WALLDORF, Germany, Jan. 21, 2014 /PRNewswire/ --
- Fast Growing Cloud Business and Solid Core Drive 4th Consecutive Year of Double-Digit Growth: Full Year 2013 Non-IFRS Software and Software-Related Service Revenue Increased 11% at Constant Currencies (6% at Actual Currencies to €14.03 Billion)
- Cloud Subscription and Support Backlog Increased 50% to approximately €1.2 billion as of December 31, 2013, Non-IFRS Deferred Cloud Subscription and Support Revenue Increased 25% to €447 Million as of December 31, 2013
- SAP HANA Success Continued in 2013: Full Year 2013 HANA Software Revenue Increased 69% at Constant Currencies to €664 Million (61% at Actual Currencies to €633 Million), SAP HANA Becomes the Real-Time Platform for the Industry
- Full Year 2013 Non-IFRS Operating Profit Increased 13% at Constant Currencies to €5.90 Billion, Resulting in Non-IFRS Operating Margin Expansion of 150 Basis Points at Constant Currencies to 33.5%
- Full Year 2013 Non-IFRS Earnings Per Share Increased 11% to €3.37
- Introducing 2017 Targets Reflecting Customer-Driven Shift to Cloud: At least €22 Billion in Total Revenue, €3.0 - €3.5 Billion Total Revenue from the Cloud Business and 35% Non-IFRS Operating Margin by 2017
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SAP AG (NYSE: SAP) today announced its financial results for the fourth quarter and full year ended December 31, 2013.
BUSINESS HIGHLIGHTS IN THE FOURTH QUARTER AND FULL YEAR 2013
SAP delivered strong revenue growth in 2013. Full year non-IFRS software and cloud subscription revenue increased 11% at constant currencies (6% at actual currencies to €5.28 billion). Non-IFRS software and software-related service revenue grew 11% at constant currencies (6% at actual currencies to €14.03 billion). Non-IFRS total revenue grew 8% at constant currencies (4% at actual currencies to €16.90 billion).
"We are proud of having delivered another year of double digit growth, outperforming the market and expanding our margin, while at the same time investing in innovation and the cloud," said Co-CEOs Bill McDermott and Jim Hagemann Snabe. "Based on our strong global momentum from 2013 we will accelerate the transition to the cloud by offering customers choice. With all solutions moving to the Cloud powered by our real time platform HANA, we will simplify for our customers, extend our lead and drive growth that is more predictable and profitable for the long term."
"We finished 2013 with a strong fourth quarter. We significantly expanded our Non-IFRS operating margin in the fourth quarter, leading to a full-year Non-IFRS operating margin expansion of 150 basis points at constant currencies and 11% growth in Non-IFRS EPS for the full year 2013," said Werner Brandt, CFO of SAP. "This was driven by operational excellence despite the margin impact from acquisitions and our momentum in the cloud."
SAP's fast-growing cloud business demonstrates the Company's leadership in the cloud. Non-IFRS cloud subscription and support revenue was €787 million at constant currencies, which exceeded the Company's full year 2013 guidance of €750 million (2012: €343 million).
Non-IFRS deferred cloud subscription and support revenue1 was €447 million as of December 31, 2013, a year-over-year increase of 25%. The Company's cloud subscription and support backlog2 as of December 31, 2013 was approximately €1.2 billion, a year-over-year increase of 50%. SAP's annual cloud revenue run rate now exceeds €1.06 billion3. SAP's total cloud portfolio applications subscribers now exceed 35 million. The trailing twelve month Ariba network spend volume4 now exceeds $0.5 trillion. Today Ariba is the world's largest Web-based business trading community with 1.4 million connected companies.
SAP HANA, the platform for real-time business applications, was a major growth engine in 2013. The Company has now over 3,000 HANA customers. Full year 2013 HANA software revenue increased 69% at constant currencies to €664 million (61% at actual currencies to €633 million). SAP Business Suite powered by SAP HANA is the best-in-class platform for high-performance applications. With 800 customers at the end of 2013, demand for SAP Business Suite powered by HANA has exceeded SAP's own expectations in the short period since its launch in May 2013.
Fourth Quarter 2013 Regional Revenue
The EMEA region saw high single-digit growth with non-IFRS software and cloud subscription revenue increasing 9% at constant currencies. This was the result of high double-digit growth in cloud subscription and support revenue in this region and strong double-digit software revenue growth at constant currencies in Germany, France, Russia, Middle East and Africa. The Americas region grew single-digit in the fourth quarter in non-IFRS software and cloud subscription revenue at constant currencies. This was the result of the transition to the cloud and a tough year-over-year comparison in software revenue. Non-IFRS software and cloud subscription revenue in the Asia Pacific Japan (APJ) region continued on its path of double-digit growth at constant currencies, driven by a strong performance in China.
Full Year 2013 Regional Revenue
The EMEA region saw high-single digit growth with non-IFRS software and cloud subscription revenue at constant currencies which is an impressive result in light of continued market uncertainty seen throughout the year. The Americas region delivered a very strong full year performance in non-IFRS software and cloud subscription revenue with 15% growth at constant currencies while rapidly shifting to the Cloud. Non-IFRS software and cloud subscriptions revenue in the APJ region increased by 3% at constant currencies in the full year 2013 after ending the year with a strong fourth quarter.
FINANCIAL RESULTS IN DETAIL
|
FINANCIAL HIGHLIGHTS – Fourth Quarter 2013
|
|
|
Fourth Quarter 2013(1)
|
|
IFRS
|
|
|
Non-IFRS(2)
|
|
|
|
|
€ million, unless otherwise stated
|
Q4 2013
|
Q4 2012
|
%
change
|
Q4 2013
|
Q4 2012
|
%
change
|
% change
const. curr.
|
|
|
|
|
|
|
|
|
|
Software
|
1,902
|
1,937
|
−2
|
1,903
|
1,937
|
−2
|
4
|
|
Cloud subscriptions and support
|
209
|
126
|
66
|
210
|
159
|
32
|
39
|
|
Software and cloud subscriptions
|
2,111
|
2,063
|
2
|
2,113
|
2,096
|
1
|
6
|
|
Support
|
2,269
|
2,166
|
5
|
2,274
|
2,171
|
5
|
10
|
|
Software and software-related service
revenue
|
4,380
|
4,228
|
4
|
4,387
|
4,266
|
3
|
8
|
|
Total revenue
|
5,109
|
5,023
|
2
|
5,116
|
5,062
|
1
|
7
|
|
Total operating expenses
|
−3,304
|
−3,431
|
−4
|
−3,018
|
−3,092
|
−2
|
1
|
|
Operating profit
|
1,805
|
1,592
|
13
|
2,097
|
1,969
|
7
|
15
|
|
Operating margin (%)
|
35.3
|
31.7
|
3.6pp
|
41.0
|
38.9
|
2.1pp
|
2.9pp
|
|
Profit after tax
|
1,324
|
1,101
|
20
|
1,524
|
1,359
|
12
|
|
|
Basic earnings per share (€)
|
1.11
|
0.92
|
21
|
1.28
|
1.14
|
12
|
|
|
Number of employees (FTE)
|
66,572
|
64,422
|
3
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
1) All figures are unaudited.
|
|
|
2) For a detailed description of SAP's non-IFRS measures see Explanation of Non-IFRS Measures online. For a breakdown of the individual adjustments see page F7 in the appendix to this press release.
|
IFRS and non-IFRS software revenue was €1.90 billion (2012: €1.94 billion), a decrease of 2% (an increase of 4% at constant currencies). IFRS software and cloud subscription revenue was €2.11 billion (2012: €2.06 billion), an increase of 2%. Non-IFRS software and cloud subscription revenue was €2.11 billion (2012: €2.10 billion), an increase of 1% (6% at constant currencies). IFRS software and software-related service revenue was €4.38 billion (2012: €4.23 billion), an increase of 4%. Non-IFRS software and software-related service revenue was €4.39 billion (2012: €4.27 billion), an increase of 3% (8% at constant currencies). IFRS total revenue was €5.11 billion (2012: €5.02 billion), an increase of 2%. Non-IFRS total revenue was €5.12 billion (2012: €5.06 billion), an increase of 1% (7% at constant currencies).
IFRS operating profit was €1.81 billion (2012: €1.59 billion), an increase of 13%. Non-IFRS operating profit was €2.10 billion (2012: €1.97 billion), an increase of 7% (15% at constant currencies). IFRS operating margin was 35.3% (2012: 31.7%), an increase of 3.6 percentage points. Non-IFRS operating margin was 41.0% (2012: 38.9%), or 41.8% at constant currencies, an increase of 2.1 percentage points (2.9 percentage points at constant currencies).
