SAP Announces Strong Quarter with Double-Digit Growth - Leading the Transition to Cloud and In-Memory
Euro 1.2 Billion in Non-IFRS Software and Cloud Subscription Revenue; Euro 1.3 Billion in Non-IFRS Operating Profit
WALLDORF, Germany, Oct. 21, 2013 /PRNewswire/ --
- Third Quarter 2013 Non-IFRS Software and Cloud Subscription Revenue Increased 13% at Constant Currencies (6% at Actual Currencies to €1.17 Billion)
- Third Quarter 2013 Non-IFRS Software and Software-Related Service Revenue Increased 12% at Constant Currencies (5% at Actual Currencies to €3.36 Billion)
- Triple-Digit Year-Over-Year Growth in Cloud Subscription and Support Revenue – Annual Cloud Revenue Run Rate Now Exceeds €1 Billion
- Accelerating SAP's In-Memory Leadership – 90% Year-Over-Year Growth at Constant Currencies in HANA Software Revenue (79% at Actual Currencies)
- Third Quarter 2013 Non-IFRS Operating Profit Reached €1.30 Billion, a 15% Increase at Constant Currencies (5% at Actual Currencies)
- Strong Growth in Third Quarter 2013 Earnings Per Share
- Full Year Outlook Reiterated
Third Quarter and Nine Months Results 2013
(Logo: http://photos.prnewswire.com/prnh/20110126/AQ34470LOGO )
SAP AG (NYSE: SAP) today announced its financial results for the third quarter and nine months ended September 30, 2013.
BUSINESS HIGHLIGHTS IN THE THIRD QUARTER 2013
"SAP is clearly leading the transition to cloud and in-memory. SAP HANA is the market's most advanced in-memory database and we are well on our way to reach €1 billion in HANA software revenue since market launch. The strong customer adoption of SAP Business Suite on HANA demonstrates our leadership in innovating the future platform for business," said Bill McDermott and Jim Hagemann Snabe, Co-CEOs of SAP. "We now are the second largest enterprise cloud company with an annual cloud revenue run rate exceeding €1 billion. We continue to gain market share and grow significantly faster than our primary competitor in all regions."
"SAP had a very strong performance in the third quarter, considering the mixed macroeconomic environment and the strong currency headwinds. Our ongoing focus on operating discipline while successfully scaling our cloud business is paying off. We continued our double-digit growth momentum and increased our Non-IFRS operating margin by 180 basis points at constant currencies," said Werner Brandt, CFO of SAP.
Third quarter non-IFRS software and cloud subscriptions revenue increased 13% at constant currencies year-over-year (6% at actual currencies to €1.17 billion). SAP's third quarter non-IFRS cloud subscription and support revenue is growing faster than most cloud competitors. SAP closed another significant contract in the cloud: EMC, a US-headquartered Fortune 500 company, selected SAP's Cloud solutions including Employee Central to attract and better retain and reward employees, and achieve better visibility and collaboration with its suppliers. The annual cloud revenue run rate now exceeds €1 billion1. With approximately 33 million cloud users, SAP has the largest subscriber base in the cloud market. Non-IFRS deferred cloud subscription and support revenue2 was €382 million as of September 30, 2013, a year-over-year increase of 79%. The Ariba business is showing accelerated synergies with new and upsell application billings growing high double digits. The trailing twelve month Ariba network spend volume3 was approximately $500 billion. Today Ariba is the world's largest Web-based business trading community with 1.2 million connected companies.
SAP HANA, the platform for real-time business applications, continues to be a major growth engine, with accelerating software revenue growth of 90% year-over-year at constant currencies (79% at actual currencies to €149 million) and over 2,100 customers. SAP Business Suite powered by SAP HANA is the best-in-class platform for high-performance applications and in fact SAP has now over 450 customers. Customers are showing strong interest in SAP HANA Enterprise Cloud.
Overall, SAP's double-digit growth momentum continued in the third quarter with Non-IFRS software and software-related service revenue increasing 12% at constant currencies (5% at actual currencies) to €3.36 billion.
Efficiency in SAP's business has further improved with Non-IFRS operating profit reaching €1.30 billion in the third quarter, a 15% increase at constant currencies (5% at actual currencies), resulting in a 180 basis points expansion of the non-IFRS operating margin at constant currencies despite a negative effect from acquisitions of 50 basis points.
Third Quarter 2013 Regional Results
The Americas region delivered a strong third quarter in non-IFRS software and cloud subscription revenue4 with 17% growth year-over-year at constant currencies, driven by an excellent software revenue performance in Latin America and strong non-IFRS cloud subscription and support revenue growth in North America. The EMEA region saw strong growth with non-IFRS software and cloud subscription revenue increasing 14% year-over-year at constant currencies, amidst a mixed market environment. Software revenue in EMEA grew double-digit at constant currencies driven by strong double-digit growth in the Netherlands, Switzerland and the U.K. Non-IFRS software and cloud subscription revenue in the Asia Pacific Japan (APJ) region marked a return to growth with solid single-digit growth at constant currencies, driven by a strong performance in China.
Nine Months 2013 Regional Results
The Americas region delivered a very strong first nine months performance in non-IFRS software and cloud subscription revenue with 23% year-over-year growth at constant currencies. The EMEA region saw strong growth with non-IFRS software and cloud subscription revenue increasing 10% at constant currencies for the first nine months of 2013, which is an impressive result in light of continued market uncertainty. Non-IFRS software and cloud subscriptions revenue in the APJ region declined slightly by 2% at constant currencies in the first nine months of 2013.
