Wincor Nixdorf · AR 2012/13 · english – Web View

164 Pages·2013·6.08 MB·English

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Annual report 2012/2013

rf October 1, 2012 to September 30, 2013
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Company
Key figures 2012/2013.
2012/20131 2011/20122 Change
Statement of Income (€ millions)
net Sales 2,465 2,343 5%
Gross profit 543 490 11%
Gross profit as a percentage of net sales 22.0% 20.9% –
research & development expenses –99 –90 10%
R&D expenses as a percentage of net sales 4.0% 3.8% –
Selling, general and administration expenses3 –312 –299 4%
SG&A expenses as a percentage of net sales 12.7% 12.8% –
operating profit (eBIt) 132 101 31%
goodwill amortization 0 0 –
eBItA4 132 101 31%
EBITA as a percentage of net sales (EBITA margin) 5.4% 4.3% –
Amortization/depreciation of property, plant and equipment and
licenses and write-down of reworkable service parts 59 73 –19%
eBItDA 191 174 10%
EBITDA as a percentage of net sales (EBITDA margin) 7.7% 7.4% –
Profit for the period 88 63 40%
Profit for the period as a percentage of net sales 3.6% 2.7% –
Earnings per share (€)5 2.93 2.10 –
cash flow (€ millions)
Cash flow from operating activities 160 88 82%
Cash flow from investment activities –50 –55 –9%
Sept. 30, 2013 Sept. 30, 2012 Change 1) Oct. 1, 2012 – Sept. 30, 2013.
Key Balance Sheet figures (€ millions) 2) Oct. 1, 2011 – Sept. 30, 2012.
3) Including other operating
working capital 340 337 3 income and expenses as well
as net income from investments
as a percentage of net sales (annualized) 13.8% 14.4% – recognized under the equity
net debt 124 199 –75 method
4) Net profit on operating
equity6 383 329 54 activities before interest, taxes
and amortization of goodwill.
5) Calculated on basis of
Human resources
29.776 million shares.
number of employees (September 30) 8,826 9,057 –231 6) Including non-controlling
interests.
10-year net Sales History. €m 10-year eBItA History. €m
Fiscal year 03/04 04/05 05/06 06/07 07/08 08/09 09/10 10/11 11/12 12/13 Fiscal year 03/04 04/05 05/06 06/07 07/08 08/09 09/10 10/11 11/12 12/13
2,465
2,500 2,3192,2502,2392,3282,343 250
2,250 2,145 225 206
1,948
2,000 1,744 200 186 179
1,750 1,576 175 161 162 162
1,500 150 137 132
116
1,250 125 101
1,000 100
  750  75
  500  50
  250  25
Change 11% 12% 10% 8% –3% 0% 4% 1% 5% Change 17% 18% 16% 11% –13% –9% 0% –38% 31%
Wincor Nixdorf AG Annual Report 2012/2013
Company
the company.
global It Specialist Serving two Industries.  wincor nixdorf is acknowledged as one of the world's
leading providers of It solutions and services for retail banks and retailers. Providing hardware,
software, and It services, we assist both industries in managing changes to their business processes,
particularly those that interface with the consumer.
Solutions Portfolio and core competencies.  targeted primarily at sales channels, our portfolio is
Key figures 2012/2013.
geared toward the needs of branch operations, which remain the most important channel of distri-
bution for banks and retailers. our core competence lies in the ability to optimize key processes
2012/20131 2011/20122 Change
Statement of Income (€ millions) and workflow by creating the best possible combination of hardware, software, and services, e.g.,
net Sales 2,465 2,343 5% from a total cost of ownership perspective. Accordingly, our portfolio encompasses process con-
Gross profit 543 490 11% sulting, design, implementation, integration, and operation of the respective solutions (see illus-
Gross profit as a percentage of net sales 22.0% 20.9% –
tration).
research & development expenses –99 –90 10%
R&D expenses as a percentage of net sales 4.0% 3.8% –
Selling, general and administration expenses3 –312 –299 4% It Solutions by wincor nixdorf.
