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Unit: USD	2025-10-27	2025-07-25	2025-04-25	2025-03-07	2025-01-29	2024-10-23	2024-07-24	2024-04-24	2024-03-08	2024-01-25	2023-10-20	2023-07-25	2023-04-24	2023-03-10	2021-07-22	2020-01-29	2017-04-26	2017-03-02	2017-01-25	2015-10-23	2015-07-23	2015-04-23	2015-04-22	2015-04-02	2015-01-21	2014-10-23	2014-10-21	2014-07-21	2014-07-18	2014-04-23	2014-04-22	2014-04-04	2014-01-24	2013-10-23	2013-10-22	2013-07-22	2013-07-18	2013-04-23	2013-04-22	2013-04-05	2013-01-24	2012-10-26	2012-10-25	2012-07-25	2012-04-30	2012-04-26	2012-04-02	2012-01-26	2011-10-27	2011-07-28	2011-04-29	2011-01-27	2010-10-29	2010-10-27	2010-07-30	2010-04-29	2010-04-01	2009-06-30	2009-05-15	2009-03-31	2008-06-30	2008-05-15	2008-04-30	2008-03-31	2008-01-31	2007-11-14	2007-10-19	2007-08-10	2007-07-20	2007-05-16	2007-04-23	2007-01-25	2005-04-21	2005-01-26	2004-08-30	2004-07-22	2004-06-01	2004-01-22	2003-07-17	2003-05-30	2002-11-08

profit (loss) after tax	5,596,000,000	3,545,000,000	1,796,000,000		3,150,000,000	1,534,000,000	94,000,000			5,928,000,000	4,671,000,000					3,387,000,000
adjustments to reconcile profit after tax to net cash flows from operating activities:
depreciation and amortization	986,000,000	668,000,000	349,000,000	1,280,000,000	1,280,000,000	943,000,000	626,000,000	313,000,000	1,373,000,000	1,373,000,000	1,042,000,000	714,000,000	365,000,000	1,896,000,000		1,872,000,000	320,000,000	1,268,000,000	1,268,000,000	965,000,000	646,000,000	321,000,000	321,000,000	1,010,000,000	1,010,000,000	733,000,000	733,000,000	478,000,000	478,000,000	235,000,000	235,000,000	951,000,000	951,000,000	714,000,000	714,000,000	478,000,000	478,000,000	233,000,000	233,000,000	863,000,000	863,000,000	622,000,000	622,000,000	402,000,000	192,000,000	192,000,000	724,000,000	724,000,000	536,000,000	357,000,000	178,000,000	534,000,000	370,000,000	370,000,000	225,000,000	111,000,000	499,000,000	123,000,000	128,000,000	126,000,000	130,000,000	141,000,000	262,000,000	141,000,000	260,000,000	188,000,000	188,000,000	121,000,000	121,000,000	56,000,000	56,000,000	214,000,000	49,000,000	210,000,000	100,000,000	100,000,000	49,000,000	216,000,000	102,000,000	50,000,000	165,000,000
share-based payment expense	1,379,000,000	949,000,000	420,000,000		2,385,000,000	1,815,000,000	1,280,000,000	688,000,000		2,221,000,000	1,677,000,000	1,167,000,000	553,000,000			1,818,000,000
income tax expense	2,119,000,000	1,425,000,000	672,000,000	1,614,000,000	1,614,000,000	1,023,000,000	313,000,000		1,741,000,000	1,728,000,000	1,132,000,000	643,000,000	274,000,000	1,382,000,000		1,231,000,000	138,000,000	1,229,000,000	1,230,000,000	567,000,000	233,000,000	65,000,000	65,000,000	1,075,000,000	1,080,000,000	650,000,000	650,000,000	332,000,000	332,000,000	170,000,000	170,000,000	1,071,000,000	1,069,000,000	614,000,000	614,000,000	340,000,000	340,000,000	101,000,000	101,000,000	1,000,000,000	996,000,000	572,000,000	572,000,000	368,000,000	163,000,000	163,000,000	1,329,000,000	1,322,000,000	902,000,000	396,000,000	180,000,000
financial income								45,000,000	456,000,000	469,000,000	363,000,000	287,000,000	112,000,000	1,385,000,000				38,000,000	38,000,000		22,000,000	11,000,000	11,000,000	25,000,000	25,000,000	1,000,000	1,000,000			9,000,000	9,000,000	66,000,000	66,000,000	44,000,000	44,000,000	37,000,000	37,000,000	15,000,000	15,000,000	68,000,000	68,000,000	33,000,000	33,000,000	26,000,000	16,000,000	16,000,000	38,000,000	37,000,000
increase/decrease in allowances on trade receivables	10,000,000	18,000,000	11,000,000		30,000,000
other adjustments for non-cash items				110,000,000	110,000,000	212,000,000	110,000,000	141,000,000	23,000,000	10,000,000		76,000,000	17,000,000					39,000,000	39,000,000					85,000,000	85,000,000	73,000,000	73,000,000	52,000,000	52,000,000	24,000,000	24,000,000	57,000,000	61,000,000	64,000,000	64,000,000	44,000,000	44,000,000	17,000,000	17,000,000	31,000,000	31,000,000	28,000,000	28,000,000	24,000,000		-30,000,000	14,000,000	17,000,000	30,000,000	8,000,000	-11,000,000	25,000,000	33,000,000	33,000,000	15,000,000	3,000,000	14,000,000
increase/decrease in trade and other receivables	679,000,000	103,000,000				943,000,000	372,000,000
increase/decrease in other assets			161,000,000
increase/decrease in trade payables, provisions, and other liabilities				603,000,000	603,000,000	746,000,000	876,000,000	1,194,000,000	633,000,000	661,000,000				163,000,000		326,000,000
increase/decrease in contract liabilities	1,492,000,000	3,121,000,000	3,464,000,000	869,000,000	869,000,000	1,054,000,000	2,718,000,000	2,990,000,000	443,000,000	495,000,000	552,000,000	2,109,000,000	2,873,000,000	685,000,000		1,007,000,000
share-based payments
income taxes paid, net of refunds																		-1,477,000,000						-1,356,000,000								-1,295,000,000								-1,102,000,000			-817,000,000	-602,000,000		-276,000,000	-908,000,000			-356,000,000	-204,000,000	-686,000,000
