SAP Hits Increased 2016 Guidance - Raises 2020 Targets
- New Cloud Bookings Soar 40% in Q4; Cloud Backlog Surges 47% to €5.4 Billion at Year-End
- Full Year Cloud Subscription and Support Revenue Up 31% to €2.99 Billion (IFRS) and Up 31% to €3.01 Billion (Non-IFRS at Constant Currencies)
- Full Year Cloud and Software Revenue Up 7% (IFRS) and Up 8% (Non-IFRS at Constant Currencies)
- Full Year Operating Profit Up 20% to €5.12 Billion (IFRS) and Up 4% to €6.60 Billion (Non-IFRS at Constant Currencies)
- Full Year EPS Up 18% to €3.03 (IFRS) and Up 3% to €3.89 (Non-IFRS)
- Targeting More Than 2.6x in Cloud to Reach up to €29 Billion Total Revenue in 2020
WALLDORF, Germany, Jan. 24, 2017 /PRNewswire/ -- SAP SE (NYSE: SAP) today announced its financial results for the fourth quarter and twelve months ended December 31, 2016.
"SAP's outstanding 2016 performance is the latest in our seven year run of profitable growth. We expanded our addressable market, acquired best in class assets and innovated a new generation of ERP with SAP S/4HANA. We are the leader in the business software industry with a consistent trifecta of strong software sales, fast cloud growth and operating income expansion. Our innovation agenda is accelerating in Machine Learning, the Internet of Things and Blockchain. SAP is winning big and we have enormous confidence in our accelerated 2020 ambition!" - Bill McDermott, CEO
"SAP is consistently delivering on its promise and achieved all raised guidance metrics for the full year. Furthermore, operating cash flow was strong with a 27% increase in 2016. New cloud bookings growth of 40% for the fourth quarter was exceptional. Our strong backlog paired with our robust pipeline position us for yet another year of profitable growth in 2017 and allow us to confidently raise our high level 2020 ambition." - Luka Mucic, CFO
Business Highlights
Financial Highlights
Full Year 2016
For the full year 2016, cloud and software revenue grew by 7% (IFRS) or 8% (non-IFRS at constant currencies), above the midpoint of the full year outlook raised in October (6.5% to 8.5% growth non-IFRS at constant currencies). Cloud subscriptions and support revenue was €2.99 billion (IFRS) or €3.01 billion (non-IFRS at constant currencies), achieving the full year outlook raised in October (€3.00 to €3.05 billion non-IFRS at constant currencies). New cloud bookings1, the key measure for SAP's sales success in the cloud, increased 31% in the full year to €1.15 billion. Cloud subscriptions and support backlog2 increased 47%, reaching €5.4 billion at year-end. New cloud bookings and cloud backlog are SAP's lead indicators for continued strong cloud growth.
For the full year, operating profit was €5.12 billion (IFRS) or €6.60 billion (non-IFRS at constant currencies), achieving the full year outlook raised in October (€6.5 to €6.7 billion non-IFRS at constant currencies). Earnings per share increased 18% to €3.03 (IFRS) and 3% to €3.89 (non-IFRS).
SAP's rapidly expanding cloud business together with solid growth in support revenue continued to drive the share of more predictable revenue. The total of cloud subscriptions & support revenue and software support revenue exceeded 61% of total revenue for the full year 2016, up 2 percentage points.
For the twelve months ended December 31, operating cash flow was €4.63 billion (2015: €3.64 billion), an increase of 27% year-over-year, and free cash flow increased 21% year-over-year to €3.63 billion (2015: €3.00 billion).
Fourth Quarter 2016
For the fourth quarter, cloud and software revenue grew 7% (IFRS) year-over-year or 6% (non-IFRS at constant currencies). SAP continues to outpace its main competitor in cloud and software revenue growth. Cloud subscriptions and support revenue grew 31% year-over-year to €827 million (IFRS) or 29% (non-IFRS at constant currencies). New cloud bookings were up 40% in the fourth quarter and reached €483 million.
For the fourth quarter, operating profit was up 14% year-over-year to €1.94 billion (IFRS) or 2% (non-IFRS at constant currencies). Earnings per share increased 18% year-over-year to €1.26 (IFRS) and 9% to €1.52 (non-IFRS).
SAP S/4HANA
S/4HANA adoption doubled year over year to more than 5,400 customers. In the fourth quarter approximately 1,300 additional customers signed up of which approximately 30% are net new SAP customers. Running a live business on a massively simplified architecture is becoming a commercial imperative for more and more customers in the new digital economy. Nike and Ameco Beijing selected S/4HANA in the fourth quarter.
SAP Cloud Platform
The SAP Cloud Platform allows customers to extend functionalities, build new fast-paced applications with rapid development tools, and integrate across applications and deployment models. The SAP Cloud Platform is instrumental in the Internet of Things (IoT) revolution by connecting a rapidly growing number of intelligent devices and machines with people and processes to achieve superior business outcomes. Burger King Brazil selected SAP Cloud Platform to analyze sales in real time to improve marketing strategies, manage store performance, and improve the customer experience through the Internet of Things, Gamification, and mobility.
Human Capital Management
SAP continues to gain traction with its cloud-based Human Capital Management solutions. SAP delivers total workforce management solutions globally across permanent and contingent labor. SAP is infusing intelligent services like automated matching of resumes to open positions and machine learning to root out bias in the workplace while promoting diversity and inclusion. Forrester recently named SAP SuccessFactors as a long-time worldwide leader for Learning and Performance Management. The customer count for SAP SuccessFactors Employee Central, which is the core of our Human Capital Management offerings, exceeded 1,580 at the end of the fourth quarter. Companies like Mercedes-AMG and Valentino purchased SAP's workforce management solutions in the fourth quarter.
Customer Engagement and Commerce
SAP seamlessly combines customer engagement and commerce (CEC) for an increasingly omni-channel world. Our hybris solution serves both B2C and B2B across a wide range of industries, including retail, telco, financial services, public sector, and manufacturing. SAP is unique because it also enables businesses to connect the front and back office in real-time and fulfill ecommerce in one end-to-end value chain. CEC saw strong double-digit year-over-year new cloud bookings and cloud subscriptions and support revenue growth in the fourth quarter. Brooks Brothers selected SAP's customer engagement and commerce solutions in the fourth quarter.
Business Networks
SAP is helping customers of all sizes embrace an increasingly interdependent world. Each of SAP's business network solutions connects a large ecosystem of customers, suppliers and partners. These network solutions are highly synergistic to SAP's other offerings. Cloud subscriptions and support revenue in the SAP Business Network segment was up 19% at constant currencies in the full year 2016.
Over the past 12 months, approximately 2.5 million connected companies trade over $885 billion of commerce on the SAP Ariba network, growing its commerce volume close to 20% year-over-year. More than 45 million end users process travel and expenses effortlessly with Concur and customers managed over 3.1 million flexible workers in approximately 135 countries with SAP Fieldglass.
Regional Revenue Performance in the Fourth Quarter 2016
The Company had a strong performance in the EMEA region, with an increase in cloud and software revenue of 9% (IFRS) and 10% (non-IFRS at constant currencies). Cloud subscriptions and support revenue grew 35% (IFRS) and 37% (non-IFRS at constant currencies). In EMEA, SAP had double-digit software licenses revenue growth in Germany and the UK.
In the Americas region, the Company grew cloud and software revenue by 5% (IFRS) and 2% (non-IFRS at constant currencies) and cloud subscriptions and support revenue by 27% (IFRS) and 24% (non-IFRS at constant currencies). In Latin America, SAP had strong double-digit growth in software licenses revenue in Mexico.
In the APJ region cloud and software revenue was up 9% (IFRS) and 5% (non-IFRS at constant currencies), with cloud subscriptions and support revenue growing by 54% (IFRS) and 48% (non-IFRS at constant currencies). In APJ, SAP had double-digit software licenses revenue growth in China, India and Japan.
