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Software AG GB 2012, englisch

06 HIGHLIGHTS 08 LETTER FROM THE MANAGEMENT BOARD 12 THE COMPANY 38 SOFTWARE AG SHARE 46 CORPORATE GOVERNANCE 58 REPORT OF THE SUPERVISORY BOARD 68 GROUP MANAGEMENT REPORT 155 CONSOLIDATED FINANCIAL STATEMENTS 245 FURTHER INFORMATION 151 THE SOFTWARE AG GROUP 69 ECONOMIC CONDITIONS 78 BUSINESS TREND AND ECONOMIC SITUATION 80 FINANCIAL PERFORMANCE 82 FINANCIAL POSITION 89 FINANCIAL STATEMENTS OF SOFTWARE AG 92 (PARENT COMPANY) ADDITIONAL EARNINGS-RELATED FACTORS 95 TAKEOVER-RELATED DISCLOSURES 125 REMUNERATION REPORT 127 RISK REPORT 139 EVENTS AFTER THE BALANCE SHEET DATE 149 FORECAST 151 OVERALL ECONOMIC OUTLOOK The global economic slowdown seems to have reached its low point at the end of 2012/beginning of 2013. But accord- ing to the Institute for the Word Economy (IfW) of the Uni- versity of Kiel, the global economy will continue to be weak in the foreseeable future. IfW market analysts anticipate moderate global economic growth of 3.4 percent for the current fiscal year and 3.9 percent next year. The cautious outlook is primarily a result of the yet unstable economic situation in Europe. It is burdened by high national debts, the urgent need for consolidation of public budgets and limited investments by companies. An end to this uncer- tainty is currently not foreseeable, even if measures taken by governments are likely to help the situation improve rather than worsen. The IfW expects economic productivity in the eurozone to drop 0.2 percent in 2013 and not expand again until 2014 with moderate 0.9-percent growth. The German economy may grow by 0.3 percent in 2013 and 1.4 percent in 2014. Economic development in the USA is also extremely slug- gish. Although Congress avoided the automatic spending cuts and tax hikes, known as the “fiscal cliff,” from taking effect at the start of the current year, no long-term political measures have been passed yet that would stop the U.S. government from exceeding its debt ceiling again. In addi- tion, economic data from the fourth quarter of 2012 put a damper on expectations. According to the U.S. Department of Commerce, the economy shrank for the first time in three- and-a-half years. ANTICIPATED SECTOR TREND The outlook for the IT sector is more positive than the gen- eral economic climate. Market analyst firm Gartner antici- pates that global IT spending will rise 4.2 percent to total approximately $3.7 trillion in 2013. The enterprise software market segment is likely to grow 6.4 percent to $296 billion; and the IT services segment 5.2 percent to $927 billion. FORECAST