Form 6-K

0001193125-13-293782.txt : 20130718 0001193125-13-293782.hdr.sgml : 20130718 20130718083528 ACCESSION NUMBER: 0001193125-13-293782 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20130718 FILED AS OF DATE: 20130718 DATE AS OF CHANGE: 20130718 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SAP AG CENTRAL INDEX KEY: 0001000184 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 000000000 STATE OF INCORPORATION: 2M FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14251 FILM NUMBER: 13973958 BUSINESS ADDRESS: STREET 1: DIETMAR-HOPP-ALLEE 16 CITY: WALLDORF STATE: 2M ZIP: 69190 BUSINESS PHONE: 0114962277 MAIL ADDRESS: STREET 1: DIETMAR-HOPP-ALLEE 16 CITY: WALLDORF STATE: 2M ZIP: 69190 FORMER COMPANY: FORMER CONFORMED NAME: SAP AKTIENGESELLSCHAFT SYSTEMS APPLICATIONS PRODUCTS IN DATA DATE OF NAME CHANGE: 19960807 6-K 1 d570792d6k.htm FORM 6-K Form 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

July 18, 2013

Commission file number:

1-14251

SAP AG

(Exact name of registrant as specified in its charter)

SAP CORPORATION

(Translation of registrant’s name into English)

Dietmar-Hopp-Allee 16

69190 Walldorf

Federal Republic of Germany

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F ¨

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ¨ No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .

TABLE OF CONTENTS


EXHIBITS		3
SIGNATURES		4
EXHIBIT INDEX		5
Exhibit 99.1

SAP AG

FORM 6-K

On July 18, 2013, SAP AG, a stock corporation organized under the laws of the Federal Republic of Germany (“SAP”), issued a press release (the “Press Release”) announcing SAP’s financial results for the second quarter and first half ended June 30, 2013. The Press Release is attached as Exhibit 99.1 hereto and incorporated by reference herein.

This Press Release discloses certain non-IFRS measures. These measures are not prepared in accordance with IFRS and are therefore considered non-IFRS financial measures. The non-IFRS financial measures that we report should be considered in addition to, and not as substitutes for or superior to, revenue, operating income, cash flows, or other measures of financial performance prepared in accordance with IFRS.

Please refer to Explanations of Non-IFRS Measures online (www.sap.com/about/investor/index.epx) for further information regarding the non-IFRS measures.

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 (the “SEC”), including SAP’s most recent Annual Report on Form 20-F for 2012 filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.

EXHIBITS


Exhibit No.		Exhibit

99.1		Press Release dated July 18, 2013

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


SAP AG
(Registrant)

By:	/s/ Christoph Huetten
	Name:	Dr. Christoph Huetten
	Title:	Chief Accounting Officer

By:	/s/ Sonja Simon
	Name:	Sonja Simon
	Title:	Head of Group Accounting and Reporting

Date: July 18, 2013

EXHIBIT INDEX


Exhibit No.		Exhibit

99.1		Press Release dated July 18, 2013

EX-99.1 2 d570792dex991.htm EXHIBIT 99.1 Exhibit 99.1

Exhibit 99.1

LOGO

For Immediate Release

July 18, 2013

SAP Announces Second Quarter and First Half Results 2013

Double-Digit Growth Continues in a Challenging Market – SAP Driving the Transition to the Cloud and Gaining Market Share

•

Three Years of Double-Digit Growth – Second Quarter 2013 Non-IFRS Software and Software-Related Service Revenue Increased 10% at Constant Currencies (7% at Actual Currencies to €3.35 Billion)

•

Second Quarter 2013 Non-IFRS Software and Cloud Subscription Revenue Increased 7% at Constant Currencies (3% at Actual Currencies to €1.17 Billion)

•

Triple-Digit Year-Over-Year Growth in Cloud Subscription and Support Revenue, Annual Cloud Revenue Run Rate Exceeded €930 Million

•

Expanding Leadership in In-Memory Computing with SAP HANA

•

Second Quarter 2013 Non-IFRS Operating Profit Reached €1.22 Billion, a 10% Increase at Constant Currencies (4% at Actual Currencies)

•

SAP Reaffirms Non-IFRS Operating Profit Outlook and Remains Committed to Be a Double-Digit Growth Company with an Increase of at Least 10% in Non-IFRS Software and Software-Related Service Revenue at Constant Currencies in 2013

WALLDORF, Germany – July 18, 2013 – SAP AG (NYSE: SAP) today announced its financial results for the second quarter and first half ended June 30, 2013.

BUSINESS HIGHLIGHTS IN THE SECOND QUARTER 2013

“The industry transformation we predicted back in 2010 is now happening at full speed and our strategy of innovation for growth is paying off,” said Bill McDermott and Jim Hagemann Snabe, Co-CEOs of SAP. “We continued our double-digit growth momentum, we are leading the transformation of the industry, and our market opportunity is bigger than ever. We are gaining market share in a challenging macroeconomic environment, and with the HANA Enterprise Cloud, we are resolute to capture the future as the cloud company.”

“SAP had a solid overall performance in the second quarter. We remained focused on operating discipline, resulting in double-digit growth in non-IFRS operating profit at constant currencies. We improved the profitability of our core business and see good traction in the cloud on our way towards building a profitable cloud business”, said Werner Brandt, CFO of SAP. “We reaffirm our full year 2013 Non-IFRS operating profit outlook and remain committed to double-digit topline growth despite a difficult macroeconomic environment, in particular in Asia Pacific Japan and the rapid transition to the cloud.”

