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SAP Announces Fourth Quarter and Full Year Results 2013

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SOURCE SAP AG

Successful Transition to the Cloud Outgrowing the Market and Expanding Operating Margin in 2013

SAP Accelerating Customer-Driven Transition to the Cloud - Aiming for EUR 3.0 to EUR 3.5 Billion Cloud Revenue in 2017

WALLDORF, Germany, Jan. 21, 2014 /PRNewswire/ --

  • Fast Growing Cloud Business and Solid Core Drive 4th Consecutive Year of Double-Digit Growth: Full Year 2013 Non-IFRS Software and Software-Related Service Revenue Increased 11% at Constant Currencies (6% at Actual Currencies to €14.03 Billion)
  • Cloud Subscription and Support Backlog Increased 50% to approximately €1.2 billion as of December 31, 2013, Non-IFRS Deferred Cloud Subscription and Support Revenue Increased 25% to €447 Million as of December 31, 2013
  • SAP HANA Success Continued in 2013: Full Year 2013 HANA Software Revenue Increased 69% at Constant Currencies to €664 Million (61% at Actual Currencies to €633 Million), SAP HANA Becomes the Real-Time Platform for the Industry
  • Full Year 2013 Non-IFRS Operating Profit Increased 13% at Constant Currencies to €5.90 Billion, Resulting in Non-IFRS Operating Margin Expansion of 150 Basis Points at Constant Currencies to 33.5%
  • Full Year 2013 Non-IFRS Earnings Per Share Increased 11% to €3.37
  • Introducing 2017 Targets Reflecting Customer-Driven Shift to Cloud: At least €22 Billion in Total Revenue, €3.0 - €3.5 Billion Total Revenue from the Cloud Business and 35% Non-IFRS Operating Margin by 2017

(Logo:  http://photos.prnewswire.com/prnh/20110126/AQ34470LOGO )

SAP AG (NYSE: SAP) today announced its financial results for the fourth quarter and full year ended December 31, 2013.

BUSINESS HIGHLIGHTS IN THE FOURTH QUARTER AND FULL YEAR 2013

SAP delivered strong revenue growth in 2013. Full year non-IFRS software and cloud subscription revenue increased 11% at constant currencies (6% at actual currencies to €5.28 billion). Non-IFRS software and software-related service revenue grew 11% at constant currencies (6% at actual currencies to €14.03 billion). Non-IFRS total revenue grew 8% at constant currencies (4% at actual currencies to €16.90 billion).

"We are proud of having delivered another year of double digit growth, outperforming the market and expanding our margin, while at the same time investing in innovation and the cloud," said Co-CEOs Bill McDermott and Jim Hagemann Snabe. "Based on our strong global momentum from 2013 we will accelerate the transition to the cloud by offering customers choice. With all solutions moving to the Cloud powered by our real time platform HANA, we will simplify for our customers, extend our lead and drive growth that is more predictable and profitable for the long term."

"We finished 2013 with a strong fourth quarter. We significantly expanded our Non-IFRS operating margin in the fourth quarter, leading to a full-year Non-IFRS operating margin expansion of 150 basis points at constant currencies and 11% growth in Non-IFRS EPS for the full year 2013," said Werner Brandt, CFO of SAP. "This was driven by operational excellence despite the margin impact from acquisitions and our momentum in the cloud."

SAP's fast-growing cloud business demonstrates the Company's leadership in the cloud. Non-IFRS cloud subscription and support revenue was €787 million at constant currencies, which exceeded the Company's full year 2013 guidance of €750 million (2012: €343 million).

Non-IFRS deferred cloud subscription and support revenue1 was €447 million as of December 31, 2013, a year-over-year increase of 25%. The Company's cloud subscription and support backlog2 as of December 31, 2013 was approximately €1.2 billion, a year-over-year increase of 50%. SAP's annual cloud revenue run rate now exceeds €1.06 billion3. SAP's total cloud portfolio applications subscribers now exceed 35 million. The trailing twelve month Ariba network spend volume4 now exceeds $0.5 trillion. Today Ariba is the world's largest Web-based business trading community with 1.4 million connected companies.

SAP HANA, the platform for real-time business applications, was a major growth engine in 2013. The Company has now over 3,000 HANA customers. Full year 2013 HANA software revenue increased 69% at constant currencies to €664 million (61% at actual currencies to €633 million). SAP Business Suite powered by SAP HANA is the best-in-class platform for high-performance applications. With 800 customers at the end of 2013, demand for SAP Business Suite powered by HANA has exceeded SAP's own expectations in the short period since its launch in May 2013.

Fourth Quarter 2013 Regional Revenue

The EMEA region saw high single-digit growth with non-IFRS software and cloud subscription revenue increasing 9% at constant currencies. This was the result of high double-digit growth in cloud subscription and support revenue in this region and strong double-digit software revenue growth at constant currencies in Germany, France, Russia, Middle East and Africa. The Americas region grew single-digit in the fourth quarter in non-IFRS software and cloud subscription revenue at constant currencies. This was the result of the transition to the cloud and a tough year-over-year comparison in software revenue. Non-IFRS software and cloud subscription revenue in the Asia Pacific Japan (APJ) region continued on its path of double-digit growth at constant currencies, driven by a strong performance in China.

Full Year 2013 Regional Revenue

The EMEA region saw high-single digit growth with non-IFRS software and cloud subscription revenue at constant currencies which is an impressive result in light of continued market uncertainty seen throughout the year. The Americas region delivered a very strong full year performance in non-IFRS software and cloud subscription revenue with 15% growth at constant currencies while rapidly shifting to the Cloud. Non-IFRS software and cloud subscriptions revenue in the APJ region increased by 3% at constant currencies in the full year 2013 after ending the year with a strong fourth quarter. 

