v2.1.0.1
Consolidated Income Statement (EUR €)
In Millions, except Per Share data
3 Months Ended 9 Months Ended
Sep. 30, 2010
Sep. 30, 2009
Sep. 30, 2010
Sep. 30, 2009
Revenue [abstract]
Software revenue € 656 € 525 € 1,757 € 1,487
Support revenue 1,559 1,333 4,479 3,922
Subscription and other software-related service revenue 101 79 285 223
Software and software-related service revenue 2,316 1,937 6,521 5,632
Consulting revenue 565 484 1,572 1,554
Other service revenue 122 87 313 296
Professional services and other service revenue 687 571 1,885 1,850
Total revenue 3,003 2,508 8,406 7,482
Operating expenses [abstract]
Cost of software and software-related services (514) (414) (1,328) (1,200)
Cost of professional services and other services (530) (436) (1,478) (1,423)
Research and development (453) (382) (1,242) (1,120)
Sales and marketing (642) (515) (1,858) (1,590)
General and administration (157) (133) (461) (395)
Restructuring 2 (10) 1 (193)
Other operating income (expenses), net 7 1 7 6
Total operating expenses (2,287) (1,889) (6,359) (5,915)
Operating profit 716 619 2,047 1,567
Other non-operating income (expenses), net (13) (39) (136) (62)
Financial income, net [abstract]
Finance income 16 9 38 27
Finance costs (35) (26) (67) (79)
Other financial gains (losses), net 5 (1) 4 (8)
Financial income, net (14) (18) (25) (60)
Profit (loss) before tax 689 562 1,886 1,445
Income tax expense (188) (115) (507) (376)
Profit (loss) after tax 501 447 1,379 1,069
Profit (loss) attributable to [abstract]
Profit (loss) attributable to non-controlling interests 1 0 2 1
Profit (loss) attributable to owners of parent € 500 € 447 € 1,377 € 1,068
Earnings per share [abstract]
Basic earnings (loss) per share € 0.42 € 0.38 € 1.16 € 0.9
Diluted earnings (loss) per share € 0.42 € 0.38 € 1.16 € 0.9
v2.1.0.1
Consolidated Statement of Comprehensive Income (EUR €)
In Millions
3 Months Ended 9 Months Ended
Sep. 30, 2010
Sep. 30, 2009
Sep. 30, 2010
Sep. 30, 2009
Consolidated statement of comprehensive income [abstract]
Profit (loss) after tax € 501 € 447 € 1,379 € 1,069
Exchange differences on translation [abstract]
Gains (losses) on exchange differences on translation, before tax (270) 18 2 53
Reclassification adjustments on exchange differences on translation, before tax 11 0 (6) 0
Exchange differences on translation (259) 18 (4) 53
Available-for-sale financial assets [abstract]
Gains (losses) on remeasuring available-for-sale financial assets, before tax 6 1 5 2
Reclassification adjustments on available-for-sale financial assets, before tax 0 0 0 0
Available-for-sale financial assets 6 1 5 2
Cash flow hedges [abstract]
Gains (losses) on cash flow hedges, before tax 6 (11) (66) (33)
Reclassification adjustments on cash flow hedges, before tax 31 22 47 65
Cash flow hedges 37 11 (19) 32
Actuarial gains (losses) on defined benefit plans, before tax 7 3 (3) 5
Other comprehensive income before tax (209) 33 (21) 92
Income tax relating to components of other comprehensive income (13) (5) 9 (11)
Other comprehensive income after tax (222) 28 (12) 81
Comprehensive income 279 475 1,367 1,150
Comprehensive income attributable to [abstract]
Comprehensive income attributable to non-controlling interests 1 0 2 1
Comprehensive income attributable to owners of parent € 278 € 475 € 1,365 € 1,149
v2.1.0.1
Consolidated Statement of Financial Position (EUR €)
In Millions
Sep. 30, 2010
Dec. 31, 2009
Current assets [abstract]
Cash and cash equivalents € 2,828 € 1,884
Other current financial assets 258 486
Current trade and other receivables 2,382 2,546
Other current non-financial assets 223 147
Current tax assets 311 192
Total current assets 6,002 5,255
Non-current assets [abstract]
Goodwill 8,285 4,994
Intangible assets 2,400 894
Property, plant and equipment 1,415 1,371
Other non-current financial assets 374 284
Non-current trade and other receivables 68 52
Other non-current non-financial assets 31 35
Non-current tax assets 120 91
Deferred tax assets 391 398
Total non-current assets 13,084 8,119
Total assets 19,086 13,374
Current liabilities [abstract]
Trade and other payables 766 638
Current tax liabilities 136 125
Current financial liabilities 238 146
Other current non-financial liabilities 1,187 1,577
Current provisions 389 332
Current deferred income 1,334 598
Total current liabilities 4,050 3,416
Non-current liabilities [abstract]
Trade and other non-current payables 54 35
Non-current tax liabilities 359 239
Non-current financial liabilities 4,422 729
Other non-current non-financial liabilities 21 12
Non-current provisions 270 198
Deferred tax liabilities 605 190
Non-current deferred income 94 64
Total non-current liabilities 5,825 1,467
Total Liabilities 9,875 4,883
Equity [abstract]
Issued capital 1,227 1,226
Treasury shares (1,391) (1,320)
Share premium 333 317
Retained earnings 9,356 8,571
Other components of equity (331) (317)
Equity attributable to owners of parent 9,194 8,477
Non-controlling interests 17 14
Total equity 9,211 8,491
Total equity and liabilities € 19,086 € 13,374
v2.1.0.1
Consolidated Statement of Changes in Equity (EUR €)
In Millions
Equity attributable to owners of parent
Issued capital
Share premium
Retained earnings
Other components of equity
Treasury shares
Non-controlling interests
Total
Equity at beginning of period at Dec. 31, 2008 € 7,169 € 1,226 € 320 € 7,423 € (438) € (1,362) € 2 € 7,171
Statement of changes in equity [line items]
Total increase (decrease) through changes in accounting policies 0   0 0 0 0 0 0
Comprehensive Income [abstract]
Profit (loss) after tax 1,068 0 1,068 0 0 1 1,069
Other comprehensive income after tax 82 0 3 79 0 0 81
Share-based compensation (4) (4) 0 (4)
Dividends (594) (594) 0 0 (594)
Treasury share transactions 31 0 (5) 0 0 36 0 31
Convertible bonds and stock options exercised 5 0 5 0 0 0 5
Increase (decrease) through transfers and other changes 1 0 0 1 0 0 10 11
Equity at end of period at Sep. 30, 2009 7,758 1,226 316 7,901 (359) (1,326) 13
