Form 6-K

0001193125-15-140902.txt : 20150422 0001193125-15-140902.hdr.sgml : 20150422 20150422061407 ACCESSION NUMBER: 0001193125-15-140902 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20150422 FILED AS OF DATE: 20150422 DATE AS OF CHANGE: 20150422 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SAP SE 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: 15784410 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 AG DATE OF NAME CHANGE: 20091023 FORMER COMPANY: FORMER CONFORMED NAME: SAP AKTIENGESELLSCHAFT SYSTEMS APPLICATIONS PRODUCTS IN DATA DATE OF NAME CHANGE: 19960807 6-K 1 d912993d6k.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

April 22, 2015

Commission file number:

1-14251

SAP SE

(Exact name of registrant as specified in its charter)

SAP EUROPEAN COMPANY

(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 SE

FORM 6-K

On April 21, 2015, SAP SE, (“SAP”), issued a press release (the “Press Release”) announcing SAP’s financial results for the first quarter ended March 31, 2015. 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 2014 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 April 21, 2015

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 SE
(Registrant)

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

By:		/s/ Christopher Sessar
		Name: Dr. Christopher Sessar
		Title: Head of Corporate External Reporting

Date: April 22, 2015

EXHIBIT INDEX


Exhibit No.		Exhibit

99.1		Press Release dated April 21, 2015

EX-99.1 2 d912993dex991.htm EXHIBIT 99.1 Exhibit 99.1

Exhibit 99.1

LOGO

For Immediate Release

April 21, 2015

SAP Announces First Quarter 2015 Results

Cloud Revenue up 131%, SAP Business Network Revenue up 207% HANA Soars, Driving Cloud and Software Revenue up 24%

•

Strong Growth in New Cloud Bookings: Up 121%

•

Strong Topline Performance: Non-IFRS Cloud and Software Revenue Increased 24% to €3.66 Billion – All Regions Show Double-Digit Growth

•

Fast Start for SAP S/4HANA: Over 370 Customers Already

•

Non-IFRS Operating Profit Increased 15% to €1.06 Billion

•

Reiterates Full Year 2015 Outlook

WALLDORF, Germany – April 21, 2015 – SAP SE (NYSE: SAP) today announced its financial results for the first quarter ending March 31, 2015.

BUSINESS HIGHLIGHTS IN THE FIRST QUARTER 2015

SAP again delivered exceptionally strong growth in the cloud. First quarter non-IFRS cloud subscriptions and support revenue grew 131% year-over-year (95% at constant currencies).¹ New cloud bookings, the key measure for SAP’s sales success in the cloud, increased 121% in the first quarter to €120 million.²

The Company had a very strong cloud and software revenue performance with 24% growth in non-IFRS cloud and software revenue (12% at constant currencies) to €3.66 billion.

Non-IFRS operating profit increased 15% (decrease of 2% at constant currencies) to €1.06 billion.

“We are pleased to report triple-digit growth in both cloud and our business network segment which started on a high note,” said Bill McDermott, CEO of SAP. “SAP S/4HANA saw robust early traction and is catalyzing momentum across SAP. We are a strong growth company with every region growing in double digits in cloud and software revenue this quarter. We remain ever focused on seamless execution of our consistent, customer-driven strategy.”

¹	For the first quarter 2015, Fieldglass contributed €19 million and Concur contributed €128 million to SAP’s Non-IFRS cloud subscriptions and support revenue at constant currencies.

New cloud bookings consist of all order entry of a given period that is expected to be classified as cloud subscription and support revenue and results from purchases by new customers and from incremental purchases by existing customers. The order amount must be contractually committed (i.e. variable amounts from pay-per-use and similar arrangements are not included). Consequently, due to their uncommitted pay-per-use nature Ariba and Fieldglass network transaction fees are not reflected in the new cloud bookings metric. Amounts included in the measure are annualized. Concur contributed €35 million to SAP’s new cloud bookings in the first quarter.


*SAP Announces First Quarter 2015 Results*			Page 2

“SAP’s customer centricity and commitment to investing in innovation are paying off”, said Luka Mucic, CFO of SAP. “We grew our cloud and software revenue by 24% and increased our operating profit by 15% surpassing €1 billion in a first quarter for the first time as currency shifted to a tailwind.”

SAP HANA continues to be a major growth driver for the Company. This quarter the number of HANA customers surpassed 6,400, almost doubling from just one year ago. SAP S/4HANA’s robust early traction – more than 370 SAP S/4HANA customers year-to-date – was a major catalyst in HANA’s broader market adoption across all industries and regions.

SAP HANA also continues to evolve as a development platform. The HANA Cloud Platform, our Platform as a Service offering, enables organizations to extend and customize SAP applications quickly and easily in the cloud. This new offering is building significant momentum and has already attracted approximately 1,400 customers in a short period of time.

SAP Business Network is the world’s largest network of its kind. Total revenue in the SAP Business Network segment was €368 million (€308 million at constant currencies) in the first quarter, a year-over-year increase of 207% (157% at constant currencies). 1.8 million connected companies trade over $750 billion of frictionless commerce³ on this network. SAP Business Network brings together Ariba, Concur and Fieldglass into one operating unit which is reported as a separate business segment.

First Quarter 2015 Regional Revenue

SAP showed a strong performance in the EMEA region in both the core and the cloud business. Cloud traction was exceptional with cloud subscriptions and support revenue growing by 114% driven by a very strong performance in the UK. As expected the macro and political environment continued to weigh on SAP’s business in Russia and Ukraine but double-digit software licenses revenue growth in Germany pushed EMEA to a 13% increase in non-IFRS cloud and software revenue.

In the Americas region, non-IFRS cloud subscriptions and support revenue grew by 136%. Non-IFRS cloud and software revenue increased 34% year-over-year, driven by triple-digit growth in cloud subscriptions and support revenue in the United States. Brazil bounced back with strong double-digit software license revenue growth.

The Company had an exceptional quarter in APJ. Non-IFRS cloud subscriptions and support revenue grew by 137% driven by a very strong quarter in India. Non-IFRS cloud and software revenue increased by 38%. Japan stood out with strong double-digit growth in software licenses revenue.

³	Network spend volume is the total value of purchase orders transacted on the Ariba, Concur and Fieldglass Networks in the trailing 12 months.


