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©2013 Software AG. All rights reserved.
Investor Presentation
Promissory Note Arnd Zinnhardt, CFO
Frankfurt, 7 June 2013
©2013 Software AG. All rights reserved.
2 |
This presentation contains forward-looking statements based on beliefs of
Software AG management. Such statements reflect current views of Software AG
with respect to future events and results and are subject to risks and
uncertainties. Actual results may vary materially from those projected here, due
to factors including changes in general economic and business conditions,
changes in currency exchange, the introduction of competing products, lack of
market acceptance of new products, services or technologies and changes in
business strategy. Software AG does not intend or assume any obligation to
update these forward-looking statements.
Safe-Harbor-Statement
©2013 Software AG. All rights reserved.
3 |
Executive Summary 4
Product Portfolio 13
Market Positioning 22
Growth Targets 26
Financing 32
Appendix 38
1
3
4
5
6
2
Agenda
©2013 Software AG. All rights reserved.
4 |
Software AG - At a Glance
High performance database
Process Planning,
monitoring and analysis
Middleware to integrate data applications and
digital workflows
Big-data and In-memory technology
> € 1bn Revenue
> 28% Operating EBITDA margin
> 56% Equity ratio (Q1 2012)
> 16% Free Cash flow margin (FY12)
Net cash positive
~ 5,300 Employees worldwide
~ € 2.3bn Market capitalization
~ 66% Free float, 29% Software AG Foundation
70 Countries
Global customer base: 80% of Fortune 10,000
Technology leader in systems integration,
process automation and data management
©2013 Software AG. All rights reserved.
5 |
Software AG - Management
Karl-Heinz Streibich Arnd Zinnhardt Dr. Wolfram Jost
Corporate Communications, Global
Legal, Global Audit, Processes &
Quality, Global Partner Management,
Corporate Office and Top
Management Development
Chief Executive Officer (CEO)
- since 2003 -
Finance, Controlling, Taxes,
Treasury, Mergers & Acquisitions,
Business Operations, Investor
Relations, Global Purchasing,
Human Resources
Chief Financial Officer (CFO)
- since 2002 -
Research & Development
Chief Technology Officer (CTO)
- since 2000 (incl. IDS Scheer AG) -
©2013 Software AG. All rights reserved.
6 |
1,098
Software AG‘s Track Record
411
721
1,046
0
200
400
600
800
1,000
2004 2008 2012
Revenue in €m
87
116
171
0
30
60
90
120
150
180
2004 2008 2012
Net profit in €m
2,438
3,526
5,417
0
1,000
2,000
3,000
4,000
5,000
2004 2008 2012
Employees
108
181
248
0
50
100
150
200
250
2004 2008 2012
EBIT in €m
©2013 Software AG. All rights reserved.
7 |
New Product
Business
52%
BPE (incl.
Consulting)
36%
ETS (incl.
Consulting)
Revenue by Business Line (Segment, FY 2012)
Traditional Product
Business
Implementation of own
and SAP products
Integration & Process
Automation / SOA / Cloud
Started in 2004
Market share: ca. 10%
In-Memory / Big Data
Data Management,
Application Modernization
Started in 1970
High operating margin >50%
Consulting
12%
IDSC
©2013 Software AG. All rights reserved.
8 |
Maintenance Revenue - High Level of Recurring Revenue and Profits
0
50
100
150
200
250
300
350
400
2006 2007 2008 2009 2010 2011 2012
187 213
267
311
369 379 393
BPE
ETS
> 90% OF MAINTENANCE REVENUE
€m
CAGR: +13%
(2006 – 2012)
„RECURRING“
©2013 Software AG. All rights reserved.
9 |
35% 35%
30%
• Direct sales force & partners
• One-time payment for perpetual license
• Additional payment for capacity upgrades, extended usage and add-on products
• Price: Capacity/MIPS or CPU based
• Renewal rate > 90%
• Annual payment: - BPE: ca. 18% of license - ETS: ca. 15% of license
• Implementing products
• Cost plus or fixed price projects
• Own staff + partnership
Revenue Structure and recognition (FY 2012)
License
Maintenance
Consulting
€ 547m
32% 50%
18%
€ 375m
Business Process Excellence
Enterprise Transaction Systems
©2013 Software AG. All rights reserved.
