SAP Reports Record Third Quarter 2011 Software Revenue
- 7th Consecutive Quarter of Double-Digit Growth in Non-IFRS Software and Software-Related Service Revenue
- 27% Increase in Third Quarter Non-IFRS Operating Profit at Constant Currencies Leads to 3.0 Percentage Point Increase in Non-IFRS Operating Margin at Constant Currencies
- 36% Increase in Third Quarter Non-IFRS Earnings Per Share
- EUR 3 Billion in Operating Cash Flow for the First Nine Months 2011 - 45% Increase Year-over-Year
- Third Quarter IFRS Operating Profit and Operating Margin Positively Impacted by Reduction of TomorrowNow Litigation Provision by EUR 723 million
- SAP Reiterates the High End of its Full Year 2011 Outlook
WALLDORF, Germany, Oct. 26, 2011 /PRNewswire/ -- SAP AG (NYSE: SAP) today announced its financial results for the third quarter ended September 30, 2011.
(Logo: http://photos.prnewswire.com/prnh/20110126/AQ34470LOGO)
“We are very pleased with the exceptionally strong top-line growth this quarter. Continued efficiency gains combined with operational excellence led to a very strong operating margin performance,” said Werner Brandt, CFO of SAP. “Our momentum puts us on pace to achieve a record cash flow year.”
“SAP’s third quarter software revenue grew at its fastest rate in a decade because customers are shifting their investments to software that helps them grow and innovate. Our core solutions together with our industry-leading innovation in mobility, in-memory computing and cloud deliver exceptional value to our customers across all regions and industries,” said Bill McDermott, Co-CEO of SAP. “This is a growth company executing on a powerful vision.”
“Our strong performance and market share gains clearly show that our customer-focused innovation strategy is winning,” said Jim Hagemann Snabe, Co-CEO of SAP. “Delivering innovations in non-disruptive steps reduces the costs for our customers so they can invest in our breakthrough technologies to speed up decisions, strengthen customer relationships and drive growth. When our customers win, we win.”
FINANCIAL HIGHLIGHTS – Third Quarter 2011
Third Quarter 2011(1) |
||||||||
IFRS |
Non-IFRS(2) |
|||||||
EUR million, unless |
Q3 2011 |
Q3 2010 |
% change |
Q3 2011 |
Q3 2010 |
% change |
% change const. curr.(3) |
|
Software revenue |
841 |
656 |
28% |
841 |
656 |
28% |
32% |
|
Support revenue |
1,757 |
1,559 |
13% |
1,758 |
1,595 |
10% |
13% |
|
Software and software-related service revenue |
2,691 |
2,316 |
16% |
2,692 |
2,352 |
14% |
18% |
|
Total revenue |
3,409 |
3,003 |
14% |
3,410 |
3,039 |
12% |
15% |
|
Total operating expenses |
-1,650 |
-2,287 |
-28% |
-2,279 |
-2,124 |
7% |
10% |
|
Operating profit |
1,759 |
716 |
146% |
1,131 |
915 |
24% |
27% |
|
Operating margin (%) |
51.6 |
23.8 |
27.8pp |
33.2 |
30.1 |
3.1pp |
3.0pp |
|
Profit after tax |
1,251 |
501 |
150% |
860 |
629 |
37% |
||
Basic earnings per share (EUR) |
1.05 |
0.42 |
150% |
0.72 |
0.53 |
36% |
||
Number of employees (FTE) |
54,589 |
52,921 |
3% |
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 – Third Quarter 2011
- IFRS software revenue was EUR 841 million (2010: EUR 656 million), an increase of 28% (32% at constant currencies).
- IFRS software and software-related service revenue was EUR 2.69 billion (2010: EUR 2.32 billion), an increase of 16%. Non-IFRS software and software-related service revenue was EUR 2.69 billion (2010: EUR 2.35 billion), an increase of 14% (18% at constant currencies).
- IFRS total revenue was EUR 3.41 billion (2010: EUR 3.00 billion), an increase of 14%. Non-IFRS total revenue was EUR 3.41 billion (2010: EUR 3.04 billion), an increase of 12% (15% at constant currencies).
Third quarter 2011 non-IFRS software and software-related service revenue and total revenue exclude a deferred support revenue write-down from acquisitions of EUR 1 million (2010: EUR 36 million).
Profit – Third Quarter 2011
- IFRS operating profit was EUR 1.76 billion (2010: EUR 716 million), an increase of 146%. Non-IFRS operating profit was EUR 1.13 billion (2010: EUR 915 million), an increase of 24% (27% at constant currencies).
- IFRS operating margin was 51.6% (2010: 23.8%), an increase of 27.8 percentage points. Non-IFRS operating margin was 33.2% (2010: 30.1%), or 33.1% at constant currencies, an increase of 3.1 percentage points (3.0 percentage points at constant currencies).
- IFRS profit after tax was EUR 1.25 billion (2010: EUR 501 million), an increase of 150%. Non-IFRS profit after tax was EUR 860 million (2010: EUR 629 million), an increase of 37%. IFRS basic earnings per share was EUR 1.05 (2010: EUR 0.42), an increase 150%. Non-IFRS basic earnings per share was EUR 0.72 (2010: EUR 0.53), an increase of 36%.
- The IFRS and non-IFRS effective tax rates in the third quarter of 2011 were 28.7% (2010: 27.3%) and 23.3% (2010: 28.5%), respectively.
