exv99w1

Exhibit 99.1


*SAP Announces 2008 Fourth Quarter and Full-Year Results*		Page 1

For Immediate Release
January 28, 2009

SAP Reports Double-Digit Growth in
Software and Software Related Service Revenues for 2008

Non-GAAP Operating Income Increased 24% at Constant Currencies
Non-GAAP Operating Margin Grew by 1.1 Percentage Points at Constant Currencies
Non-GAAP Earnings Per Share Increased 16%
Company Expects a Continued Challenging Environment in 2009

WALLDORF — January 28, 2009 — SAP AG (NYSE: SAP) today announced its preliminary financial results for the fourth quarter and full-year ended December 31, 2008.

HIGHLIGHTS — Full-Year 2008

Business Objects is included in the results from January 21, 2008 onwards.


	SAP - Full-Year 2008*
	U.S. GAAP						Non-GAAP**
													% change
					%						%		constant
€ million	FY/2008		FY/2007		change		FY/2008		FY/2007		change		currency***
Software revenues		3,606		3,407		6		3,606		3,407		6		10
Software and software-related service revenues		8,457		7,427		14		8,623		7,427		16		20
Total revenues		11,567		10,242		13		11,733		10,242		15		19
Operating income		2,842		2,732		4		3,305		2,793		18		24
Operating margin (%)		24.6		26.7	-2.1pp			28.2		27.3	0.9pp		1.1pp
Income from continuing operations		1,925		1,934		0		2,266		1,975		15		—
Net income		1,888		1,919		-2		2,229		1,960		14		—
Basic EPS from cont. operations (€)		1.62		1.60		1		1.90		1.64		16		—


*		All figures are preliminary and unaudited and are based on the current status of the purchase price allocation for the Business Objects acquisition which is not yet final.

**		Revenue line items are adjusted for the Business Objects support revenue that Business Objects would have recognized had it remained a standalone entity but that SAP is not permitted to recognize as revenue under U.S. GAAP as a result of business combination accounting rules. Adjustments in the operating expense line items are for acquisition-related charges. See Explanation of Non-GAAP Measures at the end of the financial section of the press release for explanations of the Non-GAAP measures used in this press release and for related reconciliations to U.S. GAAP.

***		Constant currency Non-GAAP revenue and operating income figures are calculated by translating Non-GAAP revenue and Non-GAAP 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-GAAP constant currency numbers with the Non-GAAP number of the previous year’s respective period. See Explanation of Non-GAAP Measures at the end of the financial section of the press release for details.


*SAP Announces 2008 Fourth Quarter and Full-Year Results*		Page 2

Revenues

•

Full-year 2008 U.S. GAAP software and software-related service revenues were €8.46 billion (2007: €7.43 billion), representing an increase of 14% compared to 2007. Non-GAAP software and software-related service revenues, which exclude a non-recurring deferred support revenue write-down from the acquisition of Business Objects of €166 million, for the full-year 2008 were €8.62 billion (2007: €7.43 billion). This represents an increase of 16% (20% at constant currencies) compared to 2007.

•

Excluding the contribution from Business Objects, SAP’s business contributed 6 percentage points to the constant currency growth of the Non-GAAP software and software-related service revenues for the 2008 full-year period.

•

U.S. GAAP total revenues for the 2008 full-year period were €11.57 billion (2007: €10.24 billion), which was a year-over-year increase of 13%. Non-GAAP total revenues, which exclude a non-recurring deferred support revenue write-down from the acquisition of Business Objects of €166 million, for the full-year 2008 were €11.73 billion (2007: €10.24 billion), which was an increase of 15% (19% at constant currencies) compared to 2007.

•

Full-year 2008 U.S. GAAP software revenues were €3.61 billion (2007: €3.41 billion), representing an increase of 6% (10% at constant currencies) compared to 2007.

Income

•

U.S. GAAP operating income for the 2008 full-year period was €2.84 billion (2007: €2.73 billion), which was an increase of 4% compared to 2007. The full-year Non-GAAP operating income, which excludes a non-recurring deferred support revenue write-down from the acquisition of Business Objects and acquisition-related charges totaling €463 million, was €3.31 billion (2007: €2.79 billion), which was an increase of 18% (24% at constant currencies) compared to 2007.

•

The U.S. GAAP operating margin for the 2008 full-year period was 24.6% (2007: 26.7%). The full-year Non-GAAP operating margin was 28.2% (2007: 27.3%), or 28.4% at constant currencies, representing an increase of 1.1 percentage points at constant currencies. Both the U.S. GAAP and the Non-GAAP operating margins were impacted by 1) €32 million of expenses resulting from the settlement of litigations (2007: €2 million) and 2) expenses associated with the integration of Business Objects (which are not acquisition-related charges) of approximately €35 million.

•

U.S. GAAP income from continuing operations for the full-year period of 2008 was €1.93 billion (2007: €1.93 billion), which was flat compared to 2007. Non-GAAP income from


*SAP Announces 2008 Fourth Quarter and Full-Year Results*		Page 3

		continuing operations, which excludes a non-recurring deferred support revenue write-down from the acquisition of Business Objects and acquisition-related charges totaling €341 million, was €2.27 billion (2007: €1.98 billion), representing an increase of 15% compared to 2007.

•		U.S. GAAP earnings per share from continuing operations for the full-year 2008 was €1.62 (2007: €1.60), which was an increase of 1% compared to 2007. Non-GAAP earnings per share from continuing operations for the 2008 full-year period was €1.90 (2007: €1.64), which was an increase of 16% compared to 2007.

Core Enterprise Applications Vendor Share

Based on U.S. GAAP fourth quarter 2008 software and software-related service revenues on a rolling four-quarter basis, SAP’s worldwide share of Core Enterprise Applications vendors, which account for approximately $38.6 billion in software and software-related service revenues as defined by the Company based on industry analyst research, was 32.8% for the four-quarter period ended December 31, 2008. This represents a 4.4 percentage point increase compared to the four-quarter period ended December 31, 2007, of which approximately 0.9 percentage points came from organic growth and 3.5 percentage points from the acquisition of Business Objects.

“2008 can be described as a year having two completely opposite halves, where a strong first half performance was greatly disrupted late in the third quarter by the beginning of the worst economic and financial crisis the world has witnessed in decades. Nevertheless, in total we had a good year amid a very tough economic climate, posting full-year, double-digit growth in software and software related service revenues and gaining additional share against Core Applications Vendors,” said Henning Kagermann, co-CEO of SAP. Mr. Kagermann continued, “When the crisis hit, we acted very quickly by taking the necessary steps to reduce costs. As a result, we were successful in exceeding our profitability targets.”

Cash Flow

Operating cash flow from continuing operations for the full-year 2008 was €2.18 billion (2007: €1.95 billion). Free cash flow for the full-year 2008 was €1.84 billion (2007: €1.55 billion), which was 16% of total revenues (2007: 15%). At December 31, 2008, the Company had total group liquidity of €1.7 billion (December 31, 2007: €2.8 billion), which includes cash and cash equivalents, restricted cash and short term investments.


*SAP Announces 2008 Fourth Quarter and Full-Year Results*		Page 4

Share Buyback

For the full-year 2008, the Company bought back 14.6 million shares at an average price of €33.34 (€486.8 million). Of the total shares purchased for the year, 3.2 million shares were subsequently acquired from the Company by employees who exercised stock options under SAP’s share-based compensation programs. The number of shares bought back for 2008 represented 1.2% of the total shares outstanding. At December 31, 2008, the Company held treasury stock in the amount of 38.5 million shares (approximately 3.1% of total shares outstanding) at an average price of €35.43. In the fourth quarter of 2008, the Company did not buy back any shares.

HIGHLIGHTS — Fourth Quarter 2008


	SAP - Fourth Quarter 2008*
	U.S. GAAP						Non-GAAP**
													% change
					%						%		constant
€ million	Q4/2008		Q4/2007		change		Q4/2008		Q4/2007		change		currency***
Software revenues		1,323		1,415		-7		1,323		1,415		-7		-6
Software and software-related service revenues		2,666		2,473		8		2,692		2,473		9		8
Total revenues		3,488		3,240		8		3,514		3,240		8		8
Operating income		1,276		1,109		15		1,374		1,128		22		22
Operating margin (%)		36.6		34.2	2.4pp			39.1		34.8	4.3pp		4.6pp
Income from continuing operations		858		755		14		928		770		21		—
Net income		850		752		13		920		767		20		—
Basic EPS from cont. operations (€)		0.72		0.62		16		0.78		0.64		22		—


*		All figures are preliminary and unaudited and are based on the current status of the purchase price allocation for the Business Objects acquisition which is not yet final.

**		Revenue line items are adjusted for the Business Objects support revenue that Business Objects would have recognized had it remained a standalone entity but that SAP is not permitted to recognize as revenue under U.S. GAAP as a result of business combination accounting rules. Adjustments in the operating expense line items are for acquisition-related charges. See Explanation of Non-GAAP Measures at the end of the financial section of the press release for explanations of the Non-GAAP measures used in this press release and for related reconciliations to U.S. GAAP.

***		Constant currency Non-GAAP revenue and operating income figures are calculated by translating Non-GAAP revenue and Non-GAAP 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-GAAP constant currency numbers with the Non-GAAP number of the previous year’s respective period. See Explanation of Non-GAAP Measures at the end of the financial section of the press release for details.


