SAP cresce no Terceiro Trimestre de 2008

October 28, 2008 by SAP News 0

A SAP apresenta um crescimento de dois dígitos pelo 19º trimestre consecutivo

LisboaA SAP AG, fornecedor líder mundial de soluções de software empresarial, anuncia hoje os seus resultados financeiros preliminares para o terceiro trimestre e primeiros nove meses do ano, que terminou no passado dia 30 de Setembro de 2008.

Destaques do Terceiro Trimestre de 2008

SAP – Third Quarter2008*
U.S. GAAP Non-GAAP**
€ million Q3/2008 Q3/2007 % change Q3/2008 Q3/2007 % change % change constant currency***
Software revenues 763 714 7 763 714 7 11
Software and software-related service revenues 1,994 1,735 15 2,035 1,735 17 22
Total revenues 2,761 2,419 14 2,802 2,419 16 20
Operating income 614 606 1 731 624 17 23
Operating margin (%) 22.2 25.1 -2.9pp 26.1 25.8 0.3pp 0.5pp
Income from continuing operations 409 414 -1 496 425 17 _
Net income 388 408 -5 475 419 13 _
Basic EPS from cont. operations (€) 0.35 0.35 0 0.41 0.36 14 _

*All figures are preliminary and unaudited and are based on the current status of the purchase price allocation for the Business Objects acquisition which is not yet final.
** Revenue line items are adjusted for the Business Objects support revenue that Business Objects would have recognized had it remained a standalone entity but that SAP is not permitted to recognize as revenue under U.S. GAAP as a result of business combination accounting rules. Adjustments in the operating expense line items are for acquisition-related charges. See Appendix at the end of the financial section of the press release for explanations of the Non-GAAP measures used in this press release and for related reconciliations to U.S. GAAP.
*** Constant currency Non-GAAP revenue and operating income figures are calculated by translating Non-GAAP revenue and Non-GAAP operating income of the current period using the average exchange rates from the previous year’s respective period instead of the current period. Constant currency period-over-period changes are calculated by comparing the current year’s Non-GAAP constant currency numbers with the Non-GAAP number of the previous year’s respective period. See Appendix at the end of the financial section of press release for details.

Receitas

  • As receitas U.S. GAAP de software e de serviços relacionados com software para o terceiro trimestre de 2008 foram de €1.99 mil milhões (2007: €1.74 mil milhões), o que representa um crescimento de 15% em comparação com o mesmo período em 2007. As receitas Non-GAAP de software e de serviços relacionados com software, que excluem €41 milhões resultantes da aquisição da Business Objects, para o terceiro trimestre de 2008 foram de €2.04 mil milhões (2007: €1.74 mil milhões). Isto representa um crescimento de 17% (22% a uma taxa de câmbio constante) em comparação com o terceiro trimestre de 2007. Se a análise da SAP fosse registada em U.S. Dólares, as receitas de software e de serviços relacionados com software Non-GAAP para o terceiro trimestre teriam um crescimento de 26% quando comparadas com igual período no ano transacto.
  • Excluindo a contribuição da Business Objects, o negócio da SAP contribuiu com 7 pontos percentuais, a uma taxa de câmbio constante, para o crescimento das receitas de software e de serviços relacionados com software Non-GAAP no terceiro trimestre de 2008.
  • As receitas totais U.S. GAAP no terceiro trimestre de 2008 foram de €2.76 mil milhões (2007: €2.42 mil milhões), o que representa um aumento de 14% de ano para ano. As receitas totais Non-GAAP, que excluem €41 milhões resultantes da aquisição da Business Objects para o terceiro trimestre de 2008, foram de €2.80 mil milhões (2007: €2.42 mil milhões), o que representa um aumento de 16% (20% a uma taxa de câmbio constante) comparativamente ao mesmo período do ano passado.
  • As receitas de software U.S. GAAP para o terceiro trimestre de 2008 foram de €763 milhões (2007: €714 milhões), o que representa um crescimento de 7% (11% a uma taxa de câmbio constante) em comparação com o mesmo período em 2007.

