FIVE-YEAR SUMMARY

SAP Group

€ millions, unless otherwise stated 2003 2004 2005 2006 2007
Revenue and income          
Software revenue 2,147 2,361 2,743 3,003 3,407
– thereof EMEA 1,245 1,292 1,368 1,492 1,697
– thereof Americas 627 780 1,024 1,133 1,228
– thereof Asia Pacific Japan 275 289 351 378 482
Software and software-related service revenue 4,716 5,184 5,955 6,596 7,427
Total revenue 7,025 7,514 8,509 9,393 10,242
% product revenue 67% 69% 70% 70% 73%
Operating Income 1,724 2,018 2,337 2,578 2,732
Operating margin in % 25% 27% 27% 27% 27%
Stock-based compensation charges 130 38 45 99 95
Acquisition-related charges 26 30 34 43 61
Interest income, net 43 56 90 120 135
Financial income, net 16 41 10 122 124
Income before income taxes 1,777 2,073 2,323 2,688 2,857
Profit sales ratio (income before income taxes as a
percentage of total revenue)		 25% 28% 27% 29% 28%
Return on equity (net income as a percentage of average equity) 33% 32% 29% 35% 31%
Income taxes – 693 – 757 – 818 – 805 – 921
Net income 1,077 1,311 1,496 1,871 1,919

Liquidity and Cash flow		          
Net cash provided by operating activities from
continuing operations		 1,499 1,845 1,612 1,855 1,950
Net cash used in investing activities from
continuing operations		  – 1,193 – 748 – 574 – 132 – 1,392
Net cash used in/provided by financing activities from
continuing operations		 – 315 – 388 – 555 – 1,375 – 1,287
Cash and cash equivalents 839 1,506 2,064 2,399 1,608
Restricted cash n/a n/a n/a n/a 550
Short-term investments n/a n/a 1.782 931 598
Group liquidity (cash and cash equivalents/short-term
investments); 2003–2004 Liquid assets		 2,096 3,197 3,846 3,330 2,756
Days sales outstanding (DSO) 76 71 68 68 66

Assets and Equity		          
Accounts receivable 1,771 1,929 2,250 2,440 2,895
Current assets 5,380 4,850 6,520 6,324 6,408
Long-term assets 946 2,735 2,520 3,179 3,958
Current liabilities (including deferred income) 2,237 2,592 2,743 2,773 3,199
Long-term liabilities (including deferred income
and minority interest)		 379 399 515 594 664
Shareholders’ equity (incl. temporary equity) 3,709 4,594 5,782 6,136 6,503
Total assets 6,326 7,585 9,040 9,503 10,366
Equity ratio (Equity as a percentage of the Total assets) 59% 61% 64% 65% 63%
Debt-equity ratio (Liabilities as a percentage of Total assets 41% 39% 36% 35% 37%
Purchase of intangible assets, property, plant,
and equipment (incl. acquisitions)		 275 338 504 912 1,100
Deprecation and amortization 216 210 204 215 263
Depreciation and amortization as a % of purchase 78% 62% 40% 24% 24%

Employees1) and personnel expenses		          
Number of employees, year-end 29,610 32,205 35,873 39,355 44,023
Number of employees, annual average 29,098 31,224 34,550 38,053 42,302
Personnel expenses 2,937 2,968 3,365 3,833 4,174
Personnel expenses – excluding stock-based compensation 2,807 2,930 3,320 3,788 4129
Personnel expenses per employee – excluding share-based compensation in thousands of € 96 94 96 100 98

Research and development expenses		          
Research and development expenses
 872 908 1,089 1,335 1,458
as a percentage of total revenue 12% 12% 13% 14% 14%
Number of employees in R & D, year-end1)
 8,854 9,882 10,215 11,801 12,951

Financial performance measures		          

Shares outstanding as of year-end in million2) 

1,262 1,264 1,266 1,268 1,246

Weighted average shares – basic in million2) 

1,243 1,243 1,239 1,226 1,207

Earnings per share from continuing operations in €2) 

0,87 1,05 1,21 1,53 1,60

Weighted average shares – diluted in million2) 

1,246 1,249 1,243 1,231 1,210

Earnings per share from continuing operations – diluted in €2) 

0.87 1.05 1.21 1.53 1.60

Dividend per common share in €2), 3) 

0.20 0.28 0.36 0.46 0.50
Dividend distributions3) 249 340 447 556 587

Dividend distributions as a percentage of net income3) 

23% 26% 30% 30% 31%

Stock prices at year-end – common share in €2) 

33.29 32.85 38.29 40.26 35.53

Stock prices – common share – peak in €2) 

33.50 35.68 39.11 46.86 42.27

Stock prices – common share – lowest in €2 

16.91 29.03 27.66 34.56 33.37
Market capitalization in billions of € 42.0 41.5 48.5 51.0 44.3

Return on SAP common shares
1 year investment period in %4)

80.28  – 1.32 17.75 6.00 – 10.60

Return on SAP common shares
5 years investment period in %4)

2.10 – 3.80 4.96 2.60 14.50

Return on SAP common shares
10 years investment period in %4)

36.75 22.88 15.60 16.90 5.20

Cash earnings according to DVFA/SG5) 

1,478 1,606 1,753 2,104 2,241
1) Based on full-time equivalents.
2) All amounts shown reflect the issuance of bonus shares at a 1-to-3 ratio under the capital
    increase  described in Note 23. Prior period amounts have been adjusted accordingly.
3) For the year 2007 proposed dividend and based on 2007 closing level of Treasury stock.
4) Assuming all dividends are reinvested (no tax credit).
5) Cash Earnings according to DVFA is based on the numbers from continued operations