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SAP SE

Earnings Release • Jul 29, 2008

365_ip_2008-07-29_4b5526e6-5212-4d35-ac79-478bf1379f31.pdf

Earnings Release

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Second Quarter & Half Year 2008 Preliminary Results Release

SAP AGWalldorf, Germany Tuesday, July 29, 2008

Safe Harbor Statement

Any statements contained in this document that are not historical facts are forwardlooking 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 Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forwardlooking statements, which speak only as of their dates.

    1. Income Statement Analysis
    1. Revenue Breakdown
    1. Market Share Analysis
    1. Balance Sheet, Cash Flow & Headcount Analysis
    1. Outlook

Financial Highlights Second Quarter 2008

© SAP 2008, Investor Relations, Q2 & H1 2008 Preliminary Results Release / Page 4

*at constant currencies (according to guidance format)

Financial Highlights Half Year 2008

© SAP 2008, Investor Relations, Q2 & H1 2008 Preliminary Results Release / Page 5

*at constant currencies (according to guidance format)

  1. Second Quarter & Half Year 2008 At a Glance

2. Income Statement Analysis

    1. Revenue Breakdown
    1. Market Share Analysis
    1. Balance Sheet, Cash Flow & Headcount Analysis
    1. Outlook

Income Statement OverviewSecond Quarter 2008 (U.S. GAAP)

Q
2
2
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0
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U.S. GAAP

Income Statement OverviewHalf Year 2008 (U.S. GAAP)

H
1
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0
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U.S. GAAP

Income Statement OverviewSecond Quarter 2008 (Non-GAAP)

N
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A
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* % currency adjusted – actuals 2008 converted with the exchange rates of 2007

Income Statement OverviewHalf Year 2008 (Non-GAAP)

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Group Sales by Revenue Type Second Quarter 2008 (U.S. GAAP)

U.S. GAAP

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Group Sales by Revenue Type Half Year 2008 (U.S. GAAP)

U.S. GAAP

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i
r
o
e
s
s
o
n
a
s
e
r
c
e
s
v		 1
2
1
5
,
2
1
8
5
1
1
4
8
4
,		 1
0
7
4
,
1
9
8
6
5
1
3
2
8
,		 1
3
1
0
9
-
1
2
O
t
h
e
r
r
e
v
e
n
u
e		 3
7		 3
6		 3
T
l
t
o
a
r
e
v
e
n
u
e		 5
3
1
8
,		 4
5
8
3
,		 1
6

Group Sales by Revenue Type Second Quarter 2008 (Non-GAAP)

Q
2
2
0
0
8
€
i
l
l
ion
m
s		 Q
2
2
0
0
8
*
€
i
l
l
ion
m
s		 Q
2
2
0
0
7
€
i
l
l
ion
m
s		 %
No
G
A
A
P
n-		 G
No
A
A
P
n-
ta
t
c
o
ns
n
cu
rre
nc
y
S
f
t
o
w
a
r
e
S
t
u
p
p
o
r
S
b
i
t
i
d
u
s
c
r
p
o
n
s
a
n
f
t
h
t
l.
o
e
r
s
o
r
e
s
e
r
w
v
S
W
&
S
W
l.
-r
e
s
e
r
v
r
e
v		 8
9
8
1
1
1
5
,
6
4
2
1
1
3
,		 9
6
1
1
2
2
0
,
6
6
2
2
4
7
,		 7
1
6
9
4
4
4
4
1
7
0
4
,		 2
5
2
2
4
5
2
4		 3
4
2
9
5
0
3
2
C
l
i
t
o
n
s
u
n
g
T
i
i
r
a
n
n
g
O
t
h
i
e
r
s
e
r
v
c
e
s
P
f
i
l
i
r
o
e
s
s
o
n
a
s
e
r
v
c
e
s		 6
2
8
1
1
4
2
6
7
6
8		 6
6
7
1
2
1
2
8
8
1
6		 5
5
6
1
0
4
2
8
6
8
8		 1
3
1
0
7
-
1
2		 2
0
1
6
0
1
9
O
h
t
e
r
r
e
v
e
n
u
e		 2
9		 3
1		 2
9		 0 7
T
t
l
o
a
r
e
e
n
e
v
u		 2
9
1
0
,		 3
0
9
4
,		 2
4
2
1
,		 2
0		 2
8