Lucros

  • Os resultados operacionais U.S. GAAP foram de €614 milhões (2007: €606 milhões), o que representa um crescimento de 1% quando comparado com o ano passado. Os resultados operacionais Non-GAAP, que excluem o total de €117 milhões resultantes das receitas provenientes da aquisição da Business Objects e dos custos relacionados com a aquisição, foram de €731 milhões (2007: €624 milhões), o que representa um crescimento de 17% (23% a uma taxa de câmbio constante) quando comparado com o mesmo período em 2007.
  • A margem operacional U.S. GAAP para o terceiro trimestre de 2008 foi de 22.2% (2007: 25.1%). A margem operacional Non-GAAP foi de 26.1% (2007: 25.8%), ou 26.3% a uma taxa de câmbio constante. Ambas as margens operacionais U.S. GAAP e Non-GAAP reflectem as despesas únicas referentes à aquisição da Business Objects (que não são despesas referentes à compra) de aproximadamente €14 milhões.
  • Os resultados líquidos U.S. GAAP do terceiro trimestre de 2008 foram de €409 milhões (2007: €414 milhões), o que significa uma diminuição de 1%, em comparação com 2007. Os resultados líquidos Non-GAAP de operações contínuas, que excluem um total de €87 milhões referentes à aquisição da Business Objects e custos relacionados com a aquisição, foram de €496 milhões (2007: €425 milhões), o que representa um crescimento de 17% quando comparado com o mesmo período do ano passado.
  • Os ganhos por acção U.S. GAAP de operações continuadas para o terceiro trimestre de 2008 foram €0.35 (2007: €0.35), valor igual quando comparado com o mesmo período em 2007. Os ganhos por acção Non-GAAP foram €0.41 (2007: €0.36), o que representa um crescimento de 14% quando comparado com o mesmo período de 2007.

“O desempenho do terceiro trimestre de 2008 apresenta-se como o 19º trimestre consecutivo de um crescimento de dois dígitos em receitas de software e de serviços relacionados com software a uma taxa de câmbio constante. Este foi um ganho considerável num período em que a crise financeira global teve um impacto significativo nas decisões dos clientes no final do trimestre”, afirma Henning Kagermann, co-CEO da SAP. “Os clientes continuam a apostar na nossa oferta de produtos, embora os ambientes económico e de negócio sejam hoje muito incertos. O nosso modelo de negócio é flexível; estamos concentrados em proteger as nossas margens operacionais e ganhos.”

Kagermann acrescenta ainda, “Estamos a avaliar a nossa actividade de negócio continuamente, e estamos a equilibrar a necessidade de maior eficiência com avanços constantes nos nossos produtos, serviços a clientes e tecnologias, ao mesmo que endereçamos as questões de negócio mais críticas dos clientes. Esta abordagem funcionou muito bem para os clientes e durante os ciclos económicos ascendentes e descendentes da SAP no passado, tendo contribuído para a liderança de mercado da SAP. No passado também passámos por alguma incerteza, mas sempre saímos como uma organização mais eficiente, ainda melhor e mais forte.”

Quota de Mercado de Aplicações de Negócio

Baseada nas receitas U.S. GAAP do terceiro trimestre de 2008 em software e serviços relacionados com software, numa base de quatro trimestres consecutivos, a quota de mercado mundial da SAP, entre fabricantes de Aplicações Empresariais core, que representa aproximadamente €38.7 mil milhões em receitas de software e de serviços relacionados com software como definido pela empresa com base em estudos de analistas do sector, foi de 33.4% no período de quatro trimestres consecutivos que terminou em 30 de Setembro de 2008. Este número representa um aumento de 6.5 pontos percentuais, sendo que 3.3 pontos percentuais resultam de crescimento orgânico e 3.2 pontos percentuais são referentes à aquisição das Business Objects.

Cash Flow

• O cash flow operacional para os primeiros nove meses de 2008 foi de €1.97 mil milhões (2007: €1.34 mil milhões). O free cash flow para os primeiros nove meses de 2008 foi de €1.73 mil milhões (2007: €1.05 mil milhões), o que representa 21% das receitas totais (2007: 15%). A 30 de Setembro de 2008, a SAP tinha um total de €1.6 mil milhões de activos líquidos (31 de Dezembro de 2007: €2.8 mil milhões), o que inclui cash e cash equivalents, restricted cash e investimentos de curto prazo.

