Double-Digit Growth Across the Board:
- Cloud Revenue Growth Soars
- Double-Digit Cloud & Software Revenue Growth
- Double-Digit Total Revenue Growth
Cloud Gross Margin Up Sharply
SAP Reiterates Outlook
- Cloud Revenue Up 40%
- Cloud Gross Margin Up 4 Percentage Points
- Cloud & Software Revenue and Total Revenue Up 11%
- Qualtrics Experience Management Solutions Drive Fast Growth in
Customer Experience and Employee Experience
- SAP S/4HANA Momentum Continues, Growing to More Than 11,500
Customers
- Operating Profit (IFRS) Down 21% Due to Ongoing Restructuring and
Significant Share Price Increase
- Operating Profit (Non-IFRS) Up 11% Benefitting from Operational
Discipline and Increased Cloud Efficiency
WALLDORF, Germany, July 18, 2019 /PRNewswire/ -- SAP SE (NYSE: SAP)
today announced its financial results for the second quarter ended
June 30, 2019.
"SAP delivered double digit growth in total revenue, cloud
revenue and non-IFRS operating income. Qualtrics is growing fast as
the global standard in the Experience Management category. As shown
by our rising cloud gross margins, we are progressing nicely on our
ambition to be the Best-Run SAP. With XM driving the CEO digital
transformation agenda, we resolutely reaffirm our full year
guidance."
- Bill
McDermott, CEO
"I am pleased that our operational excellence measures are
already showing effect. Our non-IFRS operating profit and margin
performance is remarkable considering the margin headwinds from our
latest acquisition and the recent short-term trade-related
uncertainty in Asia that impacted
our software revenue performance in the region. With continued
strong customer demand and our tight focus on profitability we
remain as confident in our 2019 outlook as we are in our mid-term
ambition."
- Luka Mucic, CFO
Business Performance
Financial Highlights Second Quarter 2019[1]
In the second quarter, new cloud bookings were up 17% to €494
million (15% at constant currencies). New cloud bookings excluding
Infrastructure-as-a-Service (IaaS) were up 27% as SAP focuses on
higher-margin IaaS opportunities, in line with its strategy of
closely partnering with the hyperscale IaaS providers. Cloud
revenue grew 40% year over year to €1.69 billion (IFRS), up 40%
(non-IFRS) and 35% (non-IFRS at constant currencies). Software
licenses revenue was down 5% year over year to €948 million (IFRS),
down 5% (non-IFRS) and 6% (non-IFRS at constant currencies),
affected by recent macro uncertainties, particularly in
Asia. New cloud and software order
entry was up 3% (1% at constant currencies) year over year in the
second quarter. New cloud and software order entry excluding IaaS
was up 9%. Cloud and software revenue grew 11% year over year to
€5.49 billion (IFRS), up 11% (non-IFRS) and 8% (non-IFRS at
constant currencies). Total revenue grew 11% year over year to
€6.63 billion (IFRS), up 11% (non-IFRS) and 8% (non-IFRS at
constant currencies).
The share of more predictable revenue grew by three percentage
points year-over-year to 69% in the second quarter.
Operating profit in the second quarter benefitted from
disciplined hiring as well as continued efficiency gains in SAP's
cloud business. As expected IFRS operating profit in the second
quarter was impacted by higher acquisition-related charges. In
addition, IFRS operating profit was impacted by higher share-based
compensation (due to the Qualtrics acquisition and the strong SAP
share price increase over the second quarter) as well as additional
restructuring charges, mainly due to an increase in the expected
participation rate in the voluntary redundancy and early retirement
programs in Germany. Operating
profit declined 21% year over year to €0.83 billion (IFRS), up 11%
(non-IFRS) and up 8% (non-IFRS at constant currencies). Operating
margin (IFRS) declined 4.9 percentage points year over year to
12.5%. Operating margin (non-IFRS and non-IFRS at constant
currencies) remained stable at 27.3% despite acquisition headwind.
Earnings per share was down 21% to €0.48 (IFRS) and up 11% to €1.09
(non-IFRS).
Operating cash flow for the first six months was €2.68 billion,
down 10% year-over-year. The decrease in operating cash flow was
primarily due to higher payouts related to share-based compensation
(€234 million), restructuring payouts (€183 million) and higher tax
cash outflows (€412 million) compared to the first six months of
2018. In addition, operating cash flow experienced a year over year
benefit of roughly €185 million from the application of IFRS 16.