Equity at beginning of period at Dec. 31, 2009 8,477 1,226 317 8,571 (317) (1,320) 14 8,491
Statement of changes in equity [line items]
Total increase (decrease) through changes in accounting policies 0   0 0 0 0 0 0
Comprehensive Income [abstract]
Profit (loss) after tax 1,377 0 1,377 0 0 2 1,379
Other comprehensive income after tax (12) 0 2 (14) 0 0 (12)
Share-based compensation 0 0 0 0
Dividends (594) (594) 0 0 (594)
Treasury share transactions (161) 0 (4) 0 0 (157) 0 (161)
Convertible bonds and stock options exercised 107 1 20 0 0 86 0 107
Increase (decrease) through transfers and other changes 0 0 0 0 0 0 1 1
Equity at end of period at Sep. 30, 2010 € 9,194 € 1,227 € 333 € 9,356 € (331) € (1,391) € 17 € 9,211
v2.1.0.1
Consolidated Statement of Cash Flows (EUR €)
In Millions
9 Months Ended
Sep. 30, 2010
Sep. 30, 2009
Cash flows from used in operating activities [abstract]
Profit (loss) after tax € 1,379 € 1,069
Adjustments for reconcile profit (loss) [abstract]
Depreciation and amortization 370 375
Gains (losses) on disposals of non-current assets 2 4
Gains (losses) on disposals of financial assets (7) 0
Impairment loss on financial assets recognized in profit 0 8
Decrease (increase) in sales and bad debt allowances on trade receivables (9) 91
Other adjustments for non-cash items 33 7
Deferred income taxes 13 (84)
Decrease (increase) in trade receivable 515 967
Decrease (increase) in other assets (350) 16
Decrease (increase) in trade payable, provisions and other liabilities (437) (612)
Decrease (increase) in deferred income 553 521
Net cash flows from (used in) operating activities 2,062 2,362
Cash flows from used in investing activities [abstract]
Purchase of non-controlling interests 0 0
Business combinations, net of cash and cash equivalents acquired (4,184) (65)
Repayment of acquirees debt in business combinations 0 0
Purchase of intangible assets and property, plant, and equipment (200) (169)
Proceeds from sales of intangible assets or property, plant and equipment 23 19
Cash transfered to restricted cash 0 0
Use of restricted cash 0 0
Purchase of equity or debt instruments of other entities (687) (576)
Proceeds from sales of equity or debt instruments of other entities 1,248 324
Net cash flows from (used in) investing activities (3,800) (467)
Cash flows from used in financing activities [abstract]
Dividends paid (594) (594)
Purchase of treasury shares (220) 0
Proceeds from reissuance of treasury shares 109 20
Proceeds from issuing shares (share-based compensation) 26 4
Proceeds from borrowings 5,019 697
Repayments of borrowings (1,721) (902)
Proceeds from the exercise of equity-based derivative financial instruments 4 4
Purchase of equity-based derivative instruments (hedge for cash-settled share-based payment plans) (14) 0
Net cash flows from (used in) financing activities 2,609 (771)
Effect of foreign exchange rate changes on cash and cash equivalents 73 10
Net Increase (decrease) in cash and cash equivalents 944 1,134
Cash and cash equivalents at beginning of period 1,884 1,280
Cash and cash equivalents at end of period € 2,828 € 2,414
v2.1.0.1
Note 1 - General Information about Consolidated Financial Statements
9 Months Ended
Sep. 30, 2010
EUR (€)
Notes to Financial Statements [abstract]
Disclosure of general information about consolidated financial statements
(1) General
The accompanying consolidated financial statements of SAP AG and its subsidiaries (collectively, “we,” “us,” “our,” “SAP,” “Group,” and “Company”) have been prepared in accordance with the International Financial Reporting Standards (IFRSs). The designation “IFRS” includes all standards issued by the International Accounting Standards Board (IASB) and related interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC). The variances between the applicable IFRS standards as issued by the IASB and the standards as used by the European Union are not relevant to these financial statements. The interim consolidated financial statements for the period ended September 30, 2010 are in compliance with International Accounting Standard (IAS) 34.
Certain information and disclosures normally included in notes to annual financial statements prepared in accordance with IFRS have been condensed or omitted. We believe that the disclosures made are adequate and that the information is not misleading.
Our business activities are influenced by certain seasonal effects. Historically, our overall revenue tends to be highest in the fourth quarter. Interim results are therefore not necessarily indicative of results for a full year.
As a result of the acquisition of Sybase, we recognize revenue from messaging services and expect to continue to do so going forward. We include this revenue as other service revenue in the professional services and other service revenue line item. We have also merged the training revenue and the other revenue into the line item for other service revenue. This change helps maintain the clarity of our income statement. Amounts reported in previous years have been reclassified as appropriate to conform to the current presentation.
We do not currently expect other changes to the structure of our income statement or other financial statements as a result of the acquisition of Sybase.
These unaudited condensed IFRS consolidated interim financial statements should be read in conjunction with SAP's audited consolidated IFRS financial statements and notes thereto as of December 31, 2009.
Due to rounding, numbers presented throughout this document may not add up precisely to the totals we provide and percentages may not precisely reflect the absolute figures.
v2.1.0.1
Note 2 - Scope of Consolidation
9 Months Ended
Sep. 30, 2010
EUR (€)
Notes to Financial Statements [abstract]
Disclosure of scope of consolidation
(2) Scope of Consolidation
The following table summarizes the change in the number of legal entities included in the consolidated financial statements:
Number of Legal Entities Consolidated
in the Financial Statements
 
