EX-99.1 2 d429730dex991.htm EXHIBIT 99.1 Exhibit 99.1

Exhibit 99.1

 

LOGO

For Immediate Release

October 24, 2012

SAP Announces Record Third Quarter Results

Exceeds €1 Billion In Third Quarter Software Revenue

 

  •  

Third Quarter 2012 Software Revenue Increased 17% to €1,026 Million (12% at Constant Currencies)

 

  •  

Third Quarter 2012 Non-IFRS Software and Software-Related Service Revenue Increased 19% to €3.21 Billion (13% at Constant Currencies)

 

  •  

Triple-Digit Growth in Key Innovation Areas: Cloud, SAP HANA, Mobile

 

  •  

Third Quarter 2012 Non-IFRS Operating Profit Increased 10% to €1.24 Billion (4% at Constant Currencies)

 

  •  

Year-over-Year Comparison of 2012 Third Quarter IFRS Operating Profit and Operating Margin Impacted by Profit in Q3 2011 of €723 Million From the Reduction in the TomorrowNow Litigation Provision

 

  •  

SAP Refines Full-Year Revenue Guidance and Includes the Expected Results of Ariba

WALLDORF, Germany – October 24, 2012 – SAP AG (NYSE: SAP) today announced its financial results for the third quarter ended September 30, 2012.

BUSINESS HIGHLIGHTS IN THE THIRD QUARTER

SAP delivered double-digit growth in the third quarter. SAP had a strong performance in the Americas and solid double digit growth in APJ. SAP performed well in EMEA compared to the tremendous performance in EMEA last year. Demand for SAP’s new innovation categories continued across all regions. SAP HANA revenue was €83 million, putting the company on track to meet full-year expectations of at least €320 million. Mobile revenue was €48 million which keeps SAP on track to meet full-year expectations of €220 million. SAP’s cloud momentum continued in the third quarter: 12 months new and upsell subscription billings increased fourteenfold. Even when including SuccessFactors in SAP’s 2011 numbers the growth is triple digit at 116%1. For SuccessFactors on a stand-alone basis, 12 month new and upsell subscription billings grew 92%. Non-IFRS cloud subscription and support revenue increased twentyfold to €80 million. SAP’s core business also saw solid growth. Key industries such as retail, health sciences, manufacturing and energy as well as continued expansion of sales through SAP partners also contributed to the third quarter results.

“Our innovation strategy continues to deliver world-class value and market leading performance,” said Bill McDermott and Jim Hagemann Snabe, Co-CEOs. “With SAP, businesses are innovating, achieving operational excellence and driving growth. We are proud of our relentless customer focus and confident that we’ll continue to outperform the competition.”

I am pleased with SAP’s overall performance in the third quarter. This is the 11th consecutive quarter of double-digit non-IFRS software and software related service revenue growth for SAP,” said Werner

 

1  This growth rate is a pro forma growth rate assuming that the acquisition of SuccessFactors was completed as of January 1, 2011.

SAP Reports Third Quarter 2012 Results   Page 2

 

Brandt, CFO. “We continued to invest in our cloud business in the third quarter. We remain focused on operating discipline and remain confident in our full-year outlook.”

FINANCIAL RESULTS IN DETAIL

FINANCIAL HIGHLIGHTS – Third Quarter 2012

 

     Third Quarter 20121)  
     IFRS      Non-IFRS2)  

€ million, unless otherwise stated

    Q3 2012      Q3 2011      % change      Q3 2012      Q3 2011      % change      % change
const. curr.		  

Software

      1,026         875         17         1,026         875         17         12   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Support

      2,105         1,812         16         2,106         1,813         16         10   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Cloud subscriptions and support

      63         4         1,475         80         4         1,900         1,700   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Software and software-related service revenue

      3,194         2,691         19         3,212         2,692         19         13   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total revenue

      3,952         3,409         16         3,970         3,410         16         10   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total operating expenses

      -3,031         -1,650         84         -2,731         -2,279         20         14   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

- thereof TomorrowNow litigation

      -7         723         <-100         N/A         N/A         N/A         N/A   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Operating profit

      921         1,759         -48         1,239         1,131         10         4   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Operating margin (%)

      23.3         51.6         -28.3pp         31.2         33.2         -2.0pp         -2.1pp   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Profit after tax

      618         1,251         -51         836         860         -3      
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

Basic earnings per share (€)

      0.52         1.05         -50         0.70         0.72         -3      
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Number of employees (FTE)

      61,344         54,589         12         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 F8 in the appendix to this press release.

IFRS software revenue was €1,026 million (2011: €875 million), an increase of 17% (12% at constant currencies). IFRS software and software-related service revenue was €3.19 billion (2011: €2.69 billion), an increase of 19%. Non-IFRS software and software-related service revenue was €3.21 billion (2011: €2.69 billion), an increase of 19% (13% at constant currencies). IFRS total revenue was €3.95 billion (2011: €3.41 billion), an increase of 16%. Non-IFRS total revenue was €3.97 billion (2011: €3.41 billion), an increase of 16% (10% at constant currencies).

