Liquidity and shareholders equity again higher

Cash and cash equivalents increased thanks to sustained strong cash flow. Software AG’s cash and cash equivalents amounted to €184.8 million (prior year €161.6 million) as of December 31. Shareholder’s equity rose from €393.0 million to €422.2 million. The equity-to-assets ratio remained unchanged from 2005 at 66 percent. As in the past, the Company maintains no bank debt.

This solid equity base gives Software AG more opportunities to implement the Company’s growth strategy by guaranteeing expansion of our international market position and affording us flexibility in possible acquisitions.