| FINANCIAL RESULTS IN DETAIL
FINANCIAL HIGHLIGHTS – Third Quarter 2013 |
|||||||
| Third Quarter 20131) |
|||||||
| IFRS |
Non-IFRS2) |
||||||
| € million, unless otherwise stated |
Q3 2013 |
Q3 2012 |
% change |
Q3 2013 |
Q3 2012 |
% change |
% change const. curr. |
| Software |
975 |
1,026 |
−5 |
977 |
1,026 |
−5 |
2 |
| Cloud subscriptions and support |
191 |
63 |
203 |
197 |
80 |
146 |
162 |
| Software and cloud subscriptions |
1,167 |
1,089 |
7 |
1,174 |
1,106 |
6 |
13 |
| Support |
2,184 |
2,105 |
4 |
2,189 |
2,106 |
4 |
11 |
| Software and software-related service revenue |
3,351 |
3,194 |
5 |
3,363 |
3,212 |
5 |
12 |
| Total revenue |
4,045 |
3,952 |
2 |
4,057 |
3,970 |
2 |
9 |
| Total operating expenses |
−3,003 |
−3,031 |
−1 |
−2,761 |
−2,731 |
1 |
6 |
| Operating profit |
1,043 |
921 |
13 |
1,296 |
1,239 |
5 |
15 |
| Operating margin (%) |
25.8 |
23.3 |
2.5pp |
32.0 |
31.2 |
0.8pp |
1.8pp |
| Profit after tax |
762 |
618 |
23 |
933 |
836 |
12 |
|
| Basic earnings per share (€) |
0.64 |
0.52 |
23 |
0.78 |
0.70 |
11 |
|
| Number of employees (FTE) |
66,061 |
61,344 |
8 |
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 €975 million (2012: €1.03 billion), a decrease of 5%. Non-IFRS software revenue was €977 million (2012: €1.03 billion), a decrease of 5% (an increase of 2% at constant currencies). IFRS software and cloud subscription revenue was €1.17 billion (2012: €1.09 billion), an increase of 7%. Non-IFRS software and cloud subscription revenue was €1.17 billion (2012: €1.11 billion), an increase of 6% (13% at constant currencies). IFRS software and software-related service revenue was €3.35 billion (2012: €3.19 billion), an increase of 5%. Non-IFRS software and software-related service revenue was €3.36 billion (2012: €3.21 billion), an increase of 5% (12% at constant currencies). IFRS total revenue was €4.05 billion (2012: €3.95 billion), an increase of 2%. Non-IFRS total revenue was €4.06 billion (2012: €3.97 billion), an increase of 2% (9% at constant currencies).
IFRS operating profit was €1.04 billion (2012: €921 million), an increase of 13%. Non-IFRS operating profit was €1.30 billion (2012: €1.24 billion), an increase of 5% (15% at constant currencies). IFRS operating margin was 25.8% (2012: 23.3%), an increase of 2.5 percentage points. Non-IFRS operating margin was 32.0% (2012: 31.2%), an increase of 0.8 percentage points. Non-IFRS operating margin at constant currencies was 33.0%, an increase of 1.8 percentage points. Non-IFRS operating margin for the third quarter 2013 was negatively impacted affected by approximately 50 basis points due to the acquisitions of Ariba and hybris.
IFRS profit after tax was €762 million (2012: €618 million), an increase of 23%. Non-IFRS profit after tax was €933 million (2012: €836 million), an increase of 12%. IFRS basic earnings per share was €0.64 (2012: €0.52 per share), an increase of 23%. Non-IFRS basic earnings per share was €0.78 (2012: €0.70 per share), an increase of 11%. The IFRS and non-IFRS effective tax rates were 26.4% (2012: 24.8%) and 27.6% (2012: 26.7%), respectively.
| FINANCIAL HIGHLIGHTS – Nine Months 2013 |
|||||||
| Nine Months 20131) |
|||||||
| IFRS |
Non-IFRS2) |
||||||
| € million, unless otherwise stated |
9M 2013 |
9M 2012 |
% change |
9M 2013 |
9M 2012 |
% change |
% change const. curr. |
| Software |
2,614 |
2,722 |
−4 |
2,616 |
2,722 |
−4 |
0 |
| Cloud subscriptions and support |
488 |
144 |
238 |
547 |
183 |
198 |
208 |
| Software and cloud subscriptions |
3,101 |
2,866 |
8 |
3,163 |
2,905 |
9 |
14 |
| Support |
6,470 |
6,071 |
7 |
6,484 |
6,075 |
7 |
11 |
| Software and software-related service revenue |
9,571 |
8,937 |
7 |
9,647 |
8,980 |
7 |
12 |
| Total revenue |
11,708 |
11,200 |
5 |
11,784 |
11,243 |
5 |
9 |
| Total operating expenses |
−9,031 |
−8,727 |
3 |
−8,368 |
−7,998 |
5 |
7 |
| Operating profit |
2,677 |
2,473 |
8 |
3,416 |
3,245 |
5 |
12 |
| Operating margin (%) |
22.9 |
22.1 |
0.8pp |
29.0 |
28.9 |
0.1pp |
0.9pp |
| Profit after tax |
2,006 |
1,723 |
16 |
2,498 |
2,249 |
11 |
|
| Basic earnings per share (€) |
1.68 |
1.45 |
16 |
2.09 |
1.89 |
11 |
|
| Number of employees (FTE) |
66,061 |
61,344 |
8 |
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 €2.61 billion (2012: €2.72 billion), a decrease of 4%. Non-IFRS software revenue was €2.62 billion (2012: €2.72 billion), a decrease of 4% (flat at constant currencies). IFRS software and cloud subscription revenue was €3.10 billion (2012: €2.87 billion), an increase of 8%. Non-IFRS software and cloud subscription revenue was €3.16 billion (2012: €2.91 billion), an increase of 9% (14% at constant currencies). IFRS software and software-related service revenue was €9.57 billion (2012: €8.94 billion), an increase of 7%. Non-IFRS software and software-related service revenue was €9.65 billion (2012: €8.98 billion), an increase of 7% (12% at constant currencies). IFRS total revenue was €11.71 billion (2012: €11.20 billion), an increase of 5%. Non-IFRS total revenue was €11.78 billion (2012: €11.24 billion), an increase of 5% (9% at constant currencies).
IFRS operating profit was €2.68 billion (2012: €2.47 billion), an increase of 8%. Non-IFRS operating profit was €3.42 billion (2012: €3.25 billion), an increase of 5% (12% at constant currencies). IFRS operating margin was 22.9% (2012: 22.1%), an increase of 0.8 percentage points. Non-IFRS operating margin was 29.0% (2012: 28.9%), an increase of 0.1 percentage points. Non-IFRS operating margin at constant currencies was 29.8%, an increase of 0.9 percentage points.
IFRS profit after tax was €2.01 billion (2012: €1.72 billion), an increase of 16%. Non-IFRS profit after tax was €2.50 billion (2012: €2.25 billion), an increase of 11%. IFRS basic earnings per share was €1.68 (2012: €1.45 per share), an increase of 16%. Non-IFRS basic earnings per share was €2.09 (2012: €1.89 per share), an increase of 11%. The IFRS and non-IFRS effective tax rates were 23.4% (2012: 24.9%) and 25.6% (2012: 26.7%), respectively.
Operating cash flow was €3.04 billion (2012: €3.06 billion), a decrease of 1%. Free cash flow was €2.64 billion (2012: €2.69 billion), a decrease of 2%. Free cash flow was 23% of total revenue (2012: 24%). At September 30, 2013, SAP had a total group liquidity of €3.31 billion (December 31, 2012: €2.49 billion), which includes cash and cash equivalents and short term investments. Net liquidity at September 30, 2013 was -€2.04 billion compared to -€2.50 billion at December 31, 2012.
BUSINESS OUTLOOK
SAP reiterates the outlook for the full year 2013, which remains unchanged from the outlook provided on July 18, 2013:
- The Company expects full year 2013 non-IFRS software and software-related service revenue to increase by at least 10% at constant currencies (2012: €13.25 billion).
