DGAP-Adhoc SAP SE: SAP Announces Preliminary Fourth Quarter 2020 Results and 2021 Business Outlook
DGAP-Ad-hoc: SAP SE / Key word(s): Preliminary Results/Forecast
SAP Pre-Announces Strong Fourth Quarter and Full-Year 2020 Results
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- IFRS Cloud Revenue Up 8%; Non-IFRS Cloud Revenue Up 13% At Constant Currencies
- Current Cloud Backlog Up 14% At Constant Currencies
- IFRS Software Licenses Revenue Down 15%; Non-IFRS Software Licenses Revenue Down 11% At Constant Currencies
- IFRS Cloud & Software Revenue Down 4%; Non-IFRS Cloud & Software Revenue Up 1% At Constant Currencies
- IFRS Operating Profit Up 26%; Non-IFRS Operating Profit Up 3% At Constant Currencies
- IFRS Operating Margin Up 9.1pp; Non-IFRS Operating Margin Up 1.5pp At Constant Currencies
- Non-IFRS Operating Profit Reaches High End of Revised Outlook Range
- Operating Cash Flow Expected At Around €7.0 Billion, Approximately Doubling Year-over-Year; Free Cash Flow Expected At Around €5.9 Billion; Significantly Exceeding Raised Outlook
- 2021 Outlook Reflects Expedited Move to Cloud
Fourth Quarter Business Update
After an initial review of its fourth-quarter 2020 performance, SAP SE (NYSE: SAP) today announced its preliminary financial results for the fourth quarter and full year ended December 31, 2020. All 2020 figures in this release are approximate due to the preliminary nature of the announcement.
SAP's business performance sequentially improved in the fourth quarter even as the COVID-19 crisis persisted and lockdowns were reintroduced in many regions. Cloud revenue in the fourth quarter continued to be impacted by lower pay-as-you-go transactional revenue, mainly Concur business travel related. However, continued high demand for e-commerce, Business Technology Platform, and Qualtrics solutions along with several competitive wins - particularly for SuccessFactors Human Experience Management - produced a strong finish to the year for SAP's cloud business. SAP also saw strong early take up of its new holistic business transformation offering among pilot customers, contributing to the cloud performance in the quarter. Both North America and Europe experienced a better-than-expected performance in cloud order entry as well as software licenses revenue reflecting strong demand for SAP's digital supply chain solutions in particular. In addition SAP had significant competitive wins in ERP.