IFRS profit after tax was €1.32 billion (2012: €1.10 billion), an increase of 20%. Non-IFRS profit after tax was €1.52 billion (2012: €1.36 billion), an increase of 12%. IFRS basic earnings per share was €1.11 (2012: €0.92), an increase of 21%. Non-IFRS basic earnings per share was €1.28 (2012: €1.14), an increase of 12%. The IFRS and non-IFRS effective tax rates in the fourth quarter of 2013 were 25.6% (2012: 28.0%) and 26.4% (2012: 28.7%), respectively.
|
FINANCIAL HIGHLIGHTS – Full Year 2013
|
|
|
Full Year 2013(1)
|
|
IFRS
|
Non-IFRS(2)
|
|
€ million, unless otherwise stated
|
FY 2013
|
FY 2012
|
%
change
|
FY 2013
|
FY 2012
|
%
change
|
% change
const. curr.
|
|
|
|
|
|
|
|
|
|
Software
|
4,516
|
4,658
|
−3
|
4,518
|
4,658
|
−3
|
2
|
|
Cloud subscriptions and support
|
697
|
270
|
158
|
758
|
343
|
121
|
130
|
|
Software and cloud subscriptions
|
5,213
|
4,928
|
6
|
5,276
|
5,001
|
6
|
11
|
|
Support
|
8,739
|
8,237
|
6
|
8,758
|
8,246
|
6
|
11
|
|
Software and software-related service
revenue
|
13,952
|
13,165
|
6
|
14,034
|
13,246
|
6
|
11
|
|
Total revenue
|
16,817
|
16,223
|
4
|
16,900
|
16,304
|
4
|
8
|
|
Total operating expenses
|
−12,336
|
−12,158
|
1
|
−11,386
|
−11,090
|
3
|
6
|
|
Operating profit
|
4,482
|
4,065
|
10
|
5,513
|
5,214
|
6
|
13
|
|
Operating margin (%)
|
26.7
|
25.1
|
1.6pp
|
32.6
|
32.0
|
0.6pp
|
1.5pp
|
|
Profit after tax
|
3,330
|
2,823
|
18
|
4,024
|
3,608
|
12
|
|
|
Basic earnings per share (€)
|
2.79
|
2.37
|
18
|
3.37
|
3.03
|
11
|
|
|
Number of employees (FTE)
|
66,572
|
64,422
|
3
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
1) All figures are unaudited.
|
|
|
2) For a detailed description of SAP's non-IFRS measures see Explanation of Non-IFRS Measures online. For a breakdown of the individual adjustments see page F7 in the appendix to this press release.
|
IFRS and non-IFRS software revenue was €4.52 billion (2012: €4.66 billion), a decrease of 3% (an increase of 2% at constant currencies). IFRS software and cloud subscription revenue was €5.21 billion (2012: €4.93 billion), an increase of 6%. Non-IFRS software and cloud subscription revenue was €5.28 billion (2012: €5.00 billion), an increase of 6% (11% at constant currencies). IFRS software and software-related service revenue was €13.95 billion (2012: €13.17 billion), an increase of 6%. Non-IFRS software and software-related service revenue was €14.03 billion (2012: €13.25 billion), an increase of 6% (11% at constant currencies). This exceeded SAP's non-IFRS software and software-related service revenue guidance which was at least 10% at constant currencies. IFRS total revenue was €16.82 billion (2012: €16.22 billion), an increase of 4%. Non-IFRS total revenue was €16.90 billion (2012: €16.30 billion), an increase of 4% (8% at constant currencies).
IFRS operating profit was €4.48 billion (2012: €4.07 billion), an increase of 10%. Non-IFRS operating profit was €5.51 billion (2012: €5.21 billion), an increase of 6% (€5.90 billion or 13% at constant currencies). This met SAP's non-IFRS operating profit guidance (which was in a range of €5.85 - €5.95 billion at constant currencies). IFRS operating margin was 26.7% (2012: 25.1%), an increase of 1.6 percentage points. Non-IFRS operating margin was 32.6% (2012: 32.0%), or 33.5% at constant currencies, an increase of 0.6 percentage points (1.5 percentage points at constant currencies). Non-IFRS operating margin in 2013 was negatively impacted affected by approximately 50 basis points
IFRS profit after tax was €3.33 billion (2012: €2.82 billion), an increase of 18%. Non-IFRS profit after tax was €4.02 billion (2012: €3.61 billion), an increase of 12%. IFRS basic earnings per share was €2.79 (2012: €2.37), an increase of 18%. Non-IFRS basic earnings per share was €3.37 (2012: €3.03), an increase of 11%. The IFRS and non-IFRS effective tax rates for the twelve months ending December 31, 2013 were 24.3% (2012: 26.2%) and 25.9% (2012: 27.5%), respectively.
Operating cash flow was €3.83 billion (2012: €3.82 billion), increasing slightly year-over-year. Free cash flow was €3.27 billion (2012: €3.28 billion), decreasing slightly year-over-year. Free cash flow was 19% of total revenue (2012: 20%). At December 31, 2013, SAP had a total group liquidity of €2.84 billion (December 31, 2012: €2.49 billion), which includes cash and cash equivalents and short term investments. Net liquidity at December 31, 2013 was -€1.47 billion compared to -€2.50 billion at December 31, 2012.
BUSINESS OUTLOOK 2014
The Company is providing the following outlook for the full-year 2014:
- The Company expects full year 2014 non-IFRS cloud subscription and support revenue to be in a range of €950 – €1,000 million at constant currencies (2013: €758 million). The upper end of this range represents a growth rate of 32% which is similar to the respective 2013 growth rate after adjusting for acquisitions.
- The Company expects full year 2014 non-IFRS software and software-related service revenue to increase by 6% - 8% at constant currencies (2013: €14.03 billion).
- The Company expects full-year 2014 non-IFRS operating profit to be in a range of €5.8 billion – €6.0 billion at constant currencies (2013: €5.51 billion).
MID-TERM OUTLOOK
With SAP HANA as the single platform for our entire product portfolio, delivered on-premise or in the Cloud, SAP will drive simplicity and business outcomes for its customers.
SAP expects the combination of a stable, highly-profitable core and fast-growing cloud business to deliver continued growth and margin expansion. The Company still aims to increase its total revenue to at least €20 billion and total revenue from its cloud business including cloud-related professional services to approximately €2 billion by 2015.
Looking beyond 2015, SAP is now introducing new 2017 targets. SAP aims to increase total revenue to at least €22 billion and total revenue from its cloud business to €3.0 - €3.5 billion by 2017. The Company retains its non-IFRS operating margin goal of 35%. In order to capture the growth opportunities in the cloud, SAP now expects this target to be reached by 2017 rather than in 2015 as previously stated. SAP anticipates the fast-growing cloud business along with growth in support revenue will drive a higher proportion of more predictable, recurring revenue in the future.
Additional Information
2013 revenue and profit figures include the revenue and profits from Ariba, SuccessFactors and hybris. The comparative numbers for 2012 do not include SuccessFactors until February 21, 2012 and Ariba until October 1, 2012.The hybris acquisition closed on August 1, 2013.
For a more detailed description of all of SAP's non-IFRS measures and their limitations as well as our constant currency and free cash flow figures see Explanation of Non-IFRS Measures online.
2013 Annual Report
SAP's 2013 Annual Report to Shareholders and 2013 Annual Report on Form 20-F are scheduled to be published on March 21, 2014, and will be available for download at www.sap.com/investor.
Webcast
SAP senior management will host a press conference in Walldorf today at 10:00 AM (CET) / 9:00 AM (GMT) / 4:00 AM (Eastern) / 1:00 AM (Pacific), followed by an investor conference at 2:00 PM (CET) / 1:00 PM (GMT) / 8:00 AM (Eastern) / 5:00 AM (Pacific). Both conferences will be web cast live on the Company's website at www.sap.com/investor and will be available for replay. Supplementary financial information pertaining to the full-year and quarterly results can be found at www.sap.com/investor.
Investor Symposium
In addition, the Company will host an Investor Symposium in New York on February 4th at 3 PM (CET) 2:00 PM (GMT) / 9:00 AM (Eastern) / 6:00 AM (Pacific). This conference will be web cast live on the Company's website at www.sap.com/investor and will be available for replay.
About SAP
As market leader in enterprise application software, SAP (NYSE: SAP) helps companies of all sizes and industries run better. From back office to boardroom, warehouse to storefront, desktop to mobile device – SAP empowers people and organizations to work together more efficiently and use business insight more effectively to stay ahead of the competition. SAP applications and services enable more than 253,500 customers to operate profitably, adapt continuously, and grow sustainably. For more information, visit www.sap.com.