Non-GAAP

* % currency adjusted – actuals 2008 converted with the exchange rates of 2007

Non-GAAP

H
1
2
0
0
8
€
i
l
l
ion
m
s		 H
1
2
0
0
8
*
€
i
l
l
ion
m
s		 H
1
2
0
0
7
€
i
l
l
ion
m
s		 %
No
G
A
A
P
n-		 G
No
A
A
P
n-
ta
t
c
o
ns
n
cu
rre
nc
y
S
f
t
o
w
a
r
e
S
t
u
p
p
o
r
S
b
i
i
d
t
u
s
c
r
p
o
n
s
a
n
f
t
h
t
l.
o
e
r
s
o
r
e
s
e
r
w
v
S
&
S
W
W
l.
-r
e
s
e
r
v
r
e
v		 1
5
2
0
,
2
2
5
6
,
1
2
0
3
8
9
6
,		 1
6
2
6
,
2
3
7
9
,
1
2
3
4
1
2
8
,		 1
2
7
8
,
1
8
5
8
,
8
3
3
2
1
9
,		 1
9
2
1
4
5
2
1		 2
7
2
8
4
8
2
8
C
l
i
t
o
n
s
u
n
g
T
i
i
r
a
n
n
g
O
t
h
i
e
r
s
e
r
c
e
s
v
f
P
i
l
i
r
o
e
s
s
o
n
a
s
e
r
v
c
e
s		 1
2
1
5
,
2
1
8
5
1
1
4
8
4
,		 1
2
8
6
,
2
3
1
5
5
1
5
7
2
,		 1
0
4
7
,
1
9
8
5
6
1
3
2
8
,		 1
3
1
0
9
-
1
2		 2
0
1
7
2
-
1
8
O
h
t
e
r
r
e
v
e
n
u
e		 3
7		 3
9		 3
6		 3 8
T
t
l
o
a
r
e
v
e
n
u
e		 4
1
5
7
,		 5
7
3
9
,		 4
5
8
3
,		 1
8		 2
5

* % currency adjusted – actuals 2008 converted with the exchange rates of 2007

Gross Margin Analysis Second Quarter 2008 (U.S. GAAP and Non-GAAP)

S
G
G
A
A
P
N
A
A
P
o
n
-
Q
2
2
0
0
8
€
i
l
l
ion
m
s		 Q
2
2
0
0
7
€
i
l
l
ion
m
s		 % Q
2
2
0
0
8
€
i
l
l
ion
m
s		 Q
2
2
0
0
7
€
i
l
l
ion
m
s		 %
S
W
&
S
W
l
d
t
-r
e
a
e
s
e
r
v
r
e
v
e
n
u
e		 2
0
6
1
,		 1
7
0
4
,		 2
1		 2
1
1
3
,		 1
7
0
4
,		 2
4
S
&
S
W
W
l
t
d
t
-r
e
a
e
s
e
r
c
o
s
v		 4
1
8
-		 3
0
5
-		 3
7		 3
3
7
-		 2
9
4
-		 2
7
S
&
S
%
W
W
l
t
d
i
i
-r
e
a
e
s
e
r
v
m
a
r
g
n
n
-		 9
7
7		 8
2
1		 2
4
p
p
-		 8
2
3		 8
2
7		 0
4
p
p
-
P
f
i
l
d
h
t
r
o
e
s
s
o
n
a
s
e
r
v
a
n
o
e
r
s
e
r
v
r
e
v
e
n
u
e		 7
6
8		 6
8
8		 1
2		 7
6
8		 6
8
8		 1
2
P
f
i
l
d
h
t
t
r
o
e
s
s
o
n
a
s
e
r
v
a
n
o
e
r
s
e
r
v
c
o
s		 5
8
1
-		 5
2
4
-		 1
1		 5
8
1
-		 5
2
4
-		 1
1
f
%
P
i
l
i
i
r
o
e
s
s
o
n
a
s
e
r
g
r
o
s
s
m
a
r
g
n
n
v
-		 2
4
3		 2
3
8		 0
5
p
p		 2
3
4		 2
3
8		 0
5
p
p
S
W
&
S
W
l
d
i
f
i
l
t
-r
e
a
e
s
e
r
v
c
e
p
r
o
e
s
s
o
n
a
,
d
h
t
s
e
r
v
a
n
o
e
r
s
e
r
v
r
e
v
e
n
u
e		 2
8
2
9
,		 2
3
9
2
,		 1
8		 2
8
8
1
,		 2
3
9
2
,		 2
0
S
W
&
S
W
l
t
d
i
f
i
l
-r
e
a
e
s
e
r
c
e
p
r
o
e
s
s
o
n
a
v
,
d
t
h
t
s
e
r
a
n
o
e
r
s
e
r
c
o
s
s
v
v		 9
9
9
-		 8
2
9
-		 2
1		 9
5
4
-		 8
1
8
-		 1
7
G
%
i
i
r
o
s
s
m
a
r
g
n
n
-		 6
4
7		 6
3
5		 0
6
p
p
-		 6
6
9		 6
5
8		 1
1
p
p

