UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO SECTION 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
October 23, 2024
Commission file number:
001-14251
SAP EUROPEAN COMPANY
(Translation of registrant's name into English)
Dietmar-Hopp-Allee 16
69190 Walldorf
Federal Republic of Germany
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
| Form 20-F | [X] |
Form
40-F |
[ ] |
SAP SE
FORM 6-K
On October 22, 2024, SAP SE, (“SAP"), filed a quarterly
statement with Deutsche Boerse AG for the first quarter ended September 30, 2024 (the “Quarterly Statement”). The Quarterly
Statement is attached as Exhibit 99.1 hereto and incorporated by reference herein.
This Quarterly Statement discloses certain non-IFRS measures. These
measures are not prepared in accordance with IFRS and are therefore considered non-IFRS financial measures. The non-IFRS financial measures
that we report should be considered in addition to, and not as substitutes for or superior to, revenue, operating income, cash flows,
or other measures of financial performance prepared in accordance with IFRS.
Please refer to Explanations of Non-IFRS Measures online (www.sap.com/about/investor/index.epx)
for further information regarding the non-IFRS measures.
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 (the "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.
EXHIBITS
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| By: | /s/ Christopher Sessar |
| | | Name: |
Dr. Christopher Sessar |
| | | Title: |
Chief Accounting Officer |
| By: | /s/ Julia Zicke |
| | | Name: |
Dr. Julia Zicke |
| | | Title: |
Head of External Reporting and Accounting Technology |
Date: October 23, 2024
EXHIBIT INDEX
Exhibit 99.1
 | Quarterly
Statement Q3 2024 |
SAP Announces Q3 2024 Results
| · | Current
cloud backlog of €15.4 billion, up 25% and up 29% at constant currencies |
| · | Cloud
revenue up 25% and up 27% at constant currencies |
| · | Cloud
ERP Suite revenue up 34% and up 36% at constant currencies |
| · | Total
revenue up 9% and up 10% at constant currencies |
| · | IFRS cloud
gross profit up 26%, non-IFRS cloud gross profit up 27% and up 28% at constant currencies |
| · | IFRS operating
profit up 29%, non-IFRS operating profit up 27% and up 28% at constant currencies |
| · | SAP raises
its 2024 outlook for cloud and software revenue, operating profit and free cash flow |
in € millions, unless otherwise stated
| Quarterly
Statement Q3 2024 |
Walldorf,
Germany – October 21, 2024
SAP SE (NYSE: SAP) announced today its financial results for the third quarter
ended September 30, 2024.
Christian
Klein, CEO:
Q3
was another strong quarter for SAP, and we are confidently raising our 2024 financial outlook. Cloud revenue growth developed remarkably
well in the quarter, especially for our Cloud ERP Suite. Even more importantly, we are making strong progress on Business AI with groundbreaking
innovations such as SAP Knowledge Graph. A significant part of our cloud deals in Q3 included AI use cases.
Dominik
Asam, CFO:
We
are very pleased with our third quarter performance. The 2024 transformation program has already started to yield efficiency
improvements. This allowed us to deliver a strong operating profit and free cash flow, while retaining our topline momentum.
We’re now focused on carrying that momentum into Q4 to safeguard the achievement of our 2025 ambition amidst a highly volatile
environment.
Financial
Performance
Group results at a glance – Third quarter 2024
| |
IFRS |
|
Non-IFRS1 |
| € million, unless otherwise stated |
Q3
2024 |
Q3 2023 |
∆ in % |
|
Q3
2024 |
Q3 2023 |
∆ in % |
∆ in %
const. curr. |
| SaaS/PaaS |
4,234 |
3,291 |
29 |
|
4,234 |
3,291 |
29 |
30 |
| Thereof Cloud ERP Suite2 |
3,636 |
2,711 |
34 |
|
3,636 |
2,711 |
34 |
36 |
| Thereof Extension Suite3 |
597 |
581 |
3 |
|
597 |
581 |
3 |
4 |
| IaaS4 |
117 |
180 |
–35 |
|
117 |
180 |
–35 |
–34 |
| Cloud revenue |
4,351 |
3,472 |
25 |
|
4,351 |
3,472 |
25 |
27 |
| Cloud and software revenue |
7,429 |
6,679 |
11 |
|
7,429 |
6,679 |
11 |
12 |
| Total revenue |
8,470 |
7,744 |
9 |
|
8,470 |
7,744 |
9 |
10 |
| Share of more predictable revenue (in %) |
84 |
82 |
2pp |
|
84 |
82 |
2pp |
|
| Cloud gross profit |
3,184 |
2,525 |
26 |
|
3,209 |
2,535 |
27 |
28 |
| Gross profit |
6,212 |
5,637 |
10 |
|
6,236 |
5,651 |
10 |
11 |
| Operating profit (loss) |
2,214 |
1,723 |
29 |
|
2,244 |
1,767 |
27 |
28 |
| Profit (loss) after tax from continuing operations |
1,441 |
1,272 |
13 |
|
1,437 |
1,352 |
6 |
|
| Profit (loss) after tax5 |
1,441 |
1,272 |
13 |
|
1,437 |
1,352 |
6 |
|
| Earnings per share - Basic (in €) from continuing operations |
1.25 |
1.09 |
15 |
|
1.23 |
1.16 |
6 |
|
| Earnings per share - Basic (in €)5 |
1.25 |
1.09 |
15 |
|
1.23 |
1.16 |
6 |
|
| Net cash flows from operating activities from continuing operations |
1,475 |
1,124 |
31 |
|
|
|
|
|
| Free cash flow |
|
|
|
|
1,248 |
865 |
44 |
|
1
For a breakdown of the individual adjustments see table “Non-IFRS Operating Expense Adjustments by Functional Areas” in this
Quarterly Statement.
2
Cloud ERP Suite references the portfolio of strategic Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS) solutions that are
tightly integrated with our core ERP solutions and are included in key commercial packages, such as RISE with SAP. The following offerings
contribute to Cloud ERP Suite revenue: SAP S/4HANA Cloud, SAP Business Technology Platform, and core solutions for HR and payroll, spend
management, commerce, customer data solutions, business process transformation, and working capital management. For additional information
and historical data on Cloud ERP Suite, see SAP’s Reporting
Framework.
3
Extension Suite references SAP’s remaining SaaS and PaaS solutions that supplement and extend the functional coverage of the Cloud
ERP Suite.
4
Infrastructure as a service (IaaS): The major portion of IaaS comes from SAP HANA Enterprise Cloud.
5
From continuing and discontinued operations.
| Quarterly
Statement Q3 2024 |
Group results at a glance – Nine months ended September 2024
| |
IFRS |
|
Non-IFRS1 |
| € million, unless otherwise stated |
Q1–Q3
2024 |
Q1–Q3
2023 |
∆ in % |
|
Q1–Q3
2024 |
Q1–Q3
2023 |
∆ in % |
∆ in % const. curr. |
| SaaS/PaaS |
12,016 |
9,401 |
28 |
|
12,016 |
9,401 |
28 |
29 |
| Thereof Cloud ERP Suite revenue2 |
10,217 |
7,695 |
33 |
|
10,217 |
7,695 |
33 |
34 |
| Thereof Extension Suite revenue3 |
1,799 |
1,706 |
5 |
|
1,799 |
1,706 |
5 |
6 |
| IaaS4 |
417 |
564 |
–26 |
|
417 |
564 |
–26 |
–25 |
| Cloud revenue |
12,433 |
9,965 |
25 |
|
12,433 |
9,965 |
25 |
26 |
| Cloud and software revenue |
21,563 |
19,542 |
10 |
|
21,563 |
19,542 |
10 |
11 |
| Total revenue |
24,798 |
22,739 |
9 |
|
24,798 |
22,739 |
9 |
10 |
| Share of more predictable revenue (in %) |
84 |
82 |
2pp |
|
84 |
82 |
2pp |
|
| Cloud gross profit |
9,052 |
7,121 |
27 |
|
9,101 |
7,152 |
27 |
28 |
| Gross profit |
17,990 |
16,330 |
10 |
|
18,039 |
16,388 |
10 |
11 |
| Operating profit (loss) |
2,648 |
3,897 |
–32 |
|
5,717 |
4,546 |
26 |
27 |
| Profit (loss) after tax from continuing operations |
1,534 |
2,399 |
–36 |
|
3,660 |
3,019 |
21 |
|
| Profit (loss) after tax5 |
1,534 |
4,763 |
–68 |
|
3,660 |
4,801 |
–24 |
|
| Earnings per share - Basic (in €) from continuing operations |
1.31 |
2.07 |
–37 |
|
3.13 |
2.59 |
21 |
|
| Earnings per share - Basic (in €)5 |
1.31 |
4.21 |
–69 |
|
3.13 |
4.39 |
–29 |
|
| Net cash flows from operating activities from continuing operations |
5,772 |
4,284 |
35 |
|
|
|
|
|
| Free cash flow |
|
|
|
|
5,031 |
3,423 |
47 |
|
1
For a breakdown of the individual adjustments see table “Non-IFRS Operating Expense Adjustments by Functional Areas” in this
Quarterly Statement.
2
Cloud ERP Suite references the portfolio of strategic Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS) solutions that are
tightly integrated with our core ERP solutions and are included in key commercial packages, such as RISE with SAP. The following offerings
contribute to Cloud ERP Suite revenue: SAP S/4HANA Cloud, SAP Business Technology Platform, and core solutions for HR and payroll, spend
management, commerce, customer data solutions, business process transformation, and working capital management. For additional information
and historical data on Cloud ERP Suite, see SAP’s Reporting
Framework.
