EX-99.1 2 d123101dex991.htm EXHIBIT 99.1 Exhibit 99.1

Exhibit 99.1

 

LOGO

For Immediate Release

January 22, 2016

SAP Announces Preliminary Fourth Quarter and Full Year 2015 Results

SAP Beats 2015 Targets – Raises 2017 Midterm Ambition

 

  •   Tremendous Momentum in New Cloud Bookings – Up 103% in the Full Year
  •   Cloud Subscriptions and Support Backlog, A Lead Indicator for Continued Strong Cloud Growth, Increased 45%, Reaching €3.7 Billion at Year-End
  •   Full Year Non-IFRS Cloud Subscription and Support Revenue Up 109% to €2.30 Billion (€2.00 Billion at Constant Currencies, Achieving Company Guidance)
  •   Full Year Non-IFRS Cloud and Software Revenue Up 20% (12% at Constant Currencies, Beating Company Guidance)
  •   SAP S/4HANA Adoption Surges – More Than Doubling the Number of Customers in the Fourth Quarter, Now Exceeding 2,700 Customers
  •   Full Year Non-IFRS Operating Profit Up 13% to €6.35 Billion (€5.903 Billion at Constant Currencies, Beating Company Guidance)
  •   Targeting Up to €4.0 Billion Non-IFRS Cloud Subscriptions and Support Revenue By 2017

WALLDORF, Germany – January 22, 2016 – SAP SE (NYSE: SAP) today announced its financial results for the fourth quarter and full year ended December 31, 2015.

SAP had exceptional momentum in the fourth quarter with fast growth in cloud and double-digit growth in its core license business. For the full year, non-IFRS cloud and software revenue grew by 20% or 12% at constant currencies and exceeded the outlook of 8% – 10% growth at constant currencies. New cloud bookings, the key measure for SAP’s sales success in the cloud, increased 103% in the full year to €883 million and 75% in the fourth quarter to €344 million1. Non-IFRS cloud subscriptions and support revenue was €2.30 billion (€2.00 billion2 at constant currencies, achieving the full year outlook of €1.95 to €2.05 billion at constant currencies). Non-IFRS operating profit was €6.35 billion (€5.903 billion at constant currencies, beating the full year outlook of €5.6 – €5.9 billion at constant currencies).

 

 

 

 

1 New cloud bookings consist of all order entry of a given period that is expected to be classified as cloud subscription and support revenue and results from purchases by new customers and from incremental purchases by existing customers. The order amount must be contractually committed (i.e. variable amounts from pay-per-use and similar arrangements are not included). Consequently, due to their uncommitted pay-per-use nature Ariba and Fieldglass transaction-based fees are not reflected in the new cloud bookings metric. Amounts included in the measure are annualized. Concur contributed approximately €39 million to SAP’s new cloud bookings in the fourth quarter 2015.

2 For the fourth quarter 2015, Concur contributed approximately €162 million to SAP’s Non-IFRS cloud subscriptions and support revenue at constant currencies. The Concur acquisition was closed on December 4th, 2014.

SAP Announces Preliminary Fourth Quarter and Full Year 2015 Results    Page 2                     

 

“Our strength in 2015 shows that the S/4HANA innovation cycle is well underway,” said Bill McDermott, CEO of SAP. “Our completeness of vision in the cloud has distinguished SAP from both legacy players and point solution providers. We beat on cloud and software, we beat on operating income and we are ever confident that SAP will remain a profitable growth business well into the future.”

“Our tremendous 2015 results validate our strategy of innovating across the core, the cloud and business networks to help our customers become true digital enterprises”, said Luka Mucic, CFO of SAP. “We have transformed our company and made it leaner by shifting investments from noncore activities to strategic growth areas enabling us to capture the tremendous growth opportunities in the market. This puts us on a strong path for the future reflected in an increase of our 2017 ambition.”

BUSINESS HIGHLIGHTS IN THE FOURTH QUARTER 2015

SAP S/4HANA Adoption Soars, More Than Doubling in the Fourth Quarter

SAP S/4HANA is the next generation business suite and the “nucleus” around which businesses can operate all their processes in real time and seamlessly integrate their enterprise and their external ecosystem to enable successful business outcomes. Customer adoption of SAP S/4HANA continues to accelerate sharply, with more than 2,700 customers across all regions and industries at the end of 2015, more than doubling quarter over quarter. S/4HANA is also catalyzing broad customer adoption of our entire innovation portfolio. For example, Merck is turning to S/4HANA for fast data access, enhanced user experience, and productivity through simplified business processes.

Human Capital Management Shows Strong Momentum

Customers are increasingly turning to SAP to manage their global workforce, both permanent and flexible. The customer count for SuccessFactors Employee Central, which is the core of our Human Capital Management offerings, surpassed 1,000 for the first time in the fourth quarter. SAP is winning against its key HCM competitors, especially in markets outside of the United States. For example, Lufthansa selected SAP SuccessFactors. SAP’s innovations in HCM will further increase SAP’s differentiation and drive market share gains.

Customer Engagement and Commerce Drives Triple-Digit Bookings Growth

SAP saw excellent growth in its Customer Engagement and Commerce solutions. Customers build a new, more personalized relationship with their consumers, making it richer and more contextual across all channels. 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. New cloud bookings for Customer Engagement and Commerce saw triple-digit growth in full year 2015.