In the third quarter of 2011, the reduction of the provision for the TomorrowNow litigation resulted in a significant profit from our discontinued TomorrowNow activities. This had a 21.2 percentage point positive influence on our third quarter 2011 IFRS operating margin. For this reason the 2012 and 2011 IFRS profit and margin numbers are not fully comparable.

IFRS operating profit was €921 million (2011: €1.76 billion), a decrease of 48%. Non-IFRS operating profit was €1.24 billion (2011: €1.13 billion), an increase of 10% (4% at constant currencies). IFRS operating margin was 23.3% (2011: 51.6%), a decrease of 28.3 percentage points. Non-IFRS operating margin was 31.2% (2011: 33.2%), or 31.1% at constant currencies, a decrease of 2.0 percentage points (a decrease of 2.1 percentage points at constant currencies).

Non-IFRS operating profit and non-IFRS operating margin for the third quarter 2012 were impacted by the acquisition of SuccessFactors, which impacted the non-IFRS operating margin by approximately 100 basis points. In addition, headcount grew by almost 6,800 FTE’s year over year, thereof 2,300 FTE’s from acquisitions.

SAP Reports Third Quarter 2012 Results   Page 3

 

IFRS profit after tax was €618 million (2011: €1.25 billion), a decrease of 51%. Non-IFRS profit after tax was €836 million (2011: €860 million), a decrease of 3%. IFRS basic earnings per share was €0.52 (2011: €1.05), a decrease of 50%. Non-IFRS basic earnings per share was €0.70 (2011: €0.72), a decrease of 3%. The IFRS and non-IFRS effective tax rates in the third quarter of 2012 were 24.8% (2011: 28.7%) and 26.7% (2011: 23.3%), respectively. Third quarter profit after tax and EPS were negatively impacted by a €64 million or €0.05 per share expense related to the currency hedging of the purchase price for the recently closed Ariba acquisition.

FINANCIAL HIGHLIGHTS – Nine Months 2012

 

     Nine Months 20121)  
     IFRS      Non-IFRS2)  

€ million, unless otherwise stated

    9M 2012      9M 2011      % change      9M 2012      9M 2011      % change      % change
const. curr.		  

Software

      2,722         2,328         17         2,722         2,328         17         12   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Support

      6,071         5,257         15         6,075         5,283         15         10   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Cloud subscriptions and support

      144         12         1,100         183         12         1,425         1,300   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Software and software-related service revenue

      8,937         7,597         18         8,980         7,623         18         13   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total revenue

      11,200         9,733         15         11,243         9,759         15         10   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total operating expenses

      -8,727         -6,520         34         -7,998         -6,830         17         13   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

- thereof TomorrowNow litigation

      -1         711         <-100         N/A         N/A         N/A         N/A   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Operating profit

      2,473         3,213         -23         3,245         2,929         11         5   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Operating margin (%)

      22.1         33.0         -10.9pp         28.9         30.0         -1.1pp         -1.4pp   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Profit after tax

      1,723         2,242         -23         2,249         2,091         8      
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

Basic earnings per share (€)

      1.45         1.88         -23         1.89         1.76         8      
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Number of employees (FTE)

      61,344         54,589         12         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 F8 in the appendix to this press release.

IFRS software revenue was €2.72 billion (2011: €2.33 billion), an increase of 17% (12% at constant currencies). IFRS software and software-related service revenue was €8.94 billion (2011: €7.60 billion), an increase of 18%. Non-IFRS software and software-related service revenue was €8.98 billion (2011: €7.62 billion), an increase of 18% (13% at constant currencies). IFRS total revenue was €11.20 billion (2011: €9.73 billion), an increase of 15%. Non-IFRS total revenue was €11.24 billion (2011: €9.76 billion), an increase of 15% (10% at constant currencies).

For the first nine months ended September 30, 2011, the reduction of the provision for the TomorrowNow litigation resulted in a significant profit from our discontinued TomorrowNow activities. This had a 7.3 percentage point positive influence on our nine months ended September 30, 2011 IFRS operating margin. For this reason the 2012 and 2011 IFRS profit and margin numbers are not fully comparable.

IFRS operating profit was €2.47 billion (2011: €3.21 billion), a decrease of 23%. Non-IFRS operating profit was €3.25 billion (2011: €2.93 billion), an increase of 11% (5% at constant currencies). IFRS operating margin was 22.1% (2011: 33.0%), a decrease of 10.9 percentage points. Non-IFRS operating margin was 28.9% (2011: 30.0%), or 28.6% at constant currencies, a decrease of 1.1 percentage points (a decrease of 1.4 percentage points at constant currencies).

SAP Reports Third Quarter 2012 Results   Page 4

 

IFRS profit after tax was €1.72 billion (2011: €2.24 million), a decrease of 23%. Non-IFRS profit after tax was €2.25 billion (2011: €2.09 billion), an increase of 8%. IFRS basic earnings per share was €1.45 (2011: €1.88), a decrease of 23%. Non-IFRS basic earnings per share was €1.89 (2011: €1.76), an increase of 8%. The IFRS and non-IFRS effective tax rates in the first nine months of 2012 were 24.9% (2011: 28.7%) and 26.7% (2011:26.7%), respectively.

