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SAF AG

SAF Consolidated Financial Statements 2006 and Q4/2006 Results

Tägerwilen (euro adhoc) -

–	Sales- and net profit guidance for fiscal year 2006 exceeded –	
Significant sales growth by 84,0 percent to EUR 13,6 million compared
with the prior year –	Net profit at EUR 4,6 million showing a margin 
of 33,8 percent in 2006 –	Further investing to ensure sustainable 
growth –	Well stuffed sales pipeline from direct business for 2007
  ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for
  the content of this announcement.
companies/finances/technology/Consolidated Financial Statements 2006
Taegerwilen/Switzerland, 19 March 2007. SAF
AG which is listed on the Prime Standard of the Frankfurt Stock 
Exchange (ISIN CH0024848738) publishes the figures for the fiscal 
year 2006 and exceeds the guidance.
SAF Exceeds Guidance for 2006 With the publication of the 
consolidated financial statements for 2006 the issued guidance for 
the fiscal year has been exceeded. Sales amounted to EUR 13.6 million
at a consolidated net profit of EUR 4.6 million and a net profit 
margin of 33.8 percent. So the expectations that were once again 
adjusted in November 2006 (sales EUR 13.3 million, net profit 4.0 
million, net profit margin of 30 percent) were exceeded.
Significant Sales Growth of 84 Percent Net Sales developed pleasingly
and increased by 84.0 percent compared to the prior year. The rise 
from EUR 7.4 million in 2005 to 13.6 million (3.9 million in Q4/06) 
was mainly driven by increases in software licence sales, which more 
than doubled in the reporting period with a 114.0 percent growth from
EUR 4.3 million to EUR 9.1 million (2.5 million in Q4/06). This rise 
corresponds with the increased number of licences sold. After twelve 
licence sales in 2005 SAF could sell 25 licences in the reporting 
period. This is in line with the dynamic growth of the market for 
automated replenishment solutions. Especially the US market 
contributed to this development.
Maintenance revenue grew by 107.0 percent from EUR 1.4 million to EUR
2.8 million in 2006 (0.9 million in Q4/06) compared to the prior 
year. They grew on a pro-rata basis aligned with the stock of 
licenses with some time lag.
Revenues from services featuring lower margins decreased by 5.5 
percent from EUR 1.8 million in 2005 to EUR 1.7 million in 2006 (0.5 
million in Q4/06). This decline was characterised by the assignment 
of SAF consultants in major pre-sales projects, which could be 
invoiced only in part to the customer. Accordingly the share of 
services revenues in total sales fell from 24.0 percent in 2005 to 
12.3 percent in 2006.
Costs Rise More Slowly Than Sales Costs were rising at a lower rate 
than sales in line with growing margins. The Company watched the 
development of costs, which was fundamentally driven by personnel 
costs, permanently. Operative costs grew by 76.1 percent, from EUR 
5.3 million to EUR 9.4 million in 2006 (2.7 million in Q4/06).
Profitable Result Driven by the expansion of licence sales, which are
featuring high margins, SAF could achieve significantly better 
results than in the prior year, also above the planned development of
the business.
EBIT could be more than doubled from EUR 2.3 million to EUR 5.0 
million (1.4 million in Q 4/06). This reflects an increase of 112.1 
percent compared to the prior year. The EBIT margin also rose from 
31.8 percent in 2005 by 4.8 percentage points to 36.6 percent in the 
reporting period (36.6 percent in Q 4/06).
Earnings before tax (EBT) also increased in line with the growth in 
EBIT. In 2006 the Company achieved an EBT of EUR 5.3 million (1.6 
million in Q 4/06), compared to EUR 2.3 million in the prior year. 
The EBT margin rose from 31.0 to 39.4 percent (41.4 percent in Q 
4/06). The financial result, which grew from TEUR - 61 in 2005 to 
TEUR 369, contributed to the improved EBT.
Due to the relatively low effective tax rate of 11.2 percent at the 
Company’s headquarter in Switzerland, consolidated net profit has 
increased in line with the strong growth of EBIT and EBT. For 2006 a 
total effective tax rate, which includes deferred taxes, of 14.2 
percent arose. In 2006 a net profit of EUR 4.6 million (1.4 million 
in Q4/06) was achieved compared to the prior year result of EUR 2.0 
million. Compared to the prior year net profit was more than doubled 
with an increase of 129.1 percent. The net profit margin improved as 
well from 27.2 percent in 2005 by 6.6 percentage points to 33.8 