*SAP Announces 2008 Fourth Quarter and Full-Year Results*		Page 5

Revenues

•		Fourth quarter 2008 U.S. GAAP software and software-related service revenues were €2.67 billion (2007: €2.47 billion), representing an increase of 8% compared to the fourth quarter of 2007. Non-GAAP software and software-related service revenues, which exclude a non-recurring deferred support revenue write-down from the acquisition of Business Objects of €26 million, for the fourth quarter of 2008 were €2.69 billion (2007: €2.47 billion). This represents an increase of 9% (8% at constant currencies) compared to the fourth quarter of 2007.

•		Excluding the contribution from Business Objects, SAP’s business contributed negative 6 percentage points to the constant currency growth of the Non-GAAP software and software-related service revenues for the fourth quarter of 2008.

•		U.S. GAAP total revenues for the 2008 fourth quarter were €3.49 billion (2007: €3.24 billion), which was a year-over-year increase of 8%. Non-GAAP total revenues, which exclude a non-recurring deferred support revenue write-down from the acquisition of Business Objects of €26 million, for the fourth quarter of 2008 were €3.51 billion (2007: €3.24 billion), which was an increase of 8% (8% at constant currencies) compared to the fourth quarter of 2007.

•		Fourth quarter 2008 U.S. GAAP software revenues were €1.32 billion (2007: €1.42 billion), representing a decrease of 7% (decrease of 6% at constant currencies) compared to the fourth quarter of 2007.

Income

•		U.S. GAAP operating income for the fourth quarter was €1.28 billion (2007: €1.11 billion), which was an increase of 15% compared to the fourth quarter of 2007. Fourth quarter Non-GAAP operating income, which excludes a non-recurring deferred support revenue write-down from the acquisition of Business Objects and acquisition-related charges totaling €98 million, was €1.37billion (2007: €1.13 billion), which was an increase of 22% (22% at constant currencies) compared to the fourth quarter of 2007.

•		The U.S. GAAP operating margin for the fourth quarter of 2008 was 36.6% (2007: 34.2%). The fourth quarter Non-GAAP operating margin was 39.1% (2007: 34.8%), or 39.4% at constant currencies, representing an increase of 4.6 percentage points at constant currencies. Both the U.S. GAAP and the Non-GAAP operating margins were impacted by expenses associated with the integration of Business Objects (which are not acquisition-related charges) of approximately €10 million.


*SAP Announces 2008 Fourth Quarter and Full-Year Results*		Page 6

•		U.S. GAAP income from continuing operations for the fourth quarter of 2008 was €858 million (2007: €755 million), representing an increase of 14% compared to the fourth quarter of 2007. Non-GAAP income from continuing operations, which excludes a non-recurring deferred support revenue write-down from the acquisition of Business Objects and acquisition-related charges totaling €70 million, was €928 million (2007: €770 million), representing an increase of 21% compared to the fourth quarter of 2007.

•		U.S. GAAP basic earnings per share from continuing operations for the fourth quarter of 2008 was €0.72 (2007: €0.62), which was an increase of 16% compared to the same period in 2007. Non-GAAP earnings per share from continuing operations for the fourth quarter of 2008 was €0.78 (2007: €0.64), which was an increase of 22% compared to the same period in 2007.

Business Environment and Cost Containment Measures for 2009

The Company expects the 2009 operating environment to remain challenging. In addition, 2009 will no longer include the positive effects from the acquisition of Business Objects, and the 2009 first-half results will be a difficult comparison to the strong results reported in the first half of 2008, which was prior to the economic crisis that disrupted the global markets in the third quarter of 2008.

SAP will continue with its cost saving measures initiated in October 2008 and will take further steps to reduce expenses. SAP will continue to maintain tight cost controls on all variable expenses, including third-party related costs, as well as capital expenditures. Additionally, to enable the Company to adapt its size to today’s market conditions and the broader impact of the global recession, SAP intends to reduce its workforce globally to 48,500 positions by year-end 2009, taking full advantage of attrition as a factor in reaching this goal (SAP will provide further information on its website at www.sap.com). The Company expects the reduction of positions to provide €300 million to €350 million in annual cost savings beginning in 2010.

“We believe the cost containment measures will allow us to adapt to the tough market conditions and ensure the long term competitiveness of the Company. Moreover, we expect 2009 to be a year of limited visibility, making it increasingly difficult to project sales in this environment,” said Léo Apotheker, co-CEO of SAP. “In 2009, we will continue to deliver to customers products targeted at specific business processes to alleviate pain points caused by the challenging environment since customers need flexibility, agility and visibility into their


*SAP Announces 2008 Fourth Quarter and Full-Year Results*		Page 7

businesses now more than ever. These products are designed for fast implementations and quick returns on investment.”

Mr. Apotheker concluded, “This is not the first time we have experienced tough economic times and we believe we are well-prepared to endure it. With competitive products, a solid business model, a high percentage of recurring revenues and flexibility in the cost base, we expect to emerge from this challenging environment a stronger and more competitive company, while maintaining a firm hold on our industry leading position.”

BUSINESS OUTLOOK

The Company provided the following outlook for the full-year 2009.

Due to the continued uncertainty surrounding the economic and business environment, the Company will not provide a specific outlook for software and software-related service revenues for the full-year 2009. The Company expects its full-year 2009 Non-GAAP operating margin, which excludes a non-recurring deferred support revenue write-down from the acquisition of Business Objects of approximately €9 million and acquisition-related charges, to be in the range of 24.5% — 25.5% at constant currencies. This includes one-time restructuring charges between €200 million to €300 million expected to result from the reduction of the workforce, which negatively impacts the Non-GAAP operating margin outlook by approximately 2 — 3 percentage points. The 2009 Non-GAAP operating margin outlook is based on the assumption that 2009 Non-GAAP software and software-related service revenues, which exclude a non-recurring deferred support revenue write-down from the acquisition of Business Objects, will be flat to a decline of 1% at constant currencies (2008: €8.623 billion).

The Company projects an effective tax rate of 29.5% — 30.5% (based on U.S. GAAP income from continuing operations) for 2009 (2008: 30.1%).

IFRS Financial Data

The Company will discontinue its U.S. GAAP reporting and will only report financial data under IFRS from 2010 onwards. To prepare the capital markets for this change, IFRS financial data are provided in the financial section of this press release.


*SAP Announces 2008 Fourth Quarter and Full-Year Results*		Page 8

KEY EVENTS — Fourth Quarter 2008

•		In the fourth quarter of 2008, SAP closed major contracts in several key regions including Alpha Bank S.A., Enel S.p.A., Mairie de Paris, Merck, Ministry of Finance of the Czech Republic in EMEA; Carhartt Inc, ITT Corporation, IXE Grupo Financiero, Vought Aircraft Corporation in Americas; and China Merchants Bank, Dai-Ichi Seiko Co. Ltd., Mapletree Investments Pte Ltd, North China Grid Company Limited, Sharp Corporation in the Asia Pacific Japan region.

•		On December 10, 2008, Business Objects, a division of SAP, announced the next version of BusinessObjects BI OnDemand offerings. BI OnDemand is a complete suite of business intelligence capabilities, including a data warehouse, delivered on demand.

•		On November 26, 2008, SAP named Chief Operating Officer Erwin Gunst labor relations director of SAP AG, effective January 1, 2009. He succeeds SAP Executive Board member Claus Heinrich, who will be leaving SAP at the end of May 2009 after 21 years with the company, and 13 thereof as a member of the Board. Gunst will also be responsible for human resources, information technology, and SAP Labs.

•		On November 18, 2008, SAP announced its ongoing engagement in the SAP AMI Integration for Utilities software. The advanced metering infrastructure (AMI) software from SAP — a pioneer solution in this area — is envisioned to bring the utilities industry one step closer to solving one of the most important technological challenges it faces over the next decade: implementing and integrating smart meter technology to provide energy more intelligently and efficiently.

•		On November 12, 2008, SAP unveiled SAP enhancement package 4, the latest set of innovations for SAP’s flagship enterprise resource planning (ERP) application, SAP ERP. The enhancement package contains extended functionality for SAP ERP, which is delivered through a unique business software delivery model that offers customers the ability to adapt new functionality without the disruption of system upgrades.

•		On November 11, 2008, SAP announced the release of its first sustainability report, which highlights the key measures of SAP’s corporate environmental, social and governance performance, as well as its products and services that help enable more sustainable operations of its customers.

•		On November 6, 2008, SAP announced a series of initiatives focused on enhancing value in the relationship between SAP and its customers. Effective November 6, 2008, SAP has extended its maintenance offering to provide a total of nine years of support, delivering maintenance for SAP’s latest offerings through 2017.

•		On October 29, 2008, SAP announced the launch of the “Best-Run Now” initiative, highlighting solution offerings that focus on optimizing operations and address pressing business needs. Available in select markets with varied configurations, the offerings combine SAP software, services and special financing terms to deliver rapid time to value.


*SAP Announces 2008 Fourth Quarter and Full-Year Results*		Page 9

•		On October 21, 2008, SAP announced that it is further expanding the scope, versatility and built-in expertise of the SAP Business ByDesign solution. New and expanded early partnerships allow for four new add-on solutions from SAP’s ecosystem, with customer-focused capabilities and expertise for payroll, payment reference data, business-to-business collaboration and tax management.

