SAP Announces Record Third-Quarter Results, Exceeds Euro 1 Billion In Third-Quarter Software Revenue
WALLDORF, Germany, Oct. 24, 2012 /PRNewswire/ --
- Third-Quarter 2012 Software Revenue Increased 17% to €1,026 Million (12% at Constant Currencies)
- Third-Quarter 2012 Non-IFRS Software and Software-Related Service Revenue Increased 19% to €3.21 Billion (13% at Constant Currencies)
- Triple-Digit Growth in Key Innovation Areas: Cloud, SAP HANA, Mobile
- Third-Quarter 2012 Non-IFRS Operating Profit Increased 10% to €1.24 Billion (4% at Constant Currencies)
- Year-over-Year Comparison of 2012 Third-Quarter IFRS Operating Profit and Operating Margin Impacted by Profit in Q3 2011 of €723 Million From the Reduction in the TomorrowNow Litigation Provision
- SAP Refines Full-Year Revenue Guidance and Includes the Expected Results of Ariba
SAP AG (NYSE: SAP) today announced its financial results for the third-quarter ended September 30, 2012.
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BUSINESS HIGHLIGHTS IN THE THIRD-QUARTER
SAP delivered double-digit growth in the third-quarter. SAP had a strong performance in the Americas and solid double digit growth in APJ. SAP performed well in EMEA compared to the tremendous performance in EMEA last year. Demand for SAP's new innovation categories continued across all regions. SAP HANA revenue was €83 million, putting the company on track to meet full-year expectations of at least €320 million. Mobile revenue was €48 million which keeps SAP on track to meet full-year expectations of €220 million. SAP's cloud momentum continued in the third-quarter: 12 months new and upsell subscription billings increased fourteenfold. Even when including SuccessFactors in SAP's 2011 numbers the growth is triple digit at 116%[1]. For SuccessFactors on a stand-alone basis, 12 month new and upsell subscription billings grew 92%. Non-IFRS cloud subscription and support revenue increased twentyfold to €80 million. SAP's core business also saw solid growth. Key industries such as retail, health sciences, manufacturing and energy as well as continued expansion of sales through SAP partners also contributed to the third-quarter results.
"Our innovation strategy continues to deliver world-class value and market leading performance," said Bill McDermott and Jim Hagemann Snabe, Co-CEOs. "With SAP, businesses are innovating, achieving operational excellence and driving growth. We are proud of our relentless customer focus and confident that we'll continue to outperform the competition."
"I am pleased with SAP's overall performance in the third-quarter. This is the 11th consecutive quarter of double-digit non-IFRS software and software related service revenue growth for SAP," said Werner Brandt, CFO. "We continued to invest in our cloud business in the third-quarter. We remain focused on operating discipline and remain confident in our full-year outlook."
| FINANCIAL RESULTS IN DETAIL |
|||||||
| FINANCIAL HIGHLIGHTS – Third-Quarter 2012 |
|||||||
| Third-Quarter 20121) |
|||||||
| IFRS |
Non-IFRS2) |
||||||
| € million, unless otherwise stated |
Q3 2012 |
Q3 2011 |
% change |
Q3 2012 |
Q3 2011 |
% change |
% change const. curr. |
| Software |
1,026 |
875 |
17 |
1,026 |
875 |
17 |
12 |
| Support |
2,105 |
1,812 |
16 |
2,106 |
1,813 |
16 |
10 |
| Cloud subscriptions and support |
63 |
4 |
1,475 |
80 |
4 |
1,900 |
1,700 |
| Software and software-related service revenue |
3,194 |
2,691 |
19 |
3,212 |
2,692 |
19 |
13 |
| Total revenue |
3,952 |
3,409 |
16 |
3,970 |
3,410 |
16 |
10 |
| Total operating expenses |
−3,031 |
−1,650 |
84 |
−2,731 |
−2,279 |
20 |
14 |
| - thereof TomorrowNow litigation |
−7 |
723 |
<-100 |
N/A |
N/A |
N/A |
N/A |
| Operating profit |
921 |
1,759 |
−48 |
1,239 |
1,131 |
10 |
4 |
| Operating margin (%) |
23.3 |
51.6 |
−28.3pp |
31.2 |
33.2 |
−2.0pp |
−2.1pp |
| Profit after tax |
618 |
1,251 |
−51 |
836 |
860 |
−3 |
|
| Basic earnings per share (€) |
0.52 |
1.05 |
−50 |
0.70 |
0.72 |
−3 |
|
| Number of employees (FTE) |
61,344 |
54,589 |
12 |
N/A |
N/A |
N/A |
N/A |
| 1) All figures are unaudited. |
| 2) For a detailed description of SAP's non-IFRS measures see Explanation of Non-IFRS Measures online. For a breakdown of the individual adjustments see page F8 in the appendix to this press release. |
IFRS software revenue was €1,026 million (2011: €875 million), an increase of 17% (12% at constant currencies). IFRS software and software-related service revenue was €3.19 billion (2011: €2.69 billion), an increase of 19%. Non-IFRS software and software-related service revenue was €3.21 billion (2011: €2.69 billion), an increase of 19% (13% at constant currencies). IFRS total revenue was €3.95 billion (2011: €3.41 billion), an increase of 16%. Non-IFRS total revenue was €3.97 billion (2011: €3.41 billion), an increase of 16% (10% at constant currencies).
In the third-quarter of 2011, the reduction of the provision for the TomorrowNow litigation resulted in a significant profit from our discontinued TomorrowNow activities. This had a 21.2 percentage point positive influence on our third-quarter 2011 IFRS operating margin. For this reason the 2012 and 2011 IFRS profit and margin numbers are not fully comparable.
IFRS operating profit was €921 million (2011: €1.76 billion), a decrease of 48%. Non-IFRS operating profit was €1.24 billion (2011: €1.13 billion), an increase of 10% (4% at constant currencies). IFRS operating margin was 23.3% (2011: 51.6%), a decrease of 28.3 percentage points. Non-IFRS operating margin was 31.2% (2011: 33.2%), or 31.1% at constant currencies, a decrease of 2.0 percentage points (a decrease of 2.1 percentage points at constant currencies).
Non-IFRS operating profit and non-IFRS operating margin for the third-quarter 2012 were impacted by the acquisition of SuccessFactors, which impacted the non-IFRS operating margin by approximately 100 basis points. In addition, headcount grew by almost 6,800 FTE's year over year, thereof 2,300 FTE's from acquisitions.
