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SAP announces Q4 and full-year 2009 results |
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Business software giant SAP has declared its Q4 and full-year results for 2009. SAP said in accordance with US GAAP standards, revenues for software and software-related service were €2.57 billion as against €2.67 billion in the corresponding period in 2008, showing a marginal decrease of 4%. Total revenues were €3.19 billion, against €3.49 billion for the same period in 2008, marking a decrease of 9%. SAP's software revenues were €1.12 billion, down from €1.32 billion from the corresponding period in 2008, a decrease of 15%. Operating income as per GAAP standards was €1.06 billion against 2008's Q4 income of €1.28 billion, down 17%. SAP said operating income was negatively impacted by restructuring charges of €10 million resulting from the previously announced reduction of positions. Operating margin was 33.1%, dropping 3.5 percentage points from the corresponding Q4 2008 number of 36.6%. Income from continuing operations was €0.75 billion, as against €0.86 billion in Q4 2008, dropping 13%. SAP said basic earnings per share from continuing operations were €0.63 (2008: €0.72), a decrease of 13%. For the full year 2009, SAP said software and software-related service revenues were €8.20 billion, marginally down by 3% from 2008's revenues of €8.46 billion. Total revenues as per GAAP standards were €10.67 billion, down 8% from 2008 revenue of €11.57 billion. SAP's US GAAP software revenues were €2.61 billion, down by 28% as compared to 2008 revenues of €3.61 billion. Operating income was €2.64 billion, lower by 7% compared to 2008 operating income of €2.84 billion. Operating margin was 24.7%, just a shade lower than 2008's 24.6%. Income from continuing operations was €1.83 billion, five percent lower than 2008's €1.93 billion. SAP's basic earnings per share from continuing operations were €1.54, against 2008's €1.62, a decrease of 5%. Operating cash flow from continuing operations was €3.04 billion, up 39% from 2008's €2.18 billion. Free cash flow was €2.81 billion, 52% higher than €1.84 billion in 2008. Free cash flow was 26% of total revenues, which was 16% in 2008. As on December 31, 2009, SAP had a total group liquidity of €2.28 billion, compared to €1.66 billion as on December 31, 2008, including 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 €1.58 billion. For the full-year 2010, SAP's business outlook includes an expectation of non-IFRS software and software related service revenue to increase in a range of 4% to 8% at constant currencies, which as of 2009 was €8.2 billion, and expects its full-year 2010 non-IFRS operating margin to be in a range of 30% – 31% at constant currencies (against 2009's 27.4%). |
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