10 |
Financial Sector
Public Sector
IT
Associ-ations
Services
Manu-facturing
Telcos
Logistics Retail
Other
Product Revenue by Industry
*Based on product revenue FY 2012
Product Revenue by Region*
Product Revenue by Industry*
Revenue Split – Well Balanced
20%
20%
EMEA
44%
Asia Pacific
8% Americas
48%
GER 15%
PIIGS < 4%
©2013 Software AG. All rights reserved.
11 |
Large Enterprise Customers in 70 Countries Worldwide
Finance Public Sector Telecom Chemicals/Pharma Energy/Utilities
Manufacturing Logistics/Transport
Healthcare/
Consumer Goods
©2013 Software AG. All rights reserved.
12 |
Agenda
Executive Summary 4
Product Portfolio 13
Market Positioning 22
Growth Targets 26
Financing 32
Appendix 38
1
3
4
5
6
2
©2013 Software AG. All rights reserved.
13 |
• Application Development
• Database Management System
• Application Modernization
Transaction PLATFORMS
• Business Process Analysis
• Enterprise Architecture
• Governance, Risk and Compliance Management
Business Process PLATFORMS
• In-Memory Data Management
• In-Memory Intelligent Action
Big Data PLATFORMS
• Integration
• Business Process Management
Integration PLATFORMS
©2013 Software AG. All rights reserved.
14 |
Business Process Excellence (BPE)
Business Process PLATFORMS
Integration PLATFORMS
Big Data PLATFORMS
Transaction PLATFORMS
Software AG Product Suite – Powering The Digital Enterprise
0
100
200
300
400
2004 2005 2006 2007 2008 2009 2010 2011 2012
in €m
BPE - Business characteristics BPE - Product revenue development
Technology leader (Gartner, Forrester)
Worldwide biggest independent specialized
vendor of Business Process Excellence (BPE)
Market growth perspective (CAGR 10% + p.a.)
License revenue growth: +20% to +30% in 2013
Growth driver: market, portfolio, deal size, sales
staff
©2013 Software AG. All rights reserved.
15 |
Embedding a Process Methodology
for Retail Loan Origination
• Consumer experience through “in seconds” mobile and online solutions
• 320,000 new customers
• Less time spent on
auditing and
compliance
• Identify redundancies
and operational risks
• Real time credit processing information
Added Value BEFORE AFTER
• Aggressive growth plan
• BUT: IT department was
not agile enough to
accommodate this
growth by assisting
business
• Lack in automation of
processes
• No real time process
information
• Limited scaling
capabilities
• IT was limiting factor for
acquisition targets and
mid-term plan
• Much faster credit
processing
• Harmonized and
standardized process
landscape
• Capability to grow
the business
©2013 Software AG. All rights reserved.
16 |
Integration – Harmonizing Complex IT Infrastructure
as a value adding investment
BEFORE AFTER
• Increased IT flexibility
has reduced time to
market for new
products
• Improved reporting
increased service
levels up to 20%
• Enterprise-wide
visibility has
streamlined
communication
Added Value
BEFORE BEFORE
In-house developed
service catalog to
store services
Manage the entire
IT architecture
from one place
©2013 Software AG. All rights reserved.
17 |
• Fraud Detection drives
profit up
• Response times
reduced from 600ms to
less than 100ms
• Cost savings, e.g. for
database clustering
• Currently 4 TB Data in-
memory, growth plans
to 150 TBs+
Big Data - Terracotta @ Work Immediate analysis of large data sets for real-time fraud detection
Database Cluster
Application
BEFORE
Database Cluster
Application
AFTER
Business Logic
Added Value
In-Memory Data
Business Logic
©2013 Software AG. All rights reserved.
18 |
19% 32% 39% 43% 47% 52% 55% 61%
81% 68% 61% 57% 53% 48% 45% 39%
0%
20%
40%
60%
80%
100%
2006 2007 2008 2009 2010 2011 2012 2013e
69 146
209 244 319
385
0
100
200
300
400
500
2006 2007 2008 2009 2010 2011 2012 2013e
447-470
~
338
~
Increasing Product Revenue from the High-Growth BPE Division
BPE Product Revenue in €m
Relative share of product revenue
BPE
BPE
ETS
©2013 Software AG. All rights reserved.
19 |
BPE - Future Growth is driven by New Products
(BPE licenses in €m)
35.7
45.6 50.0
63.5
41.9
0
10
20
30
40
50
60
70
80
90
Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2e 2013 Q3e 2013 Q4e 2013
+19% y-o-y*
*at constant currency rates
©2013 Software AG. All rights reserved.