IFRS profit after tax was €618 million (2011: €1.25 billion), a decrease of 51%. Non-IFRS profit after tax was €836 million (2011: €860 million), a decrease of 3%. IFRS basic earnings per share was €0.52 (2011: €1.05), a decrease of 50%. Non-IFRS basic earnings per share was €0.70 (2011: €0.72), a decrease of 3%. The IFRS and non-IFRS effective tax rates in the third-quarter of 2012 were 24.8% (2011: 28.7%) and 26.7% (2011: 23.3%), respectively. Third-quarter profit after tax and EPS were negatively impacted by a €64 million or €0.05 per share expense related to the currency hedging of the purchase price for the recently closed Ariba acquisition.
| FINANCIAL HIGHLIGHTS – Nine Months 2012 |
|||||||
| Nine Months 20121) |
|||||||
| IFRS |
Non-IFRS2) |
||||||
| € million, unless otherwise stated |
9M 2012 |
9M 2011 |
% change |
9M 2012 |
9M 2011 |
% change |
% change const. curr. |
| Software |
2,722 |
2,328 |
17 |
2,722 |
2,328 |
17 |
12 |
| Support |
6,071 |
5,257 |
15 |
6,075 |
5,283 |
15 |
10 |
| Cloud subscriptions and support |
144 |
12 |
1,100 |
183 |
12 |
1,425 |
1,300 |
| Software and software-related service revenue |
8,937 |
7,597 |
18 |
8,980 |
7,623 |
18 |
13 |
| Total revenue |
11,200 |
9,733 |
15 |
11,243 |
9,759 |
15 |
10 |
| Total operating expenses |
−8,727 |
−6,520 |
34 |
−7,998 |
−6,830 |
17 |
13 |
| - thereof TomorrowNow litigation |
−1 |
711 |
<-100 |
N/A |
N/A |
N/A |
N/A |
| Operating profit |
2,473 |
3,213 |
−23 |
3,245 |
2,929 |
11 |
5 |
| Operating margin (%) |
22.1 |
33.0 |
−10.9pp |
28.9 |
30.0 |
−1.1pp |
−1.4pp |
| Profit after tax |
1,723 |
2,242 |
−23 |
2,249 |
2,091 |
8 |
|
| Basic earnings per share (€) |
1.45 |
1.88 |
−23 |
1.89 |
1.76 |
8 |
|
| Number of employees (FTE) |
61,344 |
54,589 |
12 |
N/A |
N/A |
N/A |
N/A |
| 1) All figures are unaudited. |
| 2) For a detailed description of SAP's non-IFRS measures see Explanation of Non-IFRS Measures online. For a breakdown of the individual adjustments see page F8 in the appendix to this press release. |
IFRS software revenue was €2.72 billion (2011: €2.33 billion), an increase of 17% (12% at constant currencies). IFRS software and software-related service revenue was €8.94 billion (2011: €7.60 billion), an increase of 18%. Non-IFRS software and software-related service revenue was €8.98 billion (2011: €7.62 billion), an increase of 18% (13% at constant currencies). IFRS total revenue was €11.20 billion (2011: €9.73 billion), an increase of 15%. Non-IFRS total revenue was €11.24 billion (2011: €9.76 billion), an increase of 15% (10% at constant currencies).
For the first nine months ended September 30, 2011, the reduction of the provision for the TomorrowNow litigation resulted in a significant profit from our discontinued TomorrowNow activities. This had a 7.3 percentage point positive influence on our nine months ended September 30, 2011 IFRS operating margin. For this reason the 2012 and 2011 IFRS profit and margin numbers are not fully comparable.
IFRS operating profit was €2.47 billion (2011: €3.21 billion), a decrease of 23%. Non-IFRS operating profit was €3.25 billion (2011: €2.93 billion), an increase of 11% (5% at constant currencies). IFRS operating margin was 22.1% (2011: 33.0%), a decrease of 10.9 percentage points. Non-IFRS operating margin was 28.9% (2011: 30.0%), or 28.6% at constant currencies, a decrease of 1.1 percentage points (a decrease of 1.4 percentage points at constant currencies).
IFRS profit after tax was €1.72 billion (2011: €2.24 million), a decrease of 23%. Non-IFRS profit after tax was €2.25 billion (2011: €2.09 billion), an increase of 8%. IFRS basic earnings per share was €1.45 (2011: €1.88), a decrease of 23%. Non-IFRS basic earnings per share was €1.89 (2011: €1.76), an increase of 8%. The IFRS and non-IFRS effective tax rates in the first nine months of 2012 were 24.9% (2011: 28.7%) and 26.7% (2011:26.7%), respectively.
Operating cash flow was €3.06 billion (2011: €2.97 billion), an increase of 3%. Free cash flow was €2.69 billion (2011: €2.64 billion), an increase of 2%. Free cash flow was 24% of total revenue (2011: 27%). At September 30, 2012, SAP had a total group liquidity of €3.93 billion (December 31, 2011: €5.60 billion), which includes cash and cash equivalents and short term investments. Net liquidity at September 30, 2012 was €278 million compared to €1.64 billion at December 31, 2011. This decrease in net liquidity was primarily the result of the annual shareholder dividend payment and the acquisition of SuccessFactors in the first nine months of 2012.
CHANGE IN SEGMENT REPORTING
Following its increased focus on the cloud business, in the third-quarter 2012 SAP changed both the structure of the components that the SAP management uses to make decisions about operating matters and the main profit measure used for the purposes of allocating resources to these components and measuring their performance. SAP now has two divisions – 'On Premise' and 'Cloud' which are further divided into operating segments. The On Premise division is comprised of two operating segments: 'On Premise Products' and 'On Premise Services'. In the third-quarter 2012, SAP's Cloud division was comprised of one operating segment: 'Cloud Applications'. Following the acquisition of Ariba SAP intends to establish a second operating segment in the Cloud Division, mainly consisting of the acquired Ariba business. Please see link to a Webinar at SAP's webpage for more information.
BUSINESS OUTLOOK
The Company is providing the following outlook for the full-year 2012, which has changed from the previous outlook provided on July 24, 2012. The Company has refined the outlook for non-IFRS software and software-related service revenue at constant currencies and has included Ariba's expected revenue and profit contribution from the acquisition date (October 1, 2012) to year end:
- Including Ariba, the Company now expects full-year 2012 non-IFRS software and software-related service revenue to increase in a range of 10.5% – 12.5% at constant currencies (2011: €11.35 billion). This includes a combined contribution of approximately 2.5 percentage points from SuccessFactors and Ariba. The respective outlook provided in July which did not yet consider Ariba, was 10.0% – 12.0%.
