SAP SE: Cloud Revenue up 129% - SAP Business Network Revenue up 194%
SAP Announces Second Quarter and First Half 2015 Results
WALLDORF, Germany, July 21, 2015 /PRNewswire/ --
- Strong Growth in New Cloud Bookings: Up 162%
- Non-IFRS Cloud and Software Revenue Increased 21% to €4.06 Billion
- HANA Customers Doubled Year Over Year, S/4HANA Customers Up More Than 140% Quarter Over Quarter
- Non-IFRS Operating Profit Increased 13% to €1.39 Billion
- Reiterates Full Year 2015 Outlook
SAP SE (NYSE: SAP) today announced its financial results for the second quarter and first half ended June 30, 2015.
SAP again delivered exceptionally strong growth in the cloud. Second quarter non-IFRS cloud subscriptions and support revenue grew 129% year-over-year (92% at constant currencies) to €555 million.1 New cloud bookings, the key measure for SAP's sales success in the cloud, increased 162% in the second quarter to €203 million.2
The Company had a very strong non-IFRS cloud and software revenue performance with 21% growth (9% at constant currencies) to €4.06 billion. Non-IFRS operating profit increased 13% (1% at constant currencies) to €1.39 billion.
"When I speak with CEOs, they are looking for a road map to digitize their business and to create new business models," said SAP CEO Bill McDermott. "Our business is thriving because we have the most complete vision for how to make this transition to digital business a simple one. I am confident that our strategy to deliver a platform, applications and business networks is exactly what customers need from SAP."
"Our second quarter growth in new cloud bookings was significantly higher than in the first quarter. This momentum showed across our entire cloud and business network portfolio," said SAP CFO Luka Mucic. "Our operating profit performance is beginning to reflect the business transformation we initiated to make SAP ready for the future. We are on track to achieve our full year business outlook."
BUSINESS HIGHLIGHTS IN THE SECOND QUARTER 2015
Strong Momentum in Human Capital Management and Customer Engagement and Commerce Drives Cloud Applications Revenue
Customers increasingly turn to us to manage the total workforce, both permanent and flexible workers, globally. Our Human Capital Management offering, SuccessFactors Employee Central, is localized for 71 countries and the number of customers has increased to more than 730 from around 390 a year ago. This represents an 87% growth in customers in just 12 months. We also saw strong growth in Customer Engagement and Commerce where SAP is helping businesses track and engage customers in real-time across all channels and seamlessly execute and fulfill ecommerce in one end-to-end value chain. New cloud bookings for Customer Engagement and Commerce once again saw strong triple digit growth.
Surge in Number of SAP S/4HANA Customers
Customer adoption confirms that SAP HANA is key to running a data-driven business in the Digital Economy. This quarter, the number of HANA customers surpassed 7,200 compared with 3,600 a year ago. S/4HANA's robust early traction – more than 900 SAP S/4HANA customers by the end of the second quarter compared to over 370 at the end of the first quarter – is a major catalyst in SAP HANA's broader market adoption across all industries and regions.
SAP Business Network Increases in Size, Revenue and Relevance
As the SAP Business Network grows, its value increases for all companies taking advantage of frictionless commerce in the digital economy. Total revenue in the SAP Business Network segment was €400 million (€333 million at constant currencies) in the second quarter, a year-over-year increase of 194% (145% at constant currencies). Approximately 1.9 million connected companies trade over $800 billion of commerce3 on this network.
Regional Performance
Growth was solid in the EMEA region, with a 10% increase in non-IFRS cloud and software revenue. Non-IFRS cloud subscriptions and support revenue grew by 94% with triple-digit growth in new cloud bookings. Some highlights in the region include very strong growth across cloud and software in the Middle East and solid growth in Germany, France and the UK.
The Americas region saw strong double-digit growth, with non-IFRS cloud and software revenue growing 36%. Cloud subscriptions and support revenue in the region grew 141% with new cloud bookings nearly tripling, driven by a very strong performance in North America. The United States was a highlight with a strong performance across cloud and software. Regional macro-economic issues impacted results across Latin America.
In the APJ region, non-IFRS cloud subscriptions and support revenue grew by 138%, driving non-IFRS cloud and software revenue up 19%. New cloud bookings grew triple-digits. Japan continued its recovery with another strong quarter across cloud and software.
FINANCIAL RESULTS IN DETAIL
|
FINANCIAL RESULTS IN THE SECOND QUARTER 2015 | |||||||
|
Second Quarter 20151) | |||||||
|
IFRS |
Non-IFRS2) | ||||||
|
€ million, unless otherwise stated |
Q2 2015 |
Q2 2014 |
% change |
Q2 2015 |
Q2 2014 |
% change |
% change |
|
Cloud subscriptions and support |
552 |
241 |
129 |
555 |
242 |
129 |
92 |
|
Software licenses and support |
3,510 |
3,116 |
13 |
3,510 |
3,117 |
13 |
3 |
|
Cloud and software |
4,062 |
3,357 |
21 |
4,065 |
3,359 |
21 |
9 |
|
Total revenue |
4,970 |
4,151 |
20 |
4,972 |
4,153 |
20 |
8 |
|
Operating profit |
701 |
698 |
1 |
1,394 |
1,236 |
13 |
1 |
|
Profit after tax |
469 |
556 |
–16 |
960 |
938 |
2 |
|
|
Basic earnings per share (€) |
0.39 |
0.47 |
–16 |
0.80 |
0.79 |
2 |
|
|
Number of employees (FTE) |
74,497 |
67,651 |
10 |
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 F7 in the appendix to this press release. |
IFRS cloud subscriptions and support revenue was €552 million (2014: €241 million), an increase of 129%. Non-IFRS cloud subscriptions and support revenue was €555 million (2014: €242 million), an increase of 129% (92% at constant currencies). IFRS software licenses revenue was €979 million (2014: €957 million), an increase of 2%. Non-IFRS software licenses revenue was €979 million (2014: €957 million), an increase of 2% (a decrease of 7% at constant currencies). IFRS software licenses and support revenue was €3.51 billion (2014: €3.12 billion), an increase of 13%. Non-IFRS software licenses and support revenue was €3.51 billion (2014: €3.12 billion), an increase of 13% (3% at constant currencies). IFRS cloud and software revenue was €4.06 billion (2014: €3.36 billion), an increase of 21%. Non-IFRS cloud and software revenue was €4.06 billion (2014: €3.36 billion), an increase of 21% (9% at constant currencies). IFRS total revenue was €4.97 billion (2014: €4.15 billion), an increase of 20%. Non-IFRS total revenue was €4.97 billion (2014: €4.15 billion), an increase of 20% (8% at constant currencies).