3
Extension Suite references SAP’s remaining SaaS and PaaS solutions that supplement and extend the functional coverage of the Cloud
ERP Suite.
4
Infrastructure as a service (IaaS): The major portion of IaaS comes from SAP HANA Enterprise Cloud.
5
From continuing and discontinued operations.
Financial
Highlights1
Third Quarter 2024
In the third quarter, SAP’s strong business momentum continued. Current cloud
backlog grew by 25% to €15.38 billion and was up 29% at constant currencies. The acquisition of WalkMe contributed approximately
1 percentage point to that growth rate. Cloud revenue was up 25% to €4.35 billion and up 27% at constant currencies, fueled by Cloud
ERP Suite revenue, which was up 34% to €3.64 billion and up 36% at constant currencies.
Software licenses revenue decreased by 15% to €0.28 billion and was down 14% at
constant currencies. Cloud and software revenue was up 11% to €7.43 billion and up 12% at constant currencies. Services revenue was
down 2% to €1.04 billion and down 2% at constant currencies. Total revenue was up 9% to €8.47 billion and up 10% at constant
currencies.
The share of more predictable revenue increased by 2 percentage points to 84% in the
third quarter.
IFRS cloud gross profit was up 26% to €3.18 billion. Non-IFRS cloud gross profit
was up 27% to €3.21 billion and was up 28% at constant currencies.
IFRS operating profit in the third quarter was up 29% to €2.21 billion. Non-IFRS
operating profit was up 27% to €2.24 billion and was up 28% at constant currencies. Operating profit growth was mainly driven by
strong revenue growth as well as disciplined execution of the 2024 transformation program.
1 The Q3 2024 results were also impacted by other effects.
For details, please refer to the disclosures on page 25 of this document.
| Quarterly
Statement Q3 2024 |
IFRS earnings per share (basic) increased 15% to €1.25. Non-IFRS earnings per share
(basic) increased 6% to €1.23. IFRS effective tax rate was 33.0% (Q3/2023: 27.8%) and non-IFRS effective tax rate was 33.4% (Q3/2023:
27.1%). Both year-over-year increases mainly resulted from a temporary inability to offset withholding taxes in Germany due to tax losses
in 2024 resulting from restructuring.
Free cash flow in the third quarter increased by 44% to €1.25 billion. While around
€0.3 billion was paid out for restructuring, the positive development was primarily attributable to increased profitability and lower
tax payments. For the first nine months, free cash flow was up 47% to €5.03 billion.
Share Repurchase Program
In May 2023, SAP announced a share repurchase program with an aggregate volume of up
to €5 billion and a term until December 31, 2025. As of September 30, 2024, SAP had repurchased 16,709,250 shares at an average price
of €157.09 resulting in a purchased volume of approximately €2.62 billion under the program.
2024 Transformation Program: Focus on scalability of operations
and key strategic growth areas
In 2024, SAP is further increasing its focus on key strategic growth areas, in particular
business AI. It is transforming its operational setup to capture organizational synergies and AI-driven efficiencies, and to prepare the
company for highly scalable future revenue growth.
To this end, as announced in January, SAP is executing a company-wide restructuring
program which is anticipated to conclude in early 2025. The restructuring is intended to ensure that SAP’s skillset and resources
continue to meet future business needs and is currently expected to affect 9,000 to 10,000 positions, a majority of which will be covered
by voluntary leave programs and internal re-skilling measures. Reflecting re-investments into strategic growth areas and the acquisition
of WalkMe, SAP now expects to exit 2024 at a headcount slightly ahead of year-end 2023.
While restructuring expenses recorded in the first nine months of 2024 total €2.8
billion, the overall expenses associated with the program are estimated to be approximately €3 billion.
Restructuring payouts in the third quarter and first nine months of 2024 amounted to
€0.3 billion and €0.8 billion respectively. Overall payouts associated with the program are currently expected at approximately
€3 billion, of which a mid-triple-digit million amount is expected to occur in 2025.
Business Highlights
In the third quarter, customers around the globe continued
to choose “RISE with SAP” to drive their end-to-end business transformations. These customers included: B3, CAF - the Development
Bank of Latin America and the Caribbean, Chalhoub Group, Cochlear, Dakota Provisions, E.ON, eBay, Energy Queensland, Equinor, FairPrice
Group, Gestamp Servicios, JAPAN AIRLINES, Lands’ End, Mercado Libre, Mondelez International, OLAM Global Agri, Roche, Rolls-Royce
Power Systems, Schwarz Group, Siemens Healthineers, Southern Glazer's Wine & Spirits, SRAM, Tetra Pak, ZEON Corporation, and
Zwilling.
Clorox, CPKC Railways, J.M. VOITH, KAESER KOMPRESSOREN, Nvidia,
Panasonic Energy of North America, and VistaPrint went live on SAP S/4HANA Cloud in the third quarter.
Dawn Foods, DXC Technology, Gainsight, L’OCCITANE Group,
Mistral AI, Palmer Candy, The Pool Tile Company, and SCHURTER Holding chose “GROW with SAP”, an offering helping customers
adopt cloud ERP with speed, predictability, and continuous innovation.
Key customer wins across SAP’s solution portfolio included:
AAK, Aramark, Bosideng, BY-HEALTH, Continental Automotive Technologies, Duni Group, Hamburg Commercial Bank, HR Campus, Kruger Services,
Manchester City Council, Merck KGaA, PayPal, pfm medical, RWE, and VP Bank.
Breakthru Beverage Group, Cox Automotive Australia, and Heartland
Dental went live on SAP solutions.
In the third quarter, SAP’s cloud revenue performance
was particularly strong in APJ and EMEA and robust in the Americas region. Brazil, Chile, Germany, Italy, India, Japan and Spain had outstanding
performances in cloud revenue growth while China, Saudi Arabia and the U.S. were particularly strong.
On July 30, SAP announced that the SAP Supervisory Board
reached a mutual agreement with Executive Board Members Scott Russell and Julia White to leave the company’s Executive Board, effective
August 31.
On September 3, SAP announced that the SAP Supervisory Board
reached a mutual agreement with Chief Technology Officer and Executive Board Member Dr.-Ing. Juergen Mueller to leave the company’s
Executive Board, effective September 30, 2024.
On September 12, SAP announced that it successfully completed
its acquisition of WalkMe Ltd., a leading digital adoption platform company.
| Quarterly
Statement Q3 2024 |
Financial
Outlook 2024
SAP’s financial outlook 2024 is based
on SAP’s updated non-IFRS definition of profit measures which, beginning in 2024, include share-based compensation expenses and
exclude gains and losses from equity securities, net. For more details, please refer to the Reporting Framework section on our Investor
Relations website: https://www.sap.com/investors/en/reports/reporting-framework.html.
For 2024, SAP is updating its cloud and software revenue, operating profit and free
cash flow outlook and now expects:
| · | €29.5 – 29.8 billion cloud and software revenue at constant currencies (2023: €26.92 billion), up 10% to 11% at constant
currencies, raising the midpoint by €400 million. The previous range was €29.0 – 29.5 billion at constant currencies. |
| · | €7.8 – 8.0 billion non-IFRS operating profit at constant currencies (2023: €6.51 billion), up 20% to 23% at constant
currencies, raising the midpoint by €150 million. The previous range was €7.6 – 7.9 billion at constant currencies. |
| · | €3.5 – 4.0 billion free cash flow (2023: €5.09 billion). The previous outlook was approximately €3.5 billion. |
SAP continues to expect:
| · | €17.0 – 17.3 billion cloud revenue at constant currencies (2023: €13.66 billion), up 24% to 27% at constant currencies. |
| · | An effective tax rate (non-IFRS) of approximately 32% (2023: 30.3%)2. |
While SAP’s 2024 financial outlook is at constant currencies, actual currency
reported figures are expected to be impacted by currency exchange rate fluctuations as the company progresses through the year, as reflected
in the table below.
Currency Impact Assuming September 30, 2024 Rates Apply for 2024
| In percentage points |
Q4 2024 |
FY
2024 |
| Cloud revenue growth |
–3.0pp |
–1.0pp |
| Cloud and software revenue growth |
–2.0pp |
–1.0pp |
| Operating profit growth (non-IFRS) |
–2.0pp |
–2.0pp |
Non-Financial Outlook 2024
In 2024, SAP continues to expect:
| · | The Employee Engagement Index to be in a range of 70% to 74%. |
| · | A Customer Net Promoter Score of 9 to 13. |
| · | To steadily decrease carbon emissions across the relevant value chain, in line
with our target of achieving Net Zero carbon emissions by 2030. |
| · | To steadily increase the number of women in executive roles in line with our end of year 2027 target to achieve 25%. |
2 The effective tax rate (non-IFRS)
is a non-IFRS financial measure and is presented for supplemental informational purposes only. We do not provide an outlook for the effective
tax rate (IFRS) due to the uncertainty and potential variability of gains and losses associated with equity securities, which are reconciling
items between the two effective tax rates (non-IFRS and IFRS). These items cannot be provided without unreasonable efforts but could
have a significant impact on our future effective tax rate (IFRS).
| Quarterly
Statement Q3 2024 |
Additional Information
This
press release and all information therein is preliminary and unaudited. Due to rounding, numbers may not add up precisely.
SAP
Performance Measures
For
more information about our key growth metrics and performance measures, their calculation, their usefulness, and their limitations, please
refer to the following document on our Investor Relations website: https://www.sap.com/investors/performance-measures
Webcast
SAP
senior management will host a financial analyst conference call on Monday, October 21st at 11:00 PM (CEST) / 10:00 PM (BST)
/ 5:00 PM (EDT) / 2:00 PM (PDT). The conference will be webcast on the Company’s website at https://www.sap.com/investor
and will be available for replay. Supplementary financial information pertaining to the third quarter results can be found
at https://www.sap.com/investor
About
SAP
As a
global leader in enterprise applications and business AI, SAP (NYSE: SAP) stands at the nexus of business and technology.