Operating cash flow was €3.06 billion (2011: €2.97 billion), an increase of 3%. Free cash flow was €2.69 billion (2011: €2.64 billion), an increase of 2%. Free cash flow was 24% of total revenue (2011: 27%). At September 30, 2012, SAP had a total group liquidity of €3.93 billion (December 31, 2011: €5.60 billion), which includes cash and cash equivalents and short term investments. Net liquidity at September 30, 2012 was €278 million compared to €1.64 billion at December 31, 2011. This decrease in net liquidity was primarily the result of the annual shareholder dividend payment and the acquisition of SuccessFactors in the first nine months of 2012.

CHANGE IN SEGMENT REPORTING

Following its increased focus on the cloud business, in the third quarter 2012 SAP changed both the structure of the components that the SAP management uses to make decisions about operating matters and the main profit measure used for the purposes of allocating resources to these components and measuring their performance. SAP now has two divisions – ‘On Premise’ and ‘Cloud’ which are further divided into operating segments. The On Premise division is comprised of two operating segments: ‘On Premise Products’ and ‘On Premise Services’. In the third quarter 2012, SAP’s Cloud division was comprised of one operating segment: ‘Cloud Applications’. Following the acquisition of Ariba SAP intends to establish a second operating segment in the Cloud Division, mainly consisting of the acquired Ariba business. Please see link to a Webinar at SAP’s webpage for more information.

BUSINESS OUTLOOK

The Company is providing the following outlook for the full-year 2012, which has changed from the previous outlook provided on July 24, 2012. The Company has refined the outlook for non-IFRS software and software-related service revenue at constant currencies and has included Ariba’s expected revenue and profit contribution from the acquisition date (October 1, 2012) to year end:

 

  •  

Including Ariba, the Company now expects full-year 2012 non-IFRS software and software-related service revenue to increase in a range of 10.5% – 12.5% at constant currencies (2011: €11.35 billion). This includes a combined contribution of approximately 2.5 percentage points from SuccessFactors and Ariba. The respective outlook provided in July which did not yet consider Ariba, was 10.0% – 12.0%.

 

  •  

Assuming that the macroeconomic environment does not deteriorate the Company expects to reach the upper end of the 10.5% – 12.5% non-IFRS software and software-related service revenue growth range (at constant currencies).

 

  •  

The Company continues to expect full-year 2012 non-IFRS operating profit to be in a range of €5.05 billion – €5.25 billion at constant currencies (2011: €4.71 billion). Full-year 2012 non-IFRS operating profit excluding SuccessFactors and Ariba is expected to be in a similar range. The outlook is unchanged from the outlook given in July.

 

  •  

The Company still projects a full-year 2012 IFRS effective tax rate of 26.5% – 27.5% (2011: 27.9%) and a non-IFRS effective tax rate of 27.0% – 28.0% (2011: 26.6%). The outlook is unchanged from the outlook given in July.

SAP Reports Third Quarter 2012 Results   Page 5

 

Additional Information

As of February 21, 2012 revenue, profit and cash flow figures include the revenue, profits and cash flows from SuccessFactors. For the prior-year period those numbers were not included. These results do not include any impact from the Ariba acquisition which closed on October 1, 2012.

TomorrowNow litigation update: Oracle, after the trial judge issued an order on September 1, 2011, filed a motion seeking an early appeal from the ruling vacating the jury’s damages award, which was denied by the judge. Consequently, Oracle elected to proceed with a new trial. In lieu of a new trial, the parties stipulated to a judgment in the amount of $306 million, while each preserving all rights for appeal. SAP remains determined to work through the legal process to bring this case to resolution. Please see SAP’s third quarter 2012 interim report for more details.

SAP has updated its non-IFRS estimates for the full-year 2012. For the updated estimates please see SAP’s third quarter 2012 interim report. 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.

# #

Third Quarter 2012 Interim Report

SAP’s Third Quarter 2012 Interim Report was published today and is available for download at www.sap.com/investor. The interim report includes an update on SAP’s sustainability performance.

Webcast

SAP senior management will host a conference call for financial analysts and investors on Wednesday, October 24th at 2:00 PM (CET) / 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 197,000 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.

© 2012 SAP AG. 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 AG. The information contained herein may be changed without prior notice.

Some software products marketed by SAP AG and its distributors contain proprietary software components of other software vendors. National product specifications may vary.

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

SAP Reports Third Quarter 2012 Results   Page 6

 

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 AG in Germany and other countries. Please see http://www.sap.com/corporate-en/legal/copyright/index.epx#trademark for additional trademark information and notices.

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
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For more information, financial community only:

 

Stefan Gruber    +49 (6227) 7-44872      investor@sap.com, CET

Follow SAP Investor Relations on Twitter at @sapinvestor.

