Market Overview

SAP Raises Outlook After Strong Third Quarter

Share:

- Cloud and software revenue up 8% (IFRS) and up 9% (non-IFRS at constant currencies)

- Cloud revenue up 28% (IFRS) and up 29% (non-IFRS at constant currencies)

- Operating profit down 9% (IFRS) and up 1% (non-IFRS at constant currencies)

- Operating cash flow up 52% in the third quarter and up 12% year-to-date

- SAP S/4HANA is leading the digital transformation with more than 4,100 customers

WALLDORF, Germany, Oct. 21, 2016 /PRNewswire/ -- SAP SE (NYSE: SAP) today announced its financial results for the third quarter and nine months ended September 30, 2016.

SAP Raises Outlook After Strong Third Quarter

 

"Strong customer adoption of the SAP portfolio is driving results beyond expectations. The S/4HANA innovation cycle is the fastest in our history and is catalyzing the performance of all SAP cloud solutions. We are a growth company and confidently raise our guidance for the full year." - Bill McDermott, CEO

"In the third quarter we demonstrated continued momentum and strong execution. Year to date we are tracking to the upper end of all outlook metrics set at the beginning of the year. Paired with a robust pipeline, this gives us the confidence that we will deliver yet another strong fourth quarter." - Luka Mucic, CFO

Business Highlights

Financial Highlights 
Third quarter IFRS cloud subscriptions and support revenue grew 28% year-over-year to €769 million. Non-IFRS cloud subscriptions and support revenue rose 28% year-over-year (29% at constant currencies) to €769 million. New cloud bookings1 were up 24% (24% at constant currencies) in the third quarter and reached €265 million.

SAP's 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 64% of total revenue in the third quarter 2016, up 1 percentage point.

SAP is outpacing its main competitor in cloud and software revenue growth. IFRS cloud and software revenue was €4.45 billion, an increase of 8%. Non-IFRS cloud and software revenue was €4.46 billion, an increase of 8% (9% at constant currencies).

IFRS operating profit was down 9% to €1.10 billion reflecting an increase in stock based compensation expense following the strong appreciation of SAP's share price in the third quarter. Non-IFRS operating profit was up 1% to €1.64 billion. IFRS earnings per share decreased 19% to €0.61. Non-IFRS earnings per share decreased 7% to €0.91. This decline was due to higher stock based compensation expense (IFRS only) and lower non-operating and financial income.

For the nine months ended September 30, operating cash flow was €3.63 billion (2015: €3.24 billion), an increase of 12% year-over-year, and free cash flow increased 5% year-over-year to €2.96 billion (2015: €2.82 billion).

SAP S/4HANA and SAP HANA Cloud Platform 
SAP added more than 400 SAP S/4HANA customers in the quarter, of which approximately 40% are net new SAP customers. Customers continue to embrace the benefits of running a live business on a massively simplified architecture. The SAP HANA Cloud Platform allows customers to extend functionalities, build new fast-paced applications with rapid development tools, and integrate across applications and deployment models. The HANA Cloud Platform is instrumental in the Internet of Things (IoT) revolution by providing connectivity to a large variety of devices and machines. With SAP IoT technology, customers like Trenitalia, Italy's largest train company, are connecting transportation vehicles and tools to revolutionize asset management with real-time insights from sensors.

Human Capital Management 
SAP continues to gain traction with its cloud-based Human Capital Management solutions. SAP delivers total workforce management solutions globally across permanent and contingent labor. SAP is infusing intelligent services like automated matching of resumes to open positions and machine learning to root out bias in the workplace while promoting diversity and inclusion. The customer count for SAP SuccessFactors Employee Central, which is the core of our Human Capital Management offerings, exceeded 1,350 at the end of the third 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 high double-digit year-over-year customer growth in the third 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 17% at constant currencies in the third quarter.

Approximately 2.4 million connected companies trade over $840 billion of commerce  on the Ariba network, more than 44 million end users process travel and expenses effortlessly with Concur and customers managed over 2.8 million flexible workers in approximately 130 countries with the Fieldglass platform over the past 12 months.

Regional Revenue Performance 
The Company had a strong performance in the EMEA region, with an increase in cloud and software revenue of 6% (IFRS) and 8% (non-IFRS at constant currencies). Cloud subscriptions and support revenue grew 34% (IFRS) and 38% (non-IFRS at constant currencies). In EMEA, SAP had double-digit software licenses revenue growth in Germany, France, UK and South Africa.

In the Americas region, the Company grew cloud and software revenue by 9% (IFRS) and 9% (non-IFRS at constant currencies) and cloud subscriptions and support revenue by 24% (IFRS) and 24% (non-IFRS at constant currencies). In Latin America, despite continued macroeconomic headwinds, SAP had solid double-digit growth in software licenses revenue in Brazil and Mexico.

In the APJ region cloud and software revenue was up 13% (IFRS) and 8% (non-IFRS at constant currencies), with cloud subscriptions and support revenue growing by 50% (IFRS) and 46% (non-IFRS at constant currencies). In APJ, SAP had double-digit software licenses revenue growth in Japan, Malaysia and Singapore and solid software licenses revenue growth in SAP's Greater China region2.