- The Company expects full year 2013 non-IFRS cloud subscription and support revenue of around €750 million at constant currencies (2012: €343 million)
- The Company expects full year 2013 SAP HANA software revenue in a range of €650 – €700 million (2012: €392 million).
- The Company expects full-year 2013 non-IFRS operating profit to be in a range of €5.85 billion – €5.95 billion at constant currencies (2012: €5.21 billion).
- The Company projects a full-year 2013 IFRS effective tax rate of 24.0% – 25.0% (2012: 26.2%) and a non-IFRS effective tax rate of 25.5% – 26.5% (2012: 27.5%).
If exchange rates remain at the September 2013 level for the rest of the year, the Company expects both the fourth quarter and full year 2013 non-IFRS software and software-related service revenue growth rate to be negatively impacted by approximately 5 percentage points from currency and the fourth quarter and full year 2013 non-IFRS operating profit growth rate to be negatively impacted by approximately 7 percentage points from currency.
Additional Information
2013 revenue and profit figures include the revenue and profits from Ariba, SuccessFactors and hybris. The comparative numbers for 2012 do not include SuccessFactors until February 21, 2012, Ariba until October 1, 2012.The hybris acquisition closed on August 1, 2013.
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 2013 Interim Report
SAP's third quarter 2013 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 and media on Monday, October 21st at 2:00 PM (CET) / 1:00 PM (GMT) / 8:00 AM (EDT) / 5:00 AM (PDT). The conference call will be web cast live on the Company's website at www.sap.com/investor and will be available for replay.
About SAP
As market leader in enterprise application software, SAP (NYSE: SAP) helps companies of all sizes and industries run better. From back office to boardroom, warehouse to storefront, desktop to mobile device – SAP empowers people and organizations to work together more efficiently and use business insight more effectively to stay ahead of the competition. SAP applications and services enable more than 251,000 customers to operate profitably, adapt continuously, and grow sustainably. For more information, visit www.sap.com.
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission ("SEC"), including SAP's most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.
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_________________________
1 The annual revenue run rate is the third quarter 2013 cloud division revenue of €252 million multiplied by 4.
2 Beginning in Q1 2013, SAP discloses non-IFRS deferred cloud subscription and support revenue, which is a subset of the total, non-IFRS deferred revenue number reported on the balance sheet.
3 Network spend volume is the total value of purchase orders transacted on the Ariba Network in the trailing 12 months.
4 Non-IFRS software and cloud subscription revenue in the regional paragraphs follow SAP's management view, which is calculated as the combination of software revenue based on location of negotiation and cloud subscription and support revenue based on customer location; growth rates at constant currencies. See SAP's third quarter and nine month interim report for details.
Appendix – Financial Information to Follow
| FINANCIAL INFORMATION |
|
| FOR THE THIRD QUARTER 2013 |
|
| (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 |
|
| Reconciliation from Non-IFRS Numbers to IFRS Numbers |
F6-F7 |
| Non-IFRS Adjustments |
F8 |
| Revenue by Region |
F9-F12 |
| Financial Statements (IFRS) CONSOLIDATED INCOME STATEMENTS For the three months ended September 30 |
||||
| € millions, unless otherwise stated |
Note |
2013 |
2012 |
Change in % |
| Software |
975 |
1,026 |
−5 |
|
| Cloud subscriptions and support |
191 |
63 |
203 |
|
| Software and cloud subscriptions |
1,167 |
1,089 |
7 |
|
| Support |
2,184 |
2,105 |
4 |
|
| Software and software-related service revenue |
3,351 |
3,194 |
5 |
|
| Consulting |
553 |
616 |
−10 |
|
| Other services |
142 |
142 |
0 |
|
| Professional services and other service revenue |
695 |
758 |
−8 |
|
| Total revenue |
4,045 |
3,952 |
2 |
|
| Cost of software and software-related services |
−636 |
−638 |
0 |
|
| Cost of professional services and other services |
−605 |
−619 |
−2 |
|
| Total cost of revenue |
−1,241 |
−1,257 |
−1 |
|
| Gross profit |
2,804 |
2,695 |
4 |
|
| Research and development |
−552 |
−547 |
1 |
|
| Sales and marketing |
−986 |
−984 |
0 |
|
| General and administration |
−207 |
−232 |
−11 |
|
| Restructuring |
−17 |
−4 |
>100 |
|
| TomorrowNow litigation |
0 |
−7 |
<-100 |
|
| Other operating income/expense, net |
0 |
0 |
19 |
|
| Total operating expenses |
−3,003 |
−3,031 |
−1 |
|
| Operating profit |
1,043 |
921 |
13 |
|
| Other non-operating income/expense, net |
−1 |
−92 |
−99 |
|
| Finance income |
38 |
34 |
13 |
|
| Finance costs |
−45 |
−41 |
11 |
|
| Financial income, net |
−7 |
−7 |
1 |
|
| Profit before tax |
1,035 |
822 |
26 |
|
| Income tax expense |
(6) |
−274 |
−204 |
34 |
| Profit after tax |
762 |
618 |
23 |
|
| Profit attributable to non-controlling interests |
0 |
0 |
N/A |
|
| Profit attributable to owners of parent |
762 |
618 |
23 |
|
| Earnings per share, basic (in €)* |
(7) |
0.64 |
0.52 |
23 |
| Earnings per share, diluted (in €)* |
(7) |
0.64 |
0.52 |
23 |
| * For the three months ended September 30, 2013 and 2012, the weighted average number of shares was 1,193 million (diluted 1,195 million) and 1,192 million (diluted: 1,193 million), respectively (treasury stock excluded). |
||||
| F1 |
||||
| CONSOLIDATED INCOME STATEMENTS For the nine months ended September 30 |
||||
| € millions, unless otherwise stated |
Note |
2013 |
2012 |
Change in % |
| Software |
2,614 |
2,722 |
−4 |
|
| Cloud subscriptions and support |
488 |
144 |
238 |
|
| Software and cloud subscriptions |
3,101 |
2,866 |
8 |
|
| Support |
6,470 |
6,071 |
7 |
|
| Software and software-related service revenue |
9,571 |
8,937 |
7 |
|
| Consulting |
1,689 |
1,830 |
−8 |
|
| Other services |
448 |
433 |
3 |
|
| Professional services and other service revenue |
2,137 |
2,263 |
−6 |
|
| Total revenue |
11,708 |
11,200 |
5 |
|
| Cost of software and software-related services |
−1,838 |
−1,743 |
5 |
|
| Cost of professional services and other services |
−1,820 |
−1,888 |
−4 |
|
| Total cost of revenue |
−3,658 |
−3,631 |
1 |
|
| Gross profit |
8,050 |
7,569 |
6 |
|
| Research and development |
−1,676 |
−1,638 |
2 |
|
| Sales and marketing |
−3,021 |
−2,786 |
8 |
|
| General and administration |
−635 |
−664 |
−4 |
|
| Restructuring |
−47 |
−8 |
>100 |
|
| TomorrowNow litigation |
0 |
−1 |
<-100 |
|
| Other operating income/expense, net |
6 |
1 |
>100 |
|
| Total operating expenses |
−9,031 |
−8,727 |
3 |
|
| Operating profit |
2,677 |
2,473 |
8 |
|
| Other non-operating income/expense, net |
−14 |
−145 |
−91 |
|
| Finance income |
94 |
86 |
10 |
|
| Finance costs |
−138 |
−119 |
16 |
|
| Financial income, net |
−44 |
−33 |
33 |
|
| Profit before tax |
2,620 |
2,295 |
14 |
|
| Income tax expense |
(6) |
−614 |
−572 |
7 |
| Profit after tax |
2,006 |
1,723 |
16 |
|
| Profit attributable to non-controlling interests |
0 |
0 |
N/A |
|
| Profit attributable to owners of parent |
2,006 |
1,723 |
16 |
|
| Earnings per share, basic (in €)* |
(7) |
1.68 |
1.45 |
16 |
| Earnings per share, diluted (in €)* |
(7) |
1.68 |
1.45 |
16 |
| * For the nine months ended September 30, 2013 and 2012, the weighted average number of shares was 1,193 million (diluted 1,195 million) and 1,191 million (diluted: 1,192 million), respectively (treasury stock excluded).