Financial Results at a Glance
| Fourth Quarter 20161) |
|||||||
| IFRS |
Non-IFRS2) |
||||||
| € million, unless otherwise stated |
Q4 2016 |
Q4 2015 |
∆ in % |
Q4 2016 |
Q4 2015 |
∆ in % |
∆ in % |
| New Cloud Bookings3) |
N/A |
N/A |
N/A |
483 |
344 |
40 |
37 |
| Cloud subscriptions and support |
827 |
631 |
31 |
827 |
632 |
31 |
29 |
| Software licenses and support |
4,933 |
4,745 |
4 |
4,934 |
4,745 |
4 |
3 |
| Cloud and software |
5,760 |
5,377 |
7 |
5,761 |
5,378 |
7 |
6 |
| Total revenue |
6,724 |
6,342 |
6 |
6,724 |
6,343 |
6 |
5 |
| Share of predictable revenue (in %) |
53 |
51 |
2pp |
53 |
51 |
2pp |
|
| Operating profit |
1,936 |
1,700 |
14 |
2,371 |
2,282 |
4 |
2 |
| Profit after tax |
1,510 |
1,278 |
18 |
1,818 |
1,670 |
9 |
|
| Basic earnings per share (€) |
1.26 |
1.07 |
18 |
1.52 |
1.40 |
9 |
|
| Number of employees (FTE) |
84,183 |
76,986 |
9 |
N/A |
N/A |
N/A |
N/A |
| Full Year 20161) |
|||||||
| IFRS |
Non-IFRS2) |
||||||
| € million, unless otherwise stated |
Q1–Q4 2016 |
Q1–Q4 2015 |
∆ in % |
Q1–Q4 2016 |
Q1–Q4 2015 |
∆ in % |
∆ in % |
| New Cloud Bookings3) |
N/A |
N/A |
N/A |
1,147 |
874 |
31 |
31 |
| Cloud subscriptions and support |
2,993 |
2,286 |
31 |
2,995 |
2,296 |
30 |
31 |
| Software licenses and support |
15,431 |
14,928 |
3 |
15,434 |
14,930 |
3 |
4 |
| Cloud and software |
18,424 |
17,214 |
7 |
18,428 |
17,226 |
7 |
8 |
| Total revenue |
22,062 |
20,793 |
6 |
22,067 |
20,805 |
6 |
7 |
| Share of predictable revenue (in %) |
61 |
60 |
2pp |
61 |
60 |
2pp |
|
| Operating profit |
5,121 |
4,252 |
20 |
6,629 |
6,348 |
4 |
4 |
| Profit after tax |
3,618 |
3,056 |
18 |
4,650 |
4,501 |
3 |
|
| Basic earnings per share (€) |
3.03 |
2.56 |
18 |
3.89 |
3.77 |
3 |
|
| Number of employees (FTE) |
84,183 |
76,986 |
9 |
N/A |
N/A |
N/A |
N/A |
| 1) All figures are unaudited. |
| 2) For a detailed description of SAP's non-IFRS measures see Explanation of Non-IFRS Measures online. For a breakdown of the individual adjustments see page 18 in this Quarterly Statement. |
| 3) As this is an order entry metric, there is no IFRS equivalent. |
| Due to rounding, numbers may not add up precisely. |
Business Outlook 2017
The Company is providing the following 2017 outlook:
- Based on the continued strong momentum in SAP's cloud business the Company expects full year 2017 non-IFRS cloud subscriptions and support revenue to be in a range of €3.8 billion − €4.0 billion at constant currencies (2016: €2.99 billion), in line with the previous 2017 ambition which was raised at the beginning of 2016. The upper end of this range represents a growth rate of 34% at constant currencies.
- The Company expects full year 2017 non-IFRS cloud & software revenue to increase by 6% − 8% at constant currencies (2016: €18.43 billion).
- The Company expects full year 2017 non-IFRS total revenue in a range of €23.2 billion to €23.6 billion at constant currencies (2016: €22.07 billion). This is above the previous 2017 ambition which was raised at the beginning of 2016.
- The Company expects full-year 2017 non-IFRS operating profit to be in a range of €6.8 billion − €7.0 billion at constant currencies (2016: €6.63 billion). This is above the previous 2017 ambition which was raised at the beginning of 2016.
While the Company's full-year 2017 business outlook is at constant currencies, actual currency reported figures are expected to be impacted by currency exchange rate fluctuations as we progress through the year. The 2017 business outlook at constant currencies replaces the formerly communicated 2017 ambition which was at actual currencies.
Ambition 2020
Looking beyond 2017, SAP is also raising its 2020 ambition to reflect the Company's consistent fast growth in the cloud, solid software momentum and operating profit expansion as well as the exchange rate development. Assuming an exchange rate environment comparable to 2016 SAP strives to reach the following in 2020:
- €8.0 − €8.5 billion non-IFRS cloud subscriptions and support revenue (previously €7.5 − €8.0 billion)
- €28 − €29 billion non-IFRS total revenue (previously €26 − €28 billion)
- €8.5 − €9.0 billion non-IFRS operating profit (previously €8 − €9 billion)
SAP continues to expect the share of more predictable revenue (defined as the total of cloud subscriptions & support revenue and software support revenue) to reach 70% − 75% in 2020.
SAP will discuss the key drivers behind the long term growth aspirations at the Company's Capital Markets Day in New York on February 9th, 2017.
| Financial and Non-Financial Key Facts |
||||||||||
| € millions, unless otherwise stated |
Q1 2015 |
Q2 2015 |
Q3 2015 |
Q4 2015 |
TY 2015 |
Q1 2016 |
Q2 2016 |
Q3 2016 |
Q4 2016 |
TY 2016 |
| Revenues |
||||||||||
| Cloud subscriptions and support (IFRS) |
503 |
552 |
599 |
631 |
2,286 |
677 |
720 |
769 |
827 |
2,993 |
| Cloud subscriptions and support (non-IFRS) |
509 |
555 |
600 |
632 |
2,296 |
678 |
721 |
769 |
827 |
2,995 |
| % change – yoy |
131 |
129 |
116 |
76 |
109 |
33 |
30 |
28 |
31 |
30 |
| % change constant currency – yoy |
95 |
92 |
90 |
60 |
82 |
33 |
33 |
29 |
29 |
31 |
| Software licenses (IFRS) |
696 |
979 |
1,014 |
2,146 |
4,835 |
609 |
1,040 |
1,034 |
2,177 |
4,860 |
| Software licenses (non-IFRS) |
696 |
979 |
1,015 |
2,146 |
4,836 |
609 |
1,042 |
1,034 |
2,177 |
4,862 |
| % change – yoy |
12 |
2 |
7 |
15 |
10 |
–13 |
6 |
2 |
1 |
1 |
| % change constant currency – yoy |
1 |
–7 |
4 |
11 |
4 |
–10 |
10 |
2 |
0 |
1 |
| Software support (IFRS) |
2,454 |
2,531 |
2,509 |
2,600 |
10,093 |
2,564 |
2,598 |
2,653 |
2,756 |
10,571 |
| Software support (non-IFRS) |
2,454 |
2,531 |
2,509 |
2,600 |
10,094 |
2,564 |
2,598 |
2,653 |
2,756 |
10,572 |
| % change – yoy |
17 |
17 |
12 |
11 |
14 |
5 |
3 |
6 |
6 |
5 |
| % change constant currency – yoy |
7 |
7 |
6 |
6 |
7 |
5 |
6 |
6 |
5 |
6 |
| Software licenses and support (IFRS) |
3,150 |
3,510 |
3,523 |
4,745 |
14,928 |
3,172 |
3,639 |
3,686 |
4,933 |
15,431 |
| Software licenses and support (non-IFRS) |
3,150 |
3,510 |
3,524 |
4,745 |
14,930 |
3,173 |
3,640 |
3,687 |
4,934 |
15,434 |
| % change – yoy |
16 |
13 |
11 |
13 |
13 |
1 |
4 |
5 |
4 |
3 |
| % change constant currency – yoy |
5 |
3 |
6 |
9 |
6 |
2 |
7 |
5 |
3 |
4 |
| Cloud and software (IFRS) |
3,653 |
4,062 |
4,122 |
5,377 |
17,214 |
3,850 |
4,359 |
4,455 |
5,760 |
18,424 |
| Cloud and software (non-IFRS) |
3,659 |
4,065 |
4,124 |
5,378 |
17,226 |
3,851 |
4,361 |
4,456 |
5,761 |
18,428 |
| % change – yoy |
24 |
21 |
19 |
18 |
20 |
5 |
7 |
8 |
7 |
7 |
| % change constant currency – yoy |
12 |
9 |
12 |
13 |
12 |
6 |
11 |
9 |
6 |
8 |
| Total revenue (IFRS) |
4,497 |
4,970 |
4,985 |
6,342 |
20,793 |
4,727 |
5,237 |
5,375 |
6,724 |
22,062 |
| Total revenue (non-IFRS) |
4,502 |
4,972 |
4,987 |
6,343 |
20,805 |
4,728 |
5,239 |
5,375 |
6,724 |
22,067 |
| % change – yoy |
22 |
20 |
17 |
16 |
18 |
5 |
5 |
8 |
6 |
6 |
| % change constant currency – yoy |
10 |
8 |
10 |
11 |
10 |
6 |
9 |
8 |
5 |
7 |
| Share of predictable revenue (IFRS, in %) |
66 |
62 |
62 |
51 |
60 |
69 |
63 |
64 |
53 |
61 |
| Share of predictable revenue (non-IFRS, in %) |
66 |
62 |
62 |
51 |