net cash flows from operating activities	7,859,000,000	6,357,000,000	3,780,000,000		5,220,000,000	5,772,000,000	4,297,000,000	2,757,000,000		6,315,000,000	4,364,000,000	3,240,000,000		5,647,000,000		3,497,000,000	2,872,000,000	4,628,000,000	4,628,000,000	3,241,000,000	2,775,000,000	2,366,000,000	2,366,000,000	3,499,000,000	3,574,000,000	3,082,000,000	3,082,000,000	2,575,000,000	2,575,000,000	2,352,000,000	2,352,000,000	3,832,000,000	3,832,000,000	3,040,000,000	3,040,000,000	2,482,000,000	2,482,000,000	2,162,000,000	2,162,000,000	3,822,000,000	3,652,000,000	3,057,000,000	3,057,000,000	2,400,000,000	2,071,000,000	2,071,000,000	3,775,000,000	3,776,000,000	2,966,000,000	2,270,000,000	1,592,000,000	2,954,000,000	2,062,000,000	2,062,000,000	1,282,000,000	772,000,000	3,015,000,000
business combinations, net of cash and cash equivalents acquired																		-106,000,000						-6,360,000,000								-1,160,000,000								-6,094,000,000			-2,731,000,000				-188,000,000					-4,194,000,000	-4,184,000,000	-4,184,000,000				-46,000,000	-3,000,000	-3,000,000	-2,000,000	-3,687,000,000		-3,687,000,000	-670,000,000	-656,000,000	-656,000,000	-345,000,000	-345,000,000	-17,000,000	-17,000,000
purchase of intangible assets and property, plant, and equipment																		-1,001,000,000						-737,000,000								-566,000,000								-541,000,000			-370,000,000				-445,000,000					-334,000,000	-200,000,000	-200,000,000	-125,000,000	-57,000,000		-56,000,000	-50,000,000	-50,000,000	-110,000,000	-61,000,000		-61,000,000	-404,000,000	-293,000,000	-293,000,000	-196,000,000	-196,000,000	-79,000,000	-79,000,000	-367,000,000
proceeds from sales of intangible assets and property, plant, and equipment	110,000,000	78,000,000	38,000,000		122,000,000	80,000,000	55,000,000	27,000,000
purchase of equity or debt instruments of other entities																		-1,549,000,000						-910,000,000								-1,531,000,000								-1,022,000,000			-905,000,000	-558,000,000		-478,000,000	-2,046,000,000			-730,000,000	-79,000,000	-841,000,000	-687,000,000	-687,000,000	-651,000,000	-318,000,000
proceeds from sales of equity or debt instruments of other entities	4,454,000,000	2,812,000,000	1,422,000,000	7,533,000,000	7,533,000,000	7,452,000,000	7,370,000,000	3,297,000,000	907,000,000	907,000,000	865,000,000	722,000,000	101,000,000	4,190,000,000		778,000,000	624,000,000	793,000,000	869,000,000	1,042,000,000	868,000,000	122,000,000	122,000,000	833,000,000	833,000,000	704,000,000	704,000,000	721,000,000	721,000,000	85,000,000	85,000,000	1,421,000,000	1,422,000,000	1,311,000,000	1,311,000,000	1,079,000,000	1,079,000,000	143,000,000	143,000,000	1,654,000,000	1,654,000,000	1,517,000,000	1,517,000,000	941,000,000	430,000,000	430,000,000	1,398,000,000	1,398,000,000	518,000,000	186,000,000	103,000,000	1,334,000,000	1,248,000,000	1,248,000,000	689,000,000	122,000,000	1,027,000,000
interest received	317,000,000	187,000,000	120,000,000	563,000,000	563,000,000	420,000,000	287,000,000	144,000,000	469,000,000	469,000,000	331,000,000	197,000,000	88,000,000	166,000,000		97,000,000	17,000,000	79,000,000	79,000,000	60,000,000	40,000,000	23,000,000	23,000,000	59,000,000	59,000,000	46,000,000	46,000,000	27,000,000	27,000,000	12,000,000	12,000,000	67,000,000	67,000,000	50,000,000	50,000,000	33,000,000	33,000,000	15,000,000	15,000,000	92,000,000	92,000,000	67,000,000	67,000,000	47,000,000	26,000,000	26,000,000	92,000,000	92,000,000	65,000,000	37,000,000	20,000,000	56,000,000
net cash flows from investing activities			43,000,000							906,000,000	2,907,000,000	6,364,000,000		667,000,000				-1,799,000,000						-7,240,000,000								-1,781,000,000								-5,964,000,000			-2,485,000,000	-2,627,000,000		-2,763,000,000	-1,226,000,000			-774,000,000	-107,000,000	-3,992,000,000	-3,800,000,000	-3,800,000,000	-70,000,000	-244,000,000
dividends paid																		-1,378,000,000						-1,194,000,000								-1,013,000,000								-1,310,000,000			-1,310,000,000	-1,310,000,000			-713,000,000			-713,000,000		-594,000,000	-594,000,000	-594,000,000	-594,000,000										-556,000,000	-556,000,000	-556,000,000	-556,000,000	-556,000,000			-447,000,000		-249,000,000		-249,000,000		-186,000,000	-186,000,000		-182,000,000
dividends paid on non-controlling interests
purchase of treasury shares																																								-53,000,000			-53,000,000	-53,000,000		-53,000,000	-246,000,000			-158,000,000	-158,000,000	-220,000,000	-220,000,000	-220,000,000	-120,000,000	-120,000,000
proceeds from borrowings	2,000,000	2,000,000		2,767,000,000	2,767,000,000	1,251,000,000	1,000,000	1,000,000	13,000,000	13,000,000				158,000,000		3,622,000,000	4,000,000	400,000,000	400,000,000	1,745,000,000	1,745,000,000	2,000,000	2,000,000	7,503,000,000	7,581,000,000	501,000,000	501,000,000	500,000,000	500,000,000			1,000,000,000	1,000,000,000	1,000,000,000	1,000,000,000					5,778,000,000	5,778,000,000	1,000,000,000	1,000,000,000	1,002,000,000	1,000,000,000	1,000,000,000	519,000,000	519,000,000	519,000,000	519,000,000	2,000,000	5,380,000,000	5,019,000,000	5,019,000,000	1,063,000,000	1,000,000	697,000,000