FINANCIAL RESULTS IN DETAIL

FINANCIAL HIGHLIGHTS – Fourth Quarter 2013



Fourth Quarter 2013(1)


IFRS



Non-IFRS(2)




€ million, unless otherwise stated

Q4 2013

Q4 2012

%

change

Q4 2013

Q4 2012

%

change

% change

const. curr.









Software

1,902

1,937

-2

1,903

1,937

-2

4

Cloud subscriptions and support

209

126

66

210

159

32

39

Software and cloud subscriptions

2,111

2,063

2

2,113

2,096

1

6

Support

2,269

2,166

5

2,274

2,171

5

10

Software and software-related service

revenue

4,380

4,228

4

4,387

4,266

3

8

Total revenue

5,109

5,023

2

5,116

5,062

1

7

Total operating expenses

-3,304

-3,431

-4

-3,018

-3,092

-2

1

Operating profit

1,805

1,592

13

2,097

1,969

7

15

Operating margin (%)

35.3

31.7

3.6pp

41.0

38.9

2.1pp

2.9pp

Profit after tax

1,324

1,101

20

1,524

1,359

12


Basic earnings per share (€)

1.11

0.92

21

1.28

1.14

12


Number of employees (FTE)

66,572

64,422

3

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 F7 in the appendix to this press release.

IFRS and non-IFRS software revenue was €1.90 billion (2012: €1.94 billion), a decrease of 2% (an increase of 4% at constant currencies). IFRS software and cloud subscription revenue was €2.11 billion (2012: €2.06 billion), an increase of 2%. Non-IFRS software and cloud subscription revenue was €2.11 billion (2012: €2.10 billion), an increase of 1% (6% at constant currencies). IFRS software and software-related service revenue was €4.38 billion (2012: €4.23 billion), an increase of 4%. Non-IFRS software and software-related service revenue was €4.39 billion (2012: €4.27 billion), an increase of 3% (8% at constant currencies). IFRS total revenue was €5.11 billion (2012: €5.02 billion), an increase of 2%. Non-IFRS total revenue was €5.12 billion (2012: €5.06 billion), an increase of 1% (7% at constant currencies).

IFRS operating profit was €1.81 billion (2012: €1.59 billion), an increase of 13%. Non-IFRS operating profit was €2.10 billion (2012: €1.97 billion), an increase of 7% (15% at constant currencies). IFRS operating margin was 35.3% (2012: 31.7%), an increase of 3.6 percentage points. Non-IFRS operating margin was 41.0% (2012: 38.9%), or 41.8% at constant currencies, an increase of 2.1 percentage points (2.9 percentage points at constant currencies).

IFRS profit after tax was €1.32 billion (2012: €1.10 billion), an increase of 20%. Non-IFRS profit after tax was €1.52 billion (2012: €1.36 billion), an increase of 12%. IFRS basic earnings per share was €1.11 (2012: €0.92), an increase of 21%. Non-IFRS basic earnings per share was €1.28 (2012: €1.14), an increase of 12%. The IFRS and non-IFRS effective tax rates in the fourth quarter of 2013 were 25.6% (2012: 28.0%) and 26.4% (2012: 28.7%), respectively. 

FINANCIAL HIGHLIGHTS – Full Year 2013



Full Year 2013(1)


IFRS

Non-IFRS(2)

€ million, unless otherwise stated

FY 2013

FY 2012

%

change

FY 2013

FY 2012

%

change

% change

const. curr.









Software

4,516

4,658

-3

4,518

4,658

-3

2

Cloud subscriptions and support

697

270

158

758

343

121

130

Software and cloud subscriptions

5,213

4,928

6

5,276

5,001

6

11

Support

8,739

8,237

6

8,758

8,246

6

11

Software and software-related service

revenue

13,952

13,165

6

14,034

13,246

6

11

Total revenue

16,817

16,223

4

16,900

16,304

4

8

Total operating expenses

-12,336

-12,158

1

-11,386

-11,090

3

6

Operating profit

4,482

4,065

10

5,513

5,214

6

13

Operating margin (%)

26.7

25.1

1.6pp

32.6

32.0

0.6pp

1.5pp

Profit after tax

3,330

2,823

18

4,024

3,608

12


Basic earnings per share (€)

2.79

2.37

18

3.37

3.03

11


Number of employees (FTE)

66,572

64,422

3

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 F7 in the appendix to this press release.

IFRS and non-IFRS software revenue was €4.52 billion (2012: €4.66 billion), a decrease of 3% (an increase of 2% at constant currencies). IFRS software and cloud subscription revenue was €5.21 billion (2012: €4.93 billion), an increase of 6%. Non-IFRS software and cloud subscription revenue was €5.28 billion (2012: €5.00 billion), an increase of 6% (11% at constant currencies). IFRS software and software-related service revenue was €13.95 billion (2012: €13.17 billion), an increase of 6%. Non-IFRS software and software-related service revenue was €14.03 billion (2012: €13.25 billion), an increase of 6% (11% at constant currencies). This exceeded SAP's non-IFRS software and software-related service revenue guidance which was at least 10% at constant currencies. IFRS total revenue was €16.82 billion (2012: €16.22 billion), an increase of 4%. Non-IFRS total revenue was €16.90 billion (2012: €16.30 billion), an increase of 4% (8% at constant currencies).

