Overall Assessment of Current Business Situation.
The following overall assessment of the Group’s business situation is based on the information available at the time this annual report was prepared. Estimates of future global economic growth are currently marked by a great deal of uncertainty. In light, above all, of Europe’s sovereign debt crisis and the resulting uncertainties, especially with regard to the region’s banking market, Wincor Nixdorf is adopting a very cautious, wait-and-see approach towards the business environment in so far as it impacts on the Group’s likely performance over the rest of fiscal 2011/2012. At present, given this uncertainty, it is impossible to deliver a reliable forecast containing specific figures. We believe that a small decrease in net sales or an increase slightly above the level of growth in 2010/2011 are both possible. Equally, given the prevailing uncertainty affecting our net sales performance in the fiscal year ahead, it is not possible at this point (late fall 2011) to produce a reliable forecast for our operating result (EBITA (Glossary) ) in 2011/2012. On account of a reduction in economies of scale, in particular, our future sales performance may in fact have a disproportionately large impact on EBITA. Other factors include mix effects (e.g., products and regions) as well as the cost of potential structural adjustments. In line with our estimate of net sales for fiscal 2011/2012, we believe a sharp downturn or a modest increase in profit compared to the last fiscal year are equally possible.