Due to rounding, numbers may not add up precisely. |
||||
| F2 |
||||
| CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As at September 30, 2013, and December 31, 2012 |
|||
| € millions |
Notes |
2013 |
2012 |
| Cash and cash equivalents |
3,255 |
2,477 |
|
| Other financial assets |
(8) |
221 |
154 |
| Trade and other receivables |
(9) |
3,052 |
3,917 |
| Other non-financial assets |
413 |
294 |
|
| Tax assets |
256 |
156 |
|
| Total current assets |
7,197 |
6,998 |
|
| Goodwill |
13,876 |
13,227 |
|
| Intangible assets |
3,108 |
3,234 |
|
| Property, plant, and equipment |
1,771 |
1,708 |
|
| Other financial assets |
(8) |
524 |
509 |
| Trade and other receivables |
(9) |
81 |
88 |
| Other non-financial assets |
90 |
68 |
|
| Tax assets |
192 |
170 |
|
| Deferred tax assets |
693 |
708 |
|
| Total non-current assets |
20,336 |
19,711 |
|
| Total assets |
27,534 |
26,710 |
|
| F3 |
|||
| € millions |
Notes |
2013 |
2012 |
| Trade and other payables |
793 |
870 |
|
| Tax liabilities |
374 |
511 |
|
| Financial liabilities |
(10) |
1,748 |
802 |
| Other non-financial liabilities |
1,697 |
2,136 |
|
| Provision TomorrowNow litigation |
227 |
234 |
|
| Other provisions |
357 |
609 |
|
| Provisions |
584 |
843 |
|
| Deferred income |
(11) |
2,235 |
1,386 |
| Total current liabilities |
7,431 |
6,547 |
|
| Trade and other payables |
45 |
63 |
|
| Tax liabilities |
387 |
388 |
|
| Financial liabilities |
(10) |
3,799 |
4,446 |
| Other non-financial liabilities |
108 |
98 |
|
| Provisions |
277 |
361 |
|
| Deferred tax liabilities |
506 |
574 |
|
| Deferred income |
(11) |
64 |
62 |
| Total non-current liabilities |
5,186 |
5,991 |
|
| Total liabilities |
12,618 |
12,538 |
|
| Issued capital |
1,229 |
1,229 |
|
| Share premium |
532 |
492 |
|
| Retained earnings |
14,973 |
13,973 |
|
| Other components of equity |
−542 |
−194 |
|
| Treasury shares |
−1,284 |
−1,337 |
|
| Equity attributable to owners of parent |
14,907 |
14,163 |
|
| Non-controlling interests |
9 |
8 |
|
| Total equity |
(12) |
14,916 |
14,171 |
| Equity and liabilities |
27,534 |
26,710 |
|
| F4 |
| CONSOLIDATED STATEMENTS OF CASH FLOWS For the nine months ended September 30 |
||
| € millions |
2013 |
2012 |
| Profit after tax |
2,006 |
1,723 |
| Adjustments to reconcile profit after taxes to net cash provided by operating activities: |
||
| Depreciation and amortization |
714 |
622 |
| Income tax expense |
614 |
572 |
| Financial income, net |
44 |
33 |
| Decrease/increase in sales and bad debt allowances on trade receivables |
44 |
18 |
| Other adjustments for non-cash items |
64 |
28 |
| Decrease/increase in trade and other receivables |
766 |
588 |
| Decrease/increase in other assets |
−180 |
−109 |
| Decrease/increase in trade payables, provisions, and other liabilities |
−856 |
−345 |
| Decrease/increase in deferred income |
898 |
820 |
| Cash outflows due to TomorrowNow litigation |
−1 |
−8 |
| Interest paid |
−101 |
−135 |
| Interest received |
50 |
67 |
| Income taxes paid, net of refunds |
−1,022 |
−817 |
| Net cash flows from operating activities |
3,040 |
3,057 |
| Business combinations, net of cash and cash equivalents acquired |
−1,131 |
−2,757 |
| Purchase of intangible assets and property, plant, and equipment |
−401 |
−370 |
| Proceeds from sales of intangible assets or property, plant, and equipment |
40 |
30 |
| Purchase of equity or debt instruments of other entities |
−1,358 |
−905 |
| Proceeds from sales of equity or debt instruments of other entities |
1,311 |
1,517 |
| Net cash flows from investing activities |
−1,539 |
−2,485 |
| Dividends paid |
−1,013 |
−1,310 |
| Purchase of treasury shares |
0 |
−53 |
| Proceeds from reissuance of treasury shares |
36 |
83 |
| Proceeds from issuing shares (share-based payments) |
0 |
15 |
| Proceeds from borrowings |
1,000 |
1,000 |
| Repayments of borrowings |
−624 |
−1,313 |
| Net cash flows from financing activities |
−601 |
−1,578 |
| Effect of foreign exchange rates on cash and cash equivalents |
−122 |
−33 |
| Net decrease/increase in cash and cash equivalents |
778 |
−1,039 |
| Cash and cash equivalents at the beginning of the period |
2,477 |
4,965 |
| Cash and cash equivalents at the end of the period |
3,255 |
3,926 |
| 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 |
2013 |
2012 |
Change in % |
||||||||
| IFRS |
Adj.* |
Non- IFRS* |