*SAP Announces First Quarter 2015 Results*			Page 3

FINANCIAL RESULTS IN DETAIL

FINANCIAL HIGHLIGHTS – First Quarter 2015


	First Quarter 2015¹⁾
	IFRS						Non-IFRS²⁾
€ million, unless otherwise stated	Q1 2015		Q1 2014		% change		Q1 2015		Q1 2014		% change		% change const. curr.
Cloud subscriptions and support		503		219		129		509		221		131		95
Software licenses		696		623		12		696		623		12		1
Software support		2,454		2,097		17		2,454		2,098		17		7
Software licenses and support		3,150		2,720		16		3,150		2,722		16		5
Cloud and software		3,653		2,939		24		3,659		2,942		24		12
Total revenue		4,497		3,698		22		4,502		3,701		22		10
Total operating expenses		–3,859		–2,975		30		–3,446		–2,782		24		13
Operating profit		638		723		–12		1,056		919		15		–2
Operating margin (%)		14.2		19.5		–5.4pp		23.5		24.8		–1.4pp		–2.6pp
Profit after tax		413		534		–23		697		667		5
Basic earnings per share (€)		0.35		0.45		–23		0.58		0.56		5
Number of employees (FTE)		74,551		66,750		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 F5 in the appendix to this press release.

IFRS cloud subscriptions and support revenue was €503 million (2014: €219 million), an increase of 129%. Non-IFRS cloud subscriptions and support revenue was €509 million (2014: €221 million), an increase of 131% (95% at constant currencies). IFRS software licenses and support revenue was €3.15 billion (2014: €2.72 billion), an increase of 16%. Non-IFRS software licenses and support revenue was €3.15 billion (2014: €2.72 billion), an increase of 16% (5% at constant currencies). IFRS cloud and software revenue was €3.65 billion (2014: €2.94 billion), an increase of 24%. Non-IFRS cloud and software revenue was €3.66 billion (2014: €2.94 billion), an increase of 24% (12% at constant currencies). IFRS total revenue was €4.50 billion (2014: €3.70 billion), an increase of 22%. Non-IFRS total revenue was €4.50 billion (2014: €3.70 billion), an increase of 22% (10% at constant currencies).

IFRS operating profit was €638 million (2014: €723 million), a decrease of 12%. Non-IFRS operating profit was €1.06 billion (2014: €919 million), an increase of 15% (a decrease of 2% at constant currencies). IFRS operating margin was 14.2% (2014: 19.5%), a decrease of 5.4 percentage points. Non-IFRS operating margin was 23.5% (2014: 24.8%), a decrease of 1.4 percentage points (2.6 percentage points at constant currencies).

IFRS profit after tax was €413 million (2014: €534 million), a decrease of 23%. Non-IFRS profit after tax was €697 million (2014: €667 million), an increase of 5%. IFRS basic earnings per share was €0.35 (2014: €0.45), a decrease of 23%. Non-IFRS basic earnings per share was €0.58 (2014: €0.56), an increase of 5%. The IFRS and non-IFRS effective tax rates in the first quarter of 2015 were 13.6% (2014: 24.1%) and 22.3% (2014: 25.9%), respectively.

Cash Flow – Three Months 2015

Operating cash flow was €2.37 billion (2014: €2.35 billion), an increase of 1% year-over-year. Free cash flow increased slightly year-over-year to €2.23 billion (2014: €2.22 billion). Free cash flow was 50% of total revenue (2014: 60%). At March 31, 2015, SAP had a total group liquidity of €5.33 billion (December 31, 2014: €3.42 billion), which includes cash and cash equivalents and short term investments. Net liquidity at March 31, 2015 was -€5.19 billion compared to -€7.67 billion at December 31, 2014.


*SAP Announces First Quarter 2015 Results*			Page 4

BUSINESS OUTLOOK 2015

The Company reiterates the following 2015 outlook:

•

Based on the strong momentum in SAP’s cloud business the Company expects full-year 2015 non-IFRS cloud subscriptions and support revenue to be in a range of €1.95 - €2.05 billion at constant currencies (2014: €1.10 billion). The upper end of this range represents a growth rate of 86% at constant currencies. Concur and Fieldglass are expected to contribute approximately 50 percentage points to this growth.

•

The Company expects full year 2015 non-IFRS cloud and software revenue to increase by 8% - 10% at constant currencies (2014: €14.33 billion).

•

The Company expects full-year 2015 non-IFRS operating profit to be in a range of €5.6 billion - €5.9 billion at constant currencies (2014: €5.64 billion).

While the Company’s full-year 2015 business outlook is at constant currencies, actual currency reported figures are expected to continue to be impacted by currency exchange rate fluctuations. If exchange rates remain at the March 2015 average rates for the rest of the year, the Company expects its non-IFRS cloud and software revenue growth rate to experience a currency benefit in a range of 8 to 11 percentage points for the full-year 2015 (10 to 13 percentage points for the second quarter 2015) and its non-IFRS operating profit growth rate at actual currencies to experience a currency benefit in a range of 10 to 13 percentage points for the full-year 2015 (12 to 15 percentage points for the second quarter 2015).

Additional Information

2015 revenue and profit figures include the full revenue and profit from Concur and Fieldglass. The comparative numbers for 2014 include Concur and Fieldglass starting December 4 and May 2, respectively.

For a more detailed description of all of SAP’s non-IFRS measures and their limitations as well as our constant currency and free cash flow figures see Explanation of Non-IFRS Measures online.

First Quarter 2015 Interim Report

SAP’s first quarter 2015 Interim Report was published today and is available for download at www.sap.com/investor.

Webcast

SAP senior management will host a conference call for financial analysts on Tuesday, April 21st at 2:00 PM (CEST) / 1:00 PM (GMT) / 8:00 AM (EDT) / 5:00 AM (PDT). The conference call will be web cast live on the Company’s website at www.sap.com/investor and will be available for replay.

About SAP

As market leader in enterprise application software, SAP (NYSE: SAP) helps companies of all sizes and industries run better. From back office to boardroom, warehouse to storefront, desktop to mobile device – SAP empowers people and organizations to work together more efficiently and use business insight more effectively to stay ahead of the competition. SAP applications and services enable more than 291,000 customers to operate profitably, adapt continuously, and grow sustainably. For more information, visit www.sap.com.

# # #


*SAP Announces First Quarter 2015 Results*			Page 5

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.

No part of this publication may be reproduced or transmitted in any form or for any purpose without the express permission of SAP SE. The information contained herein may be changed without prior notice.

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

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

SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE (or an SAP affiliate company) in Germany and other countries. Please see http://www.sap.com/corporate-en/legal/copyright/index.epx#trademark for additional trademark information and notices.

Note to editors:

To preview and download broadcast-standard stock footage and press photos digitally, please visit www.sap.com/photos. On this platform, you can find high resolution material for your media channels. To view video stories on diverse topics, visit www.sap-tv.com. From this site, you can embed videos into your own Web pages, share video via e-mail links and subscribe to RSS feeds from SAP TV.

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, financial community only:

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

For more information, press only:

Nicola Leske +49 (6227) 7-50852 nicola.leske@sap.com, CET

Daniel Reinhardt +49 (6227) 7-40201 daniel.reinhardt@sap.com, CET

Andy Kendzie +1 (202) 312-3919 andy.kendzie@sap.com, ET

Follow SAP Investor Relations on Twitter at @sapinvestor.

