Overall, Wincor Nixdorf does not anticipate a rapid and unequivocal improvement in the economic situation in 2010. With forecasters predicting a slow and unsteady recovery in many countries, we take the view that 2009/2010 is likely to bring another decline in net sales and operating profit, although no greater than in the preceding fiscal year. We have taken steps to ensure that we can continue to respond to economic uncertainties with sound judgment and the necessary flexibility in our business. To help meet this challenge, we have strengthened our equity ratio, reduced net debt (Glossary) by a significant margin and, in the year under review, made further improvements to our cost structures.
Assuming that fiscal 2009/2010 proceeds in line with our expectations, we will again propose a dividend on the basis of our stated policy with around 50% of profit for the period (Glossary) being distributed in the form of a dividend.
In the medium term, we anticipate a return to higher levels of capital expenditure in both retail banks and retail companies. Against this background, we are maintaining the medium-term goals we established on flotation of achieving annual increases of 6% in net sales and of 8% in EBITA (Glossary) . Looking ahead, the extent to which this confident forecast can be achieved in fiscal 2010/2011 depends on the how far the current trend towards recovery is able to take hold and stabilize.
Disclaimer.
The statements made in the outlook are based on current assumptions and assessments made by the Board of Directors of Wincor Nixdorf AG. They are not intended to be taken as guarantees that these expectations will prove to be correct. The future performance and actual results achieved by Wincor Nixdorf AG and its affiliated companies depend on a series of risks and uncertainties and may, therefore, vary considerably from the forecasts made. Many of these factors, such as the future of the economy and the actions of our competitors and other market players, are outside the control of Wincor Nixdorf and cannot be predicted with any degree of certainty. There are no plans to update the forecasts made in this section. Wincor Nixdorf does not accept any specific obligation in respect of the forecasts in this report.