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission ("SEC"), including SAP's most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.
© 2014 SAP AG. All rights reserved.
No part of this publication may be reproduced or transmitted in any form or for any purpose without the express permission of SAP AG. The information contained herein may be changed without prior notice.
Some software products marketed by SAP AG and its distributors contain proprietary software components of other software vendors. National product specifications may vary.
These materials are provided by SAP AG and its affiliated companies ("SAP Group") for informational purposes only, without representation or warranty of any kind, and SAP Group shall not be liable for errors or omissions with respect to the materials. The only warranties for SAP Group products and services are those that are set forth in the express warranty statements accompanying such products and services, if any. Nothing herein should be construed as constituting an additional warranty.
SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP AG (or an SAP affiliate company) in Germany and other countries. Please see http://www.sap.com/corporate-en/legal/copyright/index.epx#trademark for additional trademark information and notices.
|
For customers interested in learning more about SAP products:
|
|
Global Customer Center:
|
+49 180 534-34-24
|
|
United States Only:
|
1 (800) 872-1SAP (1-800-872-1727)
|
|
|
|
For more information, financial community only:
|
|
Stefan Gruber
|
+49 (6227) 7-44872
|
investor@sap.com, CET
|
|
|
|
|
For more information, press only:
|
|
Christoph Liedtke
|
+49 (6227) 7-50383
|
christoph.liedtke@sap.com, CET
|
|
Daniel Reinhardt
|
+49 (6227) 7-40201
|
daniel.reinhardt@sap.com, CET
|
|
Jim Dever
|
+1 (610) 661-2161
|
james.dever@sap.com, ET
|
|
Claudia Cortes
|
+65 6664-4450
|
claudia.cortes@sap.com, SGT (GMT +8)
|
|
|
Follow SAP Investor Relations on Twitter at @sapinvestor.
|
1 Beginning in Q1 2013, SAP discloses non-IFRS deferred cloud subscription and support revenue, which is a subset of the total, non-IFRS deferred revenue number reported on the balance sheet. The opening balance for Ariba deferred cloud subscription and support revenue at October 1st, 2012 was €118 million (Non-IFRS) and €53 million (IFRS).
2 Cloud subscription and support backlog represents expected future cloud subscription and support revenue that is contracted but not yet invoiced and thus not recorded in deferred revenue.
3 The annual revenue run rate is the fourth quarter 2013 cloud division revenue of €266 million multiplied by 4.
4 Network spend volume is the total value of purchase orders transacted on the Ariba Network in the trailing 12 months.
Appendix – Financial Information to Follow
|
FINANCIAL INFORMATION
|
|
FOR THE FOURTH QUARTER 2013
|
|
(Condensed and Unaudited)
|
|
|
|
Page
|
|
Financial Statements (IFRS)
|
|
|
Income Statements – Quarter
|
F1
|
|
Income Statements – Full-Year
|
F2
|
|
Statements of Financial Position
|
F3
|
|
Statements of Cash Flows
|
F4
|
|
|
|
Supplementary Financial Information
|
|
|
Reconciliations from Non-IFRS Numbers to IFRS Numbers
|
F5-F6
|
|
Non-IFRS Adjustments
|
F7
|
|
Revenue by Region
|
F8-F11
|
|
Multi-Quarter Summary
|
F12-F13
|
|
Financial Statements (IFRS)
|
|
|
CONSOLIDATED INCOME STATEMENT
|
|
For the three months ended December 31
|
|
|
€ millions, unless otherwise stated
|
|
2013
|
2012
|
Change
in %
|
|
Software
|
|
1,902
|
1,937
|
−2
|
|
Cloud subscriptions and support
|
|
209
|
126
|
66
|
|
Software and cloud subscriptions
|
|
2,111
|
2,063
|
2
|
|
Support
|
|
2,269
|
2,166
|
5
|
|
Software and software-related service revenue
|
|
4,380
|
4,228
|
4
|
|
Consulting
|
|
553
|
612
|
−10
|
|
Other services
|
|
176
|
183
|
−4
|
|
Professional services and other service revenue
|
|
729
|
795
|
−8
|
|
Total revenue
|
|
5,109
|
5,023
|
2
|
|
|
|
|
|
|
Cost of software and software-related services
|
|
−759
|
−808
|
−6
|
|
Cost of professional services and other services
|
|
−580
|
−626
|
−7
|
|
Total cost of revenue
|
|
−1,338
|
−1,434
|
−7
|
|
Gross profit
|
|
3,771
|
3,589
|
5
|
|
Research and development
|
|
−607
|
−615
|
−1
|
|
Sales and marketing
|
|
−1,103
|
−1,121
|
−2
|
|
General and administration
|
|
−233
|
−284
|
−18
|
|
Restructuring
|
|
−23
|
0
|
N/A
|
|
TomorrowNow litigation
|
|
−1
|
2
|
<-100
|
|
Other operating income/expense, net
|
|
0
|
22
|
−98
|
|
Total operating expenses
|
|
−3,304
|
−3,431
|
−4
|
|
Operating profit
|
|
1,805
|
1,592
|
13
|
|
|
|
|
|
|
Other non-operating income/expense, net
|
|
−3
|
−28
|
−90
|
|
Finance income
|
|
20
|
21
|
−3
|
|
Finance costs
|
|
−43
|
−56
|
−24
|
|
Financial income, net
|
|
−22
|
−35
|
−36
|
|
Profit before tax
|
|
1,779
|
1,529
|
16
|
|
|
|
|
|
|
Income tax expense
|
|
−455
|
−429
|
6
|
|
Profit after tax
|
|
1,324
|
1,101
|
20
|
|
Profit attributable to non-controlling interests
|
|
−1
|
0
|
N/A
|
|
Profit attributable to owners of parent
|
|
1,324
|
1,101
|
20
|
|
|
|
|
|
|
Earnings per share, basic (in €)*
|
|
1.11
|
0.92
|
21
|
|
Earnings per share, diluted (in €)*
|
|
1.11
|
0.92
|
21
|
|
|
* For the three months ended December 31, 2013 and 2012 the weighted average number of shares were 1,194 million (diluted: 1,196 million) and 1,192 million (diluted: 1,193 million), respectively (treasury stock excluded).
|
|
|
|
F1
|
|
CONSOLIDATED INCOME STATEMENTS
|
|
For the twelve months ended December 31
|
|
|
€ millions, unless otherwise stated
|
|
2013
|
2012
|
Change
in %
|
|
Software
|
|
4,516
|
4,658
|
−3
|
|
Cloud subscriptions and support
|
|
697
|
270
|
158
|
|
Software and cloud subscriptions
|
|
5,213
|
4,928
|
6
|
|
Support
|
|
8,739
|
8,237
|
6
|
|
Software and software-related service revenue
|
|
13,952
|
13,165
|
6
|
|
Consulting
|
|
2,242
|
2,442
|
−8
|
|
Other services
|
|
624
|
616
|
1
|
|
Professional services and other service revenue
|
|
2,866
|
3,058
|
−6
|
|
Total revenue
|
|
16,817
|
16,223
|
4
|
|
|
|
|
|
|
Cost of software and software-related services
|
|
−2,597
|
−2,551
|
2
|
|
Cost of professional services and other services
|
|
−2,400
|
−2,514
|
−5
|
|
Total cost of revenue
|
|
−4,996
|
−5,065
|
−1
|
|
Gross profit
|
|
11,821
|
11,158
|
6
|
|
Research and development
|
|
−2,283
|
−2,253
|
1
|
|
Sales and marketing
|
|
−4,124
|
−3,907
|
6
|
|
General and administration
|
|
−868
|
−947
|
−8
|
|
Restructuring
|
|
−70
|
−8
|
>100
|
|
TomorrowNow litigation
|
|
−1
|
0
|
<-100
|
|
Other operating income/expense, net
|
|
6
|
23
|
−73
|
|
Total operating expenses
|
|
−12,336
|
−12,158
|
1
|
|
Operating profit
|
|
4,482
|
4,065
|
10
|
|
|
|
|
|
|
Other non-operating income/expense, net
|
|
−17
|
−173
|
−90
|
|
Finance income
|
|
115
|
107
|
7
|
|
Finance costs
|
|
−181
|
−175
|
3
|
|
Financial income, net
|
|
−66
|
−68
|
−3
|
|
Profit before tax
|
|
4,399
|
3,824
|
15
|
|
|
|
|
|
|
Income tax expense
|
|
−1,069
|
−1,000
|
7
|
|
Profit after tax
|
|
3,330
|
2,823
|
18
|
|
Profit attributable to non-controlling interests
|
|
−1
|
0
|
N/A
|
|
Profit attributable to owners of parent
|
|
3,331
|
2,823
|
18
|
|
|
|
|
|
|
Earnings per share, basic (in €)*
|
|
2.79
|
2.37
|
18
|
|
Earnings per share, diluted (in €)*
|
|
2.79
|
2.37
|
18
|
|
|
* For the twelve months ended December 31, 2013 and 2012 the weighted average number of shares were 1,193 million (diluted: 1,195 million) and 1,191 million (diluted: 1,192 million), respectively (treasury stock excluded).
