Sap Se · XETR:SAP
Sap — Q4 2021 Earnings Presentation
21 slides from Sap's earnings presentation, Jan 27, 2022
Slide 1: Fourth Quarter and Full-Year 2021 Results
Fourth Quarter and Full-Year 2021 Results Presentation | January 27, 2022 Fourth Quarter and Full-Year 2021 Results 2022 SAP SE or an SAP affiliate company. All rights reserved. ǀ PUBLIC
Slide 2: Safe Harbor Statement
Fourth Quarter and Full-Year 2021 Results Presentation | January 27, 2022 Safe Harbor Statement During this presentation we will make forward-looking statements which are predictions, projections, or other statements about future events. These statements are based on current expectations, forecast
Slide 3: Record cloud performance in 2021
Fourth Quarter and Full-Year 2021 Results Presentation | January 27, 2022 Financial Highlights Regional Performance Gross Margin Development Tax Rate, EPS & Cash Flow Outlook and Ambition Record cloud performance in 2021 Tremendous growth of SAP S/4HANA Cloud driven by ‘RISE with SAP‘ Cloud revenue
Slide 4: Excellent cloud performance across all regions
Fourth Quarter and Full-Year 2021 Results Presentation | January 27, 2022 Financial Highlights Regional Performance Gross Margin Development Tax Rate, EPS & Cash Flow Outlook and Ambition Excellent cloud performance across all regions AMERICAS EMEA APJ Cloud revenue Cloud revenue Cloud revenue € mil
Slide 5: Gross margin development
Fourth Quarter and Full-Year 2021 Results Presentation | January 27, 2022 Financial Highlights Regional Performance Gross Margin Development Tax Rate, EPS & Cash Flow Outlook and Ambition Gross margin development Non-IFRS at constant currencies as reported FY/20 Q1/21 Q2/21 Q3/21 Q4/21 FY/21 Cloud 6
Slide 6: Tax rate, EPS & Cash flow
Fourth Quarter and Full-Year 2021 Results Presentation | January 27, 2022 Financial Highlights Regional Performance Gross Margin Development Tax Rate, EPS & Cash Flow Outlook and Ambition Tax rate, EPS & Cash flow Effective tax rate Earnings per share Cash flow Full year | percent Full year | €S Non
Slide 7: Business outlook 2022
Fourth Quarter and Full-Year 2021 Results Presentation | January 27, 2022 Financial Highlights Regional Performance Gross Margin Development Tax Rate, EPS & Cash Flow Outlook and Ambition Business outlook 2022 Expecting cloud growth continue to accelerate 2022 Outlook Cloud revenue Cloud & software
Slide 8: Appendix
Fourth Quarter and Full-Year 2021 Results Presentation | January 27, 2022 Appendix 2022 SAP SE or an SAP affiliate company. All rights reserved. ǀ PUBLIC
Slide 9: Financial highlights Q4/2021
Fourth Quarter and Full-Year 2021 Results Presentation | January 27, 2022 Appendix Financial highlights Q4/2021 Cloud revenue Cloud & software Total revenue Operating profit € millions € millions € millions revenue € millions IFRS Non-IFRS 2,611 6,990 7,981 1,466 2,468 +28% (+24 @cc) +6% (+3 @cc
Slide 10: Income statement: Fourth quarter 2021
Fourth Quarter and Full-Year 2021 Results Presentation | January 27, 2022 Appendix Income statement: Fourth quarter 2021 IFRS Non-IFRS € millions, unless otherwise stated Q4/21 Q4/20 ∆% Q4/21 Q4/20 ∆ % ∆ % at cc Cloud 2,611 2,041 28 2,611 2,044 28 24 Software licenses 1,458 1,703 -14 1,458 1,703 -14
Slide 11: Income statement: Full year 2021
Fourth Quarter and Full-Year 2021 Results Presentation | January 27, 2022 Appendix Income statement: Full year 2021 IFRS Non-IFRS € millions, unless otherwise stated FY/21 FY/20 ∆% FY/21 FY/20 ∆ % ∆ % at cc Cloud 9,418 8,080 17 9,418 8,085 16 19 Software licenses 3,248 3,642 -11 3,248 3,642 -11 -11
