SAP Reports 26% Growth in Software Revenue and 20% Growth in Software and Software Related Service Revenue

-- Software Revenue Growth Rate More than Doubled in First Quarter 2011 Compared to First Quarter 2010

-- 5th Consecutive Quarter of Double-Digit Growth in Non-IFRS Software and Software Related Service Revenue

-- Non-IFRSOperating Profit Increased 26%

-- Record First Quarter Operating Cash Flow

-- SAP Reiterates Full-Year Outlook

News provided by

SAP AG

Apr 28, 2011, 01:03 ET

WALLDORF, Germany, April 28, 2011 SAP AG (NYSE: SAP) today announced its financial results for the first quarter ended March 31, 2011.

(Logo: http://photos.prnewswire.com/prnh/20110126/AQ34470LOGO)

"We are pleased to report our fifth consecutive quarter of double-digit growth in software and software related service revenue," said Werner Brandt, CFO of SAP. "The strong top line results coupled with a double-digit increase in non-IFRS operating profit keep us on track to deliver further profitable growth in 2011 and beyond."

"Coming off our largest fourth quarter software revenue results in our history, our strong momentum continued in the first quarter," said Bill McDermott, Co-CEO of SAP. "Our customers are embracing our innovation and open ecosystem strategy. This is driving demand across our industry leading portfolio of business applications, analytics, and enterprise mobility solutions. We delivered double-digit revenue growth in all regions, benefitting from an increasing contribution to software revenue from our partner and channel business."

Jim Hagemann Snabe, Co-CEO of SAP, continued, "SAP's strategy of growth through innovation is clearly paying off and we remain confident about our future outlook. We offer great value to our customers with the most modern business suite and analytics solutions in the industry. In addition, our innovations addressing new markets with in memory, on demand and mobility are rapidly gaining traction. We are innovating faster in all product areas and continue to increase operational efficiency across the company."

FINANCIAL HIGHLIGHTS – First Quarter 2011

	First Quarter 2011(1)
	IFRS			Non-IFRS(2)
euro million, unless otherwise stated	Q1 2011	Q1 2010	% change	Q1 2011	Q1 2010	% change	% change const. curr.(3)
Software revenue	583	464	26%	583	464	26%	24%
Software and software-related service revenue	2,327	1,947	20%	2,344	1,947	20%	17%
Total revenue	3,024	2,509	21%	3,041	2,509	21%	18%
Total operating expenses	-2,427	-1,952	24%	-2,262	-1,892	20%	17%
- thereof TomorrowNow litigation	-2	0	n/a	0	0	0%
Operating profit	597	557	7%	779	617	26%	21%
Operating margin (%)	19.7	22.2	-2.5pp	25.6	24.6	1.0pp	0.7pp
Profit after tax	403	387	4%	528	439	20%
Basic earnings per share (euro)	0.34	0.33	3%	0.44	0.37	19%
Number of employees (FTE)	53,872	47,598	13%	na	na	na	na

(1) All figures are unaudited.
(2) Adjustments in the revenue line items are for the support revenue that would have been recognized had the acquired entities 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 compensation expenses, restructuring and discontinued activities.
(3) Constant currency revenue and operating profit 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.

Revenue – First Quarter 2011

IFRS software revenue was euro 583 million (2010: euro 464 million), an increase of 26% (24% at constant currencies).
IFRS software and software-related service revenue was euro 2.33 billion (2010: euro 1.95 billion), an increase of 20%. Non-IFRS software and software-related service revenue was euro 2.34 billion (2010: euro 1.95 billion), an increase of 20% (17% at constant currencies).
IFRS total revenue was euro 3.02 billion (2010: euro 2.51 billion), an increase of 21%. Non-IFRS total revenue was euro 3.04 billion (2010: euro 2.51 billion), an increase of 21% (18% at constant currencies).

First quarter 2011 non-IFRS software and software-related service revenue and total revenue exclude a deferred support revenue write-down from acquisitions of euro 17 million.

Profit– First Quarter 2011

IFRS operating profit was euro 597 million (2010: euro 557 million), an increase of 7%. Non-IFRS operating profit was euro 779 million (2010: euro 617 million), an increase of 26% (21% at constant currencies).
IFRS operating margin was 19.7% (2010: 22.2%), a decrease of 2.5 percentage points. Non-IFRS operating margin was 25.6% (2010: 24.6%), or 25.3% at constant currencies, an increase of 1.0 percentage point (0.7 percentage points at constant currencies).
IFRS profit after tax was euro 403 million (2010: euro 387 million), an increase of 4%. Non-IFRS profit after tax was euro 528 million (2010: euro 439 million), an increase of 20%. IFRS basic earnings per share was euro 0.34 (2010: euro 0.33), an increase of 3%. Non-IFRS basic earnings per share was euro 0.44 (2010: euro 0.37), an increase of 19%. The IFRS effective tax rate in the first quarter of 2011 was 30.9% (2010: 25.7%).The non-IFRS effective tax rate in the first quarter of 2011 was 31.0% (2010: 25.2%).

