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  Seasonal effects  
 
 

The following table shows a breakdown of revenues and pre-tax profits (adjusted for restructuring costs) over the four quarters of 2003:

Seasonal effects

Revenues developed similarly to previous years – largely in line with the sales cycle. Against this background, Software AG expects a similar pattern for fiscal 2004. Restructuring activities in the second half of 2003 produced significant cost reductions, which contributed to an increase in pre-tax profit.

 
 
     
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