Third quarter 2011 non-IFRS operating profit excludes a deferred support revenue write-down from acquisitions of EUR 1 million, acquisition-related charges of EUR 110 million, profit from discontinued activities of EUR 723 million, share-based compensation expenses of -EUR 17 million and restructuring expenses of EUR 1 million (2010: EUR 36 million, EUR 89 million, expenses of EUR 45 million, EUR 31 million and -EUR 2 million). Third quarter 2011 non-IFRS profit after tax and non-IFRS basic earnings per share exclude a deferred support revenue write-down from acquisitions of EUR 1 million, acquisition-related charges of EUR 74 million, profit from discontinued activities of EUR 454 million, share-based compensation expenses of -EUR 13 million and restructuring expenses of EUR 1 million (2010: EUR 24 million, EUR 64 million, expenses of EUR 20 million, EUR 22 million and -EUR 1 million) net of tax.
FINANCIAL HIGHLIGHTS – Nine Months 2011
Nine Months 2011(1) |
||||||||
IFRS |
Non-IFRS(2) |
|||||||
EUR million, unless |
9M 2011 |
9M 2010 |
% change |
9M 2011 |
9M 2010 |
% change |
% change const. curr.(3) |
|
Software revenue |
2,226 |
1,757 |
27% |
2,226 |
1,757 |
27% |
31% |
|
Support revenue |
5,093 |
4,479 |
14% |
5,119 |
4,515 |
13% |
15% |
|
Software and software-related service revenue |
7,597 |
6,521 |
17% |
7,623 |
6,557 |
16% |
18% |
|
Total revenue |
9,733 |
8,406 |
16% |
9,759 |
8,442 |
16% |
18% |
|
Total operating expenses |
-6,520 |
-6,359 |
3% |
-6,830 |
-6,057 |
13% |
15% |
|
Operating profit |
3,213 |
2,047 |
57% |
2,929 |
2,386 |
23% |
25% |
|
Operating margin (%) |
33.0 |
24.4 |
8.6pp |
30.0 |
28.3 |
1.7pp |
1.7pp |
|
Profit after tax |
2,242 |
1,379 |
63% |
2,091 |
1,629 |
28% |
||
Basic earnings per share (EUR) |
1.88 |
1.16 |
62% |
1.76 |
1.37 |
28% |
||
Number of employees (FTE) |
54,589 |
52,921 |
3% |
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 – Nine Months 2011
- IFRS software revenue was EUR 2.23 billion (2010: EUR 1.76 billion), an increase of 27% (31% at constant currencies).
- IFRS software and software-related service revenue was EUR 7.60 billion (2010: EUR 6.52 billion), an increase of 17%. Non-IFRS software and software-related service revenue was EUR 7.62 billion (2010: EUR 6.56 billion), an increase of 16% (18% at constant currencies).
- IFRS total revenue was EUR 9.73 billion (2010: EUR 8.41 billion), an increase of 16%. Non-IFRS total revenue was EUR 9.76 billion (2010: EUR 8.44 billion), an increase of 16% (18% at constant currencies).
Nine months 2011 Non-IFRS software and software-related service revenue as well as total revenue exclude a deferred support revenue write-down from acquisitions of EUR 26 million (2010: EUR 36 million).
Profit – Nine Months 2011
- IFRS operating profit was EUR 3.21 billion (2010: EUR 2.05 billion), an increase of 57%. Non-IFRS operating profit was EUR 2.93 billion (2010: EUR 2.39 billion), an increase of 23% (25% at constant currencies).
- IFRS operating margin was 33.0% (2010: 24.4%), an increase of 8.6 percentage points. Non-IFRS operating margin was 30.0% (2010: 28.3%), or 30.0% at constant currencies, an increase of 1.7 percentage points (1.7 percentage points at constant currencies).
- IFRS profit after tax was EUR 2.24 million (2010: EUR 1.38 billion), an increase of 63%. Non-IFRS profit after tax was EUR 2.09 billion (2010: EUR 1.63 billion), an increase of 28%. IFRS basic earnings per share was EUR 1.88 (2010: EUR 1.16), an increase of 62%. Non-IFRS basic earnings per share was EUR 1.76 (2010: EUR 1.37), an increase of 28%.
- The IFRS and non-IFRS effective tax rates in the first nine months 2011 were 28.7% (2010: 26.9%) and 26.7% (2010: 27.1%), respectively.
Nine months 2011 non-IFRS operating profit excludes a deferred support revenue write-down from acquisitions of EUR 26 million, acquisition-related charges of EUR 333 million, profit from discontinued activities of EUR 711 million, share-based compensation expenses of EUR 66 million and restructuring expenses of EUR 2 million (2010: EUR 36 million, EUR 209 million, expenses of EUR 46 million, EUR 49 million and -EUR 1 million). Nine months 2011 non-IFRS profit after tax and non-IFRS basic earnings per share exclude a deferred support revenue write-down from acquisitions of EUR 17 million, acquisition-related charges of EUR 224 million, profit from discontinued activities of EUR 442 million, share-based compensation expenses of EUR 48 million and restructuring expenses of EUR 2 million (2010: EUR 24 million, EUR 152 million, expenses of EUR 38 million, EUR 36 million and EUR 0 million) net of tax.
Cash Flow – Nine Months 2011
Operating cash flow was EUR 2.97 billion (2010: EUR 2.05 billion), an increase of 45%. Free cash flow was EUR 2.64 billion (2010: EUR 1.85 billion), an increase of 42%. Free cash flow was 27% of total revenue (2010: 22%). At September 30, 2011, SAP had a total group liquidity of EUR 4.93 billion (December 31, 2010: EUR 3.53 billion), which includes cash and cash equivalents and short term investments. Net liquidity at September 30, 2011 was EUR 1.00 billion compared to EUR 850 million at December 31, 2010. This is mainly due to the positive development of the operating cash flow in the first nine months of 2011.