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 SAP's Greater China region includes China, Hong Kong and Taiwan.

 

Financial Results at a Glance

Third Quarter 20161)


IFRS

Non-IFRS2)

€ million, unless otherwise stated

Q3 2016

Q3 2015

∆ in %

Q3 2016

Q3 2015

∆ in %

∆ in %
const.
curr.

New Cloud Bookings3)

N/A

N/A

N/A

265

213

24

24

Cloud subscriptions and support

769

599

28

769

600

28

29

Software licenses and support

3,686

3,523

5

3,687

3,524

5

5

Cloud and software

4,455

4,122

8

4,456

4,124

8

9

Total revenue

5,375

4,985

8

5,375

4,987

8

8

Share of predictable revenue (in %)

64

62

1pp

64

62

1pp


Operating profit

1,103

1,214

–9

1,638

1,616

1

1

Profit after tax

725

895

–19

1,089

1,173

–7


Basic earnings per share (€)

0.61

0.75

–19

0.91

0.98

–7


Number of employees (FTE)

82,426

75,643

9

N/A

N/A

N/A

N/A

 

First Nine Months 20161)


IFRS

Non-IFRS2)

€ million, unless otherwise stated

Q1–Q3
2016

Q1–Q3
2015

∆ in %

Q1–Q3

2016

Q1–Q3
2015

∆ in %

∆ in %
const.
curr.

New Cloud Bookings3)

N/A

N/A

N/A

664

529

26

27

Cloud subscriptions and support

2,166

1,654

31

2,168

1,664

30

32

Software licenses and support

10,497

10,183

3

10,500

10,184

3

5

Cloud and software

12,663

11,837

7

12,668

11,848

7

8

Total revenue

15,339

14,451

6

15,343

14,462

6

8

Share of predictable revenue (in %)

65

63

2pp

65

63

2pp


Operating profit

3,184

2,552

25

4,258

4,066

5

5

Profit after tax

2,108

1,778

19

2,832

2,831

0


Basic earnings per share (€)

1.77

1.49

19

2.37

2.37

0


Number of employees (FTE)

82,426

75,643

9

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 is no IFRS equivalent.


Due to rounding, numbers may not add up precisely.

 

Business Outlook 2016

The Company is raising its outlook for the full year 2016:

  • The Company now expects full year 2016 non-IFRS cloud subscriptions and support revenue to be in a range of €3.00 - €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 now expects full year 2016 non-IFRS cloud and software revenue to increase by 6.5% - 8.5% at constant currencies (2015: €17.23 billion).
  • The Company now expects full-year 2016 non-IFRS operating profit to be in a range of €6.5 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 September 2016 levels for the rest of the year, the Company expects its non-IFRS cloud and software revenue growth rate to experience a currency impact in a range of -3 to -1 percentage points for the fourth quarter and the full year 2016 and its non-IFRS operating profit growth rate to experience a currency impact in a range of -2 to 0 percentage points for the fourth quarter and the full year 2016.

Additional Information

General Remarks About this Quarterly Statement
Until 2015, 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. Starting in 2016, 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 Friday, October 21st 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 335,000 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

Q3
2016

Revenues









Cloud subscriptions and support (IFRS)

503

552

599

631

2,286

677

720

769

Cloud subscriptions and support (non-IFRS)

509

555

600

632

2,296

678

721

769

% change – yoy

131

129

116

76

109

33

30

28

% change constant currency – yoy

95

92

90

60

82

33

33

29

Software licenses (IFRS)

696

979

1,014

2,146

4,835

609

1,040

1,034

Software licenses (non-IFRS)

696

979

1,015

2,146

4,836

609

1,042

1,034

% change – yoy

12

2

7

15

10

–13

6

2

% change constant currency – yoy

1

–7

4

11

4

–10

10

2

Software support (IFRS)

2,454

2,531

2,509

2,600

10,093

2,564

2,598

2,653

Software support (non-IFRS)

2,454

2,531

2,509

2,600

10,094

2,564

2,598

2,653

% change – yoy

17

17

12

11

14

5

3

6

% change constant currency – yoy

7

7

6

6

7

5

6

6

Software licenses and support (IFRS)

3,150

3,510

3,523

4,745

14,928

3,172

3,639

3,686

Software licenses and support (non-IFRS)

3,150

3,510

3,524

4,745

14,930

3,173

3,640

3,687

% change – yoy

16

13

11

13

13

1

4

5

% change constant currency – yoy

5

3

6

9

6

2

7

5

Cloud and software (IFRS)

3,653

4,062

4,122

5,377

17,214

3,850

4,359

4,455

Cloud and software (non-IFRS)

3,659

4,065

4,124

5,378

17,226

3,851

4,361

4,456

% change – yoy

24

21

19

18

20

5

7

8

% change constant currency – yoy

12

9

12

13

12

6

11

9

Total revenue (IFRS)

4,497

4,970

4,985

6,342

20,793

4,727

5,237

5,375

Total revenue (non-IFRS)

4,502

4,972

4,987

6,343

20,805

4,728

5,239

5,375

% change – yoy

22

20

17

16

18

5

5

8

% change constant currency – yoy

10

8

10

11

10

6

9

8

Share of predictable revenue (IFRS, in %)