IFRS operating profit was €4.48 billion (2012: €4.07 billion), an increase of 10%. Non-IFRS operating profit was €5.51 billion (2012: €5.21 billion), an increase of 6% (€5.90 billion or 13% at constant currencies). This met SAP's non-IFRS operating profit guidance (which was in a range of €5.85 - €5.95 billion at constant currencies). IFRS operating margin was 26.7% (2012: 25.1%), an increase of 1.6 percentage points. Non-IFRS operating margin was 32.6% (2012: 32.0%), or 33.5% at constant currencies, an increase of 0.6 percentage points (1.5 percentage points at constant currencies). Non-IFRS operating margin in 2013 was negatively impacted affected by approximately 50 basis points

IFRS profit after tax was €3.33 billion (2012: €2.82 billion), an increase of 18%. Non-IFRS profit after tax was €4.02 billion (2012: €3.61 billion), an increase of 12%. IFRS basic earnings per share was €2.79 (2012: €2.37), an increase of 18%. Non-IFRS basic earnings per share was €3.37 (2012: €3.03), an increase of 11%. The IFRS and non-IFRS effective tax rates for the twelve months ending December 31, 2013 were 24.3% (2012: 26.2%) and 25.9% (2012: 27.5%), respectively.

Operating cash flow was €3.83 billion (2012: €3.82 billion), increasing slightly year-over-year. Free cash flow was €3.27 billion (2012: €3.28 billion), decreasing slightly year-over-year. Free cash flow was 19% of total revenue (2012: 20%). At December 31, 2013, SAP had a total group liquidity of €2.84 billion (December 31, 2012: €2.49 billion), which includes cash and cash equivalents and short term investments. Net liquidity at December 31, 2013 was -€1.47 billion compared to -€2.50 billion at December 31, 2012.

BUSINESS OUTLOOK 2014

The Company is providing the following outlook for the full-year 2014:

  • The Company expects full year 2014 non-IFRS cloud subscription and support revenue to be in a range of €950 – €1,000 million at constant currencies (2013: €758 million). The upper end of this range represents a growth rate of 32% which is similar to the respective 2013 growth rate after adjusting for acquisitions.
  • The Company expects full year 2014 non-IFRS software and software-related service revenue to increase by 6% - 8% at constant currencies (2013: €14.03 billion).
  • The Company expects full-year 2014 non-IFRS operating profit to be in a range of €5.8 billion – €6.0 billion at constant currencies (2013: €5.51 billion).

MID-TERM OUTLOOK

With SAP HANA as the single platform for our entire product portfolio, delivered on-premise or in the Cloud, SAP will drive simplicity and business outcomes for its customers.

SAP expects the combination of a stable, highly-profitable core and fast-growing cloud business to deliver continued growth and margin expansion. The Company still aims to increase its total revenue to at least €20 billion and total revenue from its cloud business including cloud-related professional services to approximately €2 billion by 2015.

Looking beyond 2015, SAP is now introducing new 2017 targets. SAP aims to increase total revenue to at least €22 billion and total revenue from its cloud business to €3.0 - €3.5 billion by 2017. The Company retains its non-IFRS operating margin goal of 35%. In order to capture the growth opportunities in the cloud, SAP now expects this target to be reached by 2017 rather than in 2015 as previously stated. SAP anticipates the fast-growing cloud business along with growth in support revenue will drive a higher proportion of more predictable, recurring revenue in the future.

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 and 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.

2013 Annual Report

SAP's 2013 Annual Report to Shareholders and 2013 Annual Report on Form 20-F are scheduled to be published on March 21, 2014, and will be available for download at www.sap.com/investor.

Webcast

SAP senior management will host a press conference in Walldorf today at 10:00 AM (CET) / 9:00 AM (GMT) / 4:00 AM (Eastern) / 1:00 AM (Pacific), followed by an investor conference at 2:00 PM (CET) / 1:00 PM (GMT) / 8:00 AM (Eastern) / 5:00 AM (Pacific). Both conferences will be web cast live on the Company's website at www.sap.com/investor and will be available for replay. Supplementary financial information pertaining to the full-year and quarterly results can be found at www.sap.com/investor.

Investor Symposium

In addition, the Company will host an Investor Symposium in New York on February 4th at 3 PM (CET) 2:00 PM (GMT) / 9:00 AM (Eastern) / 6:00 AM (Pacific). This conference 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 253,500 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.

© 2014 SAP AG.  All rights reserved.

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

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

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.

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

For customers interested in learning more about SAP products:

Global Customer Center:   

+49 180 534-34-24

United States Only:             

1 (800) 872-1SAP (1-800-872-1727)



For more information, financial community only:

Stefan Gruber            

+49 (6227) 7-44872     

investor@sap.com, CET




For more information, press only:

Christoph Liedtke            

+49 (6227) 7-50383

christoph.liedtke@sap.com, CET

Daniel Reinhardt       

+49 (6227) 7-40201

daniel.reinhardt@sap.com, CET

Jim Dever             

+1 (610) 661-2161

james.dever@sap.com, ET

Claudia Cortes           

+65 6664-4450        

claudia.cortes@sap.com, SGT (GMT +8)


Follow SAP Investor Relations on Twitter at @sapinvestor.

1 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. The opening balance for Ariba deferred cloud subscription and support revenue at October 1st, 2012 was €118 million (Non-IFRS) and €53 million (IFRS).
2 Cloud subscription and support backlog represents expected future cloud subscription and support revenue that is contracted but not yet invoiced and thus not recorded in deferred revenue.
3 The annual revenue run rate is the fourth quarter 2013 cloud division revenue of €266 million multiplied by 4.
4 Network spend volume is the total value of purchase orders transacted on the Ariba Network in the trailing 12 months.