Given SAP’s strong free cash flow generation over the first nine months of 2011, the Company plans to further evaluate buying back shares in the future. On September 30, 2011, the Company held approximately 38 million treasury shares (approximately 3.1% of total shares outstanding) at an average price of EUR 36.05. In the first nine months of 2011, the Company bought back 3.6 million shares at an average price of EUR 43.84 (total amount: EUR 158 million). These stock purchases were mainly in connection with SAP’s share-based compensation plans.
Business Outlook
SAP’s pipeline continues to remain very strong and companies continue to invest in IT, in particular in innovative software solutions. Due to the ongoing uncertain macroeconomic environment, the Company’s outlook for the full year 2011 remains unchanged from its previous guidance reported on July 26th, 2011 (except for the IFRS effective tax rate):
- 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: EUR 9.87 billion), but expects to reach the high end of the range.
- The Company expects full-year 2011 non-IFRS operating profit to be in a range of EUR 4.45 billion – EUR 4.65 billion at constant currencies (2010: EUR 4.01 billion), but expects to reach the high end of the range, resulting in 2011 non-IFRS operating margin increasing in a range of 0.5 – 1.0 percentage points at constant currencies (2010: 32.0%).
- The Company projects a full-year 2011 IFRS effective tax rate of 28.5% – 29.5% (2010: 22.5%) and a non-IFRS effective tax rate of 27.5% – 28.5% (2010: 27.3%).
Additional Information
Third quarter and year- to-date 2011 revenue, profit and cash flow figures include the revenue, profits and cash flows from Sybase. For the prior-year periods those numbers were only included since the acquisition (July 26, 2010).
For a more detailed description of the non-IFRS 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/investor).
SAP has completed a review of the appropriate re-measurement of the provision recorded for the TomorrowNow litigation following the motion granted by the judge on the original jury verdict. The judge’s decision vacated the original verdict of $1.3 billion, but gave Oracle the choice of accepting $272 million or seeking a new trial. The deadline for Oracle to make that choice will vary depending on the outcome and timing of a ruling on Oracle’s motion for an early appeal. If the early appeal is denied and Oracle rejects the reduced damages of $272 million, then there will be a new trial to determine damages.
The re-measurement of the provision additionally reflects currency exchange rate changes, changes in the estimate of related legal expenses and the fact that TomorrowNow reached an agreement in the copyright case with the United States Department of Justice in the third quarter for $20 million. As this amount was paid in the third quarter it is no longer included in the provision recorded for the litigation.
While the resulting re-measurement of the TomorrowNow litigation provision favorably impacts SAP’s IFRS operating profit and margin it does not have an effect on SAP’s non-IFRS operating profit and margin.
Major Customer Wins
In the third quarter of 2011, SAP closed the following major contracts.
EMEA
TOTAL SA, Unilever PLC, AOK, DekaBank Deutsche Girozentrale, Givaudan Suisse SA, Royal Bank of Scotland Group Plc
Americas
Automercados S.A. de C. V, Johnson Controls, Inc., American Railcar Industries, Inc, Waters Corporation, Bristol-Myers Squibb Company, Pacific Coast Building Products
Asia Pacific/Japan
Assam Power Distribution Company Ltd., Beijing Toread Outdoor Products Co., Union Steel Mfg. Co., Ltd., Maharashtra State Electricity, Transfield Services Limited, Far East Organization
SAP Business ByDesign
SOUPLETUBE, Markwins International Corp, INFORA GmbH, AbsolutData Research & Analytics, Wireless Advanced Communications, SolarBridge Technologies, Marsulex Environmental Technologies Corp, BIOBASE GmbH
Q3 2011 Interim Report
SAP’s Q3 2011 Interim Report was published today and is available at www.sap.com/investor for download. The interim report includes an update on SAP’s sustainability performance.
Webcast
SAP senior management will host a conference call Wednesday, October 26th at 2:00 PM (CET) / 1:00 PM (GMT) / 8:00 AM (Eastern) / 5:00 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.
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 176,000 customers 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.
© 2011 SAP AG. All rights reserved.
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.