German
Foreign
Total
January 1, 2009
22
165
187
Additions
1
11
12
Disposals
-4
-32
-36
December 31, 2009
19
144
163
Additions
3
54
57
Disposals
-2
-10
-12
September 30, 2010
20
188
208
 
 
The additions relate to legal entities added in connection with acquisitions and foundations, especially the acquisition of Sybase Inc., Dublin, California (USA). The disposals are due to mergers and to liquidations of nonoperating acquired legal entities.
The changes in the scope of companies in the third quarter of 2010 included in the Consolidated Financial Statements impact the comparability with prior years and prior quarters. This is due to our acquisition of Sybase in the third quarter, which is significant to some items in the financial statements. For additional information on our business combinations and the effect on our Consolidated Financial Statements, see note (4).
v2.1.0.1
Note 3 - Summary of Significant Accounting Policies
9 Months Ended
Sep. 30, 2010
EUR (€)
Notes to Financial Statements [abstract]
Disclosure of summary of significant accounting policies
(3) Summary of Significant Accounting Policies
The interim financial statements were prepared based on the same accounting policies as those applied and described in the consolidated financial statements as at December 31, 2009. Our significant accounting policies are summarized in the notes to the annual financial statements. For further information, we refer to note (3) of our Group Annual Report for 2009.
Newly Adopted Accounting Standards
The new accounting standards adopted in the first nine months of 2010 did not have a material impact on our consolidated financial statements.
New Accounting Standards Not Yet Adopted
In May 2010, the IASB issued Improvements to IFRSs - a collection of amendments to several International Financial Reporting Standards - as part of its program of annual improvements to its standards, which is intended to make necessary, but non-urgent, amendments to standards that will not be included as part of another major project. The resulting amendments mainly have effective dates for annual periods beginning on or after January 1, 2011, although entities are permitted to adopt them earlier. The European Union has not yet endorsed these improvements. We are currently determining the impact these amendments will have on our consolidated financial statements.
v2.1.0.1
Note 4 - Business Combinations
9 Months Ended
Sep. 30, 2010
EUR (€)
Notes to Financial Statements [abstract]
Disclosure of business combinations
(4) Acquisitions
We acquired the following businesses in 2010:
Acquired Businesses
 
 
 
 
 
 
 
 
Business Acquired
Sector
Acquisi-tion Type
Acqui-red Voting Interest
Acquisi-tion Date
Sybase Inc., Dublin, CA, USA
Public entity specializing in database and mobile solutions
Share purchase
100%
July 26, 2010
Technidata AG, Markdorf, Germany
Privately held company  specialized in developing software solutions for the management of product safety and environmental, health and safety (EHS) solutions
Share purchase
100%
July 27,2010
 
All of the acquired businesses develop or sell software in specific areas of strategic interest to us. The acquisition of Sybase is a material acquisition for SAP.
Sybase, headquartered in Dublin, California (USA), delivers a range of solutions designed to ensure that customer information is securely managed and mobilized, including enterprise and mobile databases, middleware, synchronization, encryption and device management software, and mobile messaging services. Before we acquired Sybase, its stock was traded on the New York Stock Exchange (NYSE: SY).
Our tender offer to acquire Sybase Inc, Dublin, California (USA), announced on May 12, was made pursuant to a tender offer statement which was filed by SAP with the U.S. Securities and Exchange Commission (the "SEC") on May 26, 2010. Under the terms and conditions of the tender offer, SAP made an all-cash tender offer for all of the outstanding shares of Sybase common stock at US$65.00 per share, representing an enterprise value of approximately US$5.8 billion. The transaction closed on July 26 after our receiving the majority of the outstanding shares of Sybase's common stock (92.1% percent of Sybase's outstanding shares of common stock, or 91.8% percent on a fully diluted basis) and clearance by the relevant antitrust authorities. Subsequently, SAP used its right to acquire the remaining common shares under the applicable corporate law. The acquisition was completed on July 29. The remaining shareholders also received US$65.00 per share in cash.
The per-share purchase price represented a 44% premium over the three-month average stock price of Sybase.
The aggregate consideration, net of cash received, was €4,185 million (thereof Sybase €4,124 million) and was paid in cash.
The transaction was funded from SAP's cash on hand and a €2.75 billion loan facility by a bank consortium.
The components of the consideration paid for Sybase Inc are as follows:
Consideration transferred for Sybase
 
 
 
€ millions
2010
Value of acquired shares outstanding
4,322
Value of acquired and accelerated options, stock appreciation rights and restricted stock units
229
Total
4,551
Cash acquired
427
Acquisition cost net of cash acquired
4,124
 
The following table shows the preliminary allocation of the consideration to the fair values of assets and liabilities assumed as well as the values recorded prior to fair value adjustments:
 
 
Pre-Acquisition Carrying Amount
Fair Value Adjustment
Fair Value of Assets Acquired and Liabilities Assumed
€ millions
Total
thereof Sybase
Total
thereof Sybase
Total
thereof Sybase
 
 
 
 
 
 
 
Cash and cash equivalents
446
427
0
0
446
427
Other financial assets
190
190
20
19
210
209
Trade and other receivables
175
164
6
6
181
170
Other non-financial assets
49
48
-25
-25
24
23
Property, plant, and equipment
55
53
-30
-30
25
23
Intangible assets
131
129
1,596
1,581
1,727
1,710
Goodwill
414
413
2,985
2,934
3,399
3,347
Current and deferred tax assets
52
51
-29
-29
23
22
Total assets
1,512
1,475
4,523
4,456
6,035
5,931
 
 
 
 
 
 
 
Trade accounts payable
22
20
0
0
22
20
Loans and Borrowings
264
259
218
218
482
477
Current and deferred tax liabilities
85
85
517
513
602
598
Provisions and other non-financial liabilities
192
183
29
27
221
210
Deferred Revenues
181
178
-104
-103
77
75
Total liabilities
744
725
660
655
1,404
1,380
 
 
 
 
 
 
 
Net assets
768
750
3,863
3,801
4,631
4,551
 
 
 
 
 
 
 
Consideration transferred
 
 
 
 
4,631
4551
Cash acquired
 
 
 
 
446
427
Consideration transferred net of cash
 
 
 
 
4,185
4,124
 
 
The assumed fair values of trade and other receivables acquired are as follows:
€ millions
 
 
 
 
Value as of Acquisition Date
thereof Sybase
Gross Contractual Amounts
 
 
 
 
185
174
Reserves
 
 
 
 
4
4
Fair Value of Receivables
 
 
 