Second quarter non-IFRS cloud subscription and support revenue increased 166% (171% at constant currencies) year-over-year to €183 million. SAP’s non-IFRS cloud subscription and support revenue in the second quarter outperformed many cloud competitors on a sequential quarterly growth basis. The


*SAP Reports Second Quarter 2013 Results*		Page 2

annual cloud revenue run rate has now reached €932 million¹. With approximately 30 million cloud users, SAP has the largest subscriber base in the cloud market. Non-IFRS deferred cloud subscription and support revenue² was €361 million as of June 30, 2013, a year-over-year increase of 68%. The Ariba business is showing accelerated synergies. For the Ariba segment the trailing twelve month network spend volume³ was approximately $465 billion, an increase of 27% year-over-year. More than 1.1 million companies are connected through the Ariba network, the world’s largest Web-based business trading community.

SAP HANA, the Company’s platform for real-time business applications, continues to be a major growth engine with €102 million software revenue contribution, growing 21% year-on-year. The Company continues to expect HANA software revenue of €650 – €700 million in 2013. Customers have already shown strong interest in SAP Business Suite powered by SAP HANA which was made generally available in May and – together with HANA Enterprise Cloud – is expected to drive adoption of the HANA platform.

SAP’s double-digit growth momentum continued in the second quarter with Non-IFRS software and software-related service revenue increasing 10% at constant currencies (7% at actual currencies to €3.35 billion). Non-IFRS software and cloud subscription revenue in the quarter increased 7% at constant currencies (3% at actual currencies to €1.17 billion). Non-IFRS operating profit reached €1.22 billion in quarter, a 10% increase at constant currencies (4% at actual currencies), resulting in a 60 basis points expansion of the non-IFRS operating margin at constant currencies despite a negative effect from the Ariba acquisition of 40 basis points. The margin performance demonstrates that the efficiency in SAP’s core business has further improved.

REGIONAL PERFORMANCE

Second Quarter 2013

The Americas region delivered a strong second quarter in non-IFRS software and cloud subscription revenue⁴ with 18% growth year-over-year, driven by excellent software revenue performance in Latin America – in particular Brazil – and strong cloud subscription and support revenue growth in North America. The EMEA region saw solid growth with non-IFRS software and cloud subscription revenue increasing 3% year-over-year, despite a continued difficult market environment and a tough year-over-year comparison. High single-digit software revenue growth in Germany contributed to this performance. Non-IFRS software and cloud subscription revenue in the Asia Pacific Japan (APJ) region declined 7%, mainly due to continued macroeconomic challenges. However, some markets in APJ, such as Southeast Asia and India, saw strong growth in software revenue.

First Half 2013

The Americas region delivered a strong first half in non-IFRS software and cloud subscription revenue with 29% growth year-over-year, driven by a very strong performance in the United States and Brazil. The EMEA region saw solid growth with non-IFRS software and cloud subscription revenue increasing 8% for the first half of 2013 which is an impressive result in light of continued market uncertainty. Non-IFRS software and cloud subscriptions revenue in the APJ region declined 7% in the first half of 2013.

¹	The annual revenue run rate is the second quarter 2013 cloud division revenue of €233 million multiplied by 4.

²	Beginning in Q1 2013, SAP discloses non-IFRS deferred cloud subscription and support revenue, which is a subset of the total, non-IFRS deferred revenue number reported on the balance sheet.

³	Network spend volume is the total value of purchase orders transacted on the Ariba Network in the trailing 12 months.

⁴

Non-IFRS software and cloud subscription revenue in the regional paragraphs follow SAP’s management view, which is calculated as the combination of software revenue based on location of negotiation and cloud subscription and support revenue based on customer location; growth rates at constant currencies. See SAP’s second quarter and half year interim report for details.


*SAP Reports Second Quarter 2013 Results*		Page 3

FINANCIAL RESULTS IN DETAIL

FINANCIAL HIGHLIGHTS – Second Quarter 2013


	Second Quarter 2013¹⁾
	IFRS						Non- IFRS²⁾
€ million, unless otherwise stated	Q2 2013		Q2 2012		% change		Q2 2013		Q2 2012		% change		% change const. curr.

Software		982		1,059		–7		982		1,059		–7		–3
Cloud subscriptions and support		159		52		206		183		69		166		171
Software and cloud subscriptions		1,141		1,110		3		1,165		1,127		3		7
Support		2,177		2,013		8		2,182		2,014		8		11
Software and software-related service revenue		3,318		3,124		6		3,347		3,142		7		10
Total revenue		4,062		3,898		4		4,091		3,916		4		8
Total operating expenses		–3,074		–2,977		3		–2,873		–2,743		5		7
Operating profit		988		921		7		1,219		1,173		4		10
Operating margin (%)		24.3		23.6		0.7pp		29.8		30.0		–0.2pp		0.6pp
Profit after tax		724		661		10		874		831		5
Basic earnings per share (€)		0.61		0.55		11		0.73		0.70		4
Number of employees (FTE)		64,937		60,972		7		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 and non-IFRS software revenue was €982 million (2012: €1.06 billion), a decrease of 7% (3% at constant currencies). IFRS software and cloud subscription revenue was €1.14 billion (2012: €1.11 billion), an increase of 3%. Non-IFRS software and cloud subscription revenue was €1.17 billion (2012: €1.13 billion), an increase of 3% (7% at constant currencies). IFRS software and software-related service revenue was €3.32 billion (2012: €3.12 billion), an increase of 6%. Non-IFRS software and software-related service revenue was €3.35 billion (2012: €3.14 billion), an increase of 7% (10% at constant currencies). IFRS total revenue was €4.06 billion (2012: €3.90 billion), an increase of 4%. Non-IFRS total revenue was €4.09 billion (2012: €3.92 billion), an increase of 4% (8% at constant currencies).

