The third quarter marked another strong performance for SAP. We had record third-quarter software revenues, we gained share against our peer group, and we extended our lead in the U.S.

The third quarter marked another strong performance for SAP, ... We had record third-quarter software revenues, we gained share against our peer group and we extended our lead in the U.S.

Looking forward, our overall pipeline is healthy and we expect stronger software sales in the second and third quarters,

2005 was an excellent year for SAP.

Europe was solid as anticipated, and the U.S. exceeded our expectations and we continued to gain market share,

According to the current indications that sales growth in the first quarter will be slightly below our previous year on year rate of 20 to 25 percent, we expect pre-tax profit to fall significantly.