Growth across the Wincor Nixdorf Group was again driven by our international operations. The Group has consistently improved its position within Europe, which represents the Group’s domestic market, while the continued expansion of international operations in growth regions also contributed to overall revenue growth.

Net sales for the Group rose by 1% in Germany, to maintain the high level achieved in the previous year when Wincor Nixdorf benefited considerably from outsourcing (Glossary)  projects in the banking (Glossary)  industry and from reverse vending systems installed by retailers, a trend that was not repeated to the same extent in the year under review. Net sales totaled €572 million (2005/2006: €569 million), of which around 27% came from the Group’s operations in Germany (2005/2006: 29%).

In Europe (excluding Germany), which has traditionally been a key source of revenue for the Group, net sales rose by an impressive 14% to €1,129 million (2005/2006: €992 million), making this region the single biggest contributor to total net sales at 52% (2005/2006: 51%).

Calculated on the basis of U.S. dollars, business in the Asia/Pacific/Africa region, which forms part of the U.S. dollar zone, recorded an increase of 30% over the previous year. Calculated in terms of its euro value, this is equivalent to a rise of 19% to €277 million (2005/2006: €232 million) and a 13% share in the Group’s net sales figure (2005/2006: 12%).

Net sales in the Americas region in fiscal 2006/2007, was up 17% in U.S. dollar terms. In euros, this corresponds to a rise of 8% to €167 million (2005/2006: €155 million). The region’s share in consolidated net sales was 8%, the same level as the previous year.

Changes in Regional Sales Trend.                                                                                  €m