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Wincor Nixdorf: Q1 growth but 'no sign of sustained improvement'

21 January 2013  |  1042 views  |  0 Source: Wincor Nixdorf

Wincor Nixdorf AG has ended the first quarter of the current fiscal year with net sales up 10% on the figure posted for the same period a year ago.

In total, net sales stood at €669 million (previous year: €608 million). Operating profit (EBITA) remained unchanged year on year at €40 million after restructuring costs. As a result, the EBITA margin contracted by 0.6 percentage points to 6.0%. Profit for the period rose by 8% to €27 million (previous year: €25 million). The company has reaffirmed its forecast for the fiscal year 2012/2013. On this basis, Wincor Nixdorf projects growth in net sales of 2%, with EBITA totaling €120 million (€101 million); this figure takes into account charges of €20 million attributable to ongoing restructuring.

"Given the solid performance in the first quarter, we are all the more determined to press ahead with the restructuring and streamlining measures already initiated by the company," said CEO & President Eckard Heidloff. At the same time, he noted that there was as yet no discernible evidence of a fundamental improvement in the market conditions influencing Wincor Nixdorf's future business performance. The situation in Europe's major industrialized nations in particular remains challenging. By contrast, the company anticipates further growth in the emerging markets. With a restructuring program aimed at strengthening Wincor Nixdorf's competitiveness at a global level, the company considers itself well placed to address these issues.

Net sales attributable to the Banking segment rose by 15% to €448 million in the first quarter (previous year: €391 million). EBITA for the Banking segment also expanded in the first three months of the fiscal year, up 22% or €6 million to €33 million (previous year: €27 million). Net sales generated in the Retail segment rose by 2% in the first three months of the fiscal year, reaching €221 million in total (previous year: €217 million). However, EBITA attributable to the Retail segment fell by 46% to €7 million in the period under review (previous year: €13 million).

Growth in Asia and Americas
In Germany, net sales for the first quarter of the fiscal year contracted slightly by 1% to €154 million (previous year: €156 million), thus accounting for 23% of the Group's total net sales in the reporting period (previous year: 26%). Fueled in particular by growth in the emerging European markets, net sales in Europe (excluding Germany) totaled €317 million in the first three months of the fiscal year (previous year: €294 million), which corresponds to year-on-year growth of 8%. Europe accounted for 47% (previous year: 48%) of the Group's total net sales, thus representing the largest contributor to consolidated revenue. Asia/Pacific/Africa saw net sales rise by 32% to €120 million in the first three months of the current fiscal year (previous year: €91 million). Thus, the Asia/Pacific/Africa region contributed a share of 18% (previous year: 15%) to total net sales for the Group. In U.S. dollars, the Americas recorded a 13% increase in net sales during the reporting period. Translated into euros, net sales for this region rose by 16% to €78 million (previous year: €67 million). Thus, the share of Group net sales generated in the Americas rose to 12% (previous year: 11%).

Significant Revenue Growth from Hardware Business
In the first quarter of the fiscal year, the Group managed to lift net sales attributable to Hardware business by 16% year on year to €332 million (previous year: €285 million). Net sales generated through Software/Services business rose by 4% to €337 million (previous year: €323 million). The share of total net sales attributable to Hardware business rose to 50% in the period under review (previous year: 47%). Correspondingly, the proportion of total net sales from Software/Services fell to 50% (previous year: 53%).

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