IFRS operating profit was €701 million (2014: €698 million), an increase of 1%. Non-IFRS operating profit was €1.39 billion (2014: €1.24 million), an increase of 13% (1% at constant currencies). IFRS operating margin was 14.1% (2014: 16.8%), a decrease of 2.7 percentage points. Non-IFRS operating margin was 28.0% (2014: 29.8%), a decrease of 1.7 percentage points (2.0 percentage points at constant currencies).
IFRS profit after tax was €469 million (2014: €556 million), a decrease of 16%. Non-IFRS profit after tax was €960 million (2014: €938 million), an increase of 2%. IFRS basic earnings per share was €0.39 (2014: €0.47), a decrease of 16%. Non-IFRS basic earnings per share was €0.80 (2014: €0.79), an increase of 2%. The IFRS and non-IFRS effective tax rates in the second quarter of 2015 were 26.4% (2014: 22.6%) and 27.8% (2014: 25.4%), respectively.
|
FINANCIAL RESULTS IN THE FIRST HALF 2015 | |||||||
|
First Half 20151) | |||||||
|
IFRS |
Non-IFRS2) | ||||||
|
€ million, unless otherwise stated |
6M 2015 |
6M 2014 |
% change |
6M 2015 |
6M 2014 |
% change |
% change const. |
|
Cloud subscriptions and support |
1,056 |
460 |
129 |
1,063 |
463 |
130 |
93 |
|
Software licenses and support |
6,660 |
5,836 |
14 |
6,660 |
5,839 |
14 |
4 |
|
Cloud and software |
7,715 |
6,296 |
23 |
7,723 |
6,301 |
23 |
10 |
|
Total revenue |
9,467 |
7,849 |
21 |
9,475 |
7,854 |
21 |
9 |
|
Operating profit |
1,339 |
1,421 |
–6 |
2,451 |
2,155 |
14 |
0 |
|
Profit after tax |
882 |
1,090 |
–19 |
1,657 |
1,604 |
3 |
|
|
Basic earnings per share (€) |
0.74 |
0.91 |
–19 |
1.39 |
1.34 |
3 |
|
|
Number of employees (FTE) |
74,497 |
67,651 |
10 |
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 F7 in the appendix to this press release. |
IFRS cloud subscriptions and support revenue was €1.06 billion (2014: €460 million), an increase of 129%. Non-IFRS cloud subscriptions and support revenue was €1.06 billion (2014: €463 million), an increase of 130% (93% at constant currencies). IFRS software licenses revenue was €1.67 billion (2014: €1.58 billion), an increase of 6%. Non-IFRS software licenses revenue was €1.67 billion (2014: €1.58 billion), an increase of 6% (a decrease of 4% at constant currencies). IFRS software licenses and support revenue was €6.66 billion (2014: €5.84 billion), an increase of 14%. Non-IFRS software licenses and support revenue was €6.66 billion (2014: €5.84 billion), an increase of 14% (4% at constant currencies). IFRS cloud and software revenue was €7.72 billion (2014: €6.30 billion), an increase of 23%. Non-IFRS cloud and software revenue was €7.72 billion (2014: €6.30 billion), an increase of 23% (10% at constant currencies). IFRS total revenue was €9.47 billion (2014: €7.85 billion), an increase of 21%. Non-IFRS total revenue was €9.47 billion (2014: €7.85 billion), an increase of 21% (9% at constant currencies).
IFRS operating profit was €1.34 billion (2014: €1.42 billion), a decrease of 6%. Non-IFRS operating profit was €2.45 billion (2014: €2.16 billion), an increase of 14% (flat at constant currencies). IFRS operating margin was 14.1% (2014: 18.1%), a decrease of 4.0 percentage points. Non-IFRS operating margin was 25.9% (2014: 27.4%), a decrease of 1.6 percentage points (2.3 percentage points at constant currencies).
IFRS profit after tax was €882 million (2014: €1.09 billion), a decrease of 19%. Non-IFRS profit after tax was €1.66 billion (2014: €1.60 billion), an increase of 3%. IFRS basic earnings per share was €0.74 (2014: €0.91), a decrease of 19%. Non-IFRS basic earnings per share was €1.39 (2014: €1.34), an increase of 3%. The IFRS and non-IFRS effective tax rates for the first half of 2015 were 20.9% (2014: 23.4%) and 25.6% (2014: 25.6%), respectively.
Operating cash flow was €2.78 billion (2014: €2.58 billion), an increase of 8% year-over-year. Free cash flow increased slightly year-over-year to €2.50 billion (2014: €2.27 billion). Free cash flow was 26% of total revenue (2014: 29%). At June 30, 2015, SAP had a total group liquidity of €4.18 billion (December, 2014: €3.42 billion), which includes cash and cash equivalents and current investments. Net liquidity 2 at June 30, 2015 was -€6.25 billion compared to -€7.67 billion at December 31, 2014.