Currency Impact** |
Non-IFRS Constant Currency** |
IFRS |
Adj.* |
Non- IFRS* |
IFRS |
Non- IFRS* |
Non-IFRS Constant Currency** |
|
| Revenue Numbers |
|||||||||||
| Software |
975 |
2 |
977 |
65 |
1,042 |
1,026 |
0 |
1,026 |
−5 |
−5 |
2 |
| Cloud subscriptions and support |
191 |
5 |
197 |
13 |
209 |
63 |
17 |
80 |
203 |
146 |
162 |
| Software and cloud subscriptions |
1,167 |
7 |
1,174 |
78 |
1,252 |
1,089 |
17 |
1,106 |
7 |
6 |
13 |
| Support |
2,184 |
5 |
2,189 |
142 |
2,331 |
2,105 |
1 |
2,106 |
4 |
4 |
11 |
| Software and software-related service revenue |
3,351 |
12 |
3,363 |
220 |
3,583 |
3,194 |
18 |
3,212 |
5 |
5 |
12 |
| Consulting |
553 |
0 |
553 |
35 |
588 |
616 |
0 |
616 |
−10 |
−10 |
−5 |
| Other services |
142 |
0 |
142 |
9 |
151 |
142 |
0 |
142 |
0 |
0 |
6 |
| Professional services and other service revenue |
695 |
0 |
695 |
44 |
739 |
758 |
0 |
758 |
−8 |
−8 |
−3 |
| Total revenue |
4,045 |
12 |
4,057 |
264 |
4,321 |
3,952 |
18 |
3,970 |
2 |
2 |
9 |
| Operating Expense Numbers |
|||||||||||
| Cost of software and software- related services |
−636 |
92 |
−544 |
−638 |
106 |
−532 |
0 |
2 |
|||
| Cost of professional services and other services |
−605 |
34 |
−571 |
−619 |
43 |
−576 |
−2 |
−1 |
|||
| Total cost of revenue |
−1,241 |
126 |
−1,115 |
−1,257 |
149 |
−1,108 |
−1 |
1 |
|||
| Gross profit |
2,804 |
138 |
2,942 |
2,695 |
167 |
2,862 |
4 |
3 |
|||
| Research and development |
−552 |
31 |
−521 |
−547 |
29 |
−518 |
1 |
1 |
|||
| Sales and marketing |
−986 |
46 |
−940 |
−984 |
67 |
−917 |
0 |
2 |
|||
| General and administration |
−207 |
21 |
−185 |
−232 |
44 |
−188 |
−11 |
−2 |
|||
| Restructuring |
−17 |
17 |
0 |
−4 |
4 |
0 |
>100 |
N/A |
|||
| TomorrowNow litigation |
0 |
0 |
0 |
−7 |
7 |
0 |
<-100 |
N/A |
|||
| Other operating income/expense, net |
0 |
0 |
0 |
0 |
0 |
0 |
19 |
19 |
|||
| Total operating expenses |
−3,003 |
242 |
−2,761 |
−135 |
−2,896 |
−3,031 |
300 |
−2,731 |
−1 |
1 |
6 |
| Profit Numbers |
|||||||||||
| Operating profit |
1,043 |
253 |
1,296 |
129 |
1,425 |
921 |
318 |
1,239 |
13 |
5 |
15 |
| Other non-operating income/expense, net |
−1 |
0 |
−1 |
−92 |
0 |
−92 |
−99 |
−99 |
|||
| Finance income |
38 |
0 |
38 |
34 |
0 |
34 |
13 |
13 |
|||
| Finance costs |
−45 |
0 |
−45 |
−41 |
0 |
−41 |
11 |
11 |
|||
| Financial income, net |
−7 |
0 |
−7 |
−7 |
0 |
−7 |
1 |
1 |
|||
| Profit before tax |
1,035 |
253 |
1,289 |
822 |
318 |
1,140 |
26 |
13 |
|||
| Income tax expense |
−274 |
−82 |
−355 |
−204 |
−100 |
−304 |
34 |
17 |
|||
| Profit after tax |
762 |
172 |
933 |
618 |
218 |
836 |
23 |
12 |
|||
| Profit attributable to non-controlling interests |
0 |
0 |
0 |
0 |
0 |
0 |
N/A |
N/A |
|||
| Profit attributable to owners of parent |
762 |
172 |
933 |
618 |
218 |
836 |
23 |
12 |
|||
| Key Ratios |
|||||||||||
| Operating margin (in %) |
25.8 |
32.0 |
33.0 |
23.3 |
31.2 |
2.5pp |
0.8pp |
1.8pp |
|||
| Effective tax rate (in %) |
26.4 |
27.6 |
24.8 |
26.7 |
1.6pp |
0.9pp |
|||||
| Earnings per share, basic (in €)* |
0.64 |
0.78 |
0.52 |
0.70 |
23 |
11 |
|||||
| Deferred cloud subscriptions and support revenue (September 30) |
376 |
6 |
382 |
169 |
44 |
213 |
>100 |
79 |
|||
| F6 |
|||||||||||
| For the nine months ended September 30 |
|||||||||||
| € millions, unless otherwise stated |
2013 |
2012 |
Change in % |
||||||||
| IFRS |
Adj.* |
Non- IFRS* |
Currency Impact** |
Non-IFRS Constant Currency** |
IFRS |
Adj.* |
Non- IFRS* |
IFRS |
Non- IFRS* |
Non-IFRS Constant Currency** |
|
| Revenue Numbers |
|||||||||||
| Software |
2,614 |
2 |
2,616 |
117 |
2,732 |
2,722 |
0 |
2,722 |
−4 |
−4 |
0 |
| Cloud subscriptions and support |
488 |
60 |
547 |
18 |
565 |
144 |
39 |
183 |
238 |
198 |
208 |
| Software and cloud subscriptions |
3,101 |
62 |
3,163 |
135 |
3,298 |
2,866 |
40 |
2,905 |
8 |
9 |
14 |
| Support |
6,470 |
14 |
6,484 |
249 |
6,733 |
6,071 |
4 |
6,075 |
7 |
7 |
11 |
| Software and software-related service revenue |
9,571 |
76 |
9,647 |
384 |
10,030 |
8,937 |
43 |
8,980 |
7 |
7 |
12 |
| Consulting |
1,689 |
0 |
1,689 |
59 |
1,748 |
1,830 |
0 |
1,830 |
−8 |
−8 |
−4 |
| Other services |
448 |
0 |
448 |
15 |
463 |
433 |
0 |
433 |
3 |
3 |
7 |
| Professional services and other service revenue |
2,137 |
0 |
2,137 |
74 |
2,211 |
2,263 |
0 |
2,263 |
−6 |
−6 |
−2 |
| Total revenue |
11,708 |
76 |
11,784 |
458 |
12,242 |
11,200 |
43 |
11,243 |
5 |
5 |
9 |
