At the time of our IPO, we set ourselves the medium-term business development goal of growing net sales revenues by an average of 6 % and operating profit by an average of 8 % over the medium term. At the same time, we repeatedly said that, if possible, we wanted to do better than this and would take every opportunity to do so.

For fiscal 2005/2006, we are expecting revenue growth of approximately 8 %, with the banking segment contributing more strongly to this growth than the retail segment.

In terms of products, solutions and product-based services, we benefit from our global production strategy, our world-encompassing network of software development competence centers and our resources for developing applications tailored to local requirements. We intend to continue growing through our highly competitive service offerings, as we have strengthened our services network with state-of-the-art infrastructure and authorized service partners, thus securing key competitive advantages in the process.

We expect to continue growing our market share. We will continue our successful “Road to the Top” program as a key instrument for this growth. The program supports best practice in the way markets are addressed and has already improved our market positions in all countries participating in this program. Thus, we are getting ever closer to our goal of securing the number one position in both our business segments in Europe. The “Road to the Top” program has accelerated the internationalization of our business across the entire Group. As a result, a lull in the German economy will no longer thwart the Group's growth. In the German retail sector, we anticipate revenue from reverse vending systems for returned beverage containers. We expect other EU countries to introduce compulsory return laws similar to those in Germany in the next few years.

Wincor Nixdorf should be able to increase sales still further in Asia and the Americas where, to date, we have grown at a comparatively high rate and at the same time continuously enhanced our standing in these markets. In the coming years, we expect to deliver growth at the same level.

Our solutions and services activities, which we are expanding continuously, are playing an ever more important role in our growth. The services business, for example, has been expanding in Asia and the Americas. We expect further growth as a result.

In our newly developed outsourcing business for branch banking, where we are experiencing rising demand, we expect to secure further contracts. Part of this involves existing business being converted into a new form of cooperation with customers, something that can result in actual lower revenue in a given period.

We project an approximate 10 % improvement in operating profit (EBITA) on the year and plan to achieve this and also the net profit for the period through higher net sales revenue coupled with a lower rate of growth in the cost base. The retail business will increase its return on sales further. In order to gain ground on the cost side, we will introduce new measures under the successful “ProImprove” efficiency improvement program.

Our shareholders will continue to participate fully in profit growth as we stick to our declared intention of paying a dividend roughly equivalent to half our net profit for the year, adjusted for the amortization of product know-how.