BUSINESS OUTLOOK 2015
The Company reiterates the following 2015 outlook:
- Based on the strong momentum in SAP's cloud business the Company expects full-year 2015 non-IFRS cloud subscriptions and support revenue to be in a range of €1.95 - €2.05 billion at constant currencies (2014: €1.10 billion). The upper end of this range represents a growth rate of 86% at constant currencies. Concur and Fieldglass are expected to contribute approximately 50 percentage points to this growth.
- The Company expects full year 2015 non-IFRS cloud and software revenue to increase by 8% - 10% at constant currencies (2014: €14.33 billion).
- The Company expects full-year 2015 non-IFRS operating profit to be in a range of €5.6 billion - €5.9 billion at constant currencies (2014: €5.64 billion).
While the Company's full-year 2015 business outlook is at constant currencies, actual currency reported figures are expected to continue to be impacted by currency exchange rate fluctuations. If exchange rates stay at the June 2015 average level for the rest of the year, the Company would expect approximately a 5 to 8 percentage points currency benefit on cloud and software growth and 5 to 8 percentage points currency benefit on operating profit growth for the third quarter of 2015 and 6 to 9 percentage points and 7 to 10 percentage points respectively for the full-year 2015.
Additional Information
2015 revenue and profit figures include the full revenue and profit from Concur and Fieldglass. The comparative numbers for 2014 include Concur and Fieldglass starting December 4 and May 2, respectively.
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.
Second Quarter 2015 Interim Report
SAP's second quarter 2015 Interim Report was published today and is available for download at www.sap.com/investor.
Webcast
SAP earnings conference call for financial analysts will take place on Tuesday, July 21st at 2:00 PM (CEST) / 1:00 PM (GMT) / 8:00 AM (EDT) / 5:00 AM (PDT). 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 293,500 customers to operate profitably, adapt continuously, and grow sustainably. For more information, visit www.sap.com.
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For more information, financial community only: |
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Stefan Gruber |
+49 (6227) 7-44872 |
[email protected], CET |
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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 |
|
Andy Kendzie |
+1 (202) 312-3919 |
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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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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.
© 2015 SAP SE. All rights reserved.
No part of this publication may be reproduced or transmitted in any form or for any purpose without the express permission of SAP SE. The information contained herein may be changed without prior notice.
Some software products marketed by SAP SE and its distributors contain proprietary software components of other software vendors. National product specifications may vary.
These materials are provided by SAP SE 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.
SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE (or an SAP affiliate company) in Germany and other countries. Please see http://www.sap.com/corporate-en/legal/copyright/index.epx#trademark for additional trademark information and notices.
1 For the second quarter 2015, Fieldglass contributed €21 million and Concur contributed €137 million to SAP's Non-IFRS cloud subscriptions and support revenue at constant currencies. The Fieldglass acquisition was closed on May 2nd 2014.
2 New cloud bookings consist of all order entry of a given period that is expected to be classified as cloud subscription and support revenue and results from purchases by new customers and from incremental purchases by existing customers. The order amount must be contractually committed (i.e. variable amounts from pay-per-use and similar arrangements are not included). Consequently, due to their uncommitted pay-per-use nature Ariba and Fieldglass network transaction fees are not reflected in the new cloud bookings metric. Amounts included in the measure are annualized. Concur contributed €46 million to SAP's new cloud bookings in the second quarter.