|
|
|
Due to rounding, numbers may not add up precisely.
|
|
|
|
F2
|
|
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|
|
As at December 31, 2013 and December 31, 2012
|
|
|
€ millions
|
|
2013
|
2012
|
|
Cash and cash equivalents
|
|
2,748
|
2,477
|
|
Other financial assets
|
|
251
|
154
|
|
Trade and other receivables
|
|
3,884
|
3,917
|
|
Other non-financial assets
|
|
346
|
294
|
|
Tax assets
|
|
306
|
156
|
|
Total current assets
|
|
7,535
|
6,998
|
|
Goodwill
|
|
13,688
|
13,192
|
|
Intangible assets
|
|
2,956
|
3,234
|
|
Property, plant, and equipment
|
|
1,820
|
1,708
|
|
Other financial assets
|
|
606
|
509
|
|
Trade and other receivables
|
|
98
|
88
|
|
Other non-financial assets
|
|
107
|
68
|
|
Tax assets
|
|
173
|
170
|
|
Deferred tax assets
|
|
613
|
742
|
|
Total non-current assets
|
|
20,061
|
19,711
|
|
Total assets
|
|
27,595
|
26,710
|
|
|
|
€ millions
|
|
2013
|
2012
|
|
Trade and other payables
|
|
864
|
870
|
|
Tax liabilities
|
|
611
|
511
|
|
Financial liabilities
|
|
748
|
802
|
|
Other non-financial liabilities
|
|
2,164
|
2,136
|
|
Provision TomorrowNow litigation
|
|
223
|
234
|
|
Other provisions
|
|
419
|
609
|
|
Provisions
|
|
642
|
843
|
|
Deferred income
|
|
1,426
|
1,386
|
|
Total current liabilities
|
|
6,455
|
6,547
|
|
Trade and other payables
|
|
45
|
63
|
|
Tax liabilities
|
|
331
|
388
|
|
Financial liabilities
|
|
3,758
|
4,446
|
|
Other non-financial liabilities
|
|
112
|
98
|
|
Provisions
|
|
278
|
361
|
|
Deferred tax liabilities
|
|
444
|
574
|
|
Deferred income
|
|
74
|
62
|
|
Total non-current liabilities
|
|
5,042
|
5,991
|
|
Total liabilities
|
|
11,497
|
12,538
|
|
Issued capital
|
|
1,229
|
1,229
|
|
Share premium
|
|
552
|
492
|
|
Retained earnings
|
|
16,308
|
13,973
|
|
Other components of equity
|
|
−718
|
−194
|
|
Treasury shares
|
|
−1,280
|
−1,337
|
|
Equity attributable to owners of parent
|
|
16,090
|
14,163
|
|
Non-controlling interests
|
|
9
|
8
|
|
Total equity
|
|
16,099
|
14,171
|
|
Equity and liabilities
|
|
27,595
|
26,710
|
|
|
|
F3
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
For the twelve months ended December 31
|
|
|
€ millions
|
2013
|
2012
|
|
Profit after tax
|
3,330
|
2,823
|
|
Adjustments to reconcile profit after taxes to net cash provided by operating activities:
|
|
|
|
Depreciation and amortization
|
951
|
863
|
|
Income tax expense
|
1,069
|
1,000
|
|
Financial income, net
|
66
|
68
|
|
Decrease/increase in sales and bad debt allowances on trade receivables
|
41
|
−25
|
|
Other adjustments for non-cash items
|
61
|
31
|
|
Decrease/increase in trade and other receivables
|
−129
|
−298
|
|
Decrease/increase in other assets
|
−130
|
−34
|
|
Decrease/increase in trade payables, provisions, and other liabilities
|
−181
|
408
|
|
Decrease/increase in deferred income
|
142
|
154
|
|
Cash outflows due to TomorrowNow litigation
|
−1
|
7
|
|
Interest paid
|
−159
|
−165
|
|
Interest received
|
67
|
92
|
|
Income taxes paid, net of refunds
|
−1,295
|
−1,102
|
|
Net cash flows from operating activities
|
3,832
|
3,822
|
|
|
|
|
Business combinations, net of cash and cash equivalents acquired
|
−1,160
|
−6,094
|
|
Purchase of intangible assets and property, plant, and equipment
|
−566
|
−541
|
|
Proceeds from sales of intangible assets or property, plant, and equipment
|
54
|
39
|
|
Purchase of equity or debt instruments of other entities
|
−1,531
|
−1,022
|
|
Proceeds from sales of equity or debt instruments of other entities
|
1,422
|
1,654
|
|
Net cash flows from investing activities
|
−1,781
|
−5,964
|
|
|
|
|
Dividends paid
|
−1,013
|
−1,310
|
|
Purchase of treasury shares
|
0
|
−53
|
|
Proceeds from reissuance of treasury shares
|
46
|
90
|
|
Proceeds from issuing shares (share-based payments)
|
0
|
15
|
|
Proceeds from borrowings
|
1,000
|
5,778
|
|
Repayments of borrowings
|
−1,625
|
−4,714
|
|
Net cash flows from financing activities
|
−1,592
|
−194
|
|
|
|
|
Effect of foreign exchange rates on cash and cash equivalents
|
−188
|
−152
|
|
Net decrease/increase in cash and cash equivalents
|
271
|
−2,488
|
|
Cash and cash equivalents at the beginning of the period
|
2,477
|
4,965
|
|
Cash and cash equivalents at the end of the period
|
2,748
|
2,477
|
|
|
|
F4
|
|
Supplementary Financial Information
|
|
RECONCILIATIONS FROM NON-IFRS NUMBERS TO IFRS NUMBERS
|
|
(Unaudited)
|
|
|
The following tables present a reconciliation from our non-IFRS numbers (including our non-IFRS at constant currency numbers) to the respective most comparable IFRS numbers. Note: Our non-IFRS numbers are not prepared under a comprehensive set of accounting rules or principles.
