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Exhibit 99.1

For Immediate Release
April 30, 2008

SAP Reports Strong Growth in
Software and Software Related Service Revenues

Company Achieves Double-Digit Growth at Constant Currencies in All Regions

WALLDORF – April 30, 2008 – SAP AG (NYSE: SAP) today announced its preliminary financial results for the first quarter ended March 31, 2008. Business Objects is included in these results from January 21, 2008 onwards.


	SAP - First Quarter 2008*
	U.S. GAAP						Non-GAAP**
													% change
					%						%		constant
in € million	Q1/2008		Q1/2007		change		Q1/2008		Q1/2007		change		currency***
Software revenues		622		562		11		622		562		11		18
Software and software-related service revenues		1,736		1,515		15		1,783		1,515		18		24
Total revenues		2,460		2,162		14		2,507		2,162		16		22
Operating income		359		436		-18		489		447		9		20
Operating margin (%)		14.6		20.2	-5.6pp			19.5		20.7	-1.2pp		-0.5pp
Income from continuing operations		247		312		-21		345		319		8		—
Net income		242		310		-22		340		317		7		—
Basic EPS from cont. operations (€)		0.21		0.26		-19		0.29		0.26		12		—


*		All figures are preliminary and unaudited and are based on the current status of the purchase price allocation for the Business Objects acquisition which is not yet final.

**		Revenue line items are adjusted for the Business Objects support revenue that Business Objects would have recognized had it remained a standalone entity but that SAP is not permitted to recognize as revenue under U.S. GAAP as a result of business combination accounting rules. Adjustments in the operating expense line items are for acquisition-related charges. See Appendix at the end of the financial section of the press release for explanations of the Non-GAAP measures used in this press release and for related reconciliations to U.S. GAAP.

***		Constant currency Non-GAAP revenue and operating income figures are calculated by translating Non-GAAP revenue and Non-GAAP 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-GAAP constant currency numbers with the Non-GAAP number of the previous year’s respective period. See Appendix at the end of the financial section of press release for details.


*SAP Reports Strong Growth in Software and Software Related Service Revenues*		Page 2

HIGHLIGHTS – First Quarter 2008

Revenues

•		First quarter 2008 U.S. GAAP software and software related service revenues were €1.74 billion (2007: €1.52 billion), representing an increase of 15% compared to the first quarter of 2007. Non-GAAP software and software related service revenues, which excludes a non-recurring deferred support revenue write-down from the acquisition of Business Objects of €47 million, for the first quarter of 2008 were €1.78 billion (2007: €1.52 billion). This represents an increase of 18% (24% at constant currencies) compared to the first quarter of 2007.

•		Excluding the contribution from Business Objects, SAP’s business contributed 12 percentage points to the constant currency growth of the Non-GAAP software and software related service revenues. This represents the 17th consecutive quarter of double-digit growth in software and software related service revenues at constant currencies.

•		U.S. GAAP total revenues for the 2008 first quarter were €2.46 billion (2007: €2.16 billion), which was a year-over-year increase of 14%. Non-GAAP total revenues, which excludes a non-recurring deferred support revenue write-down from the acquisition of Business Objects of €47 million for the first quarter of 2008, were €2.51 billion (2007: €2.16 billion), which is an increase of 16% (22% at constant currencies) compared to the first quarter of 2007.

•		First quarter 2008 U.S. GAAP software revenues were €622 million (2007: €562 million), representing an increase of 11% (18% at constant currencies) compared to the first quarter of 2007.

Income

•		U.S. GAAP operating income was €359 million (2007: €436 million), which was a decrease of 18% compared to the first quarter of 2007. First quarter Non-GAAP operating income, which excludes a non-recurring deferred support revenue write-down from the acquisition of Business Objects and acquisition-related charges totaling €130 million, was €489 million (2007: €447 million), which was an increase of 9% (20% at constant currencies) compared to the first quarter of 2007.

•		The U.S. GAAP operating margin for the first quarter of 2008 was 14.6% (2007: 20.2%). The first quarter Non-GAAP operating margin was 19.5% (2007: 20.7%), or 20.2% at


*SAP Reports Strong Growth in Software and Software Related Service Revenues*		Page 3

		constant currencies. Both the U.S. GAAP and the Non-GAAP operating margins were impacted by accelerated investments of approximately €40 million (2007: €23 million) to build a business around the new SAP Business ByDesign solution to address new untapped segments in the midmarket as announced by the Company at the beginning of 2007. The U.S. GAAP operating margin was additionally impacted by a significant increase in acquisition-related charges as a result of the acquisition of Business Objects.

•		U.S. GAAP income from continuing operations for the first quarter of 2008 was €247 million (2007: €312 million), representing a decrease of 21% compared to the first quarter of 2007. Non-GAAP income from continuing operations, which excludes a non-recurring deferred support revenue write-down from the acquisition of Business Objects and acquisition-related charges totaling €98 million, was €345 million (2007: €319 million), representing an increase of 8% compared to the first quarter of 2007.