repayments of borrowings																		-1,800,000,000						-2,062,000,000								-1,625,000,000								-4,714,000,000			-1,313,000,000	-1,023,000,000		-600,000,000	-1,005,000,000			-1,005,000,000	-504,000,000	-2,196,000,000	-1,721,000,000	-1,721,000,000	-6,000,000
payments of lease liabilities
interest paid																		-190,000,000						-130,000,000								-159,000,000								-165,000,000			-135,000,000	-96,000,000		-28,000,000	-139,000,000			-77,000,000	-21,000,000	-65,000,000
net cash flows from financing activities																101,000,000	1,000,000	-2,705,000,000						4,298,000,000	4,219,000,000					5,000,000	5,000,000	-1,589,000,000						4,000,000	4,000,000	-194,000,000			-1,578,000,000	-1,301,000,000	405,000,000	405,000,000	-1,176,000,000		1,177,000,000	-1,188,000,000	-511,000,000	2,510,000,000	2,609,000,000	2,609,000,000	439,000,000	-28,000,000
effect of foreign currency rates on cash and cash equivalents				333,000,000	333,000,000		104,000,000	65,000,000						134,000,000		110,000,000	5,000,000	167,000,000	167,000,000	101,000,000	111,000,000	203,000,000	203,000,000	23,000,000	21,000,000	70,000,000	70,000,000
net increase/decrease in cash and cash equivalents			1,735,000,000		1,485,000,000
cash and cash equivalents at the beginning of the period	9,609,000,000	9,609,000,000	9,609,000,000	8,124,000,000	8,124,000,000	8,124,000,000	8,124,000,000	8,124,000,000	9,008,000,000	9,008,000,000	9,008,000,000	9,008,000,000		8,898,000,000		8,627,000,000	3,702,000,000	3,411,000,000	3,411,000,000	3,328,000,000	3,328,000,000	3,328,000,000	3,328,000,000	2,748,000,000	2,748,000,000	2,748,000,000	2,748,000,000	2,748,000,000	2,748,000,000	2,748,000,000	2,748,000,000	2,477,000,000	2,477,000,000	2,477,000,000	2,477,000,000	2,477,000,000	2,477,000,000	2,477,000,000	2,477,000,000	4,965,000,000	4,965,000,000	4,965,000,000	4,965,000,000	4,965,000,000	4,965,000,000	4,965,000,000	3,518,000,000	3,518,000,000	3,518,000,000	3,518,000,000	3,518,000,000	1,884,000,000	1,884,000,000	1,884,000,000	1,884,000,000	1,884,000,000	1,280,000,000	0	1,277,000,000	1,277,000,000	0	1,608,000,000	2,399,000,000	1,608,000,000	2,399,000,000	2,399,000,000	2,399,000,000	2,399,000,000	2,399,000,000	2,399,000,000	2,399,000,000	2,064,000,000	1,513,000,000	1,340,000	1,340,000,000	1,340,000	1,340,000,000	1,122,000	1,122,000,000	1,122,000,000	861,000,000
cash and cash equivalents at the end of the period	8,554,000,000	7,942,000,000	11,345,000,000	9,609,000,000	9,609,000,000	10,005,000,000	7,870,000,000	9,295,000,000	8,124,000,000	8,124,000,000	9,378,000,000	14,142,000,000	8,766,000,000	9,008,000,000		5,314,000,000	5,937,000,000	3,702,000,000	3,702,000,000	3,844,000,000	3,923,000,000	4,635,000,000	4,635,000,000	3,328,000,000	3,348,000,000	3,354,000,000	3,354,000,000	3,123,000,000	3,123,000,000	4,513,000,000	4,513,000,000	2,748,000,000	2,748,000,000	3,255,000,000	3,255,000,000	3,386,000,000	3,386,000,000	4,473,000,000	4,473,000,000	2,477,000,000	2,475,000,000	3,926,000,000	3,926,000,000	3,376,000,000	4,548,000,000	4,548,000,000	4,965,000,000	4,965,000,000	3,911,000,000	3,842,000,000	4,477,000,000	3,518,000,000	2,828,000,000	2,828,000,000	3,605,000,000	2,413,000,000	1,884,000,000	697,000,000	2,020,000,000	2,020,000,000	-826,000,000	2,237,000,000	1,608,000,000	2,237,000,000	1,642,000,000	1,609,000,000	1,609,000,000	1,930,000,000	1,930,000,000	2,665,000,000	2,665,000,000	2,399,000,000	1,822,000,000	2,246,000	2,158,000,000	2,158,000	2,043,000,000		1,439,000,000	1,359,000,000	471,000,000
profit after tax1				3,150,000,000					5,964,000,000
adjustments to reconcile profit after tax to net cash flow from operating activities:
(profit) loss after tax from discontinued operations
share-based payment expenses				2,385,000,000					2,220,000,000					2,614,000,000
decrease/increase in allowances on trade receivables				30,000,000							12,000,000	5,000,000	10,000,000	90,000,000		14,000,000
decrease/increase in trade and other receivables											678,000,000	396,000,000		149,000,000				-675,000,000		197,000,000	32,000,000			-286,000,000		480,000,000	480,000,000	297,000,000	297,000,000			-110,000,000		766,000,000	766,000,000	470,000,000	470,000,000	97,000,000	97,000,000	-298,000,000
decrease/increase in other assets						56,000,000		33,000,000										-248,000,000						-344,000,000								-131,000,000								-34,000,000			-109,000,000	-134,000,000		-89,000,000	-59,000,000			-73,000,000		-28,000,000	-350,000,000	-350,000,000		52,000,000	205,000,000
income taxes paid, net of refunds2
net cash flows from operating activities – continuing operations				5,220,000,000	5,220,000,000	5,772,000,000	4,297,000,000	2,757,000,000	6,210,000,000	6,193,000,000	4,284,000,000	3,160,000,000	2,311,000,000
net cash flows from operating activities – discontinued operations									122,000,000	122,000,000	80,000,000	80,000,000	62,000,000
net cash flows from operating activities1				5,220,000,000					6,332,000,000				2,373,000,000
cash flows for business combinations, net of cash and cash equivalents acquired
proceeds from sales of subsidiaries or other businesses																61,000,000