| Operating Expense Numbers |
|||||||||||
| Cost of software and software- related services |
−1,838 |
266 |
−1,572 |
−1,743 |
253 |
−1,490 |
5 |
6 |
|||
| Cost of professional services and other services |
−1,820 |
85 |
−1,735 |
−1,888 |
108 |
−1,780 |
−4 |
−3 |
|||
| Total cost of revenue |
−3,658 |
351 |
−3,307 |
−3,631 |
361 |
−3,270 |
1 |
1 |
|||
| Gross profit |
8,050 |
426 |
8,477 |
7,569 |
404 |
7,973 |
6 |
6 |
|||
| Research and development |
−1,676 |
69 |
−1,607 |
−1,638 |
97 |
−1,541 |
2 |
4 |
|||
| Sales and marketing |
−3,021 |
142 |
−2,879 |
−2,786 |
177 |
−2,609 |
8 |
10 |
|||
| General and administration |
−635 |
55 |
−581 |
−664 |
85 |
−579 |
−4 |
0 |
|||
| Restructuring |
−47 |
47 |
0 |
−8 |
8 |
0 |
>100 |
N/A |
|||
| TomorrowNow litigation |
0 |
0 |
0 |
−1 |
1 |
0 |
<-100 |
N/A |
|||
| Other operating income/expense, net |
6 |
0 |
6 |
1 |
0 |
1 |
>100 |
>100 |
|||
| Total operating expenses |
−9,031 |
663 |
−8,368 |
−229 |
−8,597 |
−8,727 |
729 |
−7,998 |
3 |
5 |
7 |
| Profit Numbers |
|||||||||||
| Operating profit |
2,677 |
739 |
3,416 |
229 |
3,645 |
2,473 |
772 |
3,245 |
8 |
5 |
12 |
| Other non-operating income/expense, net |
−14 |
0 |
−14 |
−145 |
0 |
−145 |
−91 |
−91 |
|||
| Finance income |
94 |
0 |
94 |
86 |
0 |
86 |
10 |
10 |
|||
| Finance costs |
−138 |
0 |
−138 |
−119 |
1 |
−118 |
16 |
17 |
|||
| Financial income, net |
−44 |
0 |
−44 |
−33 |
1 |
−32 |
33 |
38 |
|||
| Profit before tax |
2,620 |
739 |
3,359 |
2,295 |
773 |
3,068 |
14 |
9 |
|||
| Income tax expense |
−614 |
−248 |
−861 |
−572 |
−247 |
−819 |
7 |
5 |
|||
| Profit after tax |
2,006 |
491 |
2,498 |
1,723 |
526 |
2,249 |
16 |
11 |
|||
| Profit attributable to non-controlling interests |
0 |
0 |
0 |
0 |
0 |
0 |
N/A |
N/A |
|||
| Profit attributable to owners of parent |
2,006 |
491 |
2,498 |
1,723 |
526 |
2,249 |
16 |
11 |
|||
| Key Ratios |
|||||||||||
| Operating margin (in %) |
22.9 |
29.0 |
29.8 |
22.1 |
28.9 |
0.8pp |
0.1pp |
0.9pp |
|||
| Effective tax rate (in %) |
23.4 |
25.6 |
24.9 |
26.7 |
−1.5pp |
−1.1pp |
|||||
| Earnings per share, basic (in €)* |
1.68 |
2.09 |
1.45 |
1.89 |
16 |
11 |
|||||
| Deferred cloud subscriptions and support revenue (September 30) |
376 |
6 |
382 |
169 |
44 |
213 |
>100 |
79 |
|||
| * 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. |
|||||||||||
| F7 |
|||||||||||
| NON-IFRS ADJUSTMENTS |
||||
| € millions, unless otherwise stated |
7/1 – 9/30/2013
|
1/1 – 9/30/2013
|
7/1 – 9/30/2012
|
1/1 – 9/30/2012
|
| Software and software-related service revenue (IFRS) |
3,351 |
9,571 |
3,194 |
8,937 |
| Adjustment for deferred revenue write-down |
12 |
76 |
18 |
43 |
| Software and software-related service revenue (Non-IFRS) |
3,363 |
9,647 |
3,212 |
8,980 |
| Operating profit (IFRS) |
1,043 |
2,677 |
921 |
2,473 |
| Revenue Adjustments (per above) |
12 |
76 |
18 |
43 |
| Adjustment for discontinued activities |
0 |
0 |
7 |
1 |
| Adjustment for acquisition-related charges |
142 |
424 |
137 |
387 |
| Adjustment for stock-based compensation expenses |
83 |
192 |
152 |
333 |
| Adjustment for restructuring |
17 |
47 |
4 |
8 |
| Operating expense adjustments |
242 |
663 |
300 |
729 |
| Operating profit adjustments |
253 |
739 |
318 |
772 |
| Operating profit (Non-IFRS) |
1,296 |
3,416 |
1,239 |
3,245 |
| Profit after tax (IFRS) |
762 |
2,006 |
618 |
1,723 |
| Revenue adjustments (per above) |
12 |
76 |
18 |
43 |
| Operating profit expense adjustments (per above) |
242 |
663 |
300 |
729 |
| Adjustments pre-tax |
253 |
739 |
318 |
773 |
| Taxes on adjustments |
−82 |
−248 |
−100 |
−247 |
| Profit after tax (Non-IFRS) |
933 |
2,498 |
836 |
2,249 |
| Due to rounding, numbers may not add up precisely. |
||||
| F8 |
||||
| REVENUE BY REGION The following table presents our IFRS and non-IFRS revenue by region. Details regarding the different views (based on location of contract negotiation respectively by customer location are described in the note "Segment and Geographic Information" of our Consolidated Financial Statements. The table also presents a reconciliation from our non-IFRS revenue (including our non-IFRS revenue at constant currency) to the respective most comparable IFRS revenue. Note: Our non- IFRS revenues are not prepared under a comprehensive set of accounting rules or principles. |
|||||||||||
| Revenues by Region - Management View |
|||||||||||
| For the three months ended September 30 |