20 |
0
100
200
300
400
2004 2005 2006 2007 2008 2009 2010 2011 2012
in €m
ETS - Business characteristics ETS - Product revenue development
Enterprise Transaction Systems (ETS):
ADABAS (fastest transactional database)
NATURAL (rapid application development)
Mature market (cash-cow)
Revenue decline, stable margins and strong
recurring cash flow
Cost management focus
Annual maintenance renewal rate: > 90%
(average)
Business Process PLATFORMS
Integration PLATFORMS
Big Data PLATFORMS
Transaction PLATFORMS
Software AG Product Suite – Powering The Digital Enterprise
Enterprise Transaction
Systems (ETS)
©2013 Software AG. All rights reserved.
21 |
Agenda
Executive Summary 4
Product Portfolio 13
Market Positioning 22
Growth Targets 26
Financing 32
Appendix 38
1
3
4
5
6
2
©2013 Software AG. All rights reserved.
22 |
Software AG BPE Suite is Top-Ranked Technology Leader
Application Integration
Business Process Analysis
Enterprise Architecture Tools
Governance, Risk and Compliance
SOA Infrastructure
SOA Governance
Comprehensive Integration Solutions
EA Management Suites
Elastic Caching Platforms
ESB
Integrated SOA Governance
SOA Service Life-cycle Management
©2013 Software AG. All rights reserved.
23 |
IBM 29%
Oracle 8%
Pegasystems 8%
Software AG 7%
Open Text 4%
Tibco 4%
Others 40%
IBM 31%
Oracle 24%
Microsoft 13%
Software AG
11%
Tibco 9%
Others 12%
Business Process Management Suite Enterprise Service Bus Suite
Source: Gartner, Inc., Market Share: All Software Markets, Worldwide, 2012, Colleen Graham et al, March 2013
Market Share in Main Markets: BPM and ESB
©2013 Software AG. All rights reserved.
24 |
Market Trends – Four Forces
©2013 Software AG. All rights reserved.
25 |
Agenda
Executive Summary 4
Product Portfolio 13
Market Positioning 22
Growth Targets 26
Financing 32
Appendix 38
1
3
4
5
6
2
©2013 Software AG. All rights reserved.
26 |
Enterprise Transaction Systems
ETS
• Product revenue in
structural decline
(single digit % p.a.)
• Manage cost to
maintain operating
margin > 50%
Business Process Excellence
• Product revenue:
growth ca.
15-20% p.a.
• > 50% contribution
to group result
BPE
Terracotta/Big Data:
• Product revenue:
growth ca.
50-100% p.a.
• Expand Big Data
offering by Real Time
BI platform
• Increase BPE product
revenue to € 1bn
• Strategic acquisitions
(cash-only; Cloud/
Big Data)
• EPS growth
10-20% p.a.
(2013-2018)
Software AG Group
S H A R E O F P R O D U C T R E V E N U E *
Business Targets 2012 - 2018 (2018, base: 2012)
* According to mid-term business goals
©2013 Software AG. All rights reserved.
27 |
~80%
Enterprise Transaction
Systems (ETS)
New Products (BPE)
• Organic Growth
• Integration Technology
• Business Process Mgt.
• Terracotta / Big Data
• Cloud
• Partner / OEM
• M&A/Innovative Technologies
2012 2018
45%
€1 Billion
20%
80%
2006
55%
~20%
Revenue Targets 2012 - 2018
Product Revenue
©2013 Software AG. All rights reserved.
28 |
Growth Strategy
G R O W T H B A S E D O N T H R E E P I L L A R S
…leveraging technology
leadership in enterprise
infrastructure software
O R G A N I C G R O W T H …
…in key strategic areas:
S E L E C T I V E M & A …
…addressing Mega Trends
for enterprise IT
I N N O VAT I O N …
• Integration
middleware
• Process analysis and
automation
• High performance
data management
• to drive current
offering
• complementary
technology
• Cloud
• Big Data
• Mobile
• Collaboration
©2013 Software AG. All rights reserved.
29 |
Acquisitions Support Technology Leadership
2007
2008
2009
2010
2011 2012 2013
(Integration)
(Business Process)
(Big Data)
(Cloud)
©2013 Software AG. All rights reserved.