•		U.S. GAAP earnings per share from continuing operations for the first quarter of 2008 was €0.21 (2007: €0.26), which was a decrease of 19% compared to the same period in 2007. Non-GAAP earnings per share from continuing operations for the first quarter of 2008 was €0.29 (2007: €0.26), which was an increase of 12% compared to the same period in 2007.

Core Enterprise Applications Vendor Share

SAP reported its ninth consecutive quarter of share gains. Based on U.S. GAAP first quarter 2008 software and software related service revenues on a rolling four-quarter basis, SAP’s worldwide share of Core Enterprise Applications vendors, which account for approximately $37.4 billion in software and software related service revenues as defined by the Company based on industry analyst research, was 32.6% for the four-quarter period ended March 31, 2008 compared to 31.9% for the four-quarter period ended December 31, 2007, and 28.2% for the four-quarter period ended March 31, 2007, representing a year-over-year share gain of 7.6 percentage points, of which approximately 4 percentage points came from organic growth. All prior period share numbers have been adjusted to reflect the acquisition of Business Objects.

“We are pleased to report our 17th consecutive quarter of double-digit growth in software and software related service revenues, even without the inclusion of Business Objects’


*SAP Reports Strong Growth in Software and Software Related Service Revenues*		Page 4

contributions for the quarter, along with our ninth consecutive quarter of share gains against Core Enterprise Application vendors,” said Henning Kagermann, co-CEO of SAP. “Our continued strong performance can be partly attributed to having a leading presence in all regions of the world, making SAP a truly global software company.”

Mr. Kagermann continued, “Our growth strategy, which comprises three pillars – the established business, the midmarket and the business user solutions — is working quite well. For the established business, SAP ERP 6.0 adoption is exceeding our expectations, providing continued opportunities for growth of business process platform; the midmarket business continued to perform well with over 1,570 customers from small businesses and midsize companies added in the first quarter; and business user solutions remained the fastest-growing business at the Company. Moreover, we have strengthened our position and significantly broadened our opportunity in the fast-growing market for business user solutions with the successful acquisition of Business Objects.”

Cash Flow

Operating cash flow from continuing operations for the first quarter of 2008 was €1.07 billion (2007: €852 million). Free cash flow for the first quarter of 2008 was €1.0 billion (2007: €773 million), which was 41% of total revenues (2007: 36%). At March 31, 2008, the Company had total group liquidity of €2.4 billion, which includes cash and cash equivalents, restricted cash and short term investments (December 31, 2007: €2.8 billion).

Share Buyback

In the first quarter of 2008, the Company bought back 8.0 million shares at an average price of €32.19 (total amount: €258 million). As of March 31, 2008, the Company held treasury stock in the amount of 54.3 million shares (approximately 4.4% of total shares outstanding) at an average price of €35.50. For 2008, the Company expects to invest an additional approximately €250 million buying back shares.

Small and Midsize Enterprises and SAP Business ByDesign

SAP’s small and midsize enterprise (SME) business continued to perform well in the first quarter of 2008 as the Company added more than 1,570 new SME customers (excluding customers from


*SAP Reports Strong Growth in Software and Software Related Service Revenues*		Page 5

Business Objects) in the quarter, representing a 28% increase compared to the first quarter of 2007. A principal component of the SME strategy is SAP’s breakthrough innovative new solution, SAP Business ByDesign. Since last September’s announcement of SAP Business ByDesign, the Company has been working closely with early customers and partners to validate and fine-tune the solution. As a result of this process, SAP has elected to modify the rollout strategy for SAP Business ByDesign to ensure a more focused and controlled ramp-up process. The new rollout strategy includes the following:

	•		For 2008, go-to-market efforts for SAP Business ByDesign will focus on six countries, where all the current productive early customers are based and which represent a large amount of the worldwide volume market opportunity. Additional country rollouts will be executed in 2009.

	•		It is expected to take around 12 months to 18 months longer than the original 2010 target to reach the SAP Business ByDesign $1 billion revenue and 10,000 customer potential.

	•		However, the Company will use SAP Business ByDesign innovations and technologies for the existing solutions and this will contribute significantly to the overall revenues of SAP in 2010.

	•		Also, the Company will engage with significantly less than 1,000 customers in 2008.

In light of the modified rollout strategy, SAP will reduce its accelerated investments around SAP Business ByDesign in 2008 by approximately €100 million, which is expected to result in additional operating margin expansion in 2008 as noted in the “Business Outlook” section of this release. Furthermore, beginning in 2009 there will be no further accelerated investments. The expected expenses related to SAP Business ByDesign will be funded out of SAP’s normal operational business.

SAP maintains its full confidence in the product, the market opportunity and the associated business model of SAP Business ByDesign, as the Company continues to move toward volume readiness in 2008.


*SAP Reports Strong Growth in Software and Software Related Service Revenues*		Page 6

BUSINESS OUTLOOK

The Company is providing the following outlook for the full-year 2008, which differs from the original outlook provided in January 2008 only with regards to SAP’s expectations for the 2008 Non-GAAP operating margin at constant currencies

	•		The Company expects full-year 2008 Non-GAAP software and software related service revenue, which excludes a non-recurring deferred support revenue write-down from the acquisition of Business Objects of approximately €180 million, to increase in a range of 24% – 27% at constant currencies (2007: €7.428 billion). SAP’s business, excluding the contribution from Business Objects, is expected to contribute 12 – 14 percentage points to this growth.