Appendix – Financial Information to Follow

 

FINANCIAL INFORMATION

FOR THE FOURTH QUARTER 2013

(Condensed and Unaudited)




Page

Financial Statements (IFRS)


    Income Statements – Quarter

F1

    Income Statements – Full-Year  

F2

    Statements of Financial Position

F3

    Statements of Cash Flows 

F4



Supplementary Financial Information


    Reconciliations from Non-IFRS Numbers to IFRS Numbers 

F5-F6

    Non-IFRS Adjustments 

F7

    Revenue by Region

F8-F11

    Multi-Quarter Summary

F12-F13

 

 


Financial Statements (IFRS)


CONSOLIDATED INCOME STATEMENT

For the three months ended December 31


€ millions, unless otherwise stated


2013

2012

Change

in %

Software


1,902

1,937

-2

Cloud subscriptions and support


209

126

66

Software and cloud subscriptions


2,111

2,063

2

Support


2,269

2,166

5

Software and software-related service revenue


4,380

4,228

4

Consulting


553

612

-10

Other services


176

183

-4

Professional services and other service revenue


729

795

-8

Total revenue


5,109

5,023

2






Cost of software and software-related services


-759

-808

-6

Cost of professional services and other services


-580

-626

-7

Total cost of revenue


-1,338

-1,434

-7

Gross profit


3,771

3,589

5

Research and development


-607

-615

-1

Sales and marketing


-1,103

-1,121

-2

General and administration


-233

-284

-18

Restructuring


-23

0

N/A

TomorrowNow litigation


-1

2

<-100

Other operating income/expense, net


0

22

-98

Total operating expenses


-3,304

-3,431

-4

Operating profit


1,805

1,592

13






Other non-operating income/expense, net


-3

-28

-90

Finance income


20

21

-3

Finance costs


-43

-56

-24

Financial income, net


-22

-35

-36

Profit before tax


1,779

1,529

16






Income tax expense


-455

-429

6

Profit after tax


1,324

1,101

20

Profit attributable to non-controlling interests


-1

0

N/A

Profit attributable to owners of parent


1,324

1,101

20






Earnings per share, basic (in €)*


1.11

0.92

21

Earnings per share, diluted (in €)*


1.11

0.92

21


* For the three months ended December 31, 2013 and 2012 the weighted average number of shares were 1,194 million (diluted: 1,196 million) and 1,192 million (diluted: 1,193 million), respectively (treasury stock excluded).



F1

 

 

CONSOLIDATED INCOME STATEMENTS

For the twelve months ended December 31


€ millions, unless otherwise stated


2013

2012

Change

in %

Software


4,516

4,658

-3

Cloud subscriptions and support


697

270

158

Software and cloud subscriptions


5,213

4,928

6

Support


8,739

8,237

6

Software and software-related service revenue


13,952

13,165

6

Consulting


2,242

2,442

-8

Other services


624

616

1

Professional services and other service revenue


2,866

3,058

-6

Total revenue


16,817

16,223

4






Cost of software and software-related services


-2,597

-2,551

2

Cost of professional services and other services


-2,400

-2,514

-5

Total cost of revenue


-4,996

-5,065

-1

Gross profit


11,821

11,158

6

Research and development


-2,283

-2,253

1

Sales and marketing


-4,124

-3,907

6

General and administration


-868

-947

-8

Restructuring


-70

-8

>100

TomorrowNow litigation


-1

0

<-100

Other operating income/expense, net


6

23

-73

Total operating expenses


-12,336

-12,158

1

Operating profit


4,482

4,065

10






Other non-operating income/expense, net


-17

-173

-90

Finance income


115

107

7

Finance costs


-181

-175

3

Financial income, net


-66

-68

-3

Profit before tax


4,399

3,824

15






Income tax expense


-1,069

-1,000

7

Profit after tax


3,330

2,823

18

Profit attributable to non-controlling interests


-1

0

N/A

Profit attributable to owners of parent


3,331

2,823

18






Earnings per share, basic (in €)*


2.79

2.37

18

Earnings per share, diluted (in €)*


2.79

2.37

18


* For the twelve months ended December 31, 2013 and 2012 the weighted average number of shares were 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 December 31, 2013 and December 31, 2012


€ millions


2013

2012

Cash and cash equivalents


2,748

2,477

Other financial assets


251

154

Trade and other receivables


3,884

3,917

Other non-financial assets


346

294

Tax assets


306

156

Total current assets


7,535

6,998

Goodwill


13,688

13,192

Intangible assets


2,956

3,234

Property, plant, and equipment


1,820

1,708

Other financial assets


606

509

Trade and other receivables


98

88

Other non-financial assets


107

68

Tax assets


173

170

Deferred tax assets


613

742

Total non-current assets


20,061

19,711

Total assets


27,595

26,710



€ millions


2013

2012

Trade and other payables


864

870

Tax liabilities


611

511

Financial liabilities


748

802

Other non-financial liabilities


2,164

2,136

Provision TomorrowNow litigation


223

234

Other provisions


419

609

Provisions


642

843

Deferred income


1,426

1,386

Total current liabilities


6,455

6,547

Trade and other payables


45

63

Tax liabilities


331

388

Financial liabilities


3,758

4,446

Other non-financial liabilities


112

98

Provisions


278

361

Deferred tax liabilities


444

574

Deferred income


74

62

Total non-current liabilities


5,042

5,991

Total liabilities


11,497

12,538

Issued capital


1,229

1,229

Share premium


552

492

Retained earnings


16,308

13,973

Other components of equity


-718

-194

Treasury shares


-1,280

-1,337

Equity attributable to owners of parent


16,090

14,163

Non-controlling interests


9

8

Total equity


16,099

14,171

Equity and liabilities


27,595

26,710



F3

 

