SAP Reports 26% Growth in Software Revenue and 20% Growth in Software and Software Related Service Revenue
-- Software Revenue Growth Rate More than Doubled in First Quarter 2011 Compared to First Quarter 2010
-- 5th Consecutive Quarter of Double-Digit Growth in Non-IFRS Software and Software Related Service Revenue
-- Non-IFRSOperating Profit Increased 26%
-- Record First Quarter Operating Cash Flow
-- SAP Reiterates Full-Year Outlook
WALLDORF, Germany, April 28, 2011 SAP AG (NYSE: SAP) today announced its financial results for the first quarter ended March 31, 2011.
(Logo: http://photos.prnewswire.com/prnh/20110126/AQ34470LOGO)
"We are pleased to report our fifth consecutive quarter of double-digit growth in software and software related service revenue," said Werner Brandt, CFO of SAP. "The strong top line results coupled with a double-digit increase in non-IFRS operating profit keep us on track to deliver further profitable growth in 2011 and beyond."
"Coming off our largest fourth quarter software revenue results in our history, our strong momentum continued in the first quarter," said Bill McDermott, Co-CEO of SAP. "Our customers are embracing our innovation and open ecosystem strategy. This is driving demand across our industry leading portfolio of business applications, analytics, and enterprise mobility solutions. We delivered double-digit revenue growth in all regions, benefitting from an increasing contribution to software revenue from our partner and channel business."
Jim Hagemann Snabe, Co-CEO of SAP, continued, "SAP's strategy of growth through innovation is clearly paying off and we remain confident about our future outlook. We offer great value to our customers with the most modern business suite and analytics solutions in the industry. In addition, our innovations addressing new markets with in memory, on demand and mobility are rapidly gaining traction. We are innovating faster in all product areas and continue to increase operational efficiency across the company."
FINANCIAL HIGHLIGHTS – First Quarter 2011
First Quarter 2011(1) |
||||||||
IFRS |
Non-IFRS(2) |
|||||||
euro million, unless |
Q1 2011 |
Q1 2010 |
% change |
Q1 2011 |
Q1 2010 |
% change |
% change |
|
Software revenue |
583 |
464 |
26% |
583 |
464 |
26% |
24% |
|
Software and software-related service revenue |
2,327 |
1,947 |
20% |
2,344 |
1,947 |
20% |
17% |
|
Total revenue |
3,024 |
2,509 |
21% |
3,041 |
2,509 |
21% |
18% |
|
Total operating expenses |
-2,427 |
-1,952 |
24% |
-2,262 |
-1,892 |
20% |
17% |
|
- thereof TomorrowNow litigation |
-2 |
0 |
n/a |
0 |
0 |
0% |
||
Operating profit |
597 |
557 |
7% |
779 |
617 |
26% |
21% |
|
Operating margin (%) |
19.7 |
22.2 |
-2.5pp |
25.6 |
24.6 |
1.0pp |
0.7pp |
|
Profit after tax |
403 |
387 |
4% |
528 |
439 |
20% |
||
Basic earnings per share (euro) |
0.34 |
0.33 |
3% |
0.44 |
0.37 |
19% |
||
Number of employees (FTE) |
53,872 |
47,598 |
13% |
na |
na |
na |
na |
|
(1) All figures are unaudited. |
|
(2) Adjustments in the revenue line items are for the support revenue that would have been recognized had the acquired entities 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 and discontinued activities. |
|
(3) Constant currency revenue and operating profit 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. |
|
Revenue – First Quarter 2011
- IFRS software revenue was euro 583 million (2010: euro 464 million), an increase of 26% (24% at constant currencies).
- IFRS software and software-related service revenue was euro 2.33 billion (2010: euro 1.95 billion), an increase of 20%. Non-IFRS software and software-related service revenue was euro 2.34 billion (2010: euro 1.95 billion), an increase of 20% (17% at constant currencies).
- IFRS total revenue was euro 3.02 billion (2010: euro 2.51 billion), an increase of 21%. Non-IFRS total revenue was euro 3.04 billion (2010: euro 2.51 billion), an increase of 21% (18% at constant currencies).
