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SAP Cloud Growth, Margin Focus and S/4HANA Adoption Power 2019 Results

January 28, 2020 | About:

PR Newswire

WALLDORF, Germany, Jan. 28, 2020 /PRNewswire/ --

  • New Cloud Bookings Up 25%; Up 31% Excluding Infrastructure as-a-Service in FY 2019
  • IFRS Cloud Revenue Up 39%; Non-IFRS Cloud Revenue Up 40% in FY 2019
  • Cloud and Software as Well as Total Revenue Up 12% in FY 2019
  • Cloud Gross Margin Up 5pp in FY 2019
  • IFRS Operating Profit Down 21%; Non-IFRS Operating Profit Up 15% in FY 2019
  • IFRS Operating Margin Down 6.8pp; Non-IFRS Operating Margin Up 0.8pp in FY 2019
  • IFRS Earnings per Share Down 18%; Non-IFRS Earnings per Share Up 18% in FY 2019
  • 2020 Total Revenue and Operating Profit Outlook Increased from Previous 2020 Ambition
  • Greenhouse Gas Emissions Reduced for the Fifth Year in a Row; On Track for Being Carbon Neutral by 2025
  • Women Representation in Workforce 34%; Women in Management 26%, Remains Committed to Goal of 30% by 2022
SAP Logo

Cloud Revenue

in € millions / FY 2019


IFRS

Non-IFRS

6,934

7,014

 +39%

 +40% (+35% cc

Total Revenue

in € millions / FY 2019


IFRS

Non-IFRS

27,553

27,634

 +12%

 +12% (+9% cc)

The share of more predictable revenue reached 67% in the full year 2019 (+2 percentage points)

Cloud & Software Revenue

in € millions / FY 2019


IFRS

Non-IFRS

23,014

23,094

 +12%

 +12% (+9% cc)

Operating Profit

in € millions / FY 2019


IFRS

Non-IFRS

4,495

8,211

 -21%

 +15% (+11% cc)

"SAP's strategy to be the experience company powered by the intelligent enterprise is resonating. More and more customers are turning to SAP and Qualtrics to close their experience gap. At the same time, we continue to see strong adoption of S/4HANA as the core of the intelligent enterprise across all deployment models."

Jennifer Morgan and Christian Klein, Co-CEOs

"For the fifth year in a row, we delivered on our full year outlook. I am particularly proud of our strong increase in non-IFRS profits and margins while continuing our remarkable top line momentum. This success would not have been possible without the dedication, innovative spirit and discipline of our people."

Luka Mucic, CFO

SAP SE (NYSE: SAP) today announced its preliminary financial results for the fourth quarter ended December 31, 2019.

Business Performance

Financial Highlights[1]

Full Year 2019

SAP hit all of its 2019 revenue and profit targets.

For the full year new cloud bookings were €2.27 billion, up 25% (up 21% at constant currencies) and up 31% excluding Infrastructure-as-a-Service (IaaS). Cloud subscriptions and support backlog increased 23%, exceeding €12 billion at year-end. Cloud revenue was €6.93 billion (IFRS) or €6.77 billion (non-IFRS at constant currencies), achieving the full year outlook (€6.7 to €7.0 billion non-IFRS at constant currencies). Software licenses revenue decreased 2% (down 5% at constant currencies) year over year to €4.53 billion. New cloud and software license order entry exceeded €11.5 billion and grew by 10% year over year (7% at constant currencies). Cloud and software revenue was €23.01 billion (IFRS) or €22.49 billion (non-IFRS at constant currencies), achieving the full year outlook (€22.4 to €22.7 billion non-IFRS at constant currencies). Total revenue was up 12% year over year to €27.55 billion (IFRS), up 12% (non-IFRS) and up 9% at (non-IFRS at constant currencies).

The share of more predictable revenue grew by 2 percentage points year-over-year to 67% for the full year 2019.

Cloud gross margin increased 4.9 percentage points year over year to 63.5% (IFRS) and increased by 5.2 percentage points year over year to 68.2% (non-IFRS).