	•		The Company now expects the full-year 2008 Non-GAAP operating margin at constant currencies, which excludes a non-recurring deferred support revenue write-down from the acquisition of Business Objects and acquisition-related charges, to be in the range of 28.5% – 29.0% (2007 non-GAAP operating margin: 27.3%). The previous outlook originally provided in January 2008 was expected to be in a range of 27.5% – 28.0%. The change is the result of the Company’s decision to reduce accelerated investments around SAP Business By Design by approximately €100 million in 2008. Therefore, the 2008 Non-GAAP operating margin outlook now includes accelerated investments around SAP Business By Design of around €100 million for the full-year 2008 (previously €175 million to €225 million).

	•		The Company is projecting an effective tax rate of 31.0% to 31.5% (based on U.S. GAAP income from continuing operations) for 2008.

KEY EVENTS – First Quarter 2008

•

In the first quarter of 2008, SAP closed major contracts in several key regions including Al Futtaim Group, Barclays Bank, Landesamt für Besoldung und Versorgung, Nordrhein-Westfalen, Germany, and Nationwide Building Society in EMEA, Bank of America, LensCrafters, Sigdo Koppers S.A., Tawa Supermarkets in Americas, and Fujian


*SAP Reports Strong Growth in Software and Software Related Service Revenues*		Page 7

			Electric Power Co., Ltd., National Health Insurance Corporation, Korea, Mitsui High-tec, Inc., and Pegatron Corporation in the Asia Pacific Japan region.

	•		On March 17, 2008, SAP announced an extension of their relationship with Novell to enable customers of all sizes to run, manage and secure mission-critical operations on Linux. In a move that will help meet the growing demand for SUSE Linux Enterprise and provide support for the open source community, Novell and SAP are planning to offer enhanced options for customers who choose to run open source.

	•		Further enabling customers to realize the benefits of enterprise service-oriented architecture, SAP and IDS Scheer announced an expansion of their strategic partnership that will enable customers, for the first time, to take a model and process-centric approach to the implementation of service-enabled business applications from SAP.

	•		Building upon its recently announced fast-start program for SAP Business All-in-One solutions, SAP revealed plans for an expansion of its partnership with Intel. SAP and its long-term technology partner Intel intend to introduce a ground-breaking offering that will be offered on an Intel-based system via original equipment manufacturer (OEM) and hardware system providers based on SUSE Linux Enterprise from Novell and the database SAP MaxDB.

	•		On February 25, 2008, SAP announced the third enhancement package for its market-leading enterprise resource planning (ERP) application, SAP ERP. Enhancement packages enable customers to access new software features via a simple download to switch on as needed, responding directly to customer requests for access to new innovation without touching mission-critical core systems.

	•		On February 25, 2008, SAP announced a new fast-start program for its proven SAP Business-All-in-One solutions. The program targets midsize companies in the manufacturing, services and trade industries and provides them with the pre-configured industry-specific processes needed to streamline and gain visibility into their core business operations.

	•		On February 13, 2008, SAP announced that the company had been named “Germany’s Best Employer” for the fourth consecutive year in the 2008 “Great Place to Work” initiative, and that it has been named among the leading employers in Japan by the Great Place to Work Institute (GPTW).

	•		On February 12, 2008, SAP announced the industry’s first Intelligence Platform. A single, enterprise-scale platform, BusinessObjects XI 3.0 breaks the barriers of traditional business intelligence (BI), helping to ensure that all people connected with an organization can have access to the information they need to make a difference.

	•		On February 11, 2008, SAP announced the squeeze-out of Business Objects securities by SAP France which was completed during the quarter.


*SAP Reports Strong Growth in Software and Software Related Service Revenues*		Page 8

	•		On January 29, 2008, SAP announced the launch of an industry value network for public security. The Industry Value Network for public security will join 15 existing industry-focused networks hosted by SAP and brings together customers, partners and SAP to develop solutions that solve the unique challenges of the public security industry. The solutions are based on an enterprise service-oriented architecture and open standards to fuel a new dimension of industry interoperability and collaboration.

	•		On January 21, 2008, SAP obtained control over Business Objects.

	•		On January 21, 2008, SAP and IBM announced at the annual Lotusphere conference plans to deliver their first joint software product codenamed “Atlantic” which will integrate IBM Lotus Notes software with SAP Business Suite. The combined efforts to create “Atlantic” will result in a new style of applications that present information and data in a context familiar to users of the Lotus Notes desktop. This will make it easier for users to do their jobs and greatly enhance the return on investment that companies have made in their SAP applications.

	•		On January 16, 2008, SAP and Business Objects unveiled their first joint offerings. Nine combined product packages were chosen to address the most common challenges facing business users from the C-suite to main street, which include: gaining better business insight, improving company performance and ensuring compliance with corporate governance policies.