66

62

62

51

60

69

63

64

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

66

62

62

51

60

69

63

64










Profits









Operating profit (IFRS)

638

701

1,214

1,700

4,252

813

1,269

1,103

Operating profit (non-IFRS)

1,056

1,394

1,616

2,282

6,348

1,104

1,516

1,638

% change

15

13

19

7

13

5

9

1

% change constant currency

–2

1

15

3

5

4

11

1

Profit after tax (IFRS)

413

469

895

1,278

3,056

570

813

725

Profit after tax (non-IFRS)

697

960

1,173

1,670

4,501

763

979

1,089

% change

5

2

16

6

8

9

2

–7










Margins









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

55.3

56.5

57.9

51.8

55.3

57.5

57.0

56.7

Cloud subscriptions and support gross margin

(non-IFRS, in %)

65.1

65.7

68.8

63.0

65.6

66.3

65.2

64.9

Software and support gross margin (IFRS, in %)

82.8

84.0

85.0

86.1

84.7

84.2

86.1

85.4

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

85.1

86.1

86.7

87.7

86.6

85.9

87.4

87.4

Cloud and software gross margin (IFRS, in %)

79.0

80.3

81.1

82.1

80.8

79.5

81.3

80.5

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

82.3

83.3

84.1

84.8

83.8

82.4

83.7

83.5

Gross margin (IFRS, in %)

66.8

69.0

70.7

72.4

70.0

67.0

70.4

69.4

Gross margin (non-IFRS, in %)

70.6

72.4

73.6

75.6

73.3

69.7

72.7

72.7

Operating margin (IFRS, in %)

14.2

14.1

24.3

26.8

20.5

17.2

24.2

20.5

Operating margin (non-IFRS, in %)

23.5

28.0

32.4

36.0

30.5

23.4

28.9

30.5

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

50

51

56

51

52

54

52

51

AT&S Segment1) – Gross margin (in %)

71

73

74

77

74

70

73

74

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

34

39

43

46

41

34

40

40

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

75

75

77

72

75

75

76

77

SAP BN Segment2) – Gross margin (in %)

68

68

71

65

68

67

68

68

SAP BN Segment2) – Segment margin (in %)

18

16

24

20

19

16

18

20










Key Profit Ratios









Effective tax rate (IFRS, in %)

13.6

26.4

27.1

22.4

23.4

23.3

28.9

28.4

Effective tax rate (non-IFRS, in %)

22.3

27.8

28.0

25.1

26.1

26.2

29.6

29.7










Earnings per share, basic (IFRS, in €)

0.35

0.39

0.75

1.07

2.56

0.48

0.68

0.61

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

0.58

0.80

0.98

1.40

3.77

0.64

0.82

0.91










Order Entry









New Cloud Bookings

117

199

213

344

874

145

255

265

Deferred cloud subscriptions and support revenue

(IFRS, quarter end)

793

789

782

957

957

953

1,003

1,081

Orders – Number of on-premise software deals

(in transactions)

12,037

13,504

14,027

17,871

57,439

12,884

14,468

13,048

Share of software orders greater than € 5 million (in % of total software order entry)

23

24

24

31

27

17

29

26

Share of software orders greater than € 1 million (in % of total software order entry)

49

41

44

34

40

48

38

40










Liquidity and Cash Flow









Net cash flows from operating activities

2,366

410

466

397

3,638

2,482

439

707

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

–139

–137

–148

–212

–636

–168

–237

–261

Free cash flow

2,227

273

317

184

3,001

2,313

202

446

% of total revenue (IFRS)

50

5

6

3

14

49

4

8

% of profit after tax (IFRS)

539

58

35

14

98

406

25

61

Group liquidity, gross

5,333

4,180

4,608

3,559

3,559

5,853

4,347

4,388

Group debt

–10,524

–10,432

–10,428

–9,174

–9,174

–9,080

–8,593

–8,134

Group liquidity, net

–5,191

–6,251

–5,820

–5,615

–5,615

–3,227

–4,245

–3,746

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

67

68

69

71

71

72

73

74










Financial Position









Cash and cash equivalents

4,635

3,923

3,844

3,411

3,411

5,743

4,206

4,112

Goodwill

22,896

22,300

22,222

22,689

22,689

21,922

22,354

22,276

Total assets

43,753

41,088

40,649

41,390

41,390

42,884

41,788

41,601

Equity

22,117

20,801

21,540

23,295

23,295

22,920

22,963

23,764

Equity ratio (total equity in % of total assets)

51

51

53

56

56

53

55

57










Non-Financials









Headcount (quarter end)4)

74,551

74,497

75,643

76,986

76,986

78,230

79,962

82,426

Employee retention (in %, rolling 12 months)

93.3

92.6

91.9

91.8

91.8

92.0

92.6

93.4

Women in management (in %, quarter end)

22.3

22.9

23.2

23.6

23.6

23.6

24.1

24.3

Greenhouse gas emissions (in kilotons)

