Proceeds from sales of available-for-sale securities in 2004 were €67.7 million (2003: €4.1 million; 2002: €0.7 million). Gross gains realized from sales of available-for-sale securities in 2004 were €13.7 million (2003: €2.2 million; 2002: €0.7 million). Gross losses realized from sales of available-for-sale securities are not material for the periods presented.

Equity Method Investments
As described in Note 10, SAP recorded a loss of €389,630 thousand in 2002 due to an other-than-temporary impairment charge and equity method losses attributable to the investment in Commerce One. The market value and the carrying value of the Company’s investment in Commerce One as of December 31, 2004, were €0.7 million (based on the quoted share price of US$0.17) and €0, respectively, and as of December 31, 2003, were €5.9 million (based on the quoted share price of US$1.27) and €0, respectively. Because Commerce One had no effect on the Company’s Consolidated Statements of Income in 2004 and 2003, summarized consolidated financial information has not been provided for Commerce One for the years ended December 31, 2004 and 2003, respectively. The following table presents summarized consolidated financial information for Commerce One for the year ended December 31, 2002.