Appendix – Financial Information to Follow

LOGO

FINANCIAL INFORMATION

FOR THE THIRD QUARTER 2012

(Condensed and Unaudited)

 

     Page  

Financial Statements (IFRS)

   

Income Statements – Quarter

      F1   

Income Statements – Nine Months

      F2   

Statements of Financial Position

      F3-F4   

Statements of Cash Flows

      F5   

Supplementary Financial Information

   

Reconciliations from Non-IFRS Numbers to IFRS Numbers

      F6-F7   

Non-IFRS Adjustments

      F8   

Revenue by Region

      F9-F10   

Financial Statements (IFRS)

CONSOLIDATED INCOME STATEMENTS

For the three months ended September 30

 

€ millions, unless otherwise stated

    2012      2011      Change
in %		  

Software

      1,026         875         17   

Support

      2,105         1,812         16   

Cloud subscriptions and support

      63         4         1,475   

Software and software-related service revenue

      3,194         2,691         19   

Consulting

      616         578         7   

Other services

      142         140         1   

Professional services and other service revenue

      758         718         6   
  

 

 

     

 

 

     

 

 

  

Total revenue

      3,952         3,409         16   

Cost of software and software-related services

      -638         -513         24   

Cost of professional services and other services

      -619         -537         15   
  

 

 

     

 

 

     

 

 

  

Total cost of revenue

      -1,257         -1,050         20   
  

 

 

     

 

 

     

 

 

  

Gross profit

      2,695         2,359         14   

Research and development

      -547         -436         25   

Sales and marketing

      -984         -721         36   

General and administration

      -232         -168         38   

Restructuring

      -4         -1         >100   

TomorrowNow litigation

      -7         723         <-100   

Other operating income/expense, net

      0         3         -100   
  

 

 

     

 

 

     

 

 

  

Total operating expenses

      -3,031         -1,650         84   
  

 

 

     

 

 

     

 

 

  

Operating profit

      921         1,759         -48   
  

 

 

     

 

 

     

 

 

  

Other non-operating income/expense, net

      -92         0         N/A   

Finance income

      34         29         17   

Finance Cost TomorrowNow litigation

      0         7         -100   

Other finance costs

      -41         -38         8   

Finance costs

      -41         -31         32   
  

 

 

     

 

 

     

 

 

  

Financial income, net

      -7         -2         >100   
  

 

 

     

 

 

     

 

 

  

Profit before tax

      822         1,757         -53   
  

 

 

     

 

 

     

 

 

  

Income tax TomorrowNow litigation

      2         -276         <-100   

Other income tax expense

      -206         -229         -10   

Income tax expense

      -204         -505         -60   
  

 

 

     

 

 

     

 

 

  

Profit after tax

      618         1,251         -51   
  

 

 

     

 

 

     

 

 

  

Profit attributable to non-controlling interests

      0         0         0   

Profit attributable to owners of parent

      618         1,251         -51   
  

 

 

     

 

 

     

 

 

  

Basic earnings per share, in €*

      0.52         1.05         -50   
  

 

 

     

 

 

     

 

 

  

Diluted earnings per share, in €*

      0.52         1.05         -50   

 

* For the three months ended September 30, 2012 and 2011, the weighted average number of shares was 1,192 million (diluted 1,193 million) and 1,190 million (diluted: 1,190 million), respectively (treasury stock excluded).

 

F1

CONSOLIDATED INCOME STATEMENTS

For the nine months ended September 30

 

€ millions, unless otherwise stated

    2012      2011      Change
in %		  

Software

      2,722         2,328         17   

Support

      6,071         5,257         15   

Cloud subscriptions and support

      144         12         1,100   

Software and software-related service revenue

      8,937         7,597         18   

Consulting

      1,830         1,726         6   

Other services

      433         410         6   

Professional services and other service revenue

      2,263         2,136         6   
  

 

 

     

 

 

     

 

 

  

Total revenue

      11,200         9,733         15   

Cost of software and software-related services

      -1,743         -1,503         16   

Cost of professional services and other services

      -1,888         -1,672         13   
  

 

 

     

 

 

     

 

 

  

Total cost of revenue

      -3,631         -3,175         14   
  

 

 

     

 

 

     

 

 

  

Gross profit

      7,569         6,558         15   

Research and development

      -1,638         -1,402         17   

Sales and marketing

      -2,786         -2,140         30   

General and administration

      -664         -515         29   

Restructuring

      -8         -2         >100   

TomorrowNow litigation

      -1         711         <-100   

Other operating income/expense, net

      1         3         -67   
  

 

 

     

 

 

     

 

 

  

Total operating expenses

      -8,727         -6,520         34   
  

 

 

     

 

 

     

 

 

  

Operating profit

      2,473         3,213         -23   
  

 

 

     

 

 

     

 

 

  

Other non-operating income/expense, net

      -145         -34         >100   

Finance income

      86         78         10   

Finance costs TomorrowNow litigation

      -1         7         <-100   

Other finance costs

      -118         -119         -1   

Finance costs

      -119         -112         6   
  

 

 

     

 

 

     

 

 

  

Financial income, net

      -33         -34         -3   
  

 

 

     

 

 

     

 

 

  

Profit before tax

      2,295         3,145         -27   
  

 

 

     

 

 

     

 

 

  