Free cash flow[2] decreased 10% year-over-year to €1.96
billion. At the end of the second quarter, net liquidity was -€8.55
billion.
Segment Performance Second Quarter 2019
SAP's three reportable segments "Applications, Technology &
Services", "Intelligent Spend Group[3]" and "Customer
and Experience Management" showed the following performance:
Applications, Technology & Services (AT&S)
In the second quarter, segment revenue in AT&S was up 6% to
€5.38 billion year-over-year (up 4% at constant currencies).
Solutions which contributed to this growth are listed below.
SAP S/4HANA
SAP S/4HANA is at the core of the Intelligent Enterprise. It
drives digital transformation and delivers instant business value.
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 industry-leading
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.
In Q2, SAP was ranked No. 1 by software revenue for 2018 in
Gartner's May "Market Share Analysis: ERP Software, Worldwide,
2018" report. SAP was also positioned as a Visionary in Gartner's
May Magic Quadrant for Cloud Core Financial Management Suites for
Midsize, Large and Global Enterprises[4].
Adding 600 customers in the quarter, S/4HANA adoption grew to
more than 11,500 customers, up 29% year over year. In the second
quarter approximately 50% of the additional S/4HANA customers were
net new.
S/4HANA continues to be selected by world-class global
companies, including Wanhua Chemical Group and the Texas Department
of Transportation. SAP and Intel are partnering to simplify and
accelerate adoption of S/4HANA by creating a new Center of
Excellence showcasing multiple proof of concepts for shared
customers migrating to S/4HANA. A growing number of companies
including Mercedes-Benz EQ Formula-E Team have chosen S/4HANA in
the Cloud. Hitachi, Colgate-Palmolive, and Deloitte and Touche
Southern Africa have gone live on S/4HANA Cloud.
Human Capital Management Solutions (HCM)
The unique combination of SAP SuccessFactors and Qualtrics
Employee Experience Management is elevating HCM solutions to the
next level and has driven significant HCM demand in the quarter.
IDC recently described Employee Experience Management as the next
frontier. 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.
For example, the combination of SAP SuccessFactors and SAP
Qualtrics solutions allows Merck KGaA (Germany) to continuously capture employee
feedback and, based on this insight, act with precision and in real
time to drive ongoing improvements for a better employee
experience.
SAP SuccessFactors Employee Central, which is the flagship of
SAP's HCM offering, added more than 180 customers in the quarter
and has now more than 3,350 customers globally. Competitive wins
included Keolis, Claas, Burger King Brazil, and CONA
Services.
In Q2, SAP SuccessFactors was named a Leader in the IDC
MarketScape: Worldwide and U.S. Modern Talent Acquisition Suites –
for Both "Large" and "Medium-Sized Enterprises" 2019 Vendor
Assessments (April 2019).
SAP Leonardo
SAP Leonardo brings together cutting-edge technologies – AI,
Machine Learning, IoT, Big Data, Advanced Analytics and Blockchain
– with deep process and industry expertise, delivering completely
new ways of working and powering the Intelligent Enterprise.
Companies like Patentes Talgo are among many others that adopted
SAP Leonardo solutions in the second quarter, while Döhler GmbH has
gone live.
Digital Platform & Analytics
Digital Platform includes SAP Cloud Platform and SAP Data
Management Solutions. With SAP HANA's data rich and real-time
in-memory architecture as the foundation, this represents a massive
opportunity to drive full use of HANA.
The SAP Cloud Platform facilitates new app development,
extensions and seamless integration. It orchestrates "hybrid"
customer landscapes across on premise and cloud.
SAP Data Management Solutions bring together multi-source data
including unstructured to provide a 360-degree view of all company
data and manage compliance and governance policies from one central
location.
In Q2, SAP launched HANA Cloud
Services as a gateway to this single source of truth, making the
data available to people, algorithms and data-driven applications
in the cloud. It provides low total cost of ownership (TCO),
elasticity, serverless principles, high availability, resilience
and autonomous capabilities.
The State of Illinois and Grupo
Energia Bogota chose SAP's Digital Platform solutions in the second
quarter.