30 |
Outlook FY 2013
* Net of currency, delta ** before share -buyback
Product Revenue BPE
Product Revenue ETS 310
€ 1.70 to € 1.80
-9% to -4%*
384 +16% to +22%*
€ 1.90
FY 2012 (in €m)
Outlook FY 2013 (as of Jan. 29, 2013)
EPS**
©2013 Software AG. All rights reserved.
31 |
Agenda
Executive Summary 4
Product Portfolio 13
Market Positioning 22
Growth Targets 26
Financing 32
Appendix 38
1
3
4
5
6
2
©2013 Software AG. All rights reserved.
32 |
Solid Business and Cash Flow generate Growth Opportunities
Acquisition webMethods
(USD 560m)
Acquisition
IDS Scheer AG (€ 480m)
Net Cash Net Debt
n/a
0.88
0.34
1.06
0.53
0.19
n/a
n/a 60.8
49.6
60.9
137.3
271.8
70.3
133.0
182.9
-300 -200 -100 0 100 200 300
Q1 2013
2012
2011
2010
2009
2008
2007
2006
Net debt/EBITDA
€ 480m
$ 560m
©2013 Software AG. All rights reserved.
33 |
Loan-Liquidity Structure (Q1 2013)
Financing
0 100 200 300 400 500
Liquidity
Loans
Software AG Foundation
Bank loan & other
Promissory note
European Investment Bank
Liquidity
423
362
due 2013 et seq.
2014 2018
Net cash € 61m
200 100
in €m
17 45
©2013 Software AG. All rights reserved.
34 |
Promissory Note – Offering / Terms & Conditions
Issuer Software AG, Darmstadt
Format Schuldscheindarlehen
Status Senior, unsecured
Use of proceeds General corporate purposes and financing of external growth
Currency EUR and USD
Volume EUR 150m (demand driven increase is possible)
Minimum Transfer Amount /
Denomination
EUR / USD 500.000,- and multiples thereof
Maturities 2, 3 and 4 years
Interest rate convention Floating: act / 360 adjusted modified following
Fix: actual / actual, unadjusted following
Reoffer spreads 2 years: EUR Mid-Swap / 6-Months-EURIBOR + 80-100 bps
3 years: EUR Mid-Swap / 6-Months-EURIBOR + 95-115 bps
4 years: EUR Mid-Swap / 6-Months-EURIBOR + 105-125 bps
4 years: USD Mid-Swap / 3-Months-US Libor + 135-155 bps
Issue price 100%
Redemption Bullet
Joint Bookrunner / Joint Lead Manager Helaba, HSBC Trinkaus & Burkhardt AG and IKB Deutsche Industriebank AG
Paying Agent / First Lender Helaba
Documentation Schuldscheindarlehen including cross-default, pari-passu, change of
control, asset disposal and negative pledge
ECB eligibility Confirmed (DES000000069986)
Law / Jurisdiction German Law (Frankfurt am Main)
©2013 Software AG. All rights reserved.
35 |
Promissory Note – Timetable
Investor conference call 06.06.2013 at 11:00 CET
Investor presentation, Frankfurt 07.06.2013 at 11:30 CET
Orderbook closing 26.06.2013
Allocation and pricing of the fixed tranches 27.06.2013
First fixing of floating rate tranches -
4 yrs. USD & 2 yrs. EUR
01.07.2013
First fixing of floating rate tranches -
3 yrs. & 4 yrs. EUR
02.07.2013
Settlement/Value date -
4 yrs. USD & 2 yrs. EUR tranches
03.07.2013
Settlement/Value date -
3 yrs. & 4 yrs. EUR tranches
03.07.2013
Amendment of the timetable is possible in coordination with the issuer
©2013 Software AG. All rights reserved.
36 |
Why invest in Software AG?
Key Credit Highlights
• Technology Leadership: ranked as a leader in 15 market categories
• Attractive opportunity – investment in TOP 5 IT vendor in Europe
• High margin business with strong and stable cash flow generation
• Low financial leverage
• Broad geographic and industry diversification
• High level of recurring revenue based on growing maintenance stream
• Strong equity ratio and conservative balance sheet structure
• Excellent track record as borrower (3rd promissory loan after 2009 & 2011)
©2013 Software AG. All rights reserved.
37 |
Agenda
Executive Summary 4
Product Portfolio 13
Market Positioning 22
Growth Targets 26
Financing 32
Appendix 38
1
3
4
5
6
2
©2013 Software AG. All rights reserved.