60 |
69 |
63 |
64 |
53 |
61 |
| Profits |
||||||||||
| Operating profit (IFRS) |
638 |
701 |
1,214 |
1,700 |
4,252 |
813 |
1,269 |
1,103 |
1,936 |
5,121 |
| Operating profit (non-IFRS) |
1,056 |
1,394 |
1,616 |
2,282 |
6,348 |
1,104 |
1,516 |
1,638 |
2,371 |
6,629 |
| % change |
15 |
13 |
19 |
7 |
13 |
5 |
9 |
1 |
4 |
4 |
| % change constant currency |
–2 |
1 |
15 |
3 |
5 |
4 |
11 |
1 |
2 |
4 |
| Profit after tax (IFRS) |
413 |
469 |
895 |
1,278 |
3,056 |
570 |
813 |
725 |
1,510 |
3,618 |
| Profit after tax (non-IFRS) |
697 |
960 |
1,173 |
1,670 |
4,501 |
763 |
979 |
1,089 |
1,818 |
4,650 |
| % change |
5 |
2 |
16 |
6 |
8 |
9 |
2 |
–7 |
9 |
3 |
| Margins |
||||||||||
| Cloud subscriptions and support gross margin (IFRS, in %) |
55.3 |
56.5 |
57.9 |
51.8 |
55.3 |
57.5 |
57.0 |
56.7 |
55.2 |
56.5 |
| Cloud subscriptions and support gross margin (non-IFRS, in %) |
65.1 |
65.7 |
68.8 |
63.0 |
65.6 |
66.3 |
65.2 |
64.9 |
63.1 |
64.8 |
| Software and support gross margin (IFRS, in %) |
82.8 |
84.0 |
85.0 |
86.1 |
84.7 |
84.2 |
86.1 |
85.4 |
87.1 |
85.9 |
| Software and support gross margin (non-IFRS, in %) |
85.1 |
86.1 |
86.7 |
87.7 |
86.6 |
85.9 |
87.4 |
87.4 |
88.5 |
87.4 |
| Cloud and software gross margin (IFRS, in %) |
79.0 |
80.3 |
81.1 |
82.1 |
80.8 |
79.5 |
81.3 |
80.5 |
82.5 |
81.1 |
| Cloud and software gross margin (non-IFRS, in %) |
82.3 |
83.3 |
84.1 |
84.8 |
83.8 |
82.4 |
83.7 |
83.5 |
84.8 |
83.7 |
| Gross margin (IFRS, in %) |
66.8 |
69.0 |
70.7 |
72.4 |
70.0 |
67.0 |
70.4 |
69.4 |
73.0 |
70.2 |
| Gross margin (non-IFRS, in %) |
70.6 |
72.4 |
73.6 |
75.6 |
73.3 |
69.7 |
72.7 |
72.7 |
75.6 |
72.9 |
| Operating margin (IFRS, in %) |
14.2 |
14.1 |
24.3 |
26.8 |
20.5 |
17.2 |
24.2 |
20.5 |
28.8 |
23.2 |
| Operating margin (non-IFRS, in %) |
23.5 |
28.0 |
32.4 |
36.0 |
30.5 |
23.4 |
28.9 |
30.5 |
35.3 |
30.0 |
| AT&S Segment1) – Cloud subscriptions and support gross margin (in %) |
50 |
51 |
56 |
51 |
52 |
54 |
52 |
51 |
49 |
52 |
| AT&S Segment1) – Gross margin (in %) |
71 |
73 |
74 |
77 |
74 |
70 |
73 |
74 |
77 |
74 |
| AT&S Segment1) – Segment margin (in %) |
34 |
39 |
43 |
46 |
41 |
34 |
40 |
40 |
45 |
40 |
| SAP BN Segment2) – Cloud subscriptions and support gross margin (in %) |
75 |
75 |
77 |
72 |
75 |
75 |
76 |
77 |
75 |
76 |
| SAP BN Segment2) – Gross margin (in %) |
68 |
68 |
71 |
65 |
68 |
67 |
68 |
68 |
66 |
67 |
| SAP BN Segment2) – Segment margin (in %) |
18 |
16 |
24 |
20 |
19 |
16 |
18 |
20 |
16 |
18 |
| Key Profit Ratios |
||||||||||
| Effective tax rate (IFRS, in %) |
13.6 |
26.4 |
27.1 |
22.4 |
23.4 |
23.3 |
28.9 |
28.4 |
22.5 |
25.4 |
| Effective tax rate (non-IFRS, in %) |
22.3 |
27.8 |
28.0 |
25.1 |
26.1 |
26.2 |
29.6 |
29.7 |
23.7 |
26.9 |
| Earnings per share, basic (IFRS, in €) |
0.35 |
0.39 |
0.75 |
1.07 |
2.56 |
0.48 |
0.68 |
0.61 |
1.26 |
3.03 |
| Earnings per share, basic (non-IFRS, in €) |
0.58 |
0.80 |
0.98 |
1.40 |
3.77 |
0.64 |
0.82 |
0.91 |
1.52 |
3.89 |
| Order Entry |
||||||||||
| New Cloud Bookings |
117 |
199 |
213 |
344 |
874 |
145 |
255 |
265 |
483 |
1,147 |
| Deferred cloud subscriptions and support revenue (IFRS, quarter end) |
793 |
789 |
782 |
957 |
957 |
953 |
1,003 |
1,081 |
1,271 |
1,271 |
| Orders – Number of on-premise software deals (in transactions) |
12,037 |
13,504 |
14,027 |
17,871 |
57,439 |
12,884 |
14,468 |
13,048 |
16,891 |
57,291 |
| Share of orders greater than € 5 million based on total software order entry volume (in %) |
23 |
24 |
24 |
31 |
27 |
17 |
29 |
26 |
34 |
29 |
| Share of orders smaller than € 1 million based on total software order entry volume (in %) |
49 |
41 |
44 |
34 |
40 |
48 |
38 |
40 |
35 |
38 |
| Liquidity and Cash Flow |
||||||||||
| Net cash flows from operating activities |
2,366 |
410 |
466 |
397 |
3,638 |
2,482 |
439 |
707 |
1,000 |
4,628 |
| Purchase of intangible assets and property, plant, and equipment (without acquisitions) |
–139 |
–137 |
–148 |
–212 |
–636 |
–168 |
–237 |
–261 |
–335 |
–1,001 |
| Free cash flow |
2,227 |
273 |
317 |
184 |
3,001 |
2,313 |
202 |
446 |
665 |
3,627 |
| % of total revenue (IFRS) |
50 |
5 |
6 |
3 |
14 |
49 |
4 |
8 |
10 |
16 |
| % of profit after tax (IFRS) |
539 |
58 |
35 |
14 |
98 |
406 |
25 |
61 |
44 |
100 |
| Group liquidity, gross |
5,333 |
4,180 |
4,608 |
3,559 |
3,559 |
5,853 |
4,347 |
4,388 |
4,673 |
4,673 |
| Group debt |
–10,524 |
–10,432 |
–10,428 |
–9,174 |
–9,174 |
–9,080 |
–8,593 |
–8,134 |
–7,825 |
–7,825 |
| Group liquidity, net |
–5,191 |
–6,251 |
–5,820 |
–5,615 |
–5,615 |
–3,227 |
–4,245 |
–3,746 |
–3,152 |
–3,152 |
| Days' sales outstanding (DSO, in days)3) |
67 |
68 |
69 |
71 |
71 |
72 |
73 |
74 |
74 |
74 |
| Financial Position |
||||||||||
| Cash and cash equivalents |
4,635 |
3,923 |
3,844 |
3,411 |
3,411 |
5,743 |
4,206 |
4,112 |
3,702 |
3,702 |
| Goodwill |
22,896 |
22,300 |
22,222 |
22,689 |
22,689 |
21,922 |
22,354 |
22,276 |
23,311 |
23,311 |
| Total assets |
43,753 |
41,088 |
40,649 |
41,390 |
41,390 |
42,884 |
41,788 |
41,601 |
44,354 |
44,354 |
| Equity |
22,117 |
20,801 |
21,540 |
23,295 |
23,295 |
22,920 |
22,963 |
23,764 |
26,382 |
26,382 |
| Equity ratio (total equity in % of total assets) |
51 |
51 |
53 |
56 |
56 |
53 |
55 |
57 |
59 |
59 |
| Non-Financials |
||||||||||
| Headcount (quarter end)4) |
74,551 |
74,497 |
75,643 |
76,986 |
76,986 |
78,230 |
79,962 |
82,426 |
84,183 |
84,183 |
| Employee retention (in %, rolling 12 months) |
93.3 |
92.6 |
91.9 |
91.8 |
91.8 |
92.0 |
92.6 |
93.4 |
93.7 |
93.7 |
| Women in management (in %, quarter end) |
22.3 |
22.9 |
23.2 |
23.6 |
23.6 |
23.6 |
24.1 |
24.3 |
24.5 |
24.5 |
| Greenhouse gas emissions (in kilotons) |
145 |
125 |
110 |
75 |
455 |
120 |
95 |
85 |
80 |
380 |
| 1) Applications, Technology & Services Segment |
| 2) SAP Business Network Segment |
| 3) Days' sales outstanding measures the length of time it takes to collect receivables. SAP calculates DSO by dividing the average invoiced accounts receivables balance of the last 12 months by the average monthly sales of the last 12 months. |
| 4) In full-time equivalents |
| Due to rounding, numbers may not add up precisely. |
| Consolidated Income Statements of SAP Group (IFRS) – Quarter |
||||
| € millions, unless otherwise stated |
Q4 2016 |
Q4 2015 |
∆ in % |
|
| Cloud subscriptions and support |
827 |
631 |
31 |
|
| Software licenses |
2,177 |
2,146 |
1 |
|
| Software support |
2,756 |
2,600 |
6 |
|
| Software licenses and support |
4,933 |
4,745 |
4 |
|
| Cloud and software |
5,760 |
5,377 |
7 |
|
| Services |
963 |
965 |
0 |
|
| Total revenue |
6,724 |
6,342 |
6 |
|
| Cost of cloud subscriptions and support |
–371 |
–304 |
22 |
|
| Cost of software licenses and support |
–637 |
–660 |
–3 |
|
| Cost of cloud and software |
–1,008 |
–964 |
5 |
|
| Cost of services |
–806 |
–787 |
2 |
|
| Total cost of revenue |
–1,814 |
–1,751 |
4 |
|
| Gross profit |
4,909 |
4,591 |
7 |
|
| Research and development |
–857 |
–796 |
8 |
|
| Sales and marketing |
–1,833 |
–1,755 |
4 |
|
| General and administration |
–277 |
–281 |
–1 |
|
| Restructuring |
–7 |
–59 |
–88 |
|
| Other operating income/expense, net |
1 |
1 |
>100 |
|
