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SAW QB1 2014, englisch

InterimManagementReport Risks and Opportunities Our 2013 Annual Report contains a comprehensive Risk and Opportunity Report (see pp. 99–109). It discusses specific risks that could have a negative impact on our business performance, financial performance, our assets and financial position. It also describes key opportunities for Software AG. There were no changes to the risk and opportunity situation of the Software AG Group in the first quarter of 2014 as compared to the risks and opportunities identified in the 2013 Annual Report. Outlook Software AG continues to expect positive business develop- ment and confirms its outlook, which was released on March 31, 2014 with the announcement of its sale of IDS Scheer Consulting GmbH. Accordingly, the company expects an increase in BPE revenue between 12 and 18 percent at constant currency for fiscal year 2014. Revenue in the tradi- tional ETS database business is likely to fall by 9 to 16 percent (at constant currency). For the 2014 fiscal year, Software AG expects an improvement in the Group operating margin and growth in operating (non-IFRS) income between 2 and 7 per- cent (basis 2013: €260.7 million). 11 Interim Management Report Interim Financial Statements Notes to the Interim Financial Statements Additional Information Significant Events During the Reporting Period Financial Performance Financial Position Assets Events After the Balance Sheet Date Risks and Opportunities Outlook