Income tax TomorrowNow litigation

      1         -276         <-100   

Other income tax expense

      -573         -626         -8   

Income tax expense

      -572         -902         -37   
  

 

 

     

 

 

     

 

 

  

Profit after tax

      1,723         2,242         -23   
  

 

 

     

 

 

     

 

 

  

Profit attributable to non-controlling interests

      0         1         -100   

Profit attributable to owners of parent

      1,723         2,241         -23   
  

 

 

     

 

 

     

 

 

  

Basic earnings per share, in €*

      1.45         1.88         -23   
  

 

 

     

 

 

     

 

 

  

Diluted earnings per share, in €*

      1.45         1.88         -23   

 

* For the nine months ended September 30, 2012 and 2011, the weighted average number of shares was 1,191 million (diluted 1,192 million) and 1,189 million (diluted: 1,190 million), respectively (treasury stock excluded).

Due to rounding, numbers may not add up precisely.

 

F2

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As at September 30, 2012, and December 31, 2011

 

€ millions

    2012      2011  

Cash and cash equivalents

      3,926         4,965   

Other financial assets

      181         817   

Trade and other receivables

      2,962         3,493   

Other non-financial assets

      354         187   

Tax assets

      233         207   

Total current assets

      7,656         9,669   

Goodwill

      11,015         8,711   

Intangible assets

      2,527         2,024   

Property, plant, and equipment

      1,632         1,551   

Other financial assets

      596         538   

Trade and other receivables

      88         84   

Other non-financial assets

      53         39   

Tax assets

      165         146   

Deferred tax assets

      600         465   

Total non-current assets

      16,676         13,558   

Total assets

      24,332         23,227   

 

F3

€ millions

    2012      2011  

Trade and other payables

      835         937   

Tax liabilities

      417         409   

Financial liabilities

      1,808         1,331   

Other non-financial liabilities

      1,480         1,981   

Provision TomorrowNow litigation

      240         231   

Other provisions

      591         331   

Provisions

      831         562   

Deferred income

      2,032         1,046   
  

 

 

     

 

 

  

Total current liabilities

      7,403         6,266   

Trade and other payables

      52         43   

Tax liabilities

      425         408   

Financial liabilities

      2,119         2,925   

Other non-financial liabilities

      102         92   

Provisions

      312         268   

Deferred tax liabilities

      561         474   

Deferred income

      49         44   
  

 

 

     

 

 

  

Total non-current liabilities

      3,620         4,254   

Total liabilities

      11,023         10,520   

Issued capital

      1,228         1,228   

Share premium

      471         419   

Retained earnings

      12,880         12,466   

Other components of equity

      61         -37   

Treasury shares

      -1,340         -1,377   

Equity attributable to owners of parent

      13,300         12,699   

Non-controlling interests

      9         8   

Total equity

      13,309         12,707   

Equity and liabilities

      24,332         23,227   

 

F4

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the nine months ended September 30

 

€ millions

    2012      2011  

Profit after tax

      1,723         2,242   

Adjustments to reconcile profit after taxes to net cash provided by operating activities:

      

Depreciation and amortization

      622         536   

Income tax expense

      572         902   

Financial income, net

      33         34   

Decrease/increase in sales and bad debt allowances on trade receivables

      18         0   

Other adjustments for non-cash items

      28         32   

Decrease/increase in trade receivables

      588         473   

Decrease/increase in other assets

      -109         -58   

Decrease/increase in trade payables, provisions and other liabilities

      -345         -1,184   

Decrease/increase in deferred income

      820         667   

Cash outflows due to TomorrowNow litigation

      -8         -32   

Interest paid

      -135         -109   

Interest received

      67         65   

Income taxes paid, net of refunds

      -817         -602   
  

 

 

     

 

 

  

Net cash flows from operating activities

      3,057         2,966   

Business combinations, net of cash and cash equivalents acquired

      -2,731         -66   

Cash payments for derivative instruments related to business combinations

      -26         0   

Total cash outflows for business combinations, net of cash and cash equivalents acquired

      -2,757         -66   

Purchase of intangible assets and property, plant, and equipment

      -370         -329   

Proceeds from sales of intangible assets or property, plant, and equipment

      30         26   

Purchase of equity or debt instruments of other entities

      -905         -1,560   

Proceeds from sales of equity or debt instruments of other entities

      1,517         518   
  

 

 

     

 

 

  

Net cash flows from investing activities

      -2,485         -1,411   

Purchase of non-controlling interests

      0         -24   

Dividends paid

      -1,310         -713   

Purchase of treasury shares

      -53         -158   

Proceeds from reissuance of treasury shares

      83         170   

Proceeds from issuing shares (share-based compensation)

      15         34   

Proceeds from borrowings

      1,000         519   

Repayments of borrowings

      -1,313         -1,005   
  

 

 

     

 

 

  

Net cash flows from financing activities

      -1,578         -1,177   

Effect of foreign exchange rates on cash and cash equivalents

      -33         15   

Net decrease/increase in cash and cash equivalents

      -1,039         393   

Cash and cash equivalents at the beginning of the period

      4,965         3,518   

Cash and cash equivalents at the end of the period

      3,926         3,911   

 

