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SAP Key Estimates

Key Estimates

The estimates presented below are as of January 12, 2012, which is prior to the January 13, 2012 preannouncement.
Estimates will be updated following the release of SAP's FY 2011 final results on January 25, 2012.

Please note that estimates are based on the new Non-IFRS definition (see below 1))


Key performance Indicators Q4 2011E FY 2011E
Euro millions, unless otherwise stated
pp = percentage points; cc = at constant currencies		 lowest - median - change over previous year - highest lowest - median - change over previous year - highest
 
Software revenue 1,498
1,707 1,611 (6.9% ) 		3,724
3,933 3,837 (17.5%)
 
Non-IFRS 1) SSRS revenue 3,384
3,660 3,529 (7.8%; cc: 6.9% ) 		11,007
11,283 11,152 (13.0%; cc: 14.5%)
 
Non-IFRS 1) operating profit 1,632
1,849 1,734 (6.9% ) 		4,562
4,778 4,663 (16.4%)
 
Non-IFRS 1) operating margin 37.8%
42.5% 40.0% (0.4 pp; cc: 0.1 pp ) 		32.5%
33.9% 33.1% (1.1 pp; cc: 1.1 pp)
 
Non-IFRS 1) EPS (in Euro) 0.94
1.09 1.03 (9.6% ) 		2.71
2.84 2.78 (20.9%)
 
Recommendations
negative: 2, neutral: 11, positive 13 (total: 26)		  -1
+1 0.42


1) Non-IFRS Adjustments:
• Adjustments in the revenue line items are for the 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

New Non-IFRS Definition Adjustments:
The operating profit and operating margin outlook provided for 2011 and the comparable 2010 operating profit and operating margin numbers are based on an updated Non-IFRS definition which additionally excludes the following:
     •  Expenses relating to share-based compensation
     •  Restructuring expenses

Please note that all estimates are in accordance with IFRS/non-IFRS accounting. For further information and historical figures please click on following link:
http://www.sap.com/about/investor/reports/ifrs/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.