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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 89 CAPITAL EXPENDITURE Capital expenditure for property, plant and equipment and intangible assets normally plays a minor role at Software AG given that we are a software and consulting company. These investments totaled €13.3 million in 2012 compared to €14.4 million in 2011 and primarily comprised operating and office equipment in the sales branches and the admin- istrative headquarters in Darmstadt and Saarbrücken. Net expenditure for acquisitions fell from €59.2 million to €17.9 million. CONSOLIDATED STATEMENT OF CASH FLOWS Net cash provided by operating activities dropped 7 percent due to decreased net income from €198.6 million in 2011 to €184.4 million in 2012. Cash outflows from investing activities in the fiscal year under review were €31.7 million (2011: €70.2 million). This was due to lower payments for acquisitions. Software AG made payments related to the acquisitions of Terracotta and Metismo totaling more than €59.2 million in 2011. In 2012 net payments for acquisitions were significantly lower at €17.9 million. Cash outflows from financing activities increased from €15.9 million in 2011 to €49.2 million in fiscal 2012. This figure had been positively impacted in 2011 by cash inflows from the addition of equity in the amount of €34.6 million. Free cash flow dropped 9 percent from €187.7 million to €170.7 million, which is 16.3 percent of total revenue. This is in line with net income, but, as in the previous year, was above net income due to active working capital manage- ment. in € millions FY 2012 FY 2011 Change in % Operating cash flow 184.4 198.6 -7 ./. CapEx* -13.7 -10.9 Free cash flow 170.7 187.7 -9 as % of revenue 16.3 17.1 Cash flow per share** 1.97 2.18 -10 Weighted average number of shares (in mns.)** 86.8 86.2 *Cash flow from investing activities excluding acquisitions **Pro forma after stock split FINANCIAL POSITION 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