IFRS operating profit was €988 million (2012: €921 million), an increase of 7%. Non-IFRS operating profit was €1.22 billion (2012: €1.17 billion), an increase of 4% (10% at constant currencies). IFRS operating margin was 24.3% (2012: 23.6%), an increase of 0.7 percentage points. Non-IFRS operating margin was 29.8% (2012: 30.0%), a decrease of 0.2 percentage points. Non-IFRS operating margin was 30.6% at constant currencies, an increase of 0.6 percentage points. Non-IFRS operating profit and operating margin for the second quarter 2013 were affected by the acquisition of Ariba, which impacted the operating margin by approximately 40 basis points.

IFRS profit after tax was €724 million (2012: €661 million), an increase of 10%. Non-IFRS profit after tax was €874 million (2012: €831 million), an increase of 5%. IFRS basic earnings per share was €0.61 (2012: €0.55), an increase of 11%. Non-IFRS basic earnings per share was €0.73 (2012: €0.70), an increase of 4%. The IFRS and non-IFRS effective tax rates were 24.8% (2012: 23.6%) and 26.8% (2012: 25.6%), respectively.


*SAP Reports Second Quarter 2013 Results*		Page 4

FINANCIAL HIGHLIGHTS – First Half 2013


	First-Half 2013¹⁾
	IFRS						Non-IFRS²⁾
€ million, unless otherwise stated	1H 2013		1H 2012		% change		1H 2013		1H 2012		% change		% change const. curr.

Software		1,638		1,696		–3		1,638		1,696		–3		0
Cloud subscriptions and support		296		81		266		350		104		238		243
Software and cloud subscriptions		1,935		1,777		9		1,989		1,799		11		14
Support		4,286		3,966		8		4,295		3,968		8		11
Software and software-related service revenue		6,220		5,743		8		6,284		5,768		9		12
Total revenue		7,663		7,248		6		7,727		7,273		6		9
Total operating expenses		–6,029		–5,696		6		–5,607		–5,266		6		8
Operating profit		1,634		1,551		5		2,120		2,007		6		11
Operating margin (%)		21.3		21.4		–0.1pp		27.4		27.6		–0.2pp		0.4pp
Profit after tax		1,244		1,104		13		1,563		1,414		11
Basic earnings per share (€)		1.04		0.93		12		1.31		1.19		10
Number of employees (FTE)		64,937		60,972		7		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 and non-IFRS software revenue was €1.64 billion (2012: €1.70 billion), a decrease of 3%, (flat at constant currencies). IFRS software and cloud subscription revenue was €1.94 billion (2012: €1.78 billion), an increase of 9%. Non-IFRS software and cloud subscription revenue was €1.99 billion (2012: €1.80 billion), an increase of 11% (14% at constant currencies). IFRS software and software-related service revenue was €6.22 billion (2012: €5.74 billion), an increase of 8%. Non-IFRS software and software-related service revenue was €6.28 billion (2012: €5.77 billion), an increase of 9% (12% at constant currencies). IFRS total revenue was €7.66 billion (2012: €7.25 billion), an increase of 6%. Non-IFRS total revenue was €7.73 billion (2012: €7.27 billion), an increase of 6% (9% at constant currencies).

IFRS operating profit was €1.63 billion (2012: €1.55 billion), an increase of 5%. Non-IFRS operating profit was €2.12 billion (2012: €2.01 billion), an increase of 6% (11% at constant currencies). IFRS operating margin was 21.3% (2012: 21.4%), a decrease of 0.1 percentage points. Non-IFRS operating margin was 27.4% (2012: 27.6%), a decrease of 0.2 percentage points. Non-IFRS operating margin was 28.0% at constant currencies, an increase of 0.4 percentage points.

IFRS profit after tax was €1.24 billion (2012: €1.10 billion), an increase of 13%. Non-IFRS profit after tax was €1.56 billion (2012: €1.41 billion), an increase of 11%. IFRS basic earnings per share was €1.04 (2012: €0.93), an increase of 12%. Non-IFRS basic earnings per share was €1.31 (2012: €1.19), an increase of 10%. The IFRS and non-IFRS effective tax rates were 21.5% (2012: 25.0%) and 24.5% (2012: 26.7%), respectively.

Operating cash flow was €2.48 billion (2012: €2.40 billion), an increase of 3%. Free cash flow was €2.22 billion (2012: €2.13 billion), an increase of 4%. Free cash flow was 29% of total revenue (2012: 29%). At June 30, 2013, SAP had a total group liquidity of €3.53 billion (December 31, 2012: €2.49 billion), which includes cash and cash equivalents and short term investments. Net liquidity at June 30, 2013 was –€1.49 billion compared to –€2.50 billion at December 31, 2012.