- Assuming that the macroeconomic environment does not deteriorate the Company expects to reach the upper end of the 10.5% - 12.5% non-IFRS software and software-related service revenue growth range (at constant currencies).
- The Company continues to expect full-year 2012 non-IFRS operating profit to be in a range of €5.05 billion – €5.25 billion at constant currencies (2011: €4.71 billion). Full-year 2012 non-IFRS operating profit excluding SuccessFactors and Ariba is expected to be in a similar range. The outlook is unchanged from the outlook given in July.
- The Company still projects a full-year 2012 IFRS effective tax rate of 26.5% – 27.5% (2011: 27.9%) and a non-IFRS effective tax rate of 27.0% – 28.0% (2011: 26.6%). The outlook is unchanged from the outlook given in July.
Additional Information
As of February 21, 2012 revenue, profit and cash flow figures include the revenue, profits and cash flows from SuccessFactors. For the prior-year period those numbers were not included. These results do not include any impact from the Ariba acquisition which closed on October 1, 2012.
TomorrowNow litigation update: Oracle, after the trial judge issued an order on September 1, 2011, filed a motion seeking an early appeal from the ruling vacating the jury's damages award, which was denied by the judge. Consequently, Oracle elected to proceed with a new trial. In lieu of a new trial, the parties stipulated to a judgment in the amount of $306 million, while each preserving all rights for appeal. SAP remains determined to work through the legal process to bring this case to resolution. Please see SAP's third-quarter 2012 interim report for more details.
We have updated our non-IFRS estimates for the full-year 2012. For the updated estimates please see SAP's third-quarter 2012 interim report. For a more detailed description of all of SAP's non-IFRS measures and their limitations as well as our constant currency and free cash flow figures see Explanation of Non-IFRS Measures online.
Third-Quarter 2012 Interim Report
SAP's Third-Quarter 2012 Interim Report was published today and is available for download at www.sap.com/investor. The interim report includes an update on SAP's sustainability performance.
Webcast
SAP senior management will host a conference call for financial analysts and investors on Wednesday, October 24th at 2:00 PM (CET) / 1:00 PM (GMT) / 8:00 AM (EDT) / 5:00 AM (PDT). The conference call will be web cast live on the Company's website at www.sap.com/investor and will be available for replay.
[1] This growth rate is a pro forma growth rate assuming that the acquisition of SuccessFactors was completed as of January 1, 2011.
About SAP
As market leader in enterprise application software, SAP (NYSE: SAP) helps companies of all sizes and industries run better. From back office to boardroom, warehouse to storefront, desktop to mobile device – SAP empowers people and organizations to work together more efficiently and use business insight more effectively to stay ahead of the competition. SAP applications and services enable more than 197,000 customers to operate profitably, adapt continuously, and grow sustainably. For more information, visit www.sap.com.
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Appendix – Financial Information to Follow
| FINANCIAL INFORMATION |
||
| FOR THE THIRD-QUARTER 2012 |
||
| (Condensed and Unaudited) |
||
| Page |
||
| Financial Statements (IFRS) |
||
| Income Statements - Quarter |
F1 |
|
| Income Statements – Nine Months |
F2 |
|
| Statements of Financial Position |
F3-F4 |
|
| Statements of Cash Flows |
F5 |
|
| Supplementary Financial Information |
||
| Reconciliations from Non-IFRS Numbers to IFRS Numbers |
F6-F7 |
|
| Non-IFRS Adjustments |
F8 |
|
| Revenue by Region |
F9-F10 |
|
| Financial Statements (IFRS) |
||||
| Consolidated Income Statements |
||||
| For the three months ended September 30 |
||||
| € millions, unless otherwise stated |
2012 |
2011 |
Change in % |
|
| Software |
1,026 |
875 |
17 |
|
| Support |
2,105 |
1,812 |
16 |
|
| Cloud subscriptions and support |
63 |
4 |
1,475 |
|
| Software and software-related service revenue |
3,194 |
2,691 |
19 |
|
| Consulting |
616 |
578 |
7 |
|
| Other services |
142 |
140 |
1 |
|
| Professional services and other service revenue |
758 |
718 |
6 |
|
| Total revenue |
3,952 |
3,409 |
16 |
|
| Cost of software and software-related services |
−638 |
−513 |
24 |
|
| Cost of professional services and other services |
−619 |
−537 |
15 |
|
| Total cost of revenue |
−1,257 |
−1,050 |
20 |
|
| Gross profit |
2,695 |
2,359 |
14 |
|
| Research and development |
−547 |
−436 |
25 |
|
| Sales and marketing |
−984 |
−721 |
36 |
|
| General and administration |
−232 |
−168 |
38 |
|
| Restructuring |
−4 |
−1 |
>100 |
|
| TomorrowNow litigation |
−7 |
723 |
<-100 |
|
| Other operating income/expense, net |