|||||||||||
| € millions |
2013 |
2012 |
Change in % |
||||||||
| IFRS |
Adj.* |
Non- IFRS* |
Currency Impact** |
Non-IFRS Constant Currency** |
IFRS |
Adj.* |
Non- IFRS* |
IFRS |
Non- IFRS* |
Non-IFRS Constant Currency** |
|
| Software revenue by region |
|||||||||||
| EMEA |
402 |
1 |
403 |
8 |
411 |
374 |
0 |
374 |
7 |
8 |
10 |
| Americas |
398 |
0 |
398 |
34 |
432 |
458 |
0 |
458 |
−13 |
−13 |
−6 |
| APJ |
176 |
0 |
176 |
23 |
199 |
194 |
0 |
194 |
−9 |
−9 |
3 |
| Software revenue |
975 |
2 |
977 |
65 |
1,042 |
1,026 |
0 |
1,026 |
−5 |
−5 |
2 |
| Software revenue by location of negotiation and cloud subscription revenue by region |
|||||||||||
| EMEA |
433 |
1 |
434 |
9 |
443 |
390 |
0 |
390 |
11 |
11 |
14 |
| Americas |
550 |
5 |
555 |
45 |
600 |
502 |
16 |
518 |
10 |
8 |
17 |
| APJ |
185 |
0 |
185 |
24 |
209 |
197 |
0 |
197 |
−6 |
−6 |
6 |
| Software revenue by location of negotiation and cloud subscription revenue |
1,167 |
7 |
1,174 |
78 |
1,252 |
1,089 |
17 |
1,106 |
7 |
6 |
13 |
| Revenues by Regions – Location of Customers |
|||||||||||
| For the three months ended September 30 |
|||||||||||
| € millions |
2013 |
2012 |
Change in % |
||||||||
| IFRS |
Adj.* |
Non- IFRS* |
Currency Impact** |
Non-IFRS Constant Currency** |
IFRS |
Adj.* |
Non- IFRS* |
IFRS |
Non- IFRS* |
Non-IFRS Constant Currency** |
|
| Software revenue by region |
|||||||||||
| EMEA |
422 |
1 |
423 |
10 |
433 |
373 |
0 |
373 |
13 |
13 |
16 |
| Americas |
364 |
1 |
365 |
32 |
397 |
459 |
0 |
459 |
−21 |
−20 |
−14 |
| APJ |
189 |
0 |
189 |
24 |
213 |
194 |
0 |
194 |
−3 |
−3 |
10 |
| Software revenue |
975 |
2 |
977 |
65 |
1,042 |
1,026 |
0 |
1,026 |
−5 |
−5 |
2 |
| Cloud subscriptions and support revenue by region |
|||||||||||
| EMEA |
31 |
0 |
31 |
1 |
32 |
16 |
0 |
16 |
89 |
89 |
97 |
| Americas |
152 |
5 |
157 |
11 |
168 |
44 |
16 |
60 |
>100 |
>100 |
>100 |
| APJ |
9 |
0 |
9 |
1 |
10 |
3 |
0 |
3 |
>100 |
>100 |
>100 |
| Cloud subscriptions and support revenue |
191 |
5 |
197 |
13 |
209 |
63 |
17 |
80 |
203 |
146 |
162 |
| Software and cloud subscription revenue by region |
|||||||||||
| EMEA |
452 |
2 |
454 |
11 |
465 |
390 |
0 |
390 |
16 |
16 |
19 |
| Americas |
516 |
6 |
522 |
42 |
564 |
502 |
17 |
519 |
3 |
1 |
9 |
| APJ |
198 |
0 |
198 |
25 |
223 |
197 |
0 |
197 |
1 |
1 |
13 |
| Software and cloud subscription revenue |
1,167 |
7 |
1,174 |
78 |
1,252 |
1,089 |
17 |
1,106 |
7 |
6 |
13 |
| F9 |
|||||||||||
| Software and software-related service revenue by region |
|||||||||||
| Germany |
470 |
0 |
470 |
1 |
471 |
438 |
0 |
438 |
7 |
7 |
7 |
| Rest of EMEA |
1,062 |
2 |
1,064 |
34 |
1,098 |
957 |
0 |
957 |
11 |
11 |
15 |
| Total EMEA |
1,531 |
3 |
1,534 |
34 |
1,568 |
1,395 |
0 |
1,395 |
10 |
10 |
12 |
| United States |
931 |
8 |
939 |
53 |
992 |
921 |
18 |
939 |
1 |
0 |
6 |
| Rest of Americas |
357 |
1 |
358 |
49 |
407 |
326 |
0 |
326 |
10 |
10 |
25 |
| Total Americas |
1,288 |
9 |
1,297 |
102 |
1,399 |
1,247 |
18 |
1,265 |
3 |
3 |
11 |
| Japan |
140 |
0 |
140 |
46 |
186 |
174 |
0 |
174 |
−20 |
−20 |
7 |
| Rest of APJ |
391 |
0 |
391 |
38 |
429 |
377 |
0 |
377 |
4 |
4 |
14 |
| Total APJ |
531 |
0 |
531 |
84 |
615 |
552 |
0 |
552 |
−4 |
−4 |
12 |
| Software and software-related service revenue |
3,351 |
12 |
3,363 |
220 |
3,583 |
3,194 |
18 |
3,212 |
5 |
5 |
12 |
| Total revenue by region |
|||||||||||
| Germany |
598 |
0 |
598 |
0 |
598 |
575 |
0 |
575 |
4 |
4 |
4 |
| Rest of EMEA |
1,257 |
2 |
1,259 |
43 |
1,302 |
1,142 |
0 |
1,142 |
10 |
10 |
14 |
| Total EMEA |
1,854 |
3 |
1,857 |
43 |
1,900 |
1,716 |
0 |
1,716 |
8 |
8 |
11 |
| United States |
1,144 |
8 |
1,152 |
65 |
1,217 |
1,152 |
18 |
1,170 |
−1 |
−2 |
4 |
| Rest of Americas |
430 |
1 |
431 |
57 |
488 |
423 |
0 |
423 |
2 |
2 |
15 |
| Total Americas |
1,574 |
9 |
1,583 |
122 |
1,705 |
1,575 |
18 |
1,593 |
0 |
−1 |
7 |
| Japan |
157 |
0 |
157 |
52 |
209 |
197 |
0 |
197 |
−20 |
−20 |
6 |
| Rest of APJ |
460 |
0 |
460 |
47 |
507 |
463 |
0 |
463 |
−1 |
−1 |
10 |
| Total APJ |
617 |
1 |
618 |
98 |
716 |
661 |
0 |
661 |
−7 |
−7 |
8 |
| Total revenue |
4,045 |
12 |
4,057 |
264 |
4,321 |
3,952 |
18 |
3,970 |
2 |
2 |
9 |
| F10 |
| Revenues by Region - Management View |
|||||||||||
| For the nine months ended September 30 |
|||||||||||
| € millions |
2013 |
2012 |
Change in % |
||||||||
| IFRS |
Adj.* |
Non-IFRS* |
Currency Impact** |