First quarter 2011 non-IFRS operating profit excludes a deferred support revenue write-down from acquisitions of euro 17 million, acquisition-related charges of euro 112 million, discontinued activities of euro 2 million and stock-based compensation expenses of euro 52 million (2010: euro 0 million, euro 54 million, euro 0 million and euro 5 million). First quarter 2011 non-IFRS profit after tax and non-IFRS basic earnings per share exclude a deferred support revenue write-down from acquisitions of euro 11 million, acquisition-related charges of euro 76 million, discontinued activities of euro 1 million and stock-based compensation expenses of euro 37 million (2010: euro 0 million, euro 41 million, euro 7 million and euro 4 million) net of tax.

Cash Flow – First Quarter 2011

Operating cash flow for the first quarter 2011 was euro 1.59 billion (2010: euro 772 million), which is the highest operating cash flow for a first quarter in the Company's history. Free cash flow was euro 1.45 billion (2010: euro 715 million), an increase of 103%. Free cash flow was 48% of total revenue (2010: 28%). At March 31, 2011, SAP had a total group liquidity of euro 4.49 billion (December 31, 2010: euro 3.53 billion), which includes cash and cash equivalents and short term investments. Net liquidity at March 31, 2011 was euro 633 million, which included euro 3.85 billion of debt, of which euro 3.25 billion resulted from the proceeds of bond and private placement transactions.

Business Outlook

SAP is providing the following outlook for the full-year 2011, which is unchanged from its previous outlook reported on January 26, 2011 and then reaffirmed in the 2010 Annual Report to Shareholders published on March 18, 2011 and the Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on March 18, 2011.

The Company expects full-year 2011 non-IFRS software and software-related service revenue to increase in a range of 10% – 14% at constant currencies (2010: euro 9.87 billion).
The Company expects full-year 2011 non-IFRS operating profit to be in a range of euro 4.45 billion – euro 4.65 billion at constant currencies (2010: euro 4.01 billion), resulting in a 2011 non-IFRS operating margin increasing in a range of 0.5 - 1.0 percentage points at constant currencies (2010: 32.0%).
For the full-year 2011, the Company projects an IFRS effective tax rate of 27.0% – 28.0% (2010: 22.5%) and a non-IFRS effective tax rate of 27.5% - 28.5% (2010: 27.3%).

Major Customer Wins

In the first quarter of 2011, SAP closed major contracts in key regions.

EMEA:
SAP - KantonsspitalAarau AG, Stadtverwaltung Biel, PIERRE & VACANCES SA, GALP ENERGIA, S.A., OJSC Promsvyazbank (PSB), OOO Rosgosstrakh
Sybase - Ericsson, Telefonica, 1&1 Internet AG

Americas:
SAP - BancoIntermedium S.A., PrimeSource Building Products Inc., Coinstar, Inc., Interpublic Group of Companies Inc., Sedgwick County, Kansas, Mohawk Industries, Inc.
Sybase – Synnex, Fujioka EletroImagem S/A, Medical Data Systems

Asia Pacific/Japan:
SAP - Jiangsu King's Luck Brewery Co., Ltd, Texhong (China) Investment Co., Ltd., Guangzhou Liby Enterprise Group Co., Astro All Asia Networks PLC, KyungDongNavien Co., Ltd., Microelectronics Technology Inc.
Sybase - YunNan Local Taxation, Jiaxing International Creative Culture Industry Park

SAP Business ByDesign
Hartung Consulting, KAI Computer Services Limited, Tennants Fine Chemicals Ltd, Dicentra, RB-INFO Kontor, HBC, Framos, EURO RSCG, siller AG, Wildnissport, Nowis

Q1 2011 Interim Report

SAP's Q1 2011 Interim Report was published today and is available at www.sap.com/investor for download.

Webcast

SAP senior management will host a conference call today at 3:00 PM (CET) / 2:00 PM (GMT) / 9:00 AM (Eastern) / 6:00 AM (Pacific). The conference call will be web cast live on the Company's website at www.sap.com/investor and will be available for replay.

2010 Annual Report

The 2010 Annual Report was published on March 18, 2011 and is available for download 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 170,000 customers (includes customers from the acquisition of Sybase) to operate profitably, adapt continuously, and grow sustainably. For more information, visit www.sap.com.

Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission ("SEC"), including SAP's most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.

SAP, R/3, SAP NetWeaver, Duet, PartnerEdge, ByDesign, SAP BusinessObjects Explorer, StreamWork, and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP AG in Germany and other countries.

Business Objects and the Business Objects logo, BusinessObjects, Crystal Reports, Crystal Decisions, Web Intelligence, Xcelsius, and other Business Objects products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of Business Objects Software Ltd. Business Objects is an SAP company. Sybase and Adaptive Server, iAnywhere, Sybase 365, SQL Anywhere, and other Sybase products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of Sybase, Inc. Sybase is an SAP company.

All other product and service names mentioned are the trademarks of their respective companies. Data contained in this document serves informational purposes only. National product specifications may vary.

These materials are subject to change without notice. These materials are provided by SAP AG and its affiliated companies ("SAP Group") for informational purposes only, without representation or warranty of any kind, and SAP Group shall not be liable for errors or omissions with respect to the materials. The only warranties for SAP Group products and services are those that are set forth in the express warranty statements accompanying such products and services, if any. Nothing herein should be construed as constituting an additional warranty.

Note to editors:

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For customers interested in learning more about SAP products:
Global Customer Center:	+49 180 534-34-24
United States Only:	1 (800) 872-1SAP (1-800-872-1727)

For more information, press only:
Christoph Liedtke	+49 (6227) 7-50383	christoph.liedtke@sap.com, CET
Guenter Gaugler	+49 (6227) 7-65416	guenter.gaugler@sap.com, CET
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For more information, financial community only:
Stefan Gruber	+49 (6227) 7-44872	investor@sap.com, CET
MartyCohen	+1 (212) 653-9619	mailto:investor@sap.com, ET

Follow SAP Investor Relations on Twitter at @sapinvestor.

Appendix – Financial Information to Follow

FINANCIAL INFORMATION
FOR THE FIRST QUARTER 2011
(Condensed and Unaudited)


	Page

Financial Statements (IFRS)
Income Statements	F1
Statements of Financial Position	F2
Statements of Cash Flows	F3

Supplementary Financial Information
Reconciliations from Non-IFRS Numbers to IFRS Numbers	F4
Revenue by Region	F5

Financial Statements (IFRS)

CONSOLIDATED INCOME STATEMENTS
for the three months ended March 31
euro millions, unless otherwise stated	Note	2011	2010	Change in %
Software revenue		583	464	26
Support revenue		1,655	1,394	19
Subscription and other software-related service revenue		89	89	0
Software and software-related service revenue		2,327	1,947	20
Consulting revenue		570	479	19
Other service revenue		127	83	53
Professional services and other service revenue		697	562	24
Total revenue		3,024	2,509	21

Cost of software and software-related services		-495	-399	24
Cost of professional services and other services		-577	-451	28
Research and development		-498	-393	27
Sales and marketing		-677	-557	22
General and administration		-177	-148	20
TomorrowNow litigation		-2	0	N/A
Other operating income/expense, net		-1	-4	-75
Total operating expenses		-2,427	-1,952	24
Operating profit		597	557	7

Other non-operating income/expense, net		0	-36	-100
Finance income		29	15	93
Finance costs		-43	-15	>100
Financial income, net		-14	0	N/A
Profit before tax		583	521	12

Income tax expense	(6)	-180	-134	34
Profit after tax		403	387	4
– Profit attributable to non-controlling interests		0	0	0
– Profit attributable to owners of parent		403	387	4

Basic earnings per share, in euro*	(7)	0.34	0.33	3
Diluted earnings per share, in euro*	(7)	0.34	0.33	3
* For the three months ended March 31, 2011 and 2010 the weighted average number of shares were 1,188 million (Diluted: 1,189 million) and 1,189 million (Diluted: 1,190 million), respectively (treasury stock excluded).

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
as at March 31, 2011 and December 31, 2010
euro millions	Notes	2011	2010
Cash and cash equivalents		4,477	3,518
Other financial assets	(8)	252	158
Trade and other receivables	(9)	3,214	3,099
Other non-financial assets		210	181
Tax assets		135	187
Total current assets		8,288	7,143

Goodwill		8,264	8,428
Intangible assets		2,218	2,376
Property, plant, and equipment		1,443	1,449
Other financial assets	(8)	446	475
Trade and other receivables	(9)	75	78
Other non-financial assets		30	31
Tax assets		124	122
Deferred tax assets		722	737
Total non-current assets		13,322	13,696
Total assets		21,610	20,839

euro millions	Notes	2011	2010
Trade and other payables		794	923
Tax liabilities		77	164
Financial liabilities	(10)	141	142
Other non-financial liabilities		1,129	1,726
Provision TomorrowNow litigation		938	997
Other provisions		360	290
Provisions		1,298	1,287
Deferred income		2,773	911
Total current liabilities		6,212	5,153