 
181
170
 
We have not yet finalized the purchase price allocation for our acquisitions, because we are still evaluating our acquisition-date fair-value assumptions.
The acquisition-related cost of our 2010 acquisitions is €14 million and was recognized in general and administration expense.
The acquired assets and liabilities are included in the consolidated statements of financial position at their estimated fair value on acquisition. The excess of the acquisition cost of the business combination over the estimated fair values of the identifiable net assets acquired was recognized in goodwill. Factors that contributed to the recognition of goodwill of €3.4 billion (thereof Sybase €3.3 billion) were expected synergies from combining the activities, as well as assets, which cannot be recognized separately from goodwill because they are not identifiable (such as the quality and level of education of the workforce). We expect that both SAP and Sybase will benefit from synergies across product lines and markets. SAP plans to accelerate the reach of its solutions across mobile platforms and drive forward the realization of its in-memory computing vision. Sybase's mobile platform can connect all applications and data (SAP and non-SAP) and enable them on mobile devices. We expect that SAP, Sybase, and their customers will be able to use the Sybase messaging network in the future.
The loss after tax of the Sybase subgroup for the third quarter and the first nine months of 2010 included in our profit after tax for Q3 amounts to €3 million. That loss after tax contains the amortization of all acquired Sybase intangibles, deferred revenue writedowns, and other effects resulting from the allocation of the consideration.
Impact of Acquisitions on SAP's Financials
The acquisition of Sybase had the following impact on revenue and profit after tax:
Impact of Sybase on SAP's Financials
 
 
 
€ millions
1/1/-9/30/ 2010 as Reported
thereof Sybase
Revenue
8,406
131
Profit after tax
1,379
-3
 
If we had acquired Sybase at the beginning of 2010, the pro-forma revenue would have been €8.888 million and the pro-forma profit after tax would have been€1.291 million. These pro-forma results have been prepared for comparative purposes only. The pro-forma results are reliably indicative neither of the results of operations that would actually have been achieved had the acquisition been effected at the beginning of the respective periods, nor of future results.
If we had acquired TechniData on January 1, 2010, our revenue and profit after tax would not have been materially different from the numbers presented in our Consolidated Income Statements. This is because we generally integrate acquired businesses into our overall operations very quickly and because we had a business relationship with TechniData prior to the acquisition.
We assigned the following amounts to identifiable intangible assets:
Identifiable Intangible Assets Acquired as Part of Business Combinations in 2010
 
 
 
 
 
Total                 € millions
thereof Sybase
Estimated Useful Lives (in Years)
Customer contracts
1,091
1,088
3 to 13
Intellectual property
518
518
5 to 7
Distribution right
12
0
6
Trade name
47
47
7
In-process research and development
44
44
amortized over useful life after completion
Other intangible assets
15
10
2 to 5
Identifiable intangible assets acquired
1,727
1,707
 
 
There were no identifiable intangible assets that have not been separately recorded.
We have not yet assigned the acquired goodwill recognized for our 2010 business combinations to our segments.
We do not expect goodwill recognized in 2010 to be deductible for tax purposes.
Acquisitions of the prior year are described in our consolidated financial statements for 2009.
 
 
 
 
v2.1.0.1
Note 5 - Expenses by Nature and Headcount
9 Months Ended
Sep. 30, 2010
EUR (€)
Notes to Financial Statements [abstract]
Disclosure of expenses by nature and headcount
(5) Expenses by Nature and Headcount
Employee Compensation
Employee compensation comprises:
 
 
 
 
 
 
Employee Compensation
 
 
 
 
 
 
 
 
 
€ millions
Q3 2010
1/1- 9/30/2010
Q3 2009
1/1- 9/30/2009
Salaries
1,104
3,115
916
2,838
Social security expense
142
447
123
416
Pension expense
36
122
37
124
Share-based payment expense
31
49
40
60
Termination benefits
6
41
3
6
Employee-related restructuring expenses
0
1
11
183
Employee compensation
1,319
3,775
1,130
3,627
 
 
 
Number of Employees (in Full-Time Equivalents)
As at September 30, 2010, the breakdown of our full-time equivalent employee numbers by function in SAP and by region was as follows:
 
 
 
 
 
 
Headcount by region and functional area
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2010
September 30, 2009
Full-time equivalents
EMEA
Americas
Asia Pacific Japan
Total
EMEA
Americas
Asia Pacific Japan
Total
Software and software-related services
3,729
1,743
2,234
7,706
3,211
1,252
1,862
6,325
Professional services and other services
6,772
3,904
2,348
13,024
6,704
3,509
2,277
12,490
Research and development
8,511
3,156
4,108
15,775
8,554
2,525
3,809
14,888
Sales and marketing
4,547
4,148
2,163
10,858
4,222
3,560
1,763
9,545
General and administration
2,037
997
527
3,561
1,965
736
415
3,116
Infrastructure
1,134
594
269
1,997
873
395
178
1,446
SAP Group (September 30)
26,730
14,542
11,649
52,921
25,529
11,977
10,304
47,810
 
 
 
 
 
 
 
 
 
SAP Group (average first nine months)
25,668
12,723
10,640
49,031
26,199
12,528
10,734
49,461
 
 
 
Sybase Headcount by region and functional area
 
30.09.2010
Full-time equivalents
EMEA
Americas
Asia Pacific Japan
Total
Software and software-related services
126
273
88
487
Professional services and other services
205
253
129
587
Research and development
81
608
416
1,105
Sales and marketing
277
352
276
905
General and administration
97
276
96
469
Infrastructure
39
127
62
228
Sybase (September 30)
825
1,889
1,067
3,781
 
v2.1.0.1
Note 6 - Restructuring Expense
9 Months Ended
Sep. 30, 2010
EUR (€)
Notes to Financial Statements [abstract]
Disclosure of restructuring expenses
(6) Restructuring
All 2010 restructuring charges relate to changes in estimate of restructuring projects started in previous years, particularly the reduction of our workforce by 2,983 positions in 2009. Due to the reduced number of employees, we also consolidated certain facilities.
In 2008, we implemented a restructuring program relating to the acquisition of Business Objects that led to employee and facility-related restructuring expenses.
As a result of the changes in estimate of our restructuring provisions we recorded a gain in the amount of €1 million.
The following table shows changes in our restructuring provisions:
Restructuring Development
 
 
 
 
 
 
€ millions
Termina-tion Benefits
Cost of Closing Redundant Facilities
Total
1/1/2010
16
28
44
Addition
1
6
7
Change consolidation group
0
0
0
Utilization
-10
-17
-27
Release
-3
-5
-8
Currency impact
1
3
4
9/30/2010
5
15
20
 
We expect that most of the remaining employee-related restructuring provisions will be paid in 2010. Utilization of the facility-related restructuring provision depends on the length of the remaining term of the lease. €7 million of the provision is non-current.
v2.1.0.1
Note 7 - Income Tax
9 Months Ended
Sep. 30, 2010
EUR (€)
Notes to Financial Statements [abstract]
Disclosure of income tax
(7) Income Taxes
Income taxes and the effective tax rate in the third quarter and the first nine months of 2010 compared with those in the third quarter and the first nine months of 2009 as follows:
 