•		On October 14, 2008, SAP announced the launch of SAP EcoHub, an online solution marketplace that makes it easier for customers to discover, evaluate and buy partner solutions to complement their SAP software installations.

•		On October 14, 2008, SAP and Cisco announced the availability of a composite application to help organizations proactively enforce data privacy across the business network. The application is designed to help support continuous, demonstrable compliance with data privacy policies and to minimize risks.

•		On October 8, 2008, Business Objects announced BusinessObjects XI 3.1, a unified business intelligence platform delivering all information to all people on one platform.

Use of Non-GAAP Financial Measures

This press release contains certain financial measures such as Non-GAAP revenues, Non-GAAP operating income, Non-GAAP operating margin, free cash flow, constant currency revenue and operating income measures, as well as U.S. Dollar based Non-GAAP revenue numbers. These measures are not prepared in accordance with U.S. GAAP and therefore are considered non-GAAP financial measures. Our non-GAAP financial measures may not correspond to non-GAAP financial measures that other companies report. The non-GAAP financial measures that we report should be considered as additional to, and not as a substitute for or superior to revenue, operating margin or our other measures of financial performance prepared in accordance with U.S. GAAP. See the financial section of this press release for additional information regarding the Non-GAAP measures included in this press release and for the reconciliations to the corresponding U.S. GAAP measures.


*SAP Announces 2008 Fourth Quarter and Full-Year Results*		Page 10

Core Enterprise Applications Vendor Share

The Company provides share data based on the vendors of Core Enterprise Applications solutions, which account for approximately $38.6 billion in software and software-related service revenues as defined by the Company based on industry analyst research. For 2008, industry analysts project approximately 5% — 6% year-on-year growth for Core Enterprise Applications vendors. For its quarterly share calculation, SAP assumed that this approximate 5% — 6% growth would not be linear throughout the year. Instead, quarterly adjustments are made based on the financial performance of a sub set of (approximately 40) Core Enterprise Application vendors.

Webcast/Supplementary Financial Information
SAP senior management will host a press conference in Frankfurt 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 <http://www.sap.com/investor> and will be available for replay. Supplementary financial information pertaining to the quarterly results can be found at http://www.sap.com/investor.

About SAP
SAP is the world’s leading provider of business software, offering applications and services that enable companies of all sizes and in more than 25 industries to become best-run businesses. With more than 82,000 customers in over 120 countries, SAP is listed on several exchanges, including the Frankfurt stock exchange and NYSE, under the symbol “SAP.” (For more information, visit www.sap.com)

(*) SAP defines business software as comprising enterprise resource planning and related applications.

# # #

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,” “outlook,” “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.

Copyright ^© 2009 SAP AG. All rights reserved.
SAP, R/3, mySAP, mySAP.com, xApps, xApp, SAP NetWeaver and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP AG in Germany and in several other countries all over the world. All other product and service names mentioned are the trademarks of their respective companies. Data contained in this document serve informational purposes only. National product specifications may vary.

For more information, press only:
Christoph Liedtke, +49 (6227) 7-50383, christoph.liedtke@sap.com, CET
Guenter Gaugler +49 (6227) 7-65416, guenter.gaugler@sap.com, CET
Andy Kendzie +1 (202) 312-3919, andy.kendzie@sap.com, EST

For more information, financial community only:
Stefan Gruber, +49 (6227) 7-44872, investor@sap.com, CET
Martin Cohen, +1 (212) 653-9619, investor@sap.com, EST

Appendix — Financial Information to Follow

CONSOLIDATED INCOME STATEMENT — FOURTH QUARTER
(U.S. GAAP)
Preliminary and unaudited


	Three months ended December 31
€ millions, unless otherwise stated	2008			2007			% change
Software revenue		1,323			1,415			-7
Support revenue		1,269			1,005			26
Subscription and other software-related service revenue		74			53			40
Software and software-related service revenue		2,666			2,473			8
Consulting revenue		668			603			11
Training revenue		111			110			1
Other service revenue		29			29			0
Professional services and other service revenue		808			742			9
Other revenue		14			25			-44
Total revenue		3,488			3,240			8
Cost of software and software-related services		-480			-391			23
Cost of professional services and other services		-566			-560			1
Research and development		-395			-409			-3
Sales and marketing		-629			-639			-2
General and administration		-145			-139			4
Other operating income/expense, net		3			7			-57
Total operating expenses		-2,212			-2,131			4
Operating income		1,276			1,109			15
Other non-operating income/expense, net		-50			9			-656
Financial income/expense, net		-29			21			-238
Income from continuing operations before income taxes		1,197			1,139			5
Income taxes		-339			-385			-12
Minority interests		0			1			-100
Income from continuing operations		858			755			14
Loss from discontinued operations, net of tax		-8			-3			167
Net income		850			752			13
Earnings per Share (EPS)
EPS from continuing operations — basic in €		0.72			0.62			16
EPS from continuing operations — diluted in €		0.73			0.63			16
EPS from net income — basic in €		0.72			0.62			16
EPS from net income — diluted in €		0.72			0.63			14
Weighted average number of shares*		1,187			1,201
Key Ratios
Operating margin		36.6	%		34.2	%	2.4pp
Effective tax rate from continuing operations		28.3	%		33.8	%


*		in millions, treasury stock excluded

CONSOLIDATED INCOME STATEMENT — FULL YEAR
(U.S. GAAP)
Preliminary and unaudited


	Twelve months ended December 31
€ millions, unless otherwise stated	2008			2007			% change
Software revenue		3,606			3,407			6
Support revenue		4,593			3,838			20
Subscription and other software-related service revenue		258			182			42
Software and software-related service revenue		8,457			7,427			14
Consulting revenue		2,500			2,221			13
Training revenue		434			410			6
Other service revenue		106			113			-6
Professional services and other service revenue		3,040			2,744			11
Other revenue		70			71			-1
Total revenue		11,567			10,242			13
Cost of software and software-related services		-1,646			-1,310			26
Cost of professional services and other services		-2,297			-2,091			10
Research and development		-1,631			-1,458			12
Sales and marketing		-2,541			-2,162			18
General and administration		-622			-506			23
Other operating income/expense, net		12			17			-29
Total operating expenses		-8,725			-7,510			16
Operating income		2,842			2,732			4
Other non-operating income/expense, net		-25			1			-2,600
Financial income/expense, net		-63			124			-151
Income from continuing operations before income taxes		2,754			2,857			-4
Income taxes		-828			-921			-10
Minority interests		-1			-2			-50
Income from continuing operations		1,925			1,934			0
Loss from discontinued operations, net of tax		-37			-15			147
Net income		1,888			1,919			-2
Earnings per Share (EPS)
EPS from continuing operations — basic in €		1.62			1.60			1
EPS from continuing operations — diluted in €		1.62			1.60			1
EPS from net income — basic in €		1.59			1.59			0
EPS from net income — diluted in €		1.59			1.59			0
Weighted average number of shares*		1,191			1,207
Key Ratios
Operating margin		24.6	%		26.7	%	-2.1pp
Effective tax rate from continuing operations		30.1	%		32.2	%


*		in millions, treasury stock excluded

CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. GAAP)
Preliminary and unaudited


€ millions	December 31, 2008		December 31, 2007
Assets
Cash and cash equivalents		1,277		1,608
Restricted cash		3		550
Short-term investments		382		598
Accounts receivable, net		3,141		2,895
Other assets		577		541
Deferred income taxes		202		125
Prepaid expenses/deferred charges		84		76
Assets classified as held for disposal		0		15
Current assets		5,666		6,408
Goodwill		5,007		1,423
Intangible assets, net		1,127		403
Property, plant, and equipment, net		1,405		1,316
Investments		95		89
Accounts receivable, net		2		3
Other assets		567		555
Deferred income taxes		190		146
Prepaid expenses/deferred charges		24		23
Noncurrent assets		8,417		3,958
Total assets		14,083		10,366


€ millions	December 31, 2008		December 31, 2007
Liabilities, Minority interests and Shareholders’ equity
Accounts payable		538		715
Income tax obligations		243		341
Other liabilities		4,091		1,456
Provisions		161		154
Deferred income taxes		47		47
Deferred income		624		477
Liabilities associated with assets classified as held for disposal		0		9
Current liabilities		5,704		3,199
Accounts payable		5		10
Income tax obligations		283		90
Other liabilities		99		79
Provisions		518		369
Deferred income taxes		157		73
Deferred income		61		42
Noncurrent liabilities		1,123		663
Total liabilities		6,827		3,862
Minority interests		2		1
Common stock, no par value		1,226		1,246
Treasury stock		-1,362		-1,734
Additional paid-in capital		320		347
Retained earnings		7,729		7,159
Accumulated other comprehensive loss		-659		-515
Shareholders’ equity		7,254		6,503
Total liabilities, Minority interests and Shareholders’ equity		14,083		10,366
Days Sales Outstanding		71		66

CONSOLIDATED STATEMENTS OF CASH FLOWS — FULL YEAR
(U.S. GAAP)
Preliminary and unaudited