First quarter 2011 non-IFRS software and software-related service revenue and total revenue exclude a deferred support revenue write-down from acquisitions of euro 17 million.
Profit– First Quarter 2011
- IFRS operating profit was euro 597 million (2010: euro 557 million), an increase of 7%. Non-IFRS operating profit was euro 779 million (2010: euro 617 million), an increase of 26% (21% at constant currencies).
- IFRS operating margin was 19.7% (2010: 22.2%), a decrease of 2.5 percentage points. Non-IFRS operating margin was 25.6% (2010: 24.6%), or 25.3% at constant currencies, an increase of 1.0 percentage point (0.7 percentage points at constant currencies).
- IFRS profit after tax was euro 403 million (2010: euro 387 million), an increase of 4%. Non-IFRS profit after tax was euro 528 million (2010: euro 439 million), an increase of 20%. IFRS basic earnings per share was euro 0.34 (2010: euro 0.33), an increase of 3%. Non-IFRS basic earnings per share was euro 0.44 (2010: euro 0.37), an increase of 19%. The IFRS effective tax rate in the first quarter of 2011 was 30.9% (2010: 25.7%).The non-IFRS effective tax rate in the first quarter of 2011 was 31.0% (2010: 25.2%).
First quarter 2011 non-IFRS operating profit excludes a deferred support revenue write-down from acquisitions of euro 17 million, acquisition-related charges of euro 112 million, discontinued activities of euro 2 million and stock-based compensation expenses of euro 52 million (2010: euro 0 million, euro 54 million, euro 0 million and euro 5 million). First quarter 2011 non-IFRS profit after tax and non-IFRS basic earnings per share exclude a deferred support revenue write-down from acquisitions of euro 11 million, acquisition-related charges of euro 76 million, discontinued activities of euro 1 million and stock-based compensation expenses of euro 37 million (2010: euro 0 million, euro 41 million, euro 7 million and euro 4 million) net of tax.
Cash Flow – First Quarter 2011
Operating cash flow for the first quarter 2011 was euro 1.59 billion (2010: euro 772 million), which is the highest operating cash flow for a first quarter in the Company's history. Free cash flow was euro 1.45 billion (2010: euro 715 million), an increase of 103%. Free cash flow was 48% of total revenue (2010: 28%). At March 31, 2011, SAP had a total group liquidity of euro 4.49 billion (December 31, 2010: euro 3.53 billion), which includes cash and cash equivalents and short term investments. Net liquidity at March 31, 2011 was euro 633 million, which included euro 3.85 billion of debt, of which euro 3.25 billion resulted from the proceeds of bond and private placement transactions.
Business Outlook
SAP is providing the following outlook for the full-year 2011, which is unchanged from its previous outlook reported on January 26, 2011 and then reaffirmed in the 2010 Annual Report to Shareholders published on March 18, 2011 and the Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on March 18, 2011.
- The Company expects full-year 2011 non-IFRS software and software-related service revenue to increase in a range of 10% – 14% at constant currencies (2010: euro 9.87 billion).
- The Company expects full-year 2011 non-IFRS operating profit to be in a range of euro 4.45 billion – euro 4.65 billion at constant currencies (2010: euro 4.01 billion), resulting in a 2011 non-IFRS operating margin increasing in a range of 0.5 - 1.0 percentage points at constant currencies (2010: 32.0%).
- For the full-year 2011, the Company projects an IFRS effective tax rate of 27.0% – 28.0% (2010: 22.5%) and a non-IFRS effective tax rate of 27.5% - 28.5% (2010: 27.3%).
Major Customer Wins
In the first quarter of 2011, SAP closed major contracts in key regions.
