This morning Software AG pre-announced FY15 results above expectations thanks to an outstanding Q4 in licence sales for the DBP (Digital Business Platform) division, while sales in the A&N (Adabas & Natural) division, and Services, were in line with our forecasts. The strong DBP licence sales and cost control boosted the non-IFRS operating margin to 29.7%, while we expected 29.1%. FY16 company guidance is positive, with DBP growth expected to accelerate as the transformation of the sales approach bears fruit, A&N to erode moderately in view of solid customer retention, and the non-IFRS operating margin to exceed all hopes at 30-31%. We expect the share price to react positively.
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