	Twelve months ended December 31
€ millions	2008		2007
Net income		1,888		1,919
Net loss from discontinued operations		37		15
Minority interests		1		2
Income from continuing operations before minority interests		1,926		1,936
Adjustments to reconcile income from continuing operations before minority interests to net cash provided by operating activities:
Depreciation and amortization		548		261
Losses from equity investees		-1		1
Losses on disposal of intangible assets and property, plant, and equipment		5		1
Gains on disposal of investments		-15		-2
Writeups/downs of financial assets		15		8
Allowances for doubtful accounts		76		0
Impacts of hedging for cash-settled share-based payment plans		39		21
Stock-based compensation including income tax benefits		18		13
Excess tax benefit from share-based compensation		-7		0
Deferred income taxes		-68		8
Change in accounts receivable		-64		-521
Change in other assets		10		-322
Change in accrued and other liabilities		-380		423
Change in deferred income		81		123
Net cash provided by operating activities from continuing operations		2,183		1,950
Acquisition of minority interests in subsidiaries		0		-48
Business combinations, net of cash and cash equivalents acquired		-3,773		-672
Repayment of acquirees’ debt in business combinations		-450		0
Purchase of intangible assets and property, plant, and equipment		-339		-401
Proceeds from disposal of intangible assets and property, plant, and equipment		44		27
Cash transferred to restricted cash		-451		-550
Reduction of restricted cash		1,001		0
Purchase of investments		-380		-768
Sales of investments		579		1,025
Purchase of other financial assets		-16		-20
Sales of other financial assets		16		15
Net cash used in investing activities from continuing operations		-3,769		-1,392
Dividends paid		-594		-556
Purchase of treasury stock		-487		-1,005
Proceeds from reissuance of treasury stock		85		156
Proceeds from issuance of common stock (share-based compensation)		13		44
Excess tax benefit from share-based compensation		7		0
Proceeds from short-term and long-term debt		3,859		47
Repayments of short-term and long-term debt		-1,571		-48
Proceeds from the exercise of equity-based derivative instruments (STAR hedge)		24		75
Purchase of equity-based derivative instruments (hedge for cash-settled share-based payment plans)		-47		0
Net cash provided by / used in financing activities from continuing operations		1,289		-1,287
Effect of foreign exchange rates on cash and cash equivalents		-9		-49
Net cash used in operating activities from discontinued operations		-25		-12
Net cash used in investing activities from discontinued operations		0		-1
Net cash used in financing activities from discontinued operations		0		0
Net cash used in discontinued operations		-25		-13
Net change in cash and cash equivalents		-331		-791
Cash and cash equivalents at the beginning of the period		1,608		2,399
Cash and cash equivalents at the end of the period		1,277		1,608

Reconciliations from Non-GAAP Numbers to U.S. GAAP Numbers — Fourth Quarter
Preliminary and unaudited

The following table presents a reconciliation from our ‘Non-GAAP’ numbers (including our ‘Non-GAAP at Constant Currency’ numbers) to the respective most comparable U.S. GAAP numbers. Note: Our non-GAAP numbers are not prepared under a comprehensive set of accounting rules or principles. Please see section “Explanation of Non-GAAP Measures” for more information on our non-GAAP numbers.


	Three months ended December 31
	2008													2007								% change
											Non-GAAP															Non-GAAP
									Currency		constant															constant
€ millions, unless otherwise stated	U.S. GAAP			Adj.*		Non-GAAP*			impact**		currency**			U.S. GAAP			Adj.*		Non-GAAP*			U.S. GAAP		Non-GAAP*		currency**
*Non-GAAP Revenue Numbers*
Software revenue		1,323			0		1,323			5		1,328			1,415			0		1,415			-7		-7		-6
Support revenue		1,269			26		1,295			-17		1,278			1,005			0		1,005			26		29		27
Subscription and other software-related service revenue		74			0		74			-2		72			53			0		53			40		40		36
Software and software-related service revenue		2,666			26		2,692			-14		2,678			2,473			0		2,473			8		9		8
Consulting revenue		668			0		668			-7		661			603			0		603			11		11		10
Training revenue		111			0		111			1		112			110			0		110			1		1		2
Other service revenue		29			0		29			0		29			29			0		29			0		0		0
Professional services and other service revenue		808			0		808			-6		802			742			0		742			9		9		8
Other revenue		14			0		14			0		14			25			0		25			-44		-44		-44
Total revenue		3,488			26		3,514			-20		3,494			3,240			0		3,240			8		8		8

*Non-GAAP Operating Expense Numbers*
Cost of software and software-related services		-480			51		-429								-391			16		-375			23		14
Cost of professional services and other services		-566			0		-566								-560			1		-559			1		1
Research and development		-395			-1		-396								-409			-1		-410			-3		-3
Sales and marketing		-629			22		-607								-639			3		-636			-2		-5
General and administration		-145			0		-145								-139			0		-139			4		4
Other operating income/expense, net		3			0		3								7			0		7			-57		-57
Total operating expenses		-2,212			72		-2,140			21		-2,119			-2,131			19		-2,112			4		1		0

*Non-GAAP Income Numbers*
Operating income		1,276			98		1,374			1		1,375			1,109			19		1,128			15		22		22
Other non-operating income/expense, net		-50			0		-50								9			0		9			-656		-656
Financial income/expense, net		-29			0		-29								21			0		21			-238		-238
Income from continuing operations before income taxes		1,197			98		1,295								1,139			19		1,158			5		12
Income taxes		-339			-28		-367								-385			-4		-389			-12		-6
Minority interests		0			0		0								1			0		1			-100		-100
Income from continuing operations		858			70		928								755			15		770			14		21
Loss from discontinued operations, net of tax		-8			0		-8								-3			0		-3			167		167
Net income		850			70		920								752			15		767			13		20

*Non-GAAP Key Ratios*
Earnings per Share (EPS)
EPS from continuing operations — basic in €		0.72					0.78								0.62					0.64			16		22
EPS from continuing operations — diluted in €		0.73					0.78								0.63					0.63			16		24
EPS from net income — basic in €		0.72					0.77								0.62					0.63			16		22
EPS from net income — diluted in €		0.72					0.77								0.63					0.64			14		22
Weighted average number of shares***		1,187					1,187								1,201					1,201
Operating margin		36.6	%				39.1	%				39.4	%		34.2	%				34.8	%	2.4pp		4.3pp		4.6pp
Effective tax rate from continuing operations		28.3	%				28.3	%							33.8	%				33.6	%


*		adjustments in the revenue line items are for the Business Objects support revenue that Business Objects would have recognized had it remained a stand-alone entity but that SAP is not permitted to recognize as revenue under U.S. GAAP as a result of business combination accounting rules. Adjustments in the operating expense line items are for acquisition-related charges. See section “Explanation of Non-GAAP Measures” for details

**		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-GAAP constant currency numbers with the non-GAAP number of the previous year’s respective period. See section “Explanation of Non-GAAP Measures” for details

***		in millions, treasury stock excluded

Reconciliations from Non-GAAP Numbers to U.S. GAAP Numbers — FULL YEAR
Preliminary and unaudited


	Twelve months ended December 31
	2008										2007											% change
											Non-GAAP															Non-GAAP
									Currency		constant															constant
€ millions, unless otherwise stated	U.S. GAAP			Adj.*		Non-GAAP*			impact**		currency**			U.S. GAAP			Adj.*		Non-GAAP*			U.S. GAAP		Non-GAAP*		currency**
*Non-GAAP Revenue Numbers*
Software revenue		3,606			0		3,606			139		3,745			3,407			0		3,407			6		6		10
Support revenue		4,593			166		4,759			155		4,914			3,838			0		3,838			20		24		28
Subscription and other software-related service revenue		258			0		258			2		260			182			0		182			42		42		43
Software and software-related service revenue		8,457			166		8,623			296		8,919			7,427			0		7,427			14		16		20
Consulting revenue		2,500			0		2,500			92		2,592			2,221			0		2,221			13		13		17
Training revenue		434			0		434			18		452			410			0		410			6		6		10
Other service revenue		106			0		106			5		111			113			0		113			-6		-6		-2
Professional services and other service revenue		3,040			0		3,040			115		3,155			2,744			0		2,744			11		11		15
Other revenue		70			0		70			2		72			71			0		71			-1		-1		1
Total revenue		11,567			166		11,733			413		12,146			10,242			0		10,242			13		15		19

*Non-GAAP Operating Expense Numbers*
Cost of software and software-related services		-1,646			193		-1,453								-1,310			53		-1,257			26		16
Cost of professional services and other services		-2,297			0		-2,297								-2,091			2		-2,089			10		10
Research and development		-1,631			17		-1,614								-1,458			0		-1,458			12		11
Sales and marketing		-2,541			86		-2,455								-2,162			6		-2,156			18		14
General and administration		-622			1		-621								-506			0		-506			23		23
Other operating income/expense, net		12			0		12								17			0		17			-29		-29
Total operating expenses		-8,725			297		-8,428			-268		-8,696			-7,510			61		-7,449			16		13		17

