Revenues will remain stable
Our decision to focus on two business lines, Enterprise Transaction Systems and XML Business Integration, will continue to have a positive impact during the second six months. In particular, this will encourage further growth in license sales. Enterprise Transaction Systems license volume will significantly exceed that of the previous year. And our XML Business Integration portfolio, which was launched during the second quarter, will promote growth in 2005. Adjusted for currency effects, we expect maintenance revenues to remain stable at the current high level. Sales of project services could stabilize further, but are expected to remain slightly below the previous year's figures. Adjusted for currency effects, we expect total revenues to remain at a similar level to 2003.

Cost reductions and more focused offering to drive profits
In 2003, Software AG posted an operating profit of € 59 million. In the current fiscal year, we expect to exceed this figure by around 40 percent – significantly higher than the previous forecast of 25 percent. Including the € 0.88 generated by the sale of SAP SI stock, we expect earnings per share to lie between € 2.75 and € 2.85.