Appendix – Financial Information to Follow

LOGO

FINANCIAL INFORMATION

FOR THE FIRST QUARTER 2015

(Condensed and Unaudited)


	Page


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

Supplementary Financial Information (Unaudited)
Reconciliation from Non-IFRS Numbers to IFRS Numbers		F4
Explanation of Non-IFRS Adjustments		F5
Revenue by Region		F6

Financial Statements (IFRS, Unaudited)

CONSOLIDATED INCOME STATEMENTS OF SAP GROUP – QUARTER

For the three months ended March 31

€ millions, unless otherwise stated

2015

2014

Change
in %

Cloud subscriptions and support

503

219

>100

Software licenses

696

623

Software support

2,454

2,097

Software licenses and support

3,150

2,720

Cloud and software

3,653

2,939

Services

844

759

Total revenue

4,497

3,698

Cost of cloud subscriptions and support

–197

–84

>100

Cost of software licenses and support

–543

–499

Cost of cloud and software

–740

–583

Cost of services

–819

–654

Total cost of revenue

–1,559

–1,236

Gross profit

2,937

2,462

Research and development

–724

–549

Sales and marketing

–1,253

–968

General and administration

–272

–205

Restructuring

–51

–15

>100

TomorrowNow and Versata litigation

–1

<-100

Other operating income/expense, net

–1

–2

–47

Total operating expenses

–3,859

–2,975

Operating profit

638

723

–12

Other non-operating income/expense, net

–148

–11

>100

Finance income

>100

Finance costs

–59

–31

Financial income, net

–11

–9

Profit before tax

478

704

–32

Income tax expense

–65

–170

–62

Profit after tax

413

534

–23

attributable to owners of parent

414

534

–23

attributable to non-controlling interests

Earnings per share, basic (in €)*

0.35

0.45

–23

Earnings per share, diluted (in €)*

0.35

0.45

–23

*	For the three months ended March 31, 2015 and 2014, the weighted average number of shares was 1,195 million (diluted 1,198 million) and 1,194 million (diluted: 1,196 million), respectively (treasury stock excluded).

Due to rounding, numbers may not add up precisely.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION OF SAP GROUP

as at March 31, 2015 and December 31, 2014


€ millions	2015		2014
Cash and cash equivalents		4,635		3,328
Other financial assets		959		678
Trade and other receivables		5,536		4,330
Other non-financial assets		485		431
Tax assets		241		214
Total current assets		11,855		8,980

Goodwill		22,838		20,945
Intangible assets		4,895		4,608
Property, plant, and equipment		2,184		2,102
Other financial assets		1,217		1,021
Trade and other receivables		90		100
Other non-financial assets		168		164
Tax assets		261		231
Deferred tax assets		422		355
Total non-current assets		32,076		29,527
Total assets		43,931		38,507

as at March 31, 2015 and December 31, 2014


€ millions	2015		2014
Trade and other payables		956		1,007
Tax liabilities		164		339
Financial liabilities		1,883		2,561
Other non-financial liabilities		2,201		2,807
Provision TomorrowNow and Versata litigation		0		1
Other provisions		215		149
Provisions		216		150
Deferred income		5,534		1,681
Total current liabilities		10,954		8,544

Trade and other payables		60		55
Tax liabilities		409		371
Financial liabilities		9,282		8,980
Other non-financial liabilities		244		219
Provisions		182		149
Deferred tax liabilities		431		513
Deferred income		68		78
Total non-current liabilities		10,676		10,366
Total liabilities		21,629		18,909

Issued capital		1,229		1,229
Share premium		639		614
Retained earnings		18,722		18,317
Other components of equity		2,839		568
Treasury shares		–1,220		–1,224
Equity attributable to owners of parent		22,209		19,504

Non-controlling interests		93		94
Total equity		22,302		19,598
Total equity and liabilities		43,931		38,507

Due to rounding, numbers may not add up precisely.

CONSOLIDATED STATEMENTS OF CASH FLOWS OF SAP GROUP

For the three months ended March 31


€ millions	2015		2014
Profit after tax		413		534
Adjustments to reconcile profit after taxes to net cash provided by operating activities:
Depreciation and amortization		321		235
Income tax expense		65		170
Financial income, net		11		9
Decrease/increase in sales and bad debt allowances on trade receivables		18		15
Other adjustments for non-cash items		–2		24
Decrease/increase in trade and other receivables		–890		–17
Decrease/increase in other assets		–145		–86
Decrease/increase in trade payables, provisions, and other liabilities		–567		–827
Decrease/increase in deferred income		3,556		2,727
Interest paid		–32		–17
Interest received		23		12
Income taxes paid, net of refunds		–405		–427
Net cash flows from operating activities		2,366		2,352

Business combinations, net of cash and cash equivalents acquired		–10		–3
Cash receipts from derivative financial instruments related to business combinations		266		0
Total cashflows for business combinations, net of cash and cash equivalents acquired		256		–3
Purchase of intangible assets and property, plant, and equipment		–139		–130
Proceeds from sales of intangible assets or property, plant, and equipment		16		14
Purchase of equity or debt instruments of other entities		–755		–562
Proceeds from sales of equity or debt instruments of other entities		122		85
Net cash flows from investing activities		–500		–596

Proceeds from reissuance of treasury shares		6		5
Proceeds from borrowings		2		0
Repayments of borrowings		–770		0
Net cash flows from financing activities		–762		5

Effect of foreign currency rates on cash and cash equivalents		203		4
Net decrease/increase in cash and cash equivalents		1,307		1,765
Cash and cash equivalents at the beginning of the period		3,328		2,748
Cash and cash equivalents at the end of the period		4,635		4,513

Due to rounding, numbers may not add up precisely.