| Total operating expenses |
–4,787 |
–4,642 |
3 |
|
| Operating profit |
1,936 |
1,700 |
14 |
|
| Other non-operating income/expense, net |
–54 |
–28 |
91 |
|
| Finance income |
125 |
52 |
>100 |
|
| Finance costs |
–59 |
–76 |
–23 |
|
| Financial income, net |
67 |
–24 |
<-100 |
|
| Profit before tax |
1,949 |
1,647 |
18 |
|
| Income tax expense |
–438 |
–369 |
19 |
|
| Profit after tax |
1,510 |
1,278 |
18 |
|
| Attributable to owners of parent |
1,513 |
1,281 |
18 |
|
| Attributable to non-controlling interests |
–2 |
–3 |
–18 |
|
| Earnings per share, basic (in €)1) |
1.26 |
1.07 |
18 |
|
| Earnings per share, diluted (in €)1) |
1.26 |
1.07 |
18 |
|
| 1) For the three months ended December 31, 2016 and 2015, the weighted average number of shares was 1,199 million (diluted 1,199 million) and 1,198 million (diluted: 1,199 million), respectively (treasury stock excluded). |
| Due to rounding, numbers may not add up precisely. |
| Consolidated Income Statements of SAP Group (IFRS) – Full Year |
||||
| € millions, unless otherwise stated |
Q1–Q4 2016 |
Q1–Q4 2015 |
∆ in % |
|
| Cloud subscriptions and support |
2,993 |
2,286 |
31 |
|
| Software licenses |
4,860 |
4,835 |
1 |
|
| Software support |
10,571 |
10,093 |
5 |
|
| Software licenses and support |
15,431 |
14,928 |
3 |
|
| Cloud and software |
18,424 |
17,214 |
7 |
|
| Services |
3,638 |
3,579 |
2 |
|
| Total revenue |
22,062 |
20,793 |
6 |
|
| Cost of cloud subscriptions and support |
–1,301 |
–1,022 |
27 |
|
| Cost of software licenses and support |
–2,181 |
–2,291 |
–5 |
|
| Cost of cloud and software |
–3,482 |
–3,313 |
5 |
|
| Cost of services |
–3,088 |
–2,932 |
5 |
|
| Total cost of revenue |
–6,570 |
–6,245 |
5 |
|
| Gross profit |
15,492 |
14,548 |
6 |
|
| Research and development |
–3,041 |
–2,845 |
7 |
|
| Sales and marketing |
–6,294 |
–5,782 |
9 |
|
| General and administration |
–1,005 |
–1,048 |
–4 |
|
| Restructuring |
–28 |
–621 |
–96 |
|
| Other operating income/expense, net |
–4 |
1 |
<-100 |
|
| Total operating expenses |
–16,942 |
–16,541 |
2 |
|
| Operating profit |
5,121 |
4,252 |
20 |
|
| Other non-operating income/expense, net |
–234 |
–256 |
–9 |
|
| Finance income |
230 |
241 |
–4 |
|
| Finance costs |
–268 |
–246 |
9 |
|
| Financial income, net |
–38 |
–5 |
>100 |
|
| Profit before tax |
4,849 |
3,991 |
21 |
|
| Income tax expense |
–1,230 |
–935 |
32 |
|
| Profit after tax |
3,618 |
3,056 |
18 |
|
| Attributable to owners of parent |
3,631 |
3,064 |
18 |
|
| Attributable to non-controlling interests |
–13 |
–8 |
56 |
|
| Earnings per share, basic (in €)1) |
3.03 |
2.56 |
18 |
|
| Earnings per share, diluted (in €)1) |
3.03 |
2.56 |
18 |
|
| 1) For the twelve months ended December 31, 2016 and 2015, the weighted average number of shares was 1,198 million (diluted 1,199 million) and 1,197 million (diluted: 1,198 million), respectively (treasury stock excluded). |
| Due to rounding, numbers may not add up precisely. |
| Consolidated Statements of Financial Position of SAP Group (IFRS) |
|||
| as at December 31 |
|||
| € millions |
2016 |
2015 |
|
| Cash and cash equivalents |
3,702 |
3,411 |
|
| Other financial assets |
1,124 |
351 |
|
| Trade and other receivables |
5,975 |
5,274 |
|
| Other non-financial assets |
587 |
468 |
|
| Tax assets |
238 |
235 |
|
| Total current assets |
11,626 |
9,739 |
|
| Goodwill |
23,311 |
22,689 |
|
| Intangible assets |
3,786 |
4,280 |
|
| Property, plant, and equipment |
2,580 |
2,192 |
|
| Other financial assets |
1,358 |
1,336 |
|
| Trade and other receivables |
125 |
87 |
|
| Other non-financial assets |
528 |
332 |
|
| Tax assets |
448 |
282 |
|
| Deferred tax assets |
591 |
453 |
|
| Total non-current assets |
32,728 |
31,651 |
|
| Total assets |
44,354 |
41,390 |
|
| € millions |
2016 |
2015 |
|
| Trade and other payables |
1,290 |
1,088 |
|
| Tax liabilities |
318 |
230 |
|
| Financial liabilities |
1,813 |
841 |
|
| Other non-financial liabilities |
3,698 |
3,407 |
|
| Provisions |
183 |
299 |
|
| Deferred income |
2,433 |
2,001 |
|
| Total current liabilities |
9,734 |
7,867 |
|
| Trade and other payables |
127 |
81 |
|
| Tax liabilities |
376 |
402 |
|
| Financial liabilities |
6,481 |
8,681 |
|
| Other non-financial liabilities |
470 |
331 |
|
| Provisions |
217 |
180 |
|
| Deferred tax liabilities |
424 |
448 |
|
| Deferred income |
143 |
106 |
|
| Total non-current liabilities |
8,238 |
10,228 |
|
| Total liabilities |
17,972 |
18,095 |
|
| Issued capital |
1,229 |
1,229 |
|
| Share premium |
599 |
558 |
|
| Retained earnings |
22,287 |
20,044 |
|
| Other components of equity |
3,346 |
2,561 |
|
| Treasury shares |
–1,099 |
–1,124 |
|
| Equity attributable to owners of parent |
26,361 |
23,267 |
|
| Non-controlling interests |
21 |
28 |
|
| Total equity |
26,382 |
23,295 |
|
| Total equity and liabilities |
44,354 |
41,390 |
|
| Due to rounding, numbers may not add up precisely. |
| Consolidated Statements of Cash Flows of SAP Group (IFRS) |
||
| € millions |
Q1–Q4 2016 |
Q1–Q4 2015 |
| Profit after tax |
3,618 |
3,056 |
| Adjustments to reconcile profit after taxes to net cash flows from operating activities: |
||
| Depreciation and amortization |
1,268 |
1,289 |
| Income tax expense |
1,230 |
935 |
| Financial income, net |
38 |
5 |
| Decrease/increase in sales and bad debt allowances on trade receivables |
51 |
45 |
| Other adjustments for non-cash items |
39 |
–2 |
| Decrease/increase in trade and other receivables |
–725 |
–844 |
| Decrease/increase in other assets |
–252 |
–313 |
| Decrease/increase in trade payables, provisions, and other liabilities |
530 |
757 |
| Decrease/increase in deferred income |
418 |
218 |
| Interest paid |
–190 |
–172 |
| Interest received |
79 |
82 |
| Income taxes paid, net of refunds |
–1,477 |
–1,420 |
| Net cash flows from operating activities |
4,628 |
3,638 |
| Business combinations, net of cash and cash equivalents acquired |
–106 |
–39 |
| Cash receipts from derivative financial instruments related to business combinations |
0 |
266 |
| Total cash flows for business combinations, net of cash and cash equivalents acquired |
–106 |
226 |
| Purchase of intangible assets or property, plant, and equipment |
–1,001 |
–636 |
| Proceeds from sales of intangible assets or property, plant, and equipment |
63 |
68 |
| Purchase of equity or debt instruments of other entities |
–1,625 |
–1,871 |
| Proceeds from sales of equity or debt instruments of other entities |
869 |
1,880 |
| Net cash flows from investing activities |
–1,799 |
–334 |
| Dividends paid |
–1,378 |
–1,316 |
| Proceeds from reissuance of treasury shares |
27 |
64 |
| Proceeds from borrowings |
400 |
1,748 |
| Cash receipts from swap contracts |
43 |
0 |
| Total cash flows from proceeds from borrowings |
443 |
1,748 |
| Repayments of borrowings |
–1,800 |
–3,852 |
| Transactions with non-controlling interests |
3 |
0 |
| Net cash flows from financing activities |
–2,704 |
–3,356 |
| Effect of foreign currency rates on cash and cash equivalents |
167 |
135 |
| Net decrease/increase in cash and cash equivalents |
291 |
83 |
| Cash and cash equivalents at the beginning of the period |