0 |
3 |
−100 |
|
| Total operating expenses |
−3,031 |
−1,650 |
84 |
|
| Operating profit |
921 |
1,759 |
−48 |
|
| Other non-operating income/expense, net |
−92 |
0 |
N/A |
|
| Finance income |
34 |
29 |
17 |
|
| Finance Cost TomorrowNow litigation |
0 |
7 |
−100 |
|
| Other finance costs |
−41 |
−38 |
8 |
|
| Finance costs |
−41 |
−31 |
32 |
|
| Financial income, net |
−7 |
−2 |
>100 |
|
| Profit before tax |
822 |
1,757 |
−53 |
|
| Income tax TomorrowNow litigation |
2 |
−276 |
<-100 |
|
| Other income tax expense |
−206 |
−229 |
−10 |
|
| Income tax expense |
−204 |
−505 |
−60 |
|
| Profit after tax |
618 |
1,251 |
−51 |
|
| Profit attributable to non-controlling interests |
0 |
0 |
0 |
|
| Profit attributable to owners of parent |
618 |
1,251 |
−51 |
|
| Basic earnings per share, in €* |
0.52 |
1.05 |
−50 |
|
| Diluted earnings per share, in €* |
0.52 |
1.05 |
−50 |
|
| * For the three months ended September 30, 2012 and 2011, the weighted average number of shares was 1,192 million (diluted 1,193 million) and 1,190 million (diluted: 1,190 million), respectively (treasury stock excluded). |
| F1 |
| Consolidated Income Statements |
|||
| For the nine months ended September 30 |
|||
| € millions, unless otherwise stated |
2012 |
2011 |
Change in % |
| Software |
2,722 |
2,328 |
17 |
| Support |
6,071 |
5,257 |
15 |
| Cloud subscriptions and support |
144 |
12 |
1,100 |
| Software and software-related service revenue |
8,937 |
7,597 |
18 |
| Consulting |
1,830 |
1,726 |
6 |
| Other services |
433 |
410 |
6 |
| Professional services and other service revenue |
2,263 |
2,136 |
6 |
| Total revenue |
11,200 |
9,733 |
15 |
| Cost of software and software-related services |
−1,743 |
−1,503 |
16 |
| Cost of professional services and other services |
−1,888 |
−1,672 |
13 |
| Total cost of revenue |
−3,631 |
−3,175 |
14 |
| Gross profit |
7,569 |
6,558 |
15 |
| Research and development |
−1,638 |
−1,402 |
17 |
| Sales and marketing |
−2,786 |
−2,140 |
30 |
| General and administration |
−664 |
−515 |
29 |
| Restructuring |
−8 |
−2 |
>100 |
| TomorrowNow litigation |
−1 |
711 |
<-100 |
| Other operating income/expense, net |
1 |
3 |
−67 |
| Total operating expenses |
−8,727 |
−6,520 |
34 |
| Operating profit |
2,473 |
3,213 |
−23 |
| Other non-operating income/expense, net |
−145 |
−34 |
>100 |
| Finance income |
86 |
78 |
10 |
| Finance costs TomorrowNow litigation |
−1 |
7 |
<-100 |
| Other finance costs |
−118 |
−119 |
−1 |
| Finance costs |
−119 |
−112 |
6 |
| Financial income, net |
−33 |
−34 |
−3 |
| Profit before tax |
2,295 |
3,145 |
−27 |
| Income tax TomorrowNow litigation |
1 |
−276 |
<-100 |
| Other income tax expense |
−573 |
−626 |
−8 |
| Income tax expense |
−572 |
−902 |
−37 |
| Profit after tax |
1,723 |
2,242 |
−23 |
| Profit attributable to non-controlling interests |
0 |
1 |
−100 |
| Profit attributable to owners of parent |
1,723 |
2,241 |
−23 |
| Basic earnings per share, in €* |
1.45 |
1.88 |
−23 |
| Diluted earnings per share, in €* |
1.45 |
1.88 |
−23 |
| * For the nine months ended September 30, 2012 and 2011, the weighted average number of shares was 1,191 million (diluted 1,192 million) and 1,189 million (diluted: 1,190 million), respectively (treasury stock excluded). |
| Due to rounding, numbers may not add up precisely. |
| F2 |
| Consolidated Statements of Financial Position |
|||
| As at September 30, 2012, and December 31, 2011 |
|||
| € millions |
2012 |
2011 |
|
| Cash and cash equivalents |
3,926 |
4,965 |
|
| Other financial assets |
181 |
817 |
|
| Trade and other receivables |
2,962 |
3,493 |
|
| Other non-financial assets |
354 |
187 |
|
| Tax assets |
233 |
207 |
|
| Total current assets |
7,656 |
9,669 |
|
| Goodwill |
11,015 |
8,711 |
|
| Intangible assets |
2,527 |
2,024 |
|
| Property, plant, and equipment |
1,632 |
1,551 |
|
| Other financial assets |
596 |
538 |
|
| Trade and other receivables |
88 |
84 |
|
| Other non-financial assets |
53 |
39 |
|
| Tax assets |
165 |
146 |
|
| Deferred tax assets |
600 |
465 |
|
| Total non-current assets |
16,676 |
13,558 |
|
| Total assets |
24,332 |
23,227 |
|
| F3 |
|||
| € millions |
2012 |
2011 |
|
| Trade and other payables |
835 |
937 |
|
| Tax liabilities |
417 |
409 |
|
| Financial liabilities |
1,808 |
1,331 |
|
| Other non-financial liabilities |
1,480 |
1,981 |
|
| Provision TomorrowNow litigation |
240 |
231 |
|
| Other provisions |
591 |
331 |
|
| Provisions |
831 |
562 |
|
| Deferred income |
2,032 |
1,046 |
|
| Total current liabilities |
7,403 |
6,266 |
|
| Trade and other payables |
52 |
43 |
|
| Tax liabilities |
425 |
408 |
|
| Financial liabilities |
2,119 |
2,925 |
|
| Other non-financial liabilities |
102 |
92 |
|
| Provisions |
312 |
268 |
|
| Deferred tax liabilities |
561 |
474 |
|
| Deferred income |
49 |
44 |
|
| Total non-current liabilities |
