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24.04.2019 07:33:52 - dpa-AFX: SAP Slips To Loss In Q1; Lifts FY19 Operating Profit Outlook

WALLDORF (dpa-AFX) - Software giant SAP SE (SAP) reported Wednesday that its
preliminary loss after tax for the first quarter ended March 31, 2019 was 108
million euros, compared to profit after tax of 708 million euros in the year-ago
period. Loss per share for the quarter was 0.10 euros, compared to profit of
0.59 euros last year.

However, on a non-IFRS basis, earnings per share rose to 0.90 euros from 0.73
euros in the year-ago period.

Operating loss for the quarter was 136 million euros, compared to operating
profit of 1.03 billion euros in the year-ago period. Operating profit in the
quarter was impacted by recognizing the expected cost of SAP's 2019
restructuring of 886 million euros, as well as higher acquisition-related
charges and share-based compensation primarily due to the Qualtrics acquisition.

New cloud bookings grew by 32 percent, or 26 percent at constant currencies in
the first quarter and reached 324 million euros. Cloud and software revenue grew
16 percent year over year to 5.04 billion euros, and rose 12 percent on non-IFRS
at constant currencies.

Total revenue for the quarter grew 16 percent to 6.09 billion euros from 5.26
billion euros in the year-ago period on IFRS basis, up 12 percent on non-IFRS at
constant currencies.

For fiscal 2019, SAP continues to expect non-IFRS cloud and software revenue in
a range of 22.4 billion euros to 22.7 billion euros at constant currencies, up
8.5 percent to 10 percent at constant currencies.

SAP now expects fiscal 2019 non-IFRS operating profit in a range of 7.85 billion
euros to 8.05 billion euros at constant currencies, up 9.5 percent to 12.5
percent at constant currencies. Earlier, the company projected non-IFRS
operating profit of 7.7 billion euros to 8.0 billion euros.

In addition, SAP expects total revenues for the year to increase strongly, at a
rate lower than operating profit. Previously, the company projected revenues to
increase at a rate slightly lower than operating profit.

SAP also said it will host an operationally focused Special Capital Markets Day
on November 12, 2019 to provide details of several new initiatives to accelerate
operational excellence and value creation.

SAP is forming a Special Executive Board Committee which will oversee the
operational review and identify, evaluate and execute on operational levers
across all functional areas of SAP's business.

Over the next five years, SAP will significantly increase its investment in core
product areas and empower its leadership team to drive faster development cycles
and speed of execution.

SAP will also provide details of the path to 75 percent non-IFRS cloud gross
margin in 2023 and average 1 percentage point of non-IFRS operating margin
expansion per year from 2018 through 2023, representing total margin expansion
of about 500 basis points during the period.

Copyright RTT News/dpa-AFX

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