Market Overview

SAP Q2 2016: Record-Setting Revenue and Profit

Share:

- Cloud and software revenue up 7% (IFRS) and up 11% (non-IFRS at constant currencies)

- Cloud revenue up 30% (IFRS) and up 33% (non-IFRS at constant currencies)

- Operating profit up 81% (IFRS) and up 11% (non-IFRS at constant currencies), while investing in fast growth areas

- S/4HANA is leading the digital transformation with more than 3,700 customers

- SAP confidently reiterates full year outlook

WALLDORF, Germany, July 20, 2016 /PRNewswire/ -- SAP SE (NYSE: SAP) today announced its financial results for the second quarter and half year ended June 30, 2016.

SAP Q2 2016: Record-Setting Revenue and Profit

"Our groundbreaking new architecture is accelerating momentum across all businesses – cloud, core, and business networks. As a result, SAP delivered a unique trifecta of double digit growth in software, cloud and operating income. Our S/4HANA pipeline has never been stronger and we confidently reiterate our full year guidance," said Bill McDermott, SAP CEO.

"We did what we said we would do – we delivered a strong Q2. I am proud how SAP is navigating ahead with extraordinary success across all business dimensions. Driven by our customer led innovation and our successful business transformation we outperformed the competition in top and bottom line growth," said Luka Mucic, SAP CFO.

Business Highlights

Financial Highlights
SAP had strong growth in the cloud. Second quarter IFRS cloud subscriptions and support revenue grew 30% year-over-year to €720 million. Non-IFRS cloud subscriptions and support revenue rose 30% year-over-year (33% at constant currencies) to €721 million. New cloud bookings[1] were up a solid 28% (31% at constant currencies) in the second quarter and reached €255 million.

The rapidly expanding cloud business together with solid growth in support revenue continued to drive the share of more predictable revenue. The total of cloud subscriptions & support revenue and software support revenue reached 63% of total revenue in the second quarter 2016, up 1 percentage point.

SAP is significantly outpacing its main competitor in cloud and software revenue. IFRS cloud and software revenue was €4.36 billion, an increase of 7%. Non-IFRS cloud and software revenue was €4.36 billion, an increase of 7% (11% at constant currencies).

IFRS operating profit was up 81% to €1.27 billion. Non-IFRS operating profit grew 9% to €1.52 billion (11% at constant currencies). IFRS earnings per share increased 73% to €0.68. Non-IFRS earnings per share increased 2% to €0.82.

For the six months ended June 30, operating cash flow was €2.92 billion (2015: €2.78 billion), an increase of 5% year-over-year, and free cash flow increased 1% year-over-year to €2.52 billion (2015: €2.50 billion)

SAP S/4HANA, SAP's Next Generation Business Suite
SAP S/4HANA momentum remains strong as customers continue to embrace the benefits of running a live business on a massively simplified architecture. SAP added more than 500 SAP S/4HANA customers in the quarter, of which approximately 40% are net new SAP customers. Furthermore, with the SAP HANA Cloud Platform (HCP) and its vibrant ecosystem, customers can extend functionalities, build new applications and integrate across cloud and on-premise. In addition, SAP HANA Enterprise Cloud continues to offer customers a secure and fast option to migrate their mission-critical processes to the cloud. The Hershey Company (USA), the Targin Group (Russia), Cathay Pacific (Hong Kong) and Roy Hill Holdings Pty Ltd. (Australia) selected SAP S/4HANA in the second quarter.

Human Capital Management
SAP continues to gain traction with its cloud-based Human Capital Management solutions. SAP delivers total workforce management solutions globally, which embed intelligent services to automate processes. The customer count for SAP SuccessFactors Employee Central, which is the core of our Human Capital Management offerings, exceeded 1,250 at the end of the second quarter.

Customer Engagement and Commerce
SAP seamlessly combines customer engagement and commerce (CEC) for an increasingly omni-channel world. Our hybris solution serves both B2C and B2B across a wide range of industries, including retail, telco, financial services, public sector, and manufacturing. SAP is unique because it also enables businesses to connect the front and back office in real-time and fulfill ecommerce in one end-to-end value chain. CEC saw strong double-digit growth across its on-premise and cloud offerings in the second quarter.

Business Networks
SAP is helping customers of all sizes embrace an increasingly interdependent world. Each of SAP's business network solutions connects a large ecosystem of customers, suppliers and partners. These network solutions are highly synergistic to SAP's other offerings.

Cloud subscriptions and support revenue in the SAP Business Network segment was up 21% at constant currencies in the second quarter. Cloud gross margin in the segment was 76%, up 1 percentage point.

Approximately 2.2 million connected companies trade over $820 billion of commerce[2] on the Ariba network, more than 42 million end users process travel and expenses effortlessly with Concur and customers managed over 2.6 million flexible workers in approximately 130 countries with the Fieldglass platform over the past 12 months.

Regional Performance
The Company had a strong performance in the EMEA region, successfully navigating through the post UK referendum uncertainty, with an increase in cloud and software revenue of 7% (IFRS) and 11% (non-IFRS at constant currencies). Cloud subscriptions and support revenue grew 38% (IFRS) and 41% (non-IFRS at constant currencies). In EMEA, SAP had strong double-digit software licenses revenue growth in France, the Netherlands, Switzerland, across Southern Europe and again a solid performance in Germany. Russia and Germany had very strong double-digit growth in cloud subscriptions and support revenue.

In the Americas region, the Company grew cloud and software revenue by 8% (IFRS) and 11% (non-IFRS at constant currencies) and cloud subscriptions and support revenue by 26% (IFRS) and 29% (non-IFRS at constant currencies). North America delivered a solid second quarter and is back on track with its half year performance. In Latin America, the political and macroeconomic instability continued. However, SAP had strong double-digit growth in software licenses revenue in Brazil and Mexico.

In the APJ region cloud and software revenue was up 7% (IFRS) and 9% (non-IFRS at constant currencies), with cloud subscriptions and support revenue growing by 44% (IFRS) and 47% (non-IFRS at constant currencies). In APJ, SAP had strong double-digit software licenses revenue growth in China and India, whereas Japan had almost triple-digit growth. All three countries also had double-digit growth in cloud subscriptions and support revenue for the quarter.


1 New cloud bookings consist of order entry of a given period that is expected to be classified as cloud subscriptions and support revenue and results from purchases by new customers and from incremental purchases by existing customers. Consequently, orders to renew existing contracts are not included. The order amount must be committed. Consequently, due to their pay-per-use nature, business network transaction fees which do not include a committed minimum consumption are not reflected in the bookings metric (e.g. SAP Ariba and SAP Fieldglass transaction-based fees). Amounts included in the measures are generally annualized.

2 Network spend volume is the total value of purchase orders transacted on the Ariba Network in the trailing 12 months.

 

Financial Results at a Glance


Second Quarter 20161)


IFRS

Non-IFRS2)

€ million, unless otherwise stated

Q2 2016

Q2 2015

∆ in %

Q2 2016

Q2 2015

∆ in %

∆ in %
const.
curr.

New Cloud Bookings3)

N/A

N/A

N/A

255

199

28

N/A

Cloud subscriptions and support

720

552

30

721

555

30

33

Software licenses and support

3,639

3,510

4

3,640

3,510

4

7

Cloud and software

4,359

4,062

7

4,361

4,065

7

11

Total revenue

5,237

4,970

5

5,239

4,972

5

9

Share of predictable revenue (in %)

63

62

1pp

63

62

1pp


Operating profit

1,269

701

81

1,516

1,394

9

11

Profit after tax

813

469

73

979

960

2


Basic earnings per share (€)

0.68

0.39

73

0.82

0.80

2


Number of employees (FTE)

79,962

74,497

7

N/A

N/A

N/A

N/A




Six Months 20161)


IFRS

Non-IFRS2)

€ million, unless otherwise stated

Q1–Q2

2016

Q1–Q2

2015

∆ in %

Q1–Q2

2016

Q1–Q2

2015

∆ in %

∆ in %
const.
curr.

New Cloud Bookings3)

N/A

N/A

N/A

400

316

26

N/A

Cloud subscriptions and support

1,397

1,056

32

1,399

1,063

32

33

Software licenses and support

6,811

6,660

2

6,813

6,660

2

4

Cloud and software

8,208

7,715

6

8,212

7,723

6

8

Total revenue

9,964

9,467

5

9,967

9,475

5

7

Share of predictable revenue (in %)

66

64

2pp

66

64

2pp


Operating profit

2,082

1,339

56

2,620

2,451

7

8

Profit after tax

1,382

882

57

1,742

1,657

5


Basic earnings per share (€)

1.16

0.74

57

1.46

1.39

5


Number of employees (FTE)

79,962

74,497

7

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 this Quarterly Statement.

3) As this is an order entry metric, there are no Non-IFRS adjustments.

 

Business Outlook 2016

The Company reiterates the following 2016 outlook based on the solid execution in the first half and a strong pipeline across all regions led by S/4HANA's once in a generation innovation cycle:

  • Based on the continued strong momentum in SAP's cloud business the Company expects full year 2016 non-IFRS cloud subscriptions and support revenue to be in a range of €2.95 - €3.05 billion at constant currencies (2015: €2.30 billion). The upper end of this range represents a growth rate of 33% at constant currencies.
  • The Company expects full year 2016 non-IFRS cloud and software revenue to increase by 6% - 8% at constant currencies (2015: €17.23 billion).
  • The Company expects full-year 2016 non-IFRS operating profit to be in a range of €6.4 billion - €6.7 billion at constant currencies (2015: €6.35 billion).

While the Company's full-year 2016 business outlook is at constant currencies, actual currency reported figures are expected to continue to be impacted by exchange rate fluctuations. If exchange rates remain at the end of June 2016 levels for the rest of the year, the Company expects its non-IFRS cloud and software revenue growth rate as well as its non-IFRS operating profit growth rate to experience a currency impact in a range of -1 to +1 percentage points for the third quarter 2016 (-2 to 0 percentage points for the full year 2016).

Additional Information

General Remarks About this Quarterly Statement
In the past, SAP's quarterly earnings reporting consisted of an earnings press release with condensed financial information and an interim report. This quarterly statement replaces both of these documents and includes all relevant information of both of these documents. Going forward, we issue a quarterly statement for each of the four fiscal quarters. Additionally, we issue a half year report and a full year integrated report as before.

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.

Webcast
SAP earnings conference call for financial analysts will take place on Wednesday, July 20th at 2:00 PM (CEST) / 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 320,000 business and public sector customers to operate profitably, adapt continuously, and grow sustainably. For more information, visit www.sap.com.

For more information, financial community only:


Stefan Gruber

+49 (6227) 7-44872 

investor@sap.com, CET

Follow SAP Investor Relations on Twitter at @sapinvestor.




For more information, press only:


Nicola Leske 

+49 (6227) 7-50852 

nicola.leske@sap.com, CET

Daniel Reinhardt 

+49 (6227) 7-40201 

daniel.reinhardt@sap.com, CET

Rajiv Sekhri 

+49 (6227) 7-74871 

rajiv.sekhri@sap.com, CET


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)


 




Financial and Non-Financial Key Facts


€ millions, unless otherwise stated

Q1
2015

Q2
2015

Q3
2015

Q4
2015

TY
2015

Q1
2016

Q2
2016

Revenues








Cloud subscriptions and support (IFRS)

503

552

599

631

2,286

677

720

Cloud subscriptions and support (non-IFRS)

509

555

600

632

2,296

678

721

% change – yoy

131

129

116

76

109

33

30

% change constant currency – yoy

95

92

90

60

82

33

33

Software licenses (IFRS)

696

979

1,014

2,146

4,835

609

1,040

Software licenses (non-IFRS)

696

979

1,015

2,146

4,836

609

1,042

% change – yoy

12

2

7

15

10

–13

6

% change constant currency – yoy

1

–7

4

11

4

–10

10

Software support (IFRS)

2,454

2,531

2,509

2,600

10,093

2,564

2,598

Software support (non-IFRS)

2,454

2,531

2,509

2,600

10,094

2,564

2,598

% change – yoy

17

17

12

11

14

5

3

% change constant currency – yoy

7

7

6

6

7

5

6

Software licenses and support (IFRS)

3,150

3,510

3,523

4,745

14,928

3,172

3,639

Software licenses and support (non-IFRS)

3,150

3,510

3,524

4,745

14,930

3,173

3,640

% change – yoy

16

13

11

13

13

1

4

% change constant currency – yoy

5

3

6

9

6

2

7

Cloud and software (IFRS)

3,653

4,062

4,122

5,377

17,214

3,850

4,359

Cloud and software (non-IFRS)

3,659

4,065

4,124

5,378

17,226

3,851

4,361

% change – yoy

24

21

19

18

20

5

7

% change constant currency – yoy

12

9

12

13

12

6

11

Total revenue (IFRS)

4,497

4,970

4,985

6,342

20,793

4,727

5,237

Total revenue (non-IFRS)

4,502

4,972

4,987

6,343

20,805

4,728

5,239

% change – yoy

22

20

17

16

18

5

5

% change constant currency – yoy

10

8

10

11

10

6

9

Share of predictable revenue (IFRS, in %)

66

62

62

51

60

69

63

Share of predictable revenue (non-IFRS, in %)

66

62

62

51

60

69

63









Profits








Operating profit (IFRS)

638

701

1,214

1,700

4,252

813

1,269

Operating profit (non-IFRS)

1,056

1,394

1,616

2,282

6,348

1,104

1,516

% change

15

13

19

7

13

5

9

% change constant currency

–2

1

15

3

5

4

11

Profit after tax (IFRS)

413

469

895

1,278

3,056

570

813

Profit after tax (non-IFRS)

697

960

1,173

1,670

4,501

763

979

% change

5

2

16

6

8

9

2









Margins








Cloud subscriptions and support gross margin (IFRS, in %)

55.3

56.5

57.9

51.8

55.3

57.5

57.0

Cloud subscriptions and support gross margin (non-IFRS, in %)

65.1

65.7

68.8

63.0

65.6

66.3

65.2

Software and support gross margin (IFRS, in %)

82.8

84.0

85.0

86.1

84.7

84.2

86.1

Software and support gross margin (non-IFRS, in %)

85.1

86.1

86.7

87.7

86.6

85.9

87.4

Cloud and software gross margin (IFRS, in %)

79.0

80.3

81.1

82.1

80.8

79.5

81.3

Cloud and software gross margin (non-IFRS, in %)

82.3

83.3

84.1

84.8

83.8

82.4

83.7

Gross margin (IFRS, in %)

66.8

69.0

70.7

72.4

70.0

67.0

70.4

Gross margin (non-IFRS, in %)

70.6

72.4

73.6

75.6

73.3

69.7

72.7

Operating margin (IFRS, in %)

14.2

14.1

24.3

26.8

20.5

17.2

24.2

Operating margin (non-IFRS, in %)

23.5

28.0

32.4

36.0

30.5

23.4

28.9

AT&S Segment1) – Cloud subscriptions and support gross margin
(in %)

50

51

56

51

52

54

52

AT&S Segment1) – Gross margin (in %)

71

73

74

77

74

70

73

AT&S Segment1) – Segment margin (in %)

34

39

43

46

41

34

40

SAP BN Segment2) – Cloud subscriptions and support gross margin (in %)

75

75

77

72

75

75

76

SAP BN Segment2) – Gross margin (in %)

68

68

71

65

68

67

68

SAP BN Segment2) – Segment margin (in %)

18

16

24

20

19

16

18









Key Profit Ratios








Effective tax rate (IFRS, in %)

13.6

26.4

27.1

22.4

23.4

23.3

28.9

Effective tax rate (non-IFRS, in %)

22.3

27.8

28.0

25.1

26.1

26.2

29.6









Earnings per share, basic (IFRS, in €)

0.35

0.39

0.75

1.07

2.56

0.48

0.68

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

0.58

0.80

0.98

1.40

3.77

0.64

0.82









Order Entry








New Cloud Bookings

117

199

213

345

874

145

255

Deferred cloud subscriptions and support revenue

(IFRS, quarter end)

793

789

782

957

957

953

1,003

Orders – Number of on-premise software deals (in transactions)

12,037

13,504

14,027

17,871

57,439

12,884

14,468

Share of software orders worth more than  €5 million (in %)

23

24

24

31

27

17

29

Share of software orders worth less than  €1 million  (in %)

49

41

44

34

40

48

38









Liquidity and Cash Flow








Net cash flows from operating activities

2,366

410

466

397

3,638

2,482

439

Purchase of intangible assets and property, plant, and equipment (without acquisitions)

–139

–137

–148

–212

–636

–168

–237

Free cash flow

2,227

273

317

184

3,001

2,313

202

% of total revenue (IFRS)

50

5

6

3

14

49

4

% of profit after tax (IFRS)

539

58

35

14

98

406

25

Group liquidity, gross

5,333

4,180

4,608

3,559

3,559

5,853

4,347

Group debt

–10,524

–10,432

–10,428

–9,174

–9,174

–9,080

–8,593

Group liquidity, net

–5,191

–6,251

–5,820

–5,615

–5,615

–3,227

–4,245

Days' sales outstanding (DSO, in days)3)

67

68

69

71

71

73

73









Financial Position








Cash and cash equivalents

4,635

3,923

3,844

3,411

3,411

5,743

4,206

Goodwill

22,896

22,300

22,222

22,689

22,689

21,922

22,354

Total assets

43,753

41,088

40,649

41,390

41,390

42,884

41,788

Equity

22,117

20,801

21,540

23,295

23,295

22,920

22,963

Equity ratio (total equity in % of total assets)

51

51

53

56

56

53

55









Non-Financials








Headcount (quarter end)4)

74,551

74,497

75,643

76,986

76,986

78,230

79,962

Employee retention (in %, rolling 12 months)

93.3

92.6

91.9

91.8

91.8

92.0

92.6

Women in management (in %, quarter end)

22.3

22.9

23.2

23.6

23.6

23.6

24.1

Greenhouse gas emissions (in kilotons)

145

125

110

75

455

120

95


1) Applications, Technology & Services Segment

2) SAP Business Network Segment

3) 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.

4) In full-time equivalents

Due to rounding, numbers may not add up precisely.

 


Consolidated Income Statements of SAP Group (IFRS) – Quarter


€ millions, unless otherwise stated


Q2 2016

Q2 2015

∆ in %

Cloud subscriptions and support


720

552

30

Software licenses


1,040

979

6

Software support


2,598

2,531

3

Software licenses and support


3,639

3,510

4

Cloud and software


4,359

4,062

7

Services


878

908

–3

Total revenue


5,237

4,970

5






Cost of cloud subscriptions and support


–310

–240

29

Cost of software licenses and support


–507

–560

–10

Cost of cloud and software


–816

–800

2

Cost of services


–733

–738

–1

Total cost of revenue


–1,549

–1,539

1

Gross profit


3,688

3,431

7

Research and development


–710

–698

2

Sales and marketing


–1,473

–1,412

4

General and administration


–229

–256

–10

Restructuring


–11

–367

–97

Other operating income/expense, net


4

3

33

Total operating expenses


–3,968

–4,269

–7

Operating profit


1,269

701

81






Other non-operating income/expense, net


–101

–53

91

Finance income


38

39

–2

Finance costs


–62

–50

23

Financial income, net


–23

–11

>100

Profit before tax


1,144

637

80






Income tax expense


–331

–168

97

Profit after tax


813

469

73

Attributable to owners of parent


816

471

73

Attributable to non-controlling interests


–3

–3

23






Earnings per share, basic (in €)1)


0.68

0.39

73

Earnings per share, diluted (in €)1)


0.68

0.39

73


1) For the three months ended June 30, 2016 and 2015, the weighted average number of shares was 1,198 million (diluted 1,199 million) and 1,196 million (diluted: 1,198 million), respectively (treasury stock excluded).

Due to rounding, numbers may not add up precisely.

 


Consolidated Statements of Income of SAP Group (IFRS) – Half Year


€ millions, unless otherwise stated


Q1–Q2
2016

Q1–Q2
2015

∆ in %

Cloud subscriptions and support


1,397

1,056

32

Software licenses


1,649

1,675

–2

Software support


5,162

4,985

4

Software licenses and support


6,811

6,660

2

Cloud and software


8,208

7,715

6

Services


1,755

1,751

0

Total revenue


9,964

9,467

5






Cost of cloud subscriptions and support


–597

–465

28

Cost of software licenses and support


–1,007

–1,103

–9

Cost of cloud and software


–1,604

–1,568

2

Cost of services


–1,506

–1,465

3

Total cost of revenue


–3,110

–3,034

3

Gross profit


6,854

6,433

7

Research and development


–1,419

–1,393

2

Sales and marketing


–2,871

–2,758

4

General and administration


–460

–528

–13

Restructuring


–22

–418

–95

Other operating income/expense, net


–1

3

<-100

Total operating expenses


–7,882

–8,128

–3

Operating profit


2,082

1,339

56






Other non-operating income/expense, net


–136

–201

–32

Finance income


73

87

–16

Finance costs


–132

–109

21

Financial income, net


–59

–22

>100

Profit before tax


1,887

1,115

69






Income tax expense


–504

–233

>100

Profit after tax


1,382

882

57

Attributable to owners of parent


1,388

885

57

Attributable to non-controlling interests


–5

–3

74






Earnings per share, basic (in €)1)


1.16

0.74

57

Earnings per share, diluted (in €)1)


1.16

0.74

57


1) For the six months ended June 30, 2016 and 2015, the weighted average number of shares was 1,198 million (diluted 1,199 million) and 1,196 million (diluted: 1,198 million), respectively (treasury stock excluded).

Due to rounding, numbers may not add up precisely.

 


Consolidated Statements of Financial Position of SAP Group (IFRS)


as at June 30, 2016 and December 31, 2015

€ millions


2016

2015

Cash and cash equivalents


4,206

3,411

Other financial assets


386

351

Trade and other receivables


5,025

5,275

Other non-financial assets


636

468

Tax assets


296

235

Total current assets


10,549

9,739

Goodwill


22,354

22,689

Intangible assets


3,884

4,280

Property, plant, and equipment


2,284

2,192

Other financial assets


1,278

1,336

Trade and other receivables


106

87

Other non-financial assets


375

332

Tax assets


401

282

Deferred tax assets


558

453

Total non-current assets


31,239

31,651

Total assets


41,788

41,390


€ millions


2016

2015

Trade and other payables


1,047

1,088

Tax liabilities


268

230

Financial liabilities


323

841

Other non-financial liabilities


2,274

3,407

Provisions


191

299

Deferred income


4,470

2,001

Total current liabilities


8,574

7,867

Trade and other payables


94

81

Tax liabilities


417

402

Financial liabilities


8,705

8,681

Other non-financial liabilities


300

331

Provisions


201

180

Deferred tax liabilities


426

448

Deferred income


106

106

Total non-current liabilities


10,250

10,228

Total liabilities


18,824

18,095

Issued capital


1,229

1,229

Share premium


580

558

Retained earnings


20,054

20,044

Other components of equity


2,189

2,561

Treasury shares


–1,114

–1,124

Equity attributable to owners of parent


22,938

23,267





Non-controlling interests


26

28

Total equity


22,963

23,295

Total equity and liabilities


41,788

41,390


Due to rounding, numbers may not add up precisely.

 

Consolidated Statements of Cash Flows of SAP Group (IFRS)


€ millions

Q1–Q2 2016

Q1–Q2 2015

Profit after tax

1,382

882

Adjustments to reconcile profit after taxes to net cash flows from operating activities:



Depreciation and amortization

615

646

Income tax expense

504

233

Financial income, net

59

22

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

60

14

Other adjustments for non-cash items

12

–21

Decrease/increase in trade and other receivables

114

32

Decrease/increase in other assets

–309

–156

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

–1,165

–412

Decrease/increase in deferred income

2,493

2,361

Interest paid

–120

–90

Interest received

36

40

Income taxes paid, net of refunds

–760

–776

Net cash flows from operating activities

2,921

2,775

Business combinations, net of cash and cash equivalents acquired

–16

–10

Cash receipts from derivative financial instruments related to business combinations

0

266

Total cash flows for business combinations, net of cash and cash equivalents acquired

–16

256

Purchase of intangible assets and property, plant, and equipment

–406

–276

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

33

27

Purchase of equity or debt instruments of other entities

–320

–1,099

Proceeds from sales of equity or debt instruments of other entities

308

868

Net cash flows from investing activities

–401

–224

Dividends paid

–1,378

–1,316

Proceeds from reissuance of treasury shares

15

24

Proceeds from borrowings

1

1,745

Repayments of borrowings

–544

–2,520

Transactions with non-controlling interests

3

0

Net cash flows from financing activities

–1,902

–2,067

Effect of foreign currency rates on cash and cash equivalents

177

111

Net decrease/increase in cash and cash equivalents

796

595

Cash and cash equivalents at the beginning of the period

3,411

3,328

Cash and cash equivalents at the end of the period

4,206

3,923


Due to rounding, numbers may not add up precisely.

 


Segment Reporting (IFRS)


Applications, Technology & Services


€ millions

Q2 2016

Q2 2015

∆ in %

∆ in %

Actual
Currency

Constant
Currency

Actual
Currency

Actual
Currency

Constant
Currency

Cloud subscriptions and support

321

331

220

46

50

Software licenses

1,025

1,057

964

6

10

Software support

2,572

2,652

2,504

3

6

Software licenses and support

3,596

3,709

3,467

4

7

Cloud and software

3,917

4,039

3,687

6

10

Services

827

853

822

1

4

Total segment revenue

4,744

4,893

4,509

5

9

Cost of cloud subscriptions and support

–155

–159

–107

46

50

Cost of software licenses and support

–461

–477

–482

–4

–1

Cost of cloud and software

–617

–637

–588

5

8

Cost of services

–671

–697

–628

7

11

Total cost of revenue

–1,288

–1,334

–1,216

6

10

Segment gross profit

3,456

3,559

3,293

5

8

Total segment expenses

–1,570

–1,624

–1,528

3

6

Segment profit

1,886

1,936

1,764

7

10

Margins






Cloud subscriptions and support gross margin (in %)

52

52

51

0pp

0pp

Gross margin (in %)

73

73

73

0pp

0pp

Segment margin (in %)

40

40

39

1pp

0pp


SAP Business Network


€ millions

Q2 2016

Q2 2015

∆ in %

∆ in %

Actual
Currency

Constant
Currency

Actual
Currency

Actual
Currency

Constant

Currency

Cloud subscriptions and support

389

397

329

18

21

Software licenses

0

0

0

0

0

Software support

7

7

9

–18

–17

Software licenses and support

7

7

9

–16

–14

Cloud and software

396

405

337

17

20

Services

72

74

62

15

18

Total segment revenue

468

479

400

17

20

Cost of cloud subscriptions and support

–92

–95

–83

11

14

Cost of software licenses and support

0

0

0

0

0

Cost of cloud and software

–92

–95

–83

11

14

Cost of services

–60

–62

–46

29

34

Total cost of revenue

–152

–156

–129

18

21

Segment gross profit

316

322

271

17

19

Total segment expenses

–233

–240

–207

13

16

Segment profit

83

82

64

30

28

Margins






Cloud subscriptions and support gross margin (in %)

76

76

75

2pp

1pp

Gross margin (in %)

68

67

68

0pp

0pp

Segment margin (in %)

18

17

16

2pp

1pp


Applications, Technology & Services


€ millions

Q1-Q2 2016

Q1-Q2 2015

∆ in %

∆ in %

Actual

Currency

Constant

Currency

Actual

Currency

Actual

Currency

Constant

Currency

Cloud subscriptions and support

616

628

416

48

51

Software licenses

1,616

1,665

1,646

–2

1

Software support

5,112

5,200

4,934

4

5

Software licenses and support

6,728

6,865

6,580

2

4

Cloud and software

7,344

7,493

6,997

5

7

Services

1,629

1,670

1,607

1

4

Total segment revenue

8,973

9,163

8,604

4

7

Cost of cloud subscriptions and support

–290

–295

–206

41

43

Cost of software licenses and support

–922

–938

–947

–3

–1

Cost of cloud and software

–1,212

–1,234

–1,153

5

7

Cost of services

–1,348

–1,389

–1,267

6

10

Total cost of revenue

–2,560

–2,622

–2,420

6

8

Segment gross profit

6,413

6,541

6,184

4

6

Total segment expenses

–3,072

–3,147

–3,036

1

4

Segment profit

3,341

3,394

3,148

6

8

Margins






Cloud subscriptions and support gross margin (in %)

53

53

51

2pp

2pp

Gross margin (in %)

71

71

72

0pp

0pp

Segment margin (in %)

37

37

37

1pp

0pp


SAP Business Network


€ millions

Q1-Q2 2016

Q1-Q2 2015

∆ in %

∆ in %

Actual Currency

Constant Currency

Actual Currency

Actual

Currency

Constant
Currency

Cloud subscriptions and support

761

766

634

20

21

Software licenses

0

0

0

0

0

Software support

14

14

17

–14

–14

Software licenses and support

14

14

16

–13

–13

Cloud and software

776

780

651

19

20

Services

143

145

117

22

24

Total segment revenue

919

925

768

20

20

Cost of cloud subscriptions and support

–184

–186

–159

16

17

Cost of software licenses and support

0

0

0

0

0

Cost of cloud and software

–184

–186

–159

15

17

Cost of services

–116

–118

–88

31

34

Total cost of revenue

–300

–305

–248

21

23

Segment gross profit

619

621

520

19

19

Total segment expenses

–462

–469

–390

18

20

Segment profit

157

152

130

21

17

Margins






Cloud subscriptions and support gross margin (in %)

76

76

75

1pp

1pp

Gross margin (in %)

67

67

68

0pp

–1pp

Segment margin (in %)

17

16

17

0pp

–1pp

 


Reconciliation from Non-IFRS Numbers to IFRS Numbers


€ millions, unless otherwise stated

Q2 2016

Q2 2015

∆ in %

IFRS

Adj.1)

Non-
IFRS1)

Currency
Impact2)

Non-IFRS
Constant
Currency2)

IFRS

Adj.1)

Non-
IFRS1)

IFRS

Non-
IFRS1)

Non-IFRS
Constant
Currency2)

Revenue Numbers












Cloud subscriptions and support

720

1

721

19

740

552

2

555

30

30

33

Software licenses

1,040

2

1,042

33

1,075

979

0

979

6

6

10

Software support

2,598

0

2,598

81

2,679

2,531

0

2,531

3

3

6

Software licenses and support

3,639

2

3,640

114

3,755

3,510

0

3,510

4

4

7

Cloud and software

4,359

2

4,361

133

4,494

4,062

2

4,065

7

7

11

Services

878

0

878

29

907

908

0

908

–3

–3

0

Total revenue

5,237

2

5,239

162

5,401

4,970

2

4,972

5

5

9













Operating Expense Numbers












Cost of cloud subscriptions and support

–310

59

–251



–240

50

–190

29

32


Cost of software licenses and support

–507

47

–460



–560

73

–487

–10

–6


Cost of cloud and software

–816

106

–711



–800

123

–677

2

5


Cost of services

–733

12

–721



–738

43

–695

–1

4


Total cost of revenue

–1,549

118

–1,431



–1,539

166

–1,372

1

4


Gross profit

3,688

120

3,808



3,431

169

3,600

7

6


Research and development

–710

21

–689



–698

53

–645

2

7


Sales and marketing

–1,473

82

–1,391



–1,412

94

–1,318

4

6


General and administration

–229

12

–217



–256

10

–246

–10

–12


Restructuring

–11

11

0



–367

367

0

–97

NA


Other operating income/expense, net

4

0

4



3

0

3

33

33


Total operating expenses

–3,968

245

–3,724

–134

–3,858

–4,269

691

–3,578

–7

4

8













Profit Numbers












Operating profit

1,269

247

1,516

28

1,543

701

693

1,394

81

9

11

Other non-operating income/expense, net

–101

0

–101



–53

0

–53

91

91


Finance income

38

0

38



39

0

39

–2

–2


Finance costs

–62

0

–62



–50

0

–50

23

23


Financial income, net

–23

0

–23



–11

0

–11

>100

>100


Profit before tax

1,144

247

1,391



637

693

1,330

80

5


Income tax expense

–331

–81

–412



–168

–201

–369

97

11


Profit after tax

813

167

979



469

492

960

73

2


Attributable to owners of parent

816

167

982



471

492

963

73

2


Attributable to non-controlling interests

–3

0

–3



–3

0

–3

23

23














Key Ratios












Operating margin (in %)

24.2


28.9


28.6

14.1


28.0

10.1pp

0.9pp

0.5pp

Effective tax rate (in %)

28.9


29.6



26.4


27.8

2.5pp

1.8pp


Earnings per share, basic (in €)

0.68


0.82



0.39


0.80

73

2



1) Adjustments in the revenue line items are for software support revenue, cloud subscriptions and support 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 payment expenses, as well as restructuring expenses.

2) 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.

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, Adjustments and Full-Year Estimates".


Due to rounding, numbers may not add up precisely.

 


€ millions, unless otherwise stated

Q1–Q2 2016

Q1–Q2 2015

 ∆ in %

IFRS

Adj.1)

Non-
IFRS1)

Currency
Impact2)

Non-IFRS
Constant
Currency2)

IFRS

Adj.1)

Non-
IFRS1)

IFRS

Non-
IFRS1)

Non-IFRS
Constant
Currency2)

Revenue Numbers












Cloud subscriptions and support

1,397

1

1,399

17

1,415

1,056

8

1,063

32

32

33

Software licenses

1,649

2

1,651

51

1,702

1,675

0

1,675

–2

–1

2

Software support

5,162

0

5,163

88

5,251

4,985

0

4,985

4

4

5

Software licenses and support

6,811

2

6,813

139

6,953

6,660

0

6,660

2

2

4

Cloud and software

8,208

4

8,212

156

8,368

7,715

8

7,723

6

6

8

Services

1,755

0

1,755

43

1,799

1,751

0

1,751

0

0

3

Total revenue

9,964

4

9,967

200

10,167

9,467

8

9,475

5

5

7













Operating Expense Numbers












Cost of cloud subscriptions and support

–597

118

–479



–465

98

–368

28

30


Cost of software licenses and support

–1,007

99

–908



–1,103

146

–957

–9

–5


Cost of cloud and software

–1,604

217

–1,387



–1,568

244

–1,325

2

5


Cost of services

–1,506

30

–1,476



–1,465

92

–1,373

3

7


Total cost of revenue

–3,110

247

–2,864



–3,034

336

–2,698

3

6


Gross profit

6,854

250

7,104



6,433

344

6,777

7

5


Research and development

–1,419

49

–1,370



–1,393

108

–1,285

2

7


Sales and marketing

–2,871

191

–2,680



–2,758

190

–2,568

4

4


General and administration

–460

27

–433



–528

52

–476

–13

–9


Restructuring

–22

22

0



–418

418

0

–95

NA


Other operating income/expense, net

–1

0

–1



3

0

3

<-100

<-100


Total operating expenses

–7,882

535

–7,348

–177

–7,525

–8,128

1,104

–7,024

–3

5

7













Profit Numbers












Operating profit

2,082

538

2,620

22

2,642

1,339

1,112

2,451

56

7

8

Other non-operating income/expense, net

–136

0

–136



–201

0

–201

–32

–32


Finance income

73

0

73



87

0

87

–16

–16


Finance costs

–132

0

–132



–109

0

–109

21

21


Financial income, net

–59

0

–59



–22

0

–22

>100

>100


Profit before tax

1,887

538

2,425



1,115

1,112

2,227

69

9


Income tax expense

–504

–178

–683



–233

–338

–571

>100

20


Profit after tax

1,382

360

1,742



882

775

1,657

57

5


Attributable to owners of parent

1,388

360

1,748



885

775

1,660

57

5


Attributable to non-controlling interests

–5

0

–5



–3

0

–3

74

74














Key Ratios












Operating margin (in %)

20.9


26.3


26.0

14.1


25.9

6.8pp

0.4pp

0.1pp

Effective tax rate (in %)

26.7


28.1



20.9


25.6

5.8pp

2.5pp


Earnings per share, basic (in €)

1.16


1.46



0.74


1.39

57

5



1) Adjustments in the revenue line items are for software support revenue, cloud subscriptions and support 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 payment expenses, as well as restructuring expenses.

2) 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.

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, Adjustments and Full-Year Estimates".


Due to rounding, numbers may not add up precisely.

 


Non-IFRS Adjustments – Actuals and Estimates


€ millions

Estimated Amounts for
Full Year 2016

Q2 2016

Q1–Q2
2016

Q2 2015

Q1–Q2
2015

Operating profit (IFRS)


1,269

2,082

701

1,339

Revenue adjustments

<20

2

4

2

8

Adjustment for acquisition-related charges

680 to 730

166

336

188

371

Adjustment for share-based payment expenses

560 to 610

67

177

135

314

Adjustment for restructuring

30 to 50

11

22

367

418

Operating expense adjustments


245

535

691

1,104

Operating profit adjustments


247

538

693

1,112

Operating profit (Non-IFRS)


1,516

2,620

1,394

2,451

 

Non-IFRS Adjustments by Functional Areas


€ millions

Q2 2016

Q2 2015

IFRS

Acquisition-
Related

SBP1)

Restruc-
turing

Non-
IFRS

IFRS

Acquisition-
Related

SBP1)

Restruc-
turing

Non-
IFRS


Cost of cloud and software

–816

97

8

0

–711

–800

106

15

0

–677


Cost of services

–733

3

9

0

–721

–738

21

22

0

–695


Research and development

–710

2

19

0

–689

–698

16

40

0

–645


Sales and marketing

–1,473

59

23

0

–1,391

–1,412

45

49

0

–1,318


General and administration

–229

4

8

0

–217

–256

1

9

0

–246


Restructuring

–11

0

0

11

0

–367

0

0

367

0


Other operating income/expense, net

4

0

0

0

4

3

0

0

0

3


Total operating expenses

–3,968

166

67

11

–3,724

–4,269

188

135

367

–3,578


1) Share-based Payments















 

€ millions

Q1–Q2 2016

Q1–Q2 2015

IFRS

Acquisition-
Related

SBP1)

Restruc-
turing

Non-
IFRS

IFRS

Acquisition-
Related

SBP1)

Restruc-
turing

Non-
IFRS

Cost of cloud and software

–1,604

195

22

0

–1,387

–1,568

209

32

0

–1,325

Cost of services

–1,506

6

24

0

–1,476

–1,465

41

50

0

–1,373

Research and development

–1,419

5

44

0

–1,370

–1,393

31

80

0

–1,285

Sales and marketing

–2,871

123

67

0

–2,680

–2,758

88

102

0

–2,568

General and administration

–460

7

20

0

–433

–528

1

51

0

–476

Restructuring

–22

0

0

22

0

–418

0

0

418

0

Other operating income/expense, net

–1

0

0

0

–1

3

0

0

0

3

Total operating expenses

–7,882

336

177

22

–7,348

–8,128

371

314

418

–7,024

1) Share-based Payments














 