F5

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 September 30  
    2012     2011     Change in %  

€ millions, unless otherwise stated

   IFRS     Adj.*     Non-IFRS*     Currency
impact**		     Non-IFRS
constant
currency**		     IFRS     Adj.*     Non-IFRS*     IFRS     Non-IFRS*     Non-IFRS
constant
currency**		  

Revenue Numbers

                      

Software

     1,026        0        1,026        -45        981        875        0        875        17        17        12   

Support

     2,105        1        2,106        -108        1,998        1,812        1        1,813        16        16        10   

Cloud subscriptions and support

     63        17        80        -8        72        4        0        4        1,475        1,900        1,700   

Software and software-related service revenue

     3,194        18        3,212        -161        3,051        2,691        1        2,692        19        19        13   

Consulting

     616        0        616        -35        581        578        0        578        7        7        1   

Other services

     142        0        142        -6        136        140        0        140        1        1        -3   

Professional services and other service revenue

     758        0        758        -41        717        718        0        718        6        6        0   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total revenue

     3,952        18        3,970        -202        3,768        3,409        1        3,410        16        16        10   

Cost of software and software-related services

     -638        106        -532            -513        70        -443        24        20     

Cost of professional services and other services

     -619        43        -576            -537        3        -534        15        8     
 

 

 

    

 

 

    

 

 

        

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Total cost of revenue

     -1,257        149        -1,108            -1,050        73        -977        20        13     
 

 

 

    

 

 

    

 

 

        

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Gross profit

     2,695        167        2,862            2,359        74        2,433        14        18     

Research and development

     -547        29        -518            -436        -4        -440        25        18     

Sales and marketing

     -984        67        -917            -721        19        -702        36        31     

General and administration

     -232        44        -188            -168        5        -163        38        15     

Restructuring

     -4        4        0            -1        1        0        >100        0     

TomorrowNow litigation

     -7        7        0            723        -723        0        <-100        0     

Other operating income/expense, net

     0        0        0            3        0        3        -100        -100     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total operating expenses

     -3,031        300        -2,731        135        -2,596        -1,650        -629        -2,279        84        20        14   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating profit

     921        318        1,239        -67        1,172        1,759        -628        1,131        -48        10        4   

Other non-operating income/expense, net

     -92        0        -92            0        0        0        N/A        N/A     

Finance income

     34        0        34            29        0        29        17        17     

Finance Cost TomorrowNow litigation

     0        0        0            7        -7        0        -100        0     

Other finance costs

     -41        0        -41            -38        0        -38        8        8     

Finance costs

     -41        0        -41            -31        -7        -38        32        8     
 

 

 

    

 

 

    

 

 

        

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Financial income, net

     -7        0        -7            -2        -7        -9        >100        -22     
 

 

 

    

 

 

    

 

 

        

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Profit before tax

     822        318        1,140            1,757        -635        1,122        -53        2     

Income tax TomorrowNow litigation

     2        -2        0            -276        276        0        <-100        N/A     

Other income tax expense

     -206        -98        -304            -229        -32        -261        -10        16     

Income tax expense

     -204        -100        -304            -505        244        -261        -60        16     
 

 

 

    

 

 

    

 

 

        

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Profit after tax

     618        218        836            1,251        -391        860        -51        -3     

Profit attributable to non-controlling interests

     0        0        0            0        0        0        0        0     

Profit attributable to owners of parent

     618        218        836            1,251        -391        860        -51        -3     

Key Ratios

                      
 

 

 

      

 

 

      

 

 

    

 

 

      

 

 

    

 

 

    

 

 

    

 

 

  

Operating margin in %

     23.3          31.2          31.1        51.6          33.2        -28.3pp        -2.0pp        -2.1pp   

Effective tax rate in %

     24.8          26.7            28.7          23.3        -3.9pp        3.4pp     

Basic earnings per share, in €*

     0.52          0.70            1.05          0.72        -50        -3     

 

F6

    for the nine months ended September 30  
    2012     2011     Change in %  

€ millions, unless otherwise stated

   IFRS     Adj.*     Non-IFRS*     Currency
impact**		     Non-IFRS
constant
currency**		     IFRS     Adj.*     Non-IFRS*     IFRS     Non-IFRS*     Non-IFRS
constant
currency**		  

Revenue Numbers

                      

Software

     2,722        0        2,722        -122        2,600        2,328        0        2,328        17        17        12   

Support

     6,071        4        6,075        -245        5,830        5,257        26        5,283        15        15        10   

Cloud subscriptions and support

     144        39        183        -15        168        12        0        12        1,100        1,425        1,300   

Software and software-related service revenue

     8,937        43        8,980        -382        8,598        7,597        26        7,623        18        18        13   

Consulting

     1,830        0        1,830        -81        1,749        1,726        0        1,726        6        6        1   

Other services

     433        0        433        -15        418        410        0        410        6        6        2   

Professional services and other service revenue

     2,263        0        2,263        -96        2,167        2,136        0        2,136        6        6        1   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total revenue