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the twelve months ended December 31


€ millions

2013

2012

Profit after tax

3,330

2,823

Adjustments to reconcile profit after taxes to net cash provided by operating activities:



Depreciation and amortization

951

863

Income tax expense

1,069

1,000

Financial income, net

66

68

Decrease/increase in sales and bad debt allowances on trade receivables

41

-25

Other adjustments for non-cash items

61

31

Decrease/increase in trade and other receivables

-129

-298

Decrease/increase in other assets

-130

-34

Decrease/increase in trade payables, provisions, and other liabilities

-181

408

Decrease/increase in deferred income

142

154

Cash outflows due to TomorrowNow litigation

-1

7

Interest paid

-159

-165

Interest received

67

92

Income taxes paid, net of refunds

-1,295

-1,102

Net cash flows from operating activities

3,832

3,822




Business combinations, net of cash and cash equivalents acquired

-1,160

-6,094

Purchase of intangible assets and property, plant, and equipment

-566

-541

Proceeds from sales of intangible assets or property, plant, and equipment

54

39

Purchase of equity or debt instruments of other entities

-1,531

-1,022

Proceeds from sales of equity or debt instruments of other entities

1,422

1,654

Net cash flows from investing activities

-1,781

-5,964




Dividends paid

-1,013

-1,310

Purchase of treasury shares

0

-53

Proceeds from reissuance of treasury shares

46

90

Proceeds from issuing shares (share-based payments)

0

15

Proceeds from borrowings

1,000

5,778

Repayments of borrowings

-1,625

-4,714

Net cash flows from financing activities

-1,592

-194




Effect of foreign exchange rates on cash and cash equivalents

-188

-152

Net decrease/increase in cash and cash equivalents

271

-2,488

Cash and cash equivalents at the beginning of the period

2,477

4,965

Cash and cash equivalents at the end of the period

2,748

2,477



F4

 

 

Supplementary Financial Information

RECONCILIATIONS FROM NON-IFRS NUMBERS TO IFRS NUMBERS

(Unaudited)


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 December 31

€ 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

1,902

0

1,903

107

2,010

1,937

0

1,937

-2

-2

4

Cloud subscriptions and support

209

1

210

11

222

126

33

159

66

32

39

Software and cloud subscriptions

2,111

2

2,113

119

2,232

2,063

33

2,096

2

1

6

Support

2,269

5

2,274

123

2,396

2,166

5

2,171

5

5

10

Software and software-related service revenue

4,380

6

4,387

241

4,628

4,228

38

4,266

4

3

8

Consulting

553

0

553

28

581

612

0

612

-10

-10

-5

Other services

176

0

176

8

184

183

0

183

-4

-4

1

Professional services and other service revenue

729

0

729

37

766

795

0

795

-8

-8

-4

Total revenue

5,109

6

5,116

278

5,394

5,023

38

5,062

2

1

7













Operating Expense Numbers












Cost of software and software-related services

-759

98

-661



-808

161

-647

-6

2


Cost of professional services and other services

-580

37

-542



-626

20

-605

-7

-10


Total cost of revenue

-1,338

135

-1,203



-1,434

181

-1,253

-7

-4


Gross profit

3,771

142

3,912



3,589

219

3,809

5

3


Research and development

-607

49

-557



-615

32

-584

-1

-5


Sales and marketing

-1,103

62

-1,041



-1,121

46

-1,075

-2

-3


General and administration

-233

16

-217



-284

80

-204

-18

7


Restructuring

-23

23

0



0

0

0

N/A

N/A


TomorrowNow litigation

-1

1

0



2

-2

0

<-100

N/A


Other operating income/expense, net

0

0

0



22

0

22

-98

-98


Total operating expenses

-3,304

286

-3,018

-119

-3,137

-3,431

338

-3,092

-4

-2

1













Profit Numbers












Operating profit

1,805

292

2,097

160

2,257

1,592

376

1,969

13

7

15

Other non-operating income/expense, net

-3

0

-3



-28

0

-28

-90

-90


Finance income

20

0

20



21

0

21

-3

-3


Finance costs

-43

0

-43



-56

0

-56

-24

-24


Financial income, net

-22

0

-22



-35

0

-35

-36

-36


Profit before tax

1,779

292

2,072



1,529

376

1,906

16

9


Income tax expense

-455

-92

-547



-429

-119

-547

6

0


Profit after tax

1,324

200

1,524



1,101

258

1,359

20

12


Profit attributable to non-controlling interests

-1

0

-1



0

0

0

N/A

N/A


Profit attributable to owners of parent

1,324

200

1,525



1,101

258

1,359

20

12














Key Ratios












Operating margin (in %)

35.3


41.0


41.8

31.7


38.9

3.6pp

2.1pp

2.9pp

Effective tax rate (in %)

25.6


26.4



28.0


28.7

-2.4pp

-2.3pp


Earnings per share, basic (in €)*

1.11


1.28



0.92


1.14

21

12














Deferred cloud subscriptions and support revenue (December 31)

443

4

447



317

40

358

40

25




F5

 

 