	•		On January 16, 2008, SAP announced that by uniting two of the technology industry’s biggest brands, SAP and Business Objects now intend to embark on a road map to transform their wide lead in the market of software for business users into leadership in the emerging market for business performance optimization.

	•		At the National Retail Federation (NRF) 97th Annual Convention and Expo in New York, SAP announced on January 15, 2008, increasing momentum for SAP solutions in the retail industry as evidenced by newly released data for customers that have recently implemented SAP for Retail solutions. More than 500 customers went live with SAP solutions in 2007, solidifying SAP’s reputation as the preeminent solution provider among retailers.

Use of Non-GAAP Measures

This press release contains certain financial measures such as Non-GAAP revenues, Non-GAAP operating income, Non-GAAP operating margin, free cash flow and constant currency period-over-period changes in revenue and operating income. These measures are not prepared in accordance with U.S. GAAP and therefore are considered non-GAAP financial measures. Our non-GAAP financial measures may not correspond to non-GAAP financial measures that other companies report. The non-GAAP financial measures that we report should be considered as additional to, and not as a substitute for or superior to revenue, operating margin or our other


*SAP Reports Strong Growth in Software and Software Related Service Revenues*		Page 9

measures of financial performance prepared in accordance with U.S. GAAP. See the Appendix at the end of the financial section of this press release for additional information regarding the Non-GAAP measures included in this press release and for the reconciliations to the corresponding U.S. GAAP measures.

Core Enterprise Applications Vendor Share

The Company provides share data based on the vendors of Core Enterprise Applications solutions, which account for approximately $37.4 billion in software and software related service revenues as defined by the Company based on industry analyst research. For 2008, industry analysts project approximately 7% year-on-year growth for core Enterprise Applications vendors. For its quarterly share calculation, SAP assumes that this approximate 7% growth will not be linear throughout the year. Instead, quarterly adjustments are made based on the financial performance of a sub set of (approximately 25) Core Enterprise Application vendors.

Webcast/Supplementary Financial Information

SAP senior management will host a conference call today at 3:00 pm (CEDT) / 2:00 pm (BST) / 9:00 am (EDT) / 6:00 am (PDT). The conference call will be Webcast live on the Company’s Web site at <http://www.sap.com/investor> and will be available for replay purposes as well. Supplementary financial information pertaining to the quarterly results can be found at http://www.sap.com/investor.

About SAP

SAP is the world’s leading provider of business software, offering applications and services that enable companies of all sizes and in more than 25 industries to become best-run businesses. With more than 47,800 customers (excludes customers from the acquisition of Business Objects) in over 120 countries, SAP is listed on several exchanges, including the Frankfurt stock exchange and NYSE, under the symbol “SAP.” (For more information, visit www.sap.com)

(*) SAP defines business software as comprising enterprise resource planning and related applications.

# # #

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,” “outlook,” “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, R/3, mySAP, mySAP.com, xApps, xApp, SAP NetWeaver and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP AG in Germany and in several other countries all over the world. All other product and service names mentioned are the trademarks of their respective companies. Data contained in this document serve informational purposes only. National product specifications may vary.

CONSOLIDATED INCOME STATEMENT
(U.S. GAAP, Non-GAAP* and Non-GAAP at Constant Currency**)
Preliminary and unaudited


	Three months ended March 31,
	2008										2007											% change
											Non-GAAP																	Non-GAAP
									Currency		constant																	constant
€ millions, unless otherwise stated	U.S. GAAP			Adj.*		Non-GAAP*			impact**		currency**			U.S. GAAP			Adj.*		Non-GAAP*			U.S. GAAP			Non-GAAP*			currency**

Software revenue		622			0		622			43		665			562			0		562			11			11			18
Support revenue		1,058			47		1,105			54		1,159			914			0		914			16			21			27
Subscription and other software-related service revenue		56			0		56			1		57			39			0		39			44			44			46
Software and software-related service revenue		1,736			47		1,783			98		1,881			1,515			0		1,515			15			18			24
Consulting revenue		587			0		587			32		619			518			0		518			13			13			20
Training revenue		104			0		104			6		110			94			0		94			11			11			17
Other service revenue		25			0		25			2		27			28			0		28			-11			-11			-4
Professional services and other service revenue		716			0		716			40		756			640			0		640			12			12			18
Other revenue		8			0		8			0		8			7			0		7			14			14			14

Total revenue		2,460			47		2,507			138		2,645			2,162			0		2,162			14			16			22


Cost of software and software-related services		-367			48		-319								-287			10		-277			28			15
Cost of professional services and other services		-567			0		-567								-505			0		-505			12			12
Research and development		-417			14		-403								-339			0		-339			23			19
Sales and marketing		-597			21		-576								-478			1		-477			25			21
General and administration		-152			0		-152								-119			0		-119			28			28
Other operating income/expense, net		-1			0		-1								2			0		2			-150			-150

Total operating expenses		-2,101			83		-2,018			-92		-2,110			-1,726			11		-1,715			22			18			23