Slide 12: Gross margin development
Fourth Quarter and Full-Year 2021 Results Presentation | January 27, 2022 Appendix Gross margin development Non-IFRS, in percent as reported FY/19 Q1/20 Q2/20 Q3/20 Q4/20 FY/20 Q1/21 Q2/21 Q3/21 Q4/21 FY/21 Cloud 68.2 69.3 69.5 69.7 70.3 69.7 69.5 70.0 69.4 69.0 69.5 SaaS/PaaS – 78.1 78.9 78.7 80.0
Slide 13: Cost ratios: Fourth quarter 2021
Fourth Quarter and Full-Year 2021 Results Presentation | January 27, 2022 Appendix Cost ratios: Fourth quarter 2021 €8.0bn Total revenue, Non-IFRS R&D S&M G&A as % of total revenue as % of total revenue as % of total revenue €0.3bn €1.3bn €1.9bn 16.1% 23.7% 4.1% +1.3pp +2.0pp +0.1pp +1.3pp* +1.8pp*
Slide 14: Cost ratios: Full year 2021
Fourth Quarter and Full-Year 2021 Results Presentation | January 27, 2022 Appendix Cost ratios: Full year 2021 €27.8bn Total revenue, Non-IFRS R&D S&M G&A as % of total revenue as % of total revenue as % of total revenue €1.2bn €4.7bn €6.5bn 16.8% 23.3% 4.2% +1.6pp +0.0pp -0.1pp +1.5pp* +0.0pp* -0.1
Slide 15: Balance sheet condensed: December 30, 2021 – IFRS
Fourth Quarter and Full-Year 2021 Results Presentation | January 27, 2022 Appendix Balance sheet condensed: December 30, 2021 – IFRS Assets Equity and liabilities € millions 12/31/21 12/31/20 € millions 12/31/21 12/31/20 Cash, cash equivalents and other financial assets 11,656 6,946 Trade and other
Slide 16: Cash flow development
Fourth Quarter and Full-Year 2021 Results Presentation | January 27, 2022 Appendix Cash flow development € millions, unless otherwise stated FY/21 FY/20 ∆ Operating cash flow 6,208 7,194 -14% – Capital expenditure -825 -816 -1% -– Payments of lease liabilities -374 -378 +1% Free cash flow 5,009 6,00
Slide 17: Net debt
Fourth Quarter and Full-Year 2021 Results Presentation | January 27, 2022 Appendix Net debt +6,208 € millions +2,827 +407 -825 -374 –1.563 -1,122 -2,182 -6,503 Free Cash Flow +4.932 Net Operating Capital Lease Business Dividends Proceeds from IPO Other Net Debt Cash Expen- Payments Combi- Debt 12/31
Slide 18: Additional outlook information and Non-IFRS adjustments
Fourth Quarter and Full-Year 2021 Results Presentation | January 27, 2022 Appendix Additional outlook information and Non-IFRS adjustments The Company now expects a full-year 2022 effective tax rate (IFRS) of 25.0% to 28.0% (2021: 21.4%) to 28.5%) and an effective tax rate (non-IFRS) of 22.0% to 25.
Slide 19: Expected currency impact 2021
Fourth Quarter and Full-Year 2021 Results Presentation | January 27, 2022 Appendix Expected currency impact 2021 Expected Currency Impact Based on December 2021 Level for the Rest of the Year in percentage points Q1 2022 FY 2022 Cloud revenue growth +3pp to +5pp +2pp to +4pp Cloud and software reven
Slide 20: SAP S/4HANA customer count
Fourth Quarter and Full-Year 2021 Results Presentation | January 27, 2022 Appendix SAP S/4HANA customer count >18,800 >17,000>17,500 >16,400 >16,000 >15,100 >14,600 >13,800~14,100 >12,600 >12,000 >11,100~11,500 >10,000 >9,500 >8,500 ~8,900 ~7,500 >6,900 ~6,400 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/
Slide 21: Key cloud metrics: Fourth quarter 2021
Fourth Quarter and Full-Year 2021 Results Presentation | January 27, 2022 Appendix Key cloud metrics: Fourth quarter 2021 All figures are Non-IFRS and growth rates at constant currencies unless otherwise stated Cloud revenue Current cloud S/4HANA S/4HANA Cloud Qualtrics backlog1 Current cloud revenu