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    SAP   DE0007164600

SAP SE

(SAP)
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SAP : 2021 Half-Year Report

07/21/2021 | 01:07am EDT

Table of Contents

Introductory Notes

3

Consolidated Half-Year Management Report

4

Consolidated Half-Year Financial Statements - IFRS

18

Supplementary Financial Information

41

General Information

47

Additional Information

48

2

SAP Half-Year Report 2021

Introductory Notes

This half-year group report meets the requirements of German Accounting Standard No. 16 "Half-yearly Financial Reporting" (GAS 16). We prepared the financial data in the Half-Year Report section for SAP SE and its subsidiaries in accordance with International Financial Reporting Standards (IFRS). In doing so, we observed the IFRS both as issued by the International Accounting Standards Board (IASB) and as endorsed by the European Union (EU). This does not apply to numbers expressly identified as non-IFRS. For additional IFRS and non-IFRS information, see the Supplementary Financial Information section.

This half-year group report complies with the legal requirements in accordance with the German Securities Trading Act (Wertpapierhandelsgesetz, WpHG) for a half-year financial report, and comprises the consolidated half-year management report, condensed consolidated half-year financial statements, and the responsibility statement in accordance with the German Securities Trading Act, section 115 (2).

This half-year group report updates our consolidated financial statements 2020, presents significant events and transactions of the first half of 2021, and updates the forward-looking information contained in our Management Report 2020. This half-year financial report only includes half-year numbers. Our quarterly numbers are available in the Quarterly Statements for the first and second quarter 2021. Both the 2020 consolidated financial statements and the 2020 management report are part of our Integrated Report 2020, which is available at www.sapintegratedreport.com.

All of the information in this half-year group report is unaudited. This means that the information has been subject neither to any audit nor to any review by an independent auditor.

SAP Half-Year Report 2021

3

Consolidated Half-Year Management Report

Strategy and Business Model

SAP continues to execute on the strategy and business model as described in the SAP Integrated Report 2020.

Subsidiaries, Acquisitions, and

Divestitures

Qualtrics IPO

On January 28, 2021, Qualtrics International Inc. successfully issued 12% of its shares on the Nasdaq Stock Market (NASDAQ). The IPO-related cash inflow amounted to €1,847 million and the initial value of non-controlling interests in net assets was €909 million.

Acquisitions

The acquisition of Signavio GmbH ("Signavio"), which closed on March 5, 2021, deepens SAP's business process intelligence (BPI) capabilities, which represent the process layer within the SAP portfolio. Solutions from Signavio augment the spectrum of business process management solutions offered by SAP by adding process modeling, mining, and management capabilities. For more information, see the Notes to the Consolidated Half-Year Financial Statements, Note (D.1).

Joint Ventures

To better support our customers in the financial services industry (FSI), SAP agreed to create a joint venture together with German investment company Dediq GmbH, which will be called SAP Fioneer upon closing. The aim of this joint venture is to build agile solutions for FSI using SAP technologies as a basis, such as SAP HANA, SAP S/4HANA, SAP Business Technology Platform, and others. SAP will contribute certain FSI-centric software solutions into the FSI unit in exchange for a minority share in the new entity. The transaction is expected to close in September 2021.

For more information, see the Notes to the Consolidated Half-Year Financial Statements, Note (D.1).

Sapphire Ventures

SAP supports entrepreneurs that aspire to build industry-leading businesses, through venture capital funds managed by Sapphire Ventures. In the second quarter, the Executive Board proposed and the Supervisory Board consented to the financing of a new Sapphire Ventures fund ("SAPPHIRE Ventures Fund VI"). SAP´s total volume committed for SAPPHIRE Ventures Fund VI is US$1.75 billion.

Performance Management System

In the second quarter of 2021 and effective for the full year 2021, we changed our non-IFRS definition. We no longer adjust our IFRS revenue measures by including the full amount of recurring revenue that is not recognized under IFRS due to fair value accounting for the contracts in effect at the time of the respective acquisitions. The adjustment amounts were immaterial for the first half of 2021.

Thus, our IFRS revenue is equal to our non-IFRS revenue at actual currencies. Stated 2020 results are based on our 2020 non-IFRS definition.

The adjustment of our non-IFRS definition also impacts our operating profit (non-IFRS), profit before tax (non-IFRS), profit after tax (non-IFRS), and our non-IFRS key ratios such as operating margin, effective tax rate, and earnings per share, basic.

Products, Research & Development, and Services

This section presents a snapshot of SAP product development and services innovation during the first half of 2021. Among the highlights were the launch and growth of RISE with SAP, our "business transformation as a service" cloud offering, and key themes of SAP's flagship customer event, SAPPHIRE NOW. The conference's themes included the expansion of the world's largest business network, keeping sustainability at the center of SAP's business model, and building on SAP Business Technology Platform (BTP) as the foundation to provide our customers with a single platform for integration and extensibility across the SAP portfolio and non-SAP solutions.

