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Dear Shareholders, Customers, Partners, and Colleagues,
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At the beginning of 2003, SAP, like many of our customers, was uncertain about the
economic and political situation. Our strategic goals were therefore to significantly
improve earnings per share and increase SAP’s market share, despite forecasts of a stagnant
market. We executed well on this strategy and, despite the currency impact of a strong
euro, were able to exceed guidance by reporting record operating income, earnings per
share, and margin growth. Our gains in market share, measured against our four major
peers, was also greater than ever before. The SAP share price increased 76% over the
year and outperformed the German DAX by 39 percentage points, and the Goldman Sachs
Software Index by 26 percentage points.
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