*SAP Reports Second Quarter 2013 Results*		Page 5

BUSINESS OUTLOOK

SAP reaffirms its full year 2013 non-IFRS operating profit outlook to be in a range of €5.85 billion – €5.95 billion at constant currencies (2012: €5.21 billion). Although the difficult macroeconomic environment in particular in Asia Pacific Japan and the rapid transition to the cloud have resulted in lower software revenue expectations, SAP remains committed to be a double-digit growth company with at least 10% growth in non-IFRS software and software-related service revenue at constant currencies in full year 2013 (2012: €13.25 billion). This replaces the previous growth outlook for non-IFRS software and software-related service revenue of 11% – 13% at constant currencies and the underlying guidance for software and cloud subscription revenue.

In addition, SAP reaffirms its outlook for the fast-growing innovation categories cloud and in-memory. The company continues to expect full year 2013 non-IFRS cloud subscription and support revenue of around €750 million at constant currencies (2012: €343 million) and full year 2013 SAP HANA software revenue in a range of €650 – €700 million (2012: €392 million).

The Company now projects a full-year 2013 IFRS effective tax rate of 24.0% – 25.0% (previously 25.5% – 26.5%) (2012: 26.2%) and a non-IFRS effective tax rate of 25.5% – 26.5% (previously 27.0% – 28.0%) (2012: 27.5%).

Additional Information

2013 revenue and profit figures include the revenue and profits from Ariba and SuccessFactors. The comparative numbers for 2012 do not include SuccessFactors until February 21, 2012 and Ariba until October 1, 2012.

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 2013 Interim Report

SAP’s second quarter 2013 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 media on Thursday, July 18th 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 248,500 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.


*SAP Reports Second Quarter 2013 Results*		Page 6

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 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, R/3, ABAP, BAPI, SAP NetWeaver, Duet, PartnerEdge, ByDesign, SAP BusinessObjects Explorer, StreamWork, SAP HANA, the Business Objects logo, BusinessObjects, Crystal Reports, Crystal Decisions, Web Intelligence, Xcelsius, Sybase, Adaptive Server, Adaptive Server Enterprise, iAnywhere, Sybase 365, SQL Anywhere, Crossgate, B2B 360° and B2B 360° Services, m@gic EDDY, Ariba, Quadrem, b-process, Ariba Discovery, SuccessFactors, Execution is the Difference, BizX Mobile Touchbase, It’s time to love work again, SuccessFactors Jam and BadAss SaaS, and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP AG in Germany or an SAP affiliate company.

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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Follow SAP Investor Relations on Twitter at @sapinvestor.

Appendix – Financial Information to Follow

LOGO

FINANCIAL INFORMATION

FOR THE SECOND QUARTER 2013

(Condensed and Unaudited)


		Page
Financial Statements (IFRS)
Income Statements – Quarter		F1
Income Statements – Six Months		F2
Statements of Financial Position		F3-F4
Statements of Cash Flows		F5

Supplementary Financial Information
Reconciliation from Non-IFRS Numbers to IFRS Numbers		F6-F7
Non-IFRS Adjustments		F8
Revenue by Region		F9-F12

Financial Statements (IFRS)

CONSOLIDATED INCOME STATEMENTS

For the three months ended June 30


€ millions, unless otherwise stated	Note	2013		2012		Change in %
Software			982		1,059		–7
Cloud subscriptions and support			159		52		206
Software and cloud subscriptions			1,141		1,110		3
Support			2,177		2,013		8
Software and software-related service revenue			3,318		3,124		6
Consulting			580		617		–6
Other services			165		157		5
Professional services and other service revenue			744		774		–4
Total revenue			4,062		3,898		4

Cost of software and software-related services			–598		–568		5
Cost of professional services and other services			–609		–644		–5
Total cost of revenue			–1,207		–1,212		0
Gross profit			2,855		2,686		6
Research and development			–567		–568		0
Sales and marketing			–1,059		–972		9
General and administration			–232		–222		5
Restructuring			–17		–4		<-100
TomorrowNow litigation			0		–2		<-100
Other operating income/expense, net			9		3		>100
Total operating expenses			–3,074		–2,977		3
Operating profit			988		921		7

Other non-operating income/expense, net			–2		–45		–95
Finance income			26		28		–6
Finance costs			–49		–39		27
Financial income, net			–23		–11		<-100
Profit before tax			963		865		11

Income tax expense	(6)		–239		–204		17
Profit after tax			724		661		10
Profit attributable to non-controlling interests			0		0		N/A
Profit attributable to owners of parent			725		661		10

Earnings per share – basic (in €)*	(7)		0.61		0.55		11
Earnings per share – diluted (in €)*	(7)		0.61		0.55		11

*	For the three months ended June 30, 2013 and 2012, the weighted average number of shares was 1,193 million (diluted 1,195 million) and 1,191 million (diluted: 1,192 million), respectively (treasury stock excluded).