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 March 31
€ millions, unless otherwise stated	2015										2014						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*
Cloud subscriptions and support		503		6		509		–78		430		219		1		221		129		131		95
Software licenses		696		0		696		–70		626		623		0		623		12		12		1
Software support		2,454		0		2,454		–217		2,237		2,097		2		2,098		17		17		7
Software licenses and support		3,150		0		3,150		–287		2,863		2,720		2		2,722		16		16		5
Cloud and software		3,653		6		3,659		–365		3,294		2,939		3		2,942		24		24		12
Services		844		0		844		–84		760		759		0		759		11		11		0
Total revenue		4,497		6		4,502		–449		4,054		3,698		3		3,701		22		22		10
*Operating Expense Numbers*
Cost of cloud subscriptions and support		–197		22		–175						–84		19		–65		>100		>100
Cost of software licenses and support		–543		73		–470						–499		60		–439		9		7
Cost of cloud and software		–740		96		–644						–583		79		–504		27		28
Cost of services		–819		51		–768						–654		26		–628		25		22
Total cost of revenue		–1,559		147		–1,412						–1,236		105		–1,132		26		25
Gross profit		2,937		152		3,090						2,462		108		2,570		19		20
Research and development		–724		81		–643						–549		23		–526		32		22
Sales and marketing		–1,253		93		–1,160						–968		34		–934		30		24
General and administration		–272		42		–229						–205		15		–189		33		21
Restructuring		–51		51		0						–15		15		0		>100		0
TomorrowNow and Versata litigation		0		0		0						–1		1		0		<-100		0
Other operating income/expense, net		–1		0		–1						–2		0		–2		–47		–47
Total operating expenses		–3,859		413		–3,446		294		–3,152		–2,975		193		–2,782		30		24		13

*Profit Numbers*
Operating profit		638		419		1,056		–155		902		723		196		919		–12		15		–2
Other non-operating income/expense, net		–148		0		–148						–11		0		–11		>100		>100
Finance income		48		0		48						22		0		22		>100		>100
Finance costs		–59		0		–59						–31		0		–31		92		92
Financial income, net		–11		0		–11						–9		0		–9		26		26
Profit before tax		478		419		897						704		196		900		–32		0
Income tax expense		–65		–135		–200						–170		–64		–233		–62		–14
Profit after tax		413		284		697						534		133		667		–23		5
attributable to owners of parent		414		284		698						534		133		667		–23		5
attributable to non-controlling interests		0		0		0						0		0		0		24		24
*Key Ratios*
Operating margin (in %)		14.2				23.5				22.2		19.5				24.8		–5.4pp		–1.4pp		–2.6pp
Effective tax rate (in %)		13.6				22.3						24.1				25.9		–10.5pp		–3.6pp
Earnings per share, basic (in €)		0.35				0.58						0.45				0.56		–23		5

Adjustments in the revenue line items are for software support revenue, cloud subscriptions and support revenue, and other similarly recurring revenues that entities acquired by SAP would have recognized had they remained stand-alone entities but that SAP is not permitted to recognize as revenue under IFRS as a result of business combination accounting rules. Adjustments in the operating expense line items are for acquisition-related charges, share-based payment expenses, restructuring expenses, as well as the TomorrowNow and Versata litigation expenses.

Constant currency revenue and operating income figures are calculated by translating revenue and operating income of the current period using the average exchange rates from the previous year’s respective period instead of the current period. Constant currency period-over-period changes are calculated by comparing the current year’s non-IFRS constant currency numbers with the non-IFRS number of the previous year’s respective period.

For a more detailed description of these adjustments and their limitations as well as our constant currency figures, see our Web site www.sap.com/corporate-en/investors/newsandreports/reporting-framework.epx under “Non-IFRS Measures and Estimates”.

Due to rounding, numbers may not add up precisely.

EXPLANATION OF NON-IFRS ADJUSTMENTS


€ millions, unless otherwise stated	Q1 2015		Q1 2014
Operating profit (IFRS)		638		723
Revenue adjustments		6		3
Adjustment for acquisition-related charges		183		130
Adjustment for share-based payment expenses		179		48
Adjustment for restructuring		51		15
Adjustment for TomorrowNow and Versata litigation		0		1
Operating expense adjustments		413		193
Operating profit adjustments		419		196
Operating profit (Non-IFRS)		1,056		919

Due to rounding, numbers may not add up precisely.

REVENUE BY REGION

The following tables present our IFRS and non-IFRS revenue by region based on customer location. The tables also present a reconciliation from our non-IFRS revenue (including our non-IFRS revenue at constant currency) to the respective most comparable IFRS revenue.

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


	For the three months ended March 31
€ millions	2015										2014						Change in %
	IFRS		Adj.*		Non- IFRS*		Currency Impact**		Non-IFRS Constant Currency**		IFRS		Adj.*		Non- IFRS*		IFRS		Non- IFRS*		Non-IFRS Constant Currency**
*Cloud subscriptions and support revenue by region*

EMEA		115		1		116		–11		105		54		0		54		113		114		93
Americas		344		5		348		–61		287		147		1		148		134		136		94
APJ		44		0		44		–6		38		19		0		19		136		137		105
Cloud subscriptions and support revenue		503		6		509		–78		430		219		1		221		129		131		95

*Cloud and software revenue by region*
EMEA		1,570		1		1,571		–36		1,535		1,393		1		1,394		13		13		10
Americas		1,509		5		1,514		–264		1,250		1,131		2		1,133		33		34		10
APJ		574		0		574		–65		509		416		0		416		38		38		23
Cloud and software revenue		3,653		6		3,659		–365		3,294		2,939		3		2,942		24		24		12

*Total revenue by region*
Germany		558		0		558		–1		557		535		0		535		4		4		4
Rest of EMEA		1,383		1		1,384		–46		1,337		1,233		1		1,234		12		12		8
Total EMEA		1,941		1		1,942		–48		1,894		1,768		1		1,769		10		10		7
United States		1,455		5		1,460		–266		1,194		1,064		1		1,065		37		37		12
Rest of Americas		399		0		399		–56		343		356		0		356		12		12		–4
Total Americas		1,855		5		1,859		–322		1,538		1,419		2		1,421		31		31		8
Japan		154		0		154		–8		146		129		0		129		19		19		13
Rest of APJ		547		0		547		–71		476		382		0		382		43		43		25
Total APJ		701		0		701		–80		622		511		0		511		37		37		22
Total revenue		4,497		6		4,502		–449		4,054		3,698		3		3,701		22		22		10

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.

Due to rounding, numbers may not add up precisely.