Strong Growth in Business Networks

SAP is leading the charge to a hyperconnected world. SAP Business Network Group comprises Ariba, Fieldglass and Concur – providing the common attributes of a rich open platform and a large ecosystem of customers, suppliers, partners and developers delivering ever expanding content and innovation. New cloud bookings for the business network increased 187% in the full year to €309 million.

Approximately 2 million connected companies trade over $740 billion of commerce3 on the Ariba network, more than 32 million end users process travel and expenses with Concur and customers managed over 1.9 million flexible workers in approximately 130 countries with the Fieldglass platform over the past 12 months.

 

3 Network spend volume is the total value of purchase orders transacted on the Ariba Network in the trailing 12 months. In previous quarters this also included Concur and Fieldglass for which as of the third quarter 2015 separate more relevant metrics are disclosed.

SAP Announces Preliminary Fourth Quarter and Full Year 2015 Results    Page 3                     

 

Regional Performance – Double-Digit Growth Across All Regions in Cloud and Software Revenue

The EMEA region had an outstanding performance in the fourth quarter, with an 11% increase in non-IFRS cloud and software revenue including a strong double-digit software license performance in Germany and Russia. Non-IFRS cloud subscriptions and support revenue in EMEA grew by 53% with very strong double-digit growth in new cloud bookings.

The Americas region had strong double-digit growth, with non-IFRS cloud and software revenue rising 27% including a strong software revenue performance in the U.S.. Brazil rebounded with a strong double-digit software revenue performance amidst a macro environment that continued to be unstable. Non-IFRS cloud subscriptions and support revenue in the Americas region grew 89% with new cloud bookings growing in double-digits.

The APJ region was back to solid double-digit growth in the fourth quarter with non-IFRS cloud and software growth of 18% including strong double-digit software revenue growth in Australia and India. Non-IFRS cloud subscriptions and support revenue in APJ grew 55%. The Company saw exceptional momentum in new cloud bookings and grew in triple-digits.

SAP Announces Preliminary Fourth Quarter and Full Year 2015 Results    Page 4                     

 

FINANCIAL RESULTS IN DETAIL

FOURTH QUARTER 2015

 

    

 

Fourth Quarter 2015

 

   

IFRS

 

   Non-IFRS
€ million, unless otherwise stated   Q4 2015    Q4 2014    %
  change		   Q4 2015   Q4 2014    %
  change		   % change
  const. curr. 
                                     
New cloud bookings   344   197   75   N/A   N/A   N/A   N/A
Cloud subscriptions and support   632   349   81   633   360   76   60
Software licenses and support   4,749   4,209   13   4,749   4,210   13   9
Cloud and software   5,381   4,558   18   5,382   4,570   18   13
Total revenue   6,346   5,458   16   6,347   5,469   16   11
Operating profit   1,699   1,753   –3   2,280   2,127   7   3
Profit after tax   1,283   1,309   –2   1,674   1,569   7    
Basic earnings per share (€)   1.07   1.10   –2   1.40   1.31   7    
Number of employees (FTE)   76,986   74,406   3   N/A   N/A   N/A   N/A

All figures are unaudited.

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 cloud subscriptions and support revenue was €632 million (2014: €349 million), an increase of 81%. Non-IFRS cloud subscriptions and support revenue was €633 million (2014: €360 million), an increase of 76% (60% at constant currencies). IFRS software licenses revenue was €2.15 billion (2014: €1.87 billion), an increase of 15%. Non-IFRS software licenses revenue was €2.15 billion (2014: €1.87 billion), an increase of 15% (11% at constant currencies). IFRS software licenses and support revenue was €4.75 billion (2014: €4.21 billion), an increase of 13%. Non-IFRS software licenses and support revenue was €4.75 billion (2014: €4.21 billion), an increase of 13% (9% at constant currencies). IFRS cloud and software revenue was €5.38 billion (2014: €4.56 billion), an increase of 18%. Non-IFRS cloud and software revenue was €5.38 billion (2014: €4.57 billion), an increase of 18% (13% at constant currencies). IFRS total revenue was €6.35 billion (2014: €5.46 billion), an increase of 16%. Non-IFRS total revenue was €6.35 billion (2014: €5.47 billion), an increase of 16% (11% at constant currencies).

IFRS operating profit was €1.70 billion (2014: €1.75 billion), a decrease of 3%. Non-IFRS operating profit was €2.28 billion (2014: €2.13 billion), an increase of 7% (3% at constant currencies). IFRS operating margin was 26.8% (2014: 32.1%), a decrease of 5.3 percentage points. Non-IFRS operating margin was 35.9% (2014: 38.9%), a decrease of 3.0 percentage points (2.6 percentage points at constant currencies).

IFRS profit after tax was €1.28 billion (2014: €1.31 billion), a decrease of 2%. Non-IFRS profit after tax was €1.67 billion (2014: €1.57 billion), an increase of 7%. IFRS basic earnings per share was €1.07 (2014: €1.10), a decrease of 2%. Non-IFRS basic earnings per share was €1.40 (2014: €1.31), an increase of 7%. The IFRS and non-IFRS effective tax rates in the fourth quarter of 2015 were 22.0% (2014: 24.5%) and 24.8% (2014: 25.5%), respectively.

SAP Announces Preliminary Fourth Quarter and Full Year 2015 Results    Page 5                     

 

FULL YEAR 2015

 

    

 

Full Year 2015

 

   

IFRS

 

   Non-IFRS
€ million, unless otherwise stated   FY 2015    FY 2014    %
  change  		   FY 2015    FY 2014    %
  change  		   % change
  const. curr. 
                             