Income Taxes
 
 
 
€ millions, unless stated otherwise
Q3
2010
1/1/-9/30/2010
Q3
2009
1/1/-9/30/2009
Profit before income tax
689
1,886
562
1,445
Income tax expense
-188
-507
-115
-376
Effective tax rate in %
27.3
26.9
20.5
26.0
 
v2.1.0.1
Note 8 - Earnings per Share
9 Months Ended
Sep. 30, 2010
EUR (€)
Notes to Financial Statements [abstract]
Disclosure of earnings per share
(8) Earnings per Share
Diluted earnings per share (EPS) does not include certain convertible bonds and stock options issued in connection with the LTI 2000 Plan and SAP SOP 2002, because their underlying exercise prices were higher than the average market prices of SAP shares in the periods presented. Such convertible bonds and stock options, if converted or exercised, represent 21.4 million SAP common shares on September 30, 2010, and 36.0 million SAP common shares on September 30, 2009.
Starting in the third quarter of 2010, diluted EPS includes the dilutive effect of bonus shares granted under Share Matching Plan 2010.
 
Earnings per Share
 
 
 
 
€ millions, unless otherwise stated
Q3 2010
1/1- 9/30/2010
Q3 2009
1/1- 9/30/2009
Profit attributable to owners of parent
500
1,377
447
1,068
Issued ordinary shares
1,227
1,226
1,226
1,226
Effect of treasury shares
-39
-38
-38
-38
Weighted average number of shares in millions - basic
1,188
1,188
1,188
1,188
Dilutive effect of stock options in millions
0
1
1
1
Weighted average number of shares in millions - diluted
1,188
1,189
1,189
1,189
 
 
 
 
 
Basic earnings per share, in €
0.42
1.16
0.38
0.90
Diluted earnings per share, in €
0.42
1.16
0.38
0.90
 
 
 
v2.1.0.1
Note 9 - Other Financial Assets
9 Months Ended
Sep. 30, 2010
EUR (€)
Notes to Financial Statements [abstract]
Disclosure of other financial statements
(9) Other Financial Assets
Other financial assets comprise:
Other Financial Assets
 
 
 
 
September 30, 2010
€ millions
Current
Non-Current
Total
Loans and other financial receivables
32
231
263
   Debt investments
0
8
8
   Equity investments
0
100
100
Available-for-sale financial assets
0
108
108
Derivates
227
0
227
Investments in associates
0
35
35
Total
259
374
633
 
 
 
 
 
December 31, 2009
€ millions
Current
Non-Current
Total
Loans and other financial receivables
422
168
590
   Debt investments
0
0
0
   Equity investments
0
87
87
Available-for-sale financial assets
0
87
87
Derivates
64
2
66
Investments in associates
0
27
27
Total
486
284
770
 
v2.1.0.1
Note 10 - Trade and Other Receivables
9 Months Ended
Sep. 30, 2010
EUR (€)
Notes to Financial Statements [abstract]
Disclosure of trade and other receivables
(10) Trade and other receivables
Trade and other receivables comprise:
Trade and Other Receivables
 
 
 
 
 
 
 
 
 
 
September 30, 2010
€ millions
Current
Non-current
Total
Trade receivables, net
2,331
1
2,332
Other receivables
51
67
118
Total trade and other receivables
2,382
68
2,450
 
 
 
 
 
 
 
December 31, 2009
€ millions
Current
Non-current
Total
Trade receivables, net
2,507
1
2,508
Other receivables
39
51
90
Total trade and other receivables
2,546
52
2,598
 
The carrying amounts of our trade receivables and related allowances were as follows:
Carrying Amounts of Trade Receivables
 
 
 
 
 
€ millions
Septem-ber 30, 2010
December 31, 2009
Gross carrying amount
2,523
2,698
Sales allowances charged to revenue
-150
-142
Allowance for doubtful accounts charged to expense
-41
-48
Carrying amount trade receivables, net
2,332
2,508
 
In our Consolidated Income Statement, bad debt allowances for a portfolio of trade receivables are recorded as other operating expense, whereas bad debt allowances for specific customer balances are recorded in cost of software and software-related services or cost of professional services and other services, depending on the transaction from which the trade receivable results. Sales allowances are recorded as an offset to the respective revenue item.
v2.1.0.1
Note 11 - Financial Liabilities
9 Months Ended
Sep. 30, 2010
EUR (€)
Notes to Financial Statements [abstract]
Disclosure of Financial Liabilities
(11) Financial Liabilities
Financial liabilities comprise:
Financial Liabilities
 
 
 
 
 
 
 
 
 
 
September 30, 2010
€ millions
Current
Non-current
Total
Bank loans
96
1,464
1,560
Private placement transaction
0
696
696
Bonds
0
2,190
2,190
Other financial liabilities
142
72
214
Financial liabilities
238
4,422
4,660
 
 
 
 
 
 
 
December 31, 2009
€ millions
Current
Non-current
Total
Bank loans
4
2
6
Private placement transaction
0
697
697
Bonds
0
0
0
Other financial liabilities
142
30
172
Financial liabilities
146
729
875
 
