Capital Expenditures to Remain High.

We plan to maintain the level of capital expenditures with total investments again exceeding the figure for depreciation. Overall, our capital investment structure will remain balanced, as we intend to invest in the extension of our service (Glossary)  and sales activities, our Outsourcing (Glossary)  business as well as in the expansion of our global production network.

Financial Position and Assets Remain Stable.

As one of our main priorities, we will continue to focus on the management of our working capital (Glossary) . We aim to maintain the ratio of working capital to net sales at a comparable level to that of the year under review.

We intend to keep a low level of net debt (Glossary) . Thanks to the secure terms we have negotiated for any future borrowings, we can remain sufficiently flexible as the need arises. Under the terms of this revolving facility, the Wincor Nixdorf Group was granted a credit line of €350 million by a consortium of banks for a period of seven years up to the beginning of August 2012. Borrowings are subject to interest based on the EURIBOR plus a margin. The entire credit line is still available until expiry of the agreement without an obligation to make principal repayments before that time.

In the short term, this financing structure allows us to provide sufficient liquidity for our operating business and smaller acquisitions.

Increased Level of Risk.

At the beginning of fiscal 2008/2009, it is difficult to predict further developments on the financial markets. This presents Wincor Nixdorf with a degree of insecurity and risk in its business with retail banks and retailers. For this reason – and equally in the light of other extraneous factors – we intend to make further improvements to our opportunity and risk management. This approach is backed up by our compliance management system, which also helps to strengthen our business position.

We believe there are opportunities for us to benefit from the sustained sales and rationalization pressure on both the retail banks and retailers.