3 Network spend volume is the total value of purchase orders transacted on the Ariba, Concur and Fieldglass Networks in the trailing 12 months.
Appendix – Financial Information to Follow
|
FINANCIAL INFORMATION FOR THE SECOND QUARTER 2015 (Condensed and Unaudited) | ||
|
Page | ||
|
Financial Statements (IFRS, Unaudited) |
||
|
Consolidated Income Statements |
F1-F2 | |
|
Consolidated Statements of Financial Position |
F3 | |
|
Consolidated Statements of Cash Flows |
F4 | |
|
Supplementary Financial Information (Unaudited) |
||
|
Reconciliation from Non-IFRS Numbers to IFRS Numbers |
F5-F6 | |
|
Explanation of Non-IFRS Adjustments |
F7 | |
|
Revenue by Region |
F8-F9 | |
|
Financial Statements (IFRS, Unaudited) | ||||
|
CONSOLIDATED INCOME STATEMENTS OF SAP GROUP – QUARTER | ||||
|
For the three months ended June 30 | ||||
|
€ millions, unless otherwise stated |
2015 |
2014 |
Change in % | |
|
Cloud subscriptions and support |
552 |
241 |
129 | |
|
Software licenses |
979 |
957 |
2 | |
|
Software support |
2,531 |
2,158 |
17 | |
|
Software licenses and support |
3,510 |
3,116 |
13 | |
|
Cloud and software |
4,062 |
3,357 |
21 | |
|
Services |
908 |
794 |
14 | |
|
Total revenue |
4,970 |
4,151 |
20 | |
|
Cost of cloud subscriptions and support |
–212 |
–105 |
>100 | |
|
Cost of software licenses and support |
–560 |
–517 |
8 | |
|
Cost of cloud and software |
–772 |
–621 |
24 | |
|
Cost of services |
–835 |
–667 |
25 | |
|
Total cost of revenue |
–1,607 |
–1,289 |
25 | |
|
Gross profit |
3,363 |
2,862 |
18 | |
|
Research and development |
–728 |
–566 |
29 | |
|
Sales and marketing |
–1,314 |
–1,049 |
25 | |
|
General and administration |
–256 |
–218 |
17 | |
|
Restructuring |
–367 |
–39 |
>100 | |
|
TomorrowNow and Versata litigation |
0 |
–289 |
<-100 | |
|
Other operating income/expense, net |
3 |
–3 |
<-100 | |
|
Total operating expenses |
–4,269 |
–3,453 |
24 | |
|
Operating profit |
701 |
698 |
1 | |
|
Other non-operating income/expense, net |
–53 |
4 |
<-100 | |
|
Finance income |
39 |
47 |
–17 | |
|
Finance costs |
–50 |
–30 |
69 | |
|
Financial income, net |
–11 |
17 |
<-100 | |
|
Profit before tax |
637 |
719 |
–11 | |
|
Income tax TomorrowNow and Versata litigation |
0 |
76 |
<-100 | |
|
Other income tax expense |
–168 |
–239 |
–30 | |
|
Income tax expense |
–168 |
–163 |
3 | |
|
Profit after tax |
469 |
556 |
–16 | |
|
attributable to owners of parent |
471 |
557 |
–15 | |
|
attributable to non-controlling interests |
–3 |
–1 |
>100 | |
|
Earnings per share, basic (in €)1) |
0.39 |
0.47 |
–16 | |
|
Earnings per share, diluted (in €)1) |
0.39 |
0.47 |
–16 | |
|
1) For the three months ended June 30, 2015 and 2014, the weighted average number of shares was 1,196 million (diluted 1,198 million) and 1,194 million (diluted: 1,197 million), respectively (treasury stock excluded). | ||||
|
Due to rounding, numbers may not add up precisely. | ||||
|
F1 | ||||
|
CONSOLIDATED INCOME STATEMENTS OF SAP GROUP – HALF-YEAR | ||||
|
For the six months ended June 30 | ||||
|
€ millions, unless otherwise stated |
2015 |
2014 |
Change in % | |
|
Cloud subscriptions and support |
1,056 |
460 |
129 | |
|
Software licenses |
1,675 |
1,581 |
6 | |
|
Software support |
4,985 |
4,255 |
17 | |
|
Software licenses and support |
6,660 |
5,836 |
14 | |
|
Cloud and software |
7,715 |
6,296 |
23 | |
|
Services |
1,751 |
1,553 |
13 | |
|
Total revenue |
9,467 |
7,849 |
21 | |
|
Cost of cloud subscriptions and support |
–409 |
–188 |
>100 | |
|
Cost of software licenses and support |
–1,103 |
–1,016 |
9 | |
|
Cost of cloud and software |
–1,512 |
–1,204 |
26 | |
|
Cost of services |
–1,654 |
–1,321 |
25 | |
|
Total cost of revenue |
–3,166 |
–2,525 |
25 | |
|
Gross profit |
6,301 |
5,324 |
18 | |
|
Research and development |
–1,451 |
–1,116 |
30 | |
|
Sales and marketing |
–2,568 |
–2,016 |
27 | |
|
General and administration |
–528 |
–423 |
25 | |
|
Restructuring |
–418 |
–54 |
>100 | |
|
TomorrowNow and Versata litigation |
0 |
–290 |
<-100 | |
|
Other operating income/expense, net |
3 |
–4 |
<-100 | |
|
Total operating expenses |
–8,128 |
–6,428 |
26 | |
|
Operating profit |
1,339 |
1,421 |
–6 | |
|
Other non-operating income/expense, net |
–201 |
–7 |
>100 | |
|
Finance income |
87 |
69 |
26 | |
|
Finance costs |
–109 |
–61 |
81 | |
|
Financial income, net |
–22 |
9 |
<-100 | |
|
Profit before tax |
1,115 |
1,423 |
–22 | |
|
Income tax TomorrowNow and Versata litigation |
0 |
77 |
<-100 | |