3,411 |
3,328 |
| Cash and cash equivalents at the end of the period |
3,702 |
3,411 |
| Due to rounding, numbers may not add up precisely. |
||
Segment Reporting (IFRS)
| Applications, Technology & Services |
|||||
| € millions |
Q4 2016 |
Q4 2015 |
∆ in % |
∆ in % |
|
| Actual Currency |
Constant Currency |
Actual Currency |
Actual Currency |
Constant Currency |
|
| Cloud subscriptions and support |
384 |
385 |
271 |
42 |
42 |
| Software licenses |
2,155 |
2,132 |
2,124 |
1 |
0 |
| Software support |
2,726 |
2,706 |
2,574 |
6 |
5 |
| Software licenses and support |
4,881 |
4,837 |
4,697 |
4 |
3 |
| Cloud and software |
5,265 |
5,222 |
4,969 |
6 |
5 |
| Services |
866 |
859 |
865 |
0 |
–1 |
| Total segment revenue |
6,130 |
6,081 |
5,833 |
5 |
4 |
| Cost of cloud subscriptions and support |
–195 |
–192 |
–134 |
46 |
44 |
| Cost of software licenses and support |
–559 |
–554 |
–572 |
–2 |
–3 |
| Cost of cloud and software |
–754 |
–746 |
–706 |
7 |
6 |
| Cost of services |
–686 |
–686 |
–659 |
4 |
4 |
| Total cost of revenue |
–1,439 |
–1,432 |
–1,364 |
6 |
5 |
| Segment gross profit |
4,691 |
4,649 |
4,469 |
5 |
4 |
| Other segment expenses |
–1,933 |
–1,933 |
–1,799 |
7 |
7 |
| Segment profit |
2,758 |
2,716 |
2,670 |
3 |
2 |
| Margins |
|||||
| Cloud subscriptions and support gross margin (in %) |
49 |
50 |
51 |
–1pp |
–1pp |
| Gross margin (in %) |
77 |
76 |
77 |
–0pp |
–0pp |
| Segment margin (in %) |
45 |
45 |
46 |
–1pp |
–1pp |
| SAP Business Network |
|||||
| € millions |
Q4 2016 |
Q4 2015 |
∆ in % |
∆ in % |
|
| Actual |
Constant |
Actual |
Actual Currency |
Constant Currency |
|
| Cloud subscriptions and support |
429 |
419 |
355 |
21 |
18 |
| Software licenses |
0 |
0 |
0 |
0 |
0 |
| Software support |
8 |
8 |
6 |
23 |
19 |
| Software licenses and support |
8 |
8 |
6 |
31 |
26 |
| Cloud and software |
437 |
426 |
361 |
21 |
18 |
| Services |
85 |
84 |
75 |
14 |
12 |
| Total segment revenue |
522 |
510 |
436 |
20 |
17 |
| Cost of cloud subscriptions and support |
–106 |
–105 |
–98 |
8 |
7 |
| Cost of software licenses and support |
–1 |
–1 |
0 |
162 |
162 |
| Cost of cloud and software |
–107 |
–105 |
–99 |
8 |
7 |
| Cost of services |
–69 |
–69 |
–54 |
30 |
29 |
| Total cost of revenue |
–176 |
–175 |
–152 |
16 |
15 |
| Segment gross profit |
346 |
335 |
284 |
22 |
18 |
| Other segment expenses |
–263 |
–263 |
–198 |
33 |
33 |
| Segment profit |
83 |
72 |
86 |
–4 |
–16 |
| Margins |
|||||
| Cloud subscriptions and support gross margin (in %) |
75 |
75 |
72 |
3pp |
3pp |
| Gross margin (in %) |
66 |
66 |
65 |
1pp |
1pp |
| Segment margin (in %) |
16 |
14 |
20 |
–4pp |
–6pp |
| Due to rounding, numbers may not add up precisely. |
| Applications, Technology & Services |
|||||
| € millions |
Q1–Q4 2016 |
Q1–Q4 2015 |
∆ in % |
∆ in % |
|
| Actual Currency |
Constant Currency |
Actual Currency |
Actual Currency |
Constant Currency |
|
| Cloud subscriptions and support |
1,353 |
1,371 |
932 |
45 |
47 |
| Software licenses |
4,784 |
4,814 |
4,770 |
0 |
1 |
| Software support |
10,464 |
10,544 |
9,990 |
5 |
6 |
| Software licenses and support |
15,247 |
15,358 |
14,760 |
3 |
4 |
| Cloud and software |
16,600 |
16,729 |
15,692 |
6 |
7 |
| Services |
3,319 |
3,358 |
3,271 |
1 |
3 |
| Total segment revenue |
19,920 |
20,087 |
18,963 |
5 |
6 |
| Cost of cloud subscriptions and support |
–655 |
–658 |
–444 |
47 |
48 |
| Cost of software licenses and support |
–1,942 |
–1,956 |
–1,971 |
–1 |
–1 |
| Cost of cloud and software |
–2,598 |
–2,614 |
–2,416 |
8 |
8 |
| Cost of services |
–2,669 |
–2,718 |
–2,539 |
5 |
7 |
| Total cost of revenue |
–5,266 |
–5,331 |
–4,954 |
6 |
8 |
| Segment gross profit |
14,653 |
14,755 |
14,009 |
5 |
5 |
| Other segment expenses |
–6,630 |
–6,724 |
–6,286 |
5 |
7 |
| Segment profit |
8,023 |
8,031 |
7,723 |
4 |
4 |
| Margins |
|||||
| Cloud subscriptions and support gross margin (in %) |
52 |
52 |
52 |
–1pp |
–0pp |
| Gross margin (in %) |
74 |
73 |
74 |
–0pp |
–0pp |
| Segment margin (in %) |
40 |
40 |
41 |
–0pp |
–1pp |
| SAP Business Network |
|||||
| € millions |
Q1–Q4 2016 |
Q1–Q4 2015 |
∆ in % |
∆ in % |
|
| Actual |
Constant |
Actual |
Actual Currency |
Constant Currency |
|
| Cloud subscriptions and support |
1,595 |
1,589 |
1,337 |
19 |
19 |
| Software licenses |
0 |
0 |
–1 |
–61 |
–58 |
| Software support |
28 |
28 |
31 |
–10 |
–11 |
| Software licenses and support |
27 |
27 |
30 |
–9 |
–10 |
| Cloud and software |
1,622 |
1,617 |
1,367 |
19 |
18 |
| Services |
303 |
304 |
249 |
22 |
22 |
| Total segment revenue |
1,925 |
1,920 |
1,616 |
19 |
19 |
| Cost of cloud subscriptions and support |
–384 |
–385 |
–336 |
14 |
15 |
| Cost of software licenses and support |
–1 |
–1 |
–1 |
–4 |
0 |
| Cost of cloud and software |
–385 |
–386 |
–337 |
14 |
15 |
| Cost of services |
–246 |
–249 |
–183 |
34 |
36 |
| Total cost of revenue |
–631 |
–636 |
–520 |
21 |
22 |
| Segment gross profit |
1,295 |
1,285 |
1,095 |
18 |
17 |
| Other segment expenses |
–957 |
–967 |
–779 |
23 |
24 |
| Segment profit |
338 |
317 |
317 |
7 |
0 |
| Margins |
|||||
| Cloud subscriptions and support gross margin (in %) |
76 |
76 |
75 |
1pp |
1pp |
| Gross margin (in %) |
67 |
67 |
68 |
–1pp |
–1pp |
| Segment margin (in %) |
18 |
17 |
20 |
–2pp |
–3pp |
| Due to rounding, numbers may not add up precisely. |
| Reconciliation from Non-IFRS Numbers to IFRS Numbers |
|||||||||||
| € millions, unless otherwise stated |
Q4 2016 |
Q4 2015 |
∆ in % |
||||||||
| IFRS |
Adj.1) |
Non- |
Currency Impact2) |
Non-IFRS |
IFRS |
Adj.1) |
Non- |
IFRS |
Non- |
Non-IFRS |
|
| Revenue Numbers |
|||||||||||
| Cloud subscriptions and support |
827 |
0 |
827 |
–11 |
816 |
631 |
1 |
632 |
31 |
31 |
29 |
| Software licenses |
2,177 |
0 |
2,177 |
–24 |
2,154 |
2,146 |
0 |
2,146 |
1 |
1 |
0 |
| Software support |
2,756 |
0 |
2,756 |
–20 |
2,737 |
2,600 |
0 |
2,600 |
6 |
6 |
5 |
| Software licenses and support |
4,933 |
0 |
4,934 |
–43 |
4,890 |
4,745 |
0 |
4,745 |
4 |
4 |
3 |
| Cloud and software |
5,760 |
0 |
5,761 |
–54 |
5,706 |
5,377 |
1 |
5,378 |
7 |
7 |
6 |
| Services |
963 |
0 |
963 |
–8 |
955 |
965 |
0 |
965 |
0 |
0 |
–1 |
| Total revenue |
6,724 |
0 |
6,724 |
–62 |
6,662 |
6,342 |
1 |
6,343 |
6 |
6 |
5 |
| Operating Expense Numbers |
|||||||||||
| Cost of cloud subscriptions and support |
–371 |
65 |
–305 |
–304 |
70 |
–234 |
22 |
30 |
|||
| Cost of software licenses and support |
–637 |
68 |
–570 |
–660 |
76 |
–583 |
–3 |
–2 |
|||
| Cost of cloud and software |
–1,008 |
133 |
–875 |
–964 |
146 |
–818 |
5 |
7 |
|||
| Cost of services |
–806 |
39 |
–767 |
–787 |
56 |
–731 |
2 |
5 |
|||
| Total cost of revenue |
–1,814 |
172 |
–1,642 |
–1,751 |
203 |
–1,548 |
4 |
6 |
|||
| Gross profit |
4,909 |
173 |
5,082 |
4,591 |
204 |
4,794 |
7 |
6 |
|||
| Research and development |
–857 |
66 |
–791 |
–796 |
69 |
–727 |
8 |
9 |
|||
| Sales and marketing |
–1,833 |
153 |
–1,680 |
–1,755 |
195 |
–1,560 |
4 |
8 |
|||
| General and administration |
–277 |
36 |
–241 |
–281 |
55 |
–226 |
–1 |
7 |
|||
| Restructuring |
–7 |
7 |
0 |
–59 |
59 |
0 |
–88 |
NA |
|||
| Other operating income/expense, net |