For over 50 years, organizations have trusted SAP to bring out their best by uniting business-critical operations spanning
finance, procurement, HR, supply chain, and customer experience. For more information, visit www.sap.com.
For
more information, financial community only:
| Alexandra
Steiger |
+49
(6227) 7-767336 |
investor@sap.com,
CET |
Follow
SAP Investor Relations on LinkedIn at SAP Investor Relations.
For
more information, press only:
| Joellen
Perry |
+1
(650) 445-6780 |
joellen.perry@sap.com,
PT |
| Daniel
Reinhardt |
+49
(6227) 7-40201 |
daniel.reinhardt@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) |
Note
to editors:
To
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On this platform, you can find high resolution material for your media channels.
This
document contains forward-looking statements, which are predictions, projections, or other statements about future events. These
statements are based on current expectations, forecasts, and assumptions that are subject to risks and uncertainties that could
cause actual results and outcomes to materially differ. Additional information regarding these risks and uncertainties may be
found in our filings with the Securities and Exchange Commission, including but not limited to the risk factors section of SAP’s
2023 Annual Report on Form 20-F.
©
2024 SAP SE. All rights reserved.
SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks
of SAP SE in Germany and other countries. Please see https://www.sap.com/copyright
for additional trademark information and notices
| Quarterly
Statement Q3 2024 |
Contents
| (A) |
Consolidated Income Statements |
10 |
| |
|
|
|
| |
(A.1) |
Consolidated Income Statements – Quarter |
10 |
| |
|
|
|
| |
(A.2) |
Consolidated Income Statements – Year-to-Date |
11 |
| |
|
|
|
| (B) |
Consolidated Statements of Financial
Position |
12 |
| |
|
|
|
| (C) |
Consolidated Statements of Cash Flows |
13 |
| |
|
|
|
| (D) |
Basis of Non-IFRS Presentation |
14 |
| |
|
|
|
| (E) |
Reconciliation from Non-IFRS Numbers
to IFRS Numbers |
14 |
| |
|
|
|
| |
(E.1) |
Reconciliation of Non-IFRS Revenue – Quarter |
14 |
| |
|
|
|
| |
(E.2) |
Reconciliation of Non-IFRS Operating Expenses – Quarter |
15 |
| |
|
|
|
| |
(E.3) |
Reconciliation of Non-IFRS Profit Figures, Income Tax, and Key Ratios – Quarter |
15 |
| |
|
|
|
| |
(E.4) |
Reconciliation of Non-IFRS Revenue – Year-to-Date |
16 |
| |
|
|
|
| |
(E.5) |
Reconciliation of Non-IFRS Operating Expenses – Year-to-Date |
16 |
| |
|
|
|
| |
(E.6) |
Reconciliation of Non-IFRS Profit Figures, Income Tax, and Key Ratios – Year-to-Date |
17 |
| |
|
|
|
| |
(E.7) |
Reconciliation of Free Cash Flow |
18 |
| |
|
|
|
| (F) |
Non-IFRS Adjustments – Actuals
and Estimates |
19 |
| |
|
|
|
| (G) |
Non-IFRS Operating Expense Adjustments
by Functional Areas |
19 |
| |
|
|
|
| (H) |
Segment Reporting |
21 |
| |
|
|
|
| (I) |
Revenue by Region (IFRS and Non-IFRS) |
21 |
| |
|
|
|
| |
(I.1) |
Revenue by Region (IFRS and Non-IFRS) – Quarter |
21 |
| |
|
|
|
| |
(I.2) |
Revenue by Region (IFRS and Non-IFRS) – Year-to-Date |
22 |
| |
|
|
|
| (J) |
Employees by Region and Functional Areas |
23 |
| |
|
|
|
| (K) |
Share-Based Payment |
24 |
| |
|
|
|
| (L) |
Restructuring |
24 |
| |
|
|
|
| (M) |
Business combinations |
25 |
| Quarterly
Statement Q3 2024 |
Financial and Non-Financial Key Facts
(IFRS and Non-IFRS)
| €
millions, unless otherwise stated |
Q1
2023 |
Q2
2023 |
Q3
2023 |
Q4
2023 |
TY
2023 |
Q1
2024 |
Q2
2024 |
Q3
2024 |
| Revenues |
|
|
|
|
|
|
|
|
| Cloud |
3,178 |
3,316 |
3,472 |
3,699 |
13,664 |
3,928 |
4,153 |
4,351 |
| % change – yoy |
24 |
19 |
16 |
20 |
20 |
24 |
25 |
25 |
| % change constant currency – yoy |
22 |
22 |
23 |
25 |
23 |
25 |
25 |
27 |
| Cloud ERP Suite |
2,422 |
2,562 |
2,711 |
2,931 |
10,626 |
3,167 |
3,414 |
3,636 |
| % change – yoy |
35 |
30 |
26 |
28 |
29 |
31 |
33 |
34 |
| % change constant currency – yoy |
33 |
33 |
34 |
33 |
33 |
32 |
33 |
36 |
| Software licenses |
276 |
316 |
335 |
838 |
1,764 |
203 |
229 |
285 |
| % change – yoy |
–13 |
–26 |
–17 |
–8 |
–14 |
–26 |
–28 |
–15 |
| % change constant currency – yoy |
–13 |
–24 |
–14 |
–6 |
–12 |
–25 |
–27 |
–14 |
| Software support |
2,905 |
2,873 |
2,872 |
2,846 |
11,496 |
2,829 |
2,792 |
2,793 |
| % change – yoy |
–1 |
–3 |
–5 |
–5 |
–3 |
–3 |
–3 |
–3 |
| % change constant currency – yoy |
–1 |
–1 |
–1 |
–1 |
–1 |
–1 |
–3 |
–2 |
| Software licenses and support |
3,180 |
3,189 |
3,208 |
3,683 |
13,261 |
3,031 |
3,021 |
3,078 |
| % change – yoy |
–2 |
–6 |
–6 |
–6 |
–5 |
–5 |
–5 |
–4 |
| % change constant currency – yoy |
–2 |
–4 |
–2 |
–2 |
–3 |
–4 |
–5 |
–3 |
| Cloud and software |
6,358 |
6,505 |
6,679 |
7,382 |
26,924 |
6,960 |
7,175 |
7,429 |
| % change – yoy |
10 |
5 |
4 |
6 |
6 |
9 |
10 |
11 |
| % change constant currency – yoy |
8 |
8 |
9 |
10 |
9 |
11 |
10 |
12 |
| Total revenue |
7,441 |
7,554 |
7,744 |
8,468 |
31,207 |
8,041 |
8,288 |
8,470 |
| % change – yoy |
10 |
5 |
4 |
5 |
6 |
8 |
10 |
9 |
| % change constant currency – yoy |
9 |
8 |
9 |
9 |
9 |
9 |
10 |
10 |
| Share of more predictable revenue (in %) |
82 |
82 |
82 |
77 |
81 |
84 |
84 |
84 |
| Profits |
|
|
|
|
|
|
|
|
| Operating profit (loss) (IFRS) |
803 |
1,371 |
1,723 |
1,902 |
5,799 |
–787 |
1,222 |
2,214 |
| Operating profit (loss) (non-IFRS) |
1,321 |
1,457 |
1,767 |
1,969 |
6,514 |
1,533 |
1,940 |
2,244 |
| % change - yoy |
–15 |
14 |
7 |
1 |
1 |
16 |
33 |
27 |
| % change constant currency - yoy |
–15 |
19 |
13 |
5 |
5 |
19 |
35 |
28 |
| Profit (loss) after tax (IFRS) |
403 |
724 |
1,272 |
1,201 |
3,600 |
–824 |
918 |
1,441 |
| Profit (loss) after tax (non-IFRS) |
868 |
799 |
1,352 |
1,302 |
4,321 |
944 |
1,278 |
1,437 |
| % change - yoy |
–20 |
–9 |
13 |
–10 |
–6 |
9 |
60 |
6 |
| Margins |
|
|
|
|
|
|
|
|
| Cloud gross margin (IFRS, in %) |
70.5 |
71.1 |
72.7 |
71.9 |
71.6 |
72.2 |
73.0 |
73.2 |
| Cloud gross margin (non-IFRS, in %) |
70.8 |
71.4 |
73.0 |
72.2 |
71.9 |
72.5 |
73.3 |
73.7 |
| Software license and support gross margin (IFRS, in %) |
88.6 |
89.8 |
90.0 |
89.8 |
89.6 |
89.2 |
89.7 |
90.1 |
| Software license and support gross margin (non-IFRS, in %) |
88.9 |
90.2 |
90.1 |
89.8 |
89.8 |
89.2 |
89.7 |
90.1 |
| Cloud and software gross margin (IFRS, in %) |
79.5 |
80.3 |
81.0 |
80.8 |
80.4 |
79.6 |
80.0 |
80.2 |
| Cloud and software gross margin (non-IFRS, in %) |
79.9 |
80.6 |
81.2 |
81.0 |
80.7 |
79.8 |
80.2 |