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Appendix – Financial Information to Follow FINANCIAL INFORMATION |
|
Financial Statements (IFRS) |
||
Income Statements – Quarter |
||
Income Statements – Nine Months |
||
Statements of Financial Position |
||
Statements of Cash Flows |
||
Supplementary Financial Information |
||
Reconciliations from Non-IFRS Numbers to IFRS Numbers |
||
Revenue by Region |
||
Financial Statements (IFRS) CONSOLIDATED INCOME STATEMENT for the three months ended September 30 |
||||
EUR millions, unless otherwise stated |
2011 |
2010 |
Change in % |
|
Software revenue |
841 |
656 |
28 |
|
Support revenue |
1,757 |
1,559 |
13 |
|
Subscription and other software-related service revenue |
93 |
101 |
-8 |
|
Software and software-related service revenue |
2,691 |
2,316 |
16 |
|
Consulting revenue |
578 |
565 |
2 |
|
Other service revenue |
140 |
122 |
15 |
|
Professional services and other service revenue |
718 |
687 |
5 |
|
Total revenue |
3,409 |
3,003 |
14 |
|
Cost of software and software-related services |
-513 |
-469 |
9 |
|
Cost of professional services and other services |
-537 |
-530 |
1 |
|
Research and development |
-436 |
-453 |
-4 |
|
Sales and marketing |
-721 |
-642 |
12 |
|
General and administration |
-168 |
-157 |
7 |
|
Restructuring |
-1 |
2 |
-150 |
|
TomorrowNow litigation |
723 |
-45 |
-1,707 |
|
Other operating income/expense, net |
3 |
7 |
-57 |
|
Total operating expenses |
-1,650 |
-2,287 |
-28 |
|
Operating profit |
1,759 |
716 |
146 |
|
Other non-operating income/expense, net |
0 |
-13 |
-100 |
|
Finance income |
29 |
24 |
19 |
|
Finance Cost TomorrowNow litigation |
7 |
0 |
N/A |
|
Other finance costs |
-38 |
-38 |
0 |
|
Finance costs |
-31 |
-38 |
-20 |
|
Financial income, net |
-2 |
-14 |
-86 |
|
Profit before tax |
1,757 |
689 |
155 |
|
Income tax TomorrowNow litigation |
-276 |
17 |
-1,724 |
|
Other income tax expense |
-229 |
-205 |
12 |
|
Income tax expense |
-505 |
-188 |
169 |
|
Profit after tax |
1,251 |
501 |
150 |
|
Profit attributable to non-controlling interests |
0 |
1 |
-100 |
|
Profit attributable to owners of parent |
1,251 |
500 |
150 |
|
Basic earnings per share, in EUR* |
1.05 |
0.42 |
150 |
|
Diluted earnings per share, in EUR* |
1.05 |
0.42 |
150 |
|
* For the three months ended September 30, 2011 and 2010 the weighted average number of shares were 1,190 million (Diluted: 1,190 million) and 1,188 million (Diluted: 1,188 million), respectively (treasury stock excluded). |
||||
CONSOLIDATED INCOME STATEMENT for the nine months ended September 30 |
||||
EUR millions, unless otherwise stated |
2011 |
2010 |
Change in % |
|
Software revenue |
2,226 |
1,757 |
27 |
|
Support revenue |
5,093 |
4,479 |
14 |
|
Subscription and other software-related service revenue |
278 |
285 |
-2 |
|
Software and software-related service revenue |
7,597 |
6,521 |
17 |
|
Consulting revenue |
1,726 |
1,572 |
10 |
|
Other service revenue |
410 |
313 |
31 |
|
Professional services and other service revenue |
2,136 |
1,885 |
13 |
|
Total revenue |
9,733 |
8,406 |
16 |
|
Cost of software and software-related services |
-1,503 |
-1,281 |
17 |
|
Cost of professional services and other services |
-1,672 |
-1,478 |
13 |
|
Research and development |
-1,402 |
-1,243 |
13 |
|
Sales and marketing |
-2,140 |
-1,858 |
15 |
|
General and administration |
-515 |
-461 |
12 |
|
Restructuring |
-2 |
1 |
-300 |
|
TomorrowNow litigation |
711 |
-46 |
-1,646 |
|
Other operating income/expense, net |
3 |
7 |
-57 |
|
Total operating expenses |
-6,520 |
-6,359 |
3 |
|
Operating profit |
3,213 |
2,047 |
57 |
|
Other non-operating income/expense, net |
-34 |
-136 |
-75 |
|
Finance income |
78 |
52 |
50 |
|
Finance costs TomorrowNow litigation |
7 |
0 |
N/A |
|
Other finance costs |
-119 |
-77 |
55 |
|
Finance costs |
-112 |
-77 |
45 |
|
Financial income, net |
-34 |
-25 |
36 |
|
Profit before tax |
3,145 |
1,886 |
67 |
|
Income tax TomorrowNow litigation |
-276 |
18 |
-1,633 |
|
Other income tax expense |
-626 |
-525 |
19 |
|
Income tax expense |
-902 |
-507 |
78 |
|
Profit after tax |
2,242 |
1,379 |
63 |
|
