SAP has claimed it is on course for its Nasdaq stock exchange listing by the end of next year after releasing its mid-year figures.
But, while the application supplier?s second quarter revenues increased 52 per cent to 1.4 billion DM ($760 million), helped by the Deutsche Mark?s weakness on foreign markets and buoyant international sales, analysts warned that favourable exchange rates had improved the results, masking a 50 per cent increase in costs to 1 billion DM.
For example, the company has increased worldwide headcount by 43 per cent to 11,084 between 30 June 1996 and 1997 ?to keep pace with vigorous growth?.
It did warn of a possible slowdown in this vigorous growth during the second half of the year ?due to last year?s high baseline figures?, however, although it expects 1997 to exceed the 25-30 per cent growth rates previously forecast.
SAP also announced that it intends to offer stock options to all of its eligible employees and management on flotation of its stock on Nasdaq, but will have to wait until the necessary legal changes take place in Germany.
This flotation is unlikely to occur before the end of next year, but Hasso Platner has now been appointed to share the task of speaking on behalf of SAP?s executive board with Dietmar Hopp, chief executive. The aim is to focus on further international exansion, which would boost the firm?s share price listing when it goes public.
SAP turned in pre-tax profits of 401 million DM for its second fiscal quarter compared with $257 million DM in the year ago period.
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