Assets

Compared to the previous year, the balance sheet total was down €75 million, or 6%, to €1,199 million (2007/2008: €1,274 million). On the asset side, this decrease was almost entirely due to lower figures for inventories and for current receivables and other assets. On the liabilities side, the main changes were a fall in current other accruals and other current liabilities and a rise in equity.

The figure for intangible assets was almost unchanged year on year, with a carrying amount of €358 million (2007/2008: €363 million). Amortization (Glossary)  of product know-how of €5 million (2007/2008: €12 million) and amortization of commercial patents and licenses of €12 million (2007/2008: €10 million) were partly compensated for by investment in software, especially for Outsourcing (Glossary)  projects, in the amount of €11 million (2007/2008: €6 million).

The carrying amount of property, plant and equipment was up €3 million on the previous year at €146 million (2007/2008: €143 million). Capital expenditure on property, plant and equipment amounted to €44 million (2007/2008: €60 million). The principal investments made here were in IT equipment, specialist tools and plant and machinery. Depreciation in the year under review amounted to €38 million (2007/2008: €36 million).

Compared to the previous year, there was a rise of €6 million to €51 million in non-current receivables and other assets (2007/2008: €45 million). Within this item, reworkable service parts were €5 million higher at €19 million (2007/2008: €14 million), while other assets ended the fiscal year €3 million lower at €6 million (2007/2008: €9 million), primarily on account of the lower surplus of plan assets over pension obligations.

Inventories declined by €24 million to €254 million (2007/2008: €278 million). At the same time, current trade receivables fell €51 million to €312 million (2007/2008: €363 million). This decline was mainly caused by the downturn in business in the second half of fiscal 2008/2009.

Current bank deposits were unchanged at €16 million (2007/2008: €16 million), while current bank liabilities declined by €12 million to €11 million (2007/2008: €23 million).

Equity, including minority interest, rose by a substantial amount of €54 million to €330 million (2007/2008: €276 million). The reduction caused by the payment of dividends totaling €67 million (2007/2008: €88 million) contrasts primarily with an increase of €114 million in the equity figure from profit for the period (Glossary)  (2007/2008: €127 million). In the previous fiscal year, the repurchase of treasury shares had produced an additional decline in equity of €43 million. Equity movements are described in the table entitled “Changes in Equity.”

Non-current financial liabilities were down €31 million to €155 million (2007/2008: €186 million), mainly as a result of lower borrowings from the revolving facility at the end of the reporting year. 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 August 2, 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 any obligation to make principal repayments before that time.

Current other accruals fell back by €32 million to €139 million (2007/2008: €171 million). This was mainly the result of declines in personnel accruals (down €15 million) and warranty obligations (also down €15 million). The lower figure for personnel accruals was mostly due to falls in vacation and flexi-time accruals, which are being heavily scaled back as part of our short-term cost-management program. The reduction in warranty obligations was due to lower warranty expenditure and a downturn in business in the second half of the fiscal year. From the present perspective, the recognized accruals sufficiently cover all of the Group’s probable obligations.

Compared to the previous year, other current liabilities were down €77 million at €239 million (2007/2008: €316 million). This reduction was predominantly due to lower financial liabilities, a lower figure for advances received on orders from our customers and a fall in income tax liabilities and other liabilities.

The Group also has future non-balance sheet liabilities in relation to tenancies, leasing agreements, long-term purchase contracts and purchase commitments totaling €119 million (2007/2008: €108 million).