GRAPHIC 3 g912993ex99_1pg008.jpg GRAPHIC begin 644 g912993ex99_1pg008.jpg M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$! M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$" M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,# M`P,#`P,#`P,#_\``$0@`+P!>`P$1``(1`0,1`?_$`*P```("`00#```````` M```````)"`H&`0,'"P($!0$``@$%`0$```````````````@'`0(%!@D#!!`` M``8!`P("!@0+"0```````0(#!`4&!P`1"!()(1,Q0=*3%!4D5!87\%%A<2(R M4B-TE-21H<%"LE-$9`H1``(!`@4"`P8%!`$%``````$"`Q$$`!(%!@UH^T@^A?ABO?G^MOC@^\!Y]=<>_4] MK1]I!]"?`8I]Q/\`6WQP?>`\^NN/?J>UJGVD'T+\,'W$_P!;?'!]X#OZZX]^ MI[6J_:0?0OPP?<3_`%M\<'V_>?77'OU/:T?:0?0GPP?<3_4WQQNH7B4=N&[- MFK(/'CQ=%HS9M/B'3MX[X0 M,41\I(Z@-BCU&4/I0=2]1>@W7*>G:79.L''EK/(MQBJN'`TWTY:Y:\7ZCJEXAFY$NH(VM[?/06\:SPRR(#X->=]4V1W5B@F,;97EE9:-V\U45%*YBK M%CEH"X^1HO!C$QFE+L%OJV M2VR>[6MPD>A&+.*Q)_'R)RBKU-E03;$54\`((A*/$7(W-E_OBSV=#?7$XDD' M>COHVE$4"_-*[EP)DRI6E'6KY5\3B+N6^.>%;#95YNZ>P@@:./\`PR63B$RS M-\L2($)B;,]*U0T4,W@#A/?;-PTQY)\EXN+ML2UGX1A5'_`&11L/`AI&S%?,(1 M[<6/;!P6XHSD#-PK7!6-X1U+Q,E&-9J+K3-M)Q#E\T6;-Y2/<)@!T'K!90JJ M1@$!*<@#I!K#FSE&RO8;R36]0F2*5',;S,R.%8$HP/0JP%""/`X?"^X5XOO+ M*:TCT73X9)8G02)"H="RD!U(H0RDU!!\1BJ[A6J*Q',K&F$LDQ#62-%\@(3' M-T@)1'SV4HFQM00TDU>-3"!5V4DDEU[>@Z2@#Z!UTEW=KZW?%&H[LV_,\9ET M.2Z@E0T9"T/<1E/DR$TJ/!@<MI;3QN*JX67(P8>: ML!7W@CRQ:NDN'?#F'9/).5P+AN+C(]%5R^D9&NQ+%@R:H@)E7+MXY%)LV03* M&YCG,4H!Z1US4@Y=Y;NI5M[;7-6DN'("JLLC,Q/@`HJ23[`"<=()^).)[:%I M[C0])C@059FAC55`\26-`![R:8P9SPEX*Y6AG0P6+,8OV8[M/GF-9CX!=BX$ MHB'ER=2EBHINB%#<`4ZM_6`ZS,?,_->V;M1>:IJ22UKV[M,X8>])T)I[Q3W' M&'FX:X7W%:L+72].:+PSVK9"I]S0N*'W&OX80)W"N'3SAO::Y+UF:D[)B/(" MS]M6I&9,B>;KL[')D=.:O..6R:"#X5&"GGLW0)I&7335*N4&;%BR26=/ M7KQTH5%LS9M$`47=.G*QRD33(43G,(``"(ZG63L11M+,P2)%+,S,%55`J68D M@``"I)-`,0;'%)-(L,*L\SL%55!9F8F@55'4DDT``))Q9X[=7;Y'#;")S=G. M,1=9CD&P.ZM47?E.FF+6+I/M%Q?'*!_P!ZI^D6.*84DQ\WS#ZYW<^< M\ONZ:39VS)63:2-2:=:AKQ@>JCS%L#X#H931V^7*N.A/`_!$>T(X]W[OB5]U MNM886HRV:GS/D;A@?F;KVQ\J]6&E]^%1]GC-])R3Q'KN.( MF58!>L+2MEK-RKH*IDDT6TC99:=@K'\)U`JM%3+&2Z"N``2"X053$0,00TQ' MJ9VMJNB\E3Z]:NK"C>&8,OB,8SS9[1U&Y17J?S'1LAR6,\I65 M)H:Q(S$=]JZ19'<<_!-")J&:K*-S=`&!N!A,8V3XI]2NL M\>Z/#M;5;-+_`&[;ENV4;LSQ!F9R`U"DBYB2`RANM.X10#%\I^G#1N0-7FW/ MIMY)8[AG5>YG7O02%%55)4D/&^E<-K M3J#EA;*//24]BT+`9-5DQ>2D6=-J:J3CE!PHDB=ZS0%7K,1-4XCL+G]&"`Q".U*`E13"=[^XIY#XXL_M]<1Y= ML&8,)()'>U[E"JLZ&G:<@E5+H*U(#&N'[]D7":U$XNR>89EJ9*>SW95)F.,J MF4JQ:'4CNX&L``F`%")R4@+]X4/`#IKIF_%I./5?NY=;W_'MJV>MGH\&1@/# M[B:DDON.1>W&?8588;WTK[1.A["?<5PM+S6)S(*^(@BK'#[_`)CGD]X8'$Z< M)\J*SF3/_*7!L29F#WCI8*1#F<)'$7$P2P5WXF?7,03B02P=I;.&!A+L!1(& M_B.HAW3Q]>[8V;M_=YHLT"5'B_X9<++RCM,:)ZBMM[AMUI9ZO?6S,0.G?@=4?^K1]IO>)/(^LU2#D[-99W$ETC(.O0S-20E9F2=1BR;6.CV*)3JNW3E00*0A M0$3".E7XHO[/3.2-#U'49H[>QAU*!Y)'8*B*'!+,QZ`#VX9SE.PO-4XYUK3M M/B>>]FTZ9$C0%F=BA`55'4D^`&$>]F_BORSQ=GN=R/D#'USQ!BG[`S,#-Q5Q M2-7U;O.OG,>>OH-*LHJ#QU\C4;+.!>JHD*B'[LAQ%0P:;'U/D M7EKJ>XOO$DC>'_)]NBJPD+2@4'TN=. MT`V;QNDP[??D9E,=(JU/;HS9RHIX`G,<2I[[LW',^+N+Z^4#.K79L\UQ&JQ3 M5$[J6DCM*Y9"2*,8R0*H[4NDOB(NVN(X]VD(IOGY!*9);(S MUNILH8!,6*3,*28BL*AP].?^>VW=++LS9DK+M1&RSSK\IO&!