EMEA: |
|
SAP - KantonsspitalAarau AG, Stadtverwaltung Biel, PIERRE & VACANCES SA, GALP ENERGIA, S.A., OJSC Promsvyazbank (PSB), OOO Rosgosstrakh |
|
Sybase - Ericsson, Telefonica, 1&1 Internet AG |
|
Americas: |
|
SAP - BancoIntermedium S.A., PrimeSource Building Products Inc., Coinstar, Inc., Interpublic Group of Companies Inc., Sedgwick County, Kansas, Mohawk Industries, Inc. |
|
Sybase – Synnex, Fujioka EletroImagem S/A, Medical Data Systems |
|
Asia Pacific/Japan: |
|
SAP - Jiangsu King's Luck Brewery Co., Ltd, Texhong (China) Investment Co., Ltd., Guangzhou Liby Enterprise Group Co., Astro All Asia Networks PLC, KyungDongNavien Co., Ltd., Microelectronics Technology Inc. |
|
Sybase - YunNan Local Taxation, Jiaxing International Creative Culture Industry Park |
|
SAP Business ByDesign |
|
Hartung Consulting, KAI Computer Services Limited, Tennants Fine Chemicals Ltd, Dicentra, RB-INFO Kontor, HBC, Framos, EURO RSCG, siller AG, Wildnissport, Nowis |
|
Q1 2011 Interim Report
SAP's Q1 2011 Interim Report was published today and is available at www.sap.com/investor for download.
Webcast
SAP senior management will host a conference call today at 3:00 PM (CET) / 2:00 PM (GMT) / 9:00 AM (Eastern) / 6:00 AM (Pacific). The conference call will be web cast live on the Company's website at www.sap.com/investor and will be available for replay.
2010 Annual Report
The 2010 Annual Report was published on March 18, 2011 and is available for download at www.sap.com/investor.
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 170,000 customers (includes customers from the acquisition of Sybase) 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.
© 2011 SAP AG. All rights reserved.
SAP, R/3, SAP NetWeaver, Duet, PartnerEdge, ByDesign, SAP BusinessObjects Explorer, StreamWork, 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 other countries.
Business Objects and the Business Objects logo, BusinessObjects, Crystal Reports, Crystal Decisions, Web Intelligence, Xcelsius, and other Business Objects products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of Business Objects Software Ltd. Business Objects is an SAP company. Sybase and Adaptive Server, iAnywhere, Sybase 365, SQL Anywhere, and other Sybase products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of Sybase, Inc. Sybase is an SAP company.
All other product and service names mentioned are the trademarks of their respective companies. Data contained in this document serves informational purposes only. National product specifications may vary.
These materials are subject to change without notice. These materials are provided by SAP AG and its affiliated companies ("SAP Group") for informational purposes only, without representation or warranty of any kind, and SAP Group shall not be liable for errors or omissions with respect to the materials. The only warranties for SAP Group products and services are those that are set forth in the express warranty statements accompanying such products and services, if any. Nothing herein should be construed as constituting an additional warranty.
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For customers interested in learning more about SAP products: |
|||
Global Customer Center: |
+49 180 534-34-24 |
||
United States Only: |
1 (800) 872-1SAP (1-800-872-1727) |
||
For more information, press only: |
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Christoph Liedtke |
+49 (6227) 7-50383 |
[email protected], CET |
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+49 (6227) 7-65416 |
[email protected], CET |