v2.1.0.1
Note 12 - Total Equity
9 Months Ended
Sep. 30, 2010
EUR (€)
Notes to Financial Statements [abstract]
Disclosure of total equity
(12) Shareholders' Equity
Issued Shares
As at September 30, 2010, SAP AG had 1,226,664,560 no-par issued shares (December 31, 2009: 1,226,039,608) issued with a calculated nominal value of €1 per share.
In the first nine months of 2010, the number of issued shares increased by 624,952 shares, thereof in the third quarter 2010 428 shares (first nine months of 2009: 234,096; Q3 2009: 38,160), resulting from the exercise of awards granted under certain share-based compensation programs.
Treasury Shares
On September 30, 2010, we held 39 million treasury shares, representing €39 million or 3.2% of capital stock.
In the first nine months of 2010, we acquired 6.4 million shares for treasury (Q3 2010: 2.9 million) at an average price of approximately €34.46 (Q3 2010: €35.05) per share and disposed of 4.2 million (Q3 2010: 1.6 million) shares at cost at a price of approximately €35.36 (Q3 2010: €35.28) per share.
In the first nine months of 2009, we did not acquire any shares and we disposed of 1.0 million shares (Q3 2009: 0.4 million) at cost at an average share price of approximately €35.43 (Q3 2009: €35.43).
We do not have any dividend or voting rights associated with our treasury stock. In the first nine months of 2010 and 2009 we did not purchase any SAP American Depositary Receipts (ADRs). We did not hold any SAP ADRs on September 30, 2010, or on September 30, 2009.
v2.1.0.1
Note 13 - Share-Based Payment Plans
9 Months Ended
Sep. 30, 2010
EUR (€)
Notes to Financial Statements [abstract]
Disclosure of share-based payment arrangements explanatory
(13) Share-Based Compensation Plans
For a detailed description of our share-based compensation plans, see the “SAP Annual Report 2009, Notes to the Consolidated Financial Statements” section, Note (28), or our annual report for 2009 on Form 20-F.
In September 2010, we issued the following share-based compensation plans to our employees and the members of the Executive Board:
Under the new Share Matching Plan 2010 (SMP 2010), SAP offered its employees the opportunity to purchase SAP AG shares at a discount of 40%. The number of SAP shares an eligible employee was able to purchase was limited to a percentage of the employee's annual base salary. After a holding period of three years, the employees receive one SAP share free of charge for every three shares held. The terms for the members of the senior leadership team (SLT) are different. Instead of receiving a discount, they are granted two bonus shares for every three shares acquired and held during the three-year vesting period. The participants purchased 1.6 million SAP shares in aggregate at a discounted share price of €21.07. The discount of €25.8 million was expensed immediately. The fair value of the right to a bonus share was estimated at grant date at €33.71 per share using a risk-free interest rate of 0.82%, a dividend yield of 1.65% and an expected life of three years.
Under the Stock Option Plan 2010 (SOP 2010), we granted 5.4 million cash-based virtual stock options to members of the SLT, to SAP's top rewards (top talents and top performers) and to members of the Executive Board.
The vesting period for the SLT and top rewards is three years and the contractual term of the program is six years. The exercise price is €39.03 and the fair value at grant date was €6.40.
The vesting period for the members of the Executive Board is four years with a contractual term of seven years. The exercise price is €40.80 and the fair value at grant date was €7.00.
In connection with the acquisition of Sybase (see Note 4), we assumed 35.7 million restricted stock awards that were unvested at the closing of the acquisition. They were converted into the right to receive, at the originally agreed vesting dates, a fix amount in cash equal to the number of restricted shares held at vesting time multiplied by US$65.00 per share (SAP's purchase price of Sybase shares at acquisition).
The outstanding equity-settled options, convertible bonds, and SMPs entitle their holders to the following numbers of shares:
Outstanding Options,  Convertible Bonds and restricted stocks
number in thousands
September 30, 2010
December 31, 2009
Stock Option Plan 2002
5,409
13,256
Long Term Incentive 2000 Plan
(convertible bonds)
16,043
22,533
Long Term Incentive 2000 Plan
(stock options)
1,915
2,235
Share Matching Plan 2010
(Bonus shares)
565
0
 
 
The allocations of expenses for share-based compensation to the various expense items are as follows:
Share-Based Compensation
 
 
€ millions
1/1- 09/30/2010
1/1- 09/30/2009
Cost of software and software-related services
-4
-5
Cost of professional services and other services
-9
-10
Research and development
-19
-20
Sales and marketing
-10
-15
General and administration
-7
-10
Total share-based compensation
-49
-60
 
