SAP Reports 35% Growth in Software Revenue at Constant Currencies and 20% Growth in Non-IFRS Software and Software-Related Service Revenue at Constant Currencies for the Second Quarter
Germany July 26, 2011 SAP AG June 30, 2011
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Werner Brandt EUR 20 billion
Bill McDermott
"We are witnessing a structural change in the IT market — customers are shifting more of their investments toward software as it continues to become a larger and more important component of the overall technology stack. As a result, we are seeing strong demand from customers," said Jim Hagemann Snabe, Co-CEO of SAP. "We focused our strategy on innovation at the right time and are now reshaping the industry with our mobility, in-memory and cloud solutions. Innovation is driving growth again at SAP."
FINANCIAL HIGHLIGHTS – Second Quarter 2011
|
Second Quarter 2011(1) |
||||||||
|
IFRS |
Non-IFRS(2) |
|||||||
|
EUR million, unless |
Q2 2011 |
Q2 2010 |
% change |
Q2 2011 |
Q2 2010 |
% change |
% change const. curr.(3) |
|
|
Software revenue |
802 |
637 |
26% |
802 |
637 |
26% |
35% |
|
|
Support revenue |
1,681 |
1,526 |
10% |
1,689 |
1,526 |
11% |
15% |
|
|
Software and software-related service revenue |
2,579 |
2,258 |
14% |
2,587 |
2,258 |
15% |
20% |
|
|
Total revenue |
3,300 |
2,894 |
14% |
3,308 |
2,894 |
14% |
20% |
|
|
Total operating expenses |
-2,443 |
-2,120 |
15% |
-2,289 |
-2,040 |
12% |
17% |
|
|
Operating profit |
857 |
774 |
11% |
1,019 |
854 |
19% |
26% |
|
|
Operating margin (%) |
26.0 |
26.7 |
-0.7pp |
30.8 |
29.5 |
1.3pp |
1.5pp |
|
|
Profit after tax |
588 |
491 |
20% |
703 |
562 |
25% |
||
|
Basic earnings per share (EUR) |
0.49 |
0.41 |
20% |
0.59 |
0.47 |
26% |
||
|
Number of employees (FTE) |
54,043 |
48,021 |
13% |
na |
na |
na |
na |
|
1) All figures are unaudited.
2) Adjustments in the revenue line items are for the support revenue that would have been recognized had the acquired entities 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 and discontinued activities.
3) Constant currency revenue and operating profit 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.
Revenue – Second Quarter 2011
- EUR 802 million EUR 637 million
- EUR 2.58 billion EUR 2.26 billion EUR 2.59 billion EUR 2.26 billion
- EUR 3.30 billion EUR 2.89 billion EUR 3.31 billion EUR 2.89 billion
EUR 8 million
Profit – Second Quarter 2011
- EUR 857 million EUR 774 million EUR 1.02 billion EUR 854 million
- IFRS operating margin was 26.0% (2010: 26.7%), a decrease of 0.7 percentage points. Non-IFRS operating margin was 30.8% (2010: 29.5%), or 31.0% at constant currencies, an increase of 1.3 percentage points (1.5 percentage points at constant currencies).
- EUR 588 million EUR 491 million EUR 703 million EUR 562 million EUR 0.49 EUR 0.41 EUR 0.59 EUR 0.47
EUR 8 million EUR 111 million EUR 10 million EUR 32 million EUR 1 million EUR 0 million EUR 65 million EUR 2 million EUR 12 million EUR 1 million EUR 5 million EUR 75 million EUR 10 million EUR 24 million EUR 1 million EUR 0 million EUR 49 million EUR 12 million EUR 9 million EUR 1 million
FINANCIAL HIGHLIGHTS – Six Months 2011
|
First Half 2011(1) |
||||||||
|
IFRS |
Non-IFRS(2) |
|||||||
|
EUR million, unless |
1H 2011 |
1H 2010 |
% change |
1H 2011 |
1H 2010 |
% change |
% change const. curr.(3) |
|
|
Software revenue |
1,385 |
1,101 |
26% |
1,385 |
1,101 |
26% |
31% |
|
|
Support revenue |
3,336 |
2,920 |
14% |
3,361 |
2,920 |
15% |
16% |
|
|
Software and software-related service revenue |
4,906 |
4,205 |
17% |
4,931 |
4,205 |
17% |
19% |
|
|
Total revenue |
6,324 |
5,403 |
17% |
6,349 |
5,403 |
18% |
19% |
|
|
Total operating expenses |
-4,870 |
-4,072 |
20% |
-4,551 |
-3,933 |
16% |
17% |
|
|
Operating profit |
1,454 |
1,331 |
9% |
1,798 |
1,470 |
22% |
24% |
|
|
Operating margin (%) |
23.0 |
24.6 |
-1.6pp |
28.3 |
27.2 |
1.1pp |
1.2pp |
|
|
Profit after tax |
991 |
878 |
13% |
1,231 |
1,000 |
23% |
||
|
Basic earnings per share (EUR) |
0.83 |
0.74 |
12% |
1.04 |
0.84 |
24% |
||
|
Number of employees (FTE) |
54,043 |
48,021 |
13% |
na |
na |
na |
na |
|
(1) All figures are unaudited.
(2) Adjustments in the revenue line items are for the support revenue that would have been recognized had the acquired entities 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 and discontinued activities.
(3) Constant currency revenue and operating profit 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.
Revenue – Six Months 2011
- EUR 1.39 billion EUR 1.10 billion
- EUR 4.91 billion EUR 4.21 billion EUR 4.93 billion EUR 4.21 billion
- EUR 6.32 billion EUR 5.40 billion EUR 6.35 billion EUR 5.40 billion
EUR 25 million EUR 0 million
Profit – Six Months 2011
- EUR 1.45 billion EUR 1.33 billion EUR 1.80 billion EUR 1.47 billion
- IFRS operating margin was 23.0% (2010: 24.6%), a decrease of 1.6 percentage points. Non-IFRS operating margin was 28.3% (2010: 27.2%), or 28.4% at constant currencies, an increase of 1.1 percentage points (1.2 percentage points at constant currencies).
- EUR 991 million EUR 878 million EUR 1.23 billion EUR 1.00 billion EUR 0.83 EUR 0.74 EUR 1.04 EUR 0.84
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