Gross Margin Analysis Half Year 2008 (U.S. GAAP and Non-GAAP)

U
S
G
A
A
P		 N
G
A
A
P
o
n
-
H
1
2
0
0
8
€
i
l
l
ion
m
s		 H
1
2
0
0
7
€
i
l
l
ion
m
s		 % H
1
2
0
0
8
€
i
l
l
ion
m
s		 1
2
0
0
H
7
€
i
l
l
ion
m
s		 %
S
&
S
W
W
l
t
d
-r
e
a
e
s
e
r
r
e
e
n
e
v
v
u
S
W
&
S
W
l
d
t
t
-r
e
a
e
s
e
r
v
c
o
s
S
W
&
S
W
l
d
i
i
%
t		 3
9
7
7
,
8
7
5
-
7
9
3		 3
2
1
9
,
9
2
5
-
8
1
6		 1
8
3
3
2
3
p
p
-		 3
8
9
6
,
6
9
2
-
8
2
2		 3
2
1
9
,
1
5
7
-
8
2
3		 2
1
2
1
0
1
-
-r
e
a
e
s
e
r
v
m
a
r
g
n
n
-
P
f
i
l
d
t
h
r
o
e
s
s
o
n
a
s
e
r
a
n
o
e
r
s
e
r
r
e
e
n
e
v
v
v
u
f
P
i
l
d
t
h
t
r
o
e
s
s
o
n
a
s
e
r
a
n
o
e
r
s
e
r
c
o
s
v
v
P
f
i
l
i
i
%
r
o
e
s
s
o
n
a
s
e
r
v
g
r
o
s
s
m
a
r
g
n
n
-		 1
4
8
4
,
1
1
4
8
-
,
2
2
6		 1
3
2
8
,
1
0
2
9
-
,
2
2
5		 1
2
1
2
0
1
p
p		 1
4
8
4
,
1
1
4
8
-
,
2
2
6		 1
3
2
8
,
1
0
2
9
-
,
2
2
5		 p
p
1
2
1
2
0
1
p
p
S
W
&
S
W
l
t
d
i
f
i
l
-r
e
a
e
s
e
r
c
e
p
r
o
e
s
s
o
n
a
v
,
d
t
h
s
e
r
a
n
o
e
r
s
e
r
r
e
e
n
e
v
v
v
u
S
W
&
S
W
l
d
i
f
i
l
t
-r
e
a
e
s
e
r
v
c
e
p
r
o
e
s
s
o
n
a
,		 5
2
8
1
,		 4
5
4
7
,		 1
6		 3
8
0
5
,		 4
5
4
7
,		 1
8
d
h
t
t
s
e
r
v
a
n
o
e
r
s
e
r
v
c
o
s
s
G
i
i
%
r
o
s
s
m
a
r
g
n
n
-		 1
9
3
3
-
,
6
3
4		 1
6
2
1
-
,
6
4
4		 1
9
1
0
p
p
-		 1
8
4
0
-
,
6
5
8		 1
6
0
0
-
,
6
4
8		 1
5
1
0
p
p