Profit attributable to non-controlling interests |
1 |
2 |
-50 |
|
Profit attributable to owners of parent |
2,241 |
1,377 |
63 |
|
Basic earnings per share, in EUR* |
1.88 |
1.16 |
62 |
|
Diluted earnings per share, in EUR* |
1.88 |
1.16 |
62 |
|
* For the nine months ended September 30, 2011 and 2010 the weighted average number of shares were 1,189 million (Diluted: 1,190 million) and 1,188 million (Diluted: 1,189 million), respectively (treasury stock excluded). |
||||
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION as at September 30, 2011 and December 31, 2010 |
|||
EUR millions |
2011 |
2010 |
|
Cash and cash equivalents |
3,911 |
3,518 |
|
Other financial assets |
1,150 |
158 |
|
Trade and other receivables |
2,530 |
3,099 |
|
Other non-financial assets |
224 |
181 |
|
Tax assets |
157 |
187 |
|
Assets held for sale |
28 |
0 |
|
Total current assets |
8,000 |
7,143 |
|
Goodwill |
8,441 |
8,428 |
|
Intangible assets |
2,081 |
2,376 |
|
Property, plant, and equipment |
1,497 |
1,449 |
|
Other financial assets |
541 |
475 |
|
Trade and other receivables |
72 |
78 |
|
Other non-financial assets |
36 |
31 |
|
Tax assets |
131 |
122 |
|
Deferred tax assets |
440 |
737 |
|
Total non-current assets |
13,239 |
13,696 |
|
Total assets |
21,239 |
20,839 |
|
EUR millions |
2011 |
2010 |
|
Trade and other payables |
809 |
923 |
|
Tax liabilities |
128 |
164 |
|
Financial liabilities |
177 |
142 |
|
Other non-financial liabilities |
1,325 |
1,726 |
|
Provision TomorrowNow litigation |
230 |
997 |
|
Other provisions |
312 |
290 |
|
Provisions |
542 |
1,287 |
|
Deferred income |
1,536 |
911 |
|
Liabilities held for sale |
10 |
0 |
|
Total current liabilities |
4,527 |
5,153 |
|
Trade and other payables |
46 |
30 |
|
Tax liabilities |
437 |
369 |
|
Financial liabilities |
4,007 |
4,449 |
|
Other non-financial liabilities |
85 |
85 |
|
Provisions |
239 |
292 |
|
Deferred tax liabilities |
499 |
574 |
|
Deferred income |
60 |
63 |
|
Total non-current liabilities |
5,373 |
5,862 |
|
Total liabilities |
9,900 |
11,015 |
|
Issued capital |
1,228 |
1,227 |
|
Share premium |
395 |
337 |
|
Retained earnings |
11,277 |
9,767 |
|
Other components of equity |
-201 |
-142 |
|
Treasury shares |
-1,368 |
-1,382 |
|
Equity attributable to owners of parent |
11,331 |
9,807 |
|
Non-controlling interests |
8 |
17 |
|
Total equity |
11,339 |
9,824 |
|
Equity and liabilities |
21,239 |
20,839 |
|
CONSOLIDATED STATEMENTS OF CASH FLOWS for the nine months ended September 30 |
|||
EUR millions |
2011 |
2010 |
|
Profit after tax |
2,242 |
1,379 |
|
Adjustments to reconcile profit after taxes to net cash provided by operating activities: |
|||
Depreciation and amortization |
536 |
370 |
|
Income tax expense |
902 |
507 |
|
Finance income and finance costs, net |
34 |
25 |
|
Gains/losses on disposals of non-current assets |
2 |
2 |
|
Decrease/increase in sales and bad debt allowances on trade receivables |
0 |
-9 |
|
Other adjustments for non-cash items |
30 |
36 |
|
Decrease/increase in trade receivables |
473 |
515 |
|
Decrease/increase in other assets |
-58 |
-371 |
|
Decrease/increase in trade payables, provisions and other liabilities |
-1,184 |
-328 |
|
Decrease/increase in deferred income |
667 |
553 |
|
Cash flows due to TomorrowNow litigation |
-32 |
-3 |
|
Interest paid |
-109 |
-48 |
|
Interest received |
65 |
49 |
|
Income taxes paid, net of refunds |
-602 |
-625 |
|
Net cash flows from operating activities |
2,966 |
2,052 |
|
Business combinations, net of cash and cash equivalents acquired |
-66 |
-4,184 |
|
Purchase of intangible assets and property, plant and equipment |
-329 |
-200 |
|
Proceeds from sales of intangible assets or property, plant, and equipment |
26 |
23 |
|
Purchase of equity or debt instruments of other entities |
-1,560 |
-687 |
|
Proceeds from sales of equity or debt instruments of other entities |
518 |
1,248 |
|
Net cash flows from investing activities |
-1,411 |
-3,800 |
|
Purchase of non-controlling interests |
-24 |
0 |
|
Dividends paid |
-713 |
-594 |
|
Purchase of treasury shares |
-158 |
-220 |
|
Proceeds from reissuance of treasury shares |
170 |