3,620 |
4,254 |
|
| Total liabilities |
11,023 |
10,520 |
|
| Issued capital |
1,228 |
1,228 |
|
| Share premium |
471 |
419 |
|
| Retained earnings |
12,880 |
12,466 |
|
| Other components of equity |
61 |
−37 |
|
| Treasury shares |
−1,340 |
−1,377 |
|
| Equity attributable to owners of parent |
13,300 |
12,699 |
|
| Non-controlling interests |
9 |
8 |
|
| Total equity |
13,309 |
12,707 |
|
| Equity and liabilities |
24,332 |
23,227 |
|
| F4 |
|||
| Consolidated Statements of Cash Flows |
||
| For the nine months ended September 30 |
||
| € millions |
2012 |
2011 |
| Profit after tax |
1,723 |
2,242 |
| Adjustments to reconcile profit after taxes to net cash provided by operating activities: |
||
| Depreciation and amortization |
622 |
536 |
| Income tax expense |
572 |
902 |
| Financial income, net |
33 |
34 |
| Decrease/increase in sales and bad debt allowances on trade receivables |
18 |
0 |
| Other adjustments for non-cash items |
28 |
32 |
| Decrease/increase in trade receivables |
588 |
473 |
| Decrease/increase in other assets |
−109 |
−58 |
| Decrease/increase in trade payables, provisions and other liabilities |
−345 |
−1,184 |
| Decrease/increase in deferred income |
820 |
667 |
| Cash outflows due to TomorrowNow litigation |
−8 |
−32 |
| Interest paid |
−135 |
−109 |
| Interest received |
67 |
65 |
| Income taxes paid, net of refunds |
−817 |
−602 |
| Net cash flows from operating activities |
3,057 |
2,966 |
| Business combinations, net of cash and cash equivalents acquired |
−2,731 |
−66 |
| Cash payments for derivative instruments related to business combinations |
−26 |
0 |
| Total cash outflows for business combinations, net of cash and cash equivalents acquired |
−2,757 |
−66 |
| Purchase of intangible assets and property, plant, and equipment |
−370 |
−329 |
| Proceeds from sales of intangible assets or property, plant, and equipment |
30 |
26 |
| Purchase of equity or debt instruments of other entities |
−905 |
−1,560 |
| Proceeds from sales of equity or debt instruments of other entities |
1,517 |
518 |
| Net cash flows from investing activities |
−2,485 |
−1,411 |
| Purchase of non-controlling interests |
0 |
−24 |
| Dividends paid |
−1,310 |
−713 |
| Purchase of treasury shares |
−53 |
−158 |
| Proceeds from reissuance of treasury shares |
83 |
170 |
| Proceeds from issuing shares (share-based compensation) |
15 |
34 |
| Proceeds from borrowings |
1,000 |
519 |
| Repayments of borrowings |
−1,313 |
−1,005 |
| Net cash flows from financing activities |
−1,578 |
−1,177 |
| Effect of foreign exchange rates on cash and cash equivalents |
−33 |
15 |
| Net decrease/increase in cash and cash equivalents |
−1,039 |
393 |
| Cash and cash equivalents at the beginning of the period |
4,965 |
3,518 |
| Cash and cash equivalents at the end of the period |
3,926 |
3,911 |
| F5 |
||
| SUPPLEMENTARY FINANCIAL INFORMATION |
|||||||||||
| (UNAUDITED) |
|||||||||||
| RECONCILIATION FROM NON-IFRS NUMBERS TO IFRS NUMBERS |
|||||||||||
| The following tables present a reconciliation from our non-IFRS numbers (including our non-IFRS at constant currency numbers) to the respective most comparable IFRS numbers. Note: Our non-IFRS numbers are not prepared under a comprehensive set of accounting rules or principles. |
|||||||||||
| for the three months ended September 30 |
|||||||||||
| € millions, unless otherwise stated |
2012 |
2011 |
Change in % |
||||||||
| IFRS |
Adj.* |
Non- IFRS* |
Currency impact** |
Non-IFRS constant currency** |
IFRS |
Adj.* |
Non- IFRS* |
IFRS |
Non-IFRS* |
Non-IFRS constant currency** |
|
| Revenue Numbers |
|||||||||||
| Software |
1,026 |
0 |
1,026 |
−45 |
981 |
875 |
0 |
875 |
17 |
17 |
12 |
| Support |
2,105 |
1 |
2,106 |
−108 |
1,998 |
1,812 |
1 |
1,813 |
16 |
16 |
10 |
| Cloud subscriptions and support |
63 |
17 |
80 |
−8 |
72 |
4 |
0 |
4 |
1,475 |
1,900 |
1,700 |
| Software and software-related service revenue |
3,194 |
18 |
3,212 |
−161 |
3,051 |
2,691 |
1 |
2,692 |
19 |
19 |
13 |
| Consulting |
616 |
0 |
616 |
−35 |
581 |
578 |
0 |
578 |
7 |
7 |
1 |
| Other services |
142 |
0 |
142 |
−6 |
136 |
140 |
0 |
140 |
1 |
1 |
−3 |
| Professional services and other service revenue |
758 |
0 |
758 |
−41 |
717 |
718 |
0 |
718 |
6 |
6 |
0 |
| Total revenue |
3,952 |
18 |
3,970 |
−202 |
3,768 |
3,409 |
1 |
3,410 |
16 |
16 |
10 |
| Cost of software and software- related services |
−638 |
106 |
−532 |
−513 |
70 |
−443 |
24 |
20 |
|||
| Cost of professional services and other services |
−619 |
43 |
−576 |
−537 |
3 |
−534 |
15 |
8 |
|||
| Total cost of revenue |
−1,257 |
149 |
−1,108 |
−1,050 |
73 |
−977 |
20 |
13 |
|||
| Gross profit |
2,695 |
167 |
2,862 |
2,359 |
74 |
2,433 |
14 |
18 |
|||
| Research and development |
−547 |
29 |
−518 |
−436 |
−4 |
−440 |
25 |
18 |
|||
| Sales and marketing |
−984 |
67 |
−917 |
−721 |
19 |
−702 |
36 |
31 |
|||