_2OF+92*@=#* MWS-\N48LX'X)CVE%'O#=\2MNIUK#"U"MFI\"1X&X8>)\(A\JG-F.';[_`)_P M].E/PT^#1@QUUF#"\J8RQ7G-/%R-RN22P^HU<7*Y8K:R#YY6(V?=OBLDIQC' MIN5):'D/EJPKMCMG;?RTA.LF!`ZM=DMU3[#N+*UVSOIM/-OJ((AANF51(T87 M,49J!'7,*,&1JD!34TQR`VI;[^M[NZW-L5+\3Z>099;4$F-9":"15J71LI+( M5=:"K"G7#@>*??PY!A=Z7C'/.*X?,99^PQ%5--4"+>5;*9',J^;1B3@:HW2= M5ZPOFZBX'.V20C#'V'8Q1TM^_P#TH;._U=UKFT[^333#"\N2X<2VN506([I( MDC4@4SEI`/8<,;L+U2;P;5+;0MV:>E_W95CSP(T5S5B%![76.0CS51$3BU%D M6@U?*5$N.-;M&-YFI7FNRM7L,:Y2263AP\.KZ38:YI= MQHVIQK+I]U"T4BGJ"K@@^/F*U!\C0CJ,:X^HU?QA0Z9CFHMO@:S0ZO!5&O-3 M=)C(Q5?C6\6Q%<2`0%%Q1;`90VP=9Q$?7JFM:M>Z[JUUK>HG/?7=P\TA]KR, M6:GL%3T'D`!BND:79Z)I5OH^GKDL;6!(HQ[$C4*M?::#J?,_CA7W#7MG7KBI MRARAR,E^2BV2D\ILKBVL]7/CX(!>:=6VS)6M.2DY4;3*IHN(653$4020$#$4 M,7T)BE^X[@011F(JJ]I"0Z'KF;H0#U.(0XZ MX5U+8>^;_>,^LM>B_6421F#(7,L@E#,W=>A1A\H"]03X#$N.6F`OOI0P'9HQ MHFO;,#D?U).*O(K.!+_F49I^L`U'?'F\#M=]7 ML9F(T_5M%N[1_ISM$6@8_A*JK7R#G$A[ZVFNY?\`4WL:@WVE:S:W:'SRI(%F M7\#$S'WE1[,W[45(Q$L>9B: M*N9G)J3T&5&/L!Q+_CI@C*.:[[5^9O-*M1<-E&-B54<`\?6RAY.L\;*U,`FX M.#,HCSEZV@[L=;:P,&V;M4FRS-9` MIBJK>=NJ8`??G[A?DO?NO1[ET%K>^TJ*T2.&U#B*6%0,ST$A$"W M[CW;'()KJUY,\2,6G8OB%"'V$O1Y@@(AMI9GX@ MYI*_ZY]&UK%N95^TS3MXHA\EJ,8A`/)Z02CVJ!EG3U MRW9H!UI$1\[J,8FPW'IGY:M])AU`:?W+Z:0C[=)(C)&@%<\K%PBU-`J*SMT8 MMEH`=?M_45Q7DT:3&'8=RD9(ZLE$XR1-(O"I'*E:]"R,W7'58R`L[K\N]CFSF3A'2S M6IN&JKB+>J'0.9-0Z9C$W*8Q=A%-K_TX2)&9#'-5&9064TC(JIJ#0D=.F(_T)VD"X'8 MU_D[R?KR#O.KUJC)8YQQ)I).V>&6#I`ID)N;;CYB#C*#Q!0?`>HD(F;H)]*$ MYD\SZ@N?VW3+-LK9,K+MA25N+A20;Q@>J(?$6P/]9B*G_'0'"\#<#1;3CBWA MN^)7W.R@P0MU6T!'1CY&X(\__4.@^[]+MEOXKGV\!=>D-=RH9!V$_5^D?M;V?ACBK/"QF>I3]1_X/+-_%ORQX]@^V/^2_GCS!%[X[%3_+]+9_W_ M`$K1W!Y9J?VM^6#L-3QCI__L$_G&?]5JO<_NI^#?E@$#>1C_DOYX/ M)>?L)?S;+^JU;W%_ZOXM^6*]B3VI_)?SP>2^#QZ";?Q;/T?D#XD=7"0>6;^+ M?EBG8;VQ_P`T_/%J;LH<1N(>.9NDYVSIR(XTW7D];'#Q:F-&=D=(+ M-S*QI)5:)9UILLPL63`EC/"C'3JS>/+%)HJEZB"Y36@'CX[,3;KC44L'U-W< M-]PT8(-&*AC(0R6^7)_DA5I#(2IH8Y":]:Y:5KU]N)-L3=-8 BPM?`"],2=P"E`^49P*=*9J^'3V8R;7Q8^K!HP8-&#'__V3\_ ` end GRAPHIC 4 g912993g17n14.jpg GRAPHIC begin 644 g912993g17n14.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``(!`0(!`0("`@("`@("`P4#`P,# M`P8$!`,%!P8'!P<&!P<("0L)"`@*"`<'"@T*"@L,#`P,!PD.#PT,#@L,#`S_ MVP!#`0("`@,#`P8#`P8,"`<(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P, M#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`S_P``1"`!-`)$#`2(``A$!`Q$!_\0` M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4% M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D* M%A<8&1HE)B7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#[:_;X_;[^ M+'P4_:S\6>&?#/BK^S=$TS[']FMO[,LYO+\RS@E?YY(F8Y=V/).,XZ8%>/\` M_#T_XZ_]#Q_Y1=/_`/C%8_\`P5>U0V_[?GCY/[O]G_\`INM:\%\.6FJ>,=63 M3]'T^_U:^D^[;65N]Q*W_`4!-?TUD6297+*\/5JX>FVZ<&VX1NWRJ[;:^]L_ M@OB[B+B*/$&-H8;'5U%5JJC&-6HDDIR244I:)+1)+1;'TE_P]/\`CK_T/'_E M%T__`.,4?\/3_CK_`-#Q_P"473__`(Q7GUA^PU\;M2M!-%\,?%HC89'F6PC; M_OEF!_2N4\>?`GXB?"Z%I/$7@?Q5HT*]9;G395B'_`P"OZUU4\#P[4ER4Z5! MOLHTV_NL>?6QG&]&'M:V)QD8]W.LE][=CVS_`(>G_'7_`*'C_P`HNG__`!BC M_AZ?\=?^AX_\HNG_`/QBOEU->\P?*RM]#3TU=Y755#,S$*JCDL3T`%=W^KV4 M_P#0+2_\`C_D>5_K5Q)_T,<1_P"#JG_R1]/_`/#T_P".O_0\?