109 |
|
Proceeds from issuing shares (share-based compensation) |
34 |
26 |
|
Proceeds from borrowings |
519 |
5,019 |
|
Repayments of borrowings |
-1,005 |
-1,721 |
|
Net cash flows from financing activities |
-1,177 |
2,619 |
|
Effect of foreign exchange rates on cash and cash equivalents |
15 |
73 |
|
Net decrease/increase in cash and cash equivalents |
393 |
944 |
|
Cash and cash equivalents at the beginning of the period |
3,518 |
1,884 |
|
Cash and cash equivalents at the end of the period |
3,911 |
2,828 |
|
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. |
||||||||||||
Three months ended September 30 |
||||||||||||
EUR millions, unless otherwise stated |
2011 |
2010 |
Change in % |
|||||||||
IFRS |
Adj.* |
Non-IFRS* |
Currency impact** |
Non-IFRS constant currency** |
IFRS |
Adj.* |
Non-IFRS* |
IFRS |
Non-IFRS* |
Non-IFRS constant currency** |
||
Non-IFRS Revenue Numbers |
||||||||||||
Software revenue |
841 |
0 |
841 |
26 |
867 |
656 |
0 |
656 |
28 |
28 |
32 |
|
Support revenue |
1,757 |
1 |
1,758 |
47 |
1,805 |
1,559 |
36 |
1,595 |
13 |
10 |
13 |
|
Subscription and other software-related service revenue |
93 |
0 |
93 |
1 |
94 |
101 |
0 |
101 |
-8 |
-8 |
-7 |
|
Software and software-related service revenue |
2,691 |
1 |
2,692 |
74 |
2,766 |
2,316 |
36 |
2,352 |
16 |
14 |
18 |
|
Consulting revenue |
578 |
0 |
578 |
19 |
597 |
565 |
0 |
565 |
2 |
2 |
6 |
|
Other service revenue |
140 |
0 |
140 |
4 |
144 |
122 |
0 |
122 |
15 |
15 |
18 |
|
Professional services and other service revenue |
718 |
0 |
718 |
23 |
741 |
687 |
0 |
687 |
5 |
5 |
8 |
|
Total revenue |
3,409 |
1 |
3,410 |
97 |
3,507 |
3,003 |
36 |
3,039 |
14 |
12 |
15 |
|
Non-IFRS Operating Expense Numbers |
||||||||||||
Cost of software and software-related services |
-513 |
70 |
-443 |
-469 |
59 |
-410 |
9 |
8 |
||||
Cost of professional services and other services |
-537 |
3 |
-534 |
-530 |
10 |
-520 |
1 |
3 |
||||
Research and development |
-436 |
-4 |
-440 |
-453 |
12 |
-441 |
-4 |
0 |
||||
Sales and marketing |
-721 |
19 |
-702 |
-642 |
30 |
-612 |
12 |
15 |
||||
General and administration |
-168 |
5 |
-163 |
-157 |
9 |
-148 |
7 |
10 |
||||
Restructuring |
-1 |
1 |
0 |
2 |
-2 |
0 |
-150 |
0 |
||||
TomorrowNow litigation |
723 |
-723 |
0 |
-45 |
45 |
0 |
-1,707 |
0 |
||||
Other operating income/expense, net |
3 |
0 |
3 |
7 |
0 |
7 |
-57 |
-57 |
||||
Total operating expenses |
-1,650 |
-629 |
-2,279 |
-68 |
-2,347 |
-2,287 |
163 |
-2,124 |
-28 |
7 |
10 |
|
Non-IFRS Profit Numbers |
||||||||||||
Operating profit |
1,759 |
-628 |
1,131 |
29 |
1,160 |
716 |
199 |
915 |
146 |
24 |
27 |
|
Other non-operating income/expense, net |
0 |
0 |
0 |
-13 |
-8 |
-21 |
-100 |
-100 |
||||
Finance income |
29 |
0 |
29 |
24 |
0 |
24 |
19 |
19 |
||||
Finance Cost TomorrowNow litigation |
7 |
-7 |
0 |
0 |
0 |
0 |
N/A |
0 |
||||
Other finance costs |
-38 |
0 |
-38 |
-38 |
0 |
-38 |
0 |
0 |
||||
Finance costs |
-31 |
-7 |
-38 |
-38 |
0 |
-38 |
-20 |
0 |
||||
Financial income, net |
-2 |
-7 |
-9 |
-14 |
0 |
-14 |
-86 |
-36 |
-86 |
|||
Profit before tax |
1,757 |
-635 |
1,122 |
689 |
191 |
880 |
155 |
28 |
||||
Income tax TomorrowNow litigation |
-276 |
276 |
0 |
17 |
-17 |
0 |
-1,724 |
0 |
||||
Other income tax expense |
-229 |
-32 |
-261 |
-205 |
-46 |
-251 |
12 |
4 |
||||
Income tax expense |
-505 |
244 |
-261 |
-188 |
-63 |
-251 |
169 |
4 |
||||
Profit after tax |
1,251 |
-391 |
860 |
501 |
128 |
629 |
150 |
37 |
||||
Profit attributable to non-controlling interests |
0 |
0 |
0 |
1 |
0 |
1 |
-100 |
-100 |
||||
Profit attributable to owners of parent |
1,251 |
-391 |
860 |
500 |
128 |
628 |
150 |
37 |
||||
Non-IFRS Key Ratios |
||||||||||||
Operating margin in % |
51.6 |
33.2 |
33.1 |
23.8 |
30.1 |
27.8pp |
3.1pp |
3.0pp |
||||
Effective tax rate in % |
28.7 |
23.3 |
27.3 |
28.5 |
1.4pp |
-5.2pp |
||||||
Basic earnings per share, in EUR* |
1.05 |
0.72 |
0.42 |
0.53 |
150 |
36 |
||||||
Nine months ended September 30 |
||||||||||||
EUR millions, unless otherwise stated |
2011 |
2010 |
Change in % |
|||||||||
IFRS |
Adj.* |
Non-IFRS* |
Currency impact** |
Non-IFRS constant currency** |
IFRS |