Non-IFRS Constant Currency** |
IFRS |
Adj.* |
Non-IFRS* |
IFRS |
Non-IFRS* |
Non-IFRS Constant Currency** |
|
| Software revenue by region |
|||||||||||
| EMEA |
1,116 |
2 |
1,118 |
19 |
1,137 |
1,069 |
0 |
1,069 |
4 |
5 |
6 |
| Americas |
1,043 |
1 |
1,044 |
58 |
1,102 |
1,131 |
0 |
1,131 |
−8 |
−8 |
−3 |
| APJ |
454 |
0 |
454 |
40 |
494 |
522 |
0 |
522 |
−13 |
−13 |
−5 |
| Software revenue |
2,614 |
2 |
2,616 |
117 |
2,732 |
2,722 |
0 |
2,722 |
−4 |
−4 |
0 |
| Software revenue by location of negotiation and cloud subscription revenue by region |
|||||||||||
| EMEA |
1,197 |
2 |
1,199 |
21 |
1,220 |
1,113 |
0 |
1,113 |
8 |
8 |
10 |
| Americas |
1,425 |
60 |
1,485 |
73 |
1,558 |
1,222 |
40 |
1,262 |
17 |
18 |
23 |
| APJ |
479 |
0 |
479 |
41 |
520 |
531 |
0 |
531 |
−10 |
−10 |
−2 |
| Software revenue by location of negotiation and cloud subscription revenue |
3,101 |
62 |
3,163 |
135 |
3,298 |
2,866 |
39 |
2,905 |
8 |
9 |
14 |
| Revenues by Regions – Location of Customers |
|||||||||||
| For the nine months ended September 30 |
|||||||||||
| € millions |
2013 |
2012 |
Change in % |
||||||||
| IFRS |
Adj.* |
Non-IFRS* |
Currency Impact** |
Non-IFRS Constant Currency** |
IFRS |
Adj.* |
Non-IFRS* |
IFRS |
Non-IFRS* |
Non-IFRS Constant Currency** |
|
| Software revenue by region |
|||||||||||
| EMEA |
1,138 |
1 |
1,139 |
20 |
1,159 |
1,105 |
0 |
1,105 |
3 |
3 |
5 |
| Americas |
1,007 |
1 |
1,008 |
55 |
1,063 |
1,090 |
0 |
1,090 |
−8 |
−8 |
−2 |
| APJ |
469 |
0 |
469 |
41 |
510 |
527 |
0 |
527 |
−11 |
−11 |
−3 |
| Software revenue |
2,614 |
2 |
2,616 |
117 |
2,732 |
2,722 |
0 |
2,722 |
−4 |
−4 |
0 |
| Cloud subscriptions and support revenue by region |
|||||||||||
| EMEA |
81 |
0 |
81 |
2 |
83 |
44 |
0 |
44 |
84 |
84 |
88 |
| Americas |
382 |
59 |
441 |
15 |
456 |
91 |
40 |
131 |
>100 |
>100 |
>100 |
| APJ |
25 |
0 |
25 |
1 |
26 |
9 |
0 |
9 |
>100 |
>100 |
>100 |
| Cloud subscriptions and support revenue |
488 |
60 |
547 |
18 |
565 |
144 |
40 |
184 |
238 |
198 |
208 |
| Software and cloud subscription revenue by region |
|||||||||||
| EMEA |
1,219 |
1 |
1,220 |
23 |
1,243 |
1,149 |
0 |
1,149 |
6 |
6 |
8 |
| Americas |
1,389 |
61 |
1,450 |
70 |
1,520 |
1,181 |
39 |
1,220 |
18 |
19 |
25 |
| APJ |
493 |
0 |
493 |
43 |
536 |
536 |
0 |
536 |
−8 |
−8 |
0 |
| Software and cloud subscription revenue |
3,101 |
62 |
3,163 |
135 |
3,298 |
2,866 |
39 |
2,905 |
8 |
9 |
14 |
| F11 |
|||||||||||
| Software and software-related service revenue by region |
|||||||||||
| Germany |
1,324 |
0 |
1324 |
0 |
1,324 |
1,245 |
1 |
1,246 |
6 |
6 |
6 |
| Rest of EMEA |
3,052 |
2 |
3,054 |
67 |
3,121 |
2,845 |
1 |
2,846 |
7 |
7 |
10 |
| Total EMEA |
4,376 |
2 |
4,378 |
67 |
4,445 |
4,090 |
2 |
4,092 |
7 |
7 |
9 |
| United States |
2,692 |
71 |
2,763 |
84 |
2,847 |
2,456 |
41 |
2,497 |
10 |
11 |
14 |
| Rest of Americas |
1,002 |
1 |
1,003 |
81 |
1,084 |
872 |
0 |
872 |
15 |
15 |
24 |
| Total Americas |
3,693 |
73 |
3,766 |
164 |
3,930 |
3,328 |
41 |
3,369 |
11 |
12 |
17 |
| Japan |
403 |
0 |
403 |
101 |
504 |
489 |
0 |
489 |
−18 |
−18 |
3 |
| Rest of APJ |
1,100 |
0 |
1,100 |
51 |
1,151 |
1,030 |
0 |
1,030 |
7 |
7 |
12 |
| Total APJ |
1,502 |
0 |
1,502 |
153 |
1,655 |
1,519 |
0 |
1,519 |
−1 |
−1 |
9 |
| Software and software-related service revenue |
9,571 |
76 |
9,647 |
384 |
10,030 |
8,937 |
43 |
8,980 |
7 |
7 |
12 |
| Total revenue by region |
|||||||||||
| Germany |
1,714 |
0 |
1,714 |
0 |
1,714 |
1,666 |
1 |
1,667 |
3 |
3 |
3 |
| Rest of EMEA |
3,642 |
2 |
3,644 |
83 |
3,727 |
3,433 |
1 |
3,434 |
6 |
6 |
9 |
| Total EMEA |
5,356 |
3 |
5,359 |
82 |
5,441 |
5,099 |
2 |
5,101 |
5 |
5 |
7 |
| United States |
3,353 |
71 |
3,424 |
102 |
3,526 |
3,151 |
41 |
3,192 |
6 |
7 |
10 |
| Rest of Americas |
1,226 |
1 |
1,227 |
97 |
1,324 |
1,138 |
0 |
1,138 |
8 |
8 |
16 |
| Total Americas |
4,579 |
72 |
4,651 |
199 |
4,850 |
4,289 |
41 |
4,330 |
7 |
7 |
12 |
| Japan |
453 |
0 |
453 |
114 |
567 |
557 |
0 |
557 |
−19 |
−19 |
2 |
| Rest of APJ |
1,320 |
0 |
1,320 |
64 |
1,384 |
1,254 |
0 |
1,254 |
5 |
5 |
10 |
| Total APJ |
1,774 |
0 |
1,774 |
177 |
1,951 |
1,812 |
0 |
1,812 |
−2 |
−2 |
8 |
| Total revenue |
11,708 |
76 |
11,784 |
458 |
12,242 |
11,200 |
43 |
11,243 |
5 |
5 |
9 |
| * 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. |
|||||||||||
| F12 |
|||||||||||
SOURCE SAP AG
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