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Software AG GB 2012, englisch

225 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 CONSOLIDATED INCOME STATEMENT 156 STATEMENT OF COMPREHENSIVE INCOME 157 CONSOLIDATED BALANCE SHEET 158 CONSOLIDATED STATEMENT OF CASH FLOWS 160 CONSOLIDATED STATEMENT OF CHANGES 162 IN EQUITY NOTES TO THE CONSOLIDATED FINANCIAL 164 STATEMENTS RESPONSIBILITY STATEMENT 243 AUDITORS‘ REPORT 245 Forward currency contracts and currency option transactions are entered into for the purpose of hedging foreign exchange risks related to future cash flows. In order to hedge the risks arising from changes in value of the phantom share program, the Company has entered into hedging instruments on Software AG stock with banks. The financial instruments for hedging currency risk have remaining terms of less than one year, whereas the financial instruments for hedging interest rate risk have remaining terms of up to 5 years. Cash investment policy Software AG takes a very conservative approach with regard to its cash investments. The Company invests primarily in short-term time deposits and short-term fixed-income securities with a credit rating of at least “investment grade.” Software AG has introduced a monitoring process in order to monitor the creditworthi- ness of the banks with which we maintain relationships. Accordingly, the performance of the relevant credit default swaps (CDS) is monitored and investment decisions are made on a weekly basis. In fiscal 2012, the interest rates for term deposit investments were between 0.12 percent and 1.70 percent p.a. in Germany, whereas up to 10 percent p.a. was reached abroad. [30] Disclosures on leases The Group’s rental agreements and operating leases relate chiefly to office space, vehicles and IT equip- ment. Lease payments under operating leases are recognized as an expense over the term of the lease. in €thousands Up to 1 year 1 to 5 years > 5 years Total Contractually agreed payments 21,206 40,983 5,252 67,441 Estimated income from subleases -2,441 -5,390 0 -7,831 [31] Contingent liabilities There were no reportable contingent liabilities as of December 31, 2012 (2011: €1,477 thousand).