As expected, IFRS operating profit, operating margin and earnings per share were impacted by higher acquisition-related charges due to the Qualtrics acquisition and the charges from SAP's global restructuring program announced in early 2019. In addition, IFRS operating profit, operating margin and earnings per share were impacted by higher share-based compensation (due to the Qualtrics acquisition and the strong SAP share price increase over the year). For the full year, IFRS operating profit was down 21% to €4.50 billion and operating margin decreased 6.8 percentage points year over year to 16.3% (IFRS). Non-IFRS operating profit at constant currencies was €7.96 billion, achieving the full year outlook (€7.85 to €8.05 billion non-IFRS at constant currencies). Non-IFRS operating margin expanded by 0.8 percentage points year over year (non-IFRS) and 0.6 percentage points (non-IFRS at constant currencies).

Earnings per share decreased 18% to €2.80 (IFRS) and increased 18% to €5.11 (non-IFRS).

Operating cash flow for the full year was €3.50 billion, a decrease of 19% year over year. The decrease in operating cash flow was primarily due to higher payouts related to share-based compensation (€286 million), restructuring payouts (€784 million) and higher tax cash outflows (€651 million) compared to the full year 2018. In addition, operating cash flow experienced a year over year benefit of roughly €404 million from the application of IFRS 16. Free cash flow decreased 20% year over year to €2.28 billion. At year end, net debt was –€8.29 billion.

Fourth Quarter 2019

In the fourth quarter, new cloud bookings were €878 million, up 19% (up 17% at constant currencies) and up 20% excluding Infrastructure-as-a-Service (IaaS). Validating SAP's hybrid cloud strategy, one of SAP's largest on premise customers decided to move most of its SAP on premise landscape to the cloud and augmented the use of SAP SaaS solutions. This contract contributed 10 percentage points to the total new cloud bookings growth of 19%. SAP expects more of its larger customers to follow this path. Cloud revenue grew 35% year over year to €1.90 billion (IFRS), up 35% (non-IFRS) and up 32% (non-IFRS at constant currencies). Software licenses revenue was down 4% year over year to €2.00 billion (IFRS), down 4% (non-IFRS) and down 6% (non-IFRS at constant currencies). New cloud and software order entry exceeded €5 billion and grew by 6% year over year (5% at constant currencies) in the fourth quarter. Cloud and software revenue grew 8% year over year to €6.85 billion (IFRS), up 8% (non-IFRS) and 6% (non-IFRS at constant currencies). Total revenue was up 8% year over year to €8.04 billion (IFRS), up 8% (non-IFRS) and up 6% (non-IFRS at constant currencies).

Cloud gross margin increased 6.9 percentage points year over year to 65.2% (IFRS) and increased by 7.4 percentage points year over year to 69.5% (non-IFRS).

Operating profit decreased 11% year over year to €2.12 billion (IFRS), up 12% (non-IFRS) and up 9% (non-IFRS at constant currencies). Operating margin decreased 5.9 percentage points year over year to 26.4% (IFRS) and expanded by 1.1 percentage points (non-IFRS) and 1.0 percentage points (non-IFRS at constant currencies).

Earnings per share was down 3% to €1.37 (IFRS) and up 21% to €1.82 (non-IFRS).

Segment Performance Fourth Quarter 2019

SAP's three reportable segments "Applications, Technology & Services", "Intelligent Spend Group" and "Qualtrics[2] " showed the following performance:

Applications, Technology & Services (AT&S)

In the fourth quarter, segment revenue in AT&S was up 5% to €6.97 billion year-over-year (up 3% at constant currencies). Solutions which contributed to this growth are listed below.

SAP S/4HANA

SAP S/4HANA, the core of the Intelligent Enterprise, 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 the scenario or combination that is right for them. 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.

