After the close of stock exchange business yesterday , December 20, 2006, SAP AG shareholders received three additional shares (“bonus” shares) for each share they already hold. Today, SAP AG shares opened at Euro 39.60. Total shareholders’ equity was not affected since this measure simply involved a shift between individual components of shareholders’ equity. The subscribed capital rose from approximately Euro 316.9 million to approximately Euro 1,267 million, and SAP AG issued some 950 million new shares. The new shares qualify for dividend with effect from the beginning of fiscal year 2006. As a result of the change in share capital, the ratio between the ADR and the underlying ordinary shares changed from 4:1 to 1:1, meaning that now one SAP ADR is the equivalent of one SAP ordinary share. ADR holders did not receive additional ADRs.
SAP Successfully Implemented Change in Share Capital