DEAR SHAREHOLDERS,
2004 was another successful year for SAP, despite the formidable headwinds with which we had to contend. Consolidation
in our industry continued to unsettle customers, and currencies that affect us, notably the U.S. dollar, continued to slip against
the euro. Undeterred, we improved our software license revenues by 10%, equating to a 13% rise at constant currencies.
We recruited in every region and invested significantly in developing innovative products – creating sustainable value for our customers and shareholders.
The Executive Board cooperated and consulted fully with the Supervisory Board, so the Supervisory Board was able, in discharging its duty of scrutiny, to play a constructive role in advancing the Company’s strategy. As in previous years, the focus of the Supervisory and Executive Boards’ work together was SAP’s success in business. The Supervisory Board received regular and timely reports from the Executive Board on all material matters concerning the management of the Company, notably the current state of operations and key management actions, as well as potential risks to the business. The relationship between the two Boards is characterized by mutual support and frankness. In particular, the Executive Board made sure that between Supervisory Board meetings the Chairperson of the Supervisory Board was regularly notified of any events that were of significance for SAP’s progress.
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