Retoma de Acções

• No terceiro trimestre de 2008, a SAP retomou 2.8 milhões de acções a um preço médio de €37.75 (€104.2 milhões). Do total de acções compradas no terceiro trimestre, 983,153 acções foram adquiridas por colaboradores com interesse na bolsa de acordo com programas de compensação baseados em acções da SAP. O número de acções recompradas no terceiro trimestre de 2008 representa 0.23% do total das acções excedentes. A 30 de Setembro de 2008, a empresa detinha uma carteira de acções no valor de 38.7 milhões (aproximadamente 3.15% do total das acções excedentes) a um preço médio de €35.43. Para os primeiros nove meses de 2008, a SAP investiu €486.8 milhões na recompra de 14.6 milhões de acções a um preço médio de €33.34.

BUSINESS OUTLOOK

Na sua anterior projecção, em 29 de Julho de 2008, a empresa estimou crescer ao nível das receitas Non-GAAP de software e de serviços relacionados com software para o ano de 2008 a um ritmo entre os 24% e os 27%. Quanto à margem operacional Non-GAAP, a empresa projectou situar-se entre os 28.5% e os 29%.

À luz das actuais incertezas no ambiente económico e de negócio, a empresa decidiu não disponibilizar projecções específicas sobre as suas receitas de software e de serviços relacionados com software para a totalidade do ano de 2008. Contudo, com as recentes iniciativas de poupança de custos, a empresa espera que a margem operacional Non-GAAP se situe em torno dos 28% a uma taxa de câmbio constante e caso a empresa cresça em termos de receitas Non-GAAP de software e de serviços relacionados com software num intervalo entre os 20% – 22% no ano de 2008.

HIGHLIGHTS – Nine Months 2008

Business Objects is included in the results from January 21, 2008 onwards.

SAP – Nine Months 2008*
U.S. GAAP Non-GAAP**
€ million 9M/2008 9M/2007 % change 9M/2008 9M/2007 % change % change constant currency***
Software revenues 2,283 1,992 15 2,283 1,992 15 21
Software and software-related service revenues 5,791 4,954 17 5,931 4,954 20 26
Total revenues 8,079 7,002 15 8,219 7,002 17 24
Operating income 1,566 1,623 -4 1,931 1,665 16 25
Operating margin (%) 19.4 23.2 -3.8pp 23.5 23.8 -0.3pp 0.2pp
Income from continuing operations 1,067 1,179 -9 1,338 1,205 11
Net income 1,038 1,167 -11 1,309 1,193 10
Basic EPS from cont. operations (€) 0.90 0.98 -8 1.12 1.00 12

*All figures are preliminary and unaudited and are based on the current status of the purchase price allocation for the Business Objects acquisition which is not yet final.
** Revenue line items are adjusted for the Business Objects support revenue that Business Objects would have recognized had it remained a standalone entity but that SAP is not permitted to recognize as revenue under U.S. GAAP as a result of business combination accounting rules. Adjustments in the operating expense line items are for acquisition-related charges. See Appendix at the end of the financial section of the press release for explanations of the Non-GAAP measures used in this press release and for related reconciliations to U.S. GAAP.
*** Constant currency Non-GAAP revenue and operating income figures are calculated by translating Non-GAAP revenue and Non-GAAP operating income of the current period using the average exchange rates from the previous year’s respective period instead of the current period. Constant currency period-over-period changes are calculated by comparing the current year’s Non-GAAP constant currency numbers with the Non-GAAP number of the previous year’s respective period. See Appendix at the end of the financial section of press release for details.