cash flows from derivative financial instruments related to the sale of subsidiaries or businesses
proceeds from sales of intangible assets or property, plant, and equipment				122,000,000					99,000,000	99,000,000	72,000,000	43,000,000	24,000,000	60,000,000		71,000,000	27,000,000	63,000,000	63,000,000	46,000,000	27,000,000	16,000,000	16,000,000	46,000,000	46,000,000	37,000,000	37,000,000	27,000,000	27,000,000	14,000,000	14,000,000	55,000,000	54,000,000	40,000,000	40,000,000	23,000,000	23,000,000	12,000,000	12,000,000	39,000,000	39,000,000	30,000,000	30,000,000	22,000,000	13,000,000	13,000,000	55,000,000	55,000,000	26,000,000	18,000,000	10,000,000	43,000,000	23,000,000	23,000,000	17,000,000	9,000,000	45,000,000
net cash flows from investing activities – continuing operations												41,000,000
net cash flows from investing activities – discontinued operations									5,510,000,000	5,510,000,000	5,625,000,000	6,323,000,000
net cash flows from investing activities1									906,000,000
transactions with non-controlling interests											42,000,000	43,000,000						3,000,000	3,000,000
net cash flows from financing activities – continuing operations
net cash flows from financing activities – discontinued operations									24,000,000	24,000,000	24,000,000	24,000,000	13,000,000
net cash flows from financing activities1
net decrease/increase in cash and cash equivalents				1,485,000,000		1,881,000,000		1,170,000,000			370,000,000	5,134,000,000	500,000,000	109,000,000			2,234,000,000	291,000,000	291,000,000	516,000,000	595,000,000	1,307,000,000	1,307,000,000	580,000,000	600,000,000	606,000,000	606,000,000	375,000,000	375,000,000	1,765,000,000	1,765,000,000	271,000,000	271,000,000	778,000,000	778,000,000	909,000,000	909,000,000	1,996,000,000	1,996,000,000	-2,488,000,000			-1,039,000,000	-1,589,000,000		-417,000,000	1,447,000,000	1,447,000,000	393,000,000	324,000,000		1,634,000,000	944,000,000	944,000,000		529,000,000
the accompanying notes are an integral part of these consolidated financial statements.
1 from continuing and discontinued operations.
profit after tax1
(profit) loss after tax from discontinued operations
income tax expense
financial income
/ cash and cash equivalents at the beginning of the period
/ cash and cash equivalents at the end of the period
less: cash and cash equivalents from discontinued operations at the end of the period													742,000,000
1 from continuing and discontinued operations
2 total income taxes paid, net of refunds 2023: –€2,973 million thereof contained in the line item “net cash flows from investing activities – discontinued operations”: –€815 million.
saas/paas
thereof cloud erp suite2
thereof extension suite3
iaas4
cloud revenue
cloud and software revenue
total revenue
share of more predictable revenue
cloud gross profit
gross profit
operating profit
profit after tax from continuing operations
profit after tax5
earnings per share - basic (in €) from continuing operations
earnings per share - basic (in €)5
net cash flows from operating activities from continuing operations
free cash flow
purchase of intangible assets or property, plant, and equipment
due to rounding, numbers may not add up precisely.
profit after tax												3,890,000,000		1,708,000,000			530,000,000	3,634,000,000	3,618,000,000	1,778,000,000	882,000,000	413,000,000	413,000,000	3,280,000,000	3,275,000,000	1,971,000,000	1,971,000,000	1,090,000,000	1,090,000,000	534,000,000	534,000,000	3,325,000,000	3,330,000,000	2,006,000,000	2,006,000,000	1,244,000,000	1,244,000,000	520,000,000	520,000,000	2,823,000,000	2,826,000,000	1,723,000,000	1,723,000,000	1,104,000,000	444,000,000	444,000,000	3,439,000,000	3,441,000,000	2,242,000,000	991,000,000	403,000,000	1,816,000,000	1,379,000,000	1,379,000,000	878,000,000	387,000,000	1,750,000,000
profit (loss) after tax1													509,000,000
cash and cash equivalents at the beginning of the period1													9,008,000,000
cash and cash equivalents at the end of the period1													9,507,000,000
2 we do no longer show cash flows linked to the supply chain financing (scf) transactions from taulia in investing/financing cash flow separately and therefore adjusted the comparative figures accordingly.
cash flows from sale of subsidiaries or businesses														289,000,000
proceeds from changes in ownership interests in subsidiaries that do not result in the loss of control														33,000,000
payments for taxes related to net share settlement of equity awards
profit after tax
cash flows from advances (supply chain financing)1
cash flows with funders (supply chain financing)1
1 for more information, see note (l).
1 for more information, see note (m) in this quarterly statement or note (d.1) in the sap half-year report 2022.
cash flows from advances
cash flows with funders
we do no longer show cash flows linked to the supply chain financing (scf) transactions from taulia in investing/financing cash flow separately. for more information see note (l).
