€ millions, unless otherwise stated 2021 2020 2019 2018 2017
Revenues          
Cloud (IFRS) 9,418 8,080 6,933 4,993 3,769
Non-IFRS adjustments 0 5 81 33 2
Cloud (non-IFRS) 9,418 8,085 7,013 5,027 3,771
Software licenses (IFRS) 3,248 3,642 4,533 4,647 4,872
Non-IFRS adjustments 0 0 0 0 0
Software licenses (non-IFRS) 3,248 3,642 4,533 4,647 4,872
Software support (IFRS) 11,412 11,506 11,547 10,981 10,908
Non-IFRS adjustments 0 0 0 0 0
Software support (non-IFRS) 11,412 11,506 11,548 10,982 10,908
Cloud and software (IFRS) 24,078 23,228 23,012 20,622 19,549
Non-IFRS adjustments 0 5 81 33 3
Cloud and software (non-IFRS) 24,078 23,233 23,093 20,655 19,552
Services (IFRS = non-IFRS) 3,764 4,110 4,541 4,086 3,912
Total revenue (IFRS) 27,842 27,338 27,553 24,708 23,461
Non-IFRS adjustments 0 5 81 33 3
Total revenue (non-IFRS) 27,842 27,343 27,634 24,741 23,464
Share of more predictable revenue (IFRS, in %) 75 72 67 65 63
Share of more predictable revenue (non-IFRS, in %) 75 72 67 65 63
Operating Expenses          
Cost of cloud (IFRS) −3,105 −2,699 −2,534 −2,068 −1,660
Non-IFRS adjustments 229 248 305 213 233
Cost of cloud (non-IFRS) −2,876 −2,451 −2,228 −1,855 −1,427
Cost of software licenses and support (IFRS) −1,925 −2,008 −2,159 −2,092 −2,234
Non-IFRS adjustments 103 97 141 130 190
Cost of software licenses and support (non-IFRS) −1,822 −1,911 −2,018 −1,962 −2,044
Cost of cloud and software (IFRS) −5,030 −4,707 −4,692 −4,160 −3,893
Non-IFRS adjustments 332 345 446 343 423
Cost of cloud and software (non-IFRS) −4,698 −4,362 −4,247 −3,817 −3,471
Cost of services (IFRS) −2,916 −3,178 −3,662 −3,302 −3,158
Non-IFRS adjustments 286 178 254 151 166
Cost of services (non-IFRS) −2,630 −3,000 −3,408 −3,151 −2,991
Total cost of revenue (IFRS) −7,946 −7,886 −8,355 −7,462 −7,051
Non-IFRS adjustments 617 523 700 494 589
Total cost of revenue (non-IFRS) −7,328 −7,362 −7,655 −6,969 −6,462
Research and development (IFRS) −5,190 −4,454 −4,292 −3,624 −3,352
Research and development (in % of total revenue, IFRS) 18.6 16.3 15.6 14.7 14.3
Research and development (in % of total operating expenses, IFRS) 22.4 21.5 18.6 19.1 18.0
Sales and marketing (IFRS) −7,505 −7,106 −7,693 −6,781 −6,924
General and administration (IFRS) −2,431 −1,356 −1,629 −1,098 −1,075
Depreciation and amortization (IFRS) −1,775 −1,831 −1,872 −1,362 −1,272
Profits and Margins          
Cloud gross margin (in % of corresponding revenue, IFRS) 67.0 66.6 63.5 58.6 56.0
Cloud gross margin (in % of corresponding revenue, non-IFRS) 69.5 69.7 68.2 63.1 62.2
Cloud and software gross margin (in % of corresponding revenue, IFRS) 79.1 79.7 79.6 79.8 80.1
Cloud and software gross margin (in % of corresponding revenue, non-IFRS) 80.5 81.2 81.6 81.5 82.2
Services gross margin (in % of corresponding revenue, IFRS) 22.5 22.7 19.4 19.2 19.3
Services gross margin (in % of corresponding revenue, non-IFRS) 30.1 27.0 25.0 22.9 23.5
Software and support gross margin (IFRS, in %) 86.9 86.7 86.6 86.6 85.8
Software and support gross margin (non-IFRS, in %) 87.6 87.4 87.4 87.4 87.0
Gross margin (in % of total revenue, IFRS) 71.5 71.2 69.7 69.8 69.9
Gross margin (in % of total revenue, non-IFRS) 73.7 73.1 72.3 71.8 72.5
Operating profit (IFRS) 4,656 6,623 4,473 5,703 4,877
Non-IFRS adjustments 3,573 1,664 3,735 1,459 1,892
Operating profit (non-IFRS) 8,230 8,287 8,208 7,163 6,769
Operating margin (in % of total revenue, IFRS) 16.7 24.2 16.2 23.1 20.8
Operating margin (in % of total revenue, non-IFRS) 29.6 30.3 29.7 29.0 28.9
Financial income, net 2,174 776 198 −47 188