| General and administration |
−232 |
44 |
−188 |
−168 |
5 |
−163 |
38 |
15 |
|||
| Restructuring |
−4 |
4 |
0 |
−1 |
1 |
0 |
>100 |
0 |
|||
| TomorrowNow litigation |
−7 |
7 |
0 |
723 |
−723 |
0 |
<-100 |
0 |
|||
| Other operating income/expense, net |
0 |
0 |
0 |
3 |
0 |
3 |
−100 |
−100 |
|||
| Total operating expenses |
−3,031 |
300 |
−2,731 |
135 |
−2,596 |
−1,650 |
−629 |
−2,279 |
84 |
20 |
14 |
| Operating profit |
921 |
318 |
1,239 |
−67 |
1,172 |
1,759 |
−628 |
1,131 |
−48 |
10 |
4 |
| Other non-operating income/expense, net |
−92 |
0 |
−92 |
0 |
0 |
0 |
N/A |
N/A |
|||
| Finance income |
34 |
0 |
34 |
29 |
0 |
29 |
17 |
17 |
|||
| Finance Cost TomorrowNow litigation |
0 |
0 |
0 |
7 |
−7 |
0 |
−100 |
0 |
|||
| Other finance costs |
−41 |
0 |
−41 |
−38 |
0 |
−38 |
8 |
8 |
|||
| Finance costs |
−41 |
0 |
−41 |
−31 |
−7 |
−38 |
32 |
8 |
|||
| Financial income, net |
−7 |
0 |
−7 |
−2 |
−7 |
−9 |
>100 |
−22 |
|||
| Profit before tax |
822 |
318 |
1,140 |
1,757 |
−635 |
1,122 |
−53 |
2 |
|||
| Income tax TomorrowNow litigation |
2 |
−2 |
0 |
−276 |
276 |
0 |
<-100 |
N/A |
|||
| Other income tax expense |
−206 |
−98 |
−304 |
−229 |
−32 |
−261 |
−10 |
16 |
|||
| Income tax expense |
−204 |
−100 |
−304 |
−505 |
244 |
−261 |
−60 |
16 |
|||
| Profit after tax |
618 |
218 |
836 |
1,251 |
−391 |
860 |
−51 |
−3 |
|||
| Profit attributable to non-controlling interests |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|||
| Profit attributable to owners of parent |
618 |
218 |
836 |
1,251 |
−391 |
860 |
−51 |
−3 |
|||
| Key Ratios |
|||||||||||
| Operating margin in % |
23.3 |
31.2 |
31.1 |
51.6 |
33.2 |
−28.3pp |
−2.0pp |
−2.1pp |
|||
| Effective tax rate in % |
24.8 |
26.7 |
28.7 |
23.3 |
−3.9pp |
3.4pp |
|||||
| Basic earnings per share, in €* |
0.52 |
0.70 |
1.05 |
0.72 |
−50 |
−3 |
|||||
| F6 |
|||||||||||
| for the nine months ended September 30 |
|||||||||||
| € millions, unless otherwise stated |
2012 |
2011 |
Change in % |
||||||||
| IFRS |
Adj.* |
Non- IFRS* |
Currency impact** |
Non-IFRS constant currency** |
IFRS |
Adj.* |
Non- IFRS* |
IFRS |
Non-IFRS* |
Non-IFRS constant currency** |
|
| Revenue Numbers |
|||||||||||
| Software |
2,722 |
0 |
2,722 |
−122 |
2,600 |
2,328 |
0 |
2,328 |
17 |
17 |
12 |
| Support |
6,071 |
4 |
6,075 |
−245 |
5,830 |
5,257 |
26 |
5,283 |
15 |
15 |
10 |
| Cloud subscriptions and support |
144 |
39 |
183 |
−15 |
168 |
12 |
0 |
12 |
1,100 |
1,425 |
1,300 |
| Software and software-related service revenue |
8,937 |
43 |
8,980 |
−382 |
8,598 |
7,597 |
26 |
7,623 |
18 |
18 |
13 |
| Consulting |
1,830 |
0 |
1,830 |
−81 |
1,749 |
1,726 |
0 |
1,726 |
6 |
6 |
1 |
| Other services |
433 |
0 |
433 |
−15 |
418 |
410 |
0 |
410 |
6 |
6 |
2 |
| Professional services and other service revenue |
2,263 |
0 |
2,263 |
−96 |
2,167 |
2,136 |
0 |
2,136 |
6 |
6 |
1 |
| Total revenue |
11,200 |
43 |
11,243 |
−478 |
10,765 |
9,733 |
26 |
9,759 |
15 |
15 |
10 |
| Cost of software and software- related services |
−1,743 |
253 |
−1,490 |
−1,503 |
216 |
−1,287 |
16 |
16 |
|||
| Cost of professional services and other services |
−1,888 |
108 |
−1,780 |
−1,672 |
28 |
−1,644 |
13 |
8 |
|||
| Total cost of revenue |
−3,631 |
361 |
−3,270 |
−3,175 |
244 |
−2,931 |
14 |
12 |
|||
| Gross profit |
7,569 |
404 |
7,973 |
6,558 |
270 |
6,828 |
15 |
17 |
|||
| Research and development |
−1,638 |
97 |
−1,541 |
−1,402 |
36 |
−1,366 |
17 |
13 |
|||
| Sales and marketing |
−2,786 |
177 |
−2,609 |
−2,140 |
96 |
−2,044 |
30 |
28 |
|||
| General and administration |
−664 |
85 |
−579 |
−515 |
23 |
−492 |
29 |
18 |
|||
| Restructuring |
−8 |
8 |
0 |
−2 |
2 |
0 |
>100 |
0 |
|||
| TomorrowNow litigation |
−1 |
1 |
0 |
711 |
−711 |
0 |
<-100 |
0 |
|||
| Other operating income/expense, net |
1 |
0 |
1 |
3 |
0 |
3 |
−67 |
−67 |
|||
| Total operating expenses |
−8,727 |
729 |
−7,998 |
307 |
−7,691 |
−6,520 |
−310 |
−6,830 |
34 |
17 |
13 |
| Operating profit |
2,473 |
772 |
3,245 |
−171 |
3,074 |
3,213 |
−284 |
2,929 |
−23 |
11 |
5 |
| Other non-operating income/expense, net |
−145 |
0 |
−145 |
−34 |
0 |
−34 |
>100 |
>100 |
|||
| Finance income |
86 |
0 |
86 |
78 |
0 |
78 |
10 |
10 |
|||
| Finance costs TomorrowNow litigation |
−1 |
1 |
0 |
7 |
−7 |
0 |
<-100 |
N/A |
|||
| Other finance costs |
−118 |
0 |
−118 |
−119 |
0 |
−119 |
−1 |
−1 |
|||
| Finance costs |
−119 |
1 |
−118 |
−112 |
−7 |
−119 |
6 |
−1 |
|||
| Financial income, net |
−33 |
1 |
−32 |
−34 |
−7 |
−41 |
−3 |
−22 |
|||
| Profit before tax |
2,295 |
773 |
3,068 |
3,145 |
−291 |
2,854 |
−27 |
7 |
|||
| Income tax TomorrowNow litigation |
1 |
−1 |
0 |
−276 |
276 |
0 |
<-100 |
N/A |
|||
| Other income tax expense |
−573 |
−246 |
−819 |
−626 |
−136 |
−762 |
−8 |
7 |
|||
| Income tax expense |
−572 |
−247 |
−819 |
−902 |
140 |
−762 |
−37 |
7 |
|||
| Profit after tax |
1,723 |
526 |
2,249 |
2,242 |
−151 |
2,091 |
−23 |
8 |
|||