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[email protected], SGT (GMT +8) |
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For more information, financial community only: |
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+49 (6227) 7-44872 |
[email protected], CET |
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MartyCohen |
+1 (212) 653-9619 |
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Follow SAP Investor Relations on Twitter at @sapinvestor. |
|||
Appendix – Financial Information to Follow
FINANCIAL INFORMATION |
||
FOR THE FIRST QUARTER 2011 |
||
(Condensed and Unaudited) |
||
Page |
||
Financial Statements (IFRS) |
||
Income Statements |
F1 |
|
Statements of Financial Position |
F2 |
|
Statements of Cash Flows |
F3 |
|
Supplementary Financial Information |
||
Reconciliations from Non-IFRS Numbers to IFRS Numbers |
F4 |
|
Revenue by Region |
F5 |
|
Financial Statements (IFRS)
CONSOLIDATED INCOME STATEMENTS |
|||||
for the three months ended March 31 |
|||||
euro millions, unless otherwise stated |
Note |
2011 |
2010 |
Change |
|
Software revenue |
583 |
464 |
26 |
||
Support revenue |
1,655 |
1,394 |
19 |
||
Subscription and other software-related service revenue |
89 |
89 |
0 |
||
Software and software-related service revenue |
2,327 |
1,947 |
20 |
||
Consulting revenue |
570 |
479 |
19 |
||
Other service revenue |
127 |
83 |
53 |
||
Professional services and other service revenue |
697 |
562 |
24 |
||
Total revenue |
3,024 |
2,509 |
21 |
||
Cost of software and software-related services |
-495 |
-399 |
24 |
||
Cost of professional services and other services |
-577 |
-451 |
28 |
||
Research and development |
-498 |
-393 |
27 |
||
Sales and marketing |
-677 |
-557 |
22 |
||
General and administration |
-177 |
-148 |
20 |
||
TomorrowNow litigation |
-2 |
0 |
N/A |
||
Other operating income/expense, net |
-1 |
-4 |
-75 |
||
Total operating expenses |
-2,427 |
-1,952 |
24 |
||
Operating profit |
597 |
557 |
7 |
||
Other non-operating income/expense, net |
0 |
-36 |
-100 |
||
Finance income |
29 |
15 |
93 |
||
Finance costs |
-43 |
-15 |
>100 |
||
Financial income, net |
-14 |
0 |
N/A |
||
Profit before tax |
583 |
521 |
12 |
||
Income tax expense |
(6) |
-180 |
-134 |
34 |
|
Profit after tax |
403 |
387 |
4 |
||
– Profit attributable to non-controlling interests |
0 |
0 |
0 |
||
– Profit attributable to owners of parent |
403 |
387 |
4 |
||
Basic earnings per share, in euro* |
(7) |
0.34 |
0.33 |
3 |
|
Diluted earnings per share, in euro* |
(7) |
0.34 |
0.33 |
3 |
|
* For the three months ended March 31, 2011 and 2010 the weighted average number of shares were 1,188 million (Diluted: 1,189 million) and 1,189 million (Diluted: 1,190 million), respectively (treasury stock excluded). |
|||||
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
||||
as at March 31, 2011 and December 31, 2010 |
||||
euro millions |
Notes |
2011 |
2010 |
|
Cash and cash equivalents |
4,477 |
3,518 |
||
Other financial assets |
(8) |
252 |
158 |
|
Trade and other receivables |
(9) |
3,214 |
3,099 |
|
Other non-financial assets |
210 |
181 |
||
Tax assets |
135 |
187 |
||
Total current assets |
8,288 |
7,143 |
||
Goodwill |
8,264 |
8,428 |
||
Intangible assets |
2,218 |
2,376 |
||
Property, plant, and equipment |
1,443 |
1,449 |
||
Other financial assets |
(8) |
446 |
475 |
|
Trade and other receivables |
(9) |
75 |
78 |
|
Other non-financial assets |
30 |
31 |
||
Tax assets |
124 |
122 |
||
Deferred tax assets |
722 |
737 |
||
Total non-current assets |
13,322 |
13,696 |
||
Total assets |
21,610 |
20,839 |
||
euro millions |
Notes |
2011 |
2010 |
|