at&s segment – segment gross margin
at&s segment – segment margin
qualtrics segment – cloud gross margin
qualtrics segment – segment gross margin
qualtrics segment – segment margin
services segment – services gross margin
services segment – segment gross margin
services segment – segment margin
key profit ratios
effective tax rate
earnings per share, basic
order entry and current cloud backlog
current cloud backlog
% change – yoy
% change constant currency – yoy
sap s/4hana current cloud backlog
orders – number of cloud deals
share of cloud orders greater than €5 million based on total cloud order entry volume
share of cloud orders smaller than €1 million based on total cloud order entry volume
orders – number of on-premise software deals
share of orders greater than €5 million based on total software order entry volume
share of orders smaller than €1 million based on total software order entry volume
liquidity and cash flow
capital expenditure																																																											0				0			0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
free cash flows																																																											1,385,000,000				1,932,000,000			1,344,000,000	1,344,000,000	1,018,000,000	1,018,000,000	848,000,000	848,000,000	1,847,000,000	875,000,000	1,827,000	1,164,000,000	1,164,000	859,000,000	1,514,000	807,000,000	793,000,000	1,032,000,000
% of total revenue
% of profit after tax
group liquidity
financial debt
net debt
financial position
cash and cash equivalents
goodwill
total assets
contract liabilities
equity ratio
non-financials
number of employees
employee retention
women in management
greenhouse gas emissions
sap quarterly statement q3 2021
at&s segment – cloud gross margin
s/4hana current cloud backlog
sap quarterly statement q1 2021
concur segment – cloud gross margin
concur segment – segment gross margin
concur segment – segment margin
days sales outstanding
sap quarterly statement q3 2020
sap q2 2020 quarterly statement q2 2020
sap quarterly statement q4 2020
proceeds from sale of subsidiaries or businesses
sap quarterly statement q3 2019
sap quarterly statement q2 2019
isg segment — segment gross margin
isg segment — segment margin
qualtrics segment — cloud gross margin
qualtrics segment — segment gross margin
qualtrics segment — segment margin
order entry
new cloud and software order entry
% change — yoy
% change constant currency — yoy
new cloud bookings
orders — number of cloud deals
orders — number of on-premise software deals
group liquidity, gross
group debt
€ millions, unless otherwise stated
cloud
software licenses
software support
software licenses and support
cloud and software
services
cost of cloud
cost of software licenses and support
cost of cloud and software
cost of services
total cost of revenue
research and development
sales and marketing
general and administration
restructuring
other operating income/expense
total operating expenses
other non-operating income/expense
finance income
finance costs
profit before tax
attributable to owners of parent
attributable to non-controlling interests
earnings per share, diluted
decrease/increase in sales and bad debt allowances on trade receivables																	15,000,000	51,000,000	51,000,000	111,000,000	14,000,000	18,000,000	18,000,000	47,000,000	47,000,000	29,000,000	29,000,000	16,000,000	16,000,000	15,000,000	15,000,000	42,000,000	41,000,000	44,000,000	44,000,000	38,000,000	38,000,000	24,000,000	24,000,000	-25,000,000		18,000,000	18,000,000	26,000,000	28,000,000	28,000,000	-18,000,000			8,000,000		-49,000,000	-9,000,000	-9,000,000		21,000,000	64,000,000
decrease/increase in trade payables, provisions, and other liabilities																		513,000,000	530,000,000					573,000,000	648,000,000							-176,000,000								408,000,000							-380,000,000
decrease/increase in contract liabilities/deferred income
cash flows from derivative financial instruments related to business combinations
total cash flows for business combinations, net of cash and cash equivalents acquired																		-106,000,000
proceeds from reissuance of treasury shares																		27,000,000	27,000,000	58,000,000	24,000,000	6,000,000	6,000,000	51,000,000	51,000,000	45,000,000	45,000,000	27,000,000	27,000,000	5,000,000	5,000,000	49,000,000	46,000,000	36,000,000	36,000,000	9,000,000	9,000,000	4,000,000	4,000,000	90,000,000	90,000,000	83,000,000	83,000,000	69,000,000	48,000,000	48,000,000	251,000,000	252,000,000	170,000,000	157,000,000	141,000,000	127,000,000	109,000,000	109,000,000	85,000,000	81,000,000	24,000,000
adjustments to reconcile profit after taxes to net cash flows from operating activities:
decrease/increase in deferred income																	3,730,000,000	368,000,000	418,000,000	1,216,000,000	2,361,000,000	3,556,000,000	3,556,000,000	16,000,000	16,000,000	914,000,000	914,000,000	1,855,000,000	1,855,000,000	2,727,000,000	2,727,000,000	125,000,000	142,000,000	898,000,000	898,000,000	1,735,000,000	1,735,000,000	2,446,000,000	2,446,000,000	154,000,000	153,000,000	820,000,000	820,000,000	1,629,000,000	2,277,000,000	2,277,000,000	121,000,000	124,000,000	667,000,000	1,353,000,000		66,000,000	553,000,000	553,000,000		1,592,000,000	48,000,000
adjustments to reconcile profit after taxes to net cash from operating activities:
cash outflows due to tomorrownow and versata litigation																								-555,000,000
cash receipts from derivative financial instruments related to business combinations																				266,000,000	266,000,000	266,000,000	266,000,000
cash receipts from swap contracts																		43,000,000	43,000,000
total cash flows from proceeds from borrowings																		443,000,000	443,000,000
total cashflows for business combinations, net of cash and cash equivalents acquired																				253,000,000	256,000,000	256,000,000	256,000,000
cash payments for derivative financial instruments related to business combinations																								-111,000,000
total cash outflows for business combinations, net of cash and cash equivalents acquired																								-6,472,000,000																			-2,757,000,000
proceeds from issuing shares																																								15,000,000	15,000,000	15,000,000	15,000,000	14,000,000	10,000,000	10,000,000	46,000,000	46,000,000	34,000,000	34,000,000	29,000,000	23,000,000	26,000,000	26,000,000	21,000,000	20,000,000	6,000,000
total cash outflows for business combinations, net of cash and cash equivalents aquired
cash payments for derivative instruments related to business combinations																																											-26,000,000	-26,000,000
effect of foreign exchange rates on cash and cash equivalents																												51,000,000	51,000,000	4,000,000	4,000,000							50,000,000	50,000,000				-33,000,000	-61,000,000		-130,000,000		71,000,000	15,000,000	16,000,000	-15,000,000	162,000,000	73,000,000	73,000,000	70,000,000	29,000,000	54,000,000	42,000,000	-67,000,000	-67,000,000	-11,000,000	8,000,000		8,000,000	-51,000,000	-13,000,000	-13,000,000	-8,000,000	-8,000,000	-3,000,000	-3,000,000	-3,000,000									-138,000,000
cash outflows due to tomorrownow litigation																																-1,000,000								7,000,000	7,000,000		-8,000,000	-4,000,000			-52,000,000
purchase of non-controlling interests																																															-28,000,000			-21,000,000	-21,000,000
effect of foreign currency exchange rates on cash and cash equivalents																																-191,000,000								-152,000,000							74,000,000
decrease/increase in trade payables, provisions and other liabilities																																									207,000,000		-345,000,000	-752,000,000		-688,000,000				-646,000,000		927,000,000	-437,000,000	-437,000,000		-417,000,000
decrease/increase in trade receivables																																										588,000,000	588,000,000	362,000,000	36,000,000	36,000,000	-426,000,000		473,000,000	241,000,000		-125,000,000	515,000,000	515,000,000		-915,000,000	593,000,000
adjustments to reconcile profit after taxes to net cash flow from operating activities:
purchase of intangible assets and property, plant and equipment and business combinations *)																																												-3,006,000,000		-2,728,000,000
total cash outflows for intangible assets and property, plant and equipment and business combinations																																												-3,032,000,000
*) in 2012 thereof: €2,615 million business combinations, net of cash and cash equivalents acquired.