Profit before tax (PBT) 6,847 7,220 4,596 5,600 5,029
PBT margin (in % of revenues) 24.6 26.4 16.7 22.7 21.4
Income tax expense −1,471 −1,938 −1,226 −1,511 −983
Profit after tax 5,376 5,283 3,370 4,088 4,046
Effective tax rate (IFRS, in %) 21.5 26.8 26.7 27.0 19.5
Effective tax rate (non-IFRS, in %) 20.0 26.5 26.2 26.3 22.8
Return on equity (profit after tax in percentage of average equity) 15 17 11 15 16
Current cloud backlog          
Current cloud backlog 9,447 7,155 6,681 NA NA
Non-IFRS Adjustments          
Revenue adjustments 0 5 81 33 3
Adjustment for acquisition-related charges  623 577 689 577 587
Adjustment for share-based payment expenses 2,794 1,084 1,835 830 1,120
Adjustment for restructuring 157 −3 1,130 19 182
Segment Results          
Applications, Technology & Support          
Segment revenue 23,502 22,965 23,051 20,997 19,881
Segment gross margin (in % of corresponding revenue) 79.5 80.6 80.6 80.8 81.7
Segment profit 9,567 9,722 9,773 8,764 8,375
Segment margin (Segment profit in % of Segment revenue) 40.7 42.3 42.4 41.7 42.1
Qualtrics          
Segment revenue 929 681 508 NA NA
Segment gross margin (in % of corresponding revenue) 79.6 77.6 78.3 NA NA
Segment profit 44 −4 −9 NA NA
Segment margin (Segment profit in % of Segment revenue) 4.7 −0.6 −1.7 NA NA
Services          
Segment revenue 3,234 3,379 3,678 3,390 3,240
Segment gross margin (in % of corresponding revenue) 34.1 31.5 26.7 23.9 23.7
Segment profit 728 645 517 403 315
Segment margin (Segment profit in % of Segment revenue) 22.5 19.1 14.1 11.9 9.7
Liquidity and Cash Flow          
Net cash flows from operating activities 6,223 7,194 3,496 4,303 5,045
Net cash flows from investing activities −3,063 −2,986 −7,021 −3,066 −1,112
Net cash flows from financing activities −56 −3,997 102 3,283 −3,406
Capital expenditure −800 −816 −817 −1,458 −1,275
Free cash flow10 5,049 6,000 2,276 2,844 3,770
Free cash flow in % of total revenue 18 22 8 12 16
Cash conversion rate
(net cash flows from operating activities in % of profit after tax)
116 136 104 105 125
Cash and cash equivalents 8,898 5,311 5,314 8,627 4,011
Short-term investments 2,632 1,470 67 211 774
Group liquidity
(cash and cash equivalents/short-term investments/restricted cash)
11,530 6,781 5,382 8,838 4,785
Financial debts −13,094 −13,283 −13,668 −11,331 −6,264
Net liquidity (net debt) −1,563 −6,503 −8,286 −2,493 −1,479
Assets, Equity and Liabilities          
Trade and other receivables 6,499 6,730 8,037 6,480 6,017
Total current assets 20,044 15,069 15,213 16,620 11,930
Goodwill 31,090 27,538 29,159 23,736 21,271
Total non-current assets 51,125 43,395 44,999 34,881 30,554
Total current liabilities (including contract liabilities/deferred income) 16,136 12,842 14,462 10,486 10,210
Total non-current liabilities (including contract liabilities/deferred income) 13,510 15,696 14,929 12,138 6,759
Total equity (including contract liabilities/deferred income) 41,523 29,927 30,822 28,877 25,515
Total assets 71,169 58,464 60,215 51,502 42,484
Contract liabilities/Deferred income – current (IFRS)⁷ 4,431 3,996 4,266 3,028 2,771
Equity ratio (total equity in % of total assets) 58 51 51 56 60
Debt ratio (total liabilities2 in % of total assets) 42 49 49 44 40
Investments in goodwill, intangible assets, or property, plant, and equipment (including capitalizations due to acquisitions) 3,522 1,780 8,090 3,715 1,630
Key SAP Stock Facts          
Issued shares7 (in millions) 1,229 1,229 1,229 1,229 1,229
Earnings per share, basic (in €) 4.46 4.35 2.78 3.42 3.35
Earnings per share, basic (non-IFRS, in €) 6.73 5.41 5.11 4.35 4.43
Earnings per share, diluted (in €) 4.46 4.35 2.78 3.42 3.35
Dividend per share3 (in €) 2.45 1.85 1.58 1.50 1.40
Total dividend distributed3 2,890 2,182 1,886 1,790 1,671
Total dividend distributed3 (in % of profit after tax) 54 41 56 44 41
SAP share price7 (in €) 129.40 107.22 120.32 86.93 93.45
SAP share price – peak (in €) 128.98 142.26 124.72 108.02 100.35
SAP share price – low (in €) 101.78 87.63 84.31 82.47 82.43
Market capitalization7 (in € billions) 153.4 131.7 147.8 106.8 114.8
Return on SAP shares4, 1-year investment period (in %) 16.5 −10.9 38.4 −7.0 12.8
Return on SAP shares4, 5-year investment period (in %) 8.6 7.9 15.6 6.9 9.0
Return on SAP shares4, 10-year investment period (in %) 11.8 11.0 13.9 13.2 10.2
Employees and Personnel Expenses          
Number of employees7 107,415 102,430 100,330 96,498 88,543
Number of employees, annual average5 104,364 101,476 99,157 93,709 86,999
Number of employees in research and development5, 7 32,244 29,580 27,634 27,060 24,872
Personnel expenses 15,552 13,420 14,870 11,595 11,643
Personnel expenses – excluding share-based payments 12,758 12,336 13,035 10,765 10,523
Personnel expenses per employee – excluding share-based payments (in € thousands) 122 122 131 115 121
Operating profit per employee (in € thousands) 45 65 45 61 56
Women working at SAP (in %) 34.3 33.6 33.5 33.0 32.8
Women in management7 (total, in % of total number of employees) 28.3 27.5 26.4 25.7 25.4
Women managing managers6, 7 (in %) 24.1 23.5 22.5 21.1 21.7
Women managing teams6, 7 (in %) 29.7 29.0 27.8 27.5 26.8
Employee Engagement Index (in %) 83 86 83 84 85
Business Health Culture Index (BHCI, in %) 81 80 80 78 79
Leadership Trust Index (LTI, as NPS) 67 62 59 60 61
Employee retention (in %) 92.8 95.3 93.3 93.9 94.6
Total turnover rate (in %) 9.0 7.0 10.7 7.6 7.9
Customer          
Customer Net Promoter Score9 10.0 4.0 −6.0 −5.0 17.8
Environment          
Net carbon emissions11 (in kilotons) 110 135 300 310 325
Net carbon emissions11 per employee5 (in tons) 1.0 1.3 3.0 3.3 3.7
Net carbon emissions11 per € revenue (in grams) 3.9 4.9 10.9 12.6 13.9
Total energy consumption12 (in GWh) 941 879 1,115 1,055 1,005
Energy consumed per employee5 (in kWh) 8,980 8,650 11,230 10,630 11,510
Total data center electricity consumption (in GWh) 429 361 338 318 265
Data center electricity consumption per € revenue8 (in Wh) 15 13 12 12 11
Renewable electricity sourced (in %) 100 100 100 100 100

1 SAP Group. Amounts according to IFRS, unless otherwise stated.

2 As sum of current and non-current liability

3 Numbers are based on the proposed dividend and on level of treasury stock at year end.

4 Average annual return assuming all dividends are reinvested.

5 Full-time equivalents

6 Relates to different levels of management position.

7 Numbers at year end.

8 Data center electricity consumption normalized against € revenue represents the required energy to develop and operate solutions in internal and external data centers.

9 Due to changes in sampling in 2018, Customer NPS is not fully comparable to the prior years' scores.

10 As at January 1, 2019, we changed our free cash flow definition to avoid effects resulting from the adoption of IFRS 16.

11 In CO2 equivalents

12 Before 2021, our total energy consumption covered direct energy consumption (Scope 1) and selected indirect energy consumption (Scope 2). In 2021, we added indirect energy consumption of our value chain (Scope 3) to all years shown.