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Press Release

SAP’s Fourth Quarter and Full-Year 2009 Results Exceeded Expectations

Full-Year Software and Software-Related Service Revenues Surpasses Market Expectations

Economics for Investors

SAP AG announced its preliminary financial results for the fourth quarter and full-year ended December 31, 2009.

  • U.S. GAAP software and software-related service revenues were euro 8.20 billion (2008: euro 8.46 billion), a decrease of 3%. Non-GAAP software and software-related service revenues were euro 8.21 billion (2008: euro 8.62 billion), a decrease of 5% (5% at constant currencies).
  • U.S. GAAP total revenues were euro 10.67 billion (2008: euro 11.57 billion), a decrease of 8%. Non-GAAP total revenues were euro 10.68 billion (2008: euro 11.73 billion), a decrease of 9% (9% at constant currencies).
  • U.S. GAAP software revenues were euro 2.61 billion (2008: euro 3.61 billion), a decrease of 28% (27% at constant currencies).
  • Full Year 2009 Non-GAAP revenue figures exclude an acquisition-related deferred support revenue write-down of euro 11 million (2008: euro 166 million).

    Income - Full Year 2009

    • U.S. GAAP operating income was euro 2.64 billion (2008: euro 2.84 billion), a decrease of 7%. Non-GAAP operating income was euro 2.92 billion (2008: euro 3.30 billion), a decrease of 12% (11% at constant currencies). U.S. GAAP and Non-GAAP operating income were negatively impacted by restructuring charges of euro 196 million resulting from the previously announced reduction of positions.
    • U.S. GAAP operating margin was 24.7% (2008: 24.6%), an increase of 0.1 percentage points. Non-GAAP operating margin was 27.3% (2008: 28.2%), or 27.6% at constant currencies, a decrease of 0.9 percentage points (0.6 percentage points at constant currencies). The euro 196 million in restructuring charges resulting from the previously announced reduction of positions negatively impacted the U.S. GAAP and Non-GAAP operating margin by1.8percentage points.
    • U.S. GAAP income from continuing operations was euro 1.83 billion (2008: euro 1.93 billion), a decrease of 5%. Non-GAAP income from continuing operations was euro 2.04 billion (2008: euro 2.27 billion), a decrease of 10%. U.S. GAAP and Non-GAAP income from continuing operations were negatively impacted by restructuring charges ofeuro 138 million, net of tax, resulting from the previously announced reduction of positions.
    • U.S. GAAP basic earnings per share from continuing operations were euro 1.54 (2008: euro 1.62), a decrease of 5%. Non-GAAP earnings per share from continuing operations were euro 1.71 (2008: euro 1.91), a decrease of 10%. The restructuring charges, net of tax, resulting from the previously announced reduction of positions negatively impacted the U.S. GAAP and Non-GAAP basic earnings per share by euro 0.12.

    Full Year 2009 Non-GAAP operating income excludes an acquisition-related deferred support revenue write-down and acquisition-related charges totaling euro 275 million (2008: euro 463 million), and Full Year 2009 Non-GAAP income from continuing operations and Non-GAAP earnings per share from continuing operations exclude an acquisition-related deferred support revenue write-down and acquisition-related charges totaling euro 211 million net of tax (2008: euro 341 million).

    Cash Flow - Full Year 2009

    Operating cash flow from continuing operations was euro 3.04 billion (2008: euro 2.18 billion), an increase of 39%. Free cash flow was euro 2.81 billion (2008: euro 1.84 billion), an increase of 52%. Free cash flow was 26% of total revenues (2008: 16%). At December 31, 2009, SAP had a total group liquidity of euro 2.28 billion (December 31, 2008: euro 1.66 billion), which includes cash and cash equivalents, restricted cash and short term investments. At December 31, 2009, net liquidity, defined as total group liquidity less bank liabilities, was euro 1.58 billion.

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