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Software AG GB 2013. englisch

No financial assets or liabilities were reclassified to different levels of the fair-value hierarchy during fiscal 2012 or 2013. The following table illustrates how the fair values of financial assets and liabilities are determined: Financial assets / financial liabilities Hierarchy level Valuation technique and key inputs Significant unobservable inputs Correlation between unobservable inputs and fair value Interest rate swaps 2 Discounted cash flow approach; future cash flows are estimated based on forward interest rates (observable interest rate curves as of balance sheet date) and fixed interest rates, discounted at an interest rate that accounts for the credit risk associated with the counter parties. n/a n/a Currency forward contracts 2 Discounted cash flow approach; future cash flows are estimated based on forward exchange rates (observable exchange rates as of balance sheet date) and fixed forward exchange rates, discounted at an interest rate that accounts for the credit risk associated with the counter parties. n/a n/a Equity forward contracts 2 The fair values are measured based on the intrinsic values of the equity futures contracts, which are calculated using the share prices from an active market. n/a n/a Corporate bonds 1 Prices quoted on active market. n/a n/a Shareholders’ equity 3* Financial assets available for sale for which no market price is available and a fair value cannot be calculated reliably because of the absence of an active market are measured at cost less impairments. There were no indications of impairments in 2013 or 2012, so measurement was therefore based on cost. n/a n/a *) Changes during the fiscal year resulted from additions only. Software AG | Annual Report 2013 184 Letter from the Management Board About Software AG Software AG ShareHighlights 2013

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