SAP SE

  • WKN: 716460
  • ISIN: DE0007164600
  • Land: Deutschland

Nachricht vom 14.10.2011 | 11:21

SAP AG: SAP Reports Record 32% Growth in Third Quarter 2011 Software Revenue at Constant Currencies


SAP AG  / Key word(s): Quarter Results/Preliminary Results

14.10.2011 11:21

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
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The issuer is solely responsible for the content of this announcement.

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  - Third Quarter 2011 Non-IFRS Software and Software-Related Service
    Revenue Increased 14% (18% at Constant Currencies)

  - Third Quarter Non-IFRS Operating Profit Increased by 26% at Constant
    Currencies Resulting in an 2.9 Percentage Point Increase in Non-IFRS
    Operating Margin at Constant Currencies

  - Third Quarter IFRS Operating Profit and Operating Margin Positively
    Impacted by Reduction of TomorrowNow Litigation Provision by EUR723
    million

  - SAP Reiterates the High End of its Full Year 2011 Outlook

WALLDORF, Germany - October 14, 2011 - After a preliminary review of its
2011 third quarter performance, SAP AG (NYSE: SAP) today announced the
following preliminary financial results for the third quarter and nine
months ended September 30, 2011. All figures are approximate due to the
preliminary nature of the announcement.

Third Quarter 2011
  - IFRS software revenue was EUR841 million (2010: EUR656 million), an
    increase of 28% (32% at constant currencies).

  - IFRS software and software-related service revenue was EUR2.69 billion
    (2010: EUR2.32 billion), an increase of 16%. Non-IFRS software and
    software-related service revenue was EUR2.69 billion (2010: EUR2.35
    billion), an increase of 14% (18% at constant currencies).

  - IFRS total revenue was EUR3.41 billion (2010: EUR3.00 billion), an
    increase of 14%. Non-IFRS total revenue was EUR3.41 billion (2010:
    EUR3.04 billion), an increase of 12% (15% at constant currencies).

  - IFRS operating profit was EUR1.76 billion (2010: EUR716 million), an
    increase of 145%. Non-IFRS operating profit was EUR1.13 billion (2010:
    EUR915 million), an increase of 23% (26% at constant currencies).

  - IFRS operating margin was 51.5% (2010: 23.8%), an increase of 27.7
    percentage points. Non-IFRS operating margin was 33.0% (2010: 30.1%),
    or 33.0% at constant currencies, an increase of 2.9 percentage points
    (2.9 percentage points at constant currencies).

Third quarter 2011 non-IFRS operating profit excludes a deferred support
revenue write-down from acquisitions of EUR1 million, acquisition-related
charges of EUR110 million, profit from discontinued activities of EUR723
million, share-based compensation expenses of -EUR17 million and
restructuring expenses of EUR1 million (2010: EUR36 million, EUR89 million,
expenses of EUR45 million, EUR31 million and -EUR2 million). For more
details on discontinued activities see separate section below.

Nine Months 2011
  - IFRS software revenue was EUR2.23 billion (2010: EUR1.76 billion), an
    increase of 27% (31% at constant currencies).

  - IFRS software and software-related service revenue was EUR7.60 billion
    (2010: EUR6.52 billion), an increase of 17%. Non-IFRS software and
    software-related service revenue was EUR7.62 billion (2010: EUR6.56
    billion), an increase of 16% (18% at constant currencies).

  - IFRS total revenue was EUR9.73 billion (2010: EUR8.41 billion), an
    increase of 16%. Non-IFRS total revenue was EUR9.76 billion (2010:
    EUR8.44 billion), an increase of 16% (18% at constant currencies).

  - IFRS operating profit was EUR3.21 billion (2010: EUR2.05 billion), an
    increase of 57%. Non-IFRS operating profit was EUR2.92 billion (2010:
    EUR2.39 billion), an increase of 23% (25% at constant currencies).

  - IFRS operating margin was 33.0% (2010: 24.4%), a increase of 8.6
    percentage points. Non-IFRS operating margin was 30.0% (2010: 28.3%),
    or 30.0% at constant currencies, an increase of 1.7 percentage points
    (1.7 percentage points at constant currencies).

