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Software AG GB 2013. englisch

For the Venezuelan bolivar (VEF), the official exchange rate (6.3 VEF/USD as of Dec. 31, 2013) was applied. No trans- actions took place in fiscal 2013 (conversion of VEF to EUR) based on the parallel market rate (approximately 11 VEF/ USD as of Dec. 31, 2013). Since January 1, 2010 Software AG has counted Venezuela as a hyperinflationary economy as defined in IAS 29. How- ever, this has had no material impact on the consolidated financial statements. Total revenue Software AG sales revenues primarily consist of revenue from granting software licenses (usually of indefinite dura- tion, though in certain cases temporary software licenses), maintenance revenue and revenue from services. Revenue from granting temporary and perpetual licenses is only recognized once a legally binding contract exists, any rights to return have expired, the software has been ­delivered in accordance with the contract, a price has been agreed or can be established and there is sufficient ­probability that payment will be made. Revenue from grant- ing temporary licenses is treated in accordance with the specific features of the license. If the transaction resembles a sale, i.e. involves immediate payment, and the other ­requirements mentioned above are fulfilled, the income is recognized immediately. However, if the transaction ­resembles a transfer of use, the income is recognized in installments during the period of use. Software licenses are often sold in combination with main- tenance and service contracts. In this case, when an agree- ment involves multiple elements, revenue recognition is based on the individually identifiable elements of the trans- action. Accordingly, revenue is attributed to the individual elements on the basis of their respective market values. If reliable market values cannot be determined for all ele- ments, revenue recognition is based on the residual method. Under the residual method, all determinable market values are deducted from the total transaction value. The residual amount is then attributed to the elements for which no reliable market values can be determined, using list prices. In the separate financial statements of the consolidated entities, foreign currency receivables and payables are trans- lated at the closing rate. Exchange rate gains and losses not yet realized as of the balance sheet date are included in profit or loss for the period, except for translation differences arising from long-term, intercompany monetary items that are part of a net investment in a foreign company. These differences are recognized directly in equity under “other reserves.” The exchange rates used for the translation of the most important currencies changed as follows: Closing rate (€1) Dec. 31, 2013 Dec. 31, 2012 Change in % U.S. dollar 1.3791 1.3194 -4.5 Brazilian real 3.2576 2.7036 -20.5 Pound sterling 0.8337 0.8161 -2.2 Australian dollar 1.5423 1.2712 -21.3 Israeli shekel 4.7815 4.9266 2.9 South African rand 14.5660 11.1730 -30.4 Canadian dollar 1.4671 1.3137 -11.7 Average rate (€1) 2013 2012 Change in % U.S. dollar 1.3281 1.2857 -3.3 Brazilian real 2.8669 2.5100 -14.2 Pound sterling 0.8493 0.8111 -4.7 Australian dollar 1.3770 1.2414 -10.9 Israeli shekel 4.7960 4.9565 3.2 South African rand 12.8308 10.5570 -21.5 Canadian dollar 1.3685 1.2848 -6.5 Software AG | Annual Report 2013 142 Letter from the Management Board About Software AG Software AG ShareHighlights 2013