Consensus Estimates

The estimates presented below are as of April 16, 2014, which is prior to the April 17, 2014 announcement.
Estimates will be updated following the release of SAP's Q1 2014 results.





1) Non-IFRS Adjustments:
• Adjustments in the revenue line items are for the support or cloud subscription and support revenue that an entity acquired by SAP would have recognized had it remained a standalone entity but that SAP is not permitted to recognize as revenue under IFRS as a result of business combination accounting rules.
• Acquisition-related charges:
      • Amortization expense/impairment charges of intangibles acquired in business combinations and certain standalone acquisitions of intellectual property (including purchased in-process research and development)
      • Restructuring expense and settlement of pre-existing relationships incurred in connection with a business combination
      • Acquisition related third-party costs
• Discontinued Activities:
      • • Results of the discontinued operations that qualify as such under IFRS in all respects except that they do not represent a major line of business
• Expenses relating to share-based compensation
• Restructuring expenses

Please note that all estimates must be in accordance with IFRS/non-IFRS accounting. For further information on our Non-IFRS measures:
http://www.sap.com/corporate-en/investors/reports/index.epx


Disclaimer
This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. The company did not participate in the compilation of the estimates and it does not endorse them. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.