|
Other income tax expense |
–233 |
–409 |
–43 | |
|
Income tax expense |
–233 |
–332 |
–30 | |
|
Profit after tax |
882 |
1,090 |
–19 | |
|
attributable to owners of parent |
885 |
1,091 |
–19 | |
|
attributable to non-controlling interests |
–3 |
–1 |
>100 | |
|
Earnings per share, basic (in €)1) |
0.74 |
0.91 |
–19 | |
|
Earnings per share, diluted (in €)1) |
0.74 |
0.91 |
–19 | |
|
1) For the six months ended June 30, 2015 and 2014, the weighted average number of shares was 1,198 million (diluted 1,200 million) and 1,194 million (diluted: 1,197 million), respectively (treasury stock excluded). | ||||
|
Due to rounding, numbers may not add up precisely. | ||||
|
F2 | ||||
|
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION OF SAP GROUP | |||
|
as at June 30, 2015 and December 31, 2014 | |||
|
€ millions |
2015 |
2014 | |
|
Cash and cash equivalents |
3,923 |
3,328 | |
|
Other financial assets |
381 |
678 | |
|
Trade and other receivables |
4,521 |
4,342 | |
|
Other non-financial assets |
634 |
435 | |
|
Tax assets |
252 |
215 | |
|
Total current assets |
9,710 |
8,999 | |
|
Goodwill |
22,157 |
20,866 | |
|
Intangible assets |
4,557 |
4,604 | |
|
Property, plant, and equipment |
2,145 |
2,102 | |
|
Other financial assets |
1,336 |
1,021 | |
|
Trade and other receivables |
90 |
100 | |
|
Other non-financial assets |
167 |
164 | |
|
Tax assets |
262 |
231 | |
|
Deferred tax assets |
520 |
230 | |
|
Total non-current assets |
31,233 |
29,319 | |
|
Total assets |
40,944 |
38,318 | |
|
as at June 30, 2015 and December 31, 2014 | |||
|
€ millions |
2015 |
2014 | |
|
Trade and other payables |
989 |
1,035 | |
|
Tax liabilities |
169 |
339 | |
|
Financial liabilities |
1,778 |
2,561 | |
|
Other non-financial liabilities |
2,144 |
2,810 | |
|
Provision TomorrowNow and Versata litigation |
0 |
1 | |
|
Other provisions |
494 |
149 | |
|
Provisions |
494 |
150 | |
|
Deferred income |
4,196 |
1,680 | |
|
Total current liabilities |
9,769 |
8,575 | |
|
Trade and other payables |
66 |
55 | |
|
Tax liabilities |
387 |
371 | |
|
Financial liabilities |
9,097 |
8,980 | |
|
Other non-financial liabilities |
261 |
219 | |
|
Provisions |
154 |
151 | |
|
Deferred tax liabilities |
344 |
356 | |
|
Deferred income |
63 |
78 | |
|
Total non-current liabilities |
10,373 |
10,210 | |
|
Total liabilities |
20,142 |
18,785 | |
|
Issued capital |
1,229 |
1,229 | |
|
Share premium |
533 |
614 | |
|
Retained earnings |
17,883 |
18,317 | |
|
Other components of equity |
2,260 |
563 | |
|
Treasury shares |
–1,133 |
–1,224 | |
|
Equity attributable to owners of parent |
20,772 |
19,499 | |
|
Non-controlling interests |
31 |
34 | |
|
Total equity |
20,802 |
19,533 | |
|
Total equity and liabilities |
40,944 |
38,318 | |
|
Due to rounding, numbers may not add up precisely. | |||
|
F3 | |||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS OF SAP GROUP | ||
|
For the six months ended June 30 | ||
|
€ millions |
2015 |
2014 |
|
Profit after tax |
882 |
1,090 |
|
Adjustments to reconcile profit after taxes to net cash provided by operating activities: |
||
|
Depreciation and amortization |
646 |
478 |
|
Income tax expense |
233 |
332 |
|
Financial income, net |
22 |
–9 |
|
Decrease/increase in sales and bad debt allowances on trade receivables |
14 |
16 |
|
Other adjustments for non-cash items |
–21 |
32 |
|
Decrease/increase in trade and other receivables |
32 |
297 |
|
Decrease/increase in other assets |
–156 |
–168 |
|
Decrease/increase in trade payables, provisions, and other liabilities |
–412 |
–593 |
|
Decrease/increase in deferred income |
2,361 |
1,855 |
|
Interest paid |
–90 |
–73 |
|
Interest received |
40 |
27 |
|
Income taxes paid, net of refunds |
–776 |
–709 |
|
Net cash flows from operating activities |
2,775 |
2,575 |
|
Business combinations, net of cash and cash equivalents acquired |
–10 |
–729 |
|
Cash receipts from derivative financial instruments related to business combinations |
266 |
0 |
|
Total cashflows for business combinations, net of cash and cash equivalents aquired |
256 |
–729 |
|
Purchase of intangible assets and property, plant, and equipment |
–276 |
–304 |
|
Proceeds from sales of intangible assets or property, plant, and equipment |
27 |
27 |
|
Purchase of equity or debt instruments of other entities |
–1,099 |
–713 |
|
Proceeds from sales of equity or debt instruments of other entities |
868 |
721 |
|
