In accordance with the revised version of IAS 1, the balance sheet is classified using the current/non-current distinction. The balance sheet is divided into non-current and current assets as well as non-current and current liabilities and equity; equity now also includes minority interest.

At the balance sheet date, the balance sheet total of Wincor Nixdorf amounted to €1,162 million. Compared with fiscal 2004/2005, it thus increased by €52 million or 4.7%. Non-current assets totaled €524 million (previous year: €551 million). Current assets amounted to €638 million (previous year: €559 million).

Within non-current assets, intangible assets decreased by €17 million to €384 million (previous year: €401 million). The year-on-year change is mainly attributable to the amortization of product know-how in the amount of €20 million (previous year: €26 million), which was accounted for as part of the carve-out from the Siemens Group. Amortization of industrial property rights and licenses amounted to €7 million. Investments in intangible assets totaled €9 million.

Property, plant and equipment decreased by €2 million. Capital expenditure of €40 million on property, plant and equipment mainly encompassed specialist tools, IT equipment and other office equipment. Depreciation amounted to €29 million. We transferred to Wincor Nixdorf Pension Trust e.V. a total of €15 million in assets relating to property occupied by third-party tenants, the objective being to secure entitlements to retirement benefits.

Non-current assets include reworkable service parts totaling €16 million (previous year: €13 million). In the event of a defect of reworkable service parts used in Wincor Nixdorf or third-party products, these parts are serviced by Wincor Nixdorf or other partners as part of a specific logistics and repair process. They are subsequently returned to the stock of spare parts. As is customary in our industry, reworkable service parts are classified as non-current.

The Group's solid position within the area of order intake had an impact on current assets. Inventories increased by €89 million. Trade receivables rose by €21 million after a factoring transaction of €30 million with Wincor Nixdorf Pension Trust e.V.

Owing to more expansive business activities, other current assets such as prepaid expenses increased by €10 million to €50 million (previous year: €40 million).

Based on active management of short-term cash funds and bank borrowings, cash and consequently liabilities were reduced by €41 million.

Equity including minority interest increased by €41 million in fiscal 2005/2006 to €275 million (previous year: €234 million). The equity ratio thus stands at 24% (previous year: 21%).

Changes in equity were mainly due to the market valuation of cash flow hedges of €7 million and the payout of the 2004 share-based payment program in the amount of €11 million, less tax effects totaling €7 million. Other changes in equity are set out in the Group Financial Statements under Changes in Equity.

At Group level, non-current accruals for pensions, taxes and environmental protection declined by €96 million to €47 million (previous year: €143 million). This is due to the offsetting of retirement benefit obligations with plan assets in the amount of €128 million.

Non-current liabilities mainly comprise Group financial liabilities. They amounted to €192 million (previous year: €174 million). For the purpose of securing entitlements to retirement benefits, Wincor Nixdorf assigned property as well as receivables and cash totaling €84 million to Wincor Nixdorf Pension Trust e.V. The Group mainly utilized its cash flow from operating activities of the current year for this cash outflow.

Syndicated loan financing consists of a revolving facility covering a loan volume of €350 million for Wincor Nixdorf AG and Wincor Nixdorf International GmbH; the loan term is seven years, ending on August 1, 2012. The banking syndicate has made funds available on the basis of terms of 1, 2, 3, 6 or 12 months – or other terms by agreement. Interest is payable at the EURIBOR rate plus a margin.

The Group's financial flexibility has further improved as a result of this financing, because the revolving nature of the facility means the loan amount is available throughout the entire term. In addition, there are no ongoing capital repayment obligations until the end of the seven-year term.

Current accruals for operating activities totaled €140 million (previous year: €115 million). They cover obligations from warranties, delay and contract penalties, potential losses on pending transactions as well as staff-related obligations.

Payables and advances received on orders carried as current liabilities increased by €62 million.