CONSOLIDATED INCOME STATEMENTS

For the six months ended June 30


€ millions, unless otherwise stated	Note	2013		2012		Change in %
Software			1,638		1,696		–3
Cloud subscriptions and support			296		81		266
Software and cloud subscriptions			1,935		1,777		9
Support			4,286		3,966		8
Software and software-related service revenue			6,220		5,743		8
Consulting			1,136		1,214		–6
Other services			306		291		5
Professional services and other service revenue			1,443		1,505		–4
Total revenue			7,663		7,248		6

Cost of software and software-related services			–1,202		–1,106		9
Cost of professional services and other services			–1,215		–1,268		–4
Total cost of revenue			–2,416		–2,374		2
Gross profit			5,246		4,874		8
Research and development			–1,124		–1,091		3
Sales and marketing			–2,034		–1,802		13
General and administration			–429		–431		–1
Restructuring			–31		–4		<-100
TomorrowNow litigation			0		5		–92
Other operating income/expense, net			5		1		>100
Total operating expenses			–6,029		–5,696		6
Operating profit			1,634		1,551		5

Other non-operating income/expense, net			–13		–53		–76
Finance income			56		52		8
Finance costs			–93		–78		19
Financial income, net			–37		–26		41
Profit before tax			1,584		1,472		8

Income tax expense	(6)		–340		–368		–8
Profit after tax			1,244		1,104		13
Profit attributable to non-controlling interests			0		0		N/A
Profit attributable to owners of parent			1,245		1,104		13

Earnings per share – basic (in €)*	(7)		1.04		0.93		12
Earnings per share – diluted (in €)*	(7)		1.04		0.93		12

*	For the six months ended June 30, 2013 and 2012, the weighted average number of shares was 1,193 million (diluted 1,195 million) and 1,191 million (diluted: 1,191 million), respectively (treasury stock excluded).

Due to rounding, numbers may not add up precisely.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As at June 30, 2013, and December 31, 2012


€ millions	Notes	2013		2012
Cash and cash equivalents			3,386		2,477
Other financial assets	(8)		296		154
Trade and other receivables	(9)		3,379		3,917
Other non-financial assets			408		294
Tax assets			308		156
Total current assets			7,776		6,998
Goodwill			13,333		13,227
Intangible assets			2,996		3,234
Property, plant, and equipment			1,751		1,708
Other financial assets	(8)		495		509
Trade and other receivables	(9)		92		88
Other non-financial assets			97		68
Tax assets			192		170
Deferred tax assets			761		708
Total non-current assets			19,717		19,711
Total assets			27,494		26,710


€ millions	Notes	2013		2012
Trade and other payables			883		870
Tax liabilities			395		511
Financial liabilities	(10)		1,365		802
Other non-financial liabilities			1,404		2,136
Provision TomorrowNow litigation			235		234
Other provisions			390		609
Provisions			624		843
Deferred income	(11)		3,125		1,386
Total current liabilities			7,797		6,547
Trade and other payables			47		63
Tax liabilities			396		388
Financial liabilities	(10)		3,859		4,446
Other non-financial liabilities			107		98
Provisions			330		361
Deferred tax liabilities			518		574
Deferred income	(11)		62		62
Total non-current liabilities			5,319		5,991
Total liabilities			13,116		12,538
Issued capital			1,229		1,229
Share premium			521		492
Retained earnings			14,212		13,973
Other components of equity			–263		–194
Treasury shares			–1,330		–1,337
Equity attributable to owners of parent			14,369		14,163
Non-controlling interests			9		8
Total equity	(12)		14,378		14,171
Equity and liabilities			27,494		26,710

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the six months ended June 30


€ millions	2013		2012
Profit after tax		1,244		1,104
Adjustments to reconcile profit after taxes to net cash provided by operating activities:
Depreciation and amortization		478		402
Income tax expense		340		368
Financial income, net		37		26
Decrease/increase in sales and bad debt allowances on trade receivables		38		26
Other adjustments for non-cash items		44		24
Decrease/increase in trade and other receivables		470		362
Decrease/increase in other assets		–129		–134
Decrease/increase in trade payables, provisions, and other liabilities		–945		–752
Decrease/increase in deferred income		1,735		1,629
Cash outflows due to TomorrowNow litigation		–1		–4
Interest paid		–80		–96
Interest received		33		47
Income taxes paid, net of refunds		–782		–602
Net cash flows from operating activities		2,482		2,400

Business combinations, net of cash and cash equivalents acquired		–99		–2,757
Purchase of intangible assets and property, plant, and equipment		–265		–275
Proceeds from sales of intangible assets or property, plant, and equipment		23		22
Purchase of equity or debt instruments of other entities		–1,200		–558
Proceeds from sales of equity or debt instruments of other entities		1,079		941
Net cash flows from investing activities		–462		–2,627

Dividends paid		–1,013		–1,310
Purchase of treasury shares		0		–53
Proceeds from reissuance of treasury shares		9		69
Proceeds from issuing shares (share-based payments)		0		14
Proceeds from borrowings		0		1,002
Repayments of borrowings		0		–1,023
Net cash flows from financing activities		–1,004		–1,301

Effect of foreign exchange rates on cash and cash equivalents		–107		–61
Net decrease/increase in cash and cash equivalents		909		–1,589
Cash and cash equivalents at the beginning of the period		2,477		4,965
Cash and cash equivalents at the end of the period		3,386		3,376

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	2013										2012						Change in %
	IFRS		Adj.*		Non-IFRS*		Currency impact**		Non-IFRS constant currency**		IFRS		Adj.*		Non-IFRS*		IFRS		Non-IFRS*		Non-IFRS constant currency**
Revenue Numbers
Software		982		0		982		41		1,022		1,059		0		1,059		–7		–7		–3
Cloud subscriptions and support		159		24		183		4		187		52		17		69		206		166		171
Software and cloud subscriptions		1,141		24		1,165		45		1,209		1,110		17		1,127		3		3		7
Support		2,177		5		2,182		62		2,245		2,013		1		2,014		8		8		11
Software and software-related service revenue		3,318		29		3,347		107		3,454		3,124		18		3,142		6		7		10
Consulting		580		0		580		16		595		617		0		617		–6		–6		–3
Other services		165		0		165		4		169		157		0		157		5		5		7
Professional services and other service revenue		744		0		744		19		764		774		0		774		–4		–4		–1
Total revenue		4,062		29		4,091		127		4,218		3,898		18		3,916		4		4		8

