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Software AG GB 2013. englisch

in other operating expenses resulted primarily from ex- change rate losses, which increased by €5.8 million, and impairment on receivables from subsidiaries, which in- creased by €5.2 million. • “Income/expense from investments” includes dividends from subsidiaries, income and expenses arising from profit transfer agreements and impairment of ­financial assets and marketable securities. The reduction of this item resulted primarily from increased impairment of financial assets and from losses resulting from the inter- nal sale of a subsidiary. • “Extraordinary expenses” resulted from the merger of RTM Realtime Monitoring GmbH and Software AG. • “Net financial income/expense” is the result of offsetting other interest and similar income against interest and similar expenses. The €2.7 million year-on-year improve- ment is mainly a result of interest-hedging income, changes to the financing structure with nominally re- duced interest rates and lower inner-Group interest expenses. • Due to the lower earnings before taxes, “taxes” de- creased from €17.2 million in 2012 to €4.8 million in fiscal 2013. Balance sheet and financial position of Software AG Total assets of Software AG increased by a total of €262.0 mil- lion, from €998.4 million on December 31, 2012 to €1,260.4 million on December 31, 2013. The following depicts the primary changes compared with the prior year: • Software AG granted the rights of use for its software products in foreign countries to its German subsidiary EMEA GmbH in fiscal 2013. As a result, license revenue decreased by €48.0 million to €9.5 million. • “Maintenance“ includes maintenance-related royalties from subsidiaries and maintenance revenue from third-party products. The decrease compared to 2012 reflects the decrease of the subsidiaries’ maintenance revenue, particularly in the Enterprise Transaction Systems (ETS) line. • “Services“ include management fees crossed-charged to the subsidiaries as well as services rendered by central support and cross-charged research and development costs. The increase is a result primarily of cross-charged costs associated with the newly established global part- ner business. • “Operating income and expenses” include changes in inventories of finished goods and work in progress, other operating income and expenses, expenses for purchased goods and services, personnel expenses and deprecia- tion, amortization and impairment on intangible and tangible fixed assets. The rise is a result of offsetting other operating expenses, which increased by €13.4 million, and expenses for purchased services, which in- creased by €5.4 million against other operating income, which increased by €5.8 million due to currency effects, and personnel expenses, which decreased by €4.1 mil- lion. The reduction in personnel expenses resulted pri- marily from the balance of share price-based compen- sation, which decreased by €7.4 million, and severance expenses, which increased by €4.2 million. The increase Software AG | Annual Report 2013 90 Letter from the Management Board Software AG ShareAbout Software AG Highlights 2013