Revenues

  • Nine-month 2008 U.S. GAAP software and software-related service revenues were €5.79 billion (2007: €4.95 billion), representing an increase of 17% compared to the first nine months of 2007. Non-GAAP software and software-related service revenues, which exclude a non-recurring deferred support revenue write-down from the acquisition of Business Objects of €140 million, for the first nine months of 2008 were €5.93 billion (2007: €4.95 billion). This represents an increase of 20% (26% at constant currencies) compared to the first nine months of 2007. If SAP’s reporting currency was the U.S. Dollar, Non-GAAP software and software-related service revenues for the first nine months would have increased 35% compared to the same period one year ago.
  • Excluding the contribution from Business Objects, SAP’s business contributed 12 percentage points to the constant currency growth of the Non-GAAP software and software-related service revenues for the 2008 nine-month period.
  • U.S. GAAP total revenues for the 2008 nine-month period were €8.08 billion (2007: €7.00 billion), which was a year-over-year increase of 15%. Non-GAAP total revenues, which exclude a non-recurring deferred support revenue write-down from the acquisition of Business Objects of €140 million for the first nine months of 2008, were €8.22 billion (2007: €7.00 billion), which was an increase of 17% (24% at constant currencies) compared to the first nine months of 2007.
  • Nine-month 2008 U.S. GAAP software revenues were €2.28 billion (2007: €1.99 billion), representing an increase of 15% (21% at constant currencies) compared to the same period in 2007.

Income

  • U.S. GAAP operating income for the 2008 nine-month period was €1.57 billion (2007: €1.62 billion), which was a decrease of 4% compared to the same period in 2007. The nine-month Non-GAAP operating income, which excludes a non-recurring deferred support revenue write-down from the acquisition of Business Objects and acquisition-related charges totaling €365 million, was €1.93 billion (2007: €1.67 billion), which was an increase of 16% (25% at constant currencies) compared to the first nine months of 2007.
  • The U.S. GAAP operating margin for the 2008 nine-month period was 19.4% (2007: 23.2%). The nine-month Non-GAAP operating margin was 23.5% (2007: 23.8%), or 24.0% at constant currencies. Both the U.S. GAAP and the Non-GAAP operating margins were impacted by 1) €24 million expensed in the second quarter of 2008 for the settlement of a litigation and, 2) one-time expenses associated with the integration of Business Objects (which are not acquisition-related charges) of approximately €33 million.
  • U.S. GAAP income from continuing operations for the nine-month period of 2008 was €1.07 billion (2007: €1.18 billion), representing a decrease of 9% compared to the same period in 2007. Non-GAAP income from continuing operations, which excludes a non-recurring deferred support revenue write-down from the acquisition of Business Objects and acquisition-related charges totaling €271 million, was €1.34 billion (2007: €1.21 billion), representing an increase of 11% compared to the 2007 nine-month period. Nine-month 2007 U.S. GAAP and Non-GAAP income from continuing operations were positively impacted by a 2007 second quarter effective tax rate of 25.5% and 25.8%, respectively, partly resulting from non-recurring tax effects.
  • U.S. GAAP earnings per share from continuing operations for the first nine months of 2008 was €0.90 (2007: €0.98), which was a decrease of 8% compared to the same period in 2007. Non-GAAP earnings per share from continuing operations for the 2008 nine-month period was €1.12 (2007: €1.00), which was an increase of 12% compared to the same period in 2007.