^473_\`XQ1_ MP]/^.O\`T/'_`)1=/_\`C%>'_P#"E?B%_P!"'XV_\$5U_P#&ZR?%?A/Q)X#C MA?7?#^N:(ER2L+:A836HE(Y(4R*-Q&1TK"&3Y))\L/\`RBZ?_P#& M*^7_`.VSZ_K771?!GX@31JZ>!?&CHP#*RZ'=$,#W!V5=3),FI_'AJ2]807Z& M='B'BJK?V6/Q,K=JM5_E(]R_X>G_`!U_Z'C_`,HNG_\`QBC_`(>G_'7_`*'C M_P`HNG__`!BO#_\`A2GQ"_Z$/QM_X(KO_P"-UD>(_"?B3P M:?-;@?BZBHCD^22=HX>BW_@A_D:5,[XMA'FGC<4EYU:O_P`D?0__``]/^.O_ M`$/'_E%T_P#^,4?\/3_CK_T/'_E%T_\`^,5\OKKN\95@P]0:/[;;_)K?_5[* M?^@6E_X!'_(Y/]:N)/\`H8XC_P`'5/\`Y(^H/^'I_P`=?^AX_P#*+I__`,8H M_P"'I_QU_P"AX_\`*+I__P`8KY?_`+;;_)H_MMO\FC_5[*?^@6E_X!'_`"'_ M`*U<2?\`0QQ'_@ZI_P#)'U!_P]/^.O\`T/'_`)1=/_\`C%?1'[!'Q=_:*_:V M\5#4M0\<7&F^!=+FVWMZ-$T]7OG')MX";?EO[S]$![D@5\R_\$_/V%=:_;*\ M6_VA??:=+\`Z7,%U#4%^5[UQR;:`GJQ_B?H@/T:_[>^#O_-LM+LU****_&3^I#\H_P!I MK]E;5/VR?^"Q?C7PC9W$EAIL,>G7VKWRKN-G:KIUF&*CIO9F5%!XRV3P#7Z2 M?`C]G'P9^S7X.AT3P=H=GI-JBA99E7=HA.F(3C_@0&?H*^G[A&D@D6-_+=E(5\9VGL<=\5]AQ M-G6)K4\/@.9JG3I4M.C;A%W??>R[6TW9^=\$\,8+"UL7FJBG6K5Z[]#HLB,K*&5A@@C@BOPZ_;@_9._:`^#/Q$U;7/&4 MGBKQ9837#S1^)+&XFNK:1"Q(+!3FWX_@8*HZ`D8->?\`P-_X*!_%K]G_`%*& M;PWXZUE[6%LMI^HW!OK*4=U,H^&\L3AE7P6*A4NNSMZ73;^ M]+S2/F\3XP1P>,>%S+`U*23M=M-V[\K237I)KLV?6/\`P7)U;X:^$?&^A>&_ M#GAC1;/QS(/[1UC4K*$0/%`P(CA=4PK/(BJ/X450%4=E4"OU._X((_`'_A#/V?]<^(%Y!MO?&U[]GLV9>1 M96Q9`0?1YC*??8M?<9I4ED'#+HN;E4MRW;;]Z6]K]$KV]#\KR7`QXKXV6+]F MHT5+G:22]R%KU?,O_!6_P"!#?&W]C'7YK6'SM6\'D:]9[5R MQ6$'SE'UA:0X[E17T!XQ^(&D^`3I/]K7D=G_`&YJ,6E66_\`Y;W,N[9&/<[6 M_*M34+"'5;":UN8TFM[B-HI8W&5=&&""/0@XK\)RW&5<%B:6,@OA::\[/5?H MS^ILXRZAF>!KY=5VG%Q?E=:/U6Z]#^;,ZH2O6OZ/O!+;_!FD,>K64)_\<6OY M\/VM/@O-^S9^T=XQ\$S*ZQZ'J3I:,W!DM7Q)`WXQ.GXYK^@WP(<^!]&_Z\8/ M_1:U^I>*6(A7H8.M3UC+F:]&H-'X7X$Y;5P.)S'#UE:47"+7FG43-:H[FVCO M(&BFCCFBD&&1U#*P]P:_/#_@X"\?ZYX%T#X5MHNMZQHS75WJ:S&PO9+8S`1V MV-VQANQDXSTR:\(_X),_MX_$;3?VJ?"_@?5O$FL>)O#/BN62RDM-2N6NFLW$ M3R)+$[DLN"F",[2">,@&OD\'P5B,3E']K4JBVD^5IIVBVGKWTN?H>8>(^%P> M?_V#7I2U<8\Z::O-)JZWM[UGOZ'VK^V__P`$I/!/[0OA34-4\(Z78^$_'4,; M36TUG&(+347`SY<\:_+\W3S``P)R=PXK\;-72\\/ZO=:??0RVM]8S/;W$$@P M\,B,592/4,"/PK^DBOP=_P""J?A^U\'?\%!/B5:VJJD<]]#?%1QAY[:*5_S9 MV/XU]EX8\08FM4J9?B).48QYHWU:LTFK]M59=.A^9>-W!N!I4J6;X2"A.4N2 M:2LI73:;2TNK.[ZWUV/$?[3;UKZ6_P""=7_!/[7/VU_&GVZ^^U:5\/\`29@N MI:BHVO=N.3;6Y/5R,;FY"`]R0#D_\$Z/^">>M_MO^.?M=U]JTGX?Z/,%U35% M7#73#DVMN3P9"/O-R$!RL]W_(O_DNRZ;L^<\,O"EYG4CF>:QMA MT_=C_P`_&O\`VSOWV75CO`/@+1_A=X.T_P`/^']/M]*T?281!:VL"[4B0?S) MY))R2222236Q117X#*[/ZUITXPBH05DM$EHDELD@HHHJ2C\C/VF_ MVV;[]AK_`(+4^/O$\=O)J.B7L.F:?K5A&0'N;9M,LFW)GCS$8!ESP>5R`Q-? MIS\`?VE/!/[3_@>'Q!X'\06.N6$B@R+$^)[1C_!-$?FC<>C`>V1S7XF_\%HL MO_P4R^)"KN9F.EJJ@9))TNSP!7@.A^*/&7[.WQ$DDT^]\2>!_%6F/ME$;RV% M[`1V=>&Q[,,&OW'$<&X?-\MPM:$N2JJ4%?=-**W6^G=?.^A_.>!XZQF1YOC: M%2'M*#K5';9Q;F]GMKO9^J:U/Z:B-PP:\#_:6_X)G_!_]J*SN)-:\*V>E:U, MIV:SHZK9WJ,?XF*C;)])%:OS-_9[_P""^GQ>^%=Q;6_C*#2?B%H\6%E,\0LM M1"#J5FC&QFQ_?0Y]1UK]BO@]\3]/^-?PJ\.^+]*CNH=-\3:=!J5LERFR9(Y4 M#J&'9@#SVK\YS+)]"<5= M7Z]5\T]/(_#']L+_`()N>./V5OV@_#_@I6_M[3_&]ZEEX:U:*(HMZ[R*GER+ MD[)4WJ6&2"#N!QG'[E_!?X6Z?\$?A)X;$:6JK8>&].AL(B!C?Y:!2Y]V(+' MW)J?QM\+]#^(FJ>';S6+&*\N/"NI#5M,=AS;7(BDB#C_`(#*_P".