145

125

110

75

455

120

95

85


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


Q3 2016

Q3 2015

∆ in %

Cloud subscriptions and support


769

599

28

Software licenses


1,034

1,014

2

Software support


2,653

2,509

6

Software licenses and support


3,686

3,523

5

Cloud and software


4,455

4,122

8

Services


920

863

7

Total revenue


5,375

4,985

8






Cost of cloud subscriptions and support


–333

–252

32

Cost of software licenses and support


–537

–528

2

Cost of cloud and software


–870

–780

11

Cost of services


–776

–680

14

Total cost of revenue


–1,646

–1,460

13

Gross profit


3,729

3,525

6

Research and development


–766

–657

17

Sales and marketing


–1,590

–1,269

25

General and administration


–268

–239

12

Restructuring


1

–145

<-100

Other operating income/expense, net


–4

–3

55

Total operating expenses


–4,272

–3,771

13

Operating profit


1,103

1,214

–9






Other non-operating income/expense, net


–43

–26

65

Finance income


32

102

–69

Finance costs


–78

–60

30

Financial income, net


–46

42

<-100

Profit before tax


1,013

1,229

–18






Income tax expense


–288

–333

–14

Profit after tax


725

895

–19

Attributable to owners of parent


730

898

–19

Attributable to non-controlling interests


–5

–2

>100






Earnings per share, basic (in €)1)


0.61

0.75

–19

Earnings per share, diluted (in €)1)


0.61

0.75

–19


1) For the three months ended September 30, 2016 and 2015, the weighted average number of shares was 1,198 million (diluted 1,199 million) and 1,198 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) – Nine Months


€ millions, unless otherwise stated


Q1–Q3
2016

Q1–Q3
2015

∆ in %

Cloud subscriptions and support


2,166

1,654

31

Software licenses


2,682

2,689

0

Software support


7,815

7,494

4

Software licenses and support


10,497

10,183

3

Cloud and software


12,663

11,837

7

Services


2,675

2,614

2

Total revenue


15,339

14,451

6






Cost of cloud subscriptions and support


–930

–717

30

Cost of software licenses and support


–1,543

–1,631

–5

Cost of cloud and software


–2,474

–2,349

5

Cost of services


–2,282

–2,145

6

Total cost of revenue


–4,756

–4,494

6

Gross profit


10,583

9,957

6

Research and development


–2,184

–2,049

7

Sales and marketing


–4,461

–4,027

11

General and administration


–727

–766

–5

Restructuring


–20

–563

–96

Other operating income/expense, net


–5

0

<-100

Total operating expenses


–12,154

–11,899

2

Operating profit


3,184

2,552

25






Other non-operating income/expense, net


–180

–228

–21

Finance income


105

189

–44

Finance costs


–210

–169

24

Financial income, net


–105

20

<-100

Profit before tax


2,900

2,344

24






Income tax expense


–792

–567

40

Profit after tax


2,108

1,778

19

Attributable to owners of parent


2,118

1,783

19

Attributable to non-controlling interests


–10

–5

98






Earnings per share, basic (in €)1)


1.77

1.49

19

Earnings per share, diluted (in €)1)


1.77

1.49

19


1) For the nine months ended September 30, 2016 and 2015, the weighted average number of shares was 1,198 million (diluted 1,199 million) and 1,196 million (diluted: 1,197 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 September 30, 2016 and December 31, 2015

€ millions


2016

2015

Cash and cash equivalents


4,112

3,411

Other financial assets


501

351

Trade and other receivables


4,824

5,274

Other non-financial assets


636

468

Tax assets


300

235

Total current assets


10,374

9,739

Goodwill


22,276

22,689

Intangible assets


3,730

4,280

Property, plant, and equipment


2,373

2,192

Other financial assets


1,411

1,336

Trade and other receivables


111

87

Other non-financial assets


396

332

Tax assets


391

282

Deferred tax assets


539

453

Total non-current assets


31,227

31,651

Total assets


41,601

41,390


€ millions


2016

2015

Trade and other payables


1,114

1,088

Tax liabilities


249

230

Financial liabilities


1,269

841

Other non-financial liabilities


2,752

3,407

Provisions


192

299

Deferred income


3,373

2,001

Total current liabilities


8,949

7,867

Trade and other payables


113

81

Tax liabilities


448

402

Financial liabilities


7,248

8,681

Other non-financial liabilities


405

331

Provisions


191

180

Deferred tax liabilities


392

448

Deferred income


90

106

Total non-current liabilities


8,888

10,228

Total liabilities


17,837

18,095

Issued capital


1,229

1,229

Share premium


565

558

Retained earnings


20,785

20,044

Other components of equity


2,263

2,561

Treasury shares


–1,101

–1,124

Equity attributable to owners of parent


23,742

23,267





Non-controlling interests


22

28

Total equity


23,764

23,295

Total equity and liabilities


41,601

41,390


Due to rounding, numbers may not add up precisely.

