
discontinued operations 0 -919
+ Income from interest 63 108
- Interest payments -24 -53
+ / - Payments on tax on income and earnings -94 -69
+ / - Write-offs/write-ups on long-term assets
(excluding deferred taxes) 931 1,805
+ / - Other non-cash affecting expenses and earnings -770 1,771
+ / - Increase/decrease in tax refund and tax liabilities -77 275
+ / - Increase/decrease in provisions 3 26
+ / - Increase/decrease in inventories, trade accounts receivable
and other assets not itemised within investment or financing activities -796 3,402
+ / - Increase/decrease in accounts payable and other liabilities not
itemised within investment or financing activities 1,497 3,722
= Cash flow from operating activities -1,599 9,086
thereof discontinued operations 0 9,144
Cash flow from investing activities
- Payments in intangible and tangible assets affecting payment 1
-793 -1,696
+ / - Income from dividend payments -3,194 0
+ Cash inflow from the sales of shares of the group 237,100 0
= Cash flow from investing activities 233,113 -1,696
thereof discontinued operations 0 -714
Cash flow from financing activities
- Affecting payment change of liabilities against banks -153 -5,569
- Affecting payment change of financial leasing liabilities -65 -131
= Cash flow from financing activities -218 -5,700
thereof discontinued operations 0 -4,950
+ / - Change in cash and cash equivalents affecting payment 231,296 1,690
+ Cash and cash equivalents at the beginning of the fiscal year 35,895 48,937
+ / - Impact of exchange rate differences on cash held in foreign currencies -852 -2,338
= Cash and cash equivalents at the end of the reporting period –
continued operations 266,339 40,327
Cash and cash equivalents at the end of 1. quarter –
discontinued operations 0 7,962
Cash and cash equivalents at the end of the reporting period –
Group 266,339 48,289
Total financial resources at the end of the reporting periodls
Cash funds 266,339 48,289
1) Expenditures relate to some extent to the previous years
25. Segment Reporting
25
Balda Group – Segment Reporting as of 31 March 2012
(1) Segment assets = long-term plus short-term assets without assets held for sale and without active taxes and tax refund claims. (comparable value 2011 without the sold
segment MobileCom).
(2) Segment assets for "Central Services" contains with KEUR 216,056 (previous year: KEUR 700,853) shareholding approach on TPK.
(3) Number of employees as of 31/03 = only continued operations including temporary workes and trainees.
(4) The amounts listed in the reconciliation concern allocations to the discontinued operation MobileCom.
(5) The inter-segment-corrections concern turnover achieved between the segments as well as group internal receivables between the segments.
(6) Other financial result contains only currency gains.
Quarterly result as of 31.03.2012
in KEUR Electronic Products Medical
Revenues external 6,172 6,022
Revenues internal 0 0
Revenues total 6,172 6,022
Change from previous year -7.1% -11.8%
Total income 1
6,868 8,038
Change from previous year 2.8% 6.0%
EBIT -1,241 -489
in % of total income -18.1% -6.1%
Interest income 61 0
Interest expenses 11 37
Other finance income 6
0 0
Income from reversal of reserves 0 0
EBT -1,191 -526
in % of total income -17.3% -6.5%
Investments 159 542
Segment assets (1)/(2)
34,563 27,947
Number of employees as 31.03. (3)
1,188 233
Quarterly result as of 31.03.2011
in KEUR (updated) Electronic Products Medical
Revenues external 6,625 6,827
Revenues internal 18 0
Revenues total 6,643 6,827
Total income 1
6,684 7,583
EBIT -822 161
in % of total income -12.3% 2.1%
Interest income 58 19
Interest expenses 22 46
Other finance income 6
0 0
EBT -786 134
in % of total income -11.8% 1.8%
Investments 341 48
Segment assets (1)/(2)
36,271 25,503
Number of employees as 31.03. (3)
809 207
27. 27
Changes to Shareholders’ Equity
Balda Group – Changes to Shareholders’ Equity for the quarterly report as of 31 March 2012
Subscribed Capital Revenue Revaluation
in KEUR share capital reserves reserves reserve
Balance on 01.01.2011 58,891 34,555 1,881 0
Group result
Other result
Total result 0 - 0 0
Balance on 31.03.2011 58,891 34,555 1,881 0
Balance on 01.01.2012 58,891 34,555 1,881 0
Group result - - - -
Other result - - - -
Total result 0 0 0 0
Release of reserves - - - -
Balance on 31.03.2012 58,891 34,555 1,881 0
29. 29
Shareholding of the Bodies as of 31 March 2012
31.03.12 31.12.11 Change
Share Capital 58,890,636 58,890,636 0
R. Mohr 1
- 0 -
D. Müser 0 0 0
J. Lim 0 0 0
Management Board Total 0 0 0
A. Chen 0 0 0
K. Kai 0 0 0
Dr. M. Naschke 21,000 21,000 0
Supervisory Board Total 21,000 21,000 0
Executive Body Total 21,000 21,000 0
in % of share capital 0.04 0.04
1) Departed on 1 January 2012
Shareholding of the Bodies
30. 30
Investor Relations Contact
Frank Elsner Kommunikation für Unternehmen GmbH
Frank Elsner / Frank Paschen
Klrchstr, 15a
49492 Westerkappeln
Telefon: +49 (0)54 04 – 91 92 0
Fax: +49 (0)54 04 – 91 92 29
Mail: office@elsner-kommunikation.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
31. 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