*Non-GAAP Income Numbers*
Operating income		2,842			463		3,305			145		3,450			2,732			61		2,793			4		18		24
Other non-operating income/expense, net		-25			0		-25								1			0		1			-2,600		-2,600
Financial income/expense, net		-63			0		-63								124			0		124			-151		-151
Income from continuing operations before income taxes		2,754			463		3,217								2,857			61		2,918			-4		10
Income taxes		-828			-122		-950								-921			-20		-941			-10		1
Minority interests		-1			0		-1								-2			0		-2			-50		-50
Income from continuing operations		1,925			341		2,266								1,934			41		1,975			0		15
Loss from discontinued operations, net of tax		-37			0		-37								-15			0		-15			147		147
Net income		1,888			341		2,229								1,919			41		1,960			-2		14

*Non-GAAP Key Ratios*
Earnings per Share (EPS)
EPS from continuing operations — basic in €		1.62					1.90								1.60					1.64			1		16
EPS from continuing operations — diluted in €		1.62					1.90								1.60					1.63			1		17
EPS from net income — basic in €		1.59					1.87								1.59					1.62			0		15
EPS from net income — diluted in €		1.59					1.87								1.59					1.62			0		15
Weighted average number of shares***		1,191					1,191								1,207					1,207
Operating margin		24.6	%				28.2	%				28.4	%		26.7	%				27.3	%	-2.1pp		0.9pp		1.1pp
Effective tax rate from continuing operations		30.1	%				29.5	%							32.2	%				32.2	%


*		adjustments in the revenue line items are for the Business Objects support revenue that Business Objects would have recognized had it remained a stand-alone entity but that SAP is not permitted to recognize as revenue under U.S. GAAP as a result of business combination accounting rules. Adjustments in the operating expense line items are for acquisition-related charges. See section “Explanation of Non-GAAP Measures” for details

**		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-GAAP constant currency numbers with the non-GAAP number of the previous year’s respective period. See section “Explanation of Non-GAAP Measures” for details

***		in millions, treasury stock excluded

Reconciliations from Non-GAAP Revenue in U.S. Dollar to U.S. GAAP Revenue in Euro — FOURTH QUARTER AND FULL YEAR
Preliminary and unaudited

The following table presents a reconciliation from our non-GAAP revenue numbers in U.S. dollar to the respective most comparable U.S. GAAP Revenue numbers in euro. Note: Our non-GAAP numbers in U.S. dollar are company-specific and not prepared under a comprehensive set of accounting rules or principles. Please see section “Explanation of Non-GAAP Measures” for more information on our non-GAAP numbers in U.S. dollar.


	Three months ended December 31
	Software Revenue						Software and Software-Related Service Revenue
	2008		2007		% change		2008		2007		% change
U.S. GAAP revenue in € millions		1,323		1,415		-7		2,666		2,473		8
Respective measure in US$ millions		1,768		2,061		-14		3,537		3,595		-2
Adjustment* in US$ millions		0		0		0		35		0		—
Non-GAAP revenue in US$ millions		1,768		2,061		-14		3,572		3,595		-1


*		adjustments in the revenue line items are for the Business Objects support revenue that Business Objects would have recognized had it remained a stand-alone entity but that SAP is not permitted to recognize as revenue under U.S. GAAP as a result of business combination rules. See section “Explanation of Non-GAAP Measures” for details


	Twelve months ended December 31
	Software Revenue						Software and Software-Related Service Revenue
	2008		2007		% change		2008		2007		% change
U.S. GAAP revenue in € millions		3,606		3,407		6		8,457		7,427		14
Respective measure in US$ millions		5,238		4,756		10		12,342		10,276		20
Adjustment* in US$ millions		0		0		0		248		0		—
Non-GAAP revenue in US$ millions		5,238		4,756		10		12,590		10,276		23


*		adjustments in the revenue line items are for the Business Objects support revenue that Business Objects would have recognized had it remained a stand-alone entity but that SAP is not permitted to recognize as revenue under U.S. GAAP as a result of business combination rules. See section “Explanation of Non-GAAP Measures” for details

Note: Differences may exist due to rounding

REVENUE BY REGION — FOURTH QUARTER
Preliminary and unaudited

The following table presents our U.S. GAAP and non-GAAP revenue by region. The table also presents a reconciliation from our non-GAAP revenue (including our non-GAAP revenue at constant currency) to the respective most comparable U.S. GAAP revenue. Note: Our non-GAAP revenues are not prepared under a comprehensive set of accounting rules or principles. Please see section “Explanation of Non-GAAP Measures” for more information on our non-GAAP revenue.


	Three months ended December 31
	2008										2007						% change
									Non-GAAP												Non-GAAP
							Currency		constant												constant
€ millions	U.S. GAAP		Adj.*		Non-GAAP*		impact**		currency**		U.S. GAAP		Adj.*		Non-GAAP*		U.S. GAAP		Non-GAAP*		currency**
Software revenue by region***
EMEA		765		0		765		17		782		779		0		779		-2		-2		0
Americas		381		0		381		-5		376		456		0		456		-16		-16		-18
Asia Pacific Japan		178		0		178		-8		170		180		0		180		-1		-1		-6

Software revenue		1,323		0		1,323		5		1,328		1,415		0		1,415		-7		-7		-6

Software and software-related service revenue by region***
Germany		467		1		468		0		468		514		0		514		-9		-9		-9
Rest of EMEA		1,028		8		1,036		34		1,070		878		0		878		17		18		22
Total EMEA		1,495		9		1,504		34		1,538		1,392		0		1,392		7		8		10
United States		605		14		619		-53		566		560		0		560		8		11		1
Rest of Americas		230		1		231		23		254		217		0		217		6		6		17
Total Americas		835		15		850		-30		820		777		0		777		7		9		6
Japan		137		0		137		-31		106		109		0		109		26		26		-3
Rest of Asia Pacific Japan		199		1		200		14		214		195		0		195		2		3		10
Total Asia Pacific Japan		336		1		337		-17		320		304		0		304		11		11		5

Software and software-related service revenue		2,666		26		2,692		-14		2,678		2,473		0		2,473		8		9		8

Total revenue by region***
Germany		648		1		649		0		649		675		0		675		-4		-4		-4
Rest of EMEA		1,291		8		1,299		42		1,341		1,126		0		1,126		15		15		19
Total EMEA		1,939		9		1,948		42		1,990		1,801		0		1,801		8		8		10
United States		827		14		841		-71		770		779		0		779		6		8		-1
Rest of Americas		302		1		303		30		333		274		0		274		10		11		22
Total Americas		1,129		15		1,144		-41		1,103		1,053		0		1,053		7		9		5
Japan		168		0		168		-39		129		135		0		135		24		24		-4
Rest of Asia Pacific Japan		252		1		253		19		272		251		0		251		0		1		8
Total Asia Pacific Japan		420		1		421		-20		401		386		0		386		9		9		4

Total revenue		3,488		26		3,514		-20		3,494		3,240		0		3,240		8		8		8


*		adjustments in the revenue line items are for the Business Objects support revenue that Business Objects would have recognized had it remained a stand-alone entity but that SAP is not permitted to recognize as revenue under U.S. GAAP as a result of business combination accounting rules. Adjustments in the operating expense line items are for acquisition-related charges. See section “Explanation of Non-GAAP Measures” for details

**		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-GAAP constant currency numbers with the non-GAAP number of the previous year’s respective period. See section “Explanation of Non-GAAP Measures” for details

***		based on customer location

Note: Differences may exist due to rounding

REVENUE BY REGION — FULL YEAR
Preliminary and unaudited


	Twelve months ended December 31
	2008										2007						% change
									Non-GAAP												Non-GAAP
							Currency		constant												constant
€ millions	U.S. GAAP		Adj.*		Non-GAAP*		impact**		currency**		U.S. GAAP		Adj.*		Non-GAAP*		U.S. GAAP		Non-GAAP*		currency**
Software revenue by region***
EMEA		1,845		0		1,845		47		1,892		1,697		0		1,697		9		9		11
Americas		1,184		0		1,184		75		1,259		1,228		0		1,228		-4		-4		3
Asia Pacific Japan		578		0		578		16		594		482		0		482		20		20		23

Software revenue		3,606		0		3,606		138		3,745		3,407		0		3,407		6		6		10

Software and software-related service revenue by region***
Germany		1,515		4		1,519		1		1,520		1,432		0		1,432		6		6		6
Rest of EMEA		3,060		61		3,121		102		3,223		2,541		0		2,541		20		23		27
Total EMEA		4,575		65		4,640		103		4,743		3,973		0		3,973		15		17		19
United States		1,976		84		2,060		131		2,191		1,838		0		1,838		8		12		19
Rest of Americas		748		6		754		39		793		657		0		657		14		15		21
Total Americas		2,724		90		2,814		170		2,984		2,495		0		2,495		9		13		20
Japan		410		3		413		-32		381		340		0		340		21		21		12
Rest of Asia Pacific Japan		748		7		755		56		811		619		0		619		21		22		31
Total Asia Pacific Japan		1,158		10		1,168		24		1,192		959		0		959		21		22		24

Software and software-related service revenue		8,457		166		8,623		296		8,919		7,427		0		7,427		14		16		20