New cloud bookings   883   436   103   N/A   N/A   N/A   N/A
Cloud subscriptions and support   2,286   1,087   110   2,296   1,101   109   82
Software licenses and support   14,931   13,228   13   14,933   13,233   13   6
Cloud and software   17,218   14,315   20   17,229   14,334   20   12
Total revenue   20,797   17,560   18   20,809   17,580   18   10
Operating profit   4,251   4,331   –2   6,346   5,638   13   5
Profit after tax   3,061   3,280   –7   4,505   4,182   8    
Basic earnings per share (€)   2.56   2.75   –7   3.77   3.50   8    
Number of employees (FTE)   76,986   74,406   3   N/A   N/A   N/A   N/A

All figures are unaudited.

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 cloud subscriptions and support revenue was €2.29 billion (2014: €1.09 billion), an increase of 110%. Non-IFRS cloud subscriptions and support revenue was €2.30 billion (2014: €1.10 billion), an increase of 109% (82% at constant currencies). IFRS software licenses revenue was €4.84 billion (2014: €4.40 billion), an increase of 10%. Non-IFRS software licenses revenue was €4.84 billion (2014: €4.40 billion), an increase of 10% (4% at constant currencies). IFRS software licenses and support revenue was €14.93 billion (2014: €13.23 billion), an increase of 13%. Non-IFRS software licenses and support revenue was €14.93 billion (2014: €13.23 billion), an increase of 13% (6% at constant currencies). IFRS cloud and software revenue was €17.22 billion (2014: €14.32 billion), an increase of 20%. Non-IFRS cloud and software revenue was €17.23 billion (2014: €14.33 billion), an increase of 20% (12% at constant currencies). IFRS total revenue was €20.80 billion (2014: €17.56 billion), an increase of 18%. Non-IFRS total revenue was €20.81 billion (2014: €17.58 billion), an increase of 18% (10% at constant currencies).

IFRS operating profit was €4.25 billion (2014: €4.33 billion), a decrease of 2%. Non-IFRS operating profit was €6.35 billion (2014: €5.64 billion), an increase of 13% (5% at constant currencies). IFRS operating margin was 20.4% (2014: 24.7%), a decrease of 4.2 percentage points. Non-IFRS operating margin was 30.5% (2014: 32.1%), a decrease of 1.6 percentage points (1.5 percentage points at constant currencies).

IFRS profit after tax was €3.06 billion (2014: €3.28 billion), a decrease of 7%. Non-IFRS profit after tax was €4.50 billion (2014: €4.18 billion), an increase of 8%. IFRS basic earnings per share was €2.56 (2014: €2.75), a decrease of 7%. Non-IFRS basic earnings per share was €3.77 (2014: €3.50), an increase of 8%. The IFRS and non-IFRS effective tax rates for the twelve months of 2015 were 23.3% (2014: 24.7%) and 26.0% (2014: 26.1%), respectively.

Operating cash flow was €3.64 billion (2014: €3.50 billion), an increase of 4% year-over-year. Free cash flow increased year-over-year to €3.0 billion (2014: €2.76 billion). Free cash flow was 14% of total revenue (2014: 16%). At December 31, 2015, SAP had a total group liquidity of €3.56 billion (December 31, 2014: €3.42 billion), which includes cash and cash equivalents and current investments. Net liquidity 2 at December 31, 2015 was -€5.62 billion compared to -€7.67 billion at December 31, 2014.

SAP Announces Preliminary Fourth Quarter and Full Year 2015 Results    Page 6                     

 

BUSINESS OUTLOOK 2016

The Company is providing the following full year outlook:

 

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

While the Company’s full-year 2016 business outlook is at constant currencies, actual currency reported figures are expected to be impacted by currency exchange rate fluctuations as we progress through the year.

MID-TERM OUTLOOK

Looking beyond 2016, SAP is raising its 2017 ambition to reflect both the current exchange rate environment and excellent business momentum.

Assuming a stable exchange rate environment going forward SAP now expects non-IFRS cloud subscriptions and support revenue in a range of €3.8 – €4.0 billion in 2017. The upper end of this range represents a 2015 to 2017 CAGR of 32%. Non-IFRS total revenue is now expected to be in a range of €23.0 – €23.5 billion in 2017. The Company now expects its 2017 non-IFRS operating profit to be in a range of €6.7 – €7.0 billion.

SAP continues to anticipate that the fast-growing cloud business along with growth in support revenue will drive a higher share of more predictable revenue. Given the current software license revenue momentum the Company now expects the total of cloud subscriptions & support revenue and software support revenue to be in a range of 63% – 65% of total revenue in 2017.

By 2017 SAP continues to expect its rapidly growing cloud subscriptions and support revenue to be close to software license revenue and is expected to exceed software license revenue in 2018. At that time, SAP expects to reach a scale in its cloud business that will clear the way for accelerated operating profit expansion.

The Company is not adjusting its long term, high level 2020 ambition at this time. The Company’s 2020 ambition communicated in 2015 was:

 

  •   €7.5 – €8.0 billion non-IFRS cloud subscriptions and support revenue
  •   €26 – €28 billion non-IFRS total revenue
  •   €8.0 – €9.0 billion non-IFRS operating profit
  •   70% – 75% share of more predictable revenue (defined as the total of cloud subscriptions & support revenue and software support revenue).

SAP Announces Preliminary Fourth Quarter and Full Year 2015 Results    Page 7                     

 

Additional Information

2015 revenue and profit figures include the full revenue and profit from Concur and Fieldglass. The comparative numbers for 2014 include Concur and Fieldglass starting December 4 and May 2, respectively.