purchase of intangible assets and property, plant and equipment																																																																									-63,000,000	-212,000,000		-89,000,000		-275,000,000	-101,000,000	-49,000,000	-222,000,000
adjustments to reconcile profit after tax to net cash from operating activities:
proceeds from sales of intangible assets or property, plant and equipment
finance income and finance costs																																																	34,000,000	32,000,000	14,000,000	67,000,000
gains/losses on disposals of non-current assets																																																	2,000,000	2,000,000		-3,000,000	2,000,000	2,000,000		1,000,000
cash flows due to tomorrownow litigation
adjustments to reconcile profit after taxes to net cash from operating
cashflows due to tomorrownow litigation																																																		-3,000,000
purchase of intangible assets and property, plant, equipment and business combinations																																																		-248,000,000	-141,000,000
purchase of equity-based derivative instruments																																																		-1,000,000		-14,000,000	-14,000,000	-14,000,000	-14,000,000	-14,000,000					-9,000,000	-46,000,000		-46,000,000
proceeds from exercise of equity-based derivative financial instruments																																																				4,000,000	4,000,000	4,000,000	4,000,000	4,000,000
gains/ losses on disposals of non-current assets																																																			1,000,000
decrease/ increase in sales and bad debt allowances on trade receivables																																																			21,000,000
decrease/ increase in trade receivables																																																			-233,000,000				31,000,000
decrease/ increase in other assets																																																			-105,000,000				-216,000,000
decrease/ increase in trade payables, provisions and other liabilities																																																			-593,000,000				-802,000,000
decrease/ increase in deferred income																																																			1,944,000,000				1,108,000,000
cash paid due to tomorrownow litigation																																																			-2,000,000	-102,000,000
net decrease/ increase in cash and cash equivalents																																																			959,000,000				1,721,000,000
imcome tax expense																																																				521,000,000
adjustments to reconcile profit after tax to net cash provided by operating activities:
cashoutflows due to tomorrownow litigation
repayment of acquirees’ debt in business combinations																																																													0	-450,000,000		-450,000,000
cash transferred to restricted cash																																																													0	-451,000,000		-451,000,000
use of restricted cash
proceeds from the exercise of equity-based derivative financial instruments																																																									4,000,000
net increase in cash and cash equivalents																																																									604,000,000													266,000,000	266,000,000	335,000,000		906,000,000		818,000,000
gains/losses on disposals of financial assets																																																					-7,000,000	-7,000,000
impairment loss on financial assets recognized in profit																																																									10,000,000
deferred income taxes																																																					13,000,000	13,000,000	36,000,000	-63,000,000		20,000,000	-73,000,000	-68,000,000	14,000,000	-58,000,000	8,000,000	-58,000,000	5,000,000	2,000,000	2,000,000	1,000,000	1,000,000	-11,000,000	-11,000,000	-9,000,000
adjustments to reconcile profit after taxes to net cash from operating activities :
gains / losses on disposals of non-current assets																																																							1,000,000
decreae/ increase in sales and bad debt allowances on trade receivables																																																							6,000,000
proceeds from private placement transaction
profit after taxes																																																											196,000,000
adjustments to reconcile profit after taxes to net cash from operating activities
gains / losses from at-equity investments
losses on disposal of intangible assets and property, plant, and equipment																																																												1,000,000
gains on disposal of investments																																																													-1,000,000	-8,000,000		-8,000,000	-2,000,000	-2,000,000	-2,000,000	-2,000,000	-2,000,000	-1,000,000	-1,000,000
write-downs of financial assets																																																											3,000,000														1,000,000	18,000,000	4,000,000	4,000,000	2,000,000	15,000,000	11,000,000	9,000,000	121,000,000
allowances for doubtful accounts																																																										10,000,000	87,000,000	87,000,000	16,000,000	19,000,000		19,000,000
impacts of hedging for cash-settled share-based payment plans																																																										3,000,000	6,000,000	6,000,000	3,000,000	9,000,000		9,000,000
stock-based compensation including income tax benefits																																																										5,000,000	-2,000,000	-2,000,000	-3,000,000	17,000,000		17,000,000	13,000,000	31,000,000	31,000,000	10,000,000	10,000,000	-22,000,000	-22,000,000	82,000,000
excess tax benefit from share-based compensation																																																													0	-8,000,000
change in accounts receivable																																																										809,000,000	-181,000,000	-182,000,000	-17,000,000	242,000,000		242,000,000		246,000,000		153,000,000
change in other assets																																																										-243,000,000	105,000,000	102,000,000	-97,000,000	32,000,000		32,000,000	-296,000,000	-232,000,000	-232,000,000	-310,000,000	-310,000,000	-77,000,000	-77,000,000	-229,000,000
change in accrued and other liabilities																																																										-288,000,000	-375,000,000	-387,000,000	138,000,000	-764,000,000		-764,000,000	430,000,000	-448,000,000	-448,000,000	-485,000,000	-485,000,000	-558,000,000	-558,000,000	136,000,000
change in deferred income																																																										-442,000,000	1,490,000,000	1,490,000,000	-295,000,000	1,201,000,000	124,000,000	1,201,000,000	117,000,000	373,000,000	373,000,000	755,000,000	755,000,000	1,092,000,000	1,092,000,000	120,000,000	867,000,000	20,000,000	552,000,000	552,000,000	843,000,000	-57,000,000	471,000,000	753,000,000	231,000,000
net cash from operating activities																																																											1,385,000,000				1,932,000,000			1,344,000,000	1,344,000,000	1,018,000,000	1,018,000,000	848,000,000	848,000,000	1,847,000,000	875,000,000	1,827,000	1,164,000,000	1,164,000	859,000,000	1,514,000	807,000,000	793,000,000	1,032,000,000
proceeds from disposal of intangible assets and property, plant, and equipment																																																										7,000,000	6,000,000	6,000,000	13,000,000	7,000,000	27,000,000	7,000,000		22,000,000	22,000,000	11,000,000		5,000,000
reduction of restricted cash																																																										0	3,000,000	3,000,000	999,000,000	1,000,000		1,000,000,000
purchase of investments																																																										-21,000,000	-545,000,000	-545,000,000	-9,000,000	-5,000,000		-5,000,000	-768,000,000	-720,000,000	-720,000,000	-512,000,000	-512,000,000	-471,000,000	-471,000,000	-2,194,000,000
sales of investments																																																													82,000,000	422,000,000	1,025,000,000	422,000,000	1,025,000,000	646,000,000	646,000,000	538,000,000	538,000,000	225,000,000	225,000,000	2,901,000,000
purchase of other financial assets																																																										-4,000,000	-3,000,000	-3,000,000	-3,000,000	-4,000,000		-4,000,000	-20,000,000	-15,000,000	-15,000,000	-7,000,000	-7,000,000	-4,000,000	-4,000,000	-12,000,000