For the twelve months ended December 31

€ 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

4,516

2

4,518

224

4,743

4,658

0

4,658

-3

-3

2

Cloud subscriptions and support

697

61

758

29

787

270

73

343

158

121

130

Software and cloud subscriptions

5,213

63

5,276

253

5,529

4,928

73

5,001

6

6

11

Support

8,739

19

8,758

371

9,129

8,237

9

8,246

6

6

11

Software and software-related service revenue

13,952

82

14,034

625

14,659

13,165

81

13,246

6

6

11

Consulting

2,242

0

2,242

87

2,329

2,442

0

2,442

-8

-8

-5

Other services

624

0

624

24

648

616

0

616

1

1

5

Professional services and other service revenue

2,866

0

2,866

111

2,977

3,058

0

3,058

-6

-6

-3

Total revenue

16,817

82

16,900

736

17,636

16,223

81

16,304

4

4

8













Operating Expense Numbers












Cost of software and software-related services

-2,597

364

-2,233



-2,551

414

-2,137

2

4


Cost of professional services and other services

-2,400

122

-2,277



-2,514

128

-2,385

-5

-5


Total cost of revenue

-4,996

486

-4,511



-5,065

542

-4,523

-1

0


Gross profit

11,821

568

12,389



11,158

624

11,782

6

5


Research and development

-2,283

119

-2,164



-2,253

129

-2,124

1

2


Sales and marketing

-4,124

204

-3,920



-3,907

223

-3,684

6

6


General and administration

-868

70

-798



-947

164

-783

-8

2


Restructuring

-70

70

0



-8

8

0

>100

N/A


TomorrowNow litigation

-1

1

0



0

0

0

N/A

N/A


Other operating income/expense, net

6

0

6



23

0

23

-73

-73


Total operating expenses

-12,336

949

-11,386

-347

-11,734

-12,158

1,067

-11,090

1

3

6













Profit Numbers












Operating profit

4,482

1,032

5,513

389

5,902

4,065

1,148

5,214

10

6

13

Other non-operating income/expense, net

-17

0

-17



-173

0

-173

-90

-90


Finance income

115

0

115



107

0

107

7

7


Finance costs

-181

0

-181



-175

1

-174

3

4


Financial income, net

-66

0

-66



-68

1

-67

-3

-1


Profit before tax

4,399

1,032

5,431



3,824

1,150

4,974

15

9


Income tax expense

-1,069

-337

-1,406



-1,000

-366

-1,366

7

3


Profit after tax

3,330

694

4,024



2,823

784

3,608

18

12


Profit attributable to non-controlling interests

-1

0

-1



0

0

0

N/A

N/A


Profit attributable to owners of parent

3,331

694

4,025



2,823

784

3,608

18

12














Key Ratios












Operating margin (in %)

26.7


32.6


33.5

25.1


32.0

1.6pp

0.6pp

1.5pp

Effective tax rate (in %)

24.3


25.9



26.2


27.5

-1.9pp

-1.6pp


Earnings per share, basic (in €)*

2.79


3.37



2.37


3.03

18

11














Deferred cloud subscriptions and support

revenue (December 31)

443

4

447



317

40

358

40

25



* 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 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.



F6

 

 

NON-IFRS ADJUSTMENTS


€ millions, unless otherwise stated

10/1 –

12/31/2013

1/1 –

12/31/2013

10/1 –

12/31/2012

1/1 –

12/31/2012






Software and software-related service revenue (IFRS)

4,380

13,952

4,228

13,165

Adjustment for deferred revenue write-down

6

82

38

81

Software and software-related service revenue  (Non-IFRS)

4,387

14,034

4,266

13,246






Operating profit (IFRS)

1,805

4,482

1,592

4,065

Revenue Adjustments (per above)

6

82

38

81

Adjustment for discontinued activities

1

1

-2

0

Adjustment for acquisition-related charges 

130

555

151

537

Adjustment for stock-based compensation expenses

131

323

188

522

Adjustment for restructuring

23

70

0

8

Operating expense adjustments

286

949

338

1,067

Operating profit adjustments

292

1,032

376

1,148

Operating profit (Non-IFRS)

2,097

5,513

1,969

5,214






Profit after tax  (IFRS)

1,324

3,330

1,101

2,823

Revenue adjustments (per above)

6

82

38

81

Operating profit expense adjustments (per above)

286

949

338

1,067

Adjustments pre-tax

292

1,032

376

1,150

Taxes on adjustments

-92

-337

-119

-366

Profit after tax (Non-IFRS)

1,524

4,024

1,359

3,608


Due to rounding, numbers may not add up precisely.



F7

 

 

REVENUE BY REGION


The following tables present 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.