Trade and other payables |
794 |
923 |
||
Tax liabilities |
77 |
164 |
||
Financial liabilities |
(10) |
141 |
142 |
|
Other non-financial liabilities |
1,129 |
1,726 |
||
Provision TomorrowNow litigation |
938 |
997 |
||
Other provisions |
360 |
290 |
||
Provisions |
1,298 |
1,287 |
||
Deferred income |
2,773 |
911 |
||
Total current liabilities |
6,212 |
5,153 |
||
Trade and other payables |
43 |
30 |
||
Tax liabilities |
403 |
369 |
||
Financial liabilities |
(10) |
3,906 |
4,449 |
|
Other non-financial liabilities |
91 |
85 |
||
Provisions |
247 |
292 |
||
Deferred tax liabilities |
562 |
574 |
||
Deferred income |
57 |
63 |
||
Total non-current liabilities |
5,309 |
5,862 |
||
Total liabilities |
11,521 |
11,015 |
||
Issued capital |
1,228 |
1,227 |
||
Share premium |
386 |
337 |
||
Retained earnings |
10,159 |
9,767 |
||
Other components of equity |
-288 |
-142 |
||
Treasury shares |
-1,406 |
-1,382 |
||
Equity attributable to owners of parent |
10,079 |
9,807 |
||
Non-controlling interests |
10 |
17 |
||
Total equity |
(11) |
10,089 |
9,824 |
|
Equity and liabilities |
21,610 |
20,839 |
||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||
for the three months ended March 31 |
|||
euro millions |
2011 |
2010 |
|
Profit after tax |
403 |
387 |
|
Adjustments to reconcile profit after taxes to net cash provided by operating activities: |
|||
Depreciation and amortization |
178 |
111 |
|
Income tax expense |
180 |
134 |
|
Finance income and finance costs, net |
14 |
0 |
|
Gains/losses on disposals of non-current assets |
1 |
1 |
|
Decrease/increase in sales and bad debt allowances on trade receivables |
21 |
21 |
|
Other adjustments for non-cash items |
-11 |
6 |
|
Decrease/increase in trade receivables |
-233 |
-915 |
|
Decrease/increase in other assets |
-105 |
-11 |
|
Decrease/increase in trade payables, provisions and other liabilities |
-593 |
-348 |
|
Decrease/increase in deferred income |
1,944 |
1,592 |
|
Cash paid due to TomorrowNow litigation |
-2 |
-5 |
|
Interest paid |
-21 |
-12 |
|
Interest received |
20 |
11 |
|
Income taxes paid, net of refunds |
-204 |
-200 |
|
Net cash flows from operating activities |
1,592 |
772 |
|
Purchase of intangible assets and property, plant, equipment and business combinations |
-141 |
-57 |
|
Proceeds from sales of intangible assets or property, plant, and equipment |
10 |
9 |
|
Purchase of equity or debt instruments of other entities |
-79 |
-318 |
|
Proceeds from sales of equity or debt instruments of other entities |
103 |
122 |
|
Net cash flows from investing activities |
-107 |
-244 |
|
Purchase of non-controlling interests |
-21 |
0 |
|
Purchase of treasury shares |
-158 |
-120 |
|
Proceeds from reissuance of treasury shares |
141 |
81 |
|
Proceeds from issuing shares (share-based compensation) |
29 |
20 |
|
Proceeds from borrowings |
2 |
1 |
|
Repayments of borrowings |
-504 |
0 |
|
Purchase of equity-based derivative instruments (hedge for cash-settled share-based payment plans) |
0 |
-14 |
|
Proceeds from exercise of equity-based derivative financial instruments |
0 |
4 |
|
Net cash flows from financing activities |
-511 |
-28 |
|
Effect of foreign exchange rates on cash and cash equivalents |
-15 |
29 |
|
Net decrease/increase in cash and cash equivalents |
959 |
529 |
|
Cash and cash equivalents at the beginning of the period |
3,518 |
1,884 |
|
Cash and cash equivalents at the end of the period |
4,477 |
2,413 |
|
Supplementary Financial Information
RECONCILIATIONS FROM NON-IFRS NUMBERS TO IFRS NUMBERS
(Unaudited)
The following table presents 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.
