Business Context and Reporting Period
This Form 6-K is a current report filed by SAP AG on June 28, 2013. The filing serves solely to disclose and clarify remarks made by co-CEO Bill McDermott during a CNBC interview on June 25, 2013. It does not contain a full financial report for a specific quarter but references the company's fiscal year 2013 outlook previously issued on January 23 and April 19, 2013.
Key Financial Metrics and Outlook
The filing confirms specific growth metrics and reiterates the full-year 2013 non-IFRS revenue outlook:
- Cloud Business in Europe: Confirmed triple-digit growth for the first quarter of 2013.
- Full Year 2013 Software and Cloud Subscription Revenue: Expected to increase 14%-20% at constant currencies (2012 base: €5.00 billion).
- Full Year 2013 Cloud Subscription and Support Revenue: Expected to contribute approximately €750 million at constant currencies (2012 base: €343 million).
- Full Year 2013 Software and Software-Related Service Revenue: Expected to increase 11%-13% at constant currencies (2012 base: €13.25 billion).
The filing does not provide specific values for profit, cash flow, margins, debt, or liquidity for the current period.
Material Changes and Clarifications
The primary material change addressed is the clarification of management commentary. SAP clarifies that the CEO's statement regarding growing the company 10%-14% in constant currencies was intended to articulate the goal of achieving the previously disclosed 2013 Outlook. It was not a statement of anticipated results for the second quarter of 2013 or any other specific period. The filing explicitly states that neither the report nor the interview restates, modifies, or updates the 2013 Outlook.
Guidance, Risks, and Forward-Looking Statements
SAP reiterates its full-year 2013 revenue guidance as detailed above. The document includes standard forward-looking statement disclaimers, noting that actual results may differ materially due to various risks and uncertainties. These factors are discussed in SAP's most recent Annual Report on Form 20-F for 2012. The company undertakes no obligation to publicly update or revise these forward-looking statements.
Key Facts for Investor Verification
- Verify the specific definition of "Cloud Business in Europe" to understand the scope of the confirmed triple-digit growth.
- Confirm that the 2013 revenue outlook remains unchanged despite the CEO's interview comments.
- Review the most recent Form 20-F for 2012 to assess the risks and uncertainties affecting the forward-looking statements.
- Note that this filing contains no new financial data regarding profitability, cash flow, or balance sheet items.