Revenue by Region - Management View















For the three months ended December 31

€ 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

978

0

978

24

1,002

937

0

937

4

4

7

Americas

577

0

577

40

616

643

0

643

-10

-10

-4

APJ

348

0

348

44

391

357

0

357

-3

-3

10

Software revenue  

1,902

0

1,903

107

2,010

1,937

0

1,937

-2

-2

4













Software revenue by location of negotiation

and cloud subscription revenue by region












EMEA

1,015

0

1,015

25

1,040

959

0

959

6

6

9

Americas

739

1

740

49

789

739

33

772

0

-4

2

APJ

358

0

358

45

403

365

0

365

-2

-2

10

Software revenue by location of negotiation

and cloud subscription revenue

2,111

2

2,113

119

2,232

2,063

33

2,096

2

1

6













Revenue by Region – Location of

Customers















For the three months ended December 31

€ 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

979

0

979

24

1,003

936

0

936

5

5

7

Americas

578

0

578

40

618

643

0

643

-10

-10

-4

APJ

345

0

346

43

389

357

0

357

-3

-3

9

Software revenue  

1,902

0

1,903

107

2,010

1,937

0

1,937

-2

-2

4













Cloud subscriptions and support revenue  by region












EMEA

37

0

37

1

38

22

0

22

68

69

75

Americas

162

1

163

9

172

96

33

129

69

26

33

APJ

10

0

10

1

11

8

0

8

30

30

41

Cloud subscriptions and support revenue

209

1

210

11

222

126

33

159

66

32

39













Software and cloud subscription revenue by region












EMEA

1,015

0

1,016

25

1,041

958

0

958

6

6

9

Americas

740

1

742

49

791

739

33

773

0

-4

2

APJ

356

0

356

44

400

365

0

365

-3

-3

10

Software and cloud subscription revenue

2,111

2

2,113

119

2,232

2,063

33

2,096

2

1

6



F8

Software and software-related service revenue by region












Germany

661

1

662

0

662

576

0

576

15

15

15

Rest of EMEA

1,514

3

1,517

39

1,555

1,441

0

1,441

5

5

8

Total EMEA

2,175

3

2,178

39

2,217

2,016

0

2,016

8

8

10

United States

1,096

2

1,098

53

1,152

1,081

38

1,119

1

-2

3

Rest of Americas

408

1

409

49

458

411

0

411

-1

0

12

Total Americas

1,504

3

1,507

103

1,610

1,492

38

1,530

1

-1

5

Japan

154

0

154

45

199

209

0

209

-27

-27

-5

Rest of APJ

548

0

548

55

602

511

0

511

7

7

18

Total APJ

701

0

702

100

801

720

0

720

-3

-3

11

Software and software-related service revenue

4,380

6

4,387

241

4,628

4,228

38

4,266

4

3

8













Total revenue by region












Germany

791

1

792

0

792

713

0

713

11

11

11

Rest of EMEA

1,739

3

1,742

45

1,787

1,673

0

1,673

4

4

7

Total EMEA

2,530

3

2,534

45

2,579

2,387

0

2,387

6

6

8

United States

1,309

2

1,311

64

1,375

1,310

38

1,349

0

-3

2

Rest of Americas

480

1

481

57

538

501

0

501

-4

-4

7

Total Americas

1,789

3

1,792

121

1,913

1,811

38

1,849

-1

-3

3

Japan

171

0

171

50

221

232

0

232

-26

-26

-5

Rest of APJ

618

0

619

62

681

594

0

594

4

4

15

Total APJ

789

0

789

112

901

825

0

825

-4

-4

9

Total revenue 

5,109

6

5,116

278

5,394

5,023

38

5,062

2

1

7



F9

 

 