     11,200        43        11,243        -478        10,765        9,733        26        9,759        15        15        10   

Cost of software and software-related services

     -1,743        253        -1,490            -1,503        216        -1,287        16        16     

Cost of professional services and other services

     -1,888        108        -1,780            -1,672        28        -1,644        13        8     
 

 

 

    

 

 

    

 

 

        

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Total cost of revenue

     -3,631        361        -3,270            -3,175        244        -2,931        14        12     
 

 

 

    

 

 

    

 

 

        

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Gross profit

     7,569        404        7,973            6,558        270        6,828        15        17     

Research and development

     -1,638        97        -1,541            -1,402        36        -1,366        17        13     

Sales and marketing

     -2,786        177        -2,609            -2,140        96        -2,044        30        28     

General and administration

     -664        85        -579            -515        23        -492        29        18     

Restructuring

     -8        8        0            -2        2        0        >100        0     

TomorrowNow litigation

     -1        1        0            711        -711        0        <-100        0     

Other operating income/expense, net

     1        0        1            3        0        3        -67        -67     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total operating expenses

     -8,727        729        -7,998        307        -7,691        -6,520        -310        -6,830        34        17        13   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating profit

     2,473        772        3,245        -171        3,074        3,213        -284        2,929        -23        11        5   

Other non-operating income/expense, net

     -145        0        -145            -34        0        -34        >100        >100     

Finance income

     86        0        86            78        0        78        10        10     

Finance costs TomorrowNow litigation

     -1        1        0            7        -7        0        <-100        N/A     

Other finance costs

     -118        0        -118            -119        0        -119        -1        -1     

Finance costs

     -119        1        -118            -112        -7        -119        6        -1     
 

 

 

    

 

 

    

 

 

        

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Financial income, net

     -33        1        -32            -34        -7        -41        -3        -22     
 

 

 

    

 

 

    

 

 

        

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Profit before tax

     2,295        773        3,068            3,145        -291        2,854        -27        7     

Income tax TomorrowNow litigation

     1        -1        0            -276        276        0        <-100        N/A     

Other income tax expense

     -573        -246        -819            -626        -136        -762        -8        7     

Income tax expense

     -572        -247        -819            -902        140        -762        -37        7     
 

 

 

    

 

 

    

 

 

        

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Profit after tax

     1,723        526        2,249            2,242        -151        2,091        -23        8     

Profit attributable to non-controlling interests

     0        0        0            1        1        2        -100        -100     

Profit attributable to owners of parent

     1,723        526        2,249            2,241        -152        2,089        -23        8     

Key Ratios

                      
 

 

 

      

 

 

      

 

 

    

 

 

      

 

 

    

 

 

    

 

 

    

 

 

  

Operating margin in %

     22.1          28.9          28.6        33.0          30.0        -10.9pp        -1.1pp        -1.4pp   

Effective tax rate in %

     24.9          26.7            28.7          26.7        -3.8pp        0     

Basic earnings per share, in €*

     1.45          1.89            1.88          1.76        -23        8     

 

* Adjustments in the revenue line items are for support revenue, cloud subscription 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 compensation expenses, restructuring expenses and discontinued activities.
** 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.

Due to rounding, numbers may not add up precisely.

 

F7

NON-IFRS ADJUSTMENTS

 

€ millions, unless otherwise stated

    7/1/ -
9/30/2012		      1/1/ -
9/30/2012		      7/1/ -
9/30/2011		      1/1/ -
9/30/2011		  

Software and software-related service revenue (IFRS)

      3,194         8,937         2,691         7,597   

Adjustment for deferred revenue write-down

      18         43         1         26   

Software and software-related service revenue (Non-IFRS)

      3,212         8,980         2,692         7,623   

Operating profit (IFRS)

      921         2,473         1,759         3,213   

Revenue Adjustments (per above)

      18         43         1         26   

Adjustment for discontinued activities

      7         1         -723         -711   

Adjustment for acquisition-related charges

      137         387         110         333   

Adjustment for stock-based compensation expenses

      152         333         -17         66   

Adjustment for restructuring

      4         8         1         2   

Operating expense adjustments

      300         729         -629         -310   

Operating profit adjustments

      318         772         -628         -284   

Operating profit (Non-IFRS)

      1,239         3,245         1,131         2,929   

Profit after tax (IFRS)

      618         1,723         1,251         2,242   

Revenue adjustments (per above)

      18         43         1         26   

Operating profit adjustments (per above)

      300         729         -629         -310   

Financial income, net adjustments

      0         1         -7         -7   

Adjustments pre-tax

      318         773         -635         -291   

Taxes on adjustments

      -100         -247         244         140   

Profit after tax (Non-IFRS)

      836         2,249         860         2,091   

Due to rounding, numbers may not add up precisely.