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.

In the fourth quarter 2015, we updated the customer location data underlying our cloud subscription and support revenue by region disclosures in 2015 to make the 2015 numbers comparable to prior year numbers. Updated revenue by region numbers for the first, second and third quarter of 2015 reflecting the updated customer location data are available on our website under Revenue by Region. Prior year numbers are not affected by the update.

2015 Integrated Report and Annual Report

SAP’s 2015 Integrated Report and Annual Report to Shareholders and 2015 Annual Report on Form 20-F are scheduled to be published on March 29, 2016, 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 a financial analyst conference call at 2:00 PM (CET) / 1:00 PM (GMT) / 8:00 AM (Eastern) / 5:00 AM (Pacific). Both conferences will be webcast 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.

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 approximately 300,000 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)

SAP Announces Preliminary Fourth Quarter and Full Year 2015 Results    Page 8                     

 

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# # #

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.

© 2016 SAP SE. All rights reserved.

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Appendix – Financial Information to Follow

LOGO

 

 

 

 

FINANCIAL INFORMATION

FOR THE FOURTH QUARTER 2015

(Condensed and Unaudited)

 

     Page

Financial Statements (IFRS, Unaudited)

   

Consolidated Income Statements

    F1-F2

Consolidated Statements of Financial Position

    F3

Consolidated Statements of Cash Flows

    F4

Supplementary Financial Information (Unaudited)

   

Reconciliation from Non-IFRS Numbers to IFRS Numbers

    F5-F6

Explanation of Non-IFRS Adjustments

    F7

Revenue by Region

    F8-F9

Multi-Quarter Summary

    F10-F11

Financial Statements (IFRS, Unaudited)

CONSOLIDATED INTERIM FINANCIAL STATEMENTS – IFRS

CONSOLIDATED INCOME STATEMENTS OF SAP GROUP – QUARTER

 

For the three months ended December 31  
€ millions, unless otherwise stated                2015           2014     

Change

in %

  

Cloud subscriptions and support

                632             349         81   

Software licenses

                2,149             1,867         15   

Software support

                2,600             2,342         11   

Software licenses and support

                4,749             4,209         13   

Cloud and software

                5,381             4,558         18   

Services

                965             899         7   

Total revenue

                6,346             5,458         16   
                                          

Cost of cloud subscriptions and support

                –305             –161         89   

Cost of software licenses and support

                –660             –569         16   

Cost of cloud and software

                –964             –730         32   

Cost of services

                –891             –732         22   

Total cost of revenue

                –1,856             –1,463         27   

Gross profit

                4,490             3,995         12   

Research and development

                –796             –670         19   

Sales and marketing

                –1,654             –1,269         30   

General and administration

                –286             –279         2   

Restructuring

                –59             –29         >100   

TomorrowNow and Versata litigation

                0             –2         <-100   

Other operating income/expense, net

                3             8         –62   

Total operating expenses

                        –4,647             –3,705         25   

Operating profit

                1,699             1,753         –3   
                                          

Other non-operating income/expense, net

                –29             4         <-100   

Finance income

                52             28         83   

Finance costs

                –76             –52         46   

Financial income, net

                –24             –24         2   

Profit before tax

                1,646             1,733         –5   

Income tax TomorrowNow and Versata litigation

                0             1         <-100   

Other income tax expense

                –363             –425         –15   

Income tax expense

                –363             –424         –15   

Profit after tax

                1,283             1,309         –2   

attributable to owners of parent

                1,286             1,309         –2   

attributable to non-controlling interests

                –3             0         <-100   
                                          

Earnings per share, basic (in €)1)

                1.07             1.10         –2   

Earnings per share, diluted (in €)1)

                1.07             1.09         –2   

1) For the three months ended December 31, 2015 and 2014, the weighted average number of shares was 1,198 million (diluted 1,199 million) and 1,195 million (diluted: 1,198 million), respectively (treasury stock excluded).

Due to rounding, numbers may not add up precisely.

 

 

F1

CONSOLIDATED INCOME STATEMENTS OF SAP GROUP – TWELVE MONTHS

For the twelve months ended December 31

 

€ millions, unless otherwise stated                2015           2014     

Change

in %

  

Cloud subscriptions and support

                2,286             1,087         110   

Software licenses

                4,838             4,399         10   

Software support

                10,094             8,829         14   

Software licenses and support

                14,931             13,228         13   

Cloud and software

                17,218             14,315         20   

Services

                3,580             3,245         10   

Total revenue

                20,797             17,560         18   
                                          

Cost of cloud subscriptions and support

                –1,013             –481         111   

Cost of software licenses and support

                –2,291             –2,076         10   

Cost of cloud and software

                –3,304             –2,557         29   

Cost of services

                –3,314             –2,716         22   

Total cost of revenue

                –6,619             –5,272         26   

Gross profit

                        14,179             12,288         15   

Research and development

                –2,855             –2,331         22   

Sales and marketing

                –5,403             –4,304         26   

General and administration

                –1,052             –892         18   

Restructuring

                –621             –126         >100   

TomorrowNow and Versata litigation

                0             –309         <-100   

Other operating income/expense, net

                3             4         –30   

Total operating expenses

                –16,546             –13,230         25   

Operating profit

                4,251             4,331         –2   
                                          

Other non-operating income/expense, net

                –257             49         <-100   

Finance income

                241             127         89   

Finance costs

                –246             –152         62   

Financial income, net

                –5             –25         –80   

Profit before tax

                3,990             4,355         –8   

Income tax TomorrowNow and Versata litigation

                0             86         <-100   

Other income tax expense

                –929             –1,161         –20   

Income tax expense

                –929             –1,075         –14   

Profit after tax

                3,061             3,280         –7   

attributable to owners of parent

                3,069             3,280         –6   

attributable to non-controlling interests

                –8             0         >100   
                                          

Earnings per share, basic (in €)1)

                2.56             2.75         –7   

Earnings per share, diluted (in €)1)

                2.56             2.74         –7   

1) For the twelve months ended December 31, 2015 and 2014, the weighted average number of shares was 1,197 million (diluted 1,198 million) and 1,195 million (diluted: 1,197 million), respectively (treasury stock excluded).