80.5 |
| Gross margin (IFRS, in %) |
71.0 |
71.6 |
72.8 |
73.3 |
72.2 |
71.7 |
72.6 |
73.3 |
| Gross margin (non-IFRS, in %) |
71.3 |
71.9 |
73.0 |
73.4 |
72.4 |
71.8 |
72.7 |
73.6 |
| Operating margin (IFRS, in %) |
10.8 |
18.2 |
22.2 |
22.5 |
18.6 |
–9.8 |
14.7 |
26.1 |
| Quarterly
Statement Q3 2024 |
| €
millions, unless otherwise stated |
Q1
2023 |
Q2
2023 |
Q3
2023 |
Q4
2023 |
TY
2023 |
Q1
2024 |
Q2
2024 |
Q3
2024 |
| Operating margin (non-IFRS, in %) |
17.8 |
19.3 |
22.8 |
23.3 |
20.9 |
19.1 |
23.4 |
26.5 |
| Key
Profit Ratios |
|
|
|
|
|
|
|
|
| Effective tax rate (IFRS, in %) |
40.5 |
33.8 |
27.8 |
33.6 |
32.6 |
16.0 |
33.8 |
33.0 |
| Effective tax rate (non-IFRS, in %) |
29.1 |
33.0 |
27.1 |
32.5 |
30.3 |
32.4 |
33.6 |
33.4 |
| |
|
|
|
|
|
|
|
|
| Earnings per share, basic (IFRS, in €) from continuing operations |
0.35 |
0.62 |
1.09 |
1.05 |
3.11 |
–0.71 |
0.76 |
1.25 |
| Earnings per share, basic (non-IFRS, in €) from continuing operations |
0.75 |
0.69 |
1.16 |
1.12 |
3.72 |
0.81 |
1.10 |
1.23 |
| Earnings per share, basic (IFRS, in €)1 |
0.41 |
2.70 |
1.09 |
1.05 |
5.26 |
–0.71 |
0.76 |
1.25 |
| Earnings per share, basic (non-IFRS, in €)1 |
0.83 |
2.40 |
1.16 |
1.12 |
5.51 |
0.81 |
1.10 |
1.23 |
| Order
Entry and current cloud backlog |
|
|
|
|
|
|
|
|
| Current cloud backlog |
11,148 |
11,537 |
12,269 |
13,745 |
13,745 |
14,179 |
14,808 |
15,377 |
| % change – yoy |
25 |
21 |
19 |
25 |
25 |
27 |
28 |
25 |
| % change constant currency – yoy |
25 |
25 |
25 |
27 |
27 |
28 |
28 |
29 |
| Share of cloud orders greater than €5 million based on total cloud order entry volume (in %) |
45 |
46 |
49 |
62 |
55 |
52 |
52 |
64 |
| Share of cloud orders smaller than €1 million based on total cloud order entry volume (in %) |
26 |
25 |
21 |
14 |
19 |
21 |
20 |
16 |
| Liquidity
and Cash Flow |
|
|
|
|
|
|
|
|
| Net cash flows from operating activities |
2,311 |
848 |
1,124 |
1,926 |
6,210 |
2,757 |
1,540 |
1,475 |
| Purchase of intangible assets and property, plant, and equipment |
–257 |
–156 |
–182 |
–190 |
–785 |
–187 |
–178 |
–163 |
| Payments of lease liabilities |
–99 |
–89 |
–78 |
–66 |
–332 |
–78 |
–70 |
–65 |
| Free cash flow |
1,955 |
604 |
865 |
1,670 |
5,093 |
2,492 |
1,291 |
1,248 |
| % of total revenue |
26 |
8 |
11 |
20 |
16 |
31 |
16 |
15 |
| % of profit after tax (IFRS) |
485 |
83 |
68 |
139 |
141 |
NA |
141 |
87 |
| Cash and cash equivalents |
8,766 |
14,142 |
9,378 |
8,124 |
8,124 |
9,295 |
7,870 |
10,005 |
| Group liquidity |
9,700 |
14,326 |
12,122 |
11,275 |
11,275 |
13,411 |
11,449 |
11,856 |
| Financial debt (–) |
–10,751 |
–10,146 |
–8,445 |
–7,755 |
–7,755 |
–7,770 |
–7,776 |
–8,996 |
| Net liquidity (+) / Net debt(–) |
–1,050 |
4,180 |
3,677 |
3,521 |
3,521 |
5,641 |
3,674 |
2,860 |
| Non-Financials
|
|
|
|
|
|
|
|
|
| Number of employees (quarter end)2 |
105,132 |
105,328 |
106,495 |
107,602 |
107,602 |
108,133 |
105,315 |
107,583 |
| Employee retention (in %, rolling 12 months) |
93.8 |
95.1 |
96.0 |
96.4 |
96.4 |
96.6 |
96.6 |
96.7 |
| Women in management (in %, quarter end) |
29.4 |
29.5 |
29.5 |
29.7 |
29.7 |
29.8 |
29.9 |
30.0 |
| Women in executive roles (in %, quarter end) |
21.8 |
21.9 |
22.1 |
22.2 |
22.2 |
21.7 |
21.9 |
22.0 |
|
Gross greenhouse gas emissions
(scope 1, 2, 3 / market-based)3
(in million tons CO2 equivalents) |
|
|
|
|
6.9 |
1.8 |
1.8 |
1.8 |
1 From
continuing and discontinued operations.
2 In full-time
equivalents.
3 Our
gross greenhouse gas emissions (GHG) – which cover scope 1, scope 2, and scope 3 (market based)
– include the total lifecycle emissions resulting from the use of our on-premise software. The
calculation of use of sold products emissions is based on the number of active maintenance contracts at quarter end. Therefore, the emissions
for individual quarters will not add up to the total sum of GHG emissions at year end.
| Quarterly
Statement Q3 2024 |
Primary Financial Statements of SAP Group (IFRS)
(A) Consolidated Income
Statements
(A.1) Consolidated Income Statements –
Quarter
| € millions, unless otherwise stated |
|
Q3
2024 |
Q3 2023 |
∆ in % |
| Cloud |
|
4,351 |
3,472 |
25 |
| Software licenses |
|
285 |
335 |
–15 |
| Software support |
|
2,793 |
2,872 |
–3 |
| Software licenses and support |
|
3,078 |
3,208 |
–4 |
| Cloud
and software |
|
7,429 |
6,679 |
11 |
| Services |
|
1,041 |
1,065 |
–2 |
| Total
revenue |
|
8,470 |
7,744 |
9 |
| |
|
|
|
|
| Cost of cloud |
|
–1,167 |
–946 |
23 |
| Cost of software licenses and support |
|
–306 |
–321 |
–5 |
| Cost of cloud and software |
|
–1,472 |
–1,268 |
16 |
| Cost of services |
|
–786 |
–840 |
–6 |
| Total
cost of revenue |
|
–2,258 |
–2,108 |
7 |
| Gross
profit |
|
6,212 |
5,637 |
10 |
| Research and development |
|
–1,568 |
–1,515 |
4 |
| Sales and marketing |
|
–2,098 |
–2,105 |
0 |
| General and administration |
|
–361 |
–327 |
10 |
| Restructuring |
|
52 |
36 |
43 |
| Other operating income/expense, net |
|
–22 |
–3 |
>100 |
| Total
operating expenses |
|
–6,256 |
–6,022 |
4 |
| Operating
profit (loss) |
|
2,214 |
1,723 |
29 |
| |
|
|
|
|
| Other
non-operating income/expense, net |
|
–62 |
113 |
N/A |
| Finance income |
|
240 |
204 |
18 |
| Finance costs |
|
–241 |
–279 |
–14 |
| Financial
income, net |
|
–1 |
–75 |
–99 |
| Profit
(loss) before tax from continuing operations |
|
2,151 |
1,761 |
22 |
| |
|
|
|
|
| Income tax expense |
|
–710 |
–489 |
45 |
| Profit
(loss) after tax from continuing operations |
|
1,441 |
1,272 |
13 |
| Attributable to owners of parent |
|
1,463 |
1,278 |
15 |
| Attributable to non-controlling interests |
|
–23 |
–6 |
>100 |
| Profit
(loss) after tax from discontinued operations |
|
0 |
0 |
NA |
| Profit
(loss) after tax1 |
|
1,441 |
1,272 |
13 |
| Attributable to owners of parent1 |
|
1,463 |
1,278 |
15 |
| Attributable to non-controlling interests1 |
|
–23 |
–6 |
>100 |
| |
|
|
|
|
| Earnings
per share, basic (in €)2 from continuing operations |
|
1.25 |
1.09 |
15 |
| Earnings
per share, basic (in €)1, 2 |
|
1.25 |
1.09 |
15 |
| Earnings
per share, diluted (in €)2 from continuing operations |
|
1.24 |
1.08 |
15 |
| Earnings
per share, diluted (in €)1, 2 |
|
1.24 |
1.08 |
15 |
1
From continuing and discontinued operations
2
For the three months ended September 30, 2024 and 2023, the weighted average number
of shares was 1,166 million (diluted 1,178 million) and 1,168 million (diluted: 1,180 million), respectively (treasury stock excluded).
