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Software AG GB 2012, englisch

38 DAX BUCKS THE TREND IN A YEAR DOMINATED BY THE EURO CRISIS The German stock market defied all the risks in 2012 and achieved healthy growth. The DAX enjoyed its strongest year since 2003 with an increase of more than 29 percent. The index slumped to 6,000 points mid-year as a result of investors’ concerns about the future of the euro, thereby reversing the gains it had made since the beginning of the year. However, a lasting turnaround was triggered by the European Central Bank’s (ECB) clear indication of its commitment to the eurozone and, shortly thereafter, by the introduction of the European Stability Mechanism (ESM). Sizable growth followed. The MDAX—Germany’s index of medium-sized companies — soared 34 percent; the TecDAX technology barometer jumped 21 percent; and small-cap German shares as measured by the SDAX surged 19 percent. European shares listed in the Euro Stoxx 50 index gained 13.8 percent in 2012, putting them roughly on a level pegging with the 13-percent increase achieved by the S&P 500 in the U.S. Share prices therefore suffered next to no negative impact whatsoever from concerns about the euro debt crisis, a less-than-rosy earnings outlook for some American companies in the second half of the year, and worries about the effects of potential tax hikes in the U.S. Most sectors in the U.S. benefited from this positive stock-market trend, with technology shares in particular appreciating almost entirely across the board. The NASDAQ-100, which lists the shares of 100 non-financial companies with the highest market capitalization weightings in America and abroad, followed suit with 14.5 percent growth. The Dow Jones, which tracks the 30 largest U.S. companies, appreciated by 7.2 percent in 2012. SHARE ON A STEADY UPWARD TREND IN THE SECOND HALF OF 2012 Software AG’s shares had an eventful year on the stock market in 2012. The share price closed the first day of trading in fiscal 2012 at €29.38 in Xetra, but came under pressure in the course of the subsequent days. Our preliminary fourth-quarter results did not meet the high capital market expectations for license performance due to structural and economic factors. Because license revenue development is a critical growth indicator for software companies in particular, it is subject to special scrutiny by investors. Consequently, following the publication of Q4 results on January 10, 2012, the share price closed at €24.25 in the Xetra electronic trading system. Development of the share price was characterized by volatility in the first half of 2012. The stock was unable to draw any lasting stabilizing strength from factors such as the decision of the An- nual Shareholders’ Meeting to increase the dividend to €0.46 per share, the acquisition of the U.K. technology provider my-Channels or Q1 2012 results, which met capital market expectations. Software AG’s share price fluctuated heavily and hit its low for the year at €22.03 on July 12, 2012. SOFTWARE AG | ANNUAL REPORT 2012 SOFTWARE AG SHARE