sales of other financial assets																																																										4,000,000	4,000,000	4,000,000	-10,000,000	17,000,000	15,000,000	17,000,000	15,000,000	11,000,000	11,000,000	7,000,000	7,000,000	4,000,000	4,000,000	14,000,000
net cash from investing activities																																																											-588,000,000								-1,053,000,000	-552,000,000		-337,000,000	-337,000,000	-133,000,000	-528,000,000	-506,000,000		-81,000,000		-916,000,000	-322,000,000	-461,000,000	-226,000,000
purchase of treasury stock																																																													-125,000,000	-258,000,000		-258,000,000	-1,005,000,000	-756,000,000	-756,000,000	-506,000,000	-506,000,000	-339,000,000	-339,000,000	-1,153,000,000						-88,000,000	-71,000,000	-71,000,000	-250,000,000
proceeds from reissuance of treasury stock																																																										2,000,000	8,000,000	8,000,000	4,000,000	41,000,000	156,000,000	41,000,000	156,000,000	130,000,000	130,000,000	42,000,000	42,000,000	18,000,000	18,000,000	168,000,000
proceeds from issuance of common stock																																																										3,000,000	1,000,000	1,000,000	1,000,000	7,000,000	44,000,000	7,000,000	44,000,000	39,000,000	39,000,000	13,000,000	13,000,000	1,000,000	1,000,000	49,000,000
proceeds from short-term and long-term debt																																																													0	3,859,000,000	47,000,000	3,859,000,000	47,000,000	32,000,000	32,000,000	18,000,000	18,000,000	13,000,000	13,000,000	44,000,000
repayments of short-term and long-term debt																																																													-349,000,000	-911,000,000		-911,000,000	-48,000,000	-32,000,000	-32,000,000	-13,000,000	-13,000,000	-10,000,000	-10,000,000	-43,000,000
proceeds from the exercise of equity-based derivative instruments																																																										0	4,000,000	4,000,000	0	66,000,000	75,000,000	66,000,000	75,000,000	75,000,000	75,000,000	75,000,000	75,000,000	75,000,000	75,000,000	57,000,000
net cash provided by/used in financing activities
net change in cash and cash equivalents																																																										697,000,000	743,000,000	743,000,000	-826,000,000	629,000,000		629,000,000	-757,000,000		-790,000,000		-469,000,000				309,000,000		818,000,000		703,000,000	224,000,000	317,000,000	237,000,000	16,000,000
net income																																																												204,000,000	408,000,000	242,000,000		242,000,000	1,923,000,000	1,167,000,000	1,167,000,000	759,000,000	759,000,000	310,000,000	310,000,000	1,866,000,000	254,000,000	1,311,000	478,000,000	478,000,000	231,000,000	1,080,000	408,000,000	186,000,000	39,000,000
net loss from discontinued operations																																																														5,000,000
income from continuing operations																																																												210,000,000
adjustments to reconcile income from continuing operations
gains/losses from equity investees
writedowns of financial assets																																																												4,000,000
net cash from operating activities from continuing operations																																																												1,387,000,000	299,000,000	1,072,000,000		1,072,000,000	1,985,000,000
business combinations , net of cash and cash equivalents acquired
net cash from investing activities from continuing operations																																																												-588,000,000	-39,000,000	-3,212,000,000		-3,212,000,000
net cash from/used in financing activities from continuing operations
net cash from operating activities from discontinued operations																																																												-2,000,000	-4,000,000	-4,000,000		-4,000,000	-18,000,000
losses from at-equity investments
gains/losses on disposal of intangible assets and property, plant, and equipment																																																											1,000,000			1,000,000		1,000,000
net cash from financing activities																																																											13,000,000							-1,068,000,000	-1,068,000,000	-927,000,000	-927,000,000	-242,000,000	-242,000,000	-1,376,000,000	-71,000,000	-373,000,000		-283,000,000		-305,000,000	-143,000,000	-76,000,000	-652,000,000
net income from discontinued operations																																																												6,000,000				5,000,000	14,000,000
adjustments to reconcile income from continuing operations to net cash from operating activities:
losses from equity investees																																																													0	1,000,000		1,000,000
net cash from financing activities from continuing operations																																																													-1,071,000,000	2,765,000,000		2,765,000,000	-1,287,000,000
net cash from / used in financing activities from continuing operations																																																												13,000,000
minority interests																																																																	2,000,000	3,000,000	3,000,000		2,000,000			2,000,000
income from continuing operations before minority interests																																																													411,000,000	247,000,000		247,000,000	1,939,000,000
adjustments to reconcile income from continuing operations before minority interests to net cash from operating activities:
writeups/downs of financial assets																																																																						-1,000,000	-1,000,000
acquisition of minority interests in subsidiaries																																																																	-48,000,000	-48,000,000	-48,000,000	-48,000,000	-48,000,000
net cash from investing activities from discontinued operations																																																																	-1,000,000
net cash from financing activities from discontinued operations
net cash from discontinued operations																																																													-4,000,000	-4,000,000		-4,000,000	-19,000,000
share-based compensation including income tax benefits																																																															13,000,000
repayment of acquirees debt in business combinations
repayment of bonds																																																																								-1,000,000
net cash provided by/used in financing activities from continuing operations
write-ups/downs of financial assets																																																															8,000,000		8,000,000		2,000,000
net cash from / used in financing activities
writeups of financial assets
profit after taxes1)																																																															1,908,000,000
loss from at-equity investments																																																															1,000,000
gains/losses on disposal of property, plant, and equipment																																																															1,000,000
allowance for doubtful accounts
impacts of star hedging																																																															32,000,000		21,000,000	13,000,000	13,000,000	13,000,000	13,000,000	12,000,000	12,000,000	-79,000,000
change in liabilities																																																															375,000,000
proceeds from convertible bonds
acquisition of equity-based derivative instruments																																																																								-53,000,000
adjustments to reconcile income before minority interests to net cash from operating activities:
excess tax benefit from stock-based compensation																																																																-8,000,000								-3,000,000
loss from equity investees																																																																	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000
loss on disposal of intangible assets and property, plant, and equipment																																																																	1,000,000
change in accounts receivables																																																																	-512,000,000		246,000,000		153,000,000	48,000,000	48,000,000	-252,000,000