euro millions, unless otherwise stated |
||||||||||||||||||||||
Three months ended March 31 |
||||||||||||||||||||||
2011 |
2010 |
Change in % |
||||||||||||||||||||
IFRS |
Adj.* |
Non-IFRS* |
Non-IFRS constant currency** |
IFRS |
Adj.* |
IFRS |
Non-IFRS* |
Non-IFRS constant currency** |
||||||||||||||
Non-IFRS Revenue Numbers |
||||||||||||||||||||||
Software revenue |
583 |
0 |
583 |
-6 |
577 |
464 |
0 |
464 |
26 |
26 |
24 |
|||||||||||
Support revenue |
1.655 |
17 |
1.672 |
-50 |
1.622 |
1.394 |
0 |
1.394 |
19 |
20 |
16 |
|||||||||||
Subscription and other software-related service revenue |
89 |
0 |
89 |
-2 |
87 |
89 |
0 |
89 |
0 |
0 |
-2 |
|||||||||||
Software and software-related service revenue |
2.327 |
17 |
2.344 |
-58 |
2.286 |
1.947 |
0 |
1.947 |
20 |
20 |
17 |
|||||||||||
Consulting revenue |
570 |
0 |
570 |
-14 |
556 |
479 |
0 |
479 |
19 |
19 |
16 |
|||||||||||
Other service revenue |
127 |
0 |
127 |
-3 |
124 |
83 |
0 |
83 |
53 |
53 |
49 |
|||||||||||
Professional services and other service revenue |
697 |
0 |
697 |
-17 |
680 |
562 |
0 |
562 |
24 |
24 |
21 |
|||||||||||
Total revenue |
3.024 |
17 |
3.041 |
-75 |
2.966 |
2.509 |
0 |
2.509 |
21 |
21 |
18 |
|||||||||||
Non-IFRS Operating Expense Numbers |
||||||||||||||||||||||
Cost of software and software-related services |
-495 |
77 |
-418 |
-399 |
41 |
-358 |
24 |
17 |
||||||||||||||
Cost of professional services and other services |
-577 |
13 |
-564 |
-451 |
1 |
-450 |
28 |
25 |
||||||||||||||
Research and development |
-498 |
23 |
-475 |
-393 |
2 |
-391 |
27 |
21 |
||||||||||||||
Sales and marketing |
-677 |
38 |
-639 |
-557 |
13 |
-544 |
22 |
17 |
||||||||||||||
General and administration |
-177 |
12 |
-165 |
-148 |
3 |
-145 |
20 |
14 |
||||||||||||||
TomorrowNow litigation |
-2 |
2 |
0 |
0 |
0 |
0 |
N/A |
0 |
||||||||||||||
Other operating income/expense, net |
-1 |
0 |
-1 |
-4 |
0 |
-4 |
-75 |
-75 |
||||||||||||||
Total operating expenses |
-2.427 |
165 |
-2.262 |
45 |
-2.217 |
-1.952 |
59 |
-1.892 |
24 |
20 |
17 |
|||||||||||
Non-IFRS Profit Numbers |
||||||||||||||||||||||
Operating profit |
597 |
182 |
779 |
-30 |
749 |
557 |
59 |
617 |
7 |
26 |
21 |
|||||||||||
Other non-operating income/expense, net |
0 |
0 |
0 |
-36 |
7 |
-30 |
-100 |
-100 |
||||||||||||||
Finance income |
29 |
0 |
29 |
15 |
0 |
15 |
93 |
93 |
||||||||||||||
Finance costs |
-43 |
0 |
-43 |
-15 |
0 |
-15 |
>100 |
>100 |
||||||||||||||
Finance income, net |
-14 |
0 |
-14 |
0 |
0 |
0 |
N/A |
N/A |
||||||||||||||
Profit before tax |
583 |
182 |
765 |
521 |
66 |
587 |
12 |
30 |
||||||||||||||
Income tax expense |
-180 |
-57 |
-237 |
-134 |
-14 |
-148 |
34 |
60 |
||||||||||||||
Profit after tax |
403 |
125 |
528 |
387 |
52 |
439 |
4 |
20 |
||||||||||||||
Profit attributable to non-controlling interests |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||
Profit attributable to owners of parent |
403 |
125 |
528 |
387 |
52 |
439 |
4 |
20 |
||||||||||||||
Non-IFRS Key Ratios |
||||||||||||||||||||||
Operating margin in % |
19,7 |
25,6 |
25,3 |
22,2 |
24,6 |
-2,5pp |
1,0pp |
0,7pp |
||||||||||||||
Effective tax rate in % |
30,9 |
31,0 |
25,7 |
25,2 |
5,2pp |
5,8pp |
||||||||||||||||
Basic earnings per share, in euro |
0,34 |
0,44 |
0,33 |
0,37 |
3 |
19 |
||||||||||||||||
* Adjustments in the revenue line items are for support revenue 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 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. Differences may exist due to rounding. |
||||||||||||||||||||||
REVENUE BY REGION
(Unaudited)
The following table presents our IFRS and non-IFRS revenue by region based on customer location. 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.