Approximately 1,200 SAP S/4HANA customers were added in the quarter, taking total adoption to more than 13,800 customers, up 24% year over year. In the fourth quarter, approximately 40% of the additional SAP S/4HANA customers were net new.[3]

In Q4, world class organizations such as Ford Motor Group, Zalando, die Autobahn GmbH, Decathlon, E.ON, Lockheed Martin, MINTH Group, and Roche selected SAP S/4HANA. Vodafone recently went live on a single global instance of SAP S/4HANA. Additional go lives include BDO, Deutsche Telekom, Sandvik Mining and Construction, ARAMEX, Aareal Bank and PayPal Giving Fund. A fast-growing number of companies of all sizes including Kubota Corporation, Gate Gourmet Switzerland, Centaur Holding and Tom Tailor are deploying SAP S/4HANA in part or entirely in the cloud. Mercedes Benz Formula E is now live on SAP S/4HANA Cloud.

Human Experience Management (HXM)

The SAP SuccessFactors Human Experience Management (HXM) Suite provides powerful solutions for core HR and payroll, talent management, employee experience management and people analytics to empower employees while enabling HR leaders to accelerate business growth. As the next evolution of human capital management (HCM), HXM is a new way of delivering software that is designed completely around what employees need, how they work, and what motivates them. The SAP SuccessFactors HXM Suite is unique in that it builds on the best of HCM and extends it to create truly dynamic, engaging and employee-centered experiences.

SAP SuccessFactors Human Experience Management solutions from SAP leverage Qualtrics to help customers gain real-time insight into which behaviors are trending across the organization and the sentiment behind them. More than 450 customers have selected these solutions since their launch in May 2019.

Landesbank Baden-Württemberg, Genting Hong Kong, and Universal Beijing Resort were some of many competitive wins and Eurobank, Computacenter and Chalhoub Group went live on SAP SuccessFactors this quarter.

SAP C/4HANA

SAP C/4HANA combines leading solutions for marketing, sales, commerce, service and customer data, enabling companies to manage and deliver personalized customer experiences across touchpoints and channels based on a complete view of the customer. As part of the Intelligent Enterprise, SAP C/4HANA integrates with SAP S/4HANA from demand signals to fulfillment in one end-to-end process.

SAP C/4HANA solutions also use the benefits of Qualtrics Customer Experience Management to understand the wants and needs of customers. This enables organizations to combine customer feedback and operational data to listen, understand and take action in the moment to improve the customer experience.

The Nielsen Company, Royal Dutch Shell, Chevron, Carhartt, Intersport Deutschland, and Aldo Group all chose SAP C/4HANA solutions in Q4.

Business Technology Platform

SAP's business technology platform helps 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.

Barclaycard, Telecom Italia, GetYourGuide and Allegiant Travel Company selected SAP's business technology platform and analytics cloud solutions in the fourth quarter.

Intelligent Spend Group (ISG)

In the fourth quarter, segment revenue in the Intelligent Spend Group was up 15% to €830 million year-over-year (up 12% 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). SAP Intelligent Spend is also leveraging Qualtrics. Every Ariba screen will have Qualtrics embedded to enhance experience and to create a continuous feedback loop for buyers and suppliers on the network. The Intelligent Spend Group portfolio represents the largest commerce platform in the world with over $3.6 trillion in global commerce annually transacted in more than 180 countries.

Kärcher, Electrolux, Coca-Cola Hellenic Bottling Company, GEA Group, Repsol, and New York Yankees chose SAP's Intelligent Spend Group solutions in the fourth quarter.

Qualtrics

In the fourth quarter, Qualtrics segment revenue was €156 million.

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. Chalhoub Group is one example of numerous companies using the SuccessFactors Qualtrics platform.

The Qualtrics XM™ Platform is trusted by over 11,450 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 Q4, Volkswagen Group Australia, JPMorgan Chase, Allianz SE, Alaska Airlines, ExxonMobil, Santander, Samsung Group and the Hearst Corporation and many others selected Qualtrics to move beyond systems of record to new systems of action and achieve breakthrough results.