Operating Expense Numbers
Cost of software and software-related services		–598		76		–522						–568		77		–491		5		6
Cost of professional services and other services		–609		23		–586						–644		34		–610		–5		–4
Total cost of revenue		–1,207		99		–1,108						–1,212		111		–1,101		0		1
Gross profit		2,855		129		2,984						2,686		129		2,815		6		6
Research and development		–567		17		–551						–568		45		–523		0		5
Sales and marketing		–1,059		44		–1,015						–972		56		–916		9		11
General and administration		–232		24		–208						–222		16		–206		5		1
Restructuring		–17		17		0						–4		4		0		<–100		N/A
TomorrowNow litigation		0		0		0						–2		2		0		<–100		N/A
Other operating income/expense, net		9		0		9						3		0		3		>100		>100
Total operating expenses		–3,074		201		–2,873		–54		–2,926		–2,977		234		–2,743		3		5		7

Profit Numbers
Operating profit		988		230		1,219		73		1,292		921		252		1,173		7		4		10
Other non-operating income/expense, net		–2		0		–2						–45		0		–45		–95		–95
Finance income		26		0		26						28		0		28		–6		–6
Finance costs		–49		0		–49						–39		0		–39		27		27
Financial income, net		–23		0		–23						–11		0		–11		<–100		<–100
Profit before tax		963		230		1,194						865		252		1,117		11		7
Income tax expense		–239		–81		–320						–204		–82		–286		17		12
Profit after tax		724		149		874						661		170		831		10		5
Profit attributable to non-controlling interests		0		0		0						0		0		0		N/A		N/A
Profit attributable to owners of parent		725		149		874						661		170		831		10		5

Key Ratios
Operating margin in %		24.3				29.8				30.6		23.6				30.0		0.7pp		–0.2pp		0.6pp
Effective tax rate in %		24.8				26.8						23.6				25.6		1.2pp		1.2pp
Earnings per share – basic (in €)*		0.61				0.73						0.55				0.70		11		4

Deferred cloud subscriptions and support revenue (June 30)		354		7		361						155		60		215		>100		68


	for the six months ended June 30
€ millions, unless otherwise stated	2013										2012						Change in %
	IFRS		Adj.*		Non- IFRS*		Currency impact**		Non-IFRS constant currency**		IFRS		Adj.*		Non- IFRS*		IFRS		Non- IFRS*		Non-IFRS constant currency**
Revenue Numbers
Software		1,638		0		1,638		52		1,690		1,696		0		1,696		–3		–3		0
Cloud subscriptions and support		296		54		350		6		356		81		23		104		266		238		243
Software and cloud subscriptions		1,935		54		1,989		57		2,046		1,777		23		1,799		9		11		14
Support		4,286		10		4,295		106		4,402		3,966		2		3,968		8		8		11
Software and software-related service revenue		6,220		64		6,284		163		6,448		5,743		25		5,768		8		9		12
Consulting		1,136		0		1,136		24		1,160		1,214		0		1,214		–6		–6		–4
Other services		306		0		306		6		313		291		0		291		5		5		7
Professional services and other service revenue		1,443		0		1,443		30		1,473		1,505		0		1,505		–4		–4		–2
Total revenue		7,663		64		7,727		194		7,921		7,248		25		7,273		6		6		9

Operating Expense Numbers
Cost of software and software-related services		–1,202		173		–1,028						–1,106		149		–957		9		7
Cost of professional services and other services		–1,215		51		–1,164						–1,268		64		–1,204		–4		–3
Total cost of revenue		–2,416		224		–2,192						–2,374		213		–2,161		2		1
Gross profit		5,246		288		5,535						4,874		238		5,112		8		8
Research and development		–1,124		38		–1,086						–1,091		68		–1,023		3		6
Sales and marketing		–2,034		96		–1,939						–1,802		110		–1,692		13		15
General and administration		–429		33		–396						–431		40		–391		–1		1
Restructuring		–31		31		0						–4		4		0		<-100		N/A
TomorrowNow litigation		0		0		0						5		–5		0		–92		N/A
Other operating income/expense, net		5		0		5						1		0		1		>100		>100
Total operating expenses		–6,029		422		–5,607		–94		–5,701		–5,696		430		–5,266		6		6		8

Profit Numbers
Operating profit		1,634		486		2,120		100		2,220		1,551		456		2,007		5		6		11
Other non-operating income/expense, net		–13		0		–13						–53		0		–53		–76		–76
Finance income		56		0		56						52		0		52		8		8
Finance costs		–93		0		–93						–78		1		–77		19		21
Financial income, net		–37		0		–37						–26		1		–25		41		48
Profit before tax		1,584		486		2,070						1,472		457		1,929		8		7
Income tax expense		–340		–167		–507						–368		–147		–515		–8		–2
Profit after tax		1,244		318		1,563						1,104		310		1,414		13		11
Profit attributable to non-controlling interests		0		0		0						0		0		0		N/A		N/A
Profit attributable to owners of parent		1,245		318		1,563						1,104		310		1,414		13		11

Key Ratios
Operating margin in %		21.3				27.4				28.0		21.4				27.6		–0.1pp		–0.2pp		0.4pp
Effective tax rate in %		21.5				24.5						25.0				26.7		–3.5pp		–2.2pp
Earnings per share – basic (in €)*		1.04				1.31						0.93				1.19		12		10

Deferred cloud subscriptions and support revenue (June 30)		354		7		361						155		60		215		>100		68

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.