| Profit attributable to non-controlling interests |
0 |
0 |
0 |
1 |
1 |
2 |
−100 |
−100 |
|||
| Profit attributable to owners of parent |
1,723 |
526 |
2,249 |
2,241 |
−152 |
2,089 |
−23 |
8 |
|||
| Key Ratios |
|||||||||||
| Operating margin in % |
22.1 |
28.9 |
28.6 |
33.0 |
30.0 |
−10.9pp |
−1.1pp |
−1.4pp |
|||
| Effective tax rate in % |
24.9 |
26.7 |
28.7 |
26.7 |
−3.8pp |
0 |
|||||
| Basic earnings per share, in €* |
1.45 |
1.89 |
1.88 |
1.76 |
−23 |
8 |
|||||
| * Adjustments in the revenue line items are for support revenue, cloud subscription revenue, and other similarly recurring revenues that entities acquired by SAP would have recognized had they remained stand-alone entities but that SAP is not permitted to recognize as revenue under IFRS as a result of business combination accounting rules. Adjustments in the operating expense line items are for acquisition-related charges, share-based compensation expenses, restructuring expenses and discontinued activities. |
| ** Constant currency revenue and operating income figures are calculated by translating revenue and operating income of the current period using the average exchange rates from the previous year's respective period instead of the current period. Constant currency period-over-period changes are calculated by comparing the current year's non-IFRS constant currency numbers with the non-IFRS number of the previous year's respective period. |
| Due to rounding, numbers may not add up precisely. |
| F7 |
| NON-IFRS ADJUSTMENTS |
||||
| € millions, unless otherwise stated |
7/1/ - 9/30/2012 |
1/1/ - 9/30/2012 |
7/1/ - 9/30/2011 |
1/1/ - 9/30/2011 |
| Software and software-related service revenue (IFRS) |
3,194 |
8,937 |
2,691 |
7,597 |
| Adjustment for deferred revenue write-down |
18 |
43 |
1 |
26 |
| Software and software-related service revenue (Non-IFRS) |
3,212 |
8,980 |
2,692 |
7,623 |
| Operating profit (IFRS) |
921 |
2,473 |
1,759 |
3,213 |
| Revenue Adjustments (per above) |
18 |
43 |
1 |
26 |
| Adjustment for discontinued activities |
7 |
1 |
−723 |
−711 |
| Adjustment for acquisition-related charges |
137 |
387 |
110 |
333 |
| Adjustment for stock-based compensation expenses |
152 |
333 |
−17 |
66 |
| Adjustment for restructuring |
4 |
8 |
1 |
2 |
| Operating expense adjustments |
300 |
729 |
−629 |
−310 |
| Operating profit adjustments |
318 |
772 |
−628 |
−284 |
| Operating profit (Non-IFRS) |
1,239 |
3,245 |
1,131 |
2,929 |
| Profit after tax (IFRS) |
618 |
1,723 |
1,251 |
2,242 |
| Revenue adjustments (per above) |
18 |
43 |
1 |
26 |
| Operating profit adjustments (per above) |
300 |
729 |
−629 |
−310 |
| Financial income, net adjustments |
0 |
1 |
−7 |
−7 |
| Adjustments pre-tax |
318 |
773 |
−635 |
−291 |
| Taxes on adjustments |
−100 |
−247 |
244 |
140 |
| Profit after tax (Non-IFRS) |
836 |
2,249 |
860 |
2,091 |
| Due to rounding, numbers may not add up precisely. |
||||
| F8 |
||||
| REVENUE BY REGION |
|||||||||||
| The following tables present our IFRS and non-IFRS revenue by region. Software revenue by region is based on location of negotiation whereas software and software-related service revenue by region and total revenue by region are based on customer location. The tables also present a reconciliation from our non-IFRS revenue (including our non-IFRS revenue at constant currency) to the respective most comparable IFRS revenue. Note: Our non-IFRS revenues are not prepared under a comprehensive set of accounting rules or principles. |
|||||||||||
| for the three months ended September 30 |
|||||||||||
| € millions |
2012 |
2011 |
Change in % |
||||||||
| IFRS |
Adj.* |
Non- IFRS* |
Currency impact** |
Non-IFRS constant currency** |
IFRS |
Adj.* |
Non- IFRS* |
IFRS |
Non- IFRS* |
Non-IFRS constant currency** |
|
| Software revenue by region |
|||||||||||
| EMEA |
374 |
0 |
374 |
−6 |
368 |
376 |
0 |
376 |
−1 |
−1 |
−2 |
| Americas |
458 |
0 |
458 |
−28 |
430 |
334 |
0 |
334 |
37 |
37 |
29 |
| APJ |
194 |
0 |
194 |
−11 |
183 |
165 |
0 |
165 |
18 |
18 |
11 |
| Software revenue |
1,026 |
0 |
1,026 |
−45 |
981 |
875 |
0 |
875 |
17 |
17 |
12 |
| Software and software-related service revenue by region |
|||||||||||
| Germany |
438 |
0 |
438 |
0 |
438 |
420 |
0 |
420 |
4 |
4 |
4 |
| Rest of EMEA |
957 |
0 |
957 |
−17 |
940 |
897 |
0 |
897 |
7 |
7 |
5 |
| Total EMEA |
1,395 |
0 |
1,395 |
−17 |
1,378 |
1,316 |
0 |
1,316 |
6 |
6 |
5 |
| United States |
921 |
18 |
939 |
−95 |
844 |
680 |
1 |
681 |
35 |
38 |
24 |
| Rest of Americas |
326 |
0 |
326 |
−8 |
318 |
258 |
0 |
258 |
26 |
26 |
23 |
| Total Americas |
1,247 |
18 |
1,265 |
−103 |
1,162 |
938 |
1 |
939 |
33 |
35 |
24 |
| Japan |
174 |
0 |
174 |
−16 |
158 |
137 |
0 |
137 |
27 |
27 |
15 |
| Rest of APJ |
377 |
0 |
377 |
−24 |
353 |
300 |
0 |
300 |
26 |
26 |
18 |
| Total APJ |
552 |
0 |
552 |
−41 |
511 |
437 |
0 |
437 |
26 |
26 |
17 |