Revenue by Region - Management View















For the twelve months ended December 31

€ 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

2,095

1

2,096

43

2,139

2,005

0

2,005

4

5

7

Americas

1,620

1

1,621

97

1,718

1,774

0

1,774

-9

-9

-3

APJ

802

0

802

84

886

879

0

879

-9

-9

1

Software revenue  

4,516

2

4,518

224

4,743

4,658

0

4,658

-3

-3

2













Software revenue by location of negotiation

and cloud subscription revenue by region












EMEA

2,212

2

2,214

46

2,260

2,071

0

2,071

7

7

9

Americas

2,164

62

2,225

122

2,347

1,961

73

2,034

10

9

15

APJ

837

0

837

86

923

896

0

896

-7

-7

3

Software revenue by location of negotiation

and cloud subscription revenue

5,213

63

5,276

253

5,529

4,928

73

5,001

6

6

11

























Revenue by Region – Location of

Customers















For the twelve months ended December 31

€ 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

2,116

1

2,117

45

2,162

2,041

0

2,041

4

4

6

Americas

1,586

1

1,587

95

1,681

1,733

0

1,733

-8

-8

-3

APJ

814

0

814

85

899

884

0

884

-8

-8

2

Software revenue  

4,516

2

4,518

224

4,743

4,658

0

4,658

-3

-3

2













Cloud subscriptions and support revenue by region












EMEA

118

0

118

3

121

66

0

66

79

79

84

Americas

544

61

605

24

629

187

73

260

>100

>100

>100

APJ

35

0

35

2

37

17

0

17

>100

>100

>100

Cloud subscriptions and support revenue

697

61

758

29

787

270

73

343

158

121

130













Software and cloud subscription revenue by region












EMEA

2,234

2

2,235

48

2,283

2,107

0

2,107

6

6

8

Americas

2,130

62

2,191

119

2,310

1,920

73

1,993

11

10

16

APJ

849

0

849

87

936

901

0

901

-6

-6

4

Software and cloud subscription revenue

5,213

63

5,276

253

5,529

4,928

73

5,001

6

6

11



F10

Software and software-related service revenue by region












Germany

1,984

2

1,986

0

1,986

1,821

1

1,821

9

9

9

Rest of EMEA

4,566

5

4,571

106

4,677

4,285

1

4,286

7

7

9

Total EMEA

6,550

6

6,557

106

6,663

6,106

2

6,108

7

7

9

United States

3,788

73

3,861

137

3,999

3,537

80

3,617

7

7

11

Rest of Americas

1,410

2

1,412

130

1,542

1,283

0

1,283

10

10

20

Total Americas

5,198

76

5,273

267

5,540

4,820

80

4,900

8

8

13

Japan

556

0

556

146

703

699

0

699

-20

-20

1

Rest of APJ

1,647

0

1,648

106

1,753

1,540

0

1,540

7

7

14

Total APJ

2,204

0

2,204

252

2,456

2,239

0

2,239

-2

-2

10

Software and software-related service revenue

13,952

82

14,034

625

14,659

13,165

81

13,246

6

6

11













Total revenue by region












Germany

2,505

2

2,507

0

2,507

2,380

1

2,381

5

5

5

Rest of EMEA

5,381

5

5,386

128

5,514

5,106

1

5,107

5

5

8

Total EMEA

7,886

6

7,893

128

8,020

7,486

2

7,488

5

5

7

United States

4,662

73

4,735

166

4,901

4,461

80

4,541

5

4

8

Rest of Americas

1,706

2

1,709

154

1,862

1,639

0

1,639

4

4

14

Total Americas

6,368

76

6,444

319

6,763

6,100

80

6,180

4

4

9

Japan

624

0

624

164

788

789

0

789

-21

-21

0

Rest of APJ

1,939

0

1,939

125

2,064

1,848

0

1,848

5

5

12

Total APJ

2,563

0

2,563

289

2,852

2,637

0

2,637

-3

-3

8

Total revenue 

16,817

82

16,900

736

17,636

16,223

81

16,304

4

4

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.


** 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.



F11

 

 

MULTI-QUARTER SUMMARY (IFRS AND NON-IFRS)

(Unaudited)


€ millions, unless otherwise stated

Q1

2012

Q2

2012

Q3

2012

Q4

2012

TY

2012

Q1

2013

Q2

2013

Q3

2013

Q4

2013

TY

2013

Software (IFRS)

637

1,059

1,026

1,937

4,658

657

982

975

1,902

4,516

Revenue adjustment*

0

0

0

0

0

0

0

2

0

2

Software (non-IFRS)

637

1,059

1,026

1,937

4,658

657

982

977

1,903

4,518

Cloud subscriptions and support (IFRS)

29

52

63

126

270

137

159

191

209

697

Revenue adjustment*

6

17

17

33

73

30

24

5

1

61

Cloud subscriptions and support (non-IFRS)

35

69

80

159

343

167

183

197

210

758

Support (IFRS)

1,953

2,013

2,105

2,166

8,237

2,109

2,177

2,184

2,269

8,739

Revenue adjustment*

1

1

1

5

9

4

5

5

5

19

Support (non-IFRS)

1,954

2,014

2,106

2,171

8,246

2,113

2,182

2,189

2,274

8,758

Software and software-related service revenue (IFRS)

2,619

3,124

3,194

4,228

13,165

2,903

3,318

3,351

4,380

13,952

Revenue adjustment*

7

18

18

38

81

35

29

12

6

82

Software and software-related service revenue (non-IFRS)

2,626

3,142

3,212

4,266

13,246

2,937

3,347

3,363

4,387

14,034

Total revenue (IFRS)

3,350

3,898

3,952

5,023

16,223

3,601

4,062

4,045

5,109

16,817

Revenue adjustment*

7

18

18

38

81

35

29

12

6

82

Total revenue (non-IFRS)

3,357

3,916

3,970

5,062

16,304

3,636

4,091

4,057

5,116

16,900

Operating profit (IFRS)

631

921

921

1,592

4,065

646

988

1,043

1,805

4,482

Revenue adjustment*

7

18

18

38

81

35

29

12

6

82

Expense adjustment*

196

234

300

338

1,067

221

201

242

286

949

Operating profit (non-IFRS)

834

1,173

1,239

1,969

5,214

901

1,219

1,296

2,097

5,513












Operating margin (IFRS) (in %)

18.8

23.6

23.3

31.7

25.1

17.9

24.3

25.8

35.3

26.7

Operating margin (non-IFRS) (in %)

24.8

30.0

31.2

38.9

32.0

24.8

29.8

32.0

41.0

32.6












Effective tax rate (IFRS) (in %)

26.9

23.6

24.8

28.0

26.2

16.3

24.8

26.4

25.6

24.3

Effective tax rate (non-IFRS) (in %)

28.1

25.6

26.7

28.7

27.5

21.4

26.8

27.6

26.4

25.9












Earnings per share, basic (IFRS) (in €)

0.37

0.55

0.52

0.92

2.37

0.44

0.61

0.64

1.11

2.79

Earnings per share, basic (non - IFRS) (in €)

0.49

0.70

0.70

1.14

3.03

0.58

0.73

0.78

1.28

3.37












Net cash flows from operating activities

2,071

329

657

765

3,822

2,162

320

558

792

3,832

Purchases of intangible assets, and property, plant and equipment

-113

-162

-95

-171

-541

-113

-152

-136

-165

-566

Free cash flow

1,958

167

562

594

3,281

2,049

168

422

627

3266












Deferred cloud subscriptions and support revenue (quarter end) (IFRS)

120

155

169

317

317

344

354

376

443

443

Revenue adjustment*

72

60

44

40

40

33

7

6

4

4

Deferred cloud subscriptions and support revenue (quarter end) (non-IFRS)

193

215

213

358

358

377

361

382

447

447












Days sales outstanding (DSO) in days**

60

61

60

59

59

61

62

62

62

62












Headcount***

59,420

60,972

61,344

64,422

64,422

64,598

64,937

66,061

66,572

66,572

Employee retention (in %) (rolling 12 months)

93

94

94

94

94

94

94

94

93

93

Greenhouse gas emissions in kilotons

130

120

115

120

485

145

145

135

120

545


* 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.


** Days' Sales Outstanding measures the length of time it takes to collect receivables. SAP calculates DSO by dividing the average invoiced accounts receivables balance of the last 12 months by the average monthly sales of the last 12 months.


*** In full-time equivalents at quarter end


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/corporate-en/investors/reports).


Due to rounding, numbers may not add up precisely.



F12

 

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