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  Events subsequent to the balance-sheet date  

Sale of SAP SI stake boosts earnings per share
In April 2004, Software AG signed a contract to transfer its 1,272,100-strong stockholding in SAP Systems Integration AG (SAP SI) to SAP AG, Walldorf, in return for a payment of €20.40 per share. The sale will generate €26.0 million for Software AG, which will further strengthen liquidity. As a result of this transaction, an extraordinary profit of €24 million will be posted for the second quarter. This €0.88 per share profit is expected to lift fullyear EPS to between €2.50 to €2.60.

By resolution of the annual shareholders’ meeting on April 30, 2004, Dr. Andreas Bereczky, Director of Production at German public-service TV broadcaster ZDF, Mainz, was elected to succeed Dr. Peter Lex on the Software AG Supervisory Board.

  Interim Report Q1/04 (PDF)
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