KEY EVENTS – Third Quarter 2008

  • In the third quarter of 2008, SAP closed major contracts in several key regions including Bundesagentur für Arbeit, CENEXI, DTEK, Imperial Bank Limited, and TD Perekrestok in EMEA; Callaway Golf Company, Loblaw Companies Limited, Municipio de Medellin, Servicios Liverpool, and Southern California Edison in Americas; and China Telecom System Integration Co., Ltd, Gansu Electric Power Corp., Tomen Electronics Corp., Universal Scientific Industrial Co., Ltd., and Wuthelam Holdings Pte Ltd in the Asia Pacific Japan region.
  • In the third quarter, SAP signed a Global Enterprise Agreement (GEA) with Procter & Gamble. The GEA with P&G extends SAP’s position as a leader in providing comprehensive enterprise software for the consumer products industry.
  • On September 16, 2008, SAP and The Hong Kong and Shanghai Banking Corporation announced that the HSBC Group (HSBC) will create a leading edge bank-client integration solution using the SAP NetWeaver technology platform to streamline and automate the bank’s communications for the delivery of banking services to its corporate banking clients.
  • On September 9, 2008, Business Objects announced the availability of BusinessObjects Metadata Management XI 3.0, software that enables organizations to support data governance by providing a central view of metadata assets and their relationships.
  • On September 9, 2008, SAP announced a SAP NetWeaver Fund investment in InnoCentive, Inc., a global online open innovation marketplace. The addition of InnoCentive to the SAP ecosystem further fosters co-innovation by providing a global platform in which solution-providers are financially rewarded for offering solutions to complex business challenges.
  • This year’s SAP TechEd 2008 event season is driven by the theme “Connect, Collaborate, Co-Innovate,” bringing together the worldwide technical community to harness the collective knowledge and resources of the SAP ecosystem, helping them enhance their skills, get their jobs done with efficiency and provide added benefit to their companies. Now in its 12th year, SAP TechEd 2008 took place in Las Vegas on September 8-12 with 6,000 attendees, Berlin on October 14-16 with 4,500 attendees, and will take place in Shanghai on November 5-6 and Bangalore on November 12-14.
  • Based on the resolutions of the SAP AG Annual General Meetings of Shareholders on May 9, 2006 and May 10, 2007, on September 3, 2008 the Executive Board of SAP AG resolved to decrease the Company’s capital stock from €1,246,683,912.00 (represented by 1,246,683,912 no-par shares, each with an attributable subscribed capital of €1) to €1,225,683,912.00 (represented by 1,225,683,912 no-par shares, each with an attributable subscribed capital of €1) by cancelling 21,000,000 treasury shares, representing 1.68% of the capital stock before this corporate action.
  • On August 12, 2008, Business Objects announced the latest versions of its solutions for enterprise performance management (EPM), which will provide customers with improved control and agility, enabling them to enhance performance across both finance and operations. Additionally, Business Objects announced the availability of BusinessObjects Xcelsius Present. Xcelsius Present is a data-visualization tool that transforms ordinary, static Microsoft Office Excel spreadsheets into captivating visuals and allows business users to share them via Microsoft PowerPoint or Adobe PDF files.
  • On July 30, 2008, SAP announced that it has been named the worldwide market share leader based on total software revenue for business solutions in the customer relationship management (CRM), enterprise resource planning (ERP) and supply chain management (SCM) markets, according to 2007 market share reports published by the independent research firm Gartner, Inc.
  • On July 16, 2008, SAP announced the availability of SAP Enterprise Support to all customers, as of January 1, 2009, further demonstrating a dedication to providing solutions and support offerings that meet the evolving needs of customers.
  • On July 15, 2008, SAP announced the 20,000th customer for SAP Business One, its integrated business management application for small businesses, proving the rapid market adoption rate of the application, for which SAP has been able to double its customer base in less than two years.
  • On July 2, 2008, Business Objects announced that research analyst firm IDC ranked Business Objects as the number one vendor for business intelligence (BI) tools with a 14.2 percent market share.
  • Effective July 1, 2008, the Supervisory Board of SAP AG appointed Erwin Gunst, Bill McDermott and Jim Hagemann Snabe as three new members of the SAP Executive Board. McDermott is responsible for all sales regions worldwide: Snabe has full development responsibility for SAP Business Suite and the SAP NetWeaver technology platform and Gunst is charged with further improving the company’s operations and process efficiency in the newly created position of chief operating officer (COO).

Use of Non-GAAP Financial Measures
This press release contains certain financial measures such as Non-GAAP revenues, Non-GAAP operating income, Non-GAAP operating margin, free cash flow, constant currency revenue and operating income measures, as well as U.S. Dollar based Non-GAAP revenue numbers. These measures are not prepared in accordance with U.S. GAAP and therefore are considered non-GAAP financial measures. Our non-GAAP financial measures may not correspond to non-GAAP financial measures that other companies report. The non-GAAP financial measures that we report should be considered as additional to, and not as a substitute for or superior to revenue, operating margin or our other measures of financial performance prepared in accordance with U.S. GAAP. See the Appendix at the end of the financial section of this press release for additional information regarding the Non-GAAP measures included in this press release and for the reconciliations to the corresponding U.S. GAAP measures.

Core Enterprise Applications Vendor Share
The Company provides share data based on the vendors of Core Enterprise Applications solutions, which account for approximately $38.7 billion in software and software-related service revenues as defined by the Company based on industry analyst research. For 2008, industry analysts project approximately 7% year-on-year growth for Core Enterprise Applications vendors. For its quarterly share calculation, SAP assumes that this approximate 7% growth will not be linear throughout the year. Instead, quarterly adjustments are made based on the financial performance of a sub set of (approximately 25) Core Enterprise Application vendors.

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