Trade and other payables		43	30
Tax liabilities		403	369
Financial liabilities	(10)	3,906	4,449
Other non-financial liabilities		91	85
Provisions		247	292
Deferred tax liabilities		562	574
Deferred income		57	63
Total non-current liabilities		5,309	5,862
Total liabilities		11,521	11,015

Issued capital		1,228	1,227
Share premium		386	337
Retained earnings		10,159	9,767
Other components of equity		-288	-142
Treasury shares		-1,406	-1,382
Equity attributable to owners of parent		10,079	9,807

Non-controlling interests		10	17
Total equity	(11)	10,089	9,824
Equity and liabilities		21,610	20,839

CONSOLIDATED STATEMENTS OF CASH FLOWS
for the three months ended March 31
euro millions	2011	2010
Profit after tax	403	387
Adjustments to reconcile profit after taxes to net cash provided by operating activities:
Depreciation and amortization	178	111
Income tax expense	180	134
Finance income and finance costs, net	14	0
Gains/losses on disposals of non-current assets	1	1
Decrease/increase in sales and bad debt allowances on trade receivables	21	21
Other adjustments for non-cash items	-11	6
Decrease/increase in trade receivables	-233	-915
Decrease/increase in other assets	-105	-11
Decrease/increase in trade payables, provisions and other liabilities	-593	-348
Decrease/increase in deferred income	1,944	1,592
Cash paid due to TomorrowNow litigation	-2	-5
Interest paid	-21	-12
Interest received	20	11
Income taxes paid, net of refunds	-204	-200
Net cash flows from operating activities	1,592	772

Purchase of intangible assets and property, plant, equipment and business combinations	-141	-57
Proceeds from sales of intangible assets or property, plant, and equipment	10	9
Purchase of equity or debt instruments of other entities	-79	-318
Proceeds from sales of equity or debt instruments of other entities	103	122
Net cash flows from investing activities	-107	-244

Purchase of non-controlling interests	-21	0
Purchase of treasury shares	-158	-120
Proceeds from reissuance of treasury shares	141	81
Proceeds from issuing shares (share-based compensation)	29	20
Proceeds from borrowings	2	1
Repayments of borrowings	-504	0
Purchase of equity-based derivative instruments (hedge for cash-settled share-based payment plans)	0	-14
Proceeds from exercise of equity-based derivative financial instruments	0	4
Net cash flows from financing activities	-511	-28

Effect of foreign exchange rates on cash and cash equivalents	-15	29
Net decrease/increase in cash and cash equivalents	959	529
Cash and cash equivalents at the beginning of the period	3,518	1,884
Cash and cash equivalents at the end of the period	4,477	2,413

Supplementary Financial Information

RECONCILIATIONS FROM NON-IFRS NUMBERS TO IFRS NUMBERS

(Unaudited)

The following table presents a reconciliation from our non-IFRS numbers (including our non-IFRS at constant currency numbers) to the respective most comparable IFRS numbers. Note: Our non-IFRS numbers are not prepared under a comprehensive set of accounting rules or principles.

euro millions, unless otherwise stated
			Three months ended March 31
			2011					2010			Change in %
			IFRS	Adj.*	Non-IFRS*		Non-IFRS constant currency**	IFRS	Adj.*		IFRS	Non-IFRS*	Non-IFRS constant currency**


Non-IFRS Revenue Numbers
		Software revenue	583	0	583	-6	577	464	0	464	26	26	24
		Support revenue	1.655	17	1.672	-50	1.622	1.394	0	1.394	19	20	16
		Subscription and other software-related service revenue	89	0	89	-2	87	89	0	89	0	0	-2
	Software and software-related service revenue		2.327	17	2.344	-58	2.286	1.947	0	1.947	20	20	17
		Consulting revenue	570	0	570	-14	556	479	0	479	19	19	16
		Other service revenue	127	0	127	-3	124	83	0	83	53	53	49
	Professional services and other service revenue		697	0	697	-17	680	562	0	562	24	24	21
Total revenue			3.024	17	3.041	-75	2.966	2.509	0	2.509	21	21	18