| Quarterly
Statement Q3 2024 |
(A.2) Consolidated Income Statements –
Year-to-Date
| € millions, unless otherwise stated |
|
Q1–Q3
2024 |
Q1–Q3 2023 |
∆ in % |
| Cloud |
|
12,433 |
9,965 |
25 |
| Software licenses |
|
716 |
927 |
–23 |
| Software support |
|
8,414 |
8,651 |
–3 |
| Software licenses and support |
|
9,130 |
9,577 |
–5 |
| Cloud
and software |
|
21,563 |
19,542 |
10 |
| Services |
|
3,236 |
3,197 |
1 |
| Total
revenue |
|
24,798 |
22,739 |
9 |
| |
|
|
|
|
| Cost of cloud |
|
–3,381 |
–2,843 |
19 |
| Cost of software licenses and support |
|
–943 |
–1,008 |
–6 |
| Cost of cloud and software |
|
–4,324 |
–3,852 |
12 |
| Cost of services |
|
–2,485 |
–2,557 |
–3 |
| Total
cost of revenue |
|
–6,808 |
–6,409 |
6 |
| Gross
profit |
|
17,990 |
16,330 |
10 |
| Research and development |
|
–4,839 |
–4,653 |
4 |
| Sales and marketing |
|
–6,594 |
–6,562 |
0 |
| General and administration |
|
–1,057 |
–997 |
6 |
| Restructuring |
|
–2,821 |
–221 |
>100 |
| Other operating income/expense, net |
|
–31 |
0 |
NA |
| Total
operating expenses |
|
–22,150 |
–18,842 |
18 |
| Operating
profit (loss) |
|
2,648 |
3,897 |
–32 |
| |
|
|
|
|
| Other
non-operating income/expense, net |
|
–215 |
–3 |
>100 |
| Finance income |
|
850 |
573 |
48 |
| Finance costs |
|
–726 |
–935 |
–22 |
| Financial
income, net |
|
124 |
–363 |
NA |
| Profit
(loss) before tax from continuing operations |
|
2,557 |
3,532 |
–28 |
| |
|
|
|
|
| Income tax expense |
|
–1,023 |
–1,132 |
–10 |
| Profit
(loss) after tax from continuing operations |
|
1,534 |
2,399 |
–36 |
| Attributable to owners of parent |
|
1,523 |
2,413 |
–37 |
| Attributable to non-controlling interests |
|
11 |
–13 |
NA |
| Profit
(loss) after tax from discontinued operations |
|
0 |
2,363 |
NA |
| Profit
(loss) after tax1 |
|
1,534 |
4,763 |
–68 |
| Attributable to owners of parent1 |
|
1,523 |
4,917 |
–69 |
| Attributable to non-controlling interests1 |
|
11 |
–155 |
NA |
| |
|
|
|
|
| Earnings
per share, basic (in €)2 from continuing operations |
|
1.31 |
2.07 |
–37 |
| Earnings
per share, basic (in €)1, 2 |
|
1.31 |
4.21 |
–69 |
| Earnings
per share, diluted (in €)2 from continuing operations |
|
1.29 |
2.05 |
–37 |
| Earnings
per share, diluted (in €)1, 2 |
|
1.29 |
4.17 |
–69 |
1 From
continuing and discontinued operations
2 For the nine months ended September 30, 2024 and 2023, the weighted average number of shares was 1,167 million
(diluted: 1,179 million) and 1,168 million (diluted: 1,179 million), respectively (treasury stock excluded).
|
Quarterly
Statement Q3 2024 |
(B) Consolidated
Statements of Financial Position
| as at 09/30/2024 and 12/31/2023 |
| € millions |
2024 |
2023 |
| Cash and cash equivalents |
10,005 |
8,124 |
| Other financial assets |
2,067 |
3,344 |
| Trade and other receivables |
5,481 |
6,322 |
| Other non-financial assets |
2,436 |
2,374 |
| Tax assets |
517 |
407 |
| Total
current assets |
20,506 |
20,571 |
| Goodwill |
29,487 |
29,088 |
| Intangible assets |
2,708 |
2,505 |
| Property, plant, and equipment |
4,239 |
4,276 |
| Other financial assets |
6,145 |
5,543 |
| Trade and other receivables |
142 |
203 |
| Other non-financial assets |
3,450 |
3,573 |
| Tax assets |
333 |
382 |
| Deferred tax assets |
2,639 |
2,193 |
| Total
non-current assets |
49,142 |
47,763 |
| Total
assets |
69,648 |
68,335 |
| |
| € millions |
2024 |
2023 |
| Trade and other payables |
1,932 |
1,783 |
| Tax liabilities |
502 |
266 |
| Financial liabilities |
3,864 |
1,735 |
| Other non-financial liabilities |
4,220 |
5,648 |
| Provisions |
2,149 |
235 |
| Contract liabilities |
5,989 |
4,975 |
| Total
current liabilities |
18,655 |
14,642 |
| Trade and other payables |
15 |
39 |
| Tax liabilities |
846 |
877 |
| Financial liabilities |
7,039 |
7,941 |
| Other non-financial liabilities |
800 |
698 |
| Provisions |
442 |
433 |
| Deferred tax liabilities |
318 |
265 |
| Contract liabilities |
67 |
33 |
| Total
non-current liabilities |
9,526 |
10,286 |
| Total
liabilities |
28,181 |
24,928 |
| Issued capital |
1,229 |
1,229 |
| Share premium |
2,420 |
1,845 |
| Retained earnings |
41,424 |
42,457 |
| Other components of equity |
1,931 |
2,368 |
| Treasury shares |
–5,793 |
–4,741 |
| Equity
attributable to owners of parent |
41,212 |
43,157 |
| |
|
|
| Non-controlling
interests |
255 |
249 |
| Total
equity |
41,467 |
43,406 |
| Total
equity and liabilities |
69,648 |
68,335 |
|
Quarterly
Statement Q3 2024 |
(C) Consolidated Statements
of Cash Flows
| € millions |
Q1–Q3
2024 |
Q1–Q3 2023 |
| Profit
(loss) after tax |
1,534 |
4,671 |
| Adjustments to reconcile profit (loss) after tax to net cash flows from operating activities: |
|
|
| (Profit) loss after tax from discontinued operations |
0 |
–2,272 |
| Depreciation and amortization |
943 |
1,042 |
| Share-based payment expense |
1,815 |
1,677 |
| Income tax expense |
1,023 |
1,132 |
| Financial income, net |
–124 |
363 |
| Decrease/increase in allowances on trade receivables |
–8 |
12 |
| Other adjustments for non-cash items |
212 |
–35 |
| Increase/decrease in trade and other receivables |
943 |
678 |
| Decrease/increase in other assets |
56 |
–555 |
| Increase/decrease in trade payables, provisions, and other liabilities |
746 |
–470 |
| Increase/decrease in contract liabilities |
1,054 |
552 |
| Share-based payments |
–1,064 |
–967 |
| Interest paid |
–439 |
–305 |
| Interest received |
420 |
331 |
| Income taxes paid, net of refunds |
–1,341 |
–1,570 |
| Net cash flows from operating activities – continuing operations |
5,772 |
4,284 |
| Net cash flows from operating activities – discontinued operations |
0 |
80 |
| Net
cash flows from operating activities |
5,772 |
4,364 |
| Business combinations, net of cash and cash equivalents acquired |
–1,104 |
0 |
| Cash flows from derivative financial instruments related to the sale of subsidiaries or businesses |
0 |
–91 |
| Purchase of intangible assets and property, plant, and equipment |
–528 |
–595 |
| Proceeds from sales of intangible assets and property, plant, and equipment |
80 |
72 |
| Purchase of equity or debt instruments of other entities |
–6,517 |
–2,969 |
| Proceeds from sales of equity or debt instruments of other entities |
7,452 |
865 |
| Net cash flows from investing activities – continuing operations |
–618 |
–2,718 |
| Net cash flows from investing activities – discontinued operations |
0 |
5,625 |
| Net
cash flows from investing activities |
–618 |
2,907 |
| Dividends paid |
–2,565 |
–2,395 |
| Dividends paid on non-controlling interests |
0 |
–18 |
| Purchase of treasury shares |
–1,625 |
–718 |
| Proceeds from borrowings |
1,251 |
0 |
| Repayments of borrowings |
–14 |
–3,442 |
| Payments of lease liabilities |
–213 |
–266 |
| Transactions with non-controlling interests |
–13 |
42 |
| Net cash flows from financing activities – continuing operations |
–3,180 |
–6,797 |
| Net cash flows from financing activities – discontinued operations |
0 |
24 |
| Net
cash flows from financing activities |
–3,180 |
–6,773 |
| Effect
of foreign currency rates on cash and cash equivalents |
–94 |
–128 |
| Net
decrease/increase in cash and cash equivalents |
1,881 |
370 |
| Cash
and cash equivalents at the beginning of the period |
8,124 |
9,008 |
| Cash
and cash equivalents at the end of the period |
10,005 |
9,378 |
|
Quarterly
Statement Q3 2024 |
Non-IFRS Numbers
(D) Basis
of Non-IFRS Presentation
SAP discloses certain financial measures such as expense (non-IFRS) and profit measures
(non-IFRS) that are not prepared in accordance with IFRS and are therefore considered non-IFRS financial measures.
For a more detailed description
of all of SAP’s non-IFRS measures and their limitations as well as SAP’s constant currency and free cash flow figures, see
Explanation of Non-IFRS Measures.
(E) Reconciliation
from Non-IFRS Numbers to IFRS Numbers
(E.1) Reconciliation of Non-IFRS Revenue – Quarter
| € millions, unless otherwise stated |
Q3
2024 |
Q3 2023 |
∆ in % |
| IFRS |
Currency
Impact |
Non-IFRS
Constant
Currency |
IFRS |
IFRS |
Non-IFRS
Constant
Currency |
| Revenue
Numbers |
|
|
|
|
|
|
| Cloud |
4,351 |
43 |
4,394 |
3,472 |
25 |
27 |
| Software licenses |
285 |
2 |
287 |
335 |
–15 |
–14 |
| Software support |
2,793 |
24 |
2,817 |
2,872 |
–3 |
–2 |
| Software licenses and support |
3,078 |
26 |
3,104 |
3,208 |
–4 |
–3 |
| Cloud
and software |
7,429 |
69 |
7,497 |
6,679 |
11 |
12 |
| Services |
1,041 |
7 |
1,048 |
1,065 |
–2 |
–2 |
| Total
revenue |
8,470 |
76 |
8,546 |
7,744 |
9 |
10 |
|
Quarterly
Statement Q3 2024 |
(E.2) Reconciliation
of Non-IFRS Operating Expenses – Quarter
| € millions, unless otherwise stated |
Q3
2024 |
Q3 2023 |
∆ in % |
| IFRS |
Adj. |
Non-IFRS |
Currency
Impact |
Non-IFRS
Constant
Currency |
IFRS |
Adj. |
Non-IFRS |
IFRS |
Non-IFRS |
Non-IFRS
Constant
Currency |
| Operating
Expense Numbers |
|
|
|
|
|
|
|
|
|
|
|
| Cost of cloud |
–1,167 |
25 |
–1,142 |
|
|
–946 |
10 |
–937 |
23 |
22 |
|
| Cost of software licenses and support |
–306 |
0 |
–306 |
|
|
–321 |
4 |
–318 |
–5 |
–4 |
|
| Cost of cloud and software |
–1,472 |
25 |
–1,448 |
|
|
–1,268 |
14 |
–1,254 |
16 |
15 |
|
| Cost of services |
–786 |
0 |
–785 |
|
|
–840 |
0 |
–840 |
–6 |
–6 |
|
| Total
cost of revenue |
–2,258 |
25 |
–2,233 |
|
|
–2,108 |
14 |
–2,094 |
7 |
7 |
|
| Gross
profit |
6,212 |
25 |
6,236 |
50 |
6,286 |
5,637 |
14 |
5,651 |
10 |
10 |
11 |
| Research and development |
–1,568 |
0 |
–1,568 |
|
|
–1,515 |
2 |
–1,513 |
4 |
4 |
|
| Sales and marketing |
–2,098 |
51 |
–2,047 |
|
|
–2,105 |
64 |
–2,041 |
0 |
0 |
|
| General and administration |
–361 |
6 |
–356 |
|
|
–327 |
0 |
–327 |
10 |
9 |
|
| Restructuring |
52 |
–52 |
0 |
|
|
36 |
–36 |
0 |
43 |
NA |
|
| Other operating income/expense, net |
–22 |
0 |
–22 |
|
|
–3 |
0 |
–3 |
>100 |
>100 |
|
| Total
operating expenses |
–6,256 |
30 |
–6,226 |
–67 |
–6,293 |
–6,022 |
44 |
–5,978 |
4 |
4 |
5 |
(E.3) Reconciliation
of Non-IFRS Profit Figures, Income Tax, and Key Ratios – Quarter
| € millions, unless otherwise stated |
Q3
2024 |
Q3 2023 |
∆ in % |
| IFRS |
Adj. |
Non-IFRS |
Currency
Impact |
Non-IFRS
Constant
Currency |
IFRS |
Adj. |
Non-IFRS |
IFRS |
Non-IFRS |
Non-IFRS
Constant
Currency |
| Profit
Numbers |
|
|
|
|
|
|
|
|
|
|
|
| Operating
profit (loss) |
2,214 |
30 |
2,244 |
9 |
2,253 |
1,723 |
44 |
1,767 |
29 |
27 |
28 |
| Other
non-operating income/expense, net |
–62 |
0 |
–62 |
|
|
113 |
0 |
113 |
NA |
NA |
|
| Finance income |
240 |
–87 |
153 |
|
|
204 |
–53 |
151 |
18 |
1 |
|
| Finance costs |
–241 |
63 |
–178 |
|
|
–279 |
103 |
–177 |
–14 |
1 |
|
| Financial
income, net |
–1 |
–24 |
–24 |
|
|
–75 |
50 |
–25 |
–99 |
–3 |
|
| Profit
(loss) before tax from continuing operations |
2,151 |
6 |
2,157 |
|
|
1,761 |
94 |
1,855 |
22 |
16 |
|
| Income tax expense |
–710 |
–10 |
–720 |
|
|
–489 |
–13 |
–502 |
45 |
43 |
|
| Profit
(loss) after tax from continuing operations |
1,441 |
–3 |
1,437 |
|
|
1,272 |
81 |
1,352 |
13 |
6 |
|
| Attributable to owners of parent |
1,463 |
–29 |
1,434 |
|
|
1,278 |
72 |
1,350 |
15 |
6 |
|
| Attributable to non-controlling interests |
–23 |
26 |
3 |
|
|
–6 |
9 |
3 |
>100 |
18 |
|
| Profit
(loss) after tax1 |
1,441 |
–3 |
1,437 |
|
|
1,272 |
81 |
1,352 |
13 |
6 |
|
| Attributable to owners of parent1 |
1,463 |
–29 |
1,434 |
|
|
1,278 |
72 |
1,350 |
15 |
6 |
|
| Attributable to non-controlling interests1 |
–23 |
26 |
3 |
|
|
–6 |
9 |
3 |
>100 |
18 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Key
Ratios |
|
|
|
|
|
|
|
|
|
|
|
| Operating
margin (in %) |
26.1 |
|
26.5 |
|
26.4 |
22.2 |
|
22.8 |
3.9pp |
3.7pp |
3.5pp |
| Effective
tax rate (in %)2 |
33.0 |
|
33.4 |
|
|
27.8 |
|
27.1 |
5.3pp |
6.3pp |
|
| Earnings
per share, basic (in €) from continuing operations |
1.25 |
|
1.23 |
|
|
1.09 |
|
1.16 |
15 |
6 |
|
| Earnings
per share, basic (in €)1 |
1.25 |
|
1.23 |
|
|
1.09 |
|
1.16 |
15 |
6 |
|
1
From continuing and discontinued operations
2 The difference between our effective tax rate (IFRS) and effective tax rate (non-IFRS) in Q3 2024 and Q3 2023 mainly resulted
from tax effects of acquisition-related charges and restructuring expenses.
|
Quarterly
Statement Q3 2024 |
(E.4) Reconciliation
of Non-IFRS Revenue – Year-to-Date
| € millions, unless otherwise stated |
Q1–Q3
2024 |
Q1–Q3 2023 |
∆ in % |
| IFRS |
Currency
Impact |
Non-IFRS
Constant
Currency |
IFRS |
IFRS |
Non-IFRS
Constant
Currency |
| Revenue
Numbers |
|
|
|
|
|
|
| Cloud |
12,433 |
92 |
12,524 |
9,965 |
25 |
26 |
| Software licenses |
716 |
7 |
723 |
927 |
–23 |
–22 |
| Software support |
8,414 |
64 |
8,478 |
8,651 |
–3 |
–2 |
| Software licenses and support |
9,130 |
71 |
9,201 |
9,577 |
–5 |
–4 |
| Cloud
and software |
21,563 |
162 |
21,725 |
19,542 |
10 |
11 |
| Services |
3,236 |
15 |
3,251 |
3,197 |
1 |
2 |
| Total
revenue |
24,798 |
178 |
24,976 |
22,739 |
9 |
10 |
(E.5) Reconciliation
of Non-IFRS Operating Expenses – Year-to-Date
| € millions, unless otherwise stated |
Q1–Q3
2024 |
Q1–Q3 2023 |
∆ in % |
| IFRS |
Adj. |
Non-IFRS |
Currency
Impact |
Non-IFRS
Constant
Currency |
IFRS |
Adj. |
Non-IFRS |
IFRS |
Non-IFRS |
Non-IFRS
Constant
Currency |
| Operating
Expense Numbers |
|
|
|
|
|
|
|
|
|
|
|
| Cost of cloud |
–3,381 |
49 |
–3,332 |
|
|
–2,843 |
31 |
–2,812 |
19 |
18 |
|
| Cost of software licenses and support |
–943 |
0 |
–943 |
|
|
–1,008 |
26 |
–982 |
–6 |
–4 |
|
| Cost of cloud and software |
–4,324 |
49 |
–4,275 |
|
|
–3,852 |
57 |
–3,795 |
12 |
13 |
|
| Cost of services |
–2,485 |
0 |
–2,484 |
|
|
–2,557 |
1 |
–2,557 |
–3 |
–3 |
|
| Total
cost of revenue |
–6,808 |
50 |
–6,759 |
|
|
–6,409 |
58 |
–6,351 |
6 |
6 |
|
| Gross
profit |
17,990 |
50 |
18,039 |
147 |
18,187 |
16,330 |
58 |
16,388 |
10 |
10 |
11 |
| Research and development |
–4,839 |
3 |
–4,835 |
|
|
–4,653 |
6 |
–4,647 |
4 |
4 |
|
| Sales and marketing |
–6,594 |
180 |
–6,413 |
|
|
–6,562 |
363 |
–6,199 |
0 |
3 |
|
| General and administration |
–1,057 |
14 |
–1,043 |
|
|
–997 |
1 |
–996 |
6 |
5 |
|
| Restructuring |
–2,821 |
2,821 |
0 |
|
|
–221 |
221 |
0 |
>100 |
NA |
|
| Other operating income/expense, net |
–31 |
0 |
–31 |
|
|
0 |
0 |
0 |
NA |
NA |
|
| Total
operating expenses |
–22,150 |
3,069 |
–19,081 |
–102 |
–19,183 |
–18,842 |
649 |
–18,193 |
18 |
5 |
5 |
| Quarterly
Statement Q3 2024 |
(E.6) Reconciliation
of Non-IFRS Profit Figures, Income Tax, and Key Ratios – Year-to-Date
| € millions, unless otherwise stated |
Q1–Q3
2024 |
Q1–Q3 2023 |
∆ in % |
| IFRS |
Adj. |
Non-IFRS |
Currency
Impact |
Non-IFRS
Constant
Currency |
IFRS |
Adj. |
Non-IFRS |
IFRS |
Non-IFRS |
Non-IFRS
Constant
Currency |
| Profit
Numbers |
|
|
|
|
|
|
|
|
|
|
|
| Operating
profit (loss) |
2,648 |
3,069 |
5,717 |
76 |
5,793 |
3,897 |
649 |
4,546 |
–32 |
26 |
27 |
| Other
non-operating income/expense, net |
–215 |
0 |
–215 |
|
|
–3 |
0 |
–3 |
>100 |
>100 |
|
| Finance income |
850 |
–369 |
482 |
|
|
573 |
–238 |
335 |
48 |
44 |
|
| Finance costs |
–726 |
222 |
–504 |
|
|
–935 |
329 |
–607 |
–22 |
–17 |
|
| Financial
income, net |
124 |
–147 |
–23 |
|
|
–363 |
91 |
–272 |
NA |
–92 |
|
| Profit
(loss) before tax from continuing operations |
2,557 |
2,922 |
5,479 |
|
|
3,532 |
739 |
4,271 |
–28 |
28 |
|
| Income tax expense |
–1,023 |
–796 |
–1,819 |
|
|
–1,132 |
–120 |
–1,252 |
–10 |
45 |
|
| Profit
(loss) after tax from continuing operations |
1,534 |
2,126 |
3,660 |
|
|
2,399 |
620 |
3,019 |
–36 |
21 |
|
| Attributable to owners of parent |
1,523 |
2,134 |
3,657 |
|
|
2,413 |
615 |
3,028 |
–37 |
21 |
|
| Attributable to non-controlling interests |
11 |
–8 |
3 |
|
|
–13 |
5 |
–9 |
NA |
NA |
|
| Profit
(loss) after tax1 |
1,534 |
2,126 |
3,660 |
|
|
4,763 |
38 |
4,801 |
–68 |
–24 |
|
| Attributable to owners of parent1 |
1,523 |
2,134 |
3,657 |
|
|
4,917 |
208 |
5,125 |
–69 |
–29 |
|
| Attributable to non-controlling interests1 |
11 |
–8 |
3 |
|
|
–155 |
–170 |
–325 |
NA |
NA |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Key
Ratios |
|
|
|
|
|
|
|
|
|
|
|
| Operating
margin (in %) |
10.7 |
|
23.1 |
|
23.2 |
17.1 |
|
20.0 |
–6.5pp |
3.1pp |
3.2pp |
| Effective
tax rate (in %)2 |
40.0 |
|
33.2 |
|
|
32.1 |
|
29.3 |
7.9pp |
3.9pp |
|
| Earnings
per share, basic (in €) from continuing operations |
1.31 |
|
3.13 |
|
|
2.07 |
|
2.59 |
–37 |
21 |
|
| Earnings
per share, basic (in €)1 |
1.31 |
|
3.13 |
|
|
4.21 |
|
4.39 |
–69 |
–29 |
|
1 From
continuing and discontinued operations
2 The difference between our effective tax rate (IFRS) and effective tax rate (non-IFRS) in the first nine months of 2024 and
2023 mainly resulted from tax effects of restructuring expenses and acquisition-related charges.
| Quarterly
Statement Q3 2024 |
(E.7) Reconciliation
of Free Cash Flow
| € millions, unless otherwise stated |
Q1–Q3
2024 |
Q1–Q3 2023 |
| Net
cash flows from operating activities – continuing operations |
5,772 |
4,284 |
| Purchase of intangible assets and property, plant, and equipment |
–528 |
–595 |
| Payments of lease liabilities |
–213 |
–266 |
| Free
cash flow |
5,031 |
3,423 |
| |
|
|
| Net
cash flows from investing activities – continuing operations |
–618 |
–2,718 |
| Net
cash flows from financing activities – continuing operations |
–3,180 |
–6,797 |
| Quarterly
Statement Q3 2024 |
(F) Non-IFRS Adjustments
– Actuals and Estimates
| € millions, unless otherwise stated |
Estimated Amounts for
Full Year 2024 |
Q3
2024 |
Q1–Q3
2024 |
Q3 2023 |
Q1–Q3 2023 |
| Profit
(loss) before tax from continuing operations (IFRS) |
|
2,151 |
2,557 |
1,761 |
3,532 |
| Adjustment for acquisition-related charges |
320–400 |
90 |
256 |
80 |
257 |
| Adjustment for restructuring |
approximately €3 bn |
–52 |
2,821 |
–36 |
221 |
| Adjustment for regulatory compliance matter expenses |
-8 |
–8 |
–8 |
0 |
170 |
| Adjustment for gains and losses from equity securities, net |
N/A1 |
–24 |
–147 |
50 |
91 |
| Profit
(loss) before tax from continuing operations (non-IFRS) |
|
2,157 |
5,479 |
1,855 |
4,271 |
1
Due to the uncertainty and potential variability of gains and losses from equity securities, we cannot provide an estimate for the full
year without unreasonable efforts. This item could however have a material impact on our non-IFRS measures below operating profit.
(G) Non-IFRS
Operating Expense Adjustments by Functional Areas
| € millions |
Q3
2024 |
Q3 2023 |
| |
IFRS |
Acquisition-
Related |
Restructuring |
RCM1 |
Non-IFRS |
IFRS |
Acquisition-Related |
Restructuring |
RCM1 |
Non-IFRS |
| Cost of cloud |
–1,167 |
25 |
0 |
0 |
–1,142 |
–946 |
10 |
0 |
0 |
–937 |
| Cost of software licenses and support |
–306 |
0 |
0 |
0 |
–306 |
–321 |
4 |
0 |
0 |
–318 |
| Cost of services |
–786 |
0 |
0 |
0 |
–785 |
–840 |
0 |
0 |
0 |
–840 |
| Research and development |
–1,568 |
0 |
0 |
0 |
–1,568 |
–1,515 |
2 |
0 |
0 |
–1,513 |
| Sales and marketing |
–2,098 |
59 |
0 |
–8 |
–2,047 |
–2,105 |
64 |
0 |
0 |
–2,041 |
| General and administration |
–361 |
6 |
0 |
0 |
–356 |
–327 |
0 |
0 |
0 |
–327 |
| Restructuring |
52 |
0 |
–52 |
0 |
0 |
36 |
0 |
–36 |
0 |
0 |
| Other operating income/expense, net |
–22 |
0 |
0 |
0 |
–22 |
–3 |
0 |
0 |
0 |
–3 |
| Total
operating expenses |
–6,256 |
90 |
–52 |
–8 |
–6,226 |
–6,022 |
80 |
–36 |
0 |
–5,978 |
1 Regulatory
Compliance Matters
| € millions |
Q1–Q3
2024 |
Q1–Q3 2023 |
| IFRS |
Acquisition-
Related |
Restructuring |
RCM1 |
Non-IFRS |
IFRS |
Acquisition-Related |
Restructuring |
RCM1 |
Non-IFRS |
| Cost of cloud |
–3,381 |
49 |
0 |
0 |
–3,332 |
–2,843 |
31 |
0 |
0 |
–2,812 |
| Cost of software licenses and support |
–943 |
0 |
0 |
0 |
–943 |
–1,008 |
26 |
0 |
0 |
–982 |
| Cost of services |
–2,485 |
0 |
0 |
0 |
–2,484 |
–2,557 |
1 |
0 |
0 |
–2,557 |
| Research and development |
–4,839 |
3 |
0 |
0 |
–4,835 |
–4,653 |
6 |
0 |
0 |
–4,647 |
| Sales and marketing |
–6,594 |
189 |
0 |
–8 |
–6,413 |
–6,562 |
193 |
0 |
170 |
–6,199 |
| General and administration |
–1,057 |
14 |
0 |
0 |
–1,043 |
–997 |
1 |
0 |
0 |
–996 |
| Restructuring |
–2,821 |
0 |
2,821 |
0 |
0 |
–221 |
0 |
221 |
0 |
0 |
| Other operating income/expense, net |
–31 |
0 |
0 |
0 |
–31 |
0 |
0 |
0 |
0 |
0 |
| Total
operating expenses |
–22,150 |
256 |
2,821 |
–8 |
–19,081 |
–18,842 |
257 |
221 |
170 |
–18,193 |
1 Regulatory
Compliance Matters
| Quarterly
Statement Q3 2024 |
If not presented in a separate line item in our income statement, the restructuring
expenses would break down as follows:
| € millions |
Q3
2024 |
Q1–Q3
2024 |
Q3 2023 |
Q1–Q3 2023 |
| Cost of cloud |
1 |
–94 |
9 |
2 |
| Cost of software licenses and support |
0 |
–80 |
2 |
–9 |
| Cost of services |
8 |
–525 |
8 |
–26 |
| Research and development |
12 |
–1,088 |
–4 |
–44 |
| Sales and marketing |
12 |
–894 |
22 |
–128 |
| General and administration |
18 |
–141 |
–1 |
–16 |
| Restructuring
expenses |
52 |
–2,821 |
36 |
–221 |
| Quarterly
Statement Q3 2024 |
Disaggregations
(H) Segment Reporting
SAP operates on a consolidated basis as one
operating segment. For further details, see Note
(C.1) “Results of Segments” of our Consolidated Half-Year Financial Statements
2024.
For more information about SAP’s operating
performance, see the Reconciliation
from Non-IFRS Numbers to IFRS Numbers section.