|
|
|
For the three months ended December 31
|
|
€ millions, unless otherwise stated
|
2013
|
2012
|
Change in %
|
|
IFRS
|
Adj.*
|
Non-IFRS*
|
Currency
Impact**
|
Non-IFRS
Constant
Currency**
|
IFRS
|
Adj.*
|
Non-IFRS*
|
IFRS
|
Non-IFRS*
|
Non-IFRS
Constant
Currency**
|
|
Revenue Numbers
|
|
|
|
|
|
|
|
|
|
|
|
|
Software
|
1,902
|
0
|
1,903
|
107
|
2,010
|
1,937
|
0
|
1,937
|
−2
|
−2
|
4
|
|
Cloud subscriptions and support
|
209
|
1
|
210
|
11
|
222
|
126
|
33
|
159
|
66
|
32
|
39
|
|
Software and cloud subscriptions
|
2,111
|
2
|
2,113
|
119
|
2,232
|
2,063
|
33
|
2,096
|
2
|
1
|
6
|
|
Support
|
2,269
|
5
|
2,274
|
123
|
2,396
|
2,166
|
5
|
2,171
|
5
|
5
|
10
|
|
Software and software-related service revenue
|
4,380
|
6
|
4,387
|
241
|
4,628
|
4,228
|
38
|
4,266
|
4
|
3
|
8
|
|
Consulting
|
553
|
0
|
553
|
28
|
581
|
612
|
0
|
612
|
−10
|
−10
|
−5
|
|
Other services
|
176
|
0
|
176
|
8
|
184
|
183
|
0
|
183
|
−4
|
−4
|
1
|
|
Professional services and other service revenue
|
729
|
0
|
729
|
37
|
766
|
795
|
0
|
795
|
−8
|
−8
|
−4
|
|
Total revenue
|
5,109
|
6
|
5,116
|
278
|
5,394
|
5,023
|
38
|
5,062
|
2
|
1
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expense Numbers
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of software and software-related services
|
−759
|
98
|
−661
|
|
|
−808
|
161
|
−647
|
−6
|
2
|
|
|
Cost of professional services and other services
|
−580
|
37
|
−542
|
|
|
−626
|
20
|
−605
|
−7
|
−10
|
|
|
Total cost of revenue
|
−1,338
|
135
|
−1,203
|
|
|
−1,434
|
181
|
−1,253
|
−7
|
−4
|
|
|
Gross profit
|
3,771
|
142
|
3,912
|
|
|
3,589
|
219
|
3,809
|
5
|
3
|
|
|
Research and development
|
−607
|
49
|
−557
|
|
|
−615
|
32
|
−584
|
−1
|
−5
|
|
|
Sales and marketing
|
−1,103
|
62
|
−1,041
|
|
|
−1,121
|
46
|
−1,075
|
−2
|
−3
|
|
|
General and administration
|
−233
|
16
|
−217
|
|
|
−284
|
80
|
−204
|
−18
|
7
|
|
|
Restructuring
|
−23
|
23
|
0
|
|
|
0
|
0
|
0
|
N/A
|
N/A
|
|
|
TomorrowNow litigation
|
−1
|
1
|
0
|
|
|
2
|
−2
|
0
|
<-100
|
N/A
|
|
|
Other operating income/expense, net
|
0
|
0
|
0
|
|
|
22
|
0
|
22
|
−98
|
−98
|
|
|
Total operating expenses
|
−3,304
|
286
|
−3,018
|
−119
|
−3,137
|
−3,431
|
338
|
−3,092
|
−4
|
−2
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit Numbers
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
1,805
|
292
|
2,097
|
160
|
2,257
|
1,592
|
376
|
1,969
|
13
|
7
|
15
|
|
Other non-operating income/expense, net
|
−3
|
0
|
−3
|
|
|
−28
|
0
|
−28
|
−90
|
−90
|
|
|
Finance income
|
20
|
0
|
20
|
|
|
21
|
0
|
21
|
−3
|
−3
|
|
|
Finance costs
|
−43
|
0
|
−43
|
|
|
−56
|
0
|
−56
|
−24
|
−24
|
|
|
Financial income, net
|
−22
|
0
|
−22
|
|
|
−35
|
0
|
−35
|
−36
|
−36
|
|
|
Profit before tax
|
1,779
|
292
|
2,072
|
|
|
1,529
|
376
|
1,906
|
16
|
9
|
|
|
Income tax expense
|
−455
|
−92
|
−547
|
|
|
−429
|
−119
|
−547
|
6
|
0
|
|
|
Profit after tax
|
1,324
|
200
|
1,524
|
|
|
1,101
|
258
|
1,359
|
20
|
12
|
|
|
Profit attributable to non-controlling interests
|
−1
|
0
|
−1
|
|
|
0
|
0
|
0
|
N/A
|
N/A
|
|
|
Profit attributable to owners of parent
|
1,324
|
200
|
1,525
|
|
|
1,101
|
258
|
1,359
|
20
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin (in %)
|
35.3
|
|
41.0
|
|
41.8
|
31.7
|
|
38.9
|
3.6pp
|
2.1pp
|
2.9pp
|
|
Effective tax rate (in %)
|
25.6
|
|
26.4
|
|
|
28.0
|
|
28.7
|
−2.4pp
|
−2.3pp
|
|
|
Earnings per share, basic (in €)*
|
1.11
|
|
1.28
|
|
|
0.92
|
|
1.14
|
21
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred cloud subscriptions and support revenue (December 31)
|
443
|
4
|
447
|
|
|
317
|
40
|
358
|
40
|
25
|
|
|
|
|
F5
|
|
For the twelve months ended December 31
|
|
€ millions, unless otherwise stated
|
2013
|
2012
|
Change in %
|
|
IFRS
|
Adj.*
|
Non-IFRS*
|
Currency
Impact**
|
Non-IFRS
Constant
Currency**
|
IFRS
|
Adj.*
|
Non-IFRS*
|
IFRS
|
Non-IFRS*
|
Non-IFRS
Constant
Currency**
|
|
Revenue Numbers
|
|
|
|
|
|
|
|
|
|
|
|
|
Software
|
4,516
|
2
|
4,518
|
224
|
4,743
|
4,658
|
0
|
4,658
|
−3
|
−3
|
2
|
|
Cloud subscriptions and support
|
697
|
61
|
758
|
29
|
787
|
270
|
73
|
343
|
158
|
121
|
130
|
|
Software and cloud subscriptions
|
5,213
|
63
|
5,276
|
253
|
5,529
|
4,928
|
73
|
5,001
|
6
|
6
|
11
|
|
Support
|
8,739
|
19
|
8,758
|
371
|
9,129
|
8,237
|
9
|
8,246
|
6
|
6
|
11
|
|
Software and software-related service revenue
|
13,952
|
82
|
14,034
|
625
|
14,659
|
13,165
|
81
|
13,246
|
6
|
6
|
11
|
|
Consulting
|
2,242
|
0
|
2,242
|
87
|
2,329
|
2,442
|
0
|
2,442
|
−8
|
−8
|
−5
|
|
Other services
|
624
|
0
|
624
|
24
|
648
|
616
|
0
|
616
|
1
|
1
|
5
|
|
Professional services and other service revenue
|
2,866
|
0
|
2,866
|
111
|
2,977
|
3,058
|
0
|
3,058
|
−6
|
−6
|
−3
|
|
Total revenue
|
16,817
|
82
|
16,900
|
736
|
17,636
|
16,223
|
81
|
16,304
|
4
|
4
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expense Numbers
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of software and software-related services
|
−2,597
|
364
|
−2,233
|
|
|
−2,551
|
414
|
−2,137
|
2
|
4
|
|
|
Cost of professional services and other services
|
−2,400
|
122
|
−2,277
|
|
|
−2,514
|
128
|
−2,385
|
−5
|
−5
|
|
|
Total cost of revenue
|
−4,996
|
486
|
−4,511
|
|
|
−5,065
|
542
|
−4,523
|
−1
|
0
|
|
|
Gross profit
|
11,821
|
568
|
12,389
|
|
|
11,158
|
624
|
11,782
|
6
|
5
|
|
|
Research and development
|
−2,283
|
119
|
−2,164
|
|
|
−2,253
|
129
|
−2,124
|
1
|
2
|
|
|
Sales and marketing
|
−4,124
|
204
|
−3,920
|
|
|
−3,907
|
223
|
−3,684
|
6
|
6
|
|
|
General and administration
|
−868
|
70
|
−798
|
|
|
−947
|
164
|
−783
|
−8
|
2
|
|
|
Restructuring
|
−70
|
70
|
0
|
|
|
−8
|
8
|
0
|
>100
|
N/A
|
|
|
TomorrowNow litigation
|
−1
|
1
|
0
|
|
|
0
|
0
|
0
|
N/A
|
N/A
|
|
|
Other operating income/expense, net
|
6
|
0
|
6
|
|
|
23
|
0
|
23
|
−73
|
−73
|
|
|
Total operating expenses
|
−12,336
|
949
|
−11,386
|
−347
|
−11,734
|
−12,158
|
1,067
|
−11,090
|
1
|
3
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit Numbers
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
4,482
|
1,032
|
5,513
|
389
|
5,902
|
4,065
|
1,148
|
5,214
|
10
|
6
|
13
|
|
Other non-operating income/expense, net
|
−17
|
0
|
−17
|
|
|
−173
|
0
|
−173
|
−90
|
−90
|
|
|
Finance income
|
115
|
0
|
115
|
|
|
107
|
0
|
107
|
7
|
7
|
|
|
Finance costs
|
−181
|
0
|
−181
|
|
|
−175
|
1
|
−174
|
3
|
4
|
|
|
Financial income, net
|
−66
|
0
|
−66
|
|
|
−68
|
1
|
−67
|
−3
|
−1
|
|
|
Profit before tax
|
4,399
|
1,032
|
5,431
|
|
|
3,824
|
1,150
|
4,974
|
15
|
9
|
|
|
Income tax expense
|
−1,069
|
−337
|
−1,406
|
|
|
−1,000
|
−366
|
−1,366
|
7
|
3
|
|
|
Profit after tax
|
3,330
|
694
|
4,024
|
|
|
2,823
|
784
|
3,608
|
18
|
12
|
|
|
Profit attributable to non-controlling interests
|
−1
|
0
|
−1
|
|
|
0
|
0
|
0
|
N/A
|
N/A
|
|
|
Profit attributable to owners of parent
|
3,331
|
694
|
4,025
|
|
|
2,823
|
784
|
3,608
|
18
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin (in %)
|
26.7
|
|
32.6
|
|
33.5
|
25.1
|
|
32.0
|
1.6pp
|
0.6pp
|
1.5pp
|
|
Effective tax rate (in %)
|
24.3
|
|
25.9
|
|
|
26.2
|
|
27.5
|
−1.9pp
|
−1.6pp
|
|
|
Earnings per share, basic (in €)*
|
2.79
|
|
3.37
|
|
|
2.37
|
|
3.03
|
18
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred cloud subscriptions and support
revenue (December 31)
|
443
|
4
|
447
|
|
|
317
|
40
|
358
|
40
|
25
|
|
|
|
* Adjustments in the revenue line items are for support revenue, cloud subscription revenue and other similarly recurring revenues that entities acquired by SAP would have recognized had they remained stand-alone entities but that SAP is not permitted to recognize as revenue under IFRS as a result of business combination accounting rules. Adjustments in the operating expense line items are for acquisition-related charges, share-based compensation expenses, restructuring expenses and discontinued activities.
