Performance

SAP confirms 2015 outlook

SAP again delivered strong growth in the cloud, outpacing most pure cloud competitors even without the contribution from the Concur acquisition. For the first nine months IFRS cloud subscriptions and support revenue was €1.65 billion (2014: €738 million), an increase of 124% (92% at constant currencies). For the same time, Non-IFRS software licenses and support revenue was €10.18 billion (2014: €9.02 billion), an increase of 13% (4% at constant currencies).

Non-IFRS cloud and software revenue was €11.85 billion (2014: €9.76 billion), an increase of 21% (11% at constant currencies). The increase mainly resulted from the strong growth in on-premise license sales in the third quarter, as well as from cloud subscription sales. Non-IFRS total revenue was €14.46 billion (2014: €12.11 billion), an increase of 19% (9% at constant currencies).  All regions (EMEA, Americas, APJ) reported revenue growth for the first nine months of 2015. 

Non-IFRS operating profit was €4.07 billion (2014: €3.51 billion), an increase of 16% (5% at constant currencies). Non-IFRS operating margin was 28.1% (2014: 29.0%), a decrease of 0.9 percentage points (1.0 percentage points at constant currencies).

Non-IFRS profit after tax was €2.83 billion (2014: €2.61 billion), an increase of 8%. Non-IFRS basic earnings per share was €2.37 (2014: €2.19), an increase of 8%. The IFRS and non-IFRS effective tax rates for the first nine months of 2015 were 24.2% (2014: 24.8%) and 26.6% (2014: 26.4%), respectively. 

Operating cash flow was €3.24 billion (2014: €3.08 billion), an increase of 5% year-over-year. At September 30, 2015, SAP had a total group liquidity of €4.61 billion (December 31, 2014: €3.42 billion), which includes cash and cash equivalents and current investments. Net liquidity 2 at September 30, 2015 was -€5.82 billion compared to -€7.67 billion at December 31, 2014.

Outlook
The Company reiterates the following full year 2015 outlook: Based on the strong momentum in SAP’s cloud business the Company expects full-year 2015 non-IFRS cloud subscriptions and support revenue to be in a range of €1.95 - €2.05 billion at constant currencies (2014: €1.10 billion). The upper end of this range represents a growth rate of 86% at constant currencies. Concur and Fieldglass are expected to contribute approximately 50 percentage points to this growth. The Company expects full year 2015 non-IFRS cloud and software revenue to increase by 8% - 10% at constant currencies (2014: €14.33 billion). The Company expects full-year 2015 non-IFRS operating profit to be in a range of €5.6 billion - €5.9 billion at constant currencies (2014: €5.64 billion). 

For more information, our revised foreign currency forecast, and our medium-term outlook (2015 to 2020), visit www.sap.de/investor.

Note: The revenue and profit numbers for 2014 include the full revenue and profit from hybris, and the revenue and profit from Concur and Fieldglass since their respective acquisitions on December 4 and May 2.