NON-IFRS ADJUSTMENTS


€ millions, unless otherwise stated	04/01/ - 6/30/2013		01/01/ - 6/30/2013		04/01/ - 6/30/2012		01/01/ - 6/30/2012

Software and software-related service revenue (IFRS)		3,318		6,220		3,124		5,743
Adjustment for deferred revenue write-down		29		64		18		25
Software and software-related service revenue (Non-IFRS)		3,347		6,284		3,142		5,768

Operating profit (IFRS)		988		1,634		921		1,551
Revenue Adjustments (per above)		29		64		18		25
Adjustment for discontinued activities		0		0		2		–5
Adjustment for acquisition-related charges		145		283		130		250
Adjustment for stock-based compensation expenses		39		109		98		181
Adjustment for restructuring		17		31		4		4
Operating expense adjustments		201		422		234		430
Operating profit adjustments		230		486		252		456
Operating profit (Non-IFRS)		1,219		2,120		1,173		2,007

Profit after tax (IFRS)		724		1,244		661		1,104
Revenue adjustments (per above)		29		64		18		25
Operating profit adjustments (per above)		201		422		234		430
Adjustments pre-tax		230		486		252		457
Taxes on adjustments		–81		–167		–82		–147
Profit after tax (Non-IFRS)		874		1,563		831		1,414

Due to rounding, numbers may not add up precisely.

REVENUE BY REGION

The following table presents our IFRS and non-IFRS revenue by region. Details regarding the different views (based on location of contract negotiation respectively by customer location are described in the note “Segment and Geographic Information” of our Consolidated Financial Statements. The table also presents a reconciliation from our non-IFRS revenue (including our non-IFRS revenue at constant currency) to the respective most comparable IFRS revenue.

Note: Our non-IFRS revenues are not prepared under a comprehensive set of accounting rules or principles.


Revenues by Region – Management View
	for the three months ended June 30
€ millions	2013										2012						Change in %
	IFRS		Adj.*		Non- IFRS*		Currency impact**		Non-IFRS constant currency**		IFRS		Adj.*		Non- IFRS*		IFRS		Non- IFRS*		Non-IFRS constant currency**
Software revenue by region
EMEA		417		0		417		7		424		419		0		419		–1		–1		1
Americas		391		0		391		21		412		435		0		435		–10		–10		–5
APJ		174		0		174		13		187		205		0		205		–15		–15		–9
Software revenue		982		0		982		41		1,022		1,059		0		1,059		–7		–7		–3

Software revenue by location of negotiation and cloud subscription revenue by region
EMEA		441		0		441		7		448		437		0		437		1		1		3
Americas		518		24		542		24		566		465		17		482		11		13		18
APJ		181		0		181		14		195		209		0		209		–13		–13		–7
Software revenue by location of negotiation and cloud subscription revenue		1,141		24		1,165		45		1,209		1,110		17		1,127		3		3		7

Revenues by Regions – Location of Customers

	for the three months ended June 30
€ millions	2013										2012						Change in %
	IFRS		Adj.*		Non- IFRS*		Currency impact**		Non-IFRS constant currency**		IFRS		Adj.*		Non- IFRS*		IFRS		Non- IFRS*		Non-IFRS constant currency**
Software revenue by region
EMEA		416		0		416		7		423		453		0		453		–8		–8		–7
Americas		391		0		391		20		411		395		0		395		–1		–1		4
APJ		175		0		175		14		189		210		0		210		–17		–17		–10
Software revenue		982		0		982		41		1,022		1,059		0		1,059		–7		–7		–3

Cloud subscriptions and support revenue by region
EMEA		24		0		24		1		25		18		0		18		35		35		37
Americas		127		24		151		3		154		30		17		47		>100		>100		>100
APJ		8		0		8		0		8		4		0		4		97		97		103
Cloud subscriptions and support revenue		159		24		183		4		187		52		17		69		206		166		171

Software and cloud subscription revenue by region
EMEA		440		0		440		7		447		471		0		471		–6		–6		–5
Americas		518		24		542		23		565		426		16		442		22		22		28
APJ		183		0		183		14		197		214		0		214		–15		–15		–8
Software and cloud subscription revenue		1,141		24		1,165		45		1,209		1,110		17		1,127		3		3		7


Software and software-related service revenue by region
Germany	455	0	455	0	455	436	0	436	4	4	4
Rest of EMEA	1,054	0	1,054	19	1,073	1,026	0	1,026	3	3	5
Total EMEA	1,509	0	1,509	20	1,529	1,462	0	1,462	3	3	5
United States	953	29	982	26	1,008	843	18	861	13	14	17
Rest of Americas	337	0	337	18	355	292	0	292	16	16	22
Total Americas	1,290	29	1,319	43	1,362	1,135	18	1,153	14	14	18
Japan	128	0	128	34	162	171	0	171	–25	–25	–6
Rest of APJ	390	0	390	11	401	356	0	356	10	10	13
Total APJ	519	0	519	44	563	527	0	527	–2	–2	7
Software and software-related service revenue	3,318	29	3,347	107	3,454	3,124	18	3,142	6	7	10