Nine months 2011 non-IFRS operating profit excludes a deferred support
revenue write-down from acquisitions of EUR26 million, acquisition-related
charges of EUR332 million, profit from discontinued activities of EUR711
million, share-based compensation expenses of EUR67 million and
restructuring expenses of EUR2 million (2010: EUR36 million, EUR207
million, expenses of EUR46 million, EUR50 million and -EUR1 million). For
more details on discontinued activities see separate section below.

Business Outlook

SAP's pipeline remains very strong and companies continue to invest in IT,
in particular in innovative software solutions. Due to the ongoing
uncertain macroeconomic environment, the Company's outlook for the full
year 2011 remains unchanged from its previous guidance reported on July
26th (except for the IFRS effective tax rate):

  - The Company expects full-year 2011 non-IFRS software and
    software-related service revenue to increase in a range of 10% - 14% at
    constant currencies (2010: EUR9.87 billion), but expects to reach the
    high end of the range.

  - The Company expects full-year 2011 non-IFRS operating profit to be in a
    range of EUR4.45 billion - EUR4.65 billion at constant currencies
    (2010: EUR4.01 billion), but expects to reach the high end of the
    range, resulting in 2011 non-IFRS operating margin increasing in a
    range of 0.5 - 1.0 percentage points at constant currencies (2010:
    32.0%).

  - The Company now projects a full-year 2011 IFRS effective tax rate of
    28.5% - 29.5% (2010: 22.5%), whereas the projected non-IFRS effective
    tax rate remains unchanged at 27.5% - 28.5% (2010: 27.3%).

SAP will provide further details of its third quarter results and outlook
for the full-year 2011 on October 26th.


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Information and Explaination of the Issuer to this News:

Third quarter and year to date 2011 revenue, profit and cash flow figures
include the revenue, profits and cash flows from Sybase. For the
comparative prior year periods those numbers are only included since the
acquisition date (July 26, 2010).

For a more detailed description of the Non-IFRS 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/investor).

SAP has completed a review of the appropriate re-measurement of the
provision recorded for the TomorrowNow litigation following the motion
granted by the judge on the original jury verdict. The judge's decision
vacated the original verdict of $1.3 billion but gave Oracle the choice of
accepting $272 million or seeking a new trial. The deadline for Oracle to
make that choice will vary depending on the outcome and timing of a ruling
on Oracle's motion for an early appeal. If the early appeal is denied and
Oracle rejects the reduced damages of $272 million, then there will be a
new trial to determine damages.

The re-measurement of the provision additionally reflects currency exchange
rate changes, changes in the estimate of related legal expenses and the
fact that TomorrowNow reached an agreement in the copyright case with the
United States Department of Justice in the third quarter for $20 million.
As this amount was paid in the third quarter it is no longer included in
the provision recorded for the litigation.

While the resulting re-measurement of the TomorrowNow litigation provision
favorably impacts SAP's IFRS operating profit and margin it does not have
an effect on SAP's Non-IFRS operating profit and margin.


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.


For more information, press only:

Hubertus Kuelps +49 (6227) 7-40011  hubertus.kuelps@sap.com
Christoph Liedtke +49 (6227) 7-50383  christoph.liedtke@sap.com, CET
Jim Dever  +1 (610) 661-2161  james.dever@sap.com, ET
Lynn Ong   +65 6768 6439   lynn.ong@sap.com, SGT (GMT +8)

For more information, financial community only:

Stefan Gruber +49 (6227) 7-44872  investor@sap.com, CET

14.10.2011 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language:     English
Company:      SAP AG
              Dietmar-Hopp-Allee 16
              69190 Walldorf
              Germany
Phone:        +49 (0)6227 - 74 74 74
Fax:          +49 (0)6227 - 75 75 75
E-mail:       investor@sap.com
Internet:     www.sap.com
ISIN:         DE0007164600
WKN:          716460
Indices:      DAX
Listed:       Regulierter Markt in Berlin, Frankfurt (Prime Standard),
              Stuttgart; Freiverkehr in Düsseldorf, Hamburg, Hannover,
              München; Terminbörse EUREX; NYSE
 
End of Announcement                             DGAP News-Service
 
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