Due to rounding, numbers may not add up precisely.

 

 

F2

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION OF SAP GROUP

 

as at December 31, 2015 and December 31, 2014        
€ millions                     2015           2014  

Cash and cash equivalents

              3,411           3,328   

Other financial assets

                    359             678   

Trade and other receivables

              5,288           4,342   

Other non-financial assets

                    465             435   

Tax assets

              230           215   

Total current assets

                    9,751             8,999   

Goodwill

              22,689           21,000   

Intangible assets

                    4,280             4,604   

Property, plant, and equipment

              2,195           2,102   

Other financial assets

                    1,336             1,021   

Trade and other receivables

              87           100   

Other non-financial assets

                    332             164   

Tax assets

              283           231   

Deferred tax assets

                    438             343   

Total non-current assets

              31,640           29,566   

Total assets

                    41,391             38,565   

 

as at December 31, 2015 and December 31, 2014        
€ millions                     2015           2014  

Trade and other payables

                    1,111             1,032   

Tax liabilities

                    220             339   

Financial liabilities

                    841             2,561   

Other non-financial liabilities

                    3,434             2,811   

Provisions

                    299             150   

Deferred income

                    1,999             1,680   

Total current liabilities

                    7,903             8,574   

Trade and other payables

                    81             55   

Tax liabilities

                    420             371   

Financial liabilities

                    8,681             8,980   

Other non-financial liabilities

                    283             219   

Provisions

                    180             151   

Deferred tax liabilities

                    436             603   

Deferred income

                    108             78   

Total non-current liabilities

                    10,188             10,457   

Total liabilities

                    18,091             19,031   

Issued capital

                    1,229             1,229   

Share premium

                    558             614   

Retained earnings

                    20,049             18,317   

Other components of equity

                    2,561             564   

Treasury shares

                    –1,124             –1,224   

Equity attributable to owners of parent

                    23,272             19,499   

Non-controlling interests

                    28             34   

Total equity

                    23,300             19,534   

Total equity and liabilities

                    41,391             38,565   

Due to rounding, numbers may not add up precisely.

 

 

F3

CONSOLIDATED STATEMENTS OF CASH FLOWS OF SAP GROUP

 

For the twelve months ended December 31   
€ millions      2015        2014  

Profit after tax

        3,061           3,280   

Adjustments to reconcile profit after taxes to net cash provided by operating activities:

                      

Depreciation and amortization

        1,289           1,010   

Income tax expense

        929           1,075   

Financial income, net

        5           25   

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

        45           47   

Other adjustments for non-cash items

        –3           70   

Decrease/increase in trade and other receivables

        –857           –286   

Decrease/increase in other assets

        –317           –329   

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

        759           573   

Decrease/increase in deferred income

        218           16   

Cash outflows due to TomorrowNow and Versata litigation

        0           –555   

Interest paid

        –172           –130   

Interest received

        82           59   

Income taxes paid, net of refunds

        –1,399           –1,356   

Net cash flows from operating activities

        3,639           3,499   

Business combinations, net of cash and cash equivalents acquired

        –39           –6,360   

Cash receipts from derivative financial instruments related to business combinations

        266           –111   

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

        226           –6,472   

Purchase of intangible assets and property, plant, and equipment

        –637           –737   

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

        68           46   

Purchase of equity or debt instruments of other entities

        –1,929           –910   

Proceeds from sales of equity or debt instruments of other entities

        1,939           833   

Net cash flows from investing activities

        –334           –7,240   

Dividends paid

        –1,316           –1,194   

Proceeds from reissuance of treasury shares

        64           51   

Proceeds from borrowings

        1,748           7,503   

Repayments of borrowings

        –3,852           –2,062   

Net cash flows from financing activities

        –3,356           4,298   

Effect of foreign currency rates on cash and cash equivalents

        134           23   

Net decrease/increase in cash and cash equivalents

        84           580   

Cash and cash equivalents at the beginning of the period

        3,328           2,748   

Cash and cash equivalents at the end of the period

        3,411           3,328   

Due to rounding, numbers may not add up precisely.