Cost Analysis Second Quarter 2008 (U.S. GAAP and Non-GAAP)

U
S
G
A
A
P
N
G
A
A
P
o
n
-
Q
2
2
0
0
8
€
i
l
l
ion
m
s		 Q
2
2
0
0
7
€
i
l
l
ion
m
s		 % Q
2
2
0
0
8
€
i
l
l
ion
m
s		 Q
2
2
0
0
7
€
i
l
l
ion
m
s		 %
R
h
d
d
l
t
e
s
e
a
r
c
a
n
e
v
e
o
p
m
e
n
%
f
l
t
t
a
s
o
o
a
r
e
v
e
n
u
e
-		 2
1
4
-
1
4
7		 3
3
5
-
1
4
6		 1
9
0
1
p
p		 4
2
0
-
1
4
4		 3
5
2
-
1
4
5		 1
9
0
1
p
p
-
S
l
d
k
t
i
a
e
s
a
n
m
a
r
e
n
g
%
f
t
t
l
a
s
o
o
a
r
e
v
e
n
u
e
-		 6
8
1
-
2
3
8		 5
3
5
-
2
2
1		 2
7
1
7
p
p		 6
6
1
-
2
2
7		 5
3
4
-
2
2
1		 2
4
0
6
p
p
G
l
d
d
i
i
i
t
t
e
n
e
r
a
a
n
a
m
n
s
r
a
o
n
%
f
t
t
l
a
s
o
o
a
r
e
e
n
e
v
u
-		 1
6
9
-
5
9		 1
2
7
-
5
2		 3
3
0
7
p
p		 1
6
9
-
5
8		 1
2
7
-
5
2		 3
3
0
6
p
p
O
/
t
h
t
i
i
e
r
o
p
e
r
a
n
g
n
c
o
m
e
e
x
p
e
n
s
e
s		 5 4 2
5		 5 4 2
5
T
t
l
t
i
o
a
o
p
e
r
a
n
g
e
x
p
e
n
s
e
s		 2
2
6
5
-
,		 1
8
4
0
-
,		 2
3		 2
1
9
9
-
,		 1
8
2
7
-
,		 2
0

Cost Analysis Half Year 2008 (U.S. GAAP and Non-GAAP)

U
S
G
A
A
P
N
G
A
A
P
o
n
-
H
1
2
0
0
8
€
i
l
l
ion
m
s		 H
1
2
0
0
7
€
i
l
l
ion
m
s		 % H
1
2
0
0
8
€
i
l
l
ion
m
s		 H
1
2
0
0
7
€
i
l
l
ion
m
s		 %
R
h
d
d
l
t
e
s
e
a
r
c
a
n
e
e
o
p
m
e
n
v
%
f
t
t
l
a
s
o
o
a
r
e
e
n
e
v
u
-		 8
3
8
-
1
5
8		 6
9
2
-
1
5
1		 2
1
0
7
p
p		 8
2
3
-
1
5
2		 6
9
1
-
1
5
1		 1
9
0
1
p
p
S
l
d
k
i
t
a
e
s
a
n
m
a
r
e
n
g
%
f
l
t
t
a
s
o
o
a
r
e
v
e
n
u
e
-		 1
2
7
8
-
,
2
4
0		 1
0
1
3
-
,
2
2
1		 2
6
1
9
p
p		 1
2
3
7
-
,
2
2
8		 1
0
1
1
-
,
2
2
1		 2
2
0
7
p
p
G
l
d
d
i
i
t
t
i
e
n
e
r
a
a
n
a
m
n
s
r
a
o
n
%
f
l
t
t
a
s
o
o
a
r
e
v
e
n
u
e
-		 3
2
1
-
6
0		 2
4
6
-
5
4		 3
0
0
6
p
p		 3
2
1
-
9
5		 2
4
6
-
5
4		 3
0
0
5
p
p
O
h
i
i
/
t
t
e
r
o
p
e
r
a
n
g
n
c
o
m
e
e
x
p
e
n
s
e
s		 4 6 3
3
-		 4 6 3
3
-
T
t
l
t
i
o
a
o
p
e
r
a
n
g
e
x
p
e
n
s
e
s		 4
3
6
6
-
,		 3
6
6
5
-
,		 2
2		 4
2
1
7
-
,		 3
5
4
2
-
,		 1
9