38 |
Terracotta – Top Ranked in a Growing Market
The Forrester Wave™: Elastic Caching Platforms, Q2 2010
“Terracotta joined the Leaders on the
strength of its topology and runtime
operating features, administration and
management tools, distributed object and
backing database support, and performance
references. (…)”
“Terracotta’s unique network-attached
memory architecture also makes it an easy
fit with a variety of Java development
frameworks.”
©2013 Software AG. All rights reserved.
39 |
Software AG Ranked as a Leader in the
EA Management Suites Market
“Recently, the product received
a facelift, as large investments
integrated the company’s
many offerings and renewed
the product’s ability to tackle
a broader set of EA practices.”
Source: The Forrester Wave™: Enterprise Architecture
Management Suites, Q2 2013, Forrester Research, Inc., April 2,
2013
Latest acquisition /
announced June 3rd 2013
©2013 Software AG. All rights reserved.
40 |
Forrester Wave™: Platform-As-A-Service, ISV Scenario,
Q2 ’11; May 2011 “The Forrester Wave™: Platform-As-
A-Service For Vendor Strategy Professionals, Q2 2011”
LongJump – Acquisition with Top Market Ranking
Key benefits of LongJump include:
• End-User Development: Self-service
development is key to overcoming
resource constraints
• Cloud: Deployment of solutions on
the public or private cloud, on-
premise or within hybrid
environments
• Deployment to any mobile device is
supported with utmost ease, since
applications are automatically
mobile-ready
©2013 Software AG. All rights reserved.
41 |
Historical Financial Data - Key Figures
in €m, IFRS 2008 2009 2010 2011 2012
Product Revenue 539.1 580.5 696.8 673.9 712.2
- License 272.0 269.9 327.4 295.2 318.9
- Maintenance 267.1 310.6 369.4 378.7 393.3
Consulting Revenue,
Services & Other 181.5 266.9 422.7 424.4 335.1
Total Revenue 720.6 847.4 1,119.5 1,098.3 1,047.3
EBIT 180.5 218.2 268.6 269.2 248.3
Net income 115.9 140.8 175.6 177.2 164.7
Dividend 31.5 32.6 37.0 39.9 38.2
Free cashflow 133.4 188.4 217.8 187.7 170.7
Net debt (-)/cash(+) -70.3 -271.8 -167.2 -60.9 +49.7
Shareholders‘ equity 549.1 647.2 769.3 951.5 1,060.1
Employees (FTE) 3,526 6,013 5,644 5,535 5,419
* Dividend proposal for fiscal year 2012 to be announced
©2013 Software AG. All rights reserved.
42 |
Cost Ratios & Profitability - 2011/2012
(in €m)
Total
Revenue
Gross
Profit R&D
Sales & Marketing
Profitability
FY 2012
FY 2011
668.6
-100.8 -246.9
Margin 23.7%
1,098.3
1,047.3
Margin 24.5% 656.2
-88.0
-75.1
10%* 24%*
8%* 21%*
*as % of total revenue
64%*
269.2
248.3
60%*
-230.2
+6.4
-75.8 +2.7
Admin Other
7%*
7%*
(in €m)
©2013 Software AG. All rights reserved.
43 |
(in €m; yoy)
FY
2012
FY
in %
Licenses +8.2 2.7%
Maintenance +12.1 3.2%
Consulting & other +5.0 1.5%
Total +25.3 2.5%
Currency impact on revenue
37% revenue in Euro
63% revenue in foreign currency
Euro 37%
US Dollar 26%
Others 11%
AUD 4%
CAD 4%
ZAR 4%
BRL 4%
GBP 4%
ILS 6%
Currency impact on revenue
©2013 Software AG. All rights reserved.
44 |
Segment report FY 2012
Business Process Excellence
(in €m) FY
2012
FY
2011 Δ%
Licenses 194.7 168.6 +15%
Maintenance 190.0 169.2 +12%
Product Revenue 384.7 337.8 +14%
Other 162.3 190.1 -15%
Total revenue 547.0 527.9 +4%
Cost of sales -163.3 -187.1 -13%
Gross profit 383.7 340.8 +13%
Sales & marketing -150.3 -125.3 +20%
R & D -75.0 -61.3 +22%
Segment result 158.4 154.2 +3%
©2013 Software AG. All rights reserved.