SAP Analytics Cloud delivers a unified, intuitive platform for
business intelligence and collaborative planning, enhanced with the
power of predictive analytics and machine learning technology to
help users make decisions. In the second quarter, Uniper and
Follett Corporation selected SAP Analytics Cloud.
Intelligent Spend Group
In the second quarter, segment revenue in the Intelligent Spend
Group was up 22% to €786 million year-over-year (up 17% 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 more than $3.3 trillion in global commerce annually
transacted in more than 180 countries.
Kawasaki Heavy Industry and Uniper chose SAP's Intelligent Spend
Group solutions in the second quarter.
Customer and Experience Management (CXM)
In the second quarter, segment revenue in Customer and
Experience Management was up 81% to €365 million year-over-year
(74% at constant currencies). Solutions which contributed to this
growth in the second quarter are listed below[5].
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 connects demand signals to fulfillment
in one end-to-end process.
SAP was recently recognized by Gartner as a leader in the
June 2019 Magic Quadrant for Sales
Force Automation.
Aritzia, Hamburg Commercial Bank, and NH Hotel
Group all chose SAP C/4HANA over competitors in Q2.
In Q2, SAP also introduced new editions of its SAP C/4HANA
solutions leveraging Qualtrics CustomerXM. This enables
organizations to combine customer feedback and operational data to
listen, understand and act in the moment to improve the customer
experience.
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 over 10,500 customers to
listen, understand, and take action on experience data (X-data) by
embedding X-data directly into the operational data (O-data)
systems of the enterprise.
In Q2, Chalhoub Group and the United States Department of
State selected Qualtrics to intelligently combine with SAP
solutions to move beyond systems of record to new systems of action
and achieve breakthrough results.
Segment Results at a
Glance[6]
|
|
Segment Performance
Second 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
|
771
|
38
|
34
|
667
|
26
|
20
|
277
|
>100
|
>100
|
Segment
revenue
|
5,382
|
6
|
4
|
786
|
22
|
17
|
365
|
81
|
74
|
Segment profit
(loss)
|
2,279
|
9
|
6
|
154
|
19
|
12
|
–3
|
<-100
|
<-100
|
Cloud gross margin
(in %)
|
55.9
|
7.0pp
|
7.0pp
|
78.2
|
0.8pp
|
0.7pp
|
76.6
|
7.9pp
|
7.5pp
|
Segment margin (in
%)
|
42.3
|
1.1pp
|
1.0pp
|
19.6
|
–0.6pp
|
–0.9pp
|
–0.8
|
–2.4pp
|
–2.6pp
|
Regional Revenue Performance
SAP had a solid performance in the EMEA region with cloud and
software revenue increasing 9% (IFRS) and 8% (non-IFRS at constant
currencies). Cloud revenue increased 46% (IFRS) and 44% (non-IFRS
at constant currencies) with Germany and Spain being highlights. In addition,
Germany had a solid quarter in
software license revenue. France
and Italy had a strong quarter in
software license revenue.
The Company had a strong performance in the Americas region.
Cloud and software revenue increased 15% (IFRS) and 10% (non-IFRS
at constant currencies). Cloud revenue increased 36% (IFRS) and 30%
(non-IFRS at constant currencies) with the United States, Canada and Brazil being highlights. In addition,
the United States had a solid
quarter in software license revenue and Canada had a strong quarter.
In the APJ region, SAP had a solid performance despite trade
related macro headwinds. Cloud and software revenue was up 8%
(IFRS) and 6% (non-IFRS at constant currencies). Cloud revenue
increased 41% (IFRS) and 37% (non-IFRS at constant currencies) with
Japan being a highlight. For
software license revenue, Australia and India had a strong quarter.