Non-GAAP Operating Cost Analysis Second Quarter & Half Year 2008

2
0
0
8
€
i
l
l
i
m
o
n
s		 l
o
m
e
v
u		 c
r
r
e
n
c
u
y		 2
0
0
7
€
i
l
l
i
m
o
n
s
Q
1
T
t
l
t
i
o
a
o
p
e
r
a
n
g
e
x
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    1. Second Quarter & Half Year 2008 At a Glance
    1. Income Statement Analysis
  • 3. Revenue Breakdown
    1. Market Share Analysis
    1. Balance Sheet, Cash Flow & Headcount Analysis
    1. Outlook

U.S. GAAP Revenue Breakdown by Region* Second Quarter 2008

€ millions | yoy percent change

Total €2,061m +21%EMEA1,111 | +21% Americas662 | +17% APJ288 | +30% of which Germany 353| +11% of which rest of EMEA758 | +27% of which U.S. 472 | +14% of which rest of Americas 190 | +25% of which Japan 89 | +9% of which rest of APJ199 | +43% EMEA1,533 | +21% Americas952 | +12% APJ373 | +23% of which Germany 524 | +15% of which rest of EMEA1,009 | +24% of which U.S. 703 | +9% of which rest of Americas 249 | +20% of which Japan 115 | +4% of which rest of APJ258 | +34% Software and software-related service revenue by region* Total revenue by region* Total €2,858m +18%

* Location of customers

U.S. GAAP Revenue Breakdown by Region* Half Year 2008

€ millions | yoy percent change

Total €3,797m +18%EMEA2,029 | +22% Americas1,225 | +8% APJ543 | +30% of which Germany 655| +11% of which rest of EMEA1,374 | +28% of which U.S. 885 | +6% of which rest of Americas 340 | +13% of which Japan 175 | +22% of which rest of APJ368 | +34% EMEA2,823 | +20% Americas1,789 | +7% APJ706 | +24% of which Germany 977 | +13% of which rest of EMEA1,846 | +24% of which U.S. 1,338 | +6% of which rest of Americas 451 | +12% of which Japan 227 | +14% of which rest of APJ479 | +29% Software and software-related service revenue by region* Total revenue by region* Total €5,318m +16%

* Location of customers

Non-GAAP Revenue Breakdown by Region** Second Quarter 2008

€ millions | yoy percent change | yoy percent constant currency change

* % currency adjusted – actuals 2008 converted with the exchange rates of 2007 / ** location of customers

Non-GAAP Revenue Breakdown by Region** Half Year 2008

€ millions | yoy percent change | yoy percent constant currency change

* % currency adjusted – actuals 2008 converted with the exchange rates of 2007 / ** location of customers

    1. Second Quarter & Half Year 2008 At a Glance
    1. Income Statement Analysis
    1. Revenue Breakdown
  • 4. Market Share Analysis
    1. Balance Sheet, Cash Flow & Headcount Analysis
    1. Outlook

SAP Global Market Share in \$38.1bn Relevant Core Enterprise Application Software and Software Related Services (SSRS) Market

Rolling 4 Quarters Based on Application SSRS Revenues

Source: SAP internal analysis based on Company Data and Financial Analysts Estimates as of Jul 21st 2008 1) SAP includes Business Objects, internal estimates based on GAAP revenue from continued operations 2) Only Business Applications GAAP revenue considered. Fiscal year is not calendar year (e.g. SAP Q1 vs. Oracle Q3). 3) Oracle includes PSFT, RETK, SEBL, IFLX, STEL, HYSL, AGIL

SSRS is Software and Software related Services = Software revenue + Support revenue + Subscriptions and other software related services revenue

    1. Second Quarter & Half Year 2008 At a Glance
    1. Income Statement Analysis
    1. Revenue Breakdown
    1. Market Share Analysis
  • 5. Balance Sheet, Cash Flow & Headcount Analysis
    1. Outlook

Balance Sheet Summary Second Quarter 2008 (U.S. GAAP)

Shareholders' Equity & Liabilities*

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in full time equivalents | % seq.

