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Software AG GB 2013. englisch

Risk management system Objectives of the risk management system Software AG’s primary goal is to generate long-term, prof- itable growth, accompanied by an increase in enterprise value. To that end, we combine established, stable business activities with an involvement in promising new market segments and regions. In order to ensure the long-term, sustainable development of Software AG, we forgo oppor- tunistic earnings increases and the associated short-term, unsustainable effects on share price. By pursuing a corporate strategy focused on sustainable, long-term success, we strive for balance between opportunities and risks. We take on risks only if the business activities associated with them have a high probability of enhancing the value of Soft- ware AG. It is always a prerequisite that we can evaluate risks and that they remain manageable and controllable. In addition, we systematically monitor risks from ongoing busi- ness, for example, by keeping a constant eye on product and service quality and managing exchange-rate risks. Organization of the risk management system A Group-wide opportunity and risk management system enables us to identify potential risks and accurately assess and minimize them to the greatest extent possible. By con- tinuously monitoring risks, we can constantly evaluate the overall status systematically and in a timely manner and assess the effectiveness of appropriate countermeasures. In doing so, we include operational risks as well as financial, economic, legal and market risks. Opportunities are gener- ally congruent to the operational and functional risk structure in all risk areas. Software AG uses various controlling tools Risk and Opportunity Report Events after the ­Balance Sheet Date Disclosure of changes of ­particular significance Share buyback concluded Software AG instituted a program for the repurchase of trea- sury shares up to a total value of €110 million beginning November 12, 2013. It was concluded on February 28, 2014. As part of this program 1,463,438 Software AG shares were purchased for a total price of €39,451,179.75 in the fourth quarter of 2013. An additional sum of 2,653,845 Software AG shares were acquired for a total price of €70,560,638.50 based on the value date of February 28, 2014. The Compa- ny’s treasury shares as of February 28, 2014 totaled 8,084,101, which is 9.3 percent of the share capital. Software AG | Annual Report 2013 98 Letter from the Management Board Software AG ShareAbout Software AG Highlights 2013