Net cash flows from investing activities |
–224 |
–998 |
|
Dividends paid |
–1,316 |
–1,194 |
|
Proceeds from reissuance of treasury shares |
24 |
27 |
|
Proceeds from borrowings |
1,745 |
500 |
|
Repayments of borrowings |
–2,520 |
–586 |
|
Net cash flows from financing activities |
–2,067 |
–1,253 |
|
Effect of foreign currency rates on cash and cash equivalents |
111 |
51 |
|
Net decrease/increase in cash and cash equivalents |
595 |
375 |
|
Cash and cash equivalents at the beginning of the period |
3,328 |
2,748 |
|
Cash and cash equivalents at the end of the period |
3,923 |
3,123 |
|
Due to rounding, numbers may not add up precisely. | ||
|
F4 | ||
|
Supplementary Financial Information (Unaudited) | |||||||||||
|
RECONCILIATION FROM NON-IFRS NUMBERS TO IFRS NUMBERS | |||||||||||
|
The following tables present 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. | |||||||||||
|
For the three months ended June 30 | |||||||||||
|
€ millions, unless otherwise stated |
2015 |
2014 |
Change in % | ||||||||
|
IFRS |
Adj.1) |
Non-IFRS1) |
Currency Impact2) |
Non-IFRS Constant Currency2) |
IFRS |
Adj.1) |
Non-IFRS1) |
IFRS |
Non-IFRS1) |
Non-IFRS Constant Currency2) | |
|
Revenue Numbers |
|||||||||||
|
Cloud subscriptions and support |
552 |
2 |
555 |
–89 |
465 |
241 |
1 |
242 |
129 |
129 |
92 |
|
Software licenses |
979 |
0 |
979 |
–87 |
891 |
957 |
0 |
957 |
2 |
2 |
–7 |
|
Software support |
2,531 |
0 |
2,531 |
–223 |
2,308 |
2,158 |
1 |
2,160 |
17 |
17 |
7 |
|
Software licenses and support |
3,510 |
0 |
3,510 |
–310 |
3,200 |
3,116 |
1 |
3,117 |
13 |
13 |
3 |
|
Cloud and software |
4,062 |
2 |
4,065 |
–400 |
3,665 |
3,357 |
2 |
3,359 |
21 |
21 |
9 |
|
Services |
908 |
0 |
908 |
–90 |
818 |
794 |
0 |
794 |
14 |
14 |
3 |
|
Total revenue |
4,970 |
2 |
4,972 |
–489 |
4,483 |
4,151 |
2 |
4,153 |
20 |
20 |
8 |
|
Operating Expense Numbers |
|||||||||||
|
Cost of cloud subscriptions and support |
–212 |
25 |
–187 |
–105 |
17 |
–87 |
>100 |
>100 |
|||
|
Cost of software licenses and support |
–560 |
73 |
–487 |
–517 |
66 |
–451 |
8 |
8 |
|||
|
Cost of cloud and software |
–772 |
98 |
–674 |
–621 |
84 |
–538 |
24 |
25 |
|||
|
Cost of services |
–835 |
45 |
–790 |
–667 |
35 |
–633 |
25 |
25 |
|||
|
Total cost of revenue |
–1,607 |
143 |
–1,464 |
–1,289 |
118 |
–1,171 |
25 |
25 |
|||
|
Gross profit |
3,363 |
145 |
3,508 |
2,862 |
120 |
2,982 |
18 |
18 |
|||
|
Research and development |
–728 |
80 |
–648 |
–566 |
35 |
–531 |
29 |
22 |
|||
|
Sales and marketing |
–1,314 |
92 |
–1,223 |
–1,049 |
43 |
–1,006 |
25 |
22 |
|||
|
General and administration |
–256 |
10 |
–246 |
–218 |
12 |
–206 |
17 |
19 |
|||
|
Restructuring |
–367 |
367 |
0 |
–39 |
39 |
0 |
>100 |
0 |
|||
|
TomorrowNow and Versata litigation |
0 |
0 |
0 |
–289 |
289 |
0 |
<-100 |
0 |
|||
|
Other operating income/expense, net |
3 |
0 |
3 |
–3 |
0 |
–3 |
<-100 |
<-100 |
|||
|
Total operating expenses |
–4,269 |
691 |
–3,578 |
339 |
–3,239 |
–3,453 |
536 |
–2,917 |
24 |
23 |
11 |
|
Profit Numbers |
|||||||||||
|
Operating profit |
701 |
693 |
1,394 |
–150 |
1,244 |
698 |
538 |
1,236 |
1 |
13 |
1 |
|
Other non-operating income/expense, net |
–53 |
0 |
–53 |
4 |
0 |
4 |
<-100 |
<-100 |
|||
|
Finance income |
39 |
0 |
39 |
47 |
0 |
47 |
–17 |
–17 |
|||
|
Finance costs |
–50 |
0 |
–50 |
–30 |
0 |
–30 |
69 |
69 |
|||
|
Financial income, net |
–11 |
0 |
–11 |
17 |
0 |
17 |
<-100 |
<-100 |
|||
|
Profit before tax |
637 |
693 |
1,330 |
719 |
538 |
1,257 |
–11 |
6 |
|||
|
Income tax TomorrowNow and Versata litigation |
0 |
0 |
0 |
76 |
–76 |
0 |
<-100 |
0 |
|||
|
Other income tax expense |
–168 |
–201 |
–369 |
–239 |
–80 |
–319 |
–30 |
16 |
|||
|
Income tax expense |
–168 |
–201 |
–369 |
–163 |
–156 |
–319 |
3 |
16 |
|||
|
Profit after tax |
469 |
492 |
960 |
556 |
382 |
938 |
–16 |
2 |
|||
|
attributable to owners of parent |
471 |
492 |
963 |
557 |
382 |
939 |
–15 |
3 |
|||
|
attributable to non-controlling interests |
–3 |
0 |
–3 |
–1 |
0 |
–1 |
>100 |
>100 |
|||
|
Key Ratios |
|||||||||||
|
Operating margin (in %) |
14.1 |
28.0 |
27.8 |
16.8 |
29.8 |
–2.7pp |
–1.7pp |
–2.0pp | |||
|
Effective tax rate (in %) |
26.4 |
27.8 |
22.6 |
25.4 |
3.8pp |
2.4pp |
|||||
|
Earnings per share, basic (in €) |
0.39 |
0.80 |
0.47 |
0.79 |
–16 |
2 |
|||||
|
F5 | |||||||||||
|
For the six months ended June 30 | |||||||||||
|
€ millions, unless otherwise stated |
2015 |
2014 |
Change in % | ||||||||
|
IFRS |
Adj.1) |