 

 

F4

SUPPLEMENTARY FINANCIAL INFORMATION

(UNAUDITED)

RECONCILIATION FROM NON-IFRS NUMBERS TO IFRS NUMBERS

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   2015     2014     Change 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

     632        1        633        –57        575        349        10        360        81        76        60   

Software licenses

     2,149        0        2,149        –69        2,080        1,867        0        1,867        15        15        11   

Software support

     2,600        0        2,600        –106        2,494        2,342        1        2,343        11        11        6   

Software licenses and support

     4,749        0        4,749        –175        4,574        4,209        1        4,210        13        13        9   

Cloud and software

     5,381        1        5,382        –232        5,149        4,558        12        4,570        18        18        13   

Services

     965        0        965        –48        918        899        0        899        7        7        2   

Total revenue

     6,346        1        6,347        –280        6,067        5,458        12        5,469        16        16        11   
                                                                                         

Operating Expense Numbers

                                                                                        

Cost of cloud subscriptions and support

     –305        70        –235                        –161        30        –131        89        80           

Cost of software licenses and support

     –660        76        –583                        –569        72        –497        16        17           

Cost of cloud and software

     –964        146        –818                        –730        103        –628        32        30           

Cost of services

     –891        62        –829                        –732        49        –683        22        21           

Total cost of revenue

     –1,856        208        –1,647                        –1,463        152        –1,311        27        26           

Gross profit

     4,490        209        4,700                        3,995        163        4,158        12        13           

Research and development

     –796        69        –727                        –670        55        –615        19        18           

Sales and marketing

     –1,654        188        –1,465                        –1,269        69        –1,200        30        22           

General and administration

     –286        55        –231                        –279        55        –224        2        3           

Restructuring

     –59        59        0                        –29        29        0        >100        0           

TomorrowNow and Versata litigation

     0        0        0                        –2        2        0        <-100        0           

Other operating income/expense, net

     3        0        3                        8        0        8        –62        –62           

Total operating expenses

     –4,647        580        –4,067        200        –3,867        –3,705        362        –3,342        25        22        16   
                                                                                         

Profit Numbers

                                                                                        

Operating profit

     1,699        581        2,280        –80        2,200        1,753        374        2,127        –3        7        3   
Other non-operating income/expense, net     –29        0        –29                        4        0        4        <-100        <-100           

Finance income

     52        0        52                        28        0        28        83        83           

Finance costs

     –76        0        –76                        –52        0        –52        46        46           

Financial income, net

     –24        0        –24                        –24        0        –24        2        2           

Profit before tax

     1,646        581        2,226                        1,733        374        2,108        –5        6           

Income tax TomorrowNow and Versata litigation

     0        0        0                        1        –1        0        <-100        0           

Other income tax expense

     –363        –190        –553                        –425        –113        –539        –15        3           

Income tax expense

     –363        –190        –553                        –424        –114        –538        –15        3           

Profit after tax

     1,283        391        1,674                        1,309        260        1,569        –2        7           

attributable to owners of parent

     1,286        391        1,677                        1,309        260        1,569        –2        7           

attributable to non-controlling interests

     –3        0        –3                        0        0        0        <-100        <-100           
                                                                                         

Key Ratios

                                                                                        
Operating margin (in %)     26.8                35.9                36.3        32.1                38.9        –5.3pp        –3.0pp        –2.6pp   
Effective tax rate (in %)     22.0                24.8                        24.5                25.5        –2.4pp        –0.7pp           
Earnings per share, basic (in €)     1.07                1.40                        1.10                1.31        –2        7           

 

 

F5

     For the twelve months ended December 31  
€ millions, unless otherwise stated   2015     2014     Change 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

     2,286        10        2,296        –297        2,000        1,087        14        1,101        110        109        82   

Software licenses

     4,838        1        4,839        –255        4,584        4,399        0        4,399        10        10        4   

Software support

     10,094        0        10,094        –678        9,416        8,829        5        8,834        14        14        7   

Software licenses and support

     14,931        2        14,933        –933        14,000        13,228        5        13,233        13        13        6   

Cloud and software

     17,218        11        17,229        –1,230        15,999        14,315        19        14,334        20        20        12   

Services

     3,580        0        3,580        –276        3,304        3,245        0        3,245        10        10        2   
Total revenue     20,797        11        20,809        –1,505        19,303        17,560        19        17,580        18        18        10   
                                                                                         

Operating Expense Numbers

                                                                                        

Cost of cloud subscriptions and support

     –1,013        232        –781                        –481        88        –393        111        99           

Cost of software licenses and support

     –2,291        283        –2,008                        –2,076        258        –1,818        10        10           

Cost of cloud and software

     –3,304        516        –2,788                        –2,557        346        –2,211        29        26           

Cost of services

     –3,314        180        –3,134                        –2,716        125        –2,590        22        21           

Total cost of revenue

     –6,619        696        –5,923                        –5,272        471        –4,801        26        23           

Gross profit

     14,179        707        14,886                        12,288        490        12,778        15        16           

Research and development

     –2,855        202        –2,653                        –2,331        127        –2,204        22        20           

Sales and marketing

     –5,403        449        –4,954                        –4,304        170        –4,134        26        20           

General and administration

     –1,052        116        –936                        –892        86        –806        18        16           

Restructuring

     –621        621        0                        –126        126        0        >100        0           

TomorrowNow and Versata litigation

     0        0        0                        –309        309        0        <-100        0           

Other operating income/expense, net

     3        0        3                        4        0        4        –30        –30           

Total operating expenses

     –16,546        2,083        –14,463        1,062        –13,401        –13,230        1,288        –11,942        25        21        12   
                                                                                         

Profit Numbers

                                                                                        

Operating profit

     4,251        2,095        6,346        –443        5,903        4,331        1,307        5,638        –2        13        5   
Other non-operating income/expense, net     –257        0        –256                        49        0        49        <-100        <-100           

Finance income

     241        0        241                        127        0        127        89        89           

Finance costs

     –246        0        –246                        –152        0        –152        62        62           

Financial income, net

     –5        0        –5                        –25        0        –25        –80        –80           