Operating income		359			130		489			46		535			436			11		447			-18			9			20


Other non-operating income/expense, net		-1			0		-1								-3			0		-3			-67			-67
Financial income/expense, net		-2			0		-2								36			0		36			-106			-106

Income from continuing operations before income taxes		356			130		486								469			11		480			-24			1


Income taxes		-109			-32		-141								-157			-4		-161			-31			-12
Minority interests		0			0		0								0			0		0			N/A			N/A

Income from continuing operations		247			98		345								312			7		319			-21			8

Loss from discontinued operations, net of tax		-5			0		-5								-2			0		-2			150			150


Net income		242			98		340								310			7		317			-22			7


Earnings per Share (EPS)
EPS from continuing operations – basic in €		0.21					0.29								0.26					0.26			-19			12
EPS from continuing operations – diluted in €		0.21					0.29								0.26					0.26			-19			12
EPS from net income – basic in €		0.20					0.28								0.26					0.26			-23			8
EPS from net income – diluted in €		0.20					0.28								0.26					0.26			-23			8

Weighted average number of shares***		1,196					1,196								1,214					1,214


Key Ratios
Operating margin		14.6	%				19.5	%				20.2	%		20.2	%				20.7	%	-5.6		pp	-1.2		pp	-0.5		pp
Effective tax rate from continuing operations		30.6	%				29.0	%							33.5	%				33.5	%


*		adjustments in the revenue line items are for the Business Objects support revenue that Business Objects would have recognized had it remained a standalone entity but that SAP is not permitted to recognize as revenue under U.S. GAAP as a result of business combination accounting rules. Adjustments in the operating expense line items are for acquisition-related charges. See Appendix for details

**		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-GAAP constant currency numbers with the Non-GAAP number of the previous year’s respective period. See appendix for details

***		in millions, treasury stock excluded

CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. GAAP)
Preliminary and unaudited


€ millions	March 31, 2008		December 31, 2007

*Assets*

Cash and cash equivalents		2,237		1,608
Restricted cash		3		550
Short-term investments		179		598
Accounts receivable, net		2,861		2,895
Other assets		469		541
Deferred income taxes		171		125
Prepaid expenses/deferred charges		115		76
Assets held for sale		16		15
Current assets		6,051		6,408

Goodwill		4,837		1,423
Intangible assets, net		1,244		403
Property, plant, and equipment, net		1,345		1,316
Investments		88		89
Accounts receivable, net		2		3
Other assets		589		555
Deferred income taxes		192		146
Prepaid expenses/deferred charges		24		23
Noncurrent assets		8,321		3,958


Total assets		14,372		10,366


€ millions	March 31, 2008		December 31, 2007

*Liabilities, Minority interests and Shareholders’ equity*

Accounts payable		601		715
Income tax obligations		420		341
Other liabilities		1,126		1,456
Provisions		218		154
Deferred income taxes		130		47
Deferred income		1,689		477
Liabilities held for sale		13		9
Current liabilities		4,197		3,199
Accounts payable		5		10
Income tax obligations		95		90
Other liabilities		3,034		79
Provisions		359		369
Deferred income taxes		160		73
Deferred income		36		42
Noncurrent liabilities		3,689		663
Total liabilities		7,886		3,862

Minority interests		1		1

Common stock, no par value		1,247		1,246
Treasury stock		-1,929		-1,734
Additional paid-in capital		358		347
Retained earnings		7,401		7,159
Accumulated other comprehensive loss		-592		-515
Shareholders’ equity		6,485		6,503


Total liabilities, Minority interests and Shareholders’ equity		14,372		10,366


Days Sales Outstanding		68		66

CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. GAAP)
Preliminary and unaudited


	Three months ended March 31,
€ millions	2008		2007

Net income		242		310
Net income from discontinued operations		5		2
Minority interests		0		0
Income from continuing operations before minority interests		247		312

Adjustments to reconcile income before minority interests to net cash provided by operating activities:
Depreciation and amortization		141		56
Losses from equity investees		1		1
Gains/losses on disposal of intangible assets and property, plant, and equipment		1		-1
Gains on disposal of investments		-8		-1
Writeups/downs of financial assets		0		-1
Allowances for doubtful accounts		19		13
Impacts of hedging for cash-settled share-based payment plans		9		12
Stock-based compensation including income tax benefits		17		-22
Excess tax benefit from stock-based compensation		-8		0
Deferred income taxes		-58		-11
Change in accounts receivable		242		36
Change in other assets		32		-76
Change in accrued and other liabilities		-764		-556
Change in deferred income		1,201		1,090

Net cash provided by operating activities from continuing operations		1,072		852


Business combinations, net of cash and cash equivalents acquired		-3,687		-17
Repayment of acquirees’ debt in business combinations		-450		0
Purchase of intangible assets and property, plant, and equipment		-61		-79
Proceeds from disposal of intangible assets and property, plant, and equipment		7		5
Cash transferred to restricted cash		-451		0
Reduction of restricted cash		1,000		0
Purchase of investments		-5		-471
Sales of investments		422		225
Purchase of other financial assets		-4		-4
Sales of other financial assets		17		4

