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THE YEAR AHEAD
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Our success in 2003 is not a one-time, short-term story. SAP does not operate in one-year
cycles; our strategy is for the long-term. The overall economic outlook for 2004 is far more optimistic
and SAP will focus strongly on increasing license revenue, while also continuing our focus
on increasing profitability. We will execute on our strategy of offering an innovative product
portfolio that helps customers identify and capitalize on growth opportunities through better
business processes. We will continue to invest in business solutions for small and midsize
businesses in order to improve our products and their delivery to new market segments. And,
we will continue to invest in research and development, develop future growth areas of our business,
and drive for market-wide adoption of SAP NetWeaver.
SAP has proven that it can outperform the market in both good and bad times.
With the strengths highlighted above, our ongoing commitment to our customers’ success, and
an overall better economic outlook for the year, SAP expects to benefit more than our competition
from the upswing in the economy. Analysts have expressed confidence that SAP will continue
to increase market share regardless of how quickly overall IT investment recovers, and that
the Company will be able to continue to deliver high growth in earnings per share. We agree
with this analysis and look forward to sharing our success with you.
Sincerly,
Henning Kagermann
Chairman and CEO, SAP AG
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