 


Consolidated Statements of Cash Flows of SAP Group (IFRS)


€ millions

Q1–Q3 2016

Q1–Q3 2015

Profit after tax

2,108

1,778

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



Depreciation and amortization

932

965

Income tax expense

792

567

Financial income, net

105

–20

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

61

111

Other adjustments for non-cash items

8

–12

Decrease/increase in trade and other receivables

290

197

Decrease/increase in other assets

–351

–212

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

–583

–248

Decrease/increase in deferred income

1,402

1,216

Interest paid

–145

–111

Interest received

57

60

Income taxes paid, net of refunds

–1,048

–1,049

Net cash flows from operating activities

3,628

3,241

Business combinations, net of cash and cash equivalents acquired

–54

–13

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

–54

253

Purchase of intangible assets or property, plant, and equipment

–666

–424

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

48

46

Purchase of equity or debt instruments of other entities

–559

–1,709

Proceeds from sales of equity or debt instruments of other entities

457

1,042

Net cash flows from investing activities

–773

–793

Dividends paid

–1,378

–1,316

Proceeds from reissuance of treasury shares

24

58

Proceeds from borrowings

401

1,745

Repayments of borrowings

–1,394

–2,520

Transactions with non-controlling interests

3

0

Net cash flows from financing activities

–2,345

–2,033

Effect of foreign currency rates on cash and cash equivalents

192

101

Net decrease/increase in cash and cash equivalents

702

516

Cash and cash equivalents at the beginning of the period

3,411

3,328

Cash and cash equivalents at the end of the period

4,112

3,844


Due to rounding, numbers may not add up precisely.

 

Segment Reporting (IFRS)


Applications, Technology & Services


€ millions, unless otherwise stated

Q3 2016

Q3 2015

∆ in %

∆ in %

Actual
Currency

Constant
Currency

Actual
Currency

Actual
Currency

Constant
Currency

Cloud subscriptions and support

353

359

244

45

47

Software licenses

1,013

1,017

1,001

1

2

Software support

2,626

2,639

2,482

6

6

Software licenses and support

3,639

3,656

3,482

4

5

Cloud and software

3,992

4,014

3,727

7

8

Services

824

828

800

3

4

Total segment revenue

4,816

4,843

4,526

6

7

Cost of cloud subscriptions and support

–171

–171

–108

59

59

Cost of software licenses and support

–461

–464

–453

2

2

Cost of cloud and software

–632

–635

–560

13

13

Cost of services

–635

–643

–613

4

5

Total cost of revenue

–1,268

–1,278

–1,173

8

9

Segment gross profit

3,548

3,565

3,353

6

6

Other segment expenses

–1,598

–1,616

–1,420

13

14

Segment profit

1,950

1,948

1,933

1

1

Margins






Cloud subscriptions and support gross margin (in %)

51

52

56

–4pp

–4pp

Gross margin (in %)

74

74

74

–0pp

–0pp

Segment margin (in %)

40

40

43

–2pp

–2pp

 

SAP Business Network


€ millions, unless otherwise stated

Q3 2016

Q3 2015

∆ in %

∆ in %

Actual
Currency

Constant
Currency

Actual
Currency

Actual
Currency

Constant
Currency

Cloud subscriptions and support

404

405

347

17

17

Software licenses

0

0

0

0

0

Software support

6

5

8

–31

–31

Software licenses and support

5

5

8

–31

–32

Cloud and software

410

410

355

15

16

Services

75

75

57

32

32

Total segment revenue

485

486

412

18

18

Cost of cloud subscriptions and support

–94

–94

–79

19

20

Cost of software licenses and support

0

0

0

0

0

Cost of cloud and software

–94

–95

–79

19

20

Cost of services

–61

–62

–41

47

49

Total cost of revenue

–155

–156

–120

29

30

Segment gross profit

330

329

292

13

13

Other segment expenses

–235

–238

–194

21

23

Segment profit

95

92

98

–3

–7

Margins






Cloud subscriptions and support gross margin (in %)

77

77

77

–1pp

–1pp

Gross margin (in %)

68

68

71

–3pp

–3pp

Segment margin (in %)

20

19

24

–4pp

–5pp


Due to rounding, numbers may not add up precisely.

 

Applications, Technology & Services


€ millions, unless otherwise stated

Q1–Q3 2016

Q1–Q3 2015

∆ in %

∆ in %

Actual
Currency

Constant
Currency

Actual
Currency

Actual
Currency

Constant
Currency

Cloud subscriptions and support

969

986

660

47

49

Software licenses

2,629

2,682

2,647

–1

1

Software support

7,738

7,839

7,416

4

6

Software licenses and support

10,367

10,521

10,063

3

5

Cloud and software

11,336

11,507

10,723

6

7

Services

2,454

2,499

2,406

2

4

Total segment revenue

13,789

14,006

13,130

5

7

Cost of cloud subscriptions and support

–461

–466

–313

47

49

Cost of software licenses and support

–1,383

–1,402

–1,400

–1

0

Cost of cloud and software

–1,845

–1,869

–1,713

8

9

Cost of services

–1,983

–2,032

–1,880

6

8

Total cost of revenue

–3,828

–3,900

–3,593

7

9

Segment gross profit

9,961

10,106

9,537

4

6

Other segment expenses

–4,701

–4,794

–4,456

5

8

Segment profit

5,261

5,311

5,081

4

5

Margins






Cloud subscriptions and support gross margin (in %)