percent (35.1 percent in Q 4/06) in the reporting period.
Successful Direct Business fills Sales Pipeline for 2007 SAF 
succeeded in taking a big step forward towards internationalisation. 
At the end of the fiscal year 2006 SAF managed to close two new 
customers from Michigan, USA and from the Asia-Pacific area. License 
revenue resulting from those contracts will enable a good start into 
2007.
Investing for Further Growth To realize the growth targets 
sustainably SAF will have to invest further - in particular in 
increase of personnel. SAF focuses on the enhancement of the direct 
sales business especially in the biggest and most important U.S. 
market as well as in Europe. The capacities for software development 
will primarily be augmented by growth of the Slovak subsidiary, the 
own research & development and also by acquisitions. So SAF can 
address new topics like artificial intelligence and other 
innovations. Furthermore, new approaches to process optimization on 
the basis of forecasting solutions shall be offered to the consumer 
goods and automotive industry.
Outlook Due to a significant share of high margin license sales in 
total sales, SAF traditionally achieves higher-than-industry-average 
net profit margins. High amounts invested in new personnel and 
re-search & development in the reporting period as well as in 2007 
enable further sustainable growth of sales and results. While 
profitability is expected to remain on a high level the Company 
assumes that net profit growth will be aligned slightly under 
proportionally to sales growth. At end of May SAF expects to give 
guidance for the fiscal year 2007 with the announcement of the first 
quarter results of 2007.
About SAF AG SAF Simulation, Analysis and Forecasting AG specializes 
in the development of automated ordering and forecasting software for
retailers and industrial manufacturers. SAF deploys the demand chain 
management approach, which controls replenishment planning based on 
consumer demand patterns. SAF software assists users to realize 
substantial cost savings and optimizes general logistics conditions 
through its simulation capabilities. As a result, significant 
competitive advantages are achieved along the entire value chain: 
lower inventories, improved product availability, and last, but not 
least, a higher level of customer satisfaction.
SAF AG was established in 1996 by Dr. Andreas von Beringe and Prof. 
Dr. Gerhard Arminger. Today, the company employs approx. 80 people. 
Consolidated sales revenues for fiscal year 2006, were approx. 13.6 
million EUR with consolidated profit of 4.6 million EUR according to 
IFRS statements. SAF’s products are distributed in many European 
countries as well as in the United States. The company is 
headquartered in Tägerwilen, Switzerland. SAF also has a subsidiary 
in the United States: SAF USA, Inc., Grapevine, Texas and in 
Slovakia, Bratislava: SAF Simulation, Analysis and Forecasting 
Slovakia s.r.o. with the focus on Nearshore-Development.
Note The complete annual financial statements of 2006 as well as 
financial tables are digitally available under: www.saf-ag.com: 
Please click on "Investor Relations" or call +41 (0)71 666 79 48. The
annual report including the management report and the image section 
will presumably be available in .pdf format as of mid April 2007.
Forward Looking Statements and Estimates This information contains 
forward looking statements based on assumptions and estimates of 
SAF's Management Board. Although we assume the expectations in these 
forward looking statements are realistic, we cannot guarantee they 
will prove to be correct. The assumptions may harbor risks and 
uncertainties that may cause the actual figures to differ 
considerably from the forward looking statements. Factors that may 
cause such discrepancies include, among other things, risks that are 
mentioned in the Offering Memorandum. SAF does not plan to update the
forward looking statements, nor does it assume the obligation to do 
so.
end of announcement                               euro adhoc 19.03.2007 06:55:52

Further inquiry note:

Astrid Strömer
+41 (0)71 666 79 48
astrid.stroemer@saf-ag.com

Branche: Software
ISIN: CH0024848738
WKN: A0JD78
Index: Technologie All Share, Prime All Share
Börsen: Frankfurter Wertpapierbörse / official dealing/prime standard
Börse Berlin-Bremen / free trade
Baden-Württembergische Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Bayerische Börse / free trade

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