45 |
Segment report FY 2012
Enterprise Transaction Systems
(in €m) FY
2012
FY
2011 Δ%
Licenses 121.3 120.1 +1%
Maintenance 188.3 192.8 -2%
Product Revenue 309.6 312.9 -1%
Other 65.7 68.4 -4%
Total revenue 375.3 381.3 -2%
Cost of sales -70.8 -72.3 -2%
Gross profit 304.5 309.0 -1%
Sales & marketing -64.8 -66.8 -3%
R & D -26.1 -26.4 -1%
Segment result 213.6 215.8 -1%
©2013 Software AG. All rights reserved.
46 |
Segment report FY 2012
Consulting
(in €m) FY
2012
FY
2011 Δ%
External product revenue 17.9 23.2 -23%
Services & Other 107.2 166.0 -35%
Total Revenue 125.1 189.2 -34%
Cost of sales -120.3 -162.3 -31%
Gross profit 4.8 26.9 -82
Sales & marketing -17.7 -25.7 -31
R&D 0 -0.4 -
Segment result -12.9 0.8 -
©2013 Software AG. All rights reserved.
47 |
Result FY 2012
(in €m) FY
2012
FY
2011
Δ%
Total revenue 1,047.3 1,098.3 -5%
Cost of sales -378.4 -442.1 -14%
Gross profit 668.9 656.2 +2%
Margin in % 63.9% 59.7%
R & D -101.1 -88.0 +15%
Sales & marketing -246.9 -230.2 +7%
Administration -75.8 -75.1 +1%
Other income/expense +3.2 +6.3 -
EBIT 248.3 269.2 -8%
Margin in % 23.7% 24.5%
©2013 Software AG. All rights reserved.
48 |
Net income FY 2012
(in €m) FY
2012
FY
2011 Δ%
EBIT 248.3 269.2 -8%
Financial income -8.8 -9.9 -11%
Profit before taxes 239.5 259.3 -8%
Other taxes -8.0 -11.0 -27%
Income taxes -66.8 -71.1 -6%
Tax rate in % 31.2% 31.7%
Net Income 164.7 177.2 -7%
EPS in €* €1.90 €2.05 -7%
* Weighted average shares outstanding (basic) Q1 2013: 85.8m / Q1 2012: 86.8m
©2013 Software AG. All rights reserved.
49 |
Cash flow FY 2012
(in €m) FY
2012
FY
2011 Δ%
Operating cash flow 184.4 198.6 -7%
./. CapEx* -13.7 -10.9
Free cash flow 170.7 187.7 -9%
as % of revenue 16.3% 17.1%
Free cash flow per share 1.97 €2.18 -10%
* Cash flow from investing activities except acquisitions
©2013 Software AG. All rights reserved.
50 |
Balance sheet
Assets Liabilities
Cash and cash
equivalents
Trade receivables
Inventory, other assets
Fixed assets
(goodwill 756.4/
752.2)
Financial liabilities
Other liabilities
Deferred income
Shareholders equity
(ratio 59.8%/56.6%)
Total Total
(in €m)
December 31,
2012
December 31,
2011
December 31,
2012
December 31,
2011
1,771.9
315.7
341.3
75.9
1,039.0
266.0
333.9
111.9
1,060.1
1,680.7
216.5
317.9
77.1
1,069.2
1,680.7
277.4
345.9
105.9
951.5
1,771.9
©2013 Software AG. All rights reserved.
51 |
Financial Calendar 2013*
June 4-5 Bank of America ML, Global Technology Conference
San Francisco, USA
Ivo Totev
Investor Relations
June 20 Berenberg Technology Conference
Paris, France Investor Relations
July 25 Financial figures Q2 2013 and H1 2013
(IFRS, unaudited)
August 28 Commerzbank, Sector Conference
Frankfurt, Germany
Arnd Zinnhardt
Investor Relations
September 10-12 Deutsche Bank, dbAccess Conference
Las Vegas, USA
Investor Relations
September 17-18 UBS Conference
New York, USA
Arnd Zinnhardt
Investor Relations
September 23-25 Berenberg/GoldmanSachs, Unicredit, Baader
Munich, Germany
Investor Relations
October 24 Financial figures Q3 2013
(IFRS, unaudited)
*as of May 28, 2013
©2013 Software AG. All rights reserved.
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Investor Relations
Uhlandstrasse 12
64297 Darmstadt
Germany
phone: +49 (0) 6151 / 92 1900
fax: +49 (0) 6151 / 9234 1900
softwareag.com
e-mail: [email protected]