Adj.* |
Non-IFRS* |
IFRS |
Non-IFRS* |
Non-IFRS constant currency** |
||
Non-IFRS Revenue Numbers |
||||||||||||
Software revenue |
2,226 |
0 |
2,226 |
78 |
2,304 |
1,757 |
0 |
1,757 |
27 |
27 |
31 |
|
Support revenue |
5,093 |
26 |
5,119 |
61 |
5,180 |
4,479 |
36 |
4,515 |
14 |
13 |
15 |
|
Subscription and other software-related service revenue |
278 |
0 |
278 |
1 |
279 |
285 |
0 |
285 |
-2 |
-2 |
-2 |
|
Software and software-related service revenue |
7,597 |
26 |
7,623 |
140 |
7,763 |
6,521 |
36 |
6,557 |
17 |
16 |
18 |
|
Consulting revenue |
1,726 |
0 |
1,726 |
34 |
1,760 |
1,572 |
0 |
1,572 |
10 |
10 |
12 |
|
Other service revenue |
410 |
0 |
410 |
7 |
417 |
313 |
0 |
313 |
31 |
31 |
33 |
|
Professional services and other service revenue |
2,136 |
0 |
2,136 |
41 |
2,177 |
1,885 |
0 |
1,885 |
13 |
13 |
15 |
|
Total revenue |
9,733 |
26 |
9,759 |
181 |
9,940 |
8,406 |
36 |
8,442 |
16 |
16 |
18 |
|
Non-IFRS Operating Expense Numbers |
||||||||||||
Cost of software and software-related services |
-1,503 |
216 |
-1,287 |
-1,281 |
138 |
-1,143 |
17 |
13 |
||||
Cost of professional services and other services |
-1,672 |
28 |
-1,644 |
-1,478 |
13 |
-1,465 |
13 |
12 |
||||
Research and development |
-1,402 |
36 |
-1,366 |
-1,243 |
23 |
-1,220 |
13 |
12 |
||||
Sales and marketing |
-2,140 |
96 |
-2,044 |
-1,858 |
61 |
-1,797 |
15 |
14 |
||||
General and administration |
-515 |
23 |
-492 |
-461 |
22 |
-439 |
12 |
12 |
||||
Restructuring |
-2 |
2 |
0 |
1 |
-1 |
0 |
-300 |
0 |
||||
TomorrowNow litigation |
711 |
-711 |
0 |
-46 |
46 |
0 |
-1,646 |
0 |
||||
Other operating income/expense, net |
3 |
0 |
3 |
7 |
0 |
7 |
-57 |
-57 |
||||
Total operating expenses |
-6,520 |
-310 |
-6,830 |
-124 |
-6,954 |
-6,359 |
303 |
-6,057 |
3 |
13 |
15 |
|
Non-IFRS Profit Numbers |
||||||||||||
Operating profit |
3,213 |
-284 |
2,929 |
57 |
2,986 |
2,047 |
339 |
2,386 |
57 |
23 |
25 |
|
Other non-operating income/expense, net |
-34 |
0 |
-34 |
-136 |
9 |
-127 |
-75 |
-73 |
||||
Finance income |
78 |
0 |
78 |
52 |
0 |
52 |
50 |
50 |
||||
Finance costs TomorrowNow litigation |
7 |
-7 |
0 |
0 |
0 |
0 |
N/A |
0 |
||||
Other finance costs |
-119 |
0 |
-119 |
-77 |
0 |
77 |
55 |
-255 |
||||
Finance costs |
-112 |
-7 |
-119 |
-77 |
0 |
-77 |
45 |
54 |
||||
Financial income, net |
-34 |
-7 |
-41 |
-25 |
0 |
-25 |
36 |
64 |
||||
Profit before tax |
3,145 |
-291 |
2,854 |
1,886 |
348 |
2,234 |
67 |
28 |
||||
Income tax TomorrowNow litigation |
-276 |
276 |
0 |
18 |
-18 |
0 |
-1,633 |
N/A |
||||
Other income tax expense |
-626 |
-136 |
-762 |
-525 |
116 |
-409 |
19 |
86 |
||||
Income tax expense |
-902 |
140 |
-762 |
-507 |
-98 |
-605 |
78 |
26 |
||||
Profit after tax |
2,242 |
-151 |
2,091 |
1,379 |
250 |
1,629 |
63 |
28 |
||||
Profit attributable to non-controlling interests |
1 |
1 |
2 |
2 |
0 |
2 |
-50 |
0 |
||||
Profit attributable to owners of parent |
2,241 |
-152 |
2,089 |
1,377 |
250 |
1,627 |
63 |
28 |
||||
Non-IFRS Key Ratios |
||||||||||||
Operating margin in % |
33.0 |
30.0 |
30.0 |
24.4 |
28.3 |
8.6pp |
1.7pp |
1.7pp |
||||
Effective tax rate in % |
28.7 |
26.7 |
26.9 |
27.1 |
1.8pp |
-0.4pp |
||||||
Basic earnings per share, in EUR* |
1.88 |
1.76 |
1.16 |
1.37 |
62 |
28 |
||||||
* 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. |
||||||||||||
Three months ended September 30 |
||||||||||||
EUR millions |
2011 |
2010 |
Change in % |
|||||||||
IFRS |
Adj.* |
Non-IFRS* |
Currency impact** |
Non-IFRS constant currency** |
IFRS |
Adj.* |
Non-IFRS* |
IFRS |
Non-IFRS* |
Non-IFRS constant currency** |
||
Software revenue by region |
||||||||||||
EMEA |
356 |
0 |
356 |
5 |
361 |
287 |
0 |
287 |
24 |
24 |
26 |
|
Americas |
321 |
0 |
321 |
21 |
342 |
253 |
0 |
253 |
27 |
27 |
35 |
|
Asia Pacific Japan |
163 |
0 |
163 |
2 |
165 |
116 |
0 |
116 |
41 |
41 |
42 |
|
Software revenue |
841 |
0 |
841 |
26 |
867 |
656 |
0 |
656 |
28 |
28 |
32 |
|
Software and software-related service revenue by region |
||||||||||||
Germany |
420 |
0 |
420 |
0 |
420 |
369 |
0 |
369 |
14 |
14 |
14 |
|
Rest of EMEA |
897 |
0 |
897 |
4 |
901 |
788 |
10 |
798 |
14 |
12 |
13 |
|
Total EMEA |
1,316 |
0 |