Non-IFRS1) |
Currency Impact2) |
Non-IFRS Constant Currency2) |
IFRS |
Adj.1) |
Non-IFRS1) |
IFRS |
Non-IFRS1) |
Non-IFRS Constant Currency2) | |
|
Revenue Numbers |
|||||||||||
|
Cloud subscriptions and support |
1,056 |
8 |
1,063 |
–168 |
896 |
460 |
2 |
463 |
129 |
130 |
93 |
|
Software licenses |
1,675 |
0 |
1,675 |
–157 |
1,518 |
1,581 |
0 |
1,581 |
6 |
6 |
–4 |
|
Software support |
4,985 |
0 |
4,985 |
–440 |
4,545 |
4,255 |
3 |
4,258 |
17 |
17 |
7 |
|
Software licenses and support |
6,660 |
0 |
6,660 |
–597 |
6,063 |
5,836 |
3 |
5,839 |
14 |
14 |
4 |
|
Cloud and software |
7,715 |
8 |
7,723 |
–765 |
6,958 |
6,296 |
5 |
6,301 |
23 |
23 |
10 |
|
Services |
1,751 |
0 |
1,751 |
–173 |
1,578 |
1,553 |
0 |
1,553 |
13 |
13 |
2 |
|
Total revenue |
9,467 |
8 |
9,475 |
–938 |
8,537 |
7,849 |
5 |
7,854 |
21 |
21 |
9 |
|
Operating Expense Numbers |
|||||||||||
|
Cost of cloud subscriptions and support |
–409 |
47 |
–362 |
–188 |
36 |
–152 |
>100 |
>100 |
|||
|
Cost of software licenses and support |
–1,103 |
146 |
–957 |
–1,016 |
126 |
–890 |
9 |
8 |
|||
|
Cost of cloud and software |
–1,512 |
193 |
–1,319 |
–1,204 |
162 |
–1,042 |
26 |
27 |
|||
|
Cost of services |
–1,654 |
96 |
–1,558 |
–1,321 |
61 |
–1,260 |
25 |
24 |
|||
|
Total cost of revenue |
–3,166 |
289 |
–2,877 |
–2,525 |
223 |
–2,302 |
25 |
25 |
|||
|
Gross profit |
6,301 |
297 |
6,598 |
5,324 |
228 |
5,552 |
18 |
19 |
|||
|
Research and development |
–1,451 |
160 |
–1,291 |
–1,116 |
58 |
–1,057 |
30 |
22 |
|||
|
Sales and marketing |
–2,568 |
184 |
–2,383 |
–2,016 |
77 |
–1,939 |
27 |
23 |
|||
|
General and administration |
–528 |
52 |
–476 |
–423 |
27 |
–396 |
25 |
20 |
|||
|
Restructuring |
–418 |
418 |
0 |
–54 |
54 |
0 |
>100 |
0 |
|||
|
TomorrowNow and Versata litigation |
0 |
0 |
0 |
–290 |
290 |
0 |
<-100 |
0 |
|||
|
Other operating income/expense, net |
3 |
0 |
3 |
–4 |
0 |
–4 |
<-100 |
<-100 |
|||
|
Total operating expenses |
–8,128 |
1,104 |
–7,024 |
634 |
–6,391 |
–6,428 |
729 |
–5,699 |
26 |
23 |
12 |
|
Profit Numbers |
|||||||||||
|
Operating profit |
1,339 |
1,112 |
2,451 |
–305 |
2,146 |
1,421 |
735 |
2,155 |
–6 |
14 |
0 |
|
Other non-operating income/expense, net |
–201 |
0 |
–201 |
–7 |
0 |
–7 |
>100 |
>100 |
|||
|
Finance income |
87 |
0 |
87 |
69 |
0 |
69 |
26 |
26 |
|||
|
Finance costs |
–109 |
0 |
–109 |
–61 |
0 |
–61 |
81 |
81 |
|||
|
Financial income, net |
–22 |
0 |
–22 |
9 |
0 |
9 |
<-100 |
<-100 |
|||
|
Profit before tax |
1,115 |
1,112 |
2,227 |
1,423 |
735 |
2,157 |
–22 |
3 |
|||
|
Income tax TomorrowNow and Versata litigation |
0 |
0 |
0 |
77 |
–77 |
0 |
<-100 |
0 |
|||
|
Other income tax expense |
–233 |
–338 |
–571 |
–409 |
–144 |
–553 |
–43 |
3 |
|||
|
Income tax expense |
–233 |
–338 |
–571 |
–332 |
–221 |
–553 |
–30 |
3 |
|||
|
Profit after tax |
882 |
775 |
1,657 |
1,090 |
514 |
1,604 |
–19 |
3 |
|||
|
attributable to owners of parent |
885 |
775 |
1,660 |
1,091 |
514 |
1,605 |
–19 |
3 |
|||
|
attributable to non-controlling interests |
–3 |
0 |
–3 |
–1 |
0 |
–1 |
>100 |
>100 |
|||
|
Key Ratios |
|||||||||||
|
Operating margin (in %) |
14.1 |
25.9 |
25.1 |
18.1 |
27.4 |
–4.0pp |
–1.6pp |
–2.3pp | |||
|
Effective tax rate (in %) |
20.9 |
25.6 |
23.4 |
25.6 |
–2.5pp |
0.0pp |
|||||
|
Earnings per share, basic (in €) |
0.74 |
1.39 |
0.91 |
1.34 |
–19 |
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, restructuring expenses, as well as the TomorrowNow and Versata litigation 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 and Estimates". | |||||||||||
|
Due to rounding, numbers may not add up precisely. | |||||||||||
|
F6 | |||||||||||
|
EXPLANATION OF NON-IFRS ADJUSTMENTS | ||||
|
€ millions, unless otherwise stated |
Q2 2015 |
1/1– 6/30/2015 |
Q2 2014 |
1/1– 6/30/2014 |
|
Operating profit (IFRS) |
701 |
1,339 |
698 |
1,421 |
|
Revenue adjustments |
2 |
8 |
2 |
5 |
|
Adjustment for acquisition-related charges |
188 |
371 |
131 |
261 |
|
Adjustment for share-based payment expenses |
135 |
314 |
76 |
124 |
|
Adjustment for restructuring |
367 |
418 |
39 |
54 |
|
Adjustment for TomorrowNow and Versata litigation |
0 |
0 |
289 |
290 |
|
Operating expense adjustments |
691 |
1,104 |
536 |
729 |
|
Operating profit adjustments |
693 |
1,112 |
538 |
735 |
|
Operating profit (Non-IFRS) |
1,394 |
2,451 |
1,236 |
2,155 |
|
Due to rounding, numbers may not add up precisely. | ||||
|
F7 | ||||
|
REVENUE BY REGION | |||||||||||
|