Segment Results at a Glance[4]

Segment Performance Fourth Quarter 2019


Applications, Technology & Services

Intelligent Spend Group

Qualtrics

€ 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

1,094

35

32

701

17

14

110

NA

NA

Segment revenue

6,967

5

3

830

15

12

156

NA

NA

Segment profit (loss)

3,288

8

6

172

17

13

–10

NA

NA

Cloud gross margin (in %)

60.8

10.8pp

10.7pp

78.0

0.0pp

–0.1pp

90.1

NA

NA

Segment margin (in %)

47.2

1.1pp

1.0pp

20.7

0.4pp

0.2pp

–6.5

NA

NA

Regional Revenue Performance Full Year 2019

SAP had a solid performance in the EMEA region with cloud and software revenue increasing 9%. Cloud revenue increased 47% with Germany, the Netherlands and the UK being highlights. In addition, Spain and Switzerland had strong years in software licenses revenue.

The Company had a strong performance in the Americas region. Cloud and software revenue increased 15% (IFRS) and 16% (non-IFRS). Cloud revenue increased 34% (IFRS) and 35% (non-IFRS) with Canada and Brazil being highlights. For software licenses revenue, the U.S. had a solid year, while Brazil and Canada had a strong year.

In the APJ region, SAP had a solid year amidst a challenging market environment. Cloud and software revenue was up 10%, while cloud revenue increased 43%. For cloud revenue and software licenses revenue, both China and Japan were highlights in 2019.

Financial Results at a Glance

Fourth Quarter 2019


IFRS

Non-IFRS(1)

€ million, unless otherwise stated

Q4 2019

Q4 2018

∆ in %

Q4 2019

Q4 2018

∆ in %

∆ in % const. curr.

New Cloud Bookings2)

NA

NA

NA

878

736

19

17

Cloud revenue

1,897

1,406

35

1,908

1,413

35

32

Software licenses and support revenue

4,950

4,914

1

4,950

4,914

1

–1

Cloud and software revenue

6,847

6,320

8

6,858

6,327

8

6

Total revenue

8,040

7,428

8

8,051

7,434

8

6

Share of more predictable revenue (in %)

60

57

3pp

60

57

3pp


Operating profit (loss)

2,125

2,399

–11

2,843

2,545

12

9

Profit (loss) after tax

1,654

1,691

–2

2,192

1,802

22


Basic earnings per share (in €)

1.37

1.41

–3

1.82

1.51

21


Number of employees (FTE, December 31)

100,330

96,498

4

NA

NA

NA

NA

Full Year 2019


IFRS

Non-IFRS(1)

€ million, unless otherwise stated

Q1–Q4

2019

Q1–Q4

2018

∆ in %

Q1–Q4

2019

Q1–Q4

2018

∆ in %

∆ in % const. curr.

New Cloud Bookings2)

NA

NA

NA

2,268

1,814

25

21

Cloud revenue

6,934

4,993

39

7,014

5,027

40

35

Software licenses and support revenue

16,080

15,628

3

16,080

15,629

3

1

Cloud and software revenue

23,014

20,622

12

23,094

20,655

12

9

Total revenue

27,553

24,708

12

27,634

24,741

12

9

Share of more predictable revenue (in %)

67

65

2pp

67

65

2pp


Operating profit (loss)

4,495

5,703

–21

8,211

7,163

15

11

Profit (loss) after tax

3,387

4,088

–17

6,154

5,199

18


Basic earnings per share (in €)

2.80

3.42

–18

5.11

4.35

18


Number of employees (FTE, December 31)

100,330

96,498

4

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 2020

Reflecting SAP's strong business momentum, the Company provides the following 2020 outlook replacing the previous 2020 financial ambition:

  • Non-IFRS cloud revenue is expected to be in a range of €8.7 − €9.0 billion at constant currencies (2019: €7.01 billion), up 24% – 28% at constant currencies
  • Non-IFRS cloud and software revenue is expected to be in a range of €24.7 – €25.1 billion at constant currencies (2019: €23.09 billion), up 7% – 9% at constant currencies
  • Non-IFRS total revenue is expected to be in a range of €29.2 – €29.7 billion at constant currencies (2019: €27.63 billion), up 6% – 8% at constant currencies
  • Non-IFRS operating profit is expected to be in a range of €8.9 – €9.3 billion at constant currencies (2019: €8.21 billion), up 8% – 13% at constant currencies
  • The share of more predictable revenue (defined as the total of cloud revenue and software support revenue) is expected to reach
    approximately 70%
    While SAP's full-year 2020 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.