1 |
0 |
1 |
1 |
0 |
1 |
>100 |
>100 |
|||
| Total operating expenses |
–4,787 |
435 |
–4,353 |
25 |
–4,328 |
–4,642 |
580 |
–4,061 |
3 |
7 |
7 |
| Profit Numbers |
|||||||||||
| Operating profit |
1,936 |
435 |
2,371 |
–37 |
2,334 |
1,700 |
581 |
2,282 |
14 |
4 |
2 |
| Other non-operating income/expense, net |
–54 |
0 |
–54 |
–28 |
0 |
–28 |
91 |
91 |
|||
| Finance income |
125 |
0 |
125 |
52 |
0 |
52 |
>100 |
>100 |
|||
| Finance costs |
–59 |
0 |
–59 |
–76 |
0 |
–76 |
–23 |
–23 |
|||
| Financial income, net |
67 |
0 |
67 |
–24 |
0 |
–24 |
<-100 |
<-100 |
|||
| Profit before tax |
1,949 |
435 |
2,384 |
1,647 |
581 |
2,229 |
18 |
7 |
|||
| Income tax expense |
–438 |
–127 |
–565 |
–369 |
–190 |
–559 |
19 |
1 |
|||
| Profit after tax |
1,510 |
308 |
1,818 |
1,278 |
391 |
1,670 |
18 |
9 |
|||
| Attributable to owners of parent |
1,513 |
308 |
1,821 |
1,281 |
391 |
1,673 |
18 |
9 |
|||
| Attributable to non-controlling interests |
–2 |
0 |
–2 |
–3 |
0 |
–3 |
–18 |
–18 |
|||
| Key Ratios |
|||||||||||
| Operating margin (in %) |
28.8 |
35.3 |
35.0 |
26.8 |
36.0 |
2.0pp |
–0.7pp |
–0.9pp |
|||
| Effective tax rate (in %)3) |
22.5 |
23.7 |
22.4 |
25.1 |
0.1pp |
–1.4pp |
|||||
| Earnings per share, basic (in €) |
1.26 |
1.52 |
1.07 |
1.40 |
18 |
9 |
|||||
| 1) Adjustments in the revenue line items are for software support revenue, cloud subscriptions and support revenue, and other similarly recurring revenues that entities acquired by SAP would have recognized had they remained stand-alone entities but that SAP is not permitted to recognize as revenue under IFRS as a result of business combination accounting rules. Adjustments in the operating expense line items are for acquisition-related charges, share-based payment expenses, as well as restructuring expenses. |
| 2) Constant currency revenue and operating income figures are calculated by translating revenue and operating income of the current period using the average exchange rates from the previous year's respective period instead of the current period. Constant currency period-over-period changes are calculated by comparing the current year's non-IFRS constant currency numbers with the non-IFRS number of the previous year's respective period. |
| For a more detailed description of these adjustments and their limitations as well as our constant currency figures, see our Web site www.sap.com/corporate-en/investors/newsandreports/reporting-framework.epx under "Non-IFRS Measures, Adjustments and Full-Year Estimates". |
| 3) The difference between our effective tax rate (IFRS) and effective tax rate (non-IFRS) in Q4 2016 mainly results from tax effects of acquisition-related charges and share-based payment expenses. The difference between our effective tax rate (IFRS) and effective tax rate (non-IFRS) in Q4 2015 mainly results from tax effects of acquisition-related charges, share-based payment expenses and restructuring. |
| Due to rounding, numbers may not add up precisely. |
| € millions, unless otherwise stated |
Q1–Q4 2016 |
Q1–Q4 2015 |
∆ in % |
||||||||
| IFRS |
Adj.1) |
Non- |
Currency Impact2) |
Non-IFRS Constant Currency2) |
IFRS |
Adj.1) |
Non- |
IFRS |
Non- |
Non-IFRS Constant Currency2) |
|
| Revenue Numbers |
|||||||||||
| Cloud subscriptions and support |
2,993 |
2 |
2,995 |
12 |
3,007 |
2,286 |
10 |
2,296 |
31 |
30 |
31 |
| Software licenses |
4,860 |
2 |
4,862 |
31 |
4,893 |
4,835 |
1 |
4,836 |
1 |
1 |
1 |
| Software support |
10,571 |
1 |
10,572 |
82 |
10,654 |
10,093 |
0 |
10,094 |
5 |
5 |
6 |
| Software licenses and support |
15,431 |
3 |
15,434 |
113 |
15,546 |
14,928 |
2 |
14,930 |
3 |
3 |
4 |
| Cloud and software |
18,424 |
5 |
18,428 |
125 |
18,553 |
17,214 |
11 |
17,226 |
7 |
7 |
8 |
| Services |
3,638 |
0 |
3,638 |
39 |
3,678 |
3,579 |
0 |
3,579 |
2 |
2 |
3 |
| Total revenue |
22,062 |
5 |
22,067 |
164 |
22,231 |
20,793 |
11 |
20,805 |
6 |
6 |
7 |
| Operating Expense Numbers |
|||||||||||
| Cost of cloud subscriptions and support |
–1,301 |
247 |
–1,054 |
–1,022 |
232 |
–789 |
27 |
34 |
|||
| Cost of software licenses and support |
–2,181 |
238 |
–1,943 |
–2,291 |
283 |
–2,008 |
–5 |
–3 |
|||
| Cost of cloud and software |
–3,482 |
485 |
–2,997 |
–3,313 |
516 |
–2,797 |
5 |
7 |
|||
| Cost of services |
–3,088 |
113 |
–2,975 |
–2,932 |
167 |
–2,765 |
5 |
8 |
|||
| Total cost of revenue |
–6,570 |
598 |
–5,972 |
–6,245 |
683 |
–5,562 |
5 |
7 |
|||
| Gross profit |
15,492 |
603 |
16,095 |
14,548 |
694 |
15,242 |
6 |
6 |
|||
| Research and development |
–3,041 |
201 |
–2,840 |
–2,845 |
202 |
–2,643 |
7 |
7 |
|||
| Sales and marketing |
–6,294 |
558 |
–5,736 |
–5,782 |
462 |
–5,320 |
9 |
8 |
|||
| General and administration |
–1,005 |
119 |
–885 |
–1,048 |
116 |
–932 |
–4 |
–5 |
|||
| Restructuring |
–28 |
28 |
0 |
–621 |
621 |
0 |
–96 |
NA |
|||
| Other operating income/expense, net |
–4 |
0 |
–4 |
1 |
0 |
1 |
<-100 |
<-100 |
|||
| Total operating expenses |
–16,942 |
1,504 |
–15,438 |
–191 |
–15,629 |
–16,541 |
2,084 |
–14,457 |
2 |
7 |
8 |
| Profit Numbers |
|||||||||||
| Operating profit |
5,121 |
1,508 |
6,629 |
–27 |
6,601 |
4,252 |
2,095 |
6,348 |
20 |
4 |
4 |
| Other non-operating income/expense, net |
–234 |
0 |
–234 |
–256 |
0 |
–256 |
–9 |
–9 |
|||
| Finance income |
230 |
0 |
230 |
241 |
0 |
241 |
–4 |
–4 |
|||
| Finance costs |
–268 |
0 |
–268 |
–246 |
0 |
–246 |
9 |
9 |
|||
| Financial income, net |
–38 |
0 |
–38 |
–5 |
0 |
–5 |
>100 |
>100 |
|||
| Profit before tax |
4,849 |
1,508 |
6,357 |
3,991 |
2,095 |
6,087 |
21 |
4 |
|||
| Income tax expense |
–1,230 |
–477 |
–1,707 |
–935 |
–651 |
–1,586 |
32 |
8 |
|||
| Profit after tax |
3,618 |
1,032 |
4,650 |
3,056 |
1,445 |
4,501 |
18 |
3 |
|||
| Attributable to owners of parent |
3,631 |
1,032 |
4,663 |
3,064 |
1,445 |
4,509 |
18 |
3 |
|||
| Attributable to non-controlling interests |
–13 |
0 |
–13 |
–8 |
0 |
–8 |
56 |
56 |
|||
| Key Ratios |
|||||||||||
| Operating margin (in %) |
23.2 |
30.0 |
29.7 |
20.5 |
30.5 |
2.8pp |
–0.5pp |
–0.8pp |
|||
| Effective tax rate (in %)3) |
25.4 |
26.9 |
23.4 |
26.1 |
1.9pp |
0.8pp |
|||||
| Earnings per share, basic (in €) |
3.03 |
3.89 |
2.56 |
3.77 |
18 |
3 |
|||||
| 1) Adjustments in the revenue line items are for software support revenue, cloud subscriptions and support revenue, and other similarly recurring revenues that entities acquired by SAP would have recognized had they remained stand-alone entities but that SAP is not permitted to recognize as revenue under IFRS as a result of business combination accounting rules. Adjustments in the operating expense line items are for acquisition-related charges, share-based payment expenses, as well as restructuring expenses. |
| 2) Constant currency revenue and operating income figures are calculated by translating revenue and operating income of the current period using the average exchange rates from the previous year's respective period instead of the current period. Constant currency period-over-period changes are calculated by comparing the current year's non-IFRS constant currency numbers with the non-IFRS number of the previous year's respective period. |
