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  Key figures
  Introduction by the Executive Board
  Share performance
  Overview of business development
  Development of revenues
  Strategic progress
  Business development in first half year
  Interim statement
  Financial Calendar

Costs continue to fall
The restructuring program initiated in 2003 continued to generate significant cost reductions during the second quarter of the year. Compared to the second three months of 2003, for example, sales, marketing and distribution expenses fell by a further 9 percent and administrative costs by 12 percent. The most marked reduction was for research and development where, as a result of the consolidation of activities in this area, the Company saved € 4.9 million – around one third of all R&D costs.

Profits surge
Increased revenues and reduced costs combined to produce significant improvements in margins. Operating profit, for example, which excludes all exceptional income, rose 39 percent to € 24.2 million (€ 17.4 million). The sale of the Company’s SAP SI stockholding raised € 24.5 million. As no restructuring costs were incurred during the period, EBIT totaled € 48.7 million (€ 17.4 million) – a 180 percent increase over the same period in 2003. The profit before tax rose from € 31.4 million to € 49.6 million.

Net profit of € 39.4 million (€ 11.2 million) led to increased earnings per share of € 1.45 (€ 0.41). Organic cash flow nearly tripled to € 11.7 million, 11 percent of total revenues.

  Interim Report Q2/04 (PDF)
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