1,316 |
4 |
1,320 |
1,158 |
10 |
1,168 |
14 |
13 |
13 |
|
United States |
680 |
1 |
681 |
58 |
739 |
606 |
21 |
627 |
12 |
9 |
18 |
|
Rest of Americas |
258 |
0 |
258 |
11 |
269 |
200 |
2 |
202 |
29 |
28 |
33 |
|
Total Americas |
938 |
1 |
939 |
68 |
1,007 |
806 |
24 |
830 |
16 |
13 |
21 |
|
Japan |
137 |
0 |
137 |
-2 |
135 |
107 |
1 |
108 |
28 |
27 |
25 |
|
Rest of Asia Pacific Japan |
300 |
0 |
300 |
3 |
303 |
246 |
1 |
247 |
22 |
21 |
23 |
|
Total Asia Pacific Japan |
437 |
0 |
437 |
2 |
439 |
352 |
3 |
355 |
24 |
23 |
24 |
|
Software and software-related service revenue |
2,691 |
1 |
2,692 |
74 |
2,766 |
2,316 |
36 |
2,352 |
16 |
14 |
18 |
|
Total revenue by region |
||||||||||||
Germany |
577 |
0 |
577 |
0 |
577 |
521 |
0 |
521 |
11 |
11 |
11 |
|
Rest of EMEA |
1,086 |
0 |
1,086 |
5 |
1,091 |
975 |
10 |
985 |
11 |
10 |
11 |
|
Total EMEA |
1,663 |
0 |
1,663 |
6 |
1,669 |
1,496 |
10 |
1,506 |
11 |
10 |
11 |
|
United States |
888 |
1 |
889 |
76 |
965 |
810 |
21 |
831 |
10 |
7 |
16 |
|
Rest of Americas |
334 |
0 |
334 |
14 |
348 |
268 |
2 |
270 |
25 |
24 |
29 |
|
Total Americas |
1,222 |
1 |
1,223 |
91 |
1,314 |
1,078 |
24 |
1,102 |
13 |
11 |
19 |
|
Japan |
158 |
0 |
158 |
-2 |
156 |
125 |
1 |
126 |
26 |
25 |
24 |
|
Rest of Asia Pacific Japan |
366 |
0 |
366 |
3 |
369 |
304 |
1 |
305 |
20 |
20 |
21 |
|
Total Asia Pacific Japan |
524 |
0 |
524 |
1 |
525 |
429 |
3 |
432 |
22 |
21 |
22 |
|
Total revenue |
3,409 |
1 |
3,410 |
97 |
3,507 |
3,003 |
36 |
3,039 |
14 |
12 |
15 |
|
Nine months ended September 30 |
||||||||||||
EUR millions |
2011 |
2010 |
Change in % |
|||||||||
IFRS |
Adj.* |
Non-IFRS* |
Currency impact** |
Non-IFRS constant currency** |
IFRS |
Adj.* |
Non-IFRS* |
IFRS |
Non-IFRS* |
Non-IFRS constant currency** |
||
Software revenue by region |
||||||||||||
EMEA |
929 |
0 |
929 |
7 |
936 |
747 |
0 |
747 |
24 |
24 |
25 |
|
Americas |
870 |
0 |
870 |
66 |
936 |
694 |
0 |
694 |
25 |
25 |
35 |
|
Asia Pacific Japan |
427 |
0 |
427 |
6 |
433 |
317 |
0 |
317 |
35 |
35 |
37 |
|
Software revenue |
2,226 |
0 |
2,226 |
78 |
2,304 |
1,757 |
0 |
1,757 |
27 |
27 |
31 |
|
Software and software-related service revenue by region |
||||||||||||
Germany |
1,148 |
0 |
1,148 |
0 |
1,148 |
1,040 |
0 |
1,040 |
10 |
10 |
10 |
|
Rest of EMEA |
2,544 |
7 |
2,551 |
-13 |
2,538 |
2,197 |
10 |
2,207 |
16 |
16 |
15 |
|
Total EMEA |
3,691 |
7 |
3,698 |
-13 |
3,685 |
3,237 |
10 |
3,247 |
14 |
14 |
13 |
|
United States |
1,975 |
15 |
1,990 |
151 |
2,141 |
1,693 |
21 |
1,714 |
17 |
16 |
25 |
|
Rest of Americas |
709 |
2 |
711 |
13 |
724 |
599 |
2 |
601 |
18 |
18 |
20 |
|
Total Americas |
2,684 |
16 |
2,700 |
165 |
2,865 |
2,292 |
24 |
2,316 |
17 |
17 |
24 |
|
Japan |
398 |
1 |
399 |
-12 |
387 |
315 |
1 |
316 |
26 |
26 |
22 |
|
Rest of Asia Pacific Japan |
825 |
1 |
826 |
-1 |
825 |
678 |
1 |
679 |
22 |
22 |
22 |
|
Total Asia Pacific Japan |
1,222 |
2 |
1,224 |
-12 |
1,212 |
993 |
3 |
996 |
23 |
23 |
22 |
|
Software and software-related service revenue |
7,597 |
26 |
7,623 |
140 |
7,763 |
6,521 |
36 |
6,557 |
17 |
16 |
18 |
|
Total revenue by region |
||||||||||||
Germany |
1,617 |
0 |
1,617 |
0 |
1,617 |
1,470 |
0 |
1,470 |
10 |
10 |
10 |
|
Rest of EMEA |
3,143 |
7 |
3,150 |
-15 |
3,135 |
2,718 |
10 |
2,728 |
16 |
15 |
15 |
|
Total EMEA |
4,760 |
7 |
4,767 |
-15 |
4,752 |
4,189 |
10 |
4,199 |
14 |
14 |
13 |
|
United States |
2,591 |
15 |
2,606 |
196 |
2,802 |
2,231 |
21 |
2,252 |
16 |
16 |
24 |
|
Rest of Americas |
930 |
2 |
932 |
16 |
948 |
790 |
2 |
792 |
18 |
18 |
20 |
|
Total Americas |
3,521 |
16 |
3,537 |
214 |
3,751 |
3,021 |
24 |
3,045 |
17 |
16 |
23 |
|
Japan |
450 |
1 |
451 |
-13 |
438 |
361 |
1 |
362 |
25 |
25 |
21 |
|
Rest of Asia Pacific Japan |
1,003 |
1 |
1,004 |
-4 |
1,000 |
835 |
1 |
836 |
20 |
20 |
20 |
|
Total Asia Pacific Japan |
1,453 |
2 |
1,455 |
-17 |
1,438 |
1,196 |
3 |
1,199 |
21 |
21 |
20 |
|
Total revenue |
9,733 |
26 |
9,759 |
181 |
9,940 |
8,406 |
36 |
8,442 |
16 |
16 |
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). |
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SOURCE SAP AG
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