SG&A expenses as a percentage of net sales 12.7% 12.8% –
operating profit (eBIt) 132 101 31% our It solutions components
goodwill amortization 0 0 –
eBItA4 132 101 31%
EBITA as a percentage of net sales (EBITA margin) 5.4% 4.3% –
Amortization/depreciation of property, plant and equipment and
licenses and write-down of reworkable service parts 59 73 –19%
eBItDA 191 174 10%
EBITDA as a percentage of net sales (EBITDA margin) 7.7% 7.4% – focusing on key How we create
customer processes value for our customers
Profit for the period 88 63 40%
Profit for the period as a percentage of net sales 3.6% 2.7% –
Earnings per share (€)5 2.93 2.10 –
cash flow (€ millions)

Cash flow from operating activities 160 88 82%
Cash flow from investment activities –50 –55 –9%
Sept. 30, 2013 Sept. 30, 2012 Change 1) Oct. 1, 2012 – Sept. 30, 2013.
Key Balance Sheet figures (€ millions) 2) Oct. 1, 2011 – Sept. 30, 2012. continuing realignment against the Backdrop
3) Including other operating
working capital 340 337 3 income and expenses as well
of global Market trends.
as net income from investments
as a percentage of net sales (annualized) 13.8% 14.4% – recognized under the equity
net debt 124 199 –75 method
4) Net profit on operating Sustained growth with Hardware.  retail banks and retailers are recording significant forward
equity6 383 329 54 activities before interest, taxes
5) a Cnadlc ualmatoerdt iozant iboans iosf o gfo odwill. momentum in the emerging markets, and we are committed to participating in this growth through Markets and
Hnuummbaenr orfe esmouprlocyeeses (September 30) 8,826 9,057 –231 6) 2 In9c.l7u7d6in mg inlloionn- csohnatrreosl.ling our Hardware business. with this in mind, for example, we have set up specialist development c Poosmitpioentiitnivge,
interests. resources at our site in Singapore. Additionally, the continued transformation of our international see page 57
production and logistics network is aimed at further strengthening the competitiveness of our
Hardware business at a global level.
10-year net Sales History. €m 10-year eBItA History. €m with a portfolio that includes innovative high-end automation technology, wincor nixdorf is
Fiscal year 03/04 04/05 05/06 06/07 07/08 08/09 09/10 10/11 11/12 12/13 Fiscal year 03/04 04/05 05/06 06/07 07/08 08/09 09/10 10/11 11/12 12/13
also very well equipped to respond to the complex requirements of optimization projects being im-
2,465
2,500 2,3192,2502,2392,3282,343 250 plemented by market players operating in the industrialized countries.
2,250 2,145 225 206
1,948
21,,070500 1,5761,744 210705 161 186 179 162 162 globally Standardized Services as growth Drivers.  one of the focal points of our competitive offer-
1,500 150 137 132 ing is to combine higher availability with streamlined operating costs – both for local and for global
116
1,250 125 101
1,000 100 customers.
  750  75
  500  50
  250  25
Change 11% 12% 10% 8% –3% 0% 4% 1% 5% Change 17% 18% 16% 11% –13% –9% 0% –38% 31%
Wincor Nixdorf AG Annual Report 2012/2013 Wincor Nixdorf AG Annual Report 2012/2013
Accelerating growth with future-oriented technologies.  wincor nixdorf has launched an inter-
national campaign to expand its Software business, the aim being to propel business forward
significantly in the coming years. our company is already among the top-ranked suppliers of spe-
cialist software and associated Professional Services for retail banks and retailers. Some 1,500
employees are currently involved in developing and rendering these services, with global activities
being coordinated from a dedicated base established in utrecht, netherlands.
In parallel, wincor nixdorf is expanding its business with solutions centered around mobile and
cashless methods of payment.