Total revenue by region
Germany	591	0	591	0	591	575	0	575	3	3	3
Rest of EMEA	1,254	0	1,254	24	1,278	1,233	0	1,233	2	2	4
Total EMEA	1,845	0	1,845	24	1,869	1,808	0	1,808	2	2	3
United States	1,185	29	1,214	30	1,244	1,085	18	1,103	9	10	13
Rest of Americas	419	0	420	21	441	382	0	382	10	10	15
Total Americas	1,604	29	1,634	51	1,685	1,468	18	1,486	9	10	13
Japan	145	0	145	38	183	195	0	195	–25	–25	–6
Rest of APJ	467	0	467	14	481	427	0	427	9	9	13
Total APJ	612	0	612	52	664	622	0	622	–2	–2	7
Total revenue	4,062	29	4,091	127	4,218	3,898	18	3,916	4	4	8

F10


Revenues by Region – Management View
	for the six months ended June 30
€ millions	2013										2012						Change in %
	IFRS		Adj.*		Non- IFRS*		Currency impact**		Non-IFRS constant currency**		IFRS		Adj.*		Non- IFRS*		IFRS		Non- IFRS*		Non-IFRS constant currency**
Software revenue by region
EMEA		715		0		715		11		726		694		0		694		3		3		4
Americas		645		0		645		24		669		674		0		674		–4		–4		–1
APJ		278		0		278		17		295		328		0		328		–15		–15		–10
Software revenue		1,638		0		1,638		52		1,690		1,696		0		1,696		–3		–3		0

Software revenue by location of negotiation and cloud subscription revenue by region
EMEA		766		0		766		11		777		722		0		722		6		6		8
Americas		875		55		930		28		958		721		23		744		21		25		29
APJ		294		0		294		17		311		333		0		333		–12		–12		–7
Software revenue by location of negotiation and cloud subscription revenue		1,935		54		1,989		57		2,046		1,777		23		1,799		9		11		14

Revenues by Regions – Location of Customers

	for the six months ended June 30
€ millions	2013										2012						Change in %
	IFRS		Adj.*		Non- IFRS*		Currency impact**		Non-IFRS constant currency**		IFRS		Adj.*		Non- IFRS*		IFRS		Non- IFRS*		Non-IFRS constant currency**
Software revenue by region
EMEA		716		0		716		11		727		731		0		731		–2		–2		–1
Americas		643		0		643		23		666		631		0		631		2		2		6
APJ		280		0		280		17		297		333		0		333		–16		–16		–11
Software revenue		1,638		0		1,638		52		1,690		1,696		0		1,696		–3		–3		0

Cloud subscriptions and support revenue by region
EMEA		51		0		51		0		51		28		0		28		81		80		83
Americas		230		54		284		5		289		47		23		70		>100		>100		>100
APJ		15		0		15		1		16		5		0		5		>100		>100		>100
Cloud subscriptions and support revenue		296		54		350		6		356		81		23		104		266		238		243

Software and cloud subscription revenue by region
EMEA		766		0		766		12		778		759		0		759		1		1		2
Americas		873		54		927		28		955		678		23		701		29		32		36
APJ		295		0		295		18		313		339		0		339		–13		–13		–8
Software and cloud subscription revenue		1,935		54		1,989		57		2,046		1,777		23		1,799		9		11		14

F11


Software and software-related service revenue by region
Germany	854	0	854	0	854	807	0	807	6	6	6
Rest of EMEA	1,990	0	1,990	33	2,023	1,887	1	1,888	5	5	7
Total EMEA	2,844	0	2,844	33	2,877	2,694	1	2,695	6	6	7
United States	1,760	63	1,824	30	1,854	1,535	24	1,559	15	17	19
Rest of Americas	644	0	645	32	677	546	0	546	18	18	24
Total Americas	2,405	64	2,469	62	2,531	2,081	24	2,105	16	17	20
Japan	263	0	263	55	318	315	0	315	–17	–17	1
Rest of APJ	709	0	709	12	721	652	0	652	9	9	11
Total APJ	971	0	971	68	1,039	967	0	967	0	0	7
Software and software-related service revenue	6,220	64	6,284	163	6,448	5,743	25	5,768	8	9	12

Total revenue by region
Germany	1,116	0	1,116	0	1,116	1,092	0	1,092	2	2	2
Rest of EMEA	2,385	0	2,385	40	2,425	2,291	1	2,292	4	4	6
Total EMEA	3,502	0	3,502	39	3,541	3,383	1	3,384	4	3	5
United States	2,209	63	2,272	36	2,308	1,998	24	2,022	11	12	14
Rest of Americas	796	0	797	39	836	715	0	715	11	11	17
Total Americas	3,005	64	3,069	75	3,144	2,714	24	2,738	11	12	15
Japan	296	0	296	63	359	360	0	360	–18	–18	0
Rest of APJ	860	0	860	16	876	791	0	791	9	9	11
Total APJ	1,156	0	1,156	79	1,235	1,151	0	1,151	0	0	7
Total revenue	7,663	64	7,727	194	7,921	7,248	25	7,273	6	6	9

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.

F12

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Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents