Driven by the cloud transition, SAP’s topline exhibited strong growth in 2021. We achieved the high end of our revised cloud revenue outlook range and exceeded our cloud and software revenue outlook.
Driven by strong adoption of our cloud portfolio, cloud revenue growth was strong and at the upper end of our revised outlook. In 2021 cloud revenue grew 17% to €9.42 billion (2020: €8.08 billion).
Total revenue increased to €27.84 billion in 2021, representing an increase of €504 million, or 2% (2020: €27.34 million).
Cloud and software revenue grew to €24.08 billion in 2021, an increase of 4% (2020:€23.23 billion). We exceeded our revised outlook for this measure in 2021.
SAP’s operating profit exceeded the revised outlook for 2021.
In 2021 non-IFRS operating profit was down 1% to €8.23 billion, up 1% at constant currencies (2020: €8.29 billion). We exceeded the upper end of the revised full year outlook. This development was largely influenced by investment decisions in our innovation areas and growth markets.
Non-IFRS operating margin decreased by 0.7 percentage points to 29.6% and decreased by 0.5 percentage points at constant currencies.
Operating cash flow decreased to €6.22 billion in 2021 (2020: €7.19 billion). This exceeded our outlook of approximately €6.0 billion. This number was impacted by higher income tax payments, while payments related to restructuring were lower.
In 2021, free cash flow decreased to €5.05 billion (2020: €6.0 billion). This exceeded our outlook of more than €4.5 billion, despite being impacted by tax payments and share-based compensation expenses.
| Results for 2020 |
Outlook for 2021 (Integrated Report 2020) |
Revised Outlook for 2021 (Q1 Quarterly Statement) |
Revised Outlook for 2021 (Half-Year Report) |
Revised Outlook for 2021 (Q3 Quarterly Statement) |
Results for 2021 |
|
| Cloud revenue (non-IFRS, at constant currencies) |
€8.09 billion | €9.1 billion to €9.5 billion |
€9.2 billion to €9.5 billion |
€9.3 billion to €9.5 billion |
€9.4 billion to €9.6 billion |
€9.59 billion |
| Cloud and software revenue (non-IFRS, at constant currencies) |
€23.23 billion | €23.3 billion to €23.8 billion |
€23.4 billion to €23.8 billion |
€23.6 billion to €24.0 billion |
€23.8 billion to €24.2 billion |
€24.41 billion |
| Operating profit (non-IFRS, at constant currencies) |
€8.29 billion | €7.8 billion to €8.2 billion |
€7.8 billion to €8.2 billion |
€7.95 billion to €8.25 billion |
€8.1 billion to €8.3 billion |
€8.41 billion |
| Share of predictable revenue | 72% | 75% | 75% | 75% | 75% | 75% |
| Effective tax rate (IFRS) | 26.8% | 27.5% to 28.5% | 26.0% to 27.0% | 21.5% to 23.0% | 21.0% to 22.0% | 21.5% |
| Effective tax rate (non-IFRS) | 26.5% | 24.5% to 25.5% | 22.5% to 23.5% | 20.0% to 21.5% | 20.0% to 21.0% | 20.0% |