Net cash used in investing activities from continuing operations		-3,212		-337


Purchase of treasury stock		-258		-339
Proceeds from reissuance of treasury stock		41		18
Proceeds from issuance of common stock (stock-based compensation)		7		1
Excess tax benefit from stock-based compensation		7		0
Proceeds from short-term and long-term debt		3,859		13
Repayments of short-term and long-term debt		-911		-10
Proceeds from the exercise of equity-based derivative instruments (STAR hedge)		66		75
Purchase of equity-based derivative instruments (hedge for cash-settled share-based payment plans)		-46		0

Net cash used in financing activities from continuing operations		2,765		-242



Effect of foreign exchange rates on cash and cash equivalents		8		-3


Net cash used in operating activities from discontinued operations		-4		-4
Net cash used in investing activities from discontinued operations		0		0
Net cash used in financing activities from discontinued operations		0		0

Net cash used in discontinued operations		-4		-4


Net change in cash and cash equivalents		629		266

Cash and cash equivalents at the beginning of the period		1,608		2,399

Cash and cash equivalents at the end of the period		2,237		2,665

REVENUE BY REGION
(U.S. GAAP, Non-GAAP* and Non-GAAP at Constant Currency**)
Preliminary and unaudited


	Three months ended March 31,
	2008										2007						% change
									Non-GAAP												Non-GAAP
							Currency		constant												constant
€ millions	U.S. GAAP		Adj.*		Non-GAAP*		impact**		currency**		U.S. GAAP		Adj.*		Non-GAAP*		U.S. GAAP		Non-GAAP*		currency**

Software revenue by region***
EMEA		292		0		292		10		302		237		0		237		23		23		27
Americas		217		0		217		27		244		248		0		248		-13		-13		-2
Asia Pacific Japan		113		0		113		6		119		77		0		77		47		47		55

Total		622		0		622		43		665		562		0		562		11		11		18


Software and software related service revenue by region***
Germany		302		1		303		0		303		271		0		271		11		12		12
Rest of EMEA		616		17		633		21		654		480		0		480		28		32		36
Total EMEA		918		18		936		21		957		751		0		751		22		25		27
United States		413		24		437		65		502		419		0		419		-1		4		20
Rest of Americas		150		2		152		2		154		148		0		148		1		3		4
Total Americas		563		26		589		67		656		567		0		567		-1		4		16
Japan		86		1		87		1		88		62		0		62		39		40		42
Rest of Asia Pacific Japan		169		2		171		9		180		135		0		135		25		27		33
Total Asia Pacific Japan		255		3		258		10		268		197		0		197		29		31		36

Total		1,736		47		1,783		98		1,881		1,515		0		1,515		15		18		24


Total revenue by region***
Germany		453		1		454		0		454		408		0		408		11		11		11
Rest of EMEA		837		17		854		27		881		673		0		673		24		27		31
Total EMEA		1,290		18		1,308		27		1,335		1,081		0		1,081		19		21		24
United States		635		24		659		97		756		619		0		619		3		6		22
Rest of Americas		202		2		204		2		206		196		0		196		3		4		5
Total Americas		837		26		863		99		962		815		0		815		3		6		18
Japan		112		1		113		1		114		88		0		88		27		28		30
Rest of Asia Pacific Japan		221		2		223		11		234		178		0		178		24		25		32
Total Asia Pacific Japan		333		3		336		12		348		266		0		266		25		26		31

Total		2,460		47		2,507		138		2,645		2,162		0		2,162		14		16		22


*		adjustments in the revenue line items are for the Business Objects support revenue that Business Objects would have recognized had it remained a standalone entity but that SAP is not permitted to recognize as revenue under U.S. GAAP as a result of business combination accounting rules. Adjustments in the operating expense line items are for acquisition-related charges. See Appendix for details

**		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-GAAP constant currency numbers with the Non-GAAP number of the previous year’s respective period

***		based on customer location

STOCK BASED COMPENSATION
(U.S. GAAP and Non-GAAP)
Preliminary and unaudited


	Three months ended March 31,
€ millions	2008		2007		% change

Stock based compensation per expense line item (both U.S. GAAP and Non-GAAP):
Cost of software and software related services		1		1		0
Cost of professional services and other services		1		3		-67
Research and development		4		5		-20
Sales and marketing		2		3		-33
General and administration		1		3		-67
Other operating income/expense, net		0		0		0

Total Stock Based Compensation		9		15		-40

FREE CASH FLOW
Preliminary and unaudited


	Three months ended March 31,
€ millions	2008		2007		% change

Net cash provided by operating activities from continuing operations		1,072		852		26
Purchase of long-lived assets excluding additions from business combinations		-61		-79		-23

Free Cash Flow		1,011		773		31

HEADCOUNT
Preliminary and unaudited


in Full-Time-Equivalents - from continuing operations	March 31, 2008		December 31, 2007		March 31, 2007