52

53

53

–0pp

0pp

Gross margin (in %)

72

72

73

–0pp

–0pp

Segment margin (in %)

38

38

39

–1pp

–1pp

 

SAP Business Network


€ millions, unless otherwise stated

Q1–Q3 2016

Q1–Q3 2015

∆ in %

∆ in %

Actual
Currency

Constant
Currency

Actual
Currency

Actual
Currency

Constant
Currency

Cloud subscriptions and support

1,166

1,171

981

19

19

Software licenses

0

0

0

0

0

Software support

20

20

25

–19

–20

Software licenses and support

20

20

24

–19

–19

Cloud and software

1,185

1,191

1,006

18

18

Services

218

220

174

25

26

Total segment revenue

1,404

1,411

1,180

19

20

Cost of cloud subscriptions and support

–278

–281

–238

17

18

Cost of software licenses and support

0

0

–1

0

–47

Cost of cloud and software

–278

–281

–238

17

18

Cost of services

–177

–180

–130

36

39

Total cost of revenue

–455

–461

–368

24

25

Segment gross profit

949

950

812

17

17

Other segment expenses

–694

–704

–584

19

21

Segment profit

255

245

228

12

8

Margins






Cloud subscriptions and support gross margin (in %)

76

76

76

0pp

0pp

Gross margin (in %)

68

67

69

–1pp

–1pp

Segment margin (in %)

18

17

19

–1pp

–2pp


Due to rounding, numbers may not add up precisely.

 

Reconciliation from Non-IFRS Numbers to IFRS Numbers


€ millions, unless otherwise stated

Q3 2016

Q3 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

769

0

769

6

775

599

1

600

28

28

29

Software licenses

1,034

0

1,034

3

1,037

1,014

1

1,015

2

2

2

Software support

2,653

0

2,653

13

2,666

2,509

0

2,509

6

6

6

Software licenses and support

3,686

0

3,687

17

3,703

3,523

1

3,524

5

5

5

Cloud and software

4,455

1

4,456

23

4,479

4,122

2

4,124

8

8

9

Services

920

0

920

4

924

863

0

863

7

7

7

Total revenue

5,375

1

5,375

27

5,402

4,985

2

4,987

8

8

8













Operating Expense Numbers












Cost of cloud subscriptions and support

–333

63

–270



–252

65

–187

32

44


Cost of software licenses and support

–537

71

–465



–528

61

–468

2

–1


Cost of cloud and software

–870

135

–735



–780

126

–655

11

12


Cost of services

–776

45

–732



–680

19

–661

14

11


Total cost of revenue

–1,646

179

–1,466



–1,460

144

–1,316

13

11


Gross profit

3,729

180

3,909



3,525

147

3,671

6

6


Research and development

–766

86

–679



–657

25

–632

17

8


Sales and marketing

–1,590

214

–1,376



–1,269

77

–1,191

25

16


General and administration

–268

56

–211



–239

8

–230

12

–8


Restructuring

1

–1

0



–145

145

0

<-100

NA


Other operating income/expense, net

–4

0

–4



–3

0

–3

55

55


Total operating expenses

–4,272

534

–3,738

–39

–3,777

–3,771

400

–3,372

13

11

12













Profit Numbers












Operating profit

1,103

535

1,638

–12

1,625

1,214

402

1,616

–9

1

1

Other non-operating income/expense, net

–43

0

–43



–26

0

–26

65

65


Finance income

32

0

32



102

0

102

–69

–69


Finance costs

–78

0

–78



–60

0

–60

30

30


Financial income, net

–46

0

–46



42

0

42

<-100

<-100


Profit before tax

1,013

535

1,548



1,229

402

1,631

–18

–5


Income tax expense

–288

–171

–459



–333

–124

–457

–14

0


Profit after tax

725

364

1,089



895

278

1,173

–19

–7


Attributable to owners of parent

730

364

1,094



898

278

1,176

–19

–7


Attributable to non-controlling interests

–5

0

–5



–2

0

–2

>100

>100














Key Ratios












Operating margin (in %)

20.5


30.5


30.1

24.3


32.4

–3.8pp

–1.9pp

–2.3pp

Effective tax rate (in %)3)

28.4


29.7



27.1


28.0

1.3pp

1.6pp


Earnings per share, basic (in €)

0.61


0.91



0.75


0.98

–19

–7



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".


3) The difference between our IFRS and non-IFRS effective tax rate in Q3 2016 and Q3 2015 mainly results from tax effects of acquisition-related charges and share-based payment expenses.


Due to rounding, numbers may not add up precisely.