#V%=!TI\ M0<58C-L-0HU]X7YG_,WL[>GXMF?"O`^#R+%XFOA=JK7*GJXQ6K5^UW]R5S\P M_P#@O?\`M77GP^^+'PJ\,:'8A`X)YSRQKZB_91^`"_LM?`#P[X!CUR^\ M16_AR%[>&]O(UCE=#(SA=J\!5W;0.<`#DUIG&(RR>3X2AA9WJT[\RLU\6KU: ML[/1>1&0X/.*>>X[$8R%J%3EY'S)_![JT3NKK5W6Y^=?_!Q!\`CHGBWP9\4+ M&#;#JD1T#5'5>!+'F6W9CZLAE7_MFM?J%X`.?`FB_P#7A!_Z+6O(_P#@I#^S MM_PU!^QEXV\+P0B;5ELCJ.E<987=O^]C`]VVE/HYKUKX=L6^'^A%E96.GV^5 M88*_NUX-3]ZDYKY/E[7C3E_V\N=2_ M1OU/!/\`@HG_`,$[H/V_].$6\_BRX\*_P#"*S74H:*P6[^T^>L0P+%U;5?%WBJ&)X;6\OD2&&Q5QM?L3VF@S>/M0O["/Q))-%8FVL9+K>T00OG8#MP)%Z]N%!V16^D>2'/NTKH`/SKJP,N(J^7K!X2,W0=TK1 MT=V[KFM>U[WUMT./,:/"V'S1YAC736)C9MRE[RLEROEO9.UK-*_4^V]4U2WT M33+B\O)X;6SLXFFGFE<)'"B@LS,3P``"23T`K\;_`(9?LLZQ_P`%=_V[/'GC MR-KS2?A:VM,)]7*[9+J"(+'%;V^>#*\:*6/(C#9.3M4^P^$/CE\5O^"W/B.Z M\-:;I]Q\,/@/I\X7Q#>03>;?ZR!@_8Q-@*6;@LJ#:@(+E_E4_HM\+/A;X?\` M@IX`TOPOX7TNVT?0M'A$%K:P+A44=23U9BSD]++5)*[WL$06MK`N%C4?J6)R2QR22222:WJ**^)G.4Y M.A> M)&A&V*>YM]MS"/1)EQ(H]@P%?BY_P5T^*GB3X._\%:/B-K?A37M7\.:Q:_V5 MY=WIUT]O*!_9-EP2I^9?53D'TKH_@W_P<,_&_P"'=E#:^)++PKXZAB4+Y]Y: MM97;`>KPD(3[F.OUK'<,YMC<-A,9@JB]VE!)7<6O=5[/9W?6ZZ+H?C67<59- M@,3C,#CZ;]ZM4%^$&E_:-OWCXAD\O/T\C.*\"_::_P""X_QL_:-TF;1[ M>YTSP/X?NALN;30EDCN+N,\-&]RS&0*PR#Y>S(->7+@OB+'U(K'2=EUE/FMZ M)-_IZGKQXXX8R^G*67Q5WTA3Y;]KMJ*_/R1^]J2+*@96#*PR"#D&O.OVKOVF MO#_[('P+UCQ]XF2ZGTO1S$AM[4*;BY>258U2,,0"Q+9P2.`:_)'2O^#C#XO: M'I=M8V?@KX:V]I9Q+!!$EO>;8T4!54?O^@``KR']MK_@K9\1_P!NWX9Z?X3\ M3Z7X:T?2+'4%U)ETF*9&N9$1T0.9)&^5=['`QSCTHP'ASF+Q,%BDE3NN:TE> MW7YL,Q\3LL6%F\&VZMGRIQ=K]+^2/U#T'_@OC^SEK%CYUQKWB/2Y-N3!=Z%/ MY@]LQAU)^C5TG[/?_!8KX/\`[4'[0&E?#OPC)XBGU+6(9Y+>\O+#[+:NT2>8 M8QO;>690Q'RX^7KTK^?CSOK74?!7XQ:O\!/BYX;\:Z"T:ZQX7OX]0M1*"8Y& M0\HX!!*,I*L`1D,:^OQ'AKEOLI^PSY;M63MIT6E_,^)POBKFKK4UB(PY+ MKFM%W:OK;WFKV\C^HJ@#`K\4S_P7_@+/:?\`@Y>F\KPW\&_^ MOW5O_1=K7QW_`,$V?^"<_B3]OKXBEF:ZT?X?Z+,HUK60N"YX/V6WSPTS#J>1 M&#DY)56]V\!7/Q9_X.`O'?AFW\7:/H?A'X??#N[GEU'6])@F1IFF6/=:Q>:[ MAIBL:\CB,,6;.54_JUX&\*>`_P!D_P"%VB^&=,;0_!_AO2T%K913W*6Z,>IR MSD;Y&.69B2S$DG-?05L^K9#E4,HI6>)]Z]M5!.3:]96>BZ;OI?YFAPS1XASF MIG=6ZPKY>6ZLYM12>^T;K5]=EW-;X3?"?P]\#?AYI?A7PKI=MH^@Z-"(+6U@ M7"H!U)/5F8Y+,`H'05F?\`#%_P=_Z)/\-/_"8LO_C5?K66^)%##82EAG1; M<(QC>ZULDNWD?CN:>%]?%XRKBE724Y2E;E>G,V[;^9_,A]I7^]^M'VE?[WZU M_3?_`,,7_!W_`*)/\-/_``F++_XU1_PQ?\'?^B3_``T_\)BR_P#C5=G_`!%+ M#_\`/B7WK_(X?^(28C_H(C_X"_\`,_F0^TK_`'OUH^TK_>_6OZ;_`/AB_P"# MO_1)_AI_X3%E_P#&J/\`AB_X._\`1)_AI_X3%E_\:H_XBEA_^?$OO7^0?\0D MQ'_01'_P%_YG\R'VE?[WZT?:5_O?K7]-_P#PQ?\`!W_HD_PT_P#"8LO_`(U1 M_P`,7_!W_HD_PT_\)BR_^-4?\12P_P#SXE]Z_P`@_P"(28C_`*"(_P#@+_S/ MYD/M*_WOUKZ6_P"";'_!-[Q-_P`%`_B9Y<9N='\!:-*O]N:X$Z=#]FM\\-.P M^H0'=K;]CORSPIA M2Q$:F,JJ<%JXI-7\F[[=S,^#7P:\-_L_?#32?"/A'2K?1]!T6$0VUM"/S9CU M9V.2S')8DDU\+_MG:1KGB?\`:6\46\,<=YXQM9KB73[6^N_LT7_"/KHNZ$VS M,K+\U_\`:-X`&^58TD8*5K]$*Q?&OPU\.?$JUA@\1^']%\00VS^9#'J5C%=+ M$W]Y1(I`/N*_/,MS1X?$2KU%S.2=WUN];^?WKU/T['Y(?\$WWC'PO\10Z-?7&J>!;?61'X:O)(&@CN(Q:6WVLV\9^Y;_;?M6Q M!\J?,J_*JU]$U':VL=C:QPPQQPPPJ$CC10JHH&``!P`!Q@5)7%C,1[>M*K:U H_P"M=KM[MV6IUX6A[&DJ5[V_K3?1;+78****YCH"BBB@`HHHH`__V3\_ ` end

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents