WALLDORF, Germany, Oct. 21, 2019 /PRNewswire/ --
- New Cloud Bookings Up 39%, Software License Revenue Down
1%
- Cloud Revenue Up 37%
- Cloud Gross Margin Up More Than 5 Percentage Points
- IFRS Operating Profit Up 36%; Non-IFRS Operating Profit Up
20%
- IFRS Operating Margin Up 4.2pp; Non-IFRS Operating Margin Up
1.7pp
- Q3 Operating Cash Flow Up 28%, Free Cash Flow Up
116%
|
|
|
|
|
Cloud
Revenue
|
|
Total
Revenue
|
|
|
in €
millions
|
|
in €
millions
|
|
|
|
|
|
|
|
|
|
IFRS
|
Non-IFRS
|
|
IFRS
|
Non-IFRS
|
|
|
1,789
|
1,807
|
|
6,791
|
6,809
|
|
|
+37%
|
+37% (+33%
cc)
|
|
+13%
|
+13% (+10%
cc)
|
|
|
|
|
|
|
|
|
|
|
|
|
The share of more
predictable revenue reached 69% in the third quarter of 2019
(+2 percentage points)
|
|
|
|
|
|
|
|
|
|
Cloud & Software
Revenue
|
|
Operating
Profit
|
|
|
in €
millions
|
|
in €
millions
|
|
|
|
|
|
|
|
|
|
IFRS
|
Non-IFRS
|
|
IFRS
|
Non-IFRS
|
|
|
5,629
|
5,647
|
|
1,679
|
2,086
|
|
|
+12%
|
+13% (+10%
cc)
|
|
+36%
|
+20% (+15%
cc)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
"In April we promised a stronger focus on profits and here we
go: Q3 marks yet another milestone in delivering on this
commitment. Q3 is also a manifesto of us keeping our second
promise: continued strong top line momentum. Despite continued
macro uncertainties we couldn't be more confident to make 2019
another stellar year for SAP."
Luka Mucic, CFO
"Our third quarter results reflect the momentum we've built
entering the final quarter of the year and more broadly where we
are on our journey of growth and opera-tional excellence. We are
excited and energized to write the next chapter in SAP's story
alongside the best workforce anywhere in the technology
industry."
Jennifer Morgan and Christian Klein, Co-CEOs
SAP SE (NYSE: SAP) today announced its financial results for the
third quarter ended September 30,
2019.
Business Performance
Financial Highlights Third Quarter 20191
In the third quarter, new cloud bookings were up 39% to €572
million (34% at constant currencies) and up 51% excluding
Infrastructure-as-a-Service (IaaS). A new partnership with
Microsoft contributed 18 percentage points to the 39% Q3 new cloud
bookings growth. The deal has a term of 3 years, with revenue
recognition starting in the fourth quarter 2019. Cloud revenue grew
37% year over year to €1.79 billion (IFRS), up 37% (non-IFRS) and
33% (non-IFRS at constant currencies). Software licenses revenue
was down 1% year over year to €932 million (IFRS), down 1%
(non-IFRS) and down 4% (non-IFRS at constant currencies). New cloud
and software order entry was up 20% (15% at constant currencies)
year over year in the third quarter. Cloud and software revenue
grew 12% year over year to €5.63 billion (IFRS), up 13% (non-IFRS)
and 10% (non-IFRS at constant currencies). Total revenue grew 13%
year over year to €6.79 billion (IFRS), up 13% (non-IFRS) and 10%
(non-IFRS at constant currencies).
The share of more predictable revenue grew by two percentage
points year-over-year to 69% in the third quarter.
Cloud gross margin increased 5.9 percentage points year over
year to 64.5% (IFRS) and increased by 5.4 percentage points year
over year to 69.0% (non-IFRS).
Operating profit increased 36% year over year to €1.68 billion
(IFRS), up 20% (non-IFRS) and up 15% (non-IFRS at constant
currencies). Operating margin increased 4.2 percentage points year
over year to 24.7% (IFRS) and expanded by 1.7 percentage points
year over year to 30.6% (non-IFRS) and 1.5 percentage points to
30.4% (non-IFRS at constant currencies). Operating profit in the
third quarter benefitted from disciplined hiring and accelerated
operating efficiency gains. IFRS operating profit additionally
benefitted from lower share-based compensation expenses.
Earnings per share was up 28% to €1.04 (IFRS) and up 14% to
€1.30 (non-IFRS).
Operating cash flow in the third quarter developed significantly
better than in the first half of 2019 and contributed €638 million
(up 28% year-over-year) to the nine-month operating cash flow.
Operating cash flow for the first nine months was €3.32 billion,
down 5% year-over-year. The decrease in operating cash flow was
primarily due to higher payouts related to share-based compensation
(€205 million), restructuring payouts (€239 million) and higher tax
cash outflows (€490 million) compared to the first nine months of
2018. In addition, operating cash flow experienced a year over year
benefit of roughly €288 million from the application of IFRS 16.
Free cash flow2 was flat year-over-year at €2.33
billion. At the end of the third quarter, net liquidity was -€8.28
billion.
Segment Performance Third Quarter 2019
SAP's three reportable segments "Applications, Technology &
Services", "Intelligent Spend Group" and "Customer and Experience
Management" showed the following performance:
Applications, Technology & Services (AT&S)
In the third quarter, segment revenue in AT&S was up 9% to
€5.52 billion year-over-year (up 6% at constant currencies).
Solutions which contributed to this growth are listed below.
In the third quarter, SAP and Microsoft established a preferred
partnership to move on-premise SAP ERP and S/4HANA customers to the
cloud through industry specific best practices, reference
architectures, and cloud-delivered services on Microsoft Azure.
This partnership will both accelerate and simplify customer
migration to S/4HANA on Microsoft Azure, and Microsoft will embed
SAP Cloud platform solutions and related services within Azure
Cloud Services.
SAP S/4HANA
SAP S/4HANA is at the core of the Intelligent Enterprise.
It embeds analytics, simulation, prediction, and decision
support to run LIVE business. SAP offers customers a choice of
deployment options including cloud, on-premise and hybrid so they
can choose any scenario or combination that is right for them.
Built on SAP's advanced in-memory computing platform, SAP S/4HANA
is the market-leading intelligent ERP that provides unparalleled
business agility, empowering companies across all industries to
reinvent their business models for the digital economy and navigate
dynamic marketplaces.
Adding over 500 customers in the quarter, S/4HANA adoption grew
to more than 12,000 customers, up 25% year over year. In the third
quarter close to 40% of the additional S/4HANA customers were net
new.
S/4HANA continues to be selected by world-class organizations,
including State of Nevada,
Grupo Crystal and BrandX. Dow Jones,
Callaway Golf, Daewoong Pharmaceutical and Breitling have gone live
on S/4HANA. A growing number of companies including British Telecom
and CIE Automotive have chosen S/4HANA in the Cloud. McDonald's UAE
and Xinjiang Daming Mining Group Co. have gone live on S/4HANA
Cloud.
Human Capital Management Solutions (HCM)
SuccessFactors' evolution towards Human Experience Management
(EmployeeXM™) represents the next generation of human capital
management (HCM).
The unique combination of SAP SuccessFactors and Qualtrics
Employee Experience Management elevates HCM solutions beyond
facilitating transactions to truly reinvent human experiences in
ways that accelerate business growth. Employees are the frontline
face to the customer. Delivering great customer experiences
requires focusing on employees and delivering great employee
experiences. Organizations that deliver exceptional employee
experiences achieve better business results and outperform the
competition.
Proximus Group, a top Belgian provider of information and
communications technology, selected Qualtrics Employee Experience
to support an ambitious new employee listening program. The
combination of SAP and Qualtrics solutions will ultimately empower
Proximus Group to blend customer experience data with employee
experience data to enable holistic, personalized experience
management.
SAP SuccessFactors Employee Central, which is the flagship of
SAP's HCM offering, added more than 150 customers in the quarter
and has now more than 3,500 customers globally. Vonovia SE was one
of many competitive wins and the International Committee of the Red
Cross went live on SAP SuccessFactors this quarter.
Business Technology Platform
SAP's business technology platform represents an evolution of
the digital platform helping customers to turn their data into
business value. It encompasses database and data management,
application development and integration, analytics, and intelligent
technologies. The business technology platform represents a
combination of SAP's leading technologies such as SAP HANA, SAP
Cloud Platform, SAP Data Warehouse Cloud, SAP Analytics Cloud, SAP
Data Intelligence and SAP Intelligent Robotic Process Automation
bundled into one single reference architecture. It supports cloud,
on-premise and hybrid customer landscapes. Additionally, the
business technology platform offers seamless interoperability with
hyperscalers' technologies to deliver a high level of scalability
and flexibility. The business technology platform provides
customers with convenient access to SAP data, SAP technology and
SAP pre-configured business services to help them drive business
value across their entire solution landscape.
Nippon Express, Impossible Foods Inc and Amazonas & Roraima
Energia selected SAP's business technology platform and analytics
cloud solutions in the third quarter.
Intelligent Spend Group
In the third quarter, segment revenue in the Intelligent Spend
Group was up 23% to €828 million year-over-year (up 18% at constant
currencies).
With the Intelligent Spend Group, SAP provides collaborative
commerce capabilities (SAP Ariba), effortless travel and expense
processing (SAP Concur) and flexible workforce management (SAP
Fieldglass). The Intelligent Spend Group portfolio represents the
largest commerce platform in the world with approximately
$3.4 trillion in global commerce
annually transacted in more than 180 countries.
British Telecom, Prada, and Xiaomi Communications chose SAP's
Intelligent Spend Group solutions in the third quarter.
Customer and Experience Management (CXM)
In the third quarter, segment revenue in Customer and Experience
Management was up 75% to €371 million year-over-year (69% at
constant currencies). Solutions which contributed to this growth in
the third quarter are listed below3.
SAP C/4HANA
SAP's C/4HANA suite enables companies to manage and deliver
personalized customer experiences across every touchpoint and
across channels based on a complete view of the customer. C/4HANA
combines leading solutions for marketing, sales, commerce, service
and customer data. As part of the Intelligent Enterprise, C/4HANA
integrates with S/4HANA to connect demand signals to fulfillment in
one end-to-end process.
SAP C/4HANA solutions also leverage Qualtrics CustomerXM™. This
enables organizations to combine customer feedback and operational
data to listen, understand and take action in the moment to improve
the customer experience.
E.ON, Swift, and Cintac Mining all chose SAP C/4HANA in Q3.
Experience Management Solutions (Qualtrics)
With Qualtrics, SAP combines market leadership in Experience
Management (XM) with end-to-end operational power in over 25
industries to help organizations manage and improve the four core
experiences of business: customer, employee, product, and
brand.
The Qualtrics XM™ Platform is trusted by approx. 11,000
customers to listen, understand, and take action on experience data
(X-data™) by combining X-data with the operational data (O-data™)
systems of the enterprise.
In Q3, Slack Technologies, U-Haul, Sharper Image Corp,
Stanley Black & Decker, Garmin
International, Dish Networks and many others selected Qualtrics to
move beyond systems of record to new systems of action and achieve
breakthrough results.
Segment Results at a Glance4
Segment Performance
Third Quarter 2019
|
|
Applications,
Technology & Services
|
Intelligent Spend
Group
|
Customer and
Experience
Management
|
€ million, unless
otherwise stated
(Non-IFRS)
|
Actual
Currency
|
∆ in %
|
∆ in %
const.
curr.
|
Actual
Currency
|
∆ in %
|
∆ in %
const.
curr.
|
Actual
Currency
|
∆ in %
|
∆ in %
const.
curr.
|
Cloud
revenue
|
813
|
35
|
32
|
699
|
24
|
20
|
294
|
98
|
92
|
Segment
revenue
|
5,518
|
9
|
6
|
828
|
23
|
18
|
371
|
75
|
69
|
Segment profit
(loss)
|
2,475
|
17
|
13
|
211
|
36
|
31
|
2
|
–84
|
–88
|
Cloud gross margin
(in %)
|
57.8
|
9.7pp
|
10.2pp
|
78.0
|
–0.4pp
|
–0.4pp
|
76.4
|
8.8pp
|
8.7pp
|
Segment margin (in
%)
|
44.9
|
3.0pp
|
2.8pp
|
25.5
|
2.5pp
|
2.4pp
|
0.5
|
–5.0pp
|
–5.1pp
|
Regional Revenue Performance
SAP had a solid performance in the EMEA region with cloud and
software revenue increasing 10% (IFRS) and 9% (non-IFRS at constant
currencies). Cloud revenue increased 49% (IFRS) and 46% (non-IFRS
at constant currencies) with Germany and the UK being highlights.
France and the UK had exceptional
quarters in software license revenue.
The Company had a strong performance in the Americas region.
Cloud and software revenue increased 16% (IFRS) and 12% (non-IFRS
at constant currencies). Cloud revenue increased 31% (IFRS) and 26%
(non-IFRS at constant currencies) with Canada, Brazil and Mexico being highlights. In addition,
the United States and Brazil had strong quarters in software license
revenue.
In the APJ region, SAP had a solid quarter amidst a challenging
market environment. Cloud and software revenue was up 9% (IFRS) and
5% (non-IFRS at constant currencies). Cloud revenue increased 40%
(IFRS) and 37% (non-IFRS at constant currencies) with Japan and Australia being highlights. For software
license revenue, Japan had an
exceptional quarter.
Financial Results at a Glance
Third Quarter
2019
|
|
IFRS
|
Non-IFRS1)
|
€ million, unless
otherwise stated
|
Q3 2019
|
Q3 2018
|
∆ in %
|
Q3 2019
|
Q3 2018
|
∆ in %
|
∆ in % const.
curr.
|
New Cloud
Bookings2)
|
NA
|
NA
|
NA
|
572
|
411
|
39
|
34
|
Cloud
revenue
|
1,789
|
1,304
|
37
|
1,807
|
1,315
|
37
|
33
|
Software licenses and
support revenue
|
3,839
|
3,702
|
4
|
3,840
|
3,702
|
4
|
1
|
Cloud and software
revenue
|
5,629
|
5,007
|
12
|
5,647
|
5,017
|
13
|
10
|
Total
revenue
|
6,791
|
6,020
|
13
|
6,809
|
6,031
|
13
|
10
|
Share of more
predictable revenue (in %)
|
69
|
68
|
2pp
|
69
|
68
|
2pp
|
|
Operating profit
(loss)
|
1,679
|
1,236
|
36
|
2,086
|
1,742
|
20
|
15
|
Profit (loss) after
tax
|
1,259
|
972
|
30
|
1,564
|
1,358
|
15
|
|
Basic earnings per
share (in €)
|
1.04
|
0.81
|
28
|
1.30
|
1.14
|
14
|
|
Number of employees
(FTE, September 30)
|
99,710
|
94,989
|
5
|
NA
|
NA
|
NA
|
NA
|
Nine months ended
September 2019
|
|
IFRS
|
Non-IFRS1)
|
€ million, unless
otherwise stated
|
Q1–Q3
2019
|
Q1–Q3
2018
|
∆ in %
|
Q1–Q3
2019
|
Q1–Q3
2018
|
∆ in %
|
∆ in % const.
curr.
|
New Cloud
Bookings2)
|
NA
|
NA
|
NA
|
1,389
|
1,078
|
29
|
24
|
Cloud
revenue
|
5,037
|
3,588
|
40
|
5,106
|
3,614
|
41
|
36
|
Software licenses and
support revenue
|
11,130
|
10,714
|
4
|
11,130
|
10,714
|
4
|
1
|
Cloud and software
revenue
|
16,167
|
14,302
|
13
|
16,236
|
14,328
|
13
|
10
|
Total
revenue
|
19,513
|
17,280
|
13
|
19,583
|
17,307
|
13
|
10
|
Share of more
predictable revenue (in %)
|
70
|
68
|
2pp
|
70
|
68
|
2pp
|
|
Operating profit
(loss)
|
2,370
|
3,304
|
–28
|
5,368
|
4,618
|
16
|
12
|
Profit (loss) after
tax
|
1,733
|
2,397
|
–28
|
3,961
|
3,397
|
17
|
|
Basic earnings per
share (in €)
|
1.43
|
2.01
|
–29
|
3.29
|
2.85
|
16
|
|
Number of employees
(FTE, September 30)
|
99,710
|
94,989
|
5
|
NA
|
NA
|
NA
|
NA
|
1) For a breakdown of the individual adjustments
see table "Non-IFRS Adjustments by Functional Areas" in this
Quarterly Statement.
2) As this is an order entry metric, there is no
IFRS equivalent.
Due to rounding, numbers may not add up precisely.
Business Outlook 2019
The Company reiterates its outlook for the full year 2019.
SAP continues to expect:
- Non-IFRS cloud revenue to be in a range of €6.7 − €7.0 billion
at constant currencies (2018: €5.03 billion), up 33% – 39% at
constant currencies.
- Non-IFRS cloud and software revenue to be in a range of €22.4 –
€22.7 billion at constant currencies (2018: €20.66 billion), up
8.5% – 10% at constant currencies.
- Non-IFRS operating profit to be in a range of €7.85 – €8.05
billion at constant currencies (2018: €7.16 billion), up 9.5% –
12.5% at constant currencies (previously: €7.7 – €8.0 billion, up
7.5% – 11.5% at constant currencies)
- In addition, SAP expects total revenues to increase strongly,
at a rate lower than operating profit.
The 2019 numbers include Qualtrics' revenues and profits only
from the acquisition date of January
23rd. The comparative numbers for full year 2018
do not include Qualtrics revenues and profits and include Callidus
revenue and profits only from the April 5th,
2018 acquisition date.
While SAP's full-year 2019 business 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. See the table below for the Q4 and FY
2019 expected currency impacts.
Expected Currency
Impact Based on September 2019 Level for the Rest of the
Year
|
In percentage
points
|
Q4
|
FY
|
Cloud
revenue
|
+3pp to
+5pp
|
+4pp to
+6pp
|
Cloud and software
revenue
|
+2pp to
+4pp
|
+2pp to
+4pp
|
Operating
profit
|
+2pp to
+4pp
|
+3pp to
+5pp
|
Ambition 2020 and 2023
Looking beyond 2019, SAP continues to expect the following:
Ambition 2020
SAP continues to expect:
- €8.6 − €9.1 billion non-IFRS cloud revenue
- €28.6 − €29.2 billion non-IFRS total revenue
- The share of more predictable revenue (defined as the total of
cloud revenue and software support revenue) in a range of 70% −
75%
- €8.8 – €9.1 billion non-IFRS operating profit
Ambition 2023
Over the period from 2018 through 2023, SAP continues to expect
to:
- More than triple non-IFRS cloud revenue (2018: €5.03
billion)
- Grow to more than €35 billion in non-IFRS total revenue (2018:
€24.74 billion)
- Approach a share of more predictable revenue of 80%
- Reach a Non-IFRS cloud gross margin of 75%
- Increase the non-IFRS operating margin by one percentage point
per year on average, representing a total expansion of
approximately 500 basis points
The full Q3 2019 Quarterly Statement can be downloaded from
http://www.sap.com/investors/sap-2019-q3-statement
Additional Information
This Quarterly Statement and all information therein is
unaudited.
Definition of key growth metrics
New cloud bookings are the total of all orders received in a
given period the revenue from which is expected to be classified as
cloud revenue and that result from purchases by new customers and
from incremental purchases by existing customers. Consequently,
orders to renew existing contracts are not included in this metric.
The order amount must be committed. Consequently, due to their
pay-per-use nature, business network transaction fees which do not
include a committed minimum consumption are not reflected in the
bookings metric (e.g. SAP Ariba and SAP Fieldglass
transaction-based fees). Amounts included in the measures are
generally annualized (annualized contract value ACV).
Share of more predictable revenue is the total of non-IFRS cloud
revenue and non-IFRS software support revenue as a percentage of
total revenue
New cloud and software license order entry is the total of new
cloud order entry and software license order entry. The new cloud
order entry metric is identical to the new cloud bookings metric
defined above except that it considers the total contract value
(TCV) of the orders where the new cloud bookings metric considers
the orders' annualized contract value (ACV). Software license order
entry is the total of all orders received in a given period the
revenue from which is expected to be classified as software license
revenue. The support services commonly sold with the software
license are not included in the software license order entry
metric.
Global commerce is the total commerce volume transacted on the
SAP Ariba, SAP Concur and SAP Fieldglass Networks in the trailing
12 months. SAP Ariba commerce includes procurement and sourcing
spend.
For explanations on other key growth metrics please refer the
performance management section of SAP's Integrated Report 2018,
which can be found at www.sapintegratedreport.com.
Webcast
SAP senior management will host a financial analyst conference
call today at 2:00 PM (CET) /
1:00 PM (GMT) / 8:00 AM (Eastern) / 5:00
AM (Pacific). The call will be webcast live on the Company's
website at www.sap.com/investor and will be available for replay.
Supplementary financial information pertaining to the third quarter
results can be found at www.sap.com/investor.
Special Capital Markets Day
SAP will host a Special Capital Markets Day on November 12, 2019 in New York City.
About SAP
As the Experience Company powered by the Intelligent Enterprise,
SAP is the market leader in enterprise application software,
helping companies of all sizes and in all industries run at their
best: 77% of the world's transaction revenue touches an SAP system.
Our machine learning, Internet of Things (IoT), and advanced
analytics technologies help turn customers' businesses into
intelligent enterprises. SAP helps give people and organizations
deep business insight and fosters collaboration that helps them
stay ahead of their competition. We simplify technology for
companies so they can consume our software the way they want —
without disruption. Our end-to-end suite of applications and
services enables more than 437,000 business and public customers to
operate profitably, adapt continuously, and make a difference. With
a global network of customers, partners, employees, and thought
leaders, SAP helps the world run better and improve people's lives.
For more information, visit www.sap.com.
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historical facts are forward-looking statements as defined in the
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References
- Q3 2019 results were also impacted by changes in accounting
policies, business combinations and other effects. For details,
please refer to the disclosures on page 33-34 of this Quarterly
Statement.
- IFRS 16 also affects SAP's cash flow statement: operating cash
flow increased and cash flow from financing activities decreased by
€288 million. The Company has modified its free cash flow metric by
subtracting this impact. Therefore, free cash flow is not affected
by this change. For details, please refer to the disclosures on
page 33 of this Quarterly Statement.
- Q3 2019 results were impacted by business combinations. For
details, please refer to the disclosures on page 33-34 of this
Quarterly Statement
- For details on the performance of our segments please refer to
pages 21-29.
Follow SAP Investor Relations on Twitter at @sapinvestor.
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products:
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SOURCE SAP SE