 


 

€ millions, unless otherwise stated

Q1–Q3 2016

Q1–Q3 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

2,166

2

2,168

23

2,191

1,654

9

1,664

31

30

32

Software licenses

2,682

2

2,685

54

2,739

2,689

1

2,690

0

0

2

Software support

7,815

0

7,815

102

7,917

7,494

0

7,494

4

4

6

Software licenses and support

10,497

3

10,500

156

10,656

10,183

1

10,184

3

3

5

Cloud and software

12,663

4

12,668

179

12,847

11,837

11

11,848

7

7

8

Services

2,675

0

2,675

47

2,723

2,614

0

2,614

2

2

4

Total revenue

15,339

4

15,343

226

15,569

14,451

11

14,462

6

6

8













Operating Expense Numbers












Cost of cloud subscriptions and support

–930

181

–749



–717

162

–555

30

35


Cost of software licenses and support

–1,543

170

–1,373



–1,631

207

–1,424

–5

–4


Cost of cloud and software

–2,474

352

–2,122



–2,349

369

–1,979

5

7


Cost of services

–2,282

74

–2,208



–2,145

111

–2,034

6

9


Total cost of revenue

–4,756

426

–4,330



–4,494

480

–4,014

6

8


Gross profit

10,583

430

11,013



9,957

491

10,448

6

5


Research and development

–2,184

135

–2,049



–2,049

133

–1,917

7

7


Sales and marketing

–4,461

405

–4,056



–4,027

268

–3,759

11

8


General and administration

–727

83

–644



–766

60

–706

–5

–9


Restructuring

–20

20

0



–563

563

0

–96

NA


Other operating income/expense, net

–5

0

–5



0

0

0

<-100

<-100


Total operating expenses

–12,154

1,069

–11,085

–217

–11,302

–11,899

1,504

–10,396

2

7

9













Profit Numbers












Operating profit

3,184

1,073

4,258

10

4,268

2,552

1,514

4,066

25

5

5

Other non-operating income/expense, net

–180

0

–180



–228

0

–228

–21

–21


Finance income

105

0

105



189

0

189

–44

–44


Finance costs

–210

0

–210



–169

0

–169

24

24


Financial income, net

–105

0

–105



20

0

20

<-100

<-100


Profit before tax

2,900

1,073

3,973



2,344

1,514

3,858

24

3


Income tax expense

–792

–350

–1,142



–567

–461

–1,027

40

11


Profit after tax

2,108

724

2,832



1,778

1,053

2,831

19

0


Attributable to owners of parent

2,118

724

2,842



1,783

1,053

2,836

19

0


Attributable to non-controlling interests

–10

0

–10



–5

0

–5

98

98














Key Ratios












Operating margin (in %)

20.8


27.8


27.4

17.7


28.1

3.1pp

–0.4pp

–0.7pp

Effective tax rate (in %)3)

27.3


28.7



24.2


26.6

3.1pp

2.1pp


Earnings per share, basic (in €)

1.77


2.37



1.49


2.37

19

0



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".

3) The difference between our IFRS and non-IFRS effective tax rate in the first nine months of 2016 mainly results from tax effects of acquisition-related charges and share-based payment expenses. The difference between our IFRS and non-IFRS effective tax rate in the first nine months of 2015 mainly results from tax effects of acquisition-related charges, restructuring and share-based payment expenses.


Due to rounding, numbers may not add up precisely.

 

Non-IFRS Adjustments – Actuals and Estimates


€ millions

Estimated Amounts for
Full Year 2016

Q3 2016

Q1–Q3
2016

Q3 2015

Q1–Q3
2015

Operating profit (IFRS)


1,103

3,184

1,214

2,552

Revenue adjustments

<20

1

4

2

11

Adjustment for acquisition-related charges 

670 to 720

168

504

183

554

Adjustment for share-based payment expenses

770 to 840

368

545

72

386

Adjustment for restructuring

30 to 50

–1

20

145

563

Operating expense adjustments


534

1,069

400

1,504

Operating profit adjustments


535

1,073

402

1,514

Operating profit (Non-IFRS)


1,638

4,258

1,616

4,066

 

Non-IFRS Adjustments by Functional Areas


€ millions

Q3 2016

Q3 2015

IFRS

Acquisition-
related

SBP1)

Restruc-
turing

Non-
IFRS

IFRS

Acquisition-
Related

SBP1)

Restruc-
turing

Non-IFRS

Cost of cloud and software

–870

98

36

0

–735

–780

116

10

0

–655

Cost of services

–776

3

42

0

–732

–680

6

12

0

–661

Research and development

–766

3

84

0

–679

–657

3

22

0

–632

Sales and marketing

–1,590

67

147

0

–1,376

–1,269

57

21

0

–1,191

General and administration

–268

–3

59

0

–211

–239

1

7

0

–230

Restructuring

1

0

0

–1

0

–145

0

0

145

0

Other operating income/expense, net

–4

0

0

0

–4

–3

0

0

0

–3

Total operating expenses

–4,272

168

368

–1

–3,738

–3,771

183

72

145

–3,372

1) Share-based Payments



 


€ millions

Q1–Q3 2016

Q1–Q3 2015

IFRS

Acquisition-
related

SBP1)

Restruc-
turing

Non-
IFRS

IFRS

Acquisition-
Related

SBP1)

