"Mergers and Acquisitions" as part of Delta.

Committed to generating growth in the field of high-end services, software, and cashless payment solutions, we completed a number of acquisitions as well as a demerger in the period under review. Additionally, we established a joint venture for the purpose of serving the Chinese market.

In order to expand our software-related services business, we acquired – effective from March 1, 2016 – a majority interest in Projective, a firm specializing in program and project management within the financial services sector. The Belgian company employs more than 100 highly qualified consultants and project managers. Headquartered in Brussels, Projective also has offices in London and The Hague.

As discussed in the section outlining our Delta program of restructuring and realignment, we completed a demerger of our successful business unit for cashless payment solutions at the beginning of the new fiscal year and established it as an independent entity. In addition, the private equity investors HPE and Adveq acquired an ownership interest in AEVI of 13.36% in total for an aggregate sum of €30 million.

Effective from October 1, 2015, we acquired Brink's secure transportation activities in the Netherlands, thereby expanding our local capacity levels for cash management. The rationale behind this takeover was, primarily, to introduce structures that would allow us to provide a one-stop service covering cash management and cash logistics for leading Dutch banks as part of long-term agreements within this area. Wincor Nixdorf took over the business, infrastructure, and employees of Brink's Netherlands and incorporated them within SecurCash, its subsidiary specializing in cash management and logistics. Alongside the advantages from our essential expansion of capacity levels, SecurCash and Brink’s Netherlands complement each other perfectly. As a result of this merger, the new SecurCash enterprise based in Rotterdam can also reap the rewards of synergies generated from business dealings with banks and retailers, as Brink’s Netherlands serves a broad customer base in the Dutch retail sector. Following the business combination, the company – employing more than 600 people – covers the entire cash logistics chain via cash centers distributed throughout the Netherlands.

CI Tech Components AG, a joint venture established by Wincor Nixdorf and Giesecke & Devrient in 2011, was divided into two separate companies – CI Tech Components AG and die CI Tech Sensors AG – effective from January 1, 2016. In future, CI Tech Components AG will focus on module-specific business, while CI Tech Sensors AG will concentrate on sensor technologies used in the identification of genuine currency. Wincor Nixdorf will hold a 75% interest in CI Tech Sensors AG and a 25% interest in CI Tech Components. CI Tech Sensors AG brings together the full range of activities associated with the development and production of banknote readers. This includes the provision of currency datasets for deposit and recycling solutions. CI Tech Components is responsible for driving forward and marketing short-edge-first deposit and recycling modules for the OEM market. Both entities are headquartered in Burgdorf, Switzerland.

On December 1, 2015, we acquired the remaining interests – equivalent to 50% – in the IT service company Winservice AS in Oslo, Norway. Additionally, all interests in two service station support companies, based in Cologne and Kraków, were acquired effective from April 1, 2016.

In China, meanwhile, we entered into a joint venture agreement with AISINO CORPORATION (hereinafter referred to as "Aisino"), a Chinese company specializing in IT security solutions, cashless payment terminals, and chipcards for financial transactions. In doing so, we transferred a large part of our business activities in China to this joint venture. The joint venture is aimed at strengthening our position within the key market of China and cultivating, in particular, the large banking sector by providing solutions tailored to the various regulatory requirements in this country. Trading under the name of Aisino-Wincor, the joint venture offers banks and retail companies an extensive range of hardware, software, and services. Aisino holds a majority interest in the joint venture.

Expenses relating to restructuring measures associated with the Delta program were fully accounted for in the fiscal year 2015/2016. At the same time, however, the positive effects of this program will continue to be evident in the coming years.