|
|
|
** Constant currency revenue figures are calculated by translating revenue of the current period using the average exchange rates from the previous year's respective period instead of the current period. Constant currency period-over-period changes are calculated by comparing the current year's non-IFRS constant currency numbers with the non-IFRS number of the previous year's respective period.
|
|
|
Differences may exist due to rounding.
|
|
|
|
F6
|
|
NON-IFRS ADJUSTMENTS
|
|
|
€ millions, unless otherwise stated
|
10/1 –
12/31/2013
|
1/1 –
12/31/2013
|
10/1 –
12/31/2012
|
1/1 –
12/31/2012
|
|
|
|
|
|
|
Software and software-related service revenue (IFRS)
|
4,380
|
13,952
|
4,228
|
13,165
|
|
Adjustment for deferred revenue write-down
|
6
|
82
|
38
|
81
|
|
Software and software-related service revenue (Non-IFRS)
|
4,387
|
14,034
|
4,266
|
13,246
|
|
|
|
|
|
|
Operating profit (IFRS)
|
1,805
|
4,482
|
1,592
|
4,065
|
|
Revenue Adjustments (per above)
|
6
|
82
|
38
|
81
|
|
Adjustment for discontinued activities
|
1
|
1
|
−2
|
0
|
|
Adjustment for acquisition-related charges
|
130
|
555
|
151
|
537
|
|
Adjustment for stock-based compensation expenses
|
131
|
323
|
188
|
522
|
|
Adjustment for restructuring
|
23
|
70
|
0
|
8
|
|
Operating expense adjustments
|
286
|
949
|
338
|
1,067
|
|
Operating profit adjustments
|
292
|
1,032
|
376
|
1,148
|
|
Operating profit (Non-IFRS)
|
2,097
|
5,513
|
1,969
|
5,214
|
|
|
|
|
|
|
Profit after tax (IFRS)
|
1,324
|
3,330
|
1,101
|
2,823
|
|
Revenue adjustments (per above)
|
6
|
82
|
38
|
81
|
|
Operating profit expense adjustments (per above)
|
286
|
949
|
338
|
1,067
|
|
Adjustments pre-tax
|
292
|
1,032
|
376
|
1,150
|
|
Taxes on adjustments
|
−92
|
−337
|
−119
|
−366
|
|
Profit after tax (Non-IFRS)
|
1,524
|
4,024
|
1,359
|
3,608
|
|
|
Due to rounding, numbers may not add up precisely.
|
|
|
|
F7
|
|
REVENUE BY REGION
|
|
|
The following tables present our IFRS and non-IFRS revenue by region based on customer location. The table also presents a reconciliation from our non-IFRS revenue (including our non-IFRS revenue at constant currency) to the respective most comparable IFRS revenue. Note: Our non-IFRS revenues are not prepared under a comprehensive set of accounting rules or principles.
|
|
|
Revenue by Region - Management View
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended December 31
|
|
€ millions
|
2013
|
2012
|
Change in %
|
|
IFRS
|
Adj.*
|
Non-IFRS*
|
Currency
Impact**
|
Non-IFRS
Constant
Currency**
|
IFRS
|
Adj.*
|
Non-IFRS*
|
IFRS
|
Non-IFRS*
|
Non-IFRS
Constant
Currency**
|
|
Software revenue by region
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA
|
978
|
0
|
978
|
24
|
1,002
|
937
|
0
|
937
|
4
|
4
|
7
|
|
Americas
|
577
|
0
|
577
|
40
|
616
|
643
|
0
|
643
|
−10
|
−10
|
−4
|
|
APJ
|
348
|
0
|
348
|
44
|
391
|
357
|
0
|
357
|
−3
|
−3
|
10
|
|
Software revenue
|
1,902
|
0
|
1,903
|
107
|
2,010
|
1,937
|
0
|
1,937
|
−2
|
−2
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Software revenue by location of negotiation
and cloud subscription revenue by region
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA
|
1,015
|
0
|
1,015
|
25
|
1,040
|
959
|
0
|
959
|
6
|
6
|
9
|
|
Americas
|
739
|
1
|
740
|
49
|
789
|
739
|
33
|
772
|
0
|
−4
|
2
|
|
APJ
|
358
|
0
|
358
|
45
|
403
|
365
|
0
|
365
|
−2
|
−2
|
10
|
|
Software revenue by location of negotiation
and cloud subscription revenue
|
2,111
|
2
|
2,113
|
119
|
2,232
|
2,063
|
33
|
2,096
|
2
|
1
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by Region – Location of
Customers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended December 31
|
|
€ millions
|
2013
|
2012
|
Change in %
|
|
IFRS
|
Adj.*
|
Non-IFRS*
|
Currency
Impact**
|
Non-IFRS
Constant
Currency**
|
IFRS
|
Adj.*
|
Non-IFRS*
|
IFRS
|
Non-IFRS*
|
Non-IFRS
Constant
Currency**
|
|
Software revenue by region
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA
|
979
|
0
|
979
|
24
|
1,003
|
936
|
0
|
936
|
5
|
5
|
7
|
|
Americas
|
578
|
0
|
578
|
40
|
618
|
643
|
0
|
643
|
−10
|
−10
|
−4
|
|
APJ
|
345
|
0
|
346
|
43
|
389
|
357
|
0
|
357
|
−3
|
−3
|
9
|
|
Software revenue
|
1,902
|
0
|
1,903
|
107
|
2,010
|
1,937
|
0
|
1,937
|
−2
|
−2
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cloud subscriptions and support revenue by region
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA
|
37
|
0
|
37
|
1
|
38
|
22
|
0
|
22
|
68
|
69
|
75
|
|
Americas
|
162
|
1
|
163
|
9
|
172
|
96
|
33
|
129
|
69
|
26
|
33
|
|
APJ
|
10
|
0
|
10
|
1
|
11
|
8
|
0
|
8
|
30
|
30
|
41
|
|
Cloud subscriptions and support revenue
|
209
|
1
|
210
|
11
|
222
|
126
|
33
|
159
|
66
|
32
|
39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Software and cloud subscription revenue by region
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA
|
1,015
|
0
|
1,016
|
25
|
1,041
|
958
|
0
|
958
|
6
|
6
|
9
|
|
Americas
|
740
|
1
|
742
|
49
|
791
|
739
|
33
|
773
|
0
|
−4
|
2
|
|
APJ
|
356
|
0
|
356
|
44
|
400
|
365
|
0
|
365
|
−3
|
−3
|
10
|
|
Software and cloud subscription revenue
|
2,111
|
2
|
2,113
|
119
|
2,232
|
2,063
|
33
|
2,096
|
2
|
1
|
6
|
|
|
|
F8
|
|
Software and software-related service revenue by region
|
|
|
|
|
|
|
|
|
|
|
|
|
Germany
|
661
|
1
|
662
|
0
|
662
|
576
|
0
|
576
|
15
|
15
|
15
|
|
Rest of EMEA
|
1,514
|
3
|
1,517
|
39
|
1,555
|
1,441
|
0
|
1,441
|
5
|
5
|
8
|
|
Total EMEA
|
2,175
|
3
|
2,178
|
39
|
2,217
|
2,016
|
0
|
2,016
|
8
|
8
|
10
|
|
United States
|
1,096
|
2
|
1,098
|
53
|
1,152
|
1,081
|
38
|
1,119
|
1
|
−2
|
3
|
|
Rest of Americas
|
408
|
1
|
409
|
49
|
458
|
411
|
0
|
411
|
−1
|
0
|
12
|
|
Total Americas
|
1,504
|
3
|
1,507
|
103
|
1,610
|
1,492
|
38
|
1,530
|
1
|
−1
|
5
|
|
Japan
|
154
|
0
|
154
|
45
|
199
|
209
|
0
|
209
|
−27
|
−27
|
−5
|
|
Rest of APJ
|
548
|
0
|
548
|
55
|
602
|
511
|
0
|
511
|
7
|
7
|
18
|
|
Total APJ
|
701
|
0
|
702
|
100
|
801
|
720
|
0
|
720
|
−3
|
−3
|
11
|
|
Software and software-related service revenue
|
4,380
|
6
|
4,387
|
241
|
4,628
|
4,228
|
38
|
4,266
|
4
|
3