Total revenue by region***
Germany		2,194		4		2,198		1		2,199		2,004		0		2,004		9		10		10
Rest of EMEA		4,012		61		4,073		128		4,201		3,386		0		3,386		18		20		24
Total EMEA		6,206		65		6,271		129		6,400		5,390		0		5,390		15		16		19
United States		2,882		84		2,966		201		3,167		2,706		0		2,706		7		10		17
Rest of Americas		990		6		996		51		1,047		871		0		871		14		14		20
Total Americas		3,872		90		3,962		252		4,214		3,577		0		3,577		8		11		18
Japan		515		3		518		-40		478		447		0		447		15		16		7
Rest of Asia Pacific Japan		974		7		981		73		1,054		828		0		828		18		18		27
Total Asia Pacific Japan		1,489		10		1,499		33		1,532		1,275		0		1,275		17		18		20

Total Revenue		11,567		166		11,733		413		12,146		10,242		0		10,242		13		15		19


*		adjustments in the revenue line items are for the Business Objects support revenue that Business Objects would have recognized had it remained a stand-alone entity but that SAP is not permitted to recognize as revenue under U.S. GAAP as a result of business combination accounting rules. Adjustments in the operating expense line items are for acquisition-related charges. See section “Explanation of Non-GAAP Measures” for details

**		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-GAAP constant currency numbers with the non-GAAP number of the previous year’s respective period. See section “Explanation of Non-GAAP Measures” for details

***		based on customer location

Note: Differences may exist due to rounding

SHARE-BASED COMPENSATION — FULL YEAR
(U.S. GAAP)
Preliminary and unaudited


	Twelve months ended December 31
€ millions	2008		2007		% change
Share-based compensation per expense line item
Cost of software and software-related services		6		9		-33
Cost of professional services and other services		12		20		-40
Research and development		18		29		-38
Sales and marketing		15		20		-25
General and administration		12		17		-29
Other operating income/expense, net		0		0		0

Total Share-Based Compensation		63		95		-34

Note: The share-based compensation expenses do not differ between SAP’s U.S. GAAP and non-GAAP measures

FREE CASH FLOW — FULL YEAR
Preliminary and unaudited


	Twelve months ended December 31
€ millions	2008		2007		% change
Net cash provided by operating activities from continuing operations		2,183		1,950		12
Purchase of long-lived assets excluding additions from business combinations		-339		-401		-15

Free Cash Flow		1,844		1,549		19

HEADCOUNT
Preliminary and unaudited


in Full-Time Equivalents - from continuing operations	December 31, 2008		December 31, 2007
*Headcount by Region*
Germany		15,582		14,749
Rest of EMEA		11,243		8,905
Total EMEA		26,825		23,654
United States		9,214		7,832
Rest of Americas		4,243		2,797
Total Americas		13,457		10,629
Japan		1,413		1,344
Rest of Asia Pacific Japan		9,841		8,234
Total Asia Pacific Japan		11,254		9,578

Total		51,536		43,861


*Headcount by Functional Area*
Software and software related services		6,458		5,831
Professional services and other services		14,051		12,785
Research and development		15,547		12,951
Sales and marketing		10,701		8,282
General and administration		3,244		2,797
Infrastructure		1,535		1,215

Total		51,536		43,861

F10

MULTI QUARTER SUMMARY
(U.S. GAAP and Non-GAAP)
Preliminary and unaudited

€ millions, unless otherwise stated

Q4/2008

Q3/2008

Q2/2008

Q1/2008

Q4/2007

Q3/2007

Q2/2007

Q1/2007

Software revenue (U.S. GAAP)

1,323

763

898

622

1,415

714

716

562

Revenue adjustment*

Software revenue (Non-GAAP)

1,323

763

898

622

1,415

714

716

562

Support revenue (U.S. GAAP)

1,269

1,167

1,099

1,058

1,005

975

944

914

Revenue adjustment*

Support revenue (Non-GAAP)

1,295

1,208

1,151

1,105

1,005

975

944

914

Subscription and other software-
related service revenue (U.S.
GAAP)

Revenue adjustment*

Subscription and other software-
related service revenue (Non-
GAAP)

Software and software-related
service revenue (U.S. GAAP)

2,666

1,994

2,061

1,736

2,473

1,735

1,704

1,515

Revenue adjustment*

Software and software-related
service revenue (Non-GAAP)

2,692

2,035

2,113

1,783

2,473

1,735

1,704

1,515

Total revenue (U.S. GAAP)

3,488

2,761

2,858

2,460

3,240

2,419

2,421

2,162

Revenue adjustment*

Total revenue (Non-GAAP)

3,514

2,802

2,910

2,507

3,240

2,419

2,421

2,162

Operating income (U.S. GAAP)

1,276

614

593

359

1,109

606

581

436

Revenue adjustment*

Expense adjustment*

Operating income (Non-GAAP)

1,374

731

711

489

1,128

624

594

447

Operating margin (U.S. GAAP)

36.6

22.2

20.7

14.6

34.2

25.1

24.0

20.2

Operating margin (Non-GAAP)

39.1

26.1

24.4

19.5

34.8

25.8

24.5

20.7

Effective tax rate from continuing
operations (Non-GAAP)

28.3

30.9

30.7

29.0

33.8

35.1

25.8

33.5

EPS from continuing operations
— basic in €(U.S. GAAP)

0.72

0.35

0.34

0.21

0.62

0.35

0.37

0.26

EPS from continuing operations
— diluted in €(U.S. GAAP)

0.73

0.34

0.21

0.63

0.34

0.37

0.26

EPS from continuing operations
— basic in €(Non-GAAP)

0.78

0.41

0.42

0.29

0.64

0.36

0.38

0.26

EPS from continuing operations
— diluted in €(Non-GAAP)

0.78

0.41

0.42

0.29

0.63

0.36

0.38

0.26

Headcount**

51,536

51,863

51,447

51,274

43,861

42,601

41,736

40,318


*		adjustments in the revenue line items are for the Business Objects support revenue that Business Objects would have recognized had it remained a stand-alone entity but that SAP is not permitted to recognize as revenue under U.S. GAAP as a result of business combination accounting rules. Adjustments in the operating expense line items are for acquisition-related charges. See section “Explanation of Non-GAAP Measures” for details

**		in Full-Time-Equivalents — from continuing operations

F11

Explanation of Non-GAAP Measures

This document discloses certain financial measures, such as non-GAAP revenues, non-GAAP expenses, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP earnings per share, free cash flow, constant currency revenue and operating income measures as well as U.S. dollar based revenue numbers that are not prepared in accordance with U.S. GAAP and are therefore considered non-GAAP financial measures. Our non-GAAP financial measures may not correspond to non-GAAP financial measures that other companies report. The non-GAAP financial measures that we report should be considered as additional to, and not as substitutes for or superior to, revenue, operating income, cash flows, or other measures of financial performance prepared in accordance with U.S. GAAP. Our non-GAAP financial measures included in this document are reconciled to the nearest U.S. GAAP measure in the tables on the pages F5 to F11 above.

We believe that it is of interest to investors to receive certain supplemental historical and prospective non-GAAP financial information used by our management in running our business and making financial, strategic and operational decisions — in addition to financial data prepared in accordance with U.S GAAP — to attain a more transparent understanding of our past performance and our future results. Beginning in 2008, we use these non-GAAP measures as defined below consistently in our planning, forecasting, reporting, compensation and external communication. Specifically,

•		Our management uses these non-GAAP numbers rather than U.S. GAAP numbers as the basis for financial, strategic and operating decisions

•		The variable remuneration components of our board members and employees that are tied to our company’s growth and operating performance are based on SAP’s achievement of its targets for non-GAAP operating income, non-GAAP software and software-related revenue growth at constant currencies, and non-GAAP operating margin at constant currencies.

•		The annual budgeting process involving all management units is based on non-GAAP revenues and non-GAAP operating income numbers rather than U.S. GAAP numbers.

•		All monthly forecast and performance reviews with all senior managers globally are based on these non-GAAP measures rather than U.S. GAAP numbers.

•		Both, company-internal target setting and guidance provided to the capital markets are based on Non-GAAP revenues and Non-GAAP income measures rather than U.S. GAAP numbers.

We believe that our non-GAAP measures are useful to investors for the following reasons:

•		The non-GAAP measures provide investors with insight into management’s decision- making since management uses these non-GAAP measures to run our business and make financial, strategic and operating decisions.

•		The non-GAAP measures provide investors with additional information that enables a comparison of year-over-year operating performance by eliminating certain direct effects resulting from the acquisition of Business Objects.

Our non-GAAP financial measures reflect adjustments based on the following items, as well as the related income tax effects:

Non-GAAP revenue:

Revenues in this document identified as “non-GAAP revenue” have been adjusted from the respective U.S. GAAP numbers by including the full amount of Business Objects support revenues that would have been reflected by Business Objects had it remained a stand-alone entity but which are not permitted to be reflected as revenues under U.S. GAAP as a result of fair value accounting for Business Objects support contracts in effect at the time of the Business Objects acquisition.

Under U.S. GAAP we record at fair value the Business Objects support contracts in effect at the time of the acquisition of Business Objects. Consequently, our U.S. GAAP support revenues, our U.S. GAAP software and software-related service revenues and our U.S. GAAP total revenues for periods subsequent to the Business Objects acquisition do not reflect the full amount of support revenue that Business Objects would have recorded for these support contracts absent the acquisition by SAP. Adjusting revenue numbers for this one-time revenue impact provides additional insight into our ongoing performance because the support contracts are typically one-year contracts and any renewals of these contracts are expected to result in revenues that are not impacted by the business combination related fair value accounting. However, we cannot provide absolute assurance that these contracts will in fact be renewed.