Non-IFRS Operating Expense Numbers
	Cost of software and software-related services		-495	77	-418			-399	41	-358	24	17
	Cost of professional services and other services		-577	13	-564			-451	1	-450	28	25
	Research and development		-498	23	-475			-393	2	-391	27	21
	Sales and marketing		-677	38	-639			-557	13	-544	22	17
	General and administration		-177	12	-165			-148	3	-145	20	14
	TomorrowNow litigation		-2	2	0			0	0	0	N/A	0
	Other operating income/expense, net		-1	0	-1			-4	0	-4	-75	-75
Total operating expenses			-2.427	165	-2.262	45	-2.217	-1.952	59	-1.892	24	20	17


Non-IFRS Profit Numbers
Operating profit			597	182	779	-30	749	557	59	617	7	26	21
Other non-operating income/expense, net			0	0	0			-36	7	-30	-100	-100
	Finance income		29	0	29			15	0	15	93	93
	Finance costs		-43	0	-43			-15	0	-15	>100	>100
Finance income, net			-14	0	-14			0	0	0	N/A	N/A
Profit before tax			583	182	765			521	66	587	12	30
	Income tax expense		-180	-57	-237			-134	-14	-148	34	60
Profit after tax			403	125	528			387	52	439	4	20
	Profit attributable to non-controlling interests		0	0	0			0	0	0	0	0
	Profit attributable to owners of parent		403	125	528			387	52	439	4	20


Non-IFRS Key Ratios
Operating margin in %			19,7		25,6		25,3	22,2		24,6	-2,5pp	1,0pp	0,7pp
Effective tax rate in %			30,9		31,0			25,7		25,2	5,2pp	5,8pp
Basic earnings per share, in euro			0,34		0,44			0,33		0,37	3	19
* Adjustments in the revenue line items are for support revenue 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 compensation expenses, restructuring expenses and discontinued activities. ** 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. Differences may exist due to rounding.

REVENUE BY REGION

(Unaudited)

The following table presents our IFRS and non-IFRS revenue by region based on customer location. The table also presents a reconciliation from our non-IFRS revenue (including our non-IFRS revenue at constant currency) to the respective most comparable IFRS revenue. Note: Our non-IFRS revenues are not prepared under a comprehensive set of accounting rules or principles.

euro millions
			Three months ended March 31
			2011					2010			Change in %
			IFRS	Adj.*		Currency impact**		IFRS	Adj.*		IFRS	Non-IFRS*


Software revenue by region
	EMEA		251	0	251	-2	249	218	0	218	15	15	14
	Americas		231	0	231	1	232	171	0	171	35	35	36
	Asia Pacific Japan		101	0	101	-4	97	74	0	74	36	36	31
Software revenue			583	0	583	-6	577	464	0	464	26	26	24

Software and software-related service revenue by region

		Germany	331	0	331	0	331	310	0	310	7	7	7
		Rest of EMEA	795	5	800	-19	781	691	0	691	15	16	13
	Total EMEA		1.126	5	1.131	-19	1.112	1.001	0	1.001	12	13	11
		United States	620	9	629	-2	627	471	0	471	32	34	33
		Rest of Americas	222	1	223	-11	212	192	0	192	16	16	10
	Total Americas		842	11	853	-14	839	663	0	663	27	29	27
		Japan	124	1	125	-12	113	98	0	98	27	28	15
		Rest of Asia Pacific Japan	236	1	237	-15	222	185	0	185	28	28	20
	Total Asia Pacific Japan		360	1	361	-26	335	283	0	283	27	28	18
Software and software-related service revenue			2.327	17	2.344	-58	2.286	1.947	0	1.947	20	20	17

Total revenue by region
		Germany	485	0	485	0	485	444	0	444	9	9	9
		Rest of EMEA	997	5	1.002	-25	977	859	0	859	16	17	14
	Total EMEA		1.482	5	1.487	-24	1.463	1.302	0	1.302	14	14	12
		United States	819	9	828	-3	825	620	0	620	32	34	33
		Rest of Americas	292	1	293	-14	279	247	0	247	18	19	13
	Total Americas		1.111	11	1.122	-18	1.104	867	0	867	28	29	27
		Japan	140	1	141	-14	127	111	0	111	26	27	14
		Rest of Asia Pacific Japan	291	1	292	-19	273	229	0	229	27	28	19
	Total Asia Pacific Japan		431	1	432	-32	400	340	0	340	27	27	18
Total revenue			3.024	17	3.041	-75	2.966	2.509	0	2.509	21	21	18
* Adjustments in the revenue line items are for support revenue 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. See Explanations of Non-IFRS Measures for details. ** 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. Differences may exist due to rounding.

For a more detailed description of these adjustments and their limitations as well as our constant currency and free cash flow figures see Explanations of Non-IFRS Measures online (www.sap.com/about/investor/index.epx ).

SOURCE SAP AG