Wincor Nixdorf Worldwide.
 our home market is europe. It is here that we generate more than 70% of our net sales.    Build-
ing on our success, we will continue to expand our business in the emerging markets.    we have
established a market presence in more than 130 countries worldwide, 42 of which are served by our
own subsidiaries.    More than half of our global workforce of around 9,000 people is employed
outside of germany.    our research and development activities are performed in germany,
Austria, Poland, Singapore, china, and Brazil.    we have an international network of production
International facilities that includes a number of external partners. the group's own production sites are loca-
Subsidiaries,
see cover ted in germany, china, and Brazil.
wincor nixdorf Around the globe.
24  europe
Americas  5 10  Asia-Pacific
3  Africa
Countries with a Wincor Nixdorf presence   Subsidiaries

net Sales by regions. €m
Asia/Pacific/Africa 418
(17%)
Americas 264 1,216 europe
(11%) (49%)
germany 567
(23%)
Wincor Nixdorf AG Annual Report 2012/2013
2012/2013: return to a Pattern of growth.
group:    Marked improvement in all financial indicators.    group net sales up 5% to €2,465 mil-
lion.    operating profit (eBItA) up 31% to €132 million.    Profit for the year increases by 40%, cash group Business
Performance,
flow expands by 82%.    with business flourishing in the emerging markets, the company manages see page 68 et seq.
to offset the effects of continued sluggishness afflicting some of the key industrialized nations in
its home market of europe.    restructuring activities scheduled for execution over a two-year pe-
riod and completed in the fiscal year under review have a positive impact on business.    encour-
aging growth in Hardware business, particularly in emerging markets; up 8%.    Software/Services
up 3%; they continue to account for more than 50% of total net sales.    Strategic realignment
continues: focus on expanding Software business and market activities in emerging countries.
Banking segment:    net sales up 6% to €1,614 million (2011/2012: €1,524 million).    eBItA up 49%
to €103 million (2011/2012: €69 million).    eBItA margin up 1.9 percentage points to 6.4% (2011/2012: Segment
Performance,
4.5%). see page 75 et seq.
retail segment:   net sales up 4% to €851 million (2011/2012: €819 million).    eBItA down 9% to
€29 million (2011/2012: €32 million).    eBItA margin down 0.5 percentage points to 3.4% (2011/2012:
3.9%)
net Sales by Segments. €m net Sales by Business Stream. €m
Banking 1,614
(65,5%) 851 retail Hardware 1,185 Software /
(34,5%) (48%) 1,280 Services
(52%)
2013/2014: continuation of growth and
Strategic realignment.
 no signs of significant upturn in investment spending in europe, in particular, despite slight im-
provement in macroeconomic stability.    Against this background, the effects of continued slug- report on expected
Developments,
gishness in capital expenditure within key industrialized markets will again be offset by growth see page 100 et seq.
generated by wincor nixdorf in the emerging markets.    Stable growth in net sales of around
4% projected for the group.    eBItA estimated to grow by 17% to €155 million.    Business in first
quarter expected to be weaker than in buoyant Q1 2011/2012.
Wincor Nixdorf AG Annual Report 2012/2013
2 Letter to Shareholders  Management  Stock  Corporate Governance  Supervisory Board Report  MAGAZINE  Responsibility Statement
Creating Opportunities. Worldwide.
the heading we have chosen for this year’s annual report reflects the measures we have
taken to prepare ourselves better for the changes we can observe all around us. Being
open to new opportunities means that we have to be ready to change the way we see
things. the same principle was outlined by the greek philosopher Socrates around 2,400
years ago: “let him that would move the world first move himself.” this refers to the in-
ner willingness to change as a prerequisite for successful action.
In terms of our own customers, it means that we need to reevaluate and reapply the
potential of information technology for their business activities in the light of technolog-
ical change. whatever the case, It is, and will remain, one of the key levers for boosting
efficiency and reducing costs. nevertheless, adopting a fresh perspective allows us to
open up new and innovative paths, as demonstrated by an article in the magazine section Magazine
IntellIgent SolutIonS
of our annual report on the outsourcing by one of germany’s largest banks to wincor for new ProceSSeS,
p. 23 et seq.
nixdorf of its operational It management and substantial parts of its It infrastructure.