The information in this section is intended to supplement the SAP Integrated Report 2020.

Business Network

Executing on the strategy of creating the world's largest business network, SAP Business Network brought together Ariba Network, SAP Logistics Network, and SAP Asset Intelligence Network, as announced at SAPPHIRE NOW in June. SAP Business Network aims to unify business processes across supplier collaboration, logistics coordination and traceability, and equipment usage and maintenance.

SAP Business Network also launched the unified trading partner portal to give trading partners a holistic view of all their customer relationships and transactions on the network.

4

SAP Half-Year Report 2021

Experience Management

In the first half of 2021, we launched the XM Operating System (XM/OS) - a single, secure, cloud-native platform that serves as the operating system for experience management (XM) solutions from SAP and Qualtrics. We delivered on several key Qualtrics CustomerXM offerings such as Customer Care Command Center, Relationship Health, and Digital Journey Optimization, with the aim of supporting a post-pandemic work environment. We also released several Qualtrics EmployeeXM solutions such as Spotlight Insights and Candidate Experience.

Expanding our ecosystem, we established a key partnership with ServiceNow to combine the strengths of ServiceNow's digital workflows with Qualtrics' experience management technology.

Intelligent Suite

SAP S/4HANA

In recognition of SAP's commitment to its customers, SAP S/4HANA Cloud was positioned as a leader in the 2021 "Gartner Magic Quadrant for Cloud Core Financial Management Suites for Midsize, Large and Global Enterprises" in May 2021.

Additionally, the number of SAP S/4HANA customers increased by approximately 1,000 in the first half of 2021, growing 17% year over year to more than 17,000 customers.

RISE with SAP

As announced during the SAPPHIRE NOW global keynote, human experience management (HXM) and procurement capabilities were added to RISE with SAP.

Additionally, RISE with SAP transformation packages for industries, focusing on retail, consumer products, automotive, utilities, and industrial machinery and components (IM&C), were also announced at the event.

Human Resources (HR)

SAP SuccessFactors

During the first half of 2021, we launched SAP Work Zone for HR and SAP SuccessFactors Time Tracking. These solutions aim to provide employees and organizations ways to optimize their day-today work needs.

Procurement

SAP Fieldglass

We released SAP Fieldglass Assignment Management, a solution that aims to help manage contractors who perform ad hoc work under existing supplier agreements.

SAP Half-Year Report 2021

Business Technology Platform

Following our mission to deliver one platform for the intelligent enterprise, we introduced significant updates with respect to the SAP Business Technology Platform (SAP BTP) in the first half of 2021. We announced a free tier model for SAP BTP, available to SAP customers from July 1, 2021. To further increase flexibility, we introduced in addition the new Pay-As-You-Go model for SAP BTP, allowing customers to access services for SAP BTP without any up- front financial commitment. Beyond that, SAP launched

SAP Learning, a learning site with content to upskill on SAP BTP accessible free of charge.

Database and Data Management

To enable customers to handle a growing amount of transactional and analytical data, SAP HANA Cloud database now supports adaptive server enterprise (ASE), ASE replication, and data lake support for SAP IQ software workloads.

Analytics

SAP Analytics Cloud now features a new model that aims to provide more flexibility, enhanced user experience, and enterprise- wide integration by combining the advantages of account-based and measure-based modeling, as well as improving performance and the integration with other SAP solutions.

Application Development and Integration

We released SAP BTP, Kubernetes environment for general availability. SAP BTP for the Kubernetes environment is based on the open-source project Kyma that allows developers to extend SAP solutions by using both microservice and serverless functions. We have also provided new content packages in SAP Workflow Management.

Intelligent Technologies

Continuing with our strategy to embed AI into the solution portfolio of SAP, new capabilities in SAP Intelligent Robotic Process Automation (SAP Intelligent RPA) were added. We aim to showcase these capabilities to our customers via SAP BTP.

COVID-19 Response

SAP SuccessFactors created a vaccination tracker portlet, available to all SAP SuccessFactors Employee Central customers at no cost.

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

SAP SE published this content on 21 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 July 2021 05:06:05 UTC.


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Sales 2021 27 412 M 32 116 M 32 116 M
Net income 2021 4 477 M 5 246 M 5 246 M
Net Debt 2021 5 960 M 6 983 M 6 983 M
P/E ratio 2021 32,0x
Yield 2021 1,54%
Capitalization 143 B 168 B 167 B
EV / Sales 2021 5,43x
EV / Sales 2022 5,11x
Nbr of Employees 103 876
Free-Float 84,9%
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Number of Analysts 30
Last Close Price 121,16 €
Average target price 134,09 €
Spread / Average Target 10,7%
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Christian Klein Chief Executive Officer
Luka Mucic Chief Financial Officer
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Juergen Mueller Chief Technology Officer
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