*Headcount by Region*
Germany		15,112		14,749		14,324
Rest of EMEA		11,214		8,905		8,367
Total EMEA		26,326		23,654		22,691
United States		9,586		7,832		7,155
Rest of Americas		4,474		2,797		2,367
Total Americas		14,060		10,629		9,522
Japan		1,466		1,344		1,253
Rest of Asia Pacific Japan		9,422		8,234		6,852
Total Asia Pacific Japan		10,888		9,578		8,105

Total		51,274		43,861		40,318


*Headcount by Functional Area*
Software and software related services		6,594		5,831		5,450
Professional services and other services		14,012		12,785		11,777
Research and development		14,990		12,951		11,936
Sales and marketing		10,767		8,282		7,441
General and administration		3,356		2,797		2,581
Infrastructure		1,555		1,215		1,133

Total		51,274		43,861		40,318

MULTI QUARTER SUMMARY
(U.S. GAAP and Non-GAAP)
Preliminary and unaudited


€ millions, unless stated otherwise	Q1/2008			Q4/2007			Q3/2007			Q2/2007			Q1/2007

Software revenue (U.S. GAAP)		622			1,415			714			716			562
Revenue adjustment*		0			0			0			0			0
Software revenue (Non-GAAP)		622			1,415			714			716			562

Support revenue (U.S. GAAP)		1,058			1,005			975			944			914
Revenue adjustment*		47			0			0			0			0
Support revenue (Non-GAAP)		1,105			1,005			975			944			914

Subscription and other software-related service revenue (U.S. GAAP)		56			53			46			44			39
Revenue adjustment*		0			0			0			0			0
Subscription and other software-related service revenue (Non-GAAP)		56			53			46			44			39

Software and software-related service revenue (U.S. GAAP)		1,736			2,473			1,735			1,704			1,515
Revenue adjustment*		47			0			0			0			0
Software and software-related service revenue (Non-GAAP)		1,783			2,473			1,735			1,704			1,515

Total revenue (U.S. GAAP)		2,460			3,240			2,419			2,421			2,162
Revenue adjustment*		47			0			0			0			0
Total revenue (Non-GAAP)		2,507			3,240			2,419			2,421			2,162

Operating income (U.S. GAAP)		359			1,109			606			581			436
Revenue adjustment*		47			0			0			0			0
Expense adjustment*		83			19			18			13			11
Operating income (Non-GAAP)		489			1,128			624			594			447

Operating margin (U.S. GAAP)		14.6	%		34.2	%		25.1	%		24.0	%		20.2	%
Operating margin (Non-GAAP)		19.5	%		34.8	%		25.8	%		24.5	%		20.7	%

Effective tax rate from continuing operations		29.0	%		33.8	%		35.1	%		25.8	%		33.5	%

EPS from continuing operations — basic in €(U.S. GAAP)		0.21			0.63			0.34			0.37			0.26
EPS from continuing operations — diluted in €(U.S. GAAP)		0.21			0.63			0.34			0.37			0.26
EPS from continuing operations — basic in €(Non-GAAP)		0.29			0.64			0.35			0.38			0.26
EPS from continuing operations — diluted in €(Non-GAAP)		0.29			0.64			0.35			0.38			0.26

Headcount**		51,274			43,861			42,601			41,736			40,318


*		adjustments in the revenue line items are for the Business Objects support revenue that Business Objects would have recognized had it remained a standalone entity but that SAP is not permitted to recognize as revenue under U.S. GAAP as a result of business combination accounting rules. Adjustments in the operating expense line items are for acquisition-related charges. See Appendix for details

**		in Full-Time-Equivalents — from continuing operations

APPENDIX
Explanation of Non-GAAP Measures

This document discloses certain financial measures, such as Non-GAAP revenues, Non-GAAP operating income, Non-GAAP operating margin, free cash flow, and constant currency period-over-period changes in revenue and operating income, that are not prepared in accordance with U.S. GAAP and are therefore considered non-GAAP financial measures. Our non-GAAP financial measures may not correspond to non-GAAP financial measures that other companies report. The non-GAAP financial measures that we report should be considered as additional to, and not as substitutes for or superior to, revenue, operating income, cash flows, or other measures of financial performance prepared in accordance with U.S. GAAP. Our non-GAAP financial measures included in this press release are reconciled to the nearest U.S. GAAP measure in the tables on the pages F1 to F6 above.

Non-GAAP Revenues, Non-GAAP Operating Income and Non-GAAP Operating Margin

We believe that it is of interest to investors to receive certain supplemental historical and prospective financial information used by our management in running our business – in addition to financial data prepared in accordance with U.S. GAAP. Beginning in 2008 we use both Non-GAAP revenues and Non-GAAP operating income / Non-GAAP operating margin as defined below consistently in our planning, forecasting, reporting, compensation and external communication.

Non-GAAP revenue: Revenues in this document identified as “Non-GAAP revenue” have been adjusted from the respective U.S. GAAP numbers by including the full amount of Business Objects support revenues that would have been reflected by Business Objects had it remained a stand-alone entity but are not permitted to be reflected as revenues under U.S. GAAP as a result of fair value accounting for Business Objects support contracts in effect at the time of the Business Objects acquisition.