At the same time, It is no longer regarded simply as a means of ensuring cost efficiency,
but increasingly as a driving force for competitive growth. More and more, it sets the pace
for change within enterprises and has therefore established itself as a key element of our
customers’ strategic planning and operational business. examples of this include the
potential of digitization and the integration of new sales channels into our customers’
existing business models. In this context, we believe that while the business opportuni-
ties presented by their branch operations may have changed, they are no less important,
and our solutions are there to provide the support required.
our management report looks at how wincor nixdorf is creating new opportunities by
evolving its business. the main focus of these changes is on our drive to expand in emerg-
ing markets, so that we can benefit from an even greater share in the economic growth
of those countries, and on the expansion of our Software business. In conjunction with
innovative hardware, software plays an increasingly important role when it comes to
facilitating changes to the business processes of retail banks and retailers. we are also
driving forward our mobile and cashless payments business. By combining our previous
activities in these fields, we can now offer even more comprehensive support to our cus-
tomers as they deal with their own business transformation.
Wincor Nixdorf AG Annual Report 2012/2013
Group Management Report  Group Accounts  Notes to the Group Financial Statements  Auditor’s Report  Further Information 3
Contents.
letter to Shareholders. 4
the Management team. 6
wincor nixdorf Stock. 8
Corporate Governance. 12
Supervisory Board report. 18
MAGAZINE: INtEllIGENt SolutIoNS for NEw ProcESSES. 23
responsibility Statement. 48
group Management report. 50
Group Accounts. 106
notes to the group financial Statements. 110
Auditor’s report. 152
glossary. 153
financial calender, editorial. 156
International Subsidiaries. 157
Cross reference within
the Annual Report
link to Internet
Reference to nonfinancial
performance indicators
Wincor Nixdorf AG Annual Report 2012/2013
4 Letter to Shareholders  Management  Stock  Corporate Governance  Supervisory Board Report  MAGAZINE  Responsibility Statement
The fiscal year 2012/2013 was a milestone in many ways – not only because our generally strong performance
allowed us to return to growth, but also for two other reasons: the progress we made in reshaping our Company
and the key foundations we laid for our future. “Wincor Nixdorf drives forward Software business” – this head-
line chosen by the German newspaper Frankfurter Allgemeine Zeitung in one of its most recent articles relating
to our business activities encapsulates one of the Group’s most important projects currently on the agenda.
During the fiscal year under review, we achieved significant growth in the emerging markets and therefore
succeeded in implementing one of our most important goals. Net sales in this region as a whole were up mark-
edly, thus more than compensating for the sustained weakness of our core European market. With the exception
of Russia and Turkey, business in Europe remained sluggish. At more than 30 percent, the emerging markets as
a whole generated an even larger share of the Group’s total net sales than we had previously anticipated. This
was mainly due to the Hardware business, which returned to growth in the fiscal year under review.
This and other positive developments clearly demonstrate the progress we are making in the transforma-
tion of Wincor Nixdorf – even after the scheduled conclusion of our restructuring program in fiscal 2012/2013.
Our priorities included the realignment of our global sales and service network and efforts to further concentrate
our product portfolio. We also focused on the restructuring and pooling of the Group’s R&D activities. Addition-
ally, we took further important steps in the reorganization of our global logistics and manufacturing network, and
we will continue this process in the current fiscal year.
Other signs of our progress are the considerable improvement in all our main business indicators and the
fact that we exceeded our forecasts by a substantial margin. Net sales rose by 5 percent to set a new record, while
EBITA shot up by as much as 31 percent (factoring in our restructuring costs). Profit for the year was up 40 per-
cent, and cash flow was 82 percent higher compared with the previous fiscal year.
