Constant-currency revenue growth in Americas and Asia-Pacific
In recent years, the Europe, Middle East, and Africa (EMEA) region was the source of SAP’s strongest revenue growth, but in 2003 growth stalled in that region. In SAP’s home market, Germany, where double-digit growth percentages were achieved in the past, economic conditions were particularly difficult in 2003, and revenue increased only slightly, by 1% to €1,670 million. Revenue was also uneven over the year in Germany. For the first three quarters, revenues in Germany were lower than for each corresponding 2002 quarter – in the fourth quarter of 2003 sales started to move again and revenues were up 4% on the fourth quarter of 2002.

The movement of exchange rates in favor of the euro had a particularly strong impact on revenue figures for the Americas region. SAP’s U.S. subsidiary posted revenues of €1,736 million, a nominal 12% decrease from the 2002 figure, even though SAP improved its position in this strategically critical market, as is reflected in the 5% constant-currency revenue growth figure. The nominal 10% annual revenue decline in the rest of the Americas also resulted primarily from currency translation effects. On a constant currency basis, SAP’s revenue in the Americas region excluding the United States increased 8%.

In 2002, SAP’s revenues from Japan increased 9% (19% on a constant currency basis), but they did not improve in 2003. Exchange-rate movement was a substantial factor in the nominal revenue decline of 9%. On a constant currency basis, Japan revenue was unchanged year-on-year. In the rest of the Asia-Pacific region, SAP’s revenue increased 5%, but on a constant currency basis the revenue increase was 16%.