* in full time equivalents

    1. Second Quarter & Half Year 2008 At a Glance
    1. Income Statement Analysis
    1. Revenue Breakdown
    1. Market Share Analysis
    1. Balance Sheet, Cash Flow & Headcount Analysis
  • 6. Outlook

Business Outlook

The Company is providing the following outlook for the full-year 2008, which has changed from the previous outlook provided on April 30, 2008. The Company has refined the outlook for Non-GAAP software and software related service revenues at constant currencies and Non-GAAP operating margin at constant currencies.

  • • The Company reaffirmed that it expects full-year 2008 Non-GAAP software and software related service revenue, which excludes a non-recurring deferred support revenue writedown from the acquisition of Business Objects of approximately €180 million, to increase in a range of 24% – 27% at constant currencies (2007: €7.428 billion), but the Company now expects to reach the upper end of the range. The Company reaffirmed that SAP's business, excluding the contribution from Business Objects, is expected to contribute 12 – 14 percentage points to this growth, but the Company now expects the contribution to reach the upper end of the range.
  • • The Company reaffirmed that it expects the full-year 2008 Non-GAAP operating margin at constant currencies, which excludes a non-recurring deferred support revenue write-down from the acquisition of Business Objects and acquisition-related charges, to be in the range of 28.5% – 29.0% (2007 non-GAAP operating margin: 27.3%), but the Company now expects to reach the upper end of the range.
  • • The Company continues to project an effective tax rate of 31.0% to 31.5% (based on U.S. GAAP income from continuing operations) for 2008.

APPENDIX

© SAP 2008, Investor Relations, Q2 & H1 2008 Preliminary Results Release / Page 34

Explanation of Non-GAAP Measures (1/4)

Explanation of Non-GAAP Measures (2/4)

Explanation of Non-GAAP Measures (3/4)

Explanation of Non-GAAP Measures (4/4)

Core Enterprise Applications Vendor Share

The Company provides share data based on the vendors of Core Enterprise Applications solutions, which account for approximately \$38.1 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.

Selected Customer Wins

Second Quarter 2008

AMERICAS

  • Î AmerisourceBergen Corporation
  • ÎBrown Shoe Company
  • ÎFreeman
  • Î Marisa Lojas Varejistas Ltda
  • ÎThe City of Edmonton

EMEA

  • Î Carlsberg Breweries A/S
  • ÎComet Group Plc
  • ÎFiat Services S.p.A.
  • ÎGDF SUEZ
  • Î Saudi Electricity Company

APJ

  • Î China Petroleum & Chemical
  • Î KPIT Cummins Infosystems Ltd
  • Î Neptune Orient Lines Ltd
  • Î India Oil and Natural Gas Corporation
  • Î Shanxi Electric I/E Power Corp.

ÎSUMISHO COMPUTER

Overview of Exchange Rates*

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*In order to provide additional transparency, SAP is publishing this chart which contains quarterly average currency rates versus the Euro for some common currencies. While it is not a complete list of the different currencies in which SAP does business, the list represents currencies from SAP's three largest geographies outside of the geographies represented by the Euro.

SAP calculates constant currency year-over-year changes in revenue and operating income by translating foreign currencies using the average exchange rates from the previous (comparator) year instead of the report year. This is done on a monthly basis by applying the prior year's monthly average exchange rates to the foreign currency revenues and expenses of the respective month. Therefore the quarterly average currency exchange rates shown above differ from the monthly average currency exchange rates that SAP uses to calculate its reported constant currency growth rates.

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