As our shareholders, you will also benefit from our success in line with our dividend policy of distributing
50 percent of profit for the year. Accordingly, we have proposed a dividend of €1.48 per share, compared with last
year’s figure of €1.05.
Wincor Nixdorf AG Annual Report 2012/2013
Group Management Report  Group Accounts  Notes to the Group Financial Statements  Auditor’s Report  Further Information 5
As well as our focus on growth in the emerging markets, we have chosen to prioritize the expansion of our Soft-
ware business – for a very good reason. When it comes to facilitating rapid and efficient change in the business
processes of retail banks and retailers, software plays an increasingly vital role. This is reflected in current sec-
tor trends, such as the integration of multiple sales channels, further advancements in branch business, and mo-
bile concepts for both communications and sales. Demand for infrastructure optimization software is also grow-
ing at a fast pace.
In light of these trends, we have adopted the goal of doubling our revenue from Software and associated
Professional Services in the next five years. We are already a significant market player, as can be seen from the
number of employees – 1,500 out of a total workforce of around 9,000 worldwide – whose work involves the
development of new software and the provision of professional services.
Another milestone was the opening of our Cashless Payment center in Prague in October 2013. This is where
we strive to develop the mobile and cashless payment systems of tomorrow and to market them at global level.
At the same time, the center is emblematic of the way we intend to do business over the coming years: with an
international remit, by pooling our know-how and expertise, and by maintaining a clear focus on the future.
We have already achieved a good deal in the past months and years, yet we still face a whole series of chal-
lenges. All this requires a great deal of commitment from our employees and a willingness to help shape that fu-
ture. On behalf of the Board of Directors, I would like to express my gratitude for their tremendous efforts.
Thanks are also due to our customers. It is their faith in our ability to deliver that drives us forward. Satisfied cus-
tomers are the ultimate goal of our business and the foundation on which our success depends.
The path ahead for Wincor Nixdorf will remain one of transformation. By adapting to market changes and
seizing opportunities, we aim to maintain the pattern of growth that we have now reestablished.
This commitment to growth also defines our targets for the current fiscal year: to boost net sales by a fur-
ther 4 percent and achieve growth of 17 percent in EBITA to €155 million. Once again, our growth in the emerg-
ing markets will be a major factor in determining the results of the Group as a whole. Despite a slightly brighter
economic outlook for our core European market, there are still no clear signs of a significant improvement in our
business prospects for this region.
Last but by no means least, on behalf of the entire Company I would like to thank you, our shareholders, for
the interest you have shown in Wincor Nixdorf and for your active support, loyalty, and trust.
Sincerely yours
Eckard Heidloff
Wincor Nixdorf AG Annual Report 2012/2013
6 Letter to Shareholders  Management  Stock  Corporate Governance  Supervisory Board Report  MAGAZINE  Responsibility Statement
Dr. thorsten nottebaum Rainer Pfeil thomas fell olaf Heyden Jens Bohlen
Member of the Board of Directors Member of the Board of Directors
Senior Vice President, Senior Vice President, Senior Vice President, Executive Vice President Executive Vice President
Research and Development Human Resources Retail
▪ Born 1962. ▪ Born 1962. ▪ Born 1968. ▪ Born 1963. ▪ Born 1962.
▪ Joined Wincor Nixdorf in ▪ Joined Wincor Nixdorf in ▪ Joined Wincor Nixdorf in ▪ Joined the Company in May 2013 ▪ Joined Wincor Nixdorf in
June 2013 and since then July 2001; since then Member November 2010 and and since then Member of the November 2006; since then
Member of the Executive of the Executive Board; since then Member of the Board of Directors; responsible Member of the Executive Board.
Board; responsible for Research responsible for Human Resources. Executive Board; responsible for IT Services business with ▪ Since January 2013, Member of
and Development. for the Retail business. banks and retailers. the Board of Directors; respon-
sible for Banking business.
Wincor Nixdorf AG Annual Report 2012/2013