 

F8

REVENUE BY REGION

The following tables present our IFRS and non-IFRS revenue by region. Software revenue by region is based on location of negotiation whereas software and software-related service revenue by region and total revenue by region are 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 September 30  
    2012     2011     Change in %  

€ millions

   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

     374        0        374        -6        368        376        0        376        -1        -1        -2   

Americas

     458        0        458        -28        430        334        0        334        37        37        29   

APJ

     194        0        194        -11        183        165        0        165        18        18        11   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Software revenue

     1,026        0        1,026        -45        981        875        0        875        17        17        12   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Software and software-related service revenue by region

                      

Germany

     438        0        438        0        438        420        0        420        4        4        4   

Rest of EMEA

     957        0        957        -17        940        897        0        897        7        7        5   

Total EMEA

     1,395        0        1,395        -17        1,378        1,316        0        1,316        6        6        5   

United States

     921        18        939        -95        844        680        1        681        35        38        24   

Rest of Americas

     326        0        326        -8        318        258        0        258        26        26        23   

Total Americas

     1,247        18        1,265        -103        1,162        938        1        939        33        35        24   

Japan

     174        0        174        -16        158        137        0        137        27        27        15   

Rest of APJ

     377        0        377        -24        353        300        0        300        26        26        18   

Total APJ

     552        0        552        -41        511        437        0        437        26        26        17   

Software and software-related service revenue

     3,194        18        3,212        -161        3,051        2,691        1        2,692        19        19        13   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total revenue by region

                      

Germany

     575        0        575        0        575        577        0        577        0        0        0   

Rest of EMEA

     1,142        0        1,142        -21        1,121        1,086        0        1,086        5        5        3   

Total EMEA

     1,716        0        1,716        -21        1,695        1,663        0        1,663        3        3        2   

United States

     1,152        18        1,170        -121        1,049        888        1        889        30        32        18   

Rest of Americas

     423        0        423        -12        411        334        0        334        27        27        23   

Total Americas

     1,575        18        1,593        -133        1,460        1,222        1        1,223        29        30        19   

Japan

     197        0        197        -18        179        158        0        158        25        25        13   

Rest of APJ

     463        0        463        -29        434        366        0        366        27        27        19   

Total APJ

     661        0        661        -48        613        524        0        524        26        26        17   

Total revenue

     3,952        18        3,970        -202        3,768        3,409        1        3,410        16        16        10   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

F9

    for the nine months ended September 30  
    2012     2011     Change in %  

€ millions

   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

     1,069        0        1,069        -13        1,056        987        0        987        8        8        7   

Americas

     1,131        0        1,131        -76        1,055        909        0        909        24        24        16   

APJ

     522        0        522        -33        489        432        0        432        21        21        13   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Software revenue

     2,722        0        2,722        -122        2,600        2,328        0        2,328        17        17        12   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Software and software-related service revenue by region

                      

Germany

     1,245        1        1,246        -1        1,245        1,148        0        1,148        8        9        8   

Rest of EMEA

     2,845        1        2,846        -43        2,803        2,544        7        2,551        12        12        10   

Total EMEA

     4,090        2        4,092        -44        4,048        3,691        7        3,698        11        11        9   

United States

     2,456        41        2,497        -219        2,278        1,975        15        1,990        24        25        14   

Rest of Americas

     872        0        872        -12        860        709        2        711        23        23        21   

Total Americas

     3,328        41        3,369        -231        3,138        2,684        16        2,700        24        25        16   

Japan

     489        0        489        -48        441        398        1        399        23        23        11   

Rest of APJ

     1,030        0        1,030        -59        971        825        1        826        25        25        18   

Total APJ

     1,519        0        1,519        -107        1,412        1,222        2        1,224        24        24        15   

Software and software-related service revenue

     8,937        43        8,980        -382        8,598        7,597        26        7,623        18        18        13   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total revenue by region

                      

Germany

     1,666        1        1,667        0        1,667        1,617        0        1,617        3        3        3   

Rest of EMEA

     3,433        1        3,434        -52        3,382        3,143        7        3,150        9        9        7   

Total EMEA

     5,099        2        5,101        -52        5,049        4,760        7        4,767        7        7        6   

United States

     3,151        41        3,192        -281        2,911        2,591        15        2,606        22        22        12   

Rest of Americas

     1,138        0        1,138        -20        1,118        930        2        932        22        22        20   

Total Americas

     4,289        41        4,330        -300        4,030        3,521        16        3,537        22        22        14   

Japan

     557        0        557        -55        502        450        1        451        24        24        11   

Rest of APJ

     1,254        0        1,254        -70        1,184        1,003        1        1,004        25        25        18   

Total APJ

     1,812        0        1,812        -126        1,686        1,453        2        1,455        25        25        16   

Total revenue

     11,200        43        11,243        -478        10,765        9,733        26        9,759        15        15        10   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

SOFTWARE REVENUE BY CUSTOMER LOCATION

The table below shows the breakdown of software revenue by customer location.

 

€ millions

    Q3 2012      1/1/-
9/30/2012		      Q3 2011      1/1/-
9/30/2011		  

EMEA

      373         1,105         377         988   

Americas

      459         1,090         333         907   

APJ

      194         527         165         432   

SAP Group

      1,026         2,722         875         2,328   

 

* Adjustments in the revenue line items are for support revenue, cloud subscription 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.
** 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

 

F10