Financial Results at
a Glance
|
|
Second Quarter
2019
|
|
IFRS
|
Non-IFRS1)
|
€ million, unless
otherwise stated
|
Q2 2019
|
Q2 2018
|
∆ in %
|
Q2 2019
|
Q2 2018
|
∆ in %
|
∆ in %
const.
curr.
|
New Cloud
Bookings2)
|
NA
|
NA
|
NA
|
494
|
421
|
17
|
15
|
Cloud
revenue
|
1,692
|
1,213
|
40
|
1,717
|
1,227
|
40
|
35
|
Software licenses and
support revenue
|
3,802
|
3,731
|
2
|
3,802
|
3,731
|
2
|
0
|
Cloud and software
revenue
|
5,495
|
4,944
|
11
|
5,520
|
4,958
|
11
|
8
|
Total
revenue
|
6,631
|
5,999
|
11
|
6,656
|
6,014
|
11
|
8
|
Share of more
predictable revenue (in %)
|
69
|
66
|
3pp
|
69
|
66
|
3pp
|
|
Operating profit
(loss)
|
827
|
1,044
|
–21
|
1,816
|
1,640
|
11
|
8
|
Profit (loss) after
tax
|
582
|
718
|
–19
|
1,317
|
1,171
|
12
|
|
Basic earnings per
share (in €)
|
0.48
|
0.60
|
–21
|
1.09
|
0.98
|
11
|
|
Number of employees
(FTE, June 30)
|
98,332
|
93,846
|
5
|
NA
|
NA
|
NA
|
NA
|
Six months ended June
2019
|
|
IFRS
|
Non-IFRS1)
|
€ million, unless
otherwise stated
|
Q1–Q2
2019
|
Q1–Q2
2018
|
∆ in %
|
Q1–Q2
2019
|
Q1–Q2
2018
|
∆ in %
|
∆ in %
const. curr.
|
New Cloud
Bookings2)
|
NA
|
NA
|
NA
|
818
|
667
|
23
|
19
|
Cloud
revenue
|
3,247
|
2,283
|
42
|
3,299
|
2,299
|
43
|
37
|
Software licenses and
support revenue
|
7,291
|
7,012
|
4
|
7,291
|
7,012
|
4
|
1
|
Cloud and software
revenue
|
10,538
|
9,295
|
13
|
10,589
|
9,311
|
14
|
10
|
Total
revenue
|
12,722
|
11,260
|
13
|
12,773
|
11,276
|
13
|
10
|
Share of more
predictable revenue (in %)
|
70
|
68
|
2pp
|
70
|
68
|
2pp
|
|
Operating profit
(loss)
|
691
|
2,069
|
–67
|
3,283
|
2,876
|
14
|
10
|
Profit (loss) after
tax
|
475
|
1,426
|
–67
|
2,397
|
2,039
|
18
|
|
Basic earnings per
share (in €)
|
0.38
|
1.19
|
–68
|
1.99
|
1.71
|
17
|
|
Number of employees
(FTE, June 30)
|
98,332
|
93,846
|
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 Q3 and FY
2019 expected currency impacts.
Expected Currency
Impact Based on June 2019 Level for the Rest of the Year
|
In percentage
points
|
Q3
|
FY
|
Cloud
revenue
|
+2pp to
+4pp
|
+3pp to
+5pp
|
Cloud and software
revenue
|
+1pp to
+3pp
|
+1pp to
+3pp
|
Operating
profit
|
+2pp to
+4pp
|
+1pp to
+3pp
|
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 Q2 2019 Quarterly Statement can be downloaded from
http://www.sap.com/investors/sap-2019-q2-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 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 second
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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[1] Q2 2019 results were also impacted by
changes in accounting policies, business combinations and other
effects. For details, please refer to the disclosures on page 32 of
this Quarterly Statement.
[2] IFRS 16 also affects SAP's cash flow statement:
operating cash flow increased and cash flow from financing
activities decreased by €185 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 32 of this Quarterly Statement.
[3] As of the second quarter in 2019, we renamed
the former Business Network segment to Intelligent Spend Group
segment without any changes in the composition of this segment. For
a more detailed description of SAP's segment reporting, see Note
(C.1) "Results of Segments" of our 2019 Consolidated Half-Year
Financial Statements.
[4] Gartner does not endorse any vendor, product or
service depicted in its research publications, and does not advise
technology users to select only those vendors with the highest
ratings or other designation. Gartner research publications consist
of the opinions of Gartner's research organization and should not
be construed as statements of fact. Gartner disclaims all
warranties, express or implied, with respect to this research,
including any warranties of merchantability or fitness for a
particular purpose
[5] Q2 2019 results were impacted by business
combinations. For details, please refer to the disclosures on page
32 of this Quarterly Statement
[6] For details on the performance of our
segments please refer to pages 21-28.
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SOURCE SAP SE