v2.1.0.1
Note 14 - Other Financial Commitments and Contingent Liabilities
9 Months Ended
Sep. 30, 2010
EUR (€)
Notes to Financial Statements [abstract]
Disclosure of other financial commitments and contingent liabilities
(14) Contingent Liabilities
For a detailed description of our contingent liabilities, see the “SAP Annual Report 2009, Notes to the Consolidated Financial Statements” section, Note (23). There have been no significant changes in contingent liabilities since December 31, 2010.
For information about contingent liabilities related to litigation, see Note (15).
v2.1.0.1
Note 15 - Litigation and Claims
9 Months Ended
Sep. 30, 2010
EUR (€)
Notes to Financial Statements [abstract]
Disclosure of litigation and claims
(15) Litigation and Claims
We are subject to a variety of claims and lawsuits that arise from time to time in the ordinary course of our business, including proceedings and claims that relate to companies which we have acquired, and claims that relate to customers demanding indemnification for proceedings initiated against them based on their use of SAP software. We will continue to vigorously defend against all claims and lawsuits against us. We record a provision for such matters when it is probable that we have a present obligation that results from a past event, is reliably estimable and the settlement of which is probable to require an outflow of resources embodying economic benefits. We currently believe that resolving all claims and lawsuits against us, individually or in aggregate, did not and will not have a material adverse effect on our business, financial position, income, or cash flows. Consequently, the provisions currently recorded for these claims and lawsuits are neither individually nor in aggregate material to SAP. However, all claims and lawsuits involve risk and could lead to significant financial and reputational damage to the parties involved. Because of significant inherent uncertainties related to these matters, there can be no assurance that our business, financial position, income or cash flows will not be materially adversely affected nor can we reliably estimate the maximum possible loss in case of an unfavorable outcome.
Among the claims and lawsuits are the following:
Intellectual Property Litigation
In October 2006, United States-based Sky Technologies LLC (Sky) instituted legal proceedings in the United States against SAP and Oracle. Sky alleges that SAP's products infringe one or more of the claims in each of five patents held by Sky. In its complaint, Sky seeks unspecified monetary damages and permanent injunctive relief. In September 2010, SAP and Sky resolved this dispute for an amount not material to SAP's business, financial position, results of operations, or cash flows.
In January 2007, German-based CSB-Systems AG (CSB) instituted legal proceedings in Germany against SAP. CSB alleges that SAP's products infringe one or more of the claims of a German patent and a German utility model held by CSB. In its complaint, CSB has set the amount in dispute at €1 million and is seeking permanent injunctive relief. Within these proceedings CSB is not precluded from requesting damages in excess of the amount in dispute. In July 2007, SAP filed its response in the legal proceedings including a nullity action and cancellation proceeding against the patent and utility model, respectively. The nullity hearing on the German patent was held in January 2009 and the German Court determined that the patent is invalid. The cancellation hearing for the utility model was held in May 2009 and the Court determined that the utility model was invalid. However, CSB is appealing, and the infringement hearing has been stayed pending the appeals.
In May 2010, CSB-Systems International, Inc. (CSB) instituted legal proceedings in the United States against SAP. CSB alleges that SAP's products infringe one or more of the claims in one patent held by CSB. In its complaint, CSB seeks unspecified monetary damages and permanent injunctive relief. Trial has not yet been scheduled.
In March 2007, United States-based Oracle Corporation and certain of its subsidiaries (Oracle) instituted legal proceedings in the United States against TomorrowNow, Inc., its parent company SAP America, Inc., and SAP America's parent company SAP AG (SAP). Oracle filed an amended complaint in June 2007, a second amended complaint in July 2008, a third amended complaint in October 2008, and a fourth amended complaint in August 2009. SAP and TomorrowNow have answered the fourth amended complaint, subject to and as revised by the Court's ruling on motion to dismiss the preceding third amended complaint. As amended, the lawsuit alleges copyright infringement, violations of the Federal Computer Fraud and Abuse Act and the California Computer Data Access and Fraud Act, unfair competition, intentional and negligent interference with prospective economic advantage, and civil conspiracy. The lawsuit alleges that SAP unlawfully copied and misappropriated proprietary, copyrighted software products and other confidential materials developed by Oracle to service its own customers. The lawsuit seeks injunctive relief and monetary damages, including punitive damages, alleged by Oracle to be in the billions of U.S. dollars. As a result of various pretrial rulings by the Court and several stipulations between the parties, the claims remaining for trial are Oracle's claims for damages and disgorgement of alleged infringer's profits, alleged contributory copyright infringement of SAP AG and SAP America, and punitive damages against TomorrowNow. The trial has been re-scheduled for November 2010. Additionally, in June 2007, SAP became aware that the United States Department of Justice had opened an investigation concerning related issues and had issued subpoenas to SAP and TomorrowNow; SAP and TomorrowNow are cooperating with the investigation and are responding to the original subpoenas and additional subpoenas issued by the Department of Justice. In September 2010 a settlement conference was held. No settlement was reached.
SAP has recorded a provision for these legal proceedings as far as a loss is probable and the amount of loss can be reasonably estimated. In the third quarter of 2010, we increased the accrual from US$100 million to US$160 million.
In April 2007, United States-based Versata Software, Inc. (formerly Trilogy Software, Inc.) (Versata) instituted legal proceedings in the United States against SAP. Versata alleges that SAP's products infringe one or more of the claims in each of five patents held by Versata. In its complaint, Versata seeks unspecified monetary damages and permanent injunctive relief. The trial was held in August 2009. The jury returned a verdict in favor of Versata and awarded Versata US$138.6 million for past damages. With prejudgment interest, approximately US$167 million is in dispute. The parties have filed post-trial motions and hearings were held in March and April of 2010.
In August 2007, United States-based elcommerce.com, Inc. (elcommerce) instituted legal proceedings in the United States against SAP. elcommerce alleges that SAP's products infringe one or more of the claims in one patent held by elcommerce. In its complaint, elcommerce seeks unspecified monetary damages and permanent injunctive relief. The Court in East Texas granted SAP's request to transfer the litigation from East Texas to Pennsylvania. The trial in Pennsylvania has not yet been scheduled.
In May 2008, United States-based InfoMentis, Inc. (InfoMentis) instituted legal proceedings in the United States against SAP. InfoMentis alleges copyright infringement and unfair competition. The lawsuit seeks unspecified monetary damages and a permanent injunction. SAP filed its response in August 2008. The March 2010 trial date has been taken off the calendar and no new trial date has been set. In August 2010, SAP and InfoMentis resolved this dispute for an amount not material to SAP's business, financial position, results of operations, or cash flows.
In February 2010, United States-based TecSec, Inc. (TecSec) instituted legal proceedings in the United States against SAP, Sybase, IBM and many other defendants. TecSec alleges that SAP's products infringe one or more of the claims in five patents held by TecSec. In its complaint, TecSec seeks unspecified monetary damages and permanent injunctive relief. The trial has not yet been scheduled. The legal proceedings have been stayed against all defendants except IBM.
In April 2010, SAP instituted legal proceedings (a declaratory judgment action) in the United States against Wellogix, Inc. and Wellogix Technology Licensing, LLC (Wellogix). The lawsuit seeks a declaratory judgment that five patents owned by Wellogix are invalid or not infringed by SAP. The trial has not yet been scheduled.
Other Litigation
In April 2008, South African-based Systems Applications Consultants (PTY) Limited (Securinfo) instituted legal proceedings in South Africa against SAP. Securinfo alleges that SAP has caused one of its subsidiaries to breach a software distribution agreement with Securinfo. In its complaint, Securinfo seeks damages of approximately €610 million plus interest. In September 2009, SAP filed a motion to dismiss. The trial has been scheduled for June 2011.
In March 2008, United States-based Waste Management, Inc. (Waste Management)  and USA Waste Management Resources, L.L.C. instituted legal proceedings in the United States against SAP alleging several causes of action, including but not limited to, fraud, negligent misrepresentation, and breach of contract. In April 2010, SAP and Waste Management resolved this dispute for an amount not material to SAP's business, financial position, results of operations, or cash flows.
v2.1.0.1
Note 16 - Additional Fair Value Disclosures on Financial Instruments
9 Months Ended
Sep. 30, 2010
EUR (€)
Notes to Financial Statements [abstract]
Disclosure of additional fair value on financial instruments
(16) Other Financial Instruments
A detailed overview of our other financial instruments, financial risk factors and the management of financial risks are presented in notes (25) to (27) to our consolidated financial statements for 2009, which are included in our Annual Report 2009 and our Annual Report 2009 on Form 20-F.
v2.1.0.1
Note 17 - Segment and Geographic Information
9 Months Ended
Sep. 30, 2010
EUR (€)
Notes to Financial Statements [abstract]
Disclosure of entity's reportable segments explanatory
(17) Segment Information
For information about the basis of SAP's segment reporting and for information on SAP's operating segments, see the “SAP Annual Report 2009, Notes to the Consolidated Financial Statements” section, Note (29). Starting in 2010, the accounting policies we apply for segment reporting purposes are no longer based on U.S. GAAP, but on IFRSs. We have adjusted the prior year figures in the tables below for comparison purposes.
The acquisition of Sybase also affected our internal reporting to the members of our Executive Board, who are responsible for assessing the performance of various company components and making resource allocation decisions as our Chief Operating Decision Maker (CODM):
In our internal reporting we have added a new reportable segment in addition to the existing product, consulting, and training reportable segments. While the new segment is called Sybase it is not identical to the acquired Sybase business, since parts of the acquired business are integrated with and thus reported in other reportable segments.
The measurement of the segment result for the Sybase segment differs from the respective measurement for the other segments as the Sybase segment result includes an allocation of development, administration, and other corporate expense whereas these expenses are excluded from measurement of the segment results of the other segments.
The following tables present external revenue and profit from our reportable segments, a reconciliation of total external revenue from reportable segments to total consolidated revenue as reported in the IFRS consolidated income statements, and a reconciliation of total segment profit to profit before taxes as reported in the consolidated income statements.
We acquired Sybase on July 26, 2010. Therefore the following Sybase numbers for external revenue and profit only include August and September.
External Revenue and Results from Reportable Segments
 