Expected Currency Impact 2020 Based on December 2019 Level for the Rest of the Year

In percentage points

Q1

FY

Cloud revenue

0pp - +2pp

-1pp - +1pp

Cloud and software revenue

0pp - +2pp

-1pp - +1pp

Operating profit

1pp - +3pp

0pp - +2pp

Ambition 2023

Over the period from 2018 through 2023, SAP continues to expect the following:

  • 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 Q4 2019 Quarterly Statement can be downloaded from http://www.sap.com/investors/sap-2019-q4-statement.

References:

[1] The full year and Q4 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] As of Q4 2019, the Company renamed the former Customer and Experience Management segment to Qualtrics segment since our customer experience offerings are no longer included in this segment. For details, please refer to the disclosures on page 21 of this Quarterly Statement.
[3] Please refer to page 33 for information on changes in the definition of S/4HANA and its impact on the respective customer count.
[4] For details on the performance of our segments please refer to pages 21-28.

Additional Information

This Quarterly Statement and all information therein is preliminary and unaudited.

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.

The 2019 Integrated Report and Annual Report on Form 20-F will be published on February 27th, 2020 and will be available for download at www.sapintegratedreport.com.

For a more detailed description of all of SAP's non-IFRS measures and their limitations as well as our constant currency and free cash flow figures see Explanation of Non-IFRS Measures online.

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 press conference in Walldorf on Tuesday, January 28th at 10:00 AM (CET) /9:00 AM (GMT) / 4:00 AM (Eastern) / 1:00 AM (Pacific), followed by a financial analyst conference call at 2:00 PM (CET) / 1:00 PM (GMT) / 8:00 AM (Eastern) / 5:00 AM (Pacific). Both conferences 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 full-year and quarterly results can be found at www.sap.com/investor.

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 440,000 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.

Follow SAP Investor Relations on Twitter at @sapinvestor.
For customers interested in learning more about SAP products:
Global Customer Center: +49 180 534-34-24
United States Only: +1 (800) 872-1SAP (+1-800-872-1727)

Note to editors:

To preview and download broadcast-standard stock footage and press photos digitally, please visit www.sap.com/photos. On this platform, you can find high resolution material for your media channels. To view video stories on diverse topics, visit www.sap-tv.com. From this site, you can embed videos into your own Web pages, share video via e-mail links and subscribe to RSS feeds from SAP TV.

Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission ("SEC"), including SAP's most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.

© 2020 SAP SE. All rights reserved.

No part of this publication may be reproduced or transmitted in any form or for any purpose without the express permission of SAP SE. The information contained herein may be changed without prior notice.

Some software products marketed by SAP SE and its distributors contain proprietary software components of other software vendors. National product specifications may vary.

These materials are provided by SAP SE and its affiliated companies ("SAP Group") for informational purposes only, without representation or warranty of any kind, and SAP Group shall not be liable for errors or omissions with respect to the materials. The only warranties for SAP Group products and services are those that are set forth in the express warranty statements accompanying such products and services, if any. Nothing herein should be construed as constituting an additional warranty.

SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE (or an SAP affiliate company) in Germany and other countries. All other product and service names mentioned are the trademarks of their respective companies. Please see www.sap.com/about/legal/copyright.html for additional trademark information and notice.

Cision View original content:http://www.prnewswire.com/news-releases/sap-cloud-growth-margin-focus-and-s4hana-adoption-power-2019-results-300994119.html

SOURCE SAP AG - Headquarters


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