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue by region
|
|
|
|
|
|
|
|
|
|
|
|
|
Germany
|
791
|
1
|
792
|
0
|
792
|
713
|
0
|
713
|
11
|
11
|
11
|
|
Rest of EMEA
|
1,739
|
3
|
1,742
|
45
|
1,787
|
1,673
|
0
|
1,673
|
4
|
4
|
7
|
|
Total EMEA
|
2,530
|
3
|
2,534
|
45
|
2,579
|
2,387
|
0
|
2,387
|
6
|
6
|
8
|
|
United States
|
1,309
|
2
|
1,311
|
64
|
1,375
|
1,310
|
38
|
1,349
|
0
|
−3
|
2
|
|
Rest of Americas
|
480
|
1
|
481
|
57
|
538
|
501
|
0
|
501
|
−4
|
−4
|
7
|
|
Total Americas
|
1,789
|
3
|
1,792
|
121
|
1,913
|
1,811
|
38
|
1,849
|
−1
|
−3
|
3
|
|
Japan
|
171
|
0
|
171
|
50
|
221
|
232
|
0
|
232
|
−26
|
−26
|
−5
|
|
Rest of APJ
|
618
|
0
|
619
|
62
|
681
|
594
|
0
|
594
|
4
|
4
|
15
|
|
Total APJ
|
789
|
0
|
789
|
112
|
901
|
825
|
0
|
825
|
−4
|
−4
|
9
|
|
Total revenue
|
5,109
|
6
|
5,116
|
278
|
5,394
|
5,023
|
38
|
5,062
|
2
|
1
|
7
|
|
|
|
F9
|
|
Revenue by Region - Management View
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the twelve months ended December 31
|
|
€ millions
|
2013
|
2012
|
Change in %
|
|
IFRS
|
Adj.*
|
Non-IFRS*
|
Currency
Impact**
|
Non-IFRS
Constant
Currency**
|
IFRS
|
Adj.*
|
Non-IFRS*
|
IFRS
|
Non-IFRS*
|
Non-IFRS
Constant
Currency**
|
|
Software revenue by region
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA
|
2,095
|
1
|
2,096
|
43
|
2,139
|
2,005
|
0
|
2,005
|
4
|
5
|
7
|
|
Americas
|
1,620
|
1
|
1,621
|
97
|
1,718
|
1,774
|
0
|
1,774
|
−9
|
−9
|
−3
|
|
APJ
|
802
|
0
|
802
|
84
|
886
|
879
|
0
|
879
|
−9
|
−9
|
1
|
|
Software revenue
|
4,516
|
2
|
4,518
|
224
|
4,743
|
4,658
|
0
|
4,658
|
−3
|
−3
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Software revenue by location of negotiation
and cloud subscription revenue by region
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA
|
2,212
|
2
|
2,214
|
46
|
2,260
|
2,071
|
0
|
2,071
|
7
|
7
|
9
|
|
Americas
|
2,164
|
62
|
2,225
|
122
|
2,347
|
1,961
|
73
|
2,034
|
10
|
9
|
15
|
|
APJ
|
837
|
0
|
837
|
86
|
923
|
896
|
0
|
896
|
−7
|
−7
|
3
|
|
Software revenue by location of negotiation
and cloud subscription revenue
|
5,213
|
63
|
5,276
|
253
|
5,529
|
4,928
|
73
|
5,001
|
6
|
6
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by Region – Location of
Customers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the twelve months ended December 31
|
|
€ millions
|
2013
|
2012
|
Change in %
|
|
IFRS
|
Adj.*
|
Non-IFRS*
|
Currency
Impact**
|
Non-IFRS
Constant
Currency**
|
IFRS
|
Adj.*
|
Non-IFRS*
|
IFRS
|
Non-IFRS*
|
Non-IFRS
Constant
Currency**
|
|
Software revenue by region
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA
|
2,116
|
1
|
2,117
|
45
|
2,162
|
2,041
|
0
|
2,041
|
4
|
4
|
6
|
|
Americas
|
1,586
|
1
|
1,587
|
95
|
1,681
|
1,733
|
0
|
1,733
|
−8
|
−8
|
−3
|
|
APJ
|
814
|
0
|
814
|
85
|
899
|
884
|
0
|
884
|
−8
|
−8
|
2
|
|
Software revenue
|
4,516
|
2
|
4,518
|
224
|
4,743
|
4,658
|
0
|
4,658
|
−3
|
−3
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cloud subscriptions and support revenue by region
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA
|
118
|
0
|
118
|
3
|
121
|
66
|
0
|
66
|
79
|
79
|
84
|
|
Americas
|
544
|
61
|
605
|
24
|
629
|
187
|
73
|
260
|
>100
|
>100
|
>100
|
|
APJ
|
35
|
0
|
35
|
2
|
37
|
17
|
0
|
17
|
>100
|
>100
|
>100
|
|
Cloud subscriptions and support revenue
|
697
|
61
|
758
|
29
|
787
|
270
|
73
|
343
|
158
|
121
|
130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Software and cloud subscription revenue by region
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA
|
2,234
|
2
|
2,235
|
48
|
2,283
|
2,107
|
0
|
2,107
|
6
|
6
|
8
|
|
Americas
|
2,130
|
62
|
2,191
|
119
|
2,310
|
1,920
|
73
|
1,993
|
11
|
10
|
16
|
|
APJ
|
849
|
0
|
849
|
87
|
936
|
901
|
0
|
901
|
−6
|
−6
|
4
|
|
Software and cloud subscription revenue
|
5,213
|
63
|
5,276
|
253
|
5,529
|
4,928
|
73
|
5,001
|
6
|
6
|
11
|
|
|
|
F10
|
|
Software and software-related service revenue by region
|
|
|
|
|
|
|
|
|
|
|
|
|
Germany
|
1,984
|
2
|
1,986
|
0
|
1,986
|
1,821
|
1
|
1,821
|
9
|
9
|
9
|
|
Rest of EMEA
|
4,566
|
5
|
4,571
|
106
|
4,677
|
4,285
|
1
|
4,286
|
7
|
7
|
9
|
|
Total EMEA
|
6,550
|
6
|
6,557
|
106
|
6,663
|
6,106
|
2
|
6,108
|
7
|
7
|
9
|
|
United States
|
3,788
|
73
|
3,861
|
137
|
3,999
|
3,537
|
80
|
3,617
|
7
|
7
|
11
|
|
Rest of Americas
|
1,410
|
2
|
1,412
|
130
|
1,542
|
1,283
|
0
|
1,283
|
10
|
10
|
20
|
|
Total Americas
|
5,198
|
76
|
5,273
|
267
|
5,540
|
4,820
|
80
|
4,900
|
8
|
8
|
13
|
|
Japan
|
556
|
0
|
556
|
146
|
703
|
699
|
0
|
699
|
−20
|
−20
|
1
|
|
Rest of APJ
|
1,647
|
0
|
1,648
|
106
|
1,753
|
1,540
|
0
|
1,540
|
7
|
7
|
14
|
|
Total APJ
|
2,204
|
0
|
2,204
|
252
|
2,456
|
2,239
|
0
|
2,239
|
−2
|
−2
|
10
|
|
Software and software-related service revenue
|
13,952
|
82
|
14,034
|
625
|
14,659
|
13,165
|
81
|
13,246
|
6
|
6
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue by region
|
|
|
|
|
|
|
|
|
|
|
|
|
Germany
|
2,505
|
2
|
2,507
|
0
|
2,507
|
2,380
|
1
|
2,381
|
5
|
5
|
5
|
|
Rest of EMEA
|
5,381
|
5
|
5,386
|
128
|
5,514
|
5,106
|
1
|
5,107
|
5
|
5
|
8
|
|
Total EMEA
|
7,886
|
6
|
7,893
|
128
|
8,020
|
7,486
|
2
|
7,488
|
5
|
5
|
7
|
|
United States
|
4,662
|
73
|
4,735
|
166
|
4,901
|
4,461
|
80
|
4,541
|
5
|
4
|
8
|
|
Rest of Americas
|
1,706
|
2
|
1,709
|
154
|
1,862
|
1,639
|
0
|
1,639
|
4
|
4
|
14
|
|
Total Americas
|
6,368
|
76
|
6,444
|
319
|
6,763
|
6,100
|
80
|
6,180
|
4
|
4
|
9
|
|
Japan
|
624
|
0
|
624
|
164
|
788
|
789
|
0
|
789
|
−21
|
−21
|
0
|
|
Rest of APJ
|
1,939
|
0
|
1,939
|
125
|
2,064
|
1,848
|
0
|
1,848
|
5
|
5
|
12
|
|
Total APJ
|
2,563
|
0
|
2,563
|
289
|
2,852
|
2,637
|
0
|
2,637
|
−3
|
−3
|
8
|
|
Total revenue
|
16,817
|
82
|
16,900
|
736
|
17,636
|
16,223
|
81
|
16,304
|
4
|
4
|
8
|
|
|
* Adjustments in the revenue line items are for support revenue, cloud subscription revenue and other similarly recurring revenues that entities acquired by SAP would have recognized had they remained stand-alone entities but that SAP is not permitted to recognize as revenue under IFRS as a result of business combination accounting rules.