 
 
 
 
Q3 2010
€ millions
Product
Consulting
Training
Sybase
Total
External revenue from reportable segments
2,096
688
84
155
3,023
Segment profit from reportable segments
1,234
200
30
55
1,519
Depreciation and amortization
-4
-2
-1
-3
-10
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q3 2009
€ millions
Product
Consulting
Training
 
Total
External revenue from reportable segments
1,844
587
75
 
2,506
Segment profit from reportable segments
1,114
183
22
 
1,319
Depreciation and amortization
-13
-2
0
 
-15
 
 
 
 
 
 
1/1/-9/30/2010
€ millions
Product
Consulting
Training
Sybase
Total
External revenue from reportable segments
6,064
1,934
249
155
8,402
Segment profit from reportable segments
3,489
513
89
55
4,146
Depreciation and amortization
-12
-5
-2
-3
-22
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1/1/-9/30/2009
€ millions
Product
Consulting
Training
 
Total
External revenue from reportable segments
5,413
1,839
238
 
7,490
Segment profit from reportable segments
3,157
541
73
 
3,771
Depreciation and amortization
-40
-5
-2
 
-47
 
 
 
 
Reconciliation of Revenues and Segment Results
 
€ millions
Q3
2010
1/1/-9/30/2010
Q3
2009
1/1/-9/30/2009
External revenue from reportable segments
3,023
8,402
2,506
7,490
External revenue from services provided outside of the reportable segments
16
40
2
3
Adjustment support revenue
-36
-36
0
-11
Total revenue
3,003
8,406
2,508
7,482
 
 
 
 
 
Segment profit from reportable segments
1,519
4,146
1,319
3,771
External revenue from services provided outside of the reportable segments
16
40
2
3
Development expense, not included in the segment result - management view
-434
-1,317
-431
-1,269
Administration and other corporate expenses, not included in the segment result - management view
-189
-487
-153
-459
Restructuring
2
1
-10
-193
Share-based payment expense
-31
-49
-40
-60
Adjustment support revenue
-36
-36
0
-11
Acquisition-related charges
-86
-204
-66
-207
Loss from discontinued operations
-45
-47
-2
-8
Operating profit
716
2,047
619
1,567
Other non-operating income/expense, net
-13
-136
-39
-62
Financial income/expense, net
-14
-25
-18
-60
Profit before tax
689
1,886
562
1,445
 
 
 
Geographic Information
The amounts for sales by destination in the following tables are based on the location of customers.
Software revenue by sales destination
 
 
 
 
 
 
€ millions
Q3
2010
1/1/-9/30/2010
Q3
2009
1/1/-9/30/2009
EMEA1)
287
747
254
726
Americas
253
694
180
496
APJ2)
116
317
91
265
SAP Group
656
1,757
525
1,487
 
 
 
 
 
1) Europe, Middle East, and Africa
 
 
2) Asia Pacific Japan
 
 
 
 
 
Software and software-related service revenue by sales destination
 
 
 
 
 
€ millions
Q3
2010
1/1/-9/30/2010
Q3
2009
1/1/-9/30/2009
Germany
369
1,040
342
948
Rest of EMEA
788
2,197
695
2,002
Total EMEA
1,158
3,237
1,037
2,950
United States
606
1,693
476
1,417
Rest of Americas
200
599
167
479
Total Americas
806
2,292
643
1,896
Japan
107
315
89
292
Rest of APJ
246
678
168
494
Total APJ
352
993
257
786
SAP Group
2,316
6,521
1,937
5,632
 
 
Revenue by sales destination
 
 
 
 
 
 
 
€ millions
Q3
2010
1/1/-9/30/2010
Q3
2009
1/1/-9/30/2009
Germany
521
1,470
481
1,376
Rest of
EMEA
975
2,718
858
2,531
EMEA
1,496
4,189
1,339
3,907
United States
810
2,231
628
1,941
Rest of Americas
268
790
222
647
Americas
1,078
3,021
850
2,588
Japan
125
361
102
348
Rest of APJ
304
835
216
639
APJ
429
1,196
319
987
SAP Group
3,003
8,406
2,508
7,482
 
v2.1.0.1
Note 18 - Related Party Transactions
9 Months Ended
Sep. 30, 2010
EUR (€)
Notes to Financial Statements [abstract]
Disclosure of related party
(18) Related-Party Transactions
Certain Executive Board and Supervisory Board members currently hold (or have held within the last year) positions of significant responsibility with other entities (see the “SAP Annual Report 2009, Notes to the Consolidated Financial Statements” section, Note (30)). We have relationships with certain of these entities in the ordinary course of business whereby we buy and sell a wide variety of services and products at prices believed to be consistent with those negotiated at arm's length between unrelated parties.
During the reporting period we had no related-party transactions that had a material effect on our business, financial position, or results in the reporting period.
For further information on related party transactions, see the “SAP Annual Report 2009, Notes to the Consolidated Financial Statements” section, Note (31).
v2.1.0.1
Note 19 - Subsequent Events
9 Months Ended
Sep. 30, 2010
EUR (€)
Notes to Financial Statements [abstract]
Disclosure of subsequent events
(19) Subsequent Events
On October 14, 2010, we completed a private placement transaction in the United States with a volume of US$500 million.
For more information about the private placement transaction in the United States, see the “Financial Position” section in our “Interim Review of Operations”.
Release of the Interim Financial Statements
The SAP Chief Financial Officer on behalf of the Executive Board approved these Consolidated Interim Financial Statements for the third quarter of 2010 on October 27, 2010, for submission to the Audit Committee of the Supervisory Board and for subsequent issuance.