euro millions |
|||||||||||||||||
Three months ended March 31 |
|||||||||||||||||
2011 |
2010 |
Change in % |
|||||||||||||||
IFRS |
Adj.* |
Currency impact** |
IFRS |
Adj.* |
IFRS |
Non-IFRS* |
|||||||||||
Software revenue by region |
|||||||||||||||||
EMEA |
251 |
0 |
251 |
-2 |
249 |
218 |
0 |
218 |
15 |
15 |
14 |
||||||
Americas |
231 |
0 |
231 |
1 |
232 |
171 |
0 |
171 |
35 |
35 |
36 |
||||||
Asia Pacific Japan |
101 |
0 |
101 |
-4 |
97 |
74 |
0 |
74 |
36 |
36 |
31 |
||||||
Software revenue |
583 |
0 |
583 |
-6 |
577 |
464 |
0 |
464 |
26 |
26 |
24 |
||||||
Software and software-related service revenue by region |
|||||||||||||||||
Germany |
331 |
0 |
331 |
0 |
331 |
310 |
0 |
310 |
7 |
7 |
7 |
||||||
Rest of EMEA |
795 |
5 |
800 |
-19 |
781 |
691 |
0 |
691 |
15 |
16 |
13 |
||||||
Total EMEA |
1.126 |
5 |
1.131 |
-19 |
1.112 |
1.001 |
0 |
1.001 |
12 |
13 |
11 |
||||||
United States |
620 |
9 |
629 |
-2 |
627 |
471 |
0 |
471 |
32 |
34 |
33 |
||||||
Rest of Americas |
222 |
1 |
223 |
-11 |
212 |
192 |
0 |
192 |
16 |
16 |
10 |
||||||
Total Americas |
842 |
11 |
853 |
-14 |
839 |
663 |
0 |
663 |
27 |
29 |
27 |
||||||
Japan |
124 |
1 |
125 |
-12 |
113 |
98 |
0 |
98 |
27 |
28 |
15 |
||||||
Rest of Asia Pacific Japan |
236 |
1 |
237 |
-15 |
222 |
185 |
0 |
185 |
28 |
28 |
20 |
||||||
Total Asia Pacific Japan |
360 |
1 |
361 |
-26 |
335 |
283 |
0 |
283 |
27 |
28 |
18 |
||||||
Software and software-related service revenue |
2.327 |
17 |
2.344 |
-58 |
2.286 |
1.947 |
0 |
1.947 |
20 |
20 |
17 |
||||||
Total revenue by region |
|||||||||||||||||
Germany |
485 |
0 |
485 |
0 |
485 |
444 |
0 |
444 |
9 |
9 |
9 |
||||||
Rest of EMEA |
997 |
5 |
1.002 |
-25 |
977 |
859 |
0 |
859 |
16 |
17 |
14 |
||||||
Total EMEA |
1.482 |
5 |
1.487 |
-24 |
1.463 |
1.302 |
0 |
1.302 |
14 |
14 |
12 |
||||||
United States |
819 |
9 |
828 |
-3 |
825 |
620 |
0 |
620 |
32 |
34 |
33 |
||||||
Rest of Americas |
292 |
1 |
293 |
-14 |
279 |
247 |
0 |
247 |
18 |
19 |
13 |
||||||
Total Americas |
1.111 |
11 |
1.122 |
-18 |
1.104 |
867 |
0 |
867 |
28 |
29 |
27 |
||||||
Japan |
140 |
1 |
141 |
-14 |
127 |
111 |
0 |
111 |
26 |
27 |
14 |
||||||
Rest of Asia Pacific Japan |
291 |
1 |
292 |
-19 |
273 |
229 |
0 |
229 |
27 |
28 |
19 |
||||||
Total Asia Pacific Japan |
431 |
1 |
432 |
-32 |
400 |
340 |
0 |
340 |
27 |
27 |
18 |
||||||
Total revenue |
3.024 |
17 |
3.041 |
-75 |
2.966 |
2.509 |
0 |
2.509 |
21 |
21 |
18 |
||||||
* Adjustments in the revenue line items are for support revenue 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. See Explanations of Non-IFRS Measures for details. ** 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. Differences may exist due to rounding. |
|||||||||||||||||
For a more detailed description of these adjustments and their limitations as well as our constant currency and free cash flow figures see Explanations of Non-IFRS Measures online (www.sap.com/about/investor/index.epx ).
SOURCE SAP AG
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