The following tables present our IFRS and non-IFRS revenue by region based on customer location. The tables also present 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. | |||||||||||
|
For the three months ended June 30 | |||||||||||
|
€ millions |
2015 |
2014 |
Change in % | ||||||||
|
IFRS |
Adj. 1) |
Non-IFRS 1) |
Currency Impact 2) |
Non-IFRS Constant Currency 2) |
IFRS |
Adj. 1) |
Non-IFRS 1) |
IFRS |
Non-IFRS 1) |
Non-IFRS Constant Currency 2) | |
|
Cloud subscriptions and support revenue by region |
|||||||||||
|
EMEA |
115 |
0 |
115 |
–12 |
104 |
60 |
0 |
60 |
93 |
94 |
74 |
|
Americas |
388 |
2 |
390 |
–72 |
318 |
160 |
1 |
162 |
142 |
141 |
96 |
|
APJ |
50 |
0 |
50 |
–6 |
44 |
21 |
0 |
21 |
137 |
138 |
111 |
|
Cloud subscriptions and support revenue |
552 |
2 |
555 |
–89 |
465 |
241 |
1 |
242 |
129 |
129 |
92 |
|
Cloud and software revenue by region |
|||||||||||
|
EMEA |
1,743 |
0 |
1,743 |
–52 |
1,691 |
1,583 |
1 |
1,584 |
10 |
10 |
7 |
|
Americas |
1,684 |
2 |
1,686 |
–284 |
1,403 |
1,241 |
2 |
1,243 |
36 |
36 |
13 |
|
APJ |
635 |
0 |
635 |
–64 |
571 |
533 |
0 |
532 |
19 |
19 |
7 |
|
Cloud and software revenue |
4,062 |
2 |
4,065 |
–400 |
3,665 |
3,357 |
2 |
3,359 |
21 |
21 |
9 |
|
Total revenue by region |
|||||||||||
|
Germany |
629 |
0 |
629 |
–1 |
628 |
597 |
0 |
597 |
5 |
5 |
5 |
|
Rest of EMEA |
1,504 |
0 |
1,504 |
–63 |
1,441 |
1,369 |
1 |
1,370 |
10 |
10 |
5 |
|
Total EMEA |
2,133 |
0 |
2,133 |
–64 |
2,069 |
1,967 |
1 |
1,967 |
8 |
8 |
5 |
|
United States |
1,657 |
2 |
1,659 |
–317 |
1,342 |
1,162 |
2 |
1,163 |
43 |
43 |
15 |
|
Rest of Americas |
413 |
0 |
413 |
–31 |
381 |
384 |
0 |
384 |
7 |
7 |
–1 |
|
Total Americas |
2,070 |
2 |
2,072 |
–349 |
1,723 |
1,546 |
2 |
1,547 |
34 |
34 |
11 |
|
Japan |
152 |
0 |
152 |
–6 |
146 |
134 |
0 |
134 |
13 |
13 |
9 |
|
Rest of APJ |
616 |
0 |
616 |
–70 |
545 |
504 |
0 |
504 |
22 |
22 |
8 |
|
Total APJ |
768 |
0 |
768 |
–77 |
691 |
638 |
0 |
638 |
20 |
20 |
8 |
|
Total revenue |
4,970 |
2 |
4,972 |
–489 |
4,483 |
4,151 |
2 |
4,153 |
20 |
20 |
8 |
|
F8 | |||||||||||
|
For the six months ended June 30th | |||||||||||
|
€ millions |
2015 |
2014 |
Change in % | ||||||||
|
IFRS |
Adj.1) |
Non-IFRS 1) |
Currency Impact 2) |
Non-IFRS Constant Currency 2) |
IFRS |
Adj. 1) |
Non-IFRS 1) |
IFRS |
Non-IFRS 1) |
Non-IFRS Constant Currency 2) | |
|
Cloud subscriptions and support revenue by region |
|||||||||||
|
EMEA |
230 |
1 |
231 |
–23 |
208 |
114 |
0 |
114 |
103 |
103 |
83 |
|
Americas |
731 |
7 |
738 |
–133 |
605 |
307 |
2 |
309 |
138 |
138 |
96 |
|
APJ |
94 |
0 |
94 |
–12 |
82 |
40 |
0 |
40 |
137 |
137 |
108 |
|
Cloud subscriptions and support revenue |
1,056 |
8 |
1,063 |
–168 |
896 |
460 |
2 |
463 |
129 |
130 |
93 |
|
Cloud and software revenue by region |
|||||||||||
|
EMEA |
3,312 |
1 |
3,314 |
–88 |
3,225 |
2,976 |
2 |
2,978 |
11 |
11 |
8 |
|
Americas |
3,193 |
7 |
3,200 |
–547 |
2,652 |
2,372 |
3 |
2,375 |
35 |
35 |
12 |
|
APJ |
1,209 |
0 |
1,210 |
–129 |
1,081 |
948 |
0 |
948 |
28 |
28 |
14 |
|
Cloud and software revenue |
7,715 |
8 |
7,723 |
–765 |
6,958 |
6,296 |
5 |
6,301 |
23 |
23 |
10 |
|
Total revenue by region |
|||||||||||
|
Germany |
1,187 |
0 |
1,187 |
–2 |
1,185 |
1,132 |
0 |
1,132 |
5 |
5 |
5 |
|
Rest of EMEA |
2,887 |
1 |
2,888 |
–110 |
2,778 |
2,602 |
1 |
2,604 |
11 |
11 |
7 |
|
Total EMEA |
4,074 |
1 |
4,075 |
–112 |
3,963 |
3,734 |
2 |
3,736 |
9 |
9 |
6 |
|
United States |
3,112 |
6 |
3,119 |
–583 |
2,536 |
2,225 |
3 |
2,228 |
40 |
40 |
14 |
|
Rest of Americas |
812 |
0 |
812 |
–87 |
725 |
740 |
0 |
740 |
10 |
10 |
–2 |
|
Total Americas |
3,924 |
7 |
3,931 |
–670 |
3,261 |
2,965 |
3 |
2,968 |
32 |
32 |
10 |
|
Japan |
306 |
0 |
307 |
–15 |
292 |
264 |
0 |
264 |
16 |
16 |
11 |
|
Rest of APJ |
1,163 |
0 |
1,163 |
–142 |
1,021 |
886 |
0 |
886 |
31 |
31 |
15 |
|
Total APJ |
1,469 |
0 |
1,469 |
–156 |
1,313 |
1,149 |
0 |
1,150 |
28 |
28 |
14 |
|
Total revenue |
9,467 |
8 |
9,475 |
–938 |
8,537 |
7,849 |
5 |
7,854 |
21 |
21 |
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. | |||||||||||
|
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 www.sap.com/corporate-en/investors/newsandreports/reporting-framework.epx under "Non-IFRS Measures and Estimates". | |||||||||||
|
Due to rounding, numbers may not add up precisely. | |||||||||||
|
F9 | |||||||||||
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SOURCE SAP SE
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