EXHIBIT 99.2

BUSINESS OBJECTS S.A.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per ordinary share and ADS data)

	Three Months Ended						Year Ended
	December 31,						December 31,
	2005			2004			2005			2004
	(unaudited)						(unaudited)
Revenues:
Net license fees	$	155,320		$	135,993		$	515,637		$	473,373
Services		149,266			130,695			561,514			452,258
Total revenues		304,586			266,688			1,077,151			925,631
Cost of revenues:
Net license fees		8,129			7,502			29,715			28,272
Services		57,610			46,589			216,626			172,133
Total cost of revenues		65,739			54,091			246,341			200,405
Gross margin		238,847			212,597			830,810			725,226
Operating expenses:
Sales and marketing		122,301			113,801			434,432			406,796
Research and development		42,574			38,979			166,124			150,562
General and administrative		27,932			21,635			97,910			83,947
Restructuring costs		298			677			150			2,169
Total operating expenses		193,105			175,092			698,616			643,474
Income from operations		45,742			37,505			132,194			81,752
Interest and other income (expense), net		3,831			(1,550	)		14,304			(4,220	)
Income before provision for income taxes		49,573			35,955			146,498			77,532
Provision for income taxes		(14,660	)		(14,609	)		(53,873	)		(30,409	)
Net income	$	34,913		$	21,346		$	92,625		$	47,123
Basic net income per ordinary share and ADS	$	0.38		$	0.24		$	1.02		$	0.53
Diluted net income per ordinary share and ADS	$	0.37		$	0.24		$	1.00		$	0.52
Ordinary shares and ADSs used in computing basic net income per ordinary share and ADS		91,588			88,769			90,405			88,748
Ordinary shares and ADSs and equivalents used in computing diluted net income per ordinary share and ADS		95,086			90,390			93,036			91,077

Business Objects Reports Fourth Quarter 2005 Results

BUSINESS OBJECTS S.A.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except nominal value per ordinary share)

	December 31, 2005			December 31, 2004
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	332,777		$	293,485
Restricted cash		22,157			7,089
Short-term investments		4,651			3,831
Accounts receivable, net		265,672			248,957
Prepaid and other current assets		74,485			54,903
Total current assets		699,742			608,265
Goodwill		1,166,043			1,067,694
Other intangible assets, net		110,512			124,599
Property and equipment, net		74,116			64,053
Deposits and other assets		52,087			51,363
Long-term restricted cash		20,858			6,954
Total assets	$	2,123,358		$	1,922,928
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	45,777		$	40,939
Accrued payroll and related expenses		83,332			84,918
Income taxes payable		79,820			85,000
Deferred revenues		201,788			194,366
Other current liabilities		72,098			83,544
Escrows payable		21,728			6,654
Total current liabilities		504,543			495,421
Long-term escrows payable		10,902			—
Other long-term liabilities		11,724			14,047
Long-term deferred revenues		6,734			6,316
Total liabilities		533,903			515,784
Shareholders’ equity
Ordinary shares, Euro 0.10 nominal value		10,359			10,312
Additional paid-in capital		1,217,473			1,167,336
Treasury and Business Objects Option LLC shares		(3,223	)		(53,335	)
Retained earnings		342,345			249,720
Unearned compensation		(12,243	)		(8,079	)
Accumulated other comprehensive income		34,744			41,190
Total shareholders’ equity		1,589,455			1,407,144
Total liabilities and shareholders’ equity	$	2,123,358		$	1,922,928

Page 2

Business Objects Reports Fourth Quarter 2005 Results

BUSINESS OBJECTS S.A.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

	Year Ended
	December 31,
	2005			2004
	(unaudited)
Operating activities:
Net income	$	92,625		$	47,123
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment		31,691			32,493
Amortization of other intangible assets		32,851			30,780
Stock-based compensation expense		6,942			6,687
Acquired in-process research and development		3,584			—
Loss on retirements of property and equipment		972			—
Deferred income taxes		(5,786	)		14,708
Tax benefit from employee stock plans		8,510			8,812
Changes in operating assets and liabilities:
Accounts receivable, net		(26,296	)		(51,809	)
Prepaid and other current assets		(15,684	)		(15,042	)
Deposits and other assets		14,181			(30,777	)
Accounts payable		6,596			(8,660	)
Accrued payroll and related expenses		319			(7,090	)
Income taxes payable		4,335			(9,948	)
Deferred revenues		17,288			58,186
Other liabilities		(8,655	)		13,177
Short-term investments classified as trading		(820	)		(499	)
Net cash provided by operating activities		162,653			88,141
Investing activities:
Purchases of property and equipment		(41,079	)		(30,273	)
Business acquisitions, net of acquired cash		(128,814	)		(279	)
Net cash used in investing activities		(169,893	)		(30,552	)
Financing activities:
Issuance of shares		53,113			40,586
Purchase of treasury shares		—			(40,231	)
Increase in escrows payable		25,976			—
Transfer of cash (to) from restricted cash accounts		(28,972	)		5,200
Payments on escrows payable		—			(3,074	)
Net cash provided by financing activities		50,117			2,481
Effect of foreign exchange rate changes on cash and cash equivalents		(3,585	)		(1,965	)
Net increase in cash and cash equivalents		39,292			58,105
Cash and cash equivalents, beginning of the period		293,485			235,380
Cash and cash equivalents, end of the period	$	332,777		$	293,485

Page 3