Profit before tax

     3,990        2,095        6,085                        4,355        1,307        5,662        –8        7           

Income tax TomorrowNow and Versata litigation

     0        0        0                        86        –86        0        <-100        0           

Other income tax expense

     –929        –651        –1,580                        –1,161        –318        –1,479        –20        7           

Income tax expense

     –929        –651        –1,580                        –1,075        –405        –1,479        –14        7           

Profit after tax

     3,061        1,444        4,505                        3,280        902        4,182        –7        8           

attributable to owners of parent

     3,069        1,444        4,513                        3,280        902        4,182        –6        8           

attributable to non-controlling interests

     –8        0        –8                        0        0        0        >100        >100           
                                                                                         

Key Ratios

                                                                                        
Operating margin (in %)     20.4                30.5                30.6        24.7                32.1        –4.2pp        –1.6pp        –1.5pp   
Effective tax rate (in %)     23.3                26.0                        24.7                26.1        –1.4pp        –0.2pp           
Earnings per share, basic (in €)     2.56                3.77                        2.75                3.50        –7        8           

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, restructuring expenses, as well as the TomorrowNow and Versata litigation 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 and Estimates”.

Due to rounding, numbers may not add up precisely.

 

 

F6

EXPLANATION OF NON-IFRS ADJUSTMENTS

 

€ millions   

  Q4 2015

 

   

  1/1–  

  12/31/2015  

 

   

  Q4 2014

 

   

1/1– 

  12/31/2014 

 

Operating profit (IFRS)    1,699    4,251    1,753    4,331

Revenue adjustments

    1    11    12    19

Adjustment for acquisition-related charges

    184    738    160    562

Adjustment for share-based payment expenses

    336    724    171    290

Adjustment for restructuring

    59    621    29    126

Adjustment for TomorrowNow and Versata litigation

    0    0    2    309

Operating expense adjustments

    580    2,083    362    1,288
Operating profit adjustments    581    2,095    374    1,307
Operating profit (non-IFRS)    2,280    6,346    2,127    5,638

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 tables also present 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.

In the fourth quarter 2015, we updated the customer location data underlying our cloud subscription and support revenue by region disclosures in 2015 to make the 2015 numbers comparable to prior year numbers. Updated revenue by region numbers for the first, second and third quarter of 2015 reflecting the updated customer location data are available on our website under Revenue by Region. Prior year numbers are not affected by the update.

 

      For the three months ended December 31  
€ millions    2015      2014      Change 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

      142         0         142         –6         136         92         1         93         54         53         46   

Americas

      435         0         435         –49         386         222         9         231         96         89         67   

APJ

      55         0         55         –2         53         36         0         36         55         55         48   
Cloud subscriptions and support revenue      632         1         633         –57         575         349         10         360         81         76         60   
                                                                                                    
Cloud and software revenue by region                                                                                                   

EMEA

      2,479         1         2,480         –15         2,464         2,229         2         2,232         11         11         10   

Americas

      2,061         0         2,061         –174         1,887         1,619         9         1,629         27         27         16   

APJ

      841         0         841         –43         798         710         0         710         18         18         12   
Cloud and software revenue      5,381         1         5,382         –232         5,149         4,558         12         4,570         18         18         13   
                                                                                                    

Total revenue by region

                                                                                                   

Germany

      897         0         897         0         897         799         0         799         12         12         12   

Rest of EMEA

      2,010         1         2,010         –22         1,988         1,869         2         1,871         8         7         6   

Total EMEA

      2,906         1         2,907         –22         2,884         2,668         2         2,671         9         9         8   

United States

      1,973         0         1,973         –245         1,728         1,479         9         1,488         33         33         16   

Rest of Americas

      494         0         494         35         529         460         0         460         7         7         15   

Total Americas

      2,467         0         2,467         –210         2,258         1,939         9         1,948         27         27         16   

Japan

      190         0         190         –15         175         164         0         164         16         16         7   

Rest of APJ

      783         0         783         –33         750         687         0         687         14         14         9   

Total APJ

      973         0         973         –48         925         850         0         851         14         14         9   

Total revenue

      6,346         1         6,347         –280         6,067         5,458         12         5,469         16         16         11   

 

 

F8

      For the twelve months ended December 31  
€ millions    2015      2014      Change 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

      507         1         508         –38         470         277         1         278         83         83         69   

Americas

      1,579         8         1,587         –242         1,345         709         12         721         123         120         86   

APJ

      200         0         201         –17         184         101         0         101         98         99         82   

Cloud subscriptions and support revenue

      2,286         10         2,296         –297         2,000         1,087         14         1,101         110         109         82   
                                                                                                    

Cloud and software revenue by region

                                                                                                   

EMEA

      7,624         2         7,625         –115         7,510         6,819         5         6,824         12         12         10   

Americas

      6,931         9         6,940         –919         6,021         5,276         14         5,289         31         31         14   

APJ

      2,663         0         2,664         –195         2,468         2,221         0         2,221         20         20         11   

Cloud and software revenue

      17,218         11         17,229         –1,230         15,999         14,315         19         14,334         20         20         12   
                                                                                                    

Total revenue by region

                                                                                                   

Germany

      2,772         0         2,772         –3         2,769         2,570         1         2,571         8         8         8   

Rest of EMEA

      6,411         2         6,413         –149         6,264         5,813         4         5,817         10         10         8   

Total EMEA

      9,183         2         9,185         –152         9,033         8,383         5         8,389         10         9         8   

United States

      6,752         9         6,761         –1,088         5,673         4,898         13         4,911         38         38         16   

Rest of Americas

      1,678         0         1,678         –34         1,644         1,591         0         1,592         5         5         3   

Total Americas

      8,430         9         8,439         –1,121         7,317         6,489         14         6,503         30         30         13   

Japan

      667         0         668         –32         636         600         0         600         11         11         6   

Rest of APJ

      2,517         0         2,517         –200         2,317         2,088         0         2,088         21         21         11   

Total APJ

      3,185         0         3,185         –232         2,953         2,688         0         2,688         18         18         10   

Total revenue

      20,797         11         20,809         –1,505         19,303         17,560         19         17,580         18         18         10   

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.

