Please activate JavaScript!
Please install Adobe Flash Player, click here for download

Software AG GB 2013. englisch

NotestotheConsolidatedFinancialStatements The derivative financial instruments are designated to hedge the fair value of recognized assets or liabilities. Changes in the fair value of the hedging instruments are recognized in profit or loss. In addition, the Company has entered into cash flow hedges for forecast transactions. Changes in the fair value of such financial instruments are reported under other reserves. Currency forward 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 a maximum of two years, whereas the financial instruments for hedging interest rate risk have ­remaining terms of up to four years. Cash investment policy Software AG takes a 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. Soft- ware AG has introduced a process in order to monitor the credit­worthiness of the banks with which we maintain re- lationships whereby performance of the relevant credit default swaps (CDS) and external ratings are monitored continuously and investment decisions are adapted accord- ingly. In ­fiscal 2013, the interest rates for term deposit in- vestments were between 0.02 percent and 1.20 percent p.a. in Germany, whereas up to 19.75 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 equipment. 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 20,661 40,679 11,251 72,591 Estimated income from subleases -2,530 -2,819 0 -5,349 189 Corporate Governance Report of the Supervisory Board Group Management Report Consolidated Financial Statements Additional Information Notes General Notes to the Consolidated Income Statement Notes to the Consolidated Balance Sheet Other Disclosures Responsibility Statement Auditors’ Report