| For a more detailed description of these adjustments and their limitations as well as our constant currency figures, see our Web site www.sap.com/corporate-en/investors/newsandreports/reporting-framework.epx under "Non-IFRS Measures, Adjustments and Full-Year Estimates". |
| 3) The difference between our effective tax rate (IFRS) and effective tax rate (non-IFRS) in 2016 mainly results from tax effects of acquisition-related charges and share-based payment expenses. The difference between our effective tax rate (IFRS) and effective tax rate (non-IFRS) in 2015 mainly results from tax effects of acquisition-related charges, share-based payment expenses and restructuring. |
| Due to rounding, numbers may not add up precisely. |
| Non-IFRS Adjustments – Actuals and Estimates |
|||||
| € millions |
Estimated Amounts for Full Year 2017 |
Q4 2016 |
Q1–Q4 2016 |
Q4 2015 |
Q1–Q4 2015 |
| Operating profit (IFRS) |
1,936 |
5,121 |
1,700 |
4,252 |
|
| Revenue adjustments |
<20 |
0 |
5 |
1 |
11 |
| Adjustment for acquisition-related charges |
620 to 650 |
177 |
680 |
184 |
738 |
| Adjustment for share-based payment expenses |
770 to 1,020 |
251 |
795 |
338 |
724 |
| Adjustment for restructuring |
30 to 50 |
7 |
28 |
59 |
621 |
| Operating expense adjustments |
435 |
1,504 |
580 |
2,084 |
|
| Operating profit adjustments |
435 |
1,508 |
581 |
2,095 |
|
| Operating profit (non-IFRS) |
2,371 |
6,629 |
2,282 |
6,348 |
|
| Non-IFRS Adjustments by Functional Areas |
||||||||||
| € millions |
Q4 2016 |
Q4 2015 |
||||||||
| IFRS |
Acquisition- |
SBP1) |
Restructuring |
Non-IFRS |
IFRS |
Acquisition- |
SBP1) |
Restructuring |
Non-IFRS |
|
| Cost of cloud and software |
–1,008 |
102 |
31 |
0 |
–875 |
–964 |
116 |
30 |
0 |
–818 |
| Cost of services |
–806 |
3 |
36 |
0 |
–767 |
–787 |
6 |
50 |
0 |
–731 |
| Research and development |
–857 |
3 |
63 |
0 |
–791 |
–796 |
2 |
67 |
0 |
–727 |
| Sales and marketing |
–1,833 |
67 |
86 |
0 |
–1,680 |
–1,755 |
58 |
137 |
0 |
–1,560 |
| General and administration |
–277 |
1 |
34 |
0 |
–241 |
–281 |
2 |
54 |
0 |
–226 |
| Restructuring |
–7 |
0 |
0 |
7 |
0 |
–59 |
0 |
0 |
59 |
0 |
| Other operating income/expense, net |
1 |
0 |
0 |
0 |
1 |
1 |
0 |
0 |
0 |
1 |
| Total operating expenses |
–4,787 |
177 |
251 |
7 |
–4,353 |
–4,642 |
184 |
338 |
59 |
–4,061 |
| 1) Share-based Payments |
||||||||||
| € millions |
Q1–Q4 2016 |
Q1–Q4 2015 |
||||||||
| IFRS |
Acquisition- Related |
SBP1) |
Restructuring |
Non-IFRS |
IFRS |
Acquisition- |
SBP1) |
Restructuring |
Non-IFRS |
|
| Cost of cloud and software |
–3,482 |
395 |
89 |
0 |
–2,997 |
–3,313 |
441 |
74 |
0 |
–2,797 |
| Cost of services |
–3,088 |
12 |
101 |
0 |
–2,975 |
–2,932 |
54 |
113 |
0 |
–2,765 |
| Research and development |
–3,041 |
10 |
191 |
0 |
–2,840 |
–2,845 |
36 |
166 |
0 |
–2,643 |
| Sales and marketing |
–6,294 |
257 |
301 |
0 |
–5,736 |
–5,782 |
202 |
260 |
0 |
–5,320 |
| General and administration |
–1,005 |
6 |
113 |
0 |
–885 |
–1,048 |
4 |
112 |
0 |
–932 |
| Restructuring |
–28 |
0 |
0 |
28 |
0 |
–621 |
0 |
0 |
621 |
0 |
| Other operating income/expense, net |
–4 |
0 |
0 |
0 |
–4 |
1 |
0 |
0 |
0 |
1 |
| Total operating expenses |
–16,942 |
680 |
795 |
28 |
–15,438 |
–16,541 |
738 |
724 |
621 |
–14,457 |
| 1) Share-based payments |
||||||||||
If not presented in a separate line item in our income statement, the restructuring expenses would break down as follows:
| € millions |
Q4 2016 |
Q1–Q4 |
Q4 2015 |
Q1–Q4 2015 |
| Cost of cloud and software |
1 |
3 |
16 |
80 |
| Cost of services |
2 |
7 |
39 |
218 |
| Research and development |
3 |
7 |
–22 |
156 |
| Sales and marketing |
1 |
10 |
26 |
147 |
| General and administration |
0 |
1 |
0 |
20 |
| Restructuring expenses |
7 |
28 |
59 |
621 |
| Revenue by Region (IFRS and Non-IFRS) |
|||||||||||
| € millions |
Q4 2016 |
Q4 2015 |
∆ in % |
||||||||
| IFRS |
Adj.1) |
Non-IFRS1) |
Currency Impact2) |
Non-IFRS Constant Currency2) |
IFRS |
Adj.1) |
Non-IFRS1) |
IFRS |
Non-IFRS1) |
Non-IFRS Constant Currency2) |
|
| Cloud subscriptions and support revenue by region |
|||||||||||
| EMEA |
192 |
0 |
192 |
3 |
195 |
142 |
0 |
142 |
35 |
35 |
37 |
| Americas |
550 |
0 |
550 |
–11 |
539 |
434 |
0 |
435 |
27 |
26 |
24 |
| APJ |
85 |
0 |
85 |
–3 |
82 |
55 |
0 |
55 |
54 |
54 |
48 |
| Cloud subscriptions and support revenue |
827 |
0 |
827 |
–11 |
816 |
631 |
1 |
632 |
31 |
31 |
29 |
| Cloud and software revenue by region |
|||||||||||
| EMEA |
2,694 |
0 |
2,694 |
24 |
2,717 |
2,477 |
1 |
2,478 |
9 |
9 |
10 |
| Americas |
2,154 |
0 |
2,154 |
–48 |
2,106 |
2,059 |
0 |
2,060 |
5 |
5 |
2 |
| APJ |
913 |
0 |
913 |
–30 |
883 |
841 |
0 |
841 |
9 |
9 |
5 |
| Cloud and software revenue |
5,760 |
0 |
5,761 |
–54 |
5,706 |
5,377 |
1 |
5,378 |
7 |
7 |
6 |
| Total revenue by region |
|||||||||||
| Germany |
999 |
0 |
999 |
0 |
999 |
896 |
0 |
896 |
11 |
11 |
11 |
| Rest of EMEA |
2,124 |
0 |
2,124 |
27 |
2,151 |
2,008 |
1 |
2,008 |
6 |
6 |
7 |
| Total EMEA |
3,123 |
0 |
3,123 |
27 |
3,150 |
2,904 |
1 |
2,904 |
8 |
8 |
8 |
| United States |
2,051 |
0 |
2,051 |
–40 |
2,012 |
1,971 |
0 |
1,971 |
4 |
4 |
2 |
| Rest of Americas |
504 |
0 |
504 |
–15 |
488 |
494 |
0 |
494 |
2 |
2 |
–1 |
| Total Americas |
2,555 |
0 |
2,555 |
–55 |
2,500 |
2,465 |
0 |
2,466 |
4 |
4 |
1 |
| Japan |
242 |
0 |
242 |
–26 |
216 |
190 |
0 |
190 |
28 |
28 |
14 |
| Rest of APJ |
804 |
0 |
804 |
–8 |
796 |
783 |
0 |
783 |
3 |
3 |
2 |
| Total APJ |
1,046 |
0 |
1,046 |
–35 |
1,011 |
973 |
0 |
973 |
8 |
8 |
4 |
| Total revenue |
6,724 |
0 |
6,724 |
–62 |
6,662 |
6,342 |
1 |
6,343 |
6 |
6 |
5 |
| 1) Adjustments in the revenue line items are for support revenue, cloud subscriptions and support revenue, and other similarly recurring revenues that entities acquired by SAP would have recognized had they remained stand-alone entities but that SAP is not permitted to recognize as revenue under IFRS as a result of business combination accounting rules. |
| 2) Constant currency revenue figures are calculated by translating revenue of the current period using the average exchange rates from the previous year's respective period instead of the current period. Constant currency period-over-period changes are calculated by comparing the current year's non-IFRS constant currency numbers with the non-IFRS number of the previous year's respective period. |
| For a more detailed description of these adjustments and their limitations as well as our constant currency figures, see our Web site |
| Due to rounding, numbers may not add up precisely. |
| € millions |
Q1–Q4 2016 |
Q1–Q4 2015 |
∆ in % |
||||||||
| IFRS |
Adj.1) |
Non-IFRS1) |
Currency Impact2) |
Non-IFRS Constant Currency2) |
IFRS |
Adj.1) |
Non-IFRS1) |
IFRS |
Non-IFRS1) |
Non-IFRS Constant Currency2) |
|
| Cloud subscriptions and support revenue by region |
|||||||||||
| EMEA |
703 |
0 |
704 |
14 |
717 |
507 |
1 |
508 |
39 |
38 |
41 |
| Americas |
2,000 |
1 |
2,001 |
1 |
2,002 |
1,579 |
8 |
1,587 |
27 |
26 |
26 |
| APJ |
290 |
0 |
290 |
–2 |
288 |
200 |
0 |
201 |
45 |
44 |
43 |
| Cloud subscriptions and support revenue |
2,993 |
2 |
2,995 |
12 |
3,007 |
2,286 |
10 |
2,296 |
31 |