Non-GAAP operating expense:

We exclude acquisition-related charges, which are defined as follows:

•		Amortization expense of intangibles acquired in business combinations and certain standalone acquisitions of intellectual property;

•		Expense from purchased in-process research and development; and

•		Restructuring expenses as far as incurred in connection with a business combinations

Although acquisition-related charges include recurring items from past acquisitions, such as amortization of acquired intangible assets, they also include an unknown component, relating to current-year acquisitions. We cannot accurately assess or plan for that unknown component until we have finalized our purchase price allocation. Furthermore acquisition-related charges may include one-time charges that are not reflective of our ongoing operating performance.

F12

Explanation of Non-GAAP Measures

Non-GAAP operating income, non-GAAP operating margin, non-GAAP net income and non-GAAP earnings per share

Operating income, operating margin, net income and earnings per share in this document identified as “non-GAAP operating income”, “non-GAAP operating margin”, “non-GAAP net income” and “non-GAAP earnings per share” have been adjusted from the respective operating income, operating margin, net income and earnings per share numbers as recorded under U.S. GAAP by adjusting for the above mentioned non-GAAP revenues and expenses

We include these non-GAAP revenues and exclude these non-GAAP expenses for the purpose of calculating non-GAAP operating income, non-GAAP operating margin, non-GAAP net income and non-GAAP earnings per share when evaluating the continuing operational performance of the Company because these expenses generally cannot be changed or influenced by management after the acquisition other than by disposing of the acquired assets. As management at levels below the Executive Board has no influence on these expenses we generally do not consider these expenses for purposes of evaluating the performance of management units. As we believe that our Company-wide performance measures need to be aligned with the measures generally applied by management at varying levels throughout the Company we exclude these expenses when making decisions to allocate resources, both, on a Company level and at lower levels of the organization. In addition, we use these Non-GAAP measures to gain a better understanding of the Company’s comparative operating performance from period-to-period and as a basis for planning and forecasting future periods. Considering that management at all levels of the organization is heavily focused on our non-GAAP measures in our internal reporting and controlling, we believe that it is in the interest of our investors that they are provided with the same information.

We believe that our non-GAAP financial measures described above have limitations, which include but are not limited to the following:

•		The eliminated amounts may be material to us.

•		Without being analysed in conjunction with the corresponding U.S. GAAP measures the non-GAAP measures are not indicative of our present and future performance, foremost for the following reasons:

•		The additional insight into our potential future financial performance that our non-GAAP revenue numbers are intended to provide assumes that Business Objects customers renew their maintenance contracts. Projections of our future revenues made based on these numbers would be overstated if such maintenance renewals do not occur.

•		While our non-GAAP income numbers reflect the elimination of certain acquisition-related expenses, no eliminations are made for the additional revenues that result from the acquisitions.

•		The acquisition-related one-time charges that we eliminate in deriving our non-GAAP income numbers are likely to recur should SAP enter into material business combinations in the future.

•		The acquisition-related amortization expense that we eliminate in deriving our non-GAAP income numbers are recurring expenses that will impact our financial performance in future years.

•		While our non-GAAP revenue numbers are adjusted for a one-time impact only, our non-GAAP expenses are adjusted for both one-time and recurring items. Additionally, the revenue adjustment for the fair value accounting for Business Objects support contracts and the expense adjustment and recurring acquisition-related charges do not arise from a common conceptual basis as the revenue adjustment aims at improving the comparability of the initial post-acquisition period with future post-acquisition periods while the expense adjustment aims at improving the comparability between post-acquisition periods and pre-acquisition periods. This should particularly be considered when evaluating our non-GAAP operating income and non-GAAP operating margin numbers as these combine our non-GAAP revenues and non-GAAP expenses despite the absence of a common conceptual basis.

We believe, however, that the presentation of the non-GAAP measures in conjunction with the corresponding GAAP measures provide useful information to management and investors regarding present and future business trends relating to our financial condition and results of operations. We therefore do not evaluate our growth and performance without considering both non-GAAP measures and U.S. GAAP measures. We caution the readers of this document to follow a similar approach by considering our non-GAAP measures only in addition to, and not as a substitute for or superior to, revenues or other measures of our financial performance prepared in accordance with U.S. GAAP.

Free Cash Flow

We believe that free cash flow is a widely accepted supplemental measure of liquidity. Free cash flow measures a company’s cash flow remaining after all expenditures required to maintain or expand the business have been paid off. We calculate free cash flow as operating cash flow from continuing operations minus additions to long-lived assets excluding additions from acquisitions. Free cash flow should be considered in addition to, and not as a substitute for or superior to, cash flow or other measures of liquidity and financial performance prepared in accordance with U.S. GAAP.

F13

Explanation of Non-GAAP Measures

Constant Currency Period-over-Period Changes

We believe it is important for investors to have information that provides insight into our sales. Revenue measures determined under U.S. GAAP provide information that is useful in this regard. However, both sales volume and currency effects impact period-over-period changes in sales revenue. We do not sell standardized units of products and services, so we cannot provide relevant information on sales volume by providing data on the changes in product and service units sold. To provide additional information that may be useful to investors in breaking down and evaluating changes in sales volume, we present information about our revenue and various values and components relating to operating income that are adjusted for foreign currency effects. We calculate constant currency year-over-year changes in revenue and operating income by translating foreign currencies using the average exchange rates from the previous (comparator) year instead of the report year.

We believe that data on constant currency period-over-period changes have limitations, particularly as the currency effects that are eliminated constitute a significant element of our revenues and expenses and may severely impact our performance. We therefore limit our use of constant currency period-over-period changes to the analysis of changes in volume as one element of the full change in a financial measure. We do not evaluate our results and performance without considering both constant currency period-over-period changes on the one hand and changes in revenues, expenses, income, or other measures of financial performance prepared in accordance with U.S. GAAP on the other. We caution the readers of this document to follow a similar approach by considering data on constant currency period-over-period changes only in addition to, and not as a substitute for or superior to, changes in revenues, expenses, income, or other measures of financial performance prepared in accordance with U.S. GAAP.

U.S. Dollar-based Non-GAAP Revenue Measures

Substantially all of our major competitors report their financial performance in U.S. dollars. Thus changes in exchange rates, particularly in the U.S. dollar to euro rates, affect the financial statements of our competitors differently than our euro-based financial statements. We therefore believe that U.S. dollar-based revenues for SAP provide investors with useful additional information that enables them to better compare SAP’s revenue growth with SAP’s competitors’ revenue growth irrespective of movements in exchange rates.

Our U.S. dollar non-GAAP revenues are determined as if SAP’s reporting currency was the U.S. dollar. In fact, the reporting currency of our U.S. GAAP and IFRS consolidated financial statements as filed in Germany and in the U.S. with the U.S. Securities and Exchange Commission (SEC) is the euro. Additionally, our U.S. dollar non-GAAP revenue numbers have been adjusted from the respective U.S. GAAP revenues by the same support revenue fair value adjustment than our non GAAP revenues explained above.

SAP’s management uses our U.S. dollar non-GAAP revenues to gain a better understanding of SAP’s operating results compared to SAP’s major competitors.

We believe that our U.S. dollar non-GAAP revenues have limitations, particularly because the impact of currency exchange rate fluctuations and the eliminated amounts may be material to us. We therefore do not evaluate our growth and performance without considering both non-GAAP revenues and euro-based U.S. GAAP revenues. We caution the readers of this document to follow a similar approach by considering our U.S. dollar non-GAAP revenues only in addition to, and not as a substitute for or superior to, revenues or other measures of our financial performance prepared in accordance with U.S. GAAP and reported in euro.

F14

ABBREVIATED CONSOLIDATED INCOME STATEMENTS — FULL YEAR
(IFRS — Operating Section Only)
Preliminary and unaudited


	Twelve months ended December 31
€ millions, unless otherwise stated	2008			2007			% change
Software revenue		3,606			3,407			6
Support revenue		4,602			3,852			19
Subscription and other software-related service revenue		258			182			42
Software and software-related service revenue		8,466			7,441			14
Consulting revenue		2,500			2,221			13
Training revenue		434			410			6
Other service revenue		107			113			-5
Professional services and other service revenue		3,041			2,744			11
Other revenue		70			71			-1
Total revenue		11,577			10,256			13

Cost of software and software-related services		-1,712			-1,350			27
Cost of professional services and other services		-2,286			-2,091			9
Research and development		-1,627			-1,461			11
Sales and marketing		-2,546			-2,173			17
General and administration		-624			-499			25
Other operating income/expense, net		-51			16			-419
Total operating expenses		-8,846			-7,558			17

Operating profit		2,731			2,698			1

Operating margin		23.6	%		26.3	%	-2.7		pp

F15

Reconciliation from our U.S. GAAP and non-GAAP to our IFRS and non-IFRS numbers — FULL YEAR
Preliminary and unaudited

The following table provides a reconciliation from our U.S. GAAP and non-GAAP numbers to the respective most comparable IFRS and non-IFRS numbers. Note: Our non-GAAP and non-IFRS numbers are not prepared under a comprehensive set of accounting rules or principles. Please see the section “Explanation of Non-IFRS Measures” for more information on our Non-GAAP and Non-IFRS numbers.


