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Software AG GB 2013. englisch

a promissory note loan with a total value of €300 million in July. It was offered at terms of two, three and four years and at fixed or variable interest rates. The average interest rate on the fixed interest portion was 1.8 percent. Further- more, Software AG took out a low-interest loan with the European Investment Bank in the amount of €100.0 million with a term of five years. The new financing instruments were employed for the planned repayment of financial lia- bilities totaling €47.0 million, including a loan from the Software AG Foundation in the amount of €45.0 million. As part of a share buyback program in 2013, Software AG also invested €154.4 million (2012: 0) in the purchase of approx- imately 5.4 million shares. On par with operating cash flow, which fell 7 percent, free cash flow also went down 7 percent, from €170.7 million to €159.1 million. This is 16.4 percent of total revenue. Liquidity analysis Total cash flow was down in fiscal 2013. Operating cash flow dropped 7 percent from €184.4 million in 2012 to €171.8 mil- lion in the year under review. This is mainly due to the decreased net income. Cash outflows from investing activities in 2013 were €175.6 million (2012: €31.7 million), because of the high expenditure for acquisitions. While in 2012 net expenditure for acquisitions was just €17.9 million, in 2013, this figure was €113.2 million. Investments in securities totaled €56.5 million (2012: 0), all puttable fixed-interest invest- ments with terms greater than three months. All invest- ments have investment-grade credit ratings. Cash outflows from financing activities increased from €49.2 million in 2012 to €160.9 million in 2013. This was impacted by finan- cial liabilities amounting to €401.9 million compared with €11.8 million the past year. Software AG successfully placed Cash flow 2013-2012 in € millions 2013 2012 Change in % Operating cash flow 171.8 184.4 -7.0 ./. CapEx* -12.7 -13.7 Free cash flow 159.1 170.7 -7.0 as % of revenue 16.4% 16.3% Free cash flow per share** 1.90 1.97 -4.0 * Cash flow from investing activities excluding acquisitions and investments in debt instruments. ** Based on average shares outstanding: Q4 2013: 82.2mn/Q4 2012: 86.8mn/2013: 83.7mn/2012: 86.8mn. Software AG | Annual Report 2013 86 Letter from the Management Board Software AG ShareAbout Software AG Highlights 2013

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