|
|
|
** Constant currency revenue figures are calculated by translating revenue of the current period using the average exchange rates from the previous year's respective period instead of the current period. Constant currency period-over-period changes are calculated by comparing the current year's non-IFRS constant currency numbers with the non-IFRS number of the previous year's respective period.
|
|
|
|
F11
|
|
MULTI-QUARTER SUMMARY (IFRS AND NON-IFRS)
|
|
(Unaudited)
|
|
|
€ millions, unless otherwise stated
|
Q1
2012
|
Q2
2012
|
Q3
2012
|
Q4
2012
|
TY
2012
|
Q1
2013
|
Q2
2013
|
Q3
2013
|
Q4
2013
|
TY
2013
|
|
Software (IFRS)
|
637
|
1,059
|
1,026
|
1,937
|
4,658
|
657
|
982
|
975
|
1,902
|
4,516
|
|
Revenue adjustment*
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
2
|
0
|
2
|
|
Software (non-IFRS)
|
637
|
1,059
|
1,026
|
1,937
|
4,658
|
657
|
982
|
977
|
1,903
|
4,518
|
|
Cloud subscriptions and support (IFRS)
|
29
|
52
|
63
|
126
|
270
|
137
|
159
|
191
|
209
|
697
|
|
Revenue adjustment*
|
6
|
17
|
17
|
33
|
73
|
30
|
24
|
5
|
1
|
61
|
|
Cloud subscriptions and support (non-IFRS)
|
35
|
69
|
80
|
159
|
343
|
167
|
183
|
197
|
210
|
758
|
|
Support (IFRS)
|
1,953
|
2,013
|
2,105
|
2,166
|
8,237
|
2,109
|
2,177
|
2,184
|
2,269
|
8,739
|
|
Revenue adjustment*
|
1
|
1
|
1
|
5
|
9
|
4
|
5
|
5
|
5
|
19
|
|
Support (non-IFRS)
|
1,954
|
2,014
|
2,106
|
2,171
|
8,246
|
2,113
|
2,182
|
2,189
|
2,274
|
8,758
|
|
Software and software-related service revenue (IFRS)
|
2,619
|
3,124
|
3,194
|
4,228
|
13,165
|
2,903
|
3,318
|
3,351
|
4,380
|
13,952
|
|
Revenue adjustment*
|
7
|
18
|
18
|
38
|
81
|
35
|
29
|
12
|
6
|
82
|
|
Software and software-related service revenue (non-IFRS)
|
2,626
|
3,142
|
3,212
|
4,266
|
13,246
|
2,937
|
3,347
|
3,363
|
4,387
|
14,034
|
|
Total revenue (IFRS)
|
3,350
|
3,898
|
3,952
|
5,023
|
16,223
|
3,601
|
4,062
|
4,045
|
5,109
|
16,817
|
|
Revenue adjustment*
|
7
|
18
|
18
|
38
|
81
|
35
|
29
|
12
|
6
|
82
|
|
Total revenue (non-IFRS)
|
3,357
|
3,916
|
3,970
|
5,062
|
16,304
|
3,636
|
4,091
|
4,057
|
5,116
|
16,900
|
|
Operating profit (IFRS)
|
631
|
921
|
921
|
1,592
|
4,065
|
646
|
988
|
1,043
|
1,805
|
4,482
|
|
Revenue adjustment*
|
7
|
18
|
18
|
38
|
81
|
35
|
29
|
12
|
6
|
82
|
|
Expense adjustment*
|
196
|
234
|
300
|
338
|
1,067
|
221
|
201
|
242
|
286
|
949
|
|
Operating profit (non-IFRS)
|
834
|
1,173
|
1,239
|
1,969
|
5,214
|
901
|
1,219
|
1,296
|
2,097
|
5,513
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin (IFRS) (in %)
|
18.8
|
23.6
|
23.3
|
31.7
|
25.1
|
17.9
|
24.3
|
25.8
|
35.3
|
26.7
|
|
Operating margin (non-IFRS) (in %)
|
24.8
|
30.0
|
31.2
|
38.9
|
32.0
|
24.8
|
29.8
|
32.0
|
41.0
|
32.6
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate (IFRS) (in %)
|
26.9
|
23.6
|
24.8
|
28.0
|
26.2
|
16.3
|
24.8
|
26.4
|
25.6
|
24.3
|
|
Effective tax rate (non-IFRS) (in %)
|
28.1
|
25.6
|
26.7
|
28.7
|
27.5
|
21.4
|
26.8
|
27.6
|
26.4
|
25.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share, basic (IFRS) (in €)
|
0.37
|
0.55
|
0.52
|
0.92
|
2.37
|
0.44
|
0.61
|
0.64
|
1.11
|
2.79
|
|
Earnings per share, basic (non - IFRS) (in €)
|
0.49
|
0.70
|
0.70
|
1.14
|
3.03
|
0.58
|
0.73
|
0.78
|
1.28
|
3.37
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows from operating activities
|
2,071
|
329
|
657
|
765
|
3,822
|
2,162
|
320
|
558
|
792
|
3,832
|
|
Purchases of intangible assets, and property, plant and equipment
|
−113
|
−162
|
−95
|
−171
|
−541
|
−113
|
−152
|
−136
|
−165
|
−566
|
|
Free cash flow
|
1,958
|
167
|
562
|
594
|
3,281
|
2,049
|
168
|
422
|
627
|
3266
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred cloud subscriptions and support revenue (quarter end) (IFRS)
|
120
|
155
|
169
|
317
|
317
|
344
|
354
|
376
|
443
|
443
|
|
Revenue adjustment*
|
72
|
60
|
44
|
40
|
40
|
33
|
7
|
6
|
4
|
4
|
|
Deferred cloud subscriptions and support revenue (quarter end) (non-IFRS)
|
193
|
215
|
213
|
358
|
358
|
377
|
361
|
382
|
447
|
447
|
|
|
|
|
|
|
|
|
|
|
|
|
Days sales outstanding (DSO) in days**
|
60
|
61
|
60
|
59
|
59
|
61
|
62
|
62
|
62
|
62
|
|
|
|
|
|
|
|
|
|
|
|
|
Headcount***
|
59,420
|
60,972
|
61,344
|
64,422
|
64,422
|
64,598
|
64,937
|
66,061
|
66,572
|
66,572
|
|
Employee retention (in %) (rolling 12 months)
|
93
|
94
|
94
|
94
|
94
|
94
|
94
|
94
|
93
|
93
|
|
Greenhouse gas emissions in kilotons
|
130
|
120
|
115
|
120
|
485
|
145
|
145
|
135
|
120
|
545
|
|
|
* Adjustments in the revenue line items are for support revenue, cloud subscription revenue and other similarly recurring revenues that entities acquired by SAP would have recognized had they remained stand-alone entities but that SAP is not permitted to recognize as revenue under IFRS as a result of business combination accounting rules. Adjustments in the operating expense line items are for acquisition-related charges, share-based compensation expenses, restructuring expenses and discontinued activities.
|
|
|
** Days' Sales Outstanding measures the length of time it takes to collect receivables. SAP calculates DSO by dividing the average invoiced accounts receivables balance of the last 12 months by the average monthly sales of the last 12 months.
|
|
|
*** In full-time equivalents at quarter end
|
|
|
For a more detailed description of these adjustments and their limitations as well as our constant currency and free cash flow figures see Explanations of Non-IFRS Measures online (www.sap.com/corporate-en/investors/reports).
|
|
|
Due to rounding, numbers may not add up precisely.
|
|
|
|
F12
|
SOURCE SAP AG