Restruc-
turing

Non-IFRS

Cost of cloud and software

–2,474

293

58

0

–2,122

–2,349

325

42

0

–1,979

Cost of services

–2,282

9

65

0

–2,208

–2,145

48

63

0

–2,034

Research and development

–2,184

7

128

0

–2,049

–2,049

34

102

0

–1,917

Sales and marketing

–4,461

190

214

0

–4,056

–4,027

144

122

0

–3,759

General and administration

–727

4

79

0

–644

–766

2

58

0

–706

Restructuring

–20

0

0

20

0

–563

0

0

563

0

Other operating income/expense, net

–5

0

0

0

–5

0

0

0

0

0

Total operating expenses

–12,154

504

545

20

–11,085

–11,899

554

386

563

–10,396

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

Q3 2016

Q1–Q3 2016

Q3 2015

Q1–Q3 2015

Cost of cloud and software

0

2

4

64

Cost of services

0

5

35

180

Research and development

1

4

69

178

Sales and marketing

–2

8

33

121

General and administration

0

1

4

20

Restructuring expenses

–1

20

145

563

 

Revenue by Region (IFRS and Non-IFRS)





€ millions

Q3 2016

Q3 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

182

0

182

6

188

136

0

136

34

34

38

Americas

508

0

508

3

511

411

1

412

24

23

24

APJ

78

0

78

–2

76

52

0

52

50

50

46

Cloud subscriptions and support revenue

769

0

769

6

775

599

1

600

28

28

29













Cloud and software revenue by region

EMEA

1,942

0

1,942

47

1,989

1,833

0

1,834

6

6

8

Americas

1,820

1

1,821

8

1,828

1,675

2

1,677

9

9

9

APJ

693

0

693

–32

661

614

0

614

13

13

8

Cloud and software revenue

4,455

1

4,456

23

4,479

4,122

2

4,124

8

8

9













Total revenue by region

Germany

749

0

749

0

748

687

0

687

9

9

9

Rest of EMEA

1,567

0

1,567

54

1,620

1,518

0

1,518

3

3

7

Total EMEA

2,315

0

2,315

53

2,369

2,205

0

2,205

5

5

7

United States

1,772

1

1,773

4

1,777

1,662

2

1,664

7

7

7

Rest of Americas

462

0

462

6

469

374

0

374

24

24

25

Total Americas

2,234

1

2,235

11

2,246

2,036

2

2,038

10

10

10

Japan

214

0

214

–33

181

171

0

171

25

25

6

Rest of APJ

611

0

611

–4

607

572

0

572

7

7

6

Total APJ

825

0

825

–37

788

744

0

744

11

11

6

Total revenue 

5,375

1

5,375

27

5,402

4,985

2

4,987

8

8

8


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–Q3 2016

Q1–Q3 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

511

0

512

11

522

365

1

366

40

40

43

Americas

1,450

1

1,451

12

1,463

1,145

8

1,152

27

26

27

APJ

205

0

205

1

206

145

0

146

41

41

41

Cloud subscriptions and support revenue

2,166

2

2,168

23

2,191

1,654

9

1,664

31

30

32














Cloud and software revenue by region

EMEA

5,499

1

5,499

144

5,643

5,145

1

5,146

7

7

10

Americas

5,213

4

5,216

42

5,258

4,870

9

4,879

7

7

8

APJ

1,952

0

1,952

–6

1,946

1,823

0

1,823

7

7

7

Cloud and software revenue

12,663

4

12,668

179

12,847

11,837

11

11,848

7

7

8














Total revenue by region








Germany

2,035

0

2,035

–1

2,034

1,875

0

1,875

9

9

8

Rest of EMEA

4,597

1

4,597

167

4,764

4,402

1

4,403

4

4

8

Total EMEA

6,632

1

6,632

166

6,798

6,277

1

6,278

6

6

8

United States

5,116

4

5,120

13

5,133

4,779

9

4,788

7

7

7

Rest of Americas

1,260

0

1,260

51

1,310

1,184

0

1,184

6

6

11

Total Americas

6,376

4

6,380

64

6,444

5,962

9

5,971

7

7

8

Japan

583

0

583

–62

521

478

0

478

22

22

9

Rest of APJ

1,748

0

1,748

58

1,806

1,734

0

1,734

1

1

4

Total APJ

2,331

0

2,331

–3

2,327

2,212

0

2,212

5

5

5

Total revenue 

15,339

4

15,343

226

15,569

14,451

11

14,462

6

6

8


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



30.9.2016

30.9.2015

Full-time equivalents

EMEA

Americas

APJ

Total

EMEA

Americas

APJ

Total

Cloud and software

6,260

3,996

5,330

15,586

5,986

3,853

4,778

14,617

Services

6,423

4,044

3,921

14,388

6,558

3,769

3,567

13,895

Research and development

10,219

4,704

7,780

22,702

9,399

4,129

6,723

20,251

Sales and marketing

8,425

8,861

4,365

21,651

7,582

7,611

3,836

19,029

General and administration

2,578

1,723

1,012

5,314

2,494

1,665

1,019

5,177

Infrastructure

1,552

785

447

2,784

1,493

789

392

2,674

SAP Group (September 30)

35,458

24,113

22,855

82,426

33,512

21,817

20,315

75,643

Thereof acquisitions 1)

37

68

0

105

0

0

0

0

SAP Group (average first nine months)

34,552

23,193

21,809

79,555

33,466

21,751

19,487

74,705

1) Acquisitions closed between January 1 and September 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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