| Software and software-related service revenue |
3,194 |
18 |
3,212 |
−161 |
3,051 |
2,691 |
1 |
2,692 |
19 |
19 |
13 |
| Total revenue by region |
|||||||||||
| Germany |
575 |
0 |
575 |
0 |
575 |
577 |
0 |
577 |
0 |
0 |
0 |
| Rest of EMEA |
1,142 |
0 |
1,142 |
−21 |
1,121 |
1,086 |
0 |
1,086 |
5 |
5 |
3 |
| Total EMEA |
1,716 |
0 |
1,716 |
−21 |
1,695 |
1,663 |
0 |
1,663 |
3 |
3 |
2 |
| United States |
1,152 |
18 |
1,170 |
−121 |
1,049 |
888 |
1 |
889 |
30 |
32 |
18 |
| Rest of Americas |
423 |
0 |
423 |
−12 |
411 |
334 |
0 |
334 |
27 |
27 |
23 |
| Total Americas |
1,575 |
18 |
1,593 |
−133 |
1,460 |
1,222 |
1 |
1,223 |
29 |
30 |
19 |
| Japan |
197 |
0 |
197 |
−18 |
179 |
158 |
0 |
158 |
25 |
25 |
13 |
| Rest of APJ |
463 |
0 |
463 |
−29 |
434 |
366 |
0 |
366 |
27 |
27 |
19 |
| Total APJ |
661 |
0 |
661 |
−48 |
613 |
524 |
0 |
524 |
26 |
26 |
17 |
| Total revenue |
3,952 |
18 |
3,970 |
−202 |
3,768 |
3,409 |
1 |
3,410 |
16 |
16 |
10 |
| F9 |
|||||||||||
| for the nine months ended September 30 |
|||||||||||
| € millions |
2012 |
2011 |
Change in % |
||||||||
| IFRS |
Adj.* |
Non- IFRS* |
Currency impact** |
Non-IFRS constant currency** |
IFRS |
Adj.* |
Non- IFRS* |
IFRS |
Non- IFRS* |
Non-IFRS constant currency** |
|
| Software revenue by region |
|||||||||||
| EMEA |
1,069 |
0 |
1,069 |
−13 |
1,056 |
987 |
0 |
987 |
8 |
8 |
7 |
| Americas |
1,131 |
0 |
1,131 |
−76 |
1,055 |
909 |
0 |
909 |
24 |
24 |
16 |
| APJ |
522 |
0 |
522 |
−33 |
489 |
432 |
0 |
432 |
21 |
21 |
13 |
| Software revenue |
2,722 |
0 |
2,722 |
−122 |
2,600 |
2,328 |
0 |
2,328 |
17 |
17 |
12 |
| Software and software-related service revenue by region |
|||||||||||
| Germany |
1,245 |
1 |
1,246 |
−1 |
1,245 |
1,148 |
0 |
1,148 |
8 |
9 |
8 |
| Rest of EMEA |
2,845 |
1 |
2,846 |
−43 |
2,803 |
2,544 |
7 |
2,551 |
12 |
12 |
10 |
| Total EMEA |
4,090 |
2 |
4,092 |
−44 |
4,048 |
3,691 |
7 |
3,698 |
11 |
11 |
9 |
| United States |
2,456 |
41 |
2,497 |
−219 |
2,278 |
1,975 |
15 |
1,990 |
24 |
25 |
14 |
| Rest of Americas |
872 |
0 |
872 |
−12 |
860 |
709 |
2 |
711 |
23 |
23 |
21 |
| Total Americas |
3,328 |
41 |
3,369 |
−231 |
3,138 |
2,684 |
16 |
2,700 |
24 |
25 |
16 |
| Japan |
489 |
0 |
489 |
−48 |
441 |
398 |
1 |
399 |
23 |
23 |
11 |
| Rest of APJ |
1,030 |
0 |
1,030 |
−59 |
971 |
825 |
1 |
826 |
25 |
25 |
18 |
| Total APJ |
1,519 |
0 |
1,519 |
−107 |
1,412 |
1,222 |
2 |
1,224 |
24 |
24 |
15 |
| Software and software-related service revenue |
8,937 |
43 |
8,980 |
−382 |
8,598 |
7,597 |
26 |
7,623 |
18 |
18 |
13 |
| Total revenue by region |
|||||||||||
| Germany |
1,666 |
1 |
1,667 |
0 |
1,667 |
1,617 |
0 |
1,617 |
3 |
3 |
3 |
| Rest of EMEA |
3,433 |
1 |
3,434 |
−52 |
3,382 |
3,143 |
7 |
3,150 |
9 |
9 |
7 |
| Total EMEA |
5,099 |
2 |
5,101 |
−52 |
5,049 |
4,760 |
7 |
4,767 |
7 |
7 |
6 |
| United States |
3,151 |
41 |
3,192 |
−281 |
2,911 |
2,591 |
15 |
2,606 |
22 |
22 |
12 |
| Rest of Americas |
1,138 |
0 |
1,138 |
−20 |
1,118 |
930 |
2 |
932 |
22 |
22 |
20 |
| Total Americas |
4,289 |
41 |
4,330 |
−300 |
4,030 |
3,521 |
16 |
3,537 |
22 |
22 |
14 |
| Japan |
557 |
0 |
557 |
−55 |
502 |
450 |
1 |
451 |
24 |
24 |
11 |
| Rest of APJ |
1,254 |
0 |
1,254 |
−70 |
1,184 |
1,003 |
1 |
1,004 |
25 |
25 |
18 |
| Total APJ |
1,812 |
0 |
1,812 |
−126 |
1,686 |
1,453 |
2 |
1,455 |
25 |
25 |
16 |
| Total revenue |
11,200 |
43 |
11,243 |
−478 |
10,765 |
9,733 |
26 |
9,759 |
15 |
15 |
10 |
| Software revenue by customer location |
| The table below shows the breakdown of software revenue by customer location. |
| € millions |
Q3 2012 |
1/1/-9/30/2012 |
Q3 2011 |
1/1/-9/30/2011 |
| EMEA |
373 |
1,105 |
377 |
988 |
| Americas |
459 |
1,090 |
333 |
907 |
| APJ |
194 |
527 |
165 |
432 |
| SAP Group |
1,026 |
2,722 |
875 |
2,328 |
| * Adjustments in the revenue line items are for support revenue, cloud subscription revenue, and other similarly recurring revenues that entities acquired by SAP would have recognized had they remained stand-alone entities but that SAP is not permitted to recognize as revenue under IFRS as a result of business combination accounting rules. |
| ** Constant currency revenue figures are calculated by translating revenue of the current period using the average exchange rates from the previous year's respective period instead of the current period. Constant currency period-over-period changes are calculated by comparing the current year's non-IFRS constant currency numbers with the non-IFRS number of the previous year's respective period. |
| For a more detailed description of these adjustments and their limitations as well as our constant currency figures, see our Web site www.sap.com/corporate-en/investors/newsandreports/reporting-framework.epx under "Non-IFRS Measures and Estimates". |
| Due to rounding, numbers may not add up precisely |
| F10 |
SOURCE SAP AG
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