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Technology Stocks : SAP A.G. -- Ignore unavailable to you. Want to Upgrade?

To: William Hsu who wrote (882)	5/9/1998 10:53:00 AM
From: Ibexx	Read Replies (1) \| Respond to of 3424

Because of the differences in accounting practices, SAP is currently traded (in the US) on BB-OTC. By August 1998, the appropriate books will be prepared according to SEC rules governing NYSE/ADR, thus SAP will be ready for the big board. Ibexx

To: William Hsu who wrote (882)	5/10/1998 4:56:00 AM
From: Holger Johannsen	Read Replies (1) \| Respond to of 3424

William, in general you are correct that German accounting (HGB) is more conservative than US GAAP and thus we could see a rise in profit just from the change of accounting method. But in a recent report from Lehman they indicated that 1998 US GAAP profit will be 5-6% below HGB due largely to revenue recognition issues. US GAAP, particularly under SOP 97-02 directive will push revenue recognition out and increase deferred revenues. As such, the PE for SAP will appear higher in Dollar terms than it is today. SAP will provide US GAAP numbers for 1996 and 97 at the end of May or early June. Holger