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Software AG GB 2013. englisch

Software AG Share Stock markets highly attractive In a climate of record low interest rates and central banks supporting expansive monetary policies, participation of investors in stock markets was high in 2013. This was fueled primarily by the lack of high-yield investment alternatives along with the first indications of a global economy recovery, especially in the second half of the year. Because of the robust economy, investors showed a prefer- ence for the German stock market over others in the eurozone. And, for the first time, the DAX surpassed 9,500 points in 2013, closing out the year with a gain of about 26 percent. Compared to other key global exchanges, the Japanese and U.S. stock markets performed even better. Japan’s bench- mark Nikkei index, which lists the country’s 225 most im- portant companies, jumped about 57 percent; the S&P 500, which tracks the 500 largest publicly traded companies in the U.S., gained 29 percent. The high-tech sector rewarded the Nasdaq Composite, which covers more than 3,000 high- tech shares, with nearly a 38-percent increase; and the TecDAX technology barometer climbed about 41 percent to 1,166 points—fueled primarily by the telecommunications sector. Eurozone markets also saw an excellent year in stock trading. European shares on the Euro Stoxx 50 gained almost 18 per- cent—starting out below average, but picking up speed mid- year. The tenacious period of recession finally subsided, and the debt crisis eased. Additionally, the capital market viability of southern European peripheral countries—primarily Spain—improved. The hope for increased corporate earnings was left unfulfilled during the year, so a liquidity-driven price rally led to a massive leap in valuation ratios. A debate about the possi- bility of a bubble and a stock market crash surfaced at the end of 2013. 140 120 100 80 60 Jan. 2, 2013 Mar. 28, 2013 July 28, 2013 Sept. 30, 2013 Dec. 31, 2013 Software AG DAX EURO STOXX NASDAQ TecDAX 60 80 100 120 140 Share price development (indexed) Software AG | Annual Report 2013 32 Letter from the Management Board About Software AG Highlights 2013 Software AG Share

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