SAP, the financial software giant, has posted operating profit increases of
81% and profits before tax rises of 97%.
The first quarter results for the software suppliers, who provide technology
to McDonalds, Pepsi Co and Apple, have surpassed analyst expectations.
SAP switched to IFRS reporting and under those rules operating profit
increased a huge 81% to €557m compared to €307m for the same quarter in 2009.
The company believes the 2009 figures were impacted by restructuring costs of
€166m last year.
Non IFRS profits after tax increased 65% to €435. This equates to a IFRS
increase of 97% from €196 in the first quarter of this year to €387 for Q1 2010.
“A solid top-line performance in combination with an increasing operating
margin puts us on track to achieve our financial objective of profitable growth
over the long term,” said Werner Brandt, CFO of SAP
The company expects 2010 results to show a non-IFRS software revenue increase
of 4% – 8% from 2009 revenues of €8.2bn, compared to a 5% decline the previous
The company recently lossed its CEO Leo Apotheker after the chairman, Hasso
Plattner, announced the business would go back to having two chief execs.
Plattner admitted mistakes were made by the management when they tried to
increase support service fees by 22% last year.
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