WINCOR Shining bright out of SIEMENS Black Shadow

PADERBORN, Germany — Wincor Nixdorf AG has beaten its financial forecasts, closing its fiscal year ended Sept. 30, 2004 with record figures.

According to a news release, group operating profit (EBITA) increased 12 percent to 116 million euros (U.S. $156 million), up from 104 million euros (U.S. $139.6 million) in the previous fiscal year. Net sales were up 9 percent, to 1.6 billion euros (U.S. $2 billion). After adjusting out the effect of exchange rate fluctuations between the euro and the U.S. dollar, net sales actually rose by 12 percent, according to the release.

Profit before interest, tax, depreciation and amortization (EBITDA) rose 13 percent to 143 million euros (U.S. $192 million). Final net profit for the year grew to 44 million euros (U.S. $59 million), from 14 million euros (U.S. $18.8 million) a year earlier.

The large increase was due largely to the disappearance of scheduled goodwill amortization, resulting from the company's separation from the Siemens Group in 1999. The more comparable profit figure, after adjusting out effects of the Siemens separation, is a 17 percent increase in net income in the most recent fiscal year, to 61 million euros (U.S. $82 million) from 52 million euros (U.S. $69.8 million).

Karl-Heinz Stiller, Wincor's president and chief executive, said, "The figures for the fiscal year just ended provide the best evidence that we are on the right course with our market strategy and that we're capable of opening up new areas of growth."