	Twelve months ended December 31
	2008								2007								% change
				IFRS vs.								IFRS vs.
				U.S.								U.S.
	U.S.			GAAP					U.S.			GAAP						U.S.
€ millions, unless otherwise stated	GAAP			Diff.		IFRS			GAAP			Diff.		IFRS				GAAP			IFRS

*Non-GAAP / Non-IFRS Revenue*
U.S.GAAP / IFRS software and software-related service revenue		8,457			9		8,466			7,427			14		7,441				14	%		14	%
Discontinued operations*		0			-9		-9			0			-14		-14
Deferred revenue write-down**		166			0		166			0			0		0
Non-GAAP / Non-IFRS software and software-related service revenue		8,623			0		8,623			7,427			0		7,427				16	%		16	%

U.S.GAAP / IFRS total revenue		11,567			10		11,577			10,242			14		10,256				13	%		13	%
Discontinued operations*		0			-10		-10			0			-14		-14
Deferred revenue write-down**		166			0		166			0			0		0
Non-GAAP / Non-IFRS total revenue		11,733			0		11,733			10,242			0		10,242				15	%		15	%

*Non-GAAP / Non-IFRS Operating Income*
U.S.GAAP / IFRS operating income		2,842			-111		2,731			2,732			-34		2,698				4	%		1	%
Discontinued operations*		0			71		71			0			31		31
Deferred revenue write-down**		166			0		166			0			0		0
Acquisition related charges***		297			39		336			61			1		62
Non-GAAP / Non-IFRS operating income		3,305			-1		3,304			2,793			-2		2,791				18	%		18	%

*Non-GAAP / Non-IFRS Operating Margin*
U.S.GAAP / IFRS operating margin		24.6	%				23.6	%		26.7	%				26.3	%			-2.1	pp		-2.7	pp
Non-GAAP / Non-IFRS operating margin		28.2	%				28.2	%		27.3	%				27.3	%			0.9	pp		0.9	pp


*		adjustments are for the discontinued operations of the Tomorrow Now entities which do not qualify for seperate presentation under IFRS. The adjustment differs from the result from discontinued operations under U.S.GAAP due to differences in the valuation of accrued liabilities.

**		adjustments are for the Business Objects support revenue that Business Objects would have recognized had it remained a stand-alone entity but that SAP is not permitted to recognize as revenue under both U.S. GAAP and IFRS as a result of business combination accounting rules. See section “Explanation of Non-IFRS Measures” for details.

***		adjustments are for the effects of restructuring accruals (Non-IFRS), in-process R&D (Non-GAAP), amortization of intangibles identified as part of a purchase price allocation (Non-GAAP and IFRS). See section “Explanation of Non-IFRS Measures” for details.

F16

U.S. GAAP — IFRS SIGNIFICANT DIFFERENCES WITH IMPACT ON INCOME

Acquisition-related restructuring expense

In certain circumstances, U.S. GAAP requires that restructuring expense incurred in connection with a business combination be shown as an assumed liability, and therefore it does not normally affect income. However, this restructuring expense must be shown as a current expense under IFRS.

Acquired in-process research and development

Under U.S. GAAP, all in-process research and development acquired in connection with a business combination must be amortized immediately. Under IFRS, if certain criteria are met, it must be shown as an asset and, once completed and ready for market, amortized over its normal useful life.

Discontinued Operations

SAP’s U.S. GAAP income statement shows the revenue and income of our TomorrowNow subsidiary’s activities separately because we discontinued its operation. IFRS does not allow us to show them separately because TomorrowNow is not a material operation. This leads to the only difference between our presentation of revenue under U.S. GAAP and IFRS.

Provisions for litigation costs

Under U.S. GAAP, we report attorneys’ fees and other legal costs associated with litigation and claims when we incur them. Under IFRS, where appropriate and except to the extent it is virtually certain that we will recover them, we include an estimated amount for the litigation costs in a provision we create for the litigation.

Deferred taxes

Where differences between our IFRS financial statements and our U.S. GAAP financial statements arise out of tax-relevant transactions that result in temporary differences between the financial statements and our tax accounts, they also result in differences in the deferred tax in our IFRS financial statements and our U.S. GAAP financial statements.

F17

Explanation of Non-IFRS Measures

Since 2007, we have been required by German and European law to prepare consolidated financial statements in accordance with IFRS. We have not, however, discontinued preparing financial statements under U.S. GAAP but have prepared consolidated financial statements under both U.S. GAAP and IFRS.

Despite the adoption of IFRS, our focus has continued to be on our U.S. GAAP financial figures and non-GAAP measures derived from them:

•		The non-GAAP numbers have continued to be the key performance measures in our internal management reporting, planning, and forecasting, and in the variable compensation for our management and employees.

•		We have maintained the focus of our external communication (for example, our business outlook) on U.S. GAAP numbers and non-GAAP numbers derived from them.

We plan to fully migrate to IFRS and discontinue the preparation of U.S. GAAP financial information with effect from the end of 2009. During 2009, we plan to continue to report our financial information according to both IFRS and U.S. GAAP. Our press release for Q4/2009 will be the last document in which we will provide U.S. GAAP financial information. In our annual report as well as our annual report on Form 20-F for fiscal year 2009 and all quarterly and annual reports thereafter, we plan to include only IFRS financial statements, and we plan to base our business outlook for 2010 and years thereafter on non-IFRS numbers derived from IFRS numbers. Concurrently with this change in our external financial communication, we will modify our internal management reporting, planning and forecasting, and variable compensation plans to align to the non IFRS numbers we provide in our external communication.

To give investors an insight into what our migration from U.S. GAAP/non-GAAP to IFRS/non-IFRS will mean for SAP’s key performance measures, the section titled Reconciliations: U.S.GAAP / IFRS / Non-GAAP / Non-IFRS shows a reconciliation from our U.S. GAAP and non-GAAP numbers to their most comparable IFRS and non-IFRS numbers. Note: Our non-GAAP and non-IFRS numbers are not prepared under a comprehensive set of accounting rules or principles. For more information on our non-GAAP measures, which also applies to our non-IFRS numbers subject to the additional explanations below, see the section titled Explanation of Non-GAAP Measures .

Our non-GAAP measures and our non-IFRS measures have been adjusted from the respective U.S. GAAP and IFRS numbers by:

•		Including the full amount of Business Objects support revenue that Business Objects would have recognized had it remained a stand-alone entity but which we are not permitted to recognize as revenue under U.S. GAAP and IFRS as a result of fair value accounting for Business Objects support contracts in effect at the time of the Business Objects acquisition, and

•		Excluding acquisition-related charges

However, the adjustment amounts for acquisition-related charges differ between our non-GAAP measures and our non-IFRS measures, due to differences between U.S. GAAP and IFRS. Specifically:

•		Certain acquisition-related restructuring costs are accounted for as liabilities assumed in a business combination under U.S. GAAP while being charged to expense under IFRS. Consequently, these costs are eliminated only in our non-IFRS numbers.

•		Purchased in-process research and development is charged to expense immediately under U.S. GAAP while being capitalized and amortized over the expected life under IFRS. Consequently, the immediate charge to expense is only eliminated in our non-GAAP measures while the amortization is only eliminated in our non-IFRS measures.

Additionally, our non-IFRS measures have been adjusted from the respective IFRS numbers for the income from our discontinued
TomorrowNow operations. Under U.S. GAAP, we present the results of operations of the TomorrowNow entities as discontinued operations. Under IFRS, results of discontinued operations may only be presented as discontinued operations if a separate major line of business or geographical area of operations is discontinued. Our TomorrowNow operations were not a separate major line of business and thus did not qualify for separate presentation under IFRS. We believe that this additional adjustment is useful to investors for the following reasons:

•		Despite the migration from U.S. GAAP to IFRS, SAP will continue to view the TomorrowNow operations as discontinued operations and thus will continue to exclude potential future TomorrowNow results from its internal management reporting, planning, forecasting, and compensation plans. Therefore, adjusting our non-IFRS measures for the results of the discontinued TomorrowNow operations provides insight into the financial measures that SAP will use internally once SAP has fully migrated to IFRS.

•		By adjusting the non-IFRS numbers for the results form our discontinued TomorrowNow operations, the non-IFRS number is more comparable to the non-GAAP measures that SAP uses currently, which makes SAP’s performance measures before and after the full IFRS migration easier to compare.

F18


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U.S. GAAP Financial Information
Financial Statements
Statements of Income	F1 and F2
Balance Sheets		F3
Statements of Cash Flow		F4

Supplementary Financial Information
Reconciliations: Non-GAAP to U.S. GAAP	F5 to F7
Revenue by Region	F8 and F9
Share-based Compensation		F10
Free Cash Flow		F10
Headcount		F10
Multi Quarter Overview		F11
Explanation of Non-GAAP Measures	F12 to F14

IFRS Financial Information
Financial Statements
Statements of Income (Operating Income section only)		F15

Supplementary Financial Information
Reconciliations: U.S.GAAP / IFRS / Non-GAAP / Non-IFRS		F16
US GAAP — IFRS Significant Differences		F17
Explanation of Non-IFRS Measures		F18