Under U.S. GAAP we record at fair value the Business Objects support contracts in effect at the time of the acquisition of Business Objects. Consequently, our U.S. GAAP support revenues, our U.S. GAAP software and software-related service revenues and our U.S. GAAP total revenues for periods subsequent to the Business Objects acquisition do not reflect the full amount of support revenue that Business Objects would have recorded for these support contracts absent the acquisition by SAP. Adjusting revenue numbers for this one-time revenue impact provides additional insight into our ongoing performance because the support contracts are typically one-year contracts and renewals of these contracts are expected to result in revenues that are not impacted by the business combination-related fair value accounting.

We believe that our Non-GAAP revenue numbers have limitations, particularly as the eliminated amounts may be material to us. We therefore do not evaluate our growth and performance without considering both Non-GAAP revenues and U.S. GAAP revenues. We caution the readers of this document to follow a similar approach by considering our Non-GAAP revenues only in addition to, and not as a substitute for or superior to, revenues or other measures of our financial performance prepared in accordance with U.S. GAAP.

Non-GAAP operating income / Non-GAAP operating margin: Operating income and operating margin in this document identified as “Non-GAAP operating income” or “Non-GAAP operating margin” have been adjusted from the respective operating income and operating margin numbers as recorded under U.S. GAAP by including the full amount of Business Objects support revenues to be included in Non-GAAP revenue, and by excluding acquisition-related charges. Acquisition related charges in this context comprise:

Amortization expense of intangibles acquired in business combination and standalone acquisitions of intellectual property

Expense from purchased in-process research and development

· Restructuring expenses as far as incurred in connection with a business combinations and accounted for under SFAS 146 in SAP’s U.S.
GAAP financial statements

Although acquisition-related charges include recurring items from past acquisitions, such as amortization of acquired intangible assets, they also include an unknown component, relating to current-year acquisitions. We cannot accurately assess or plan for that unknown component until we have finalized our purchase price allocation. Furthermore acquisition-related charges may include one-time charges that are not reflective of our ongoing operating performance.

We believe that our Non-GAAP financial measures described above have limitations, particularly as the eliminated amounts may be material to us. We therefore do not evaluate our growth and performance without considering both Non-GAAP operating income / Non-GAAP operating margin numbers and U.S. GAAP operating income and margin numbers. We caution the readers of this document to follow a similar approach by considering our Non-GAAP operating income / Non-GAAP operating margin numbers only in addition to, and not as a substitute for or superior to, revenues or other measures of our financial performance prepared in accordance with U.S. GAAP.

Free Cash Flow

We believe that free cash flow is a widely accepted supplemental measure of liquidity. Free cash flow measures a company’s cash flow remaining after all expenditures required to maintain or expand the business have been paid off. We calculate free cash flow as operating cash flow from continuing operations minus additions to long-lived assets excluding additions from acquisitions. Free cash flow should be considered in addition to, and not as a substitute for or superior to, cash flow or other measures of liquidity and financial performance prepared in accordance with U.S. GAAP.

Constant Currency Period-over-Period Changes

We believe it is important for investors to have information that provides insight into our sales. Revenue measures determined under U.S. GAAP provide information that is useful in this regard. However, both sales volume and currency effects impact period-over-period changes in sales revenue. We do not sell standardized units of products and services, so we cannot provide relevant information on sales volume by providing data on the changes in product and service units sold. To provide additional information that may be useful to investors in breaking down and evaluating changes in sales volume, we present information about our revenue and various values and components relating to operating income that are adjusted for foreign currency effects. We calculate constant currency year-over-year changes in revenue and operating income by translating foreign currencies using the average exchange rates from the previous (comparator) year instead of the report year.

We believe that data on constant currency period-over-period changes have limitations, particularly as the currency effects that are eliminated constitute a significant element of our revenues and expenses and may severely impact our performance. We therefore limit our use of constant currency period-over-period changes to the analysis of changes in volume as one element of the full change in a financial measure. We do not evaluate our results and performance without considering both constant currency period-over-period changes on the one hand and changes in revenues, expenses, income, or other measures of financial performance prepared in accordance with U.S. GAAP on the other. We caution the readers of this document to follow a similar approach by considering data on constant currency period-over-period changes only in addition to, and not as a substitute for or superior to, changes in revenues, expenses, income, or other measures of financial performance prepared in accordance with U.S. GAAP.


SAP AG (Registrant)
By:	/s/ Henning Kagermann
	Name:	Prof. Dr. Henning Kagermann
	Title:	Chairman and CEO

By:	/s/ Werner Brandt
	Name:	Dr. Werner Brandt
	Title:	CFO


	page
Financial Statements
Statements of Income		F1
Balance Sheets		F2
Statements of Cash Flow		F3

Supplementary Financial Information
Revenue by Region		F4
Stock-based Compensation		F5
Free Cash Flow		F5
Headcount		F5
Multi Quarter Overview		F6

Appendix
Explanation of Non-GAAP Measures		F7

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents


*SAP Reports Strong Growth in Software and Software Related Service Revenues*		Page 10


Yes o		No þ