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.

 

 

F9

MULTI-QUARTER SUMMARY (IFRS AND NON-IFRS)

 

€ millions, unless otherwise stated   

Q1

2014

     

Q2

2014

     

Q3

2014

     

Q4

2014

     

TY

2014

     

Q1

2015

     

Q2

2015

     

Q3

2015

     

Q4

2015

     

TY

2015

  

Revenue Numbers

                                                                                          

Cloud subscriptions and support (IFRS)

      219         241         277         349         1,087         503         552         599         632         2,286   

Cloud subscriptions and support (non-IFRS)

      221         242         278         360         1,101         509         555         600         633         2,296   
                                                                                           

Software licenses (IFRS)

      623         957         951         1,867         4,399         696         979         1,014         2,149         4,838   

Software licenses (non-IFRS)

      623         957         952         1,867         4,399         696         979         1,015         2,149         4,839   
                                                                                           

Software support (IFRS)

      2,097         2,158         2,232         2,342         8,829         2,454         2,531         2,509         2,600         10,094   

Software support (non-IFRS)

      2,098         2,160         2,233         2,343         8,834         2,454         2,531         2,509         2,600         10,094   
                                                                                           

Software licenses and support (IFRS)

      2,720         3,116         3,184         4,209         13,228         3,150         3,510         3,523         4,749         14,931   

Software licenses and support (non-IFRS)

      2,722         3,117         3,185         4,210         13,233         3,150         3,510         3,524         4,749         14,933   
                                                                                           

Cloud and software (IFRS)

      2,939         3,357         3,461         4,558         14,315         3,653         4,062         4,122         5,381         17,218   

Cloud and software (non-IFRS)

      2,942         3,359         3,463         4,570         14,334         3,659         4,065         4,124         5,382         17,229   
                                                                                           

Services (IFRS = non-IFRS)

      759         794         793         899         3,245         844         908         863         965         3,580   
                                                                                           

Total revenue (IFRS)

      3,698         4,151         4,254         5,458         17,560         4,497         4,970         4,985         6,346         20,797   

Total revenue (non-IFRS)

      3,701         4,153         4,256         5,469         17,580         4,502         4,972         4,987         6,347         20,809   
                                                                                           

Operating profit (IFRS)

      723         698         1,157         1,753         4,331         638         701         1,214         1,699         4,251   

Operating profit (non-IFRS)

      919         1,236         1,355         2,127         5,638         1,056         1,394         1,616         2,280         6,346   
                                                                                           

Operating margin (IFRS, in %)

      19.5         16.8         27.2         32.1         24.7         14.2         14.1         24.3         26.8         20.4   

Operating margin (non-IFRS, in %)

      24.8         29.8         31.8         38.9         32.1         23.5         28.0         32.4         35.9         30.5   
                                                                                           

Effective tax rate (IFRS, in %)

      24.1         22.6         26.5         24.5         24.7         13.6         26.4         27.1         22.0         23.3   

Effective tax rate (non-IFRS, in %)

      25.9         25.4         27.7         25.5         26.1         22.3         27.8         28.0         24.8         26.0   
                                                                                           

Earnings per share, basic (IFRS, in €)

      0.45         0.47         0.74         1.10         2.75         0.35         0.39         0.75         1.07         2.56   

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

      0.56         0.79         0.84         1.31         3.50         0.58         0.80         0.98         1.40         3.77   
                                                                                           

Net cash flows from operating activities

      2,352         223         507         416         3,499         2,366         410         466         398         3,639   

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

      –130         –174         –168         –265         –737         –139         –137         –148         –213         –637   

Free cash flow

      2,222         49         339         151         2,762         2,227         273         317         184         3,001   
                                                                                           

Deferred cloud subscriptions and support revenue (IFRS, quarter end)

      451         445         498         689         689         794         789         782         951         951   

Days’ sales outstanding (DSO, in days)1)

      63         64         65         65         65         67         68         69         71         71   

 

 

F10

€ millions, unless otherwise stated   

Q1

2014

     

Q2

2014

     

Q3

2014

     

Q4

2014

     

TY

2014

     

Q1

2015

     

Q2

2015

     

Q3

2015

     

Q4

2015

     

TY

2015

  

Headcount (quarter end)2)

      66,750         67,651         68,835         74,406         74,406         74,551         74,497         75,643         76,986         76,986   

Employee retention (in %, rolling 12 months)

      93.4         93.5         93.3         93.5         93.5         93.3         92.6         91.9         91.8         91.8   

Women in management (in %, quarter end)

      20.9         21.1         21.3         22.4         22.4         22.3         22.9         23.2         23.6         23.6   

Greenhouse gas emissions (in kilotons)

      120         140         125         115         500         145         125         110         75         75   

1) 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.

2) In full-time equivalents

Due to rounding, numbers may not add up precisely.

 

 

F11