(I) Revenue by Region (IFRS
and Non-IFRS)
(I.1) Revenue
by Region (IFRS and Non-IFRS) – Quarter
| € millions |
Q3
2024 |
Q3 2023 |
∆ in % |
| Actual
currency |
Currency
Impact |
Constant
Currency |
Actual currency |
Actual currency |
Constant
Currency |
| Cloud
Revenue by Region |
|
|
|
| EMEA |
1,742 |
–2 |
1,740 |
1,352 |
29 |
29 |
| Americas |
1,989 |
35 |
2,024 |
1,678 |
19 |
21 |
| APJ |
620 |
10 |
630 |
442 |
40 |
43 |
| Cloud
revenue |
4,351 |
43 |
4,394 |
3,472 |
25 |
27 |
| Cloud
and Software Revenue by Region |
|
|
|
| EMEA |
3,370 |
–4 |
3,366 |
3,010 |
12 |
12 |
| Americas |
2,982 |
55 |
3,037 |
2,696 |
11 |
13 |
| APJ |
1,077 |
18 |
1,094 |
973 |
11 |
12 |
| Cloud
and software revenue |
7,429 |
69 |
7,497 |
6,679 |
11 |
12 |
| Total
Revenue by Region |
|
|
|
| Germany |
1,282 |
0 |
1,283 |
1,212 |
6 |
6 |
| Rest of EMEA |
2,574 |
–4 |
2,569 |
2,280 |
13 |
13 |
| Total
EMEA |
3,856 |
–4 |
3,852 |
3,492 |
10 |
10 |
| United States |
2,739 |
27 |
2,766 |
2,506 |
9 |
10 |
| Rest of Americas |
679 |
34 |
713 |
651 |
4 |
9 |
| Total
Americas |
3,418 |
61 |
3,479 |
3,157 |
8 |
10 |
| Japan |
357 |
13 |
370 |
297 |
20 |
25 |
| Rest of APJ |
839 |
7 |
845 |
798 |
5 |
6 |
| Total
APJ |
1,195 |
20 |
1,215 |
1,095 |
9 |
11 |
| Total
revenue |
8,470 |
76 |
8,546 |
7,744 |
9 |
10 |
| Quarterly
Statement Q3 2024 |
(I.2) Revenue by Region (IFRS
and Non-IFRS) – Year-to-Date
| € millions |
Q1–Q3
2024 |
Q1–Q3 2023 |
∆ in % |
| Actual
Currency |
Currency
Impact |
Constant
Currency |
Actual Currency |
Actual
Currency |
Constant
Currency |
| Cloud
Revenue by Region |
|
|
|
| EMEA |
4,972 |
–13 |
4,959 |
3,810 |
31 |
30 |
| Americas |
5,751 |
39 |
5,790 |
4,873 |
18 |
19 |
| APJ |
1,710 |
66 |
1,776 |
1,282 |
33 |
38 |
| Cloud
revenue |
12,433 |
92 |
12,524 |
9,965 |
25 |
26 |
| Cloud
and Software Revenue by Region |
|
|
|
| EMEA |
9,695 |
–22 |
9,673 |
8,670 |
12 |
12 |
| Americas |
8,757 |
60 |
8,817 |
7,979 |
10 |
11 |
| APJ |
3,111 |
124 |
3,235 |
2,892 |
8 |
12 |
| Cloud
and software revenue |
21,563 |
162 |
21,725 |
19,542 |
10 |
11 |
| Total
Revenue by Region |
|
|
|
| Germany |
3,802 |
0 |
3,802 |
3,495 |
9 |
9 |
| Rest of EMEA |
7,377 |
–27 |
7,351 |
6,619 |
11 |
11 |
| Total
EMEA |
11,180 |
–27 |
11,153 |
10,113 |
11 |
10 |
| United States |
8,108 |
27 |
8,136 |
7,480 |
8 |
9 |
| Rest of Americas |
2,038 |
37 |
2,075 |
1,884 |
8 |
10 |
| Total
Americas |
10,146 |
64 |
10,211 |
9,364 |
8 |
9 |
| Japan |
1,018 |
91 |
1,109 |
913 |
11 |
21 |
| Rest of APJ |
2,454 |
49 |
2,503 |
2,348 |
5 |
7 |
| Total
APJ |
3,472 |
140 |
3,612 |
3,261 |
6 |
11 |
| Total
revenue |
24,798 |
178 |
24,976 |
22,739 |
9 |
10 |
| Quarterly
Statement Q3 2024 |
(J) Employees by Region
and Functional Areas
| Full-time equivalents |
09/30/2024 |
09/30/2023 |
| |
EMEA |
Americas |
APJ |
Total |
EMEA |
Americas |
APJ |
Total |
| Cloud and software |
4,510 |
4,256 |
4,592 |
13,357 |
4,150 |
4,193 |
4,181 |
12,523 |
| Services |
8,394 |
4,686 |
5,503 |
18,582 |
8,124 |
5,044 |
5,502 |
18,669 |
| Research and development |
18,422 |
5,623 |
12,729 |
36,774 |
17,952 |
5,907 |
12,698 |
36,557 |
| Sales and marketing |
12,078 |
9,742 |
5,149 |
26,969 |
11,796 |
10,166 |
5,311 |
27,272 |
| General and administration |
3,781 |
1,796 |
1,301 |
6,878 |
3,518 |
1,772 |
1,305 |
6,595 |
| Infrastructure |
2,964 |
1,156 |
903 |
5,023 |
2,786 |
1,244 |
849 |
4,878 |
| SAP
Group (09/30) |
50,149 |
27,257 |
30,177 |
107,583 |
48,325 |
28,324 |
29,846 |
106,495 |
| Thereof acquisitions1 |
413 |
414 |
86 |
912 |
7 |
0 |
0 |
7 |
| SAP
Group (nine months' end average) |
49,475 |
27,389 |
29,819 |
106,683 |
47,967 |
28,170 |
29,487 |
105,624 |
1 Acquisitions
closed between January 1 and September 30 of the respective year.
| Quarterly
Statement Q3 2024 |
Other Disclosures
(K) Share-Based Payment
SAP’s share-based payment
expenses included in our non-IFRS operating expenses break down as follows:
| € millions |
Q3
2024 |
Q1–Q3
2024 |
Q3 2023 |
Q1–Q3 2023 |
| Cost of cloud |
–31 |
–104 |
–23 |
–70 |
| Cost of software licenses and support |
–9 |
–31 |
–9 |
–29 |
| Cost of services |
–78 |
–269 |
–88 |
–287 |
| Research and development |
–169 |
–572 |
–163 |
–534 |
| Sales and marketing |
–199 |
–675 |
–191 |
–626 |
| General and administration |
–49 |
–164 |
–36 |
–132 |
| Share-based
payment expenses |
–535 |
–1,815 |
–510 |
–1,677 |
Additionally, in the third quarter of 2024 SAP reduced its expenses of €17 million
(Q3/2023: €0 million) relating to accelerated share-based payment expenses triggered by the transformation program. In the first
nine months of 2024 expenses amounting to €172 million (Q1-Q3/2023: €0 million) have been recognized. These share-based payment
expenses are classified as restructuring expenses in SAP’s consolidated income statements.
Associated share-based payments in the first nine months of 2024 amounted to €143
million (Q1-Q3/2023: €0 million) and are classified as a decrease in provisions and other liabilities in SAP’s consolidated
statements of cash flows.
(L) Restructuring
The vast majority of the restructuring
expenses and related payments recognized in the first nine months of 2024 relate to the company-wide transformation program that SAP announced
in the first quarter to further increase its focus on key strategic growth areas, in particular business AI. SAP is transforming its operational
setup to capture organizational synergies and AI driven efficiencies, and to prepare the company for highly scalable future revenue growth.
The restructuring is intended to ensure that SAP’s skillset and resources continue to meet future business needs. Restructuring
expenses primarily include employee-related benefits such as severance payments and accelerated share-based payment expenses triggered
by the transformation program (for more information on recognition and measurement of share-based payment programs, see Notes to the Consolidated
Half-Year Financial Statements 2024, Note
B.3).
For the movement of the restructuring provision in the first nine months of 2024, please
refer to the table below:
| € millions |
Restructuring
Provision |
| Opening
balance as at 1/1/2024 |
37 |
| Additions |
2,821 |
| Utilizations |
–673 |
| Transfer to share-based compensation liability |
–110 |
| Ending
balance as at 9/30/2024 |
2,075 |
For a reconciliation of the utilization of the restructuring provision to the cash outflow
related to restructuring, please refer to the table below:
| € millions |
Q1–Q3
2024 |
| Utilizations |
673 |
| Payout of share-based compensation |
143 |
| Time account payout |
13 |
| Net
cash outflow |
829 |
| Quarterly
Statement Q3 2024 |
(M) Business combinations
On June 5, 2024, SAP announced its intention to acquire 100% of WalkMe Ltd. (“WalkMe”),
a leader in Digital Adoption Platforms.
The transaction closed on September 12, 2024, following satisfaction of regulatory and
other approvals. The acquisition is expected to further expand SAP’s business transformation portfolio. WalkMe’s solutions
help companies navigate ongoing technological change by providing users with advanced guidance and automation capabilities. The operating
results, as well as the assets and liabilities (provisional values) are reflected in our consolidated financial statements starting from
that date. The initial consideration transferred amounted to approximately €1.3 billion.
As the WalkMe acquisition closed shortly before September 30, 2024, we are still in
the process of identifying and measuring the WalkMe assets and liabilities. Thus, the accounting for the WalkMe acquisition is preliminary.
This primarily relates to intangible assets as well as tax assets and liabilities, but also to certain acquisition accounting-related
matters such as the consideration transferred and certain accounting alignments.
In the third quarter of 2024, the contribution of WalkMe to revenue was approximately
€14 million, to operating profit approximately €-14 million (IFRS) and approximately €-8 million (non-IFRS).
Sap (PK) (USOTC:SAPGF)
과거 데이터 주식 차트
부터 12월(12) 2024 으로 1월(1) 2025
Sap (PK) (USOTC:SAPGF)
과거 데이터 주식 차트
부터 1월(1) 2024 으로 1월(1) 2025