If not presented in a separate line item in our income statement, the restructuring expenses would break down as follows:

€ millions

Q2 2016

Q1–Q2
2016

Q2 2015

Q1–Q2
2015

Cost of cloud and software

1

2

53

60

Cost of services

2

5

129

145

Research and development

0

3

101

109

Sales and marketing

8

11

73

88

General and administration

0

1

11

16

Restructuring expenses

11

22

367

418

 


Revenue by Region (IFRS and Non-IFRS)


€ millions

Q2 2016

Q2 2015

 ∆ in %


IFRS

Adj.1)

Non-
IFRS1)

Currency
Impact2)

Non-IFRS
Constant
Currency2)

IFRS

Adj.1)

Non-
IFRS1)

IFRS

Non-
IFRS1)

Non-IFRS
Constant
Currency2)

Cloud subscriptions and support revenue by region







EMEA

168

0

168

4

172

122

0

122

38

38

41

Americas

482

0

483

14

496

382

2

384

26

26

29

APJ

70

0

70

2

71

49

0

49

44

44

47

Cloud subscriptions and support revenue

720

1

721

19

740

552

2

555

30

30

33













Cloud and software revenue by region







EMEA

1,872

0

1,872

67

1,938

1,749

0

1,749

7

7

11

Americas

1,809

2

1,812

53

1,865

1,679

2

1,681

8

8

11

APJ

678

0

678

13

691

634

0

634

7

7

9

Cloud and software revenue

4,359

2

4,361

133

4,494

4,062

2

4,065

7

7

11













Total revenue by region







Germany

681

0

681

0

681

630

0

630

8

8

8

Rest of EMEA

1,588

0

1,589

77

1,666

1,509

0

1,509

5

5

10

Total EMEA

2,270

0

2,270

77

2,347

2,139

0

2,139

6

6

10

United States

1,739

2

1,741

35

1,776

1,654

2

1,656

5

5

7

Rest of Americas

427

0

427

33

460

411

0

411

4

4

12

Total Americas

2,165

2

2,167

68

2,235

2,064

2

2,066

5

5

8

Japan

200

0

200

–20

180

152

0

152

32

32

19

Rest of APJ

602

0

602

36

639

615

0

615

–2

–2

4

Total APJ

802

0

802

17

819

767

0

767

5

5

7

Total revenue 

5,237

2

5,239

162

5,401

4,970

2

4,972

5

5

9


1) Adjustments in the revenue line items are for support revenue, cloud subscriptions and support 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.

2) 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.

 

€ millions

Q1–Q2 2016

Q1–Q2 2015

 ∆ in %


IFRS

Adj.1)

Non-
IFRS1)

Currency
Impact2)

Non-IFRS
Constant
Currency2)

IFRS

Adj.1)

Non-
IFRS1)

IFRS

Non-
IFRS1)

Non-IFRS
Constant
Currency2)

Cloud subscriptions and support revenue by region







EMEA

329

0

329

5

334

229

1

230

44

43

45

Americas

942

1

943

9

952

733

7

740

28

27

29

APJ

127

0

127

3

130

93

0

93

36

35

39

Cloud subscriptions and support revenue

1,397

1

1,399

17

1,415

1,056

8

1,063

32

32

33













Cloud and software revenue by region







EMEA

3,557

1

3,558

96

3,654

3,311

1

3,312

7

7

10

Americas

3,393

3

3,396

34

3,429

3,195

7

3,202

6

6

7

APJ

1,259

0

1,259

26

1,285

1,209

0

1,209

4

4

6

Cloud and software revenue

8,208

4

8,212

156

8,368

7,715

8

7,723

6

6

8













Total revenue by region







Germany

1,286

0

1,286

0

1,286

1,188

0

1,188

8

8

8

Rest of EMEA

3,030

0

3,031

113

3,144

2,884

1

2,885

5

5

9

Total EMEA

4,316

1

4,317

113

4,430

4,072

1

4,073

6

6

9

United States

3,344

3

3,347

9

3,356

3,117

6

3,123

7

7

7

Rest of Americas

798

0

798

44

842

810

0

810

–1

–1

4

Total Americas

4,142

3

4,145

53

4,198

3,926

7

3,933

5

5

7

Japan

369

0

369

–28

341

306

0

307

20

20

11

Rest of APJ

1,137

0

1,137

62

1,199

1,162

0

1,162

–2

–2

3

Total APJ

1,506

0

1,506

34

1,539

1,468

0

1,469

3

3

5

Total revenue 

9,964

4

9,967

200

10,167

9,467

8

9,475

5

5

7


1) Adjustments in the revenue line items are for support revenue, cloud subscriptions and support 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.

2) 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.

 


Employees by Region and Functional Areas



30.6.2016

30.6.2015

Full-time equivalents

EMEA

Americas

APJ

Total

EMEA

Americas

APJ

Total

Cloud and software

6,214

4,054

5,084

15,352

5,899

3,805

4,915

14,619

Services

6,443

4,006

3,738

14,187

6,673

3,806

3,193

13,672

Research and development

9,927

4,501

7,382

21,810

9,247

3,994

6,148

19,389

Sales and marketing

8,109

8,350

4,202

20,661

7,703

7,497

3,797

18,997

General and administration

2,542

1,677

990

5,208

2,461

1,661

1,017

5,139

Infrastructure

1,530

772

443

2,745

1,483

811

387

2,681

SAP Group (June 30)

34,764

23,359

21,838

79,962

33,467

21,574

19,456

74,497

Thereof acquisitions 1)

25

25

0

50

0

0

0

0

SAP Group (average first half year)

34,284

22,861

21,416

78,561

33,469

21,740

19,171

74,381


1) Acquisitions closed between January 1 and June 30 of the respective year.

 

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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