30 |
31 |
| Cloud and software revenue by region |
|||||||||||
| EMEA |
8,193 |
1 |
8,193 |
167 |
8,360 |
7,622 |
2 |
7,623 |
7 |
7 |
10 |
| Americas |
7,366 |
4 |
7,370 |
–7 |
7,364 |
6,929 |
9 |
6,938 |
6 |
6 |
6 |
| APJ |
2,865 |
0 |
2,865 |
–36 |
2,829 |
2,663 |
0 |
2,664 |
8 |
8 |
6 |
| Cloud and software revenue |
18,424 |
5 |
18,428 |
125 |
18,553 |
17,214 |
11 |
17,226 |
7 |
7 |
8 |
| Total revenue by region |
|||||||||||
| Germany |
3,034 |
0 |
3,034 |
0 |
3,033 |
2,771 |
0 |
2,771 |
9 |
9 |
9 |
| Rest of EMEA |
6,721 |
1 |
6,722 |
194 |
6,915 |
6,409 |
2 |
6,411 |
5 |
5 |
8 |
| Total EMEA |
9,755 |
1 |
9,755 |
193 |
9,949 |
9,181 |
2 |
9,183 |
6 |
6 |
8 |
| United States |
7,167 |
4 |
7,172 |
–27 |
7,145 |
6,750 |
9 |
6,759 |
6 |
6 |
6 |
| Rest of Americas |
1,763 |
0 |
1,763 |
35 |
1,799 |
1,678 |
0 |
1,678 |
5 |
5 |
7 |
| Total Americas |
8,931 |
4 |
8,935 |
9 |
8,944 |
8,428 |
9 |
8,437 |
6 |
6 |
6 |
| Japan |
825 |
0 |
825 |
–88 |
737 |
667 |
0 |
668 |
24 |
24 |
10 |
| Rest of APJ |
2,552 |
0 |
2,552 |
50 |
2,601 |
2,517 |
0 |
2,517 |
1 |
1 |
3 |
| Total APJ |
3,377 |
0 |
3,377 |
–38 |
3,339 |
3,185 |
0 |
3,185 |
6 |
6 |
5 |
| Total revenue |
22,062 |
5 |
22,067 |
164 |
22,231 |
20,793 |
11 |
20,805 |
6 |
6 |
7 |
| 1) Adjustments in the revenue line items are for support revenue, cloud subscriptions and support revenue, and other similarly recurring revenues that entities acquired by SAP would have recognized had they remained stand-alone entities but that SAP is not permitted to recognize as revenue under IFRS as a result of business combination accounting rules. |
| 2) Constant currency revenue figures are calculated by translating revenue of the current period using the average exchange rates from the previous year's respective period instead of the current period. Constant currency period-over-period changes are calculated by comparing the current year's non-IFRS constant currency numbers with the non-IFRS number of the previous year's respective period. |
| For a more detailed description of these adjustments and their limitations as well as our constant currency figures, see our Web site |
| Due to rounding, numbers may not add up precisely. |
| Employees by Region and Functional Areas |
||||||||
| 31.12.2016 |
31.12.2015 |
|||||||
| Full-time equivalents |
EMEA |
Americas |
APJ |
Total |
EMEA |
Americas |
APJ |
Total |
| Cloud and software |
6,406 |
4,184 |
5,412 |
16,002 |
6,095 |
3,920 |
4,976 |
14,991 |
| Services |
6,535 |
4,119 |
3,967 |
14,621 |
6,482 |
3,812 |
3,574 |
13,868 |
| Research and development |
10,525 |
4,860 |
7,977 |
23,363 |
9,676 |
4,233 |
7,029 |
20,938 |
| Sales and marketing |
8,542 |
8,999 |
4,435 |
21,977 |
7,683 |
7,766 |
3,974 |
19,422 |
| General and administration |
2,629 |
1,746 |
1,018 |
5,393 |
2,434 |
1,653 |
937 |
5,024 |
| Infrastructure |
1,584 |
788 |
454 |
2,827 |
1,535 |
783 |
425 |
2,743 |
| SAP Group (December 31) |
36,222 |
24,696 |
23,265 |
84,183 |
33,906 |
22,166 |
20,914 |
76,986 |
| Thereof acquisitions 1) |
37 |
172 |
0 |
209 |
73 |
0 |
0 |
73 |
| SAP Group (average twelve months) |
34,932 |
23,532 |
22,145 |
80,609 |
33,561 |
21,832 |
19,788 |
75,180 |
| 1) Acquisitions closed between January 1 and December 31 of the respective year. |
||||||||
Additional Information
General Remarks About this Quarterly Statement
Until 2015, SAP's quarterly earnings reporting consisted of an earnings press release with condensed financial information and an interim report. This quarterly statement replaces both of these documents and includes all relevant information of both of these documents. Starting in 2016, we issue a quarterly statement for each of the four fiscal quarters. Additionally, we issue a half year report and a full year integrated report as before.
For a more detailed description of all of SAP's non-IFRS measures and their limitations as well as our constant currency and free cash flow figures see Explanation of Non-IFRS Measures online.
2016 Integrated Report and Annual Report
SAP's 2016 Integrated Report and Annual Report to Shareholders and 2016 Annual Report on Form 20-F are scheduled to be published on February 28, 2017, and will be available for download at www.sap.com/investor.
Webcast
SAP senior management will host a press conference in Walldorf today at 10:00 AM (CET) /9:00 AM (GMT) / 4:00 AM (Eastern) / 1:00 AM (Pacific), followed by a financial analyst conference call at 2:00 PM (CET) / 1:00 PM (GMT) / 8:00 AM (Eastern) / 5:00 AM (Pacific). Both conferences will be webcast live on the Company's website at www.sap.com/investor and will be available for replay. Supplementary financial information pertaining to the full-year and quarterly results can be found at www.sap.com/investor.
About SAP
As market leader in enterprise application software, SAP (NYSE: SAP) helps companies of all sizes and industries run better. From back office to boardroom, warehouse to storefront, desktop to mobile device – SAP empowers people and organizations to work together more efficiently and use business insight more effectively to stay ahead of the competition. SAP applications and services enable more than 345,000 business and public sector customers to operate profitably, adapt continuously, and grow sustainably. For more information, visit www.sap.com.
| For more information, financial community only: |
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| Stefan Gruber |
+49 (6227) 7-44872 |
[email protected], CET |
| Follow SAP Investor Relations on Twitter at @sapinvestor. |
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| For more information, press only: |
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| Nicola Leske |
+49 (6227) 7-50852 |
[email protected], CET |
| Daniel Reinhardt |
+49 (6227) 7-40201 |
[email protected], CET |
| Rajiv Sekhri |
+49 (6227) 7-74871 |
[email protected], CET |
| For customers interested in learning more about SAP products: |
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| Global Customer Center: |
+49 180 534-34-24 |
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| United States Only: |
+1 (800) 872-1SAP (+1-800-872-1727) |
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| 1 New cloud bookings consist of order entry of a given period that is expected to be classified as cloud subscriptions and support revenue and results from purchases by new customers and from incremental purchases by existing customers. Consequently, orders to renew existing contracts are not included. The order amount must be committed. Consequently, due to their pay-per-use nature, business network transaction fees which do not include a committed minimum consumption are not reflected in the bookings metric (e.g. SAP Ariba and SAP Fieldglass transaction-based fees). Amounts included in the measures are generally annualized. |
| 2 Cloud subscription and support backlog represents expected future cloud subscriptions & support revenue that is contracted but not yet invoiced and thus not recorded in deferred revenue. |
SOURCE SAP SE
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