proceeds from disposal of intangible assets and property, plant and equipment																																																																	35,000,000				11,000,000		5,000,000	29,000,000
cash transferred to restricted cash accounts																																																																	-550,000,000
net cash from/provided by investing activities from continuing operations																																																																	-1,385,000,000
losses on disposal of investments
income before minority interests																																																																		1,170,000,000	1,170,000,000		761,000,000	310,000,000	310,000,000	1,868,000,000
gains on disposal of property, plant, and equipment																																																																						-1,000,000	-1,000,000	-2,000,000
writeups/-downs of financial assets																																																																		2,000,000
net cash from/provided by investing activities																																																																		-1,053,000,000			-552,000,000
net decrease in cash and cash equivalents																																																																		-790,000,000		-469,000,000
minority interest																																																																				2,000,000					1,000,000	5,000,000	3,000,000	3,000,000	2,000,000	7,000,000	3,000,000	2,000,000	4,000,000
income before minority interest																																																																				761,000,000					255,000,000
income from at-equity investments
other acquisitions, net of cash and cash equivalents acquired																																																																								-504,000,000
gains on disposal of property, plant, and equipment and equity securities
write- ups/downs of financial assets
stock- based compensation including income tax benefits
change in accounts receivables and other assets
change in reserves and liabilities																																																																									-348,000,000	427,000,000		-115,000,000			-555,000,000	-331,000,000	-469,000,000
change in deferred taxes																																																																									7,000,000	21,000,000		-34,000,000		73,000,000	36,000,000	12,000,000	41,000,000
acquisition of minorities in subsidiaries																																																																									-6,000,000	-167,000,000		-156,000,000
other acquisitions, net cash acquired
purchase of financial assets																																																																									-3,000,000	-40,000,000		-27,000,000		-32,000,000	-11,000,000	-8,000,000	-37,000,000
proceeds from disposal of fixed assets																																																																									7,000,000	116,000,000	42,000,000	42,000,000	20,000,000	34,000,000	16,000,000	6,000,000	35,000,000
purchase/sale of marketable securities
change in liquid assets
proceeds/repayment of short- term and long- term debt
proceeds from the exercise of equity- based derivatives
acquisition of equity- based derivatives
net cash used financing activities
effect of foreign exchange rates on cash																																																																									33,000,000	-42,000,000	18,000,000	18,000,000	24,000,000	-69,000,000	-25,000,000	-19,000,000
proceeds/repayment of short-term and long-term debt
proceeds from the exercise of equity derivative instruments
acquisition of derivative equity instruments																																																																									-47,000,000
purchase of marketable securities
proceeds from short-term and long-term
change in accounts receivable and other assets																																																																									104,000,000	-161,000,000	301,000,000	301,000,000	56,000,000	60,000,000	348,000,000	181,000,000	442,000,000
gains/losses on disposal of property, plant and equipment and marketable equity securities																																																																									-1,000,000								-4,000,000
impacts of hedging																																																																									10,000,000	-7,000,000		-11,000,000		3,000,000	3,000,000	1,000,000	62,000,000
change in deferred stock compensation																																																																									-21,000,000			-2,000,000		101,000,000	35,000,000	-1,000,000	6,000,000
change in other current assets																																																																									-48,000,000	-4,000,000		-100,000,000			-52,000,000	-69,000,000	16,000,000
change in liquid assets (maturities greater than 90 days) and marketable securities																																																																									-463,000,000	-203,000,000	149,000,000	149,000,000		-640,000,000	-226,000,000	-410,000,000	-1,000,000
change in treasury stock																																																																									-86,000,000	-108,000,000		-20,000,000
change in bonds																																																																									13,000,000	19,000,000	18,000,000	18,000,000		13,000,000
other changes to additional paid-in-capital																																																																									7,000,000	5,000,000	5,000,000	5,000,000	3,000,000	-2,000,000	-1,000,000	-1,000,000	-2,000,000
principal payments made on/proceeds from line of credit and long-term debt
proceeds from acquired derivative equity instruments																																																																									39,000,000
change in liquid assets (maturities greater than 3 months) and marketable securities
gains on disposal of property, plant, and equipment and marketable equity securities
proceeds from line of credit and long-term debt																																																																									3,000,000	4,000,000	6,000,000	6,000,000	8,000,000	1,000,000
net income before minority interest																																																																										1,316,000	481,000,000	481,000,000	229,000,000		405,000,000		35,000,000
gains on disposal of property, plant and equipment and marketable equity securities																																																																										-13,000,000		-12,000,000		-4,000,000
change in the scope of consolidation																																																																														-3,000,000			1,000,000
principal payments made on line of credit and long-term debt																																																																										-1,000,000				-4,000,000
effect of star-hedges																																																																										-43,000,000		-43,000,000
effect of star-hedge
reduction/purchase of treasury stock																																																																													14,000,000
impacts of convertible bonds																																																																													6,000,000		2,000,000	1,000,000	6,000,000
extraordinary gain
income from operations																																																																														1,087,000		188,000,000
losses from equity investments																																																																																	382,000,000
change in other non-fixed assets																																																																														20,000,000
investment in commerce one																																																																																	-2,000,000
effect of 2002 star hedge
effect of 2003 star hedge																																																																														-39,000,000
cash and cash equivalents at the end of the year																																																																														1,346,000
proceeds from/repayments of line of credit																																																																															122,000,000
effect of 2002 star-hedge																																																																																	-43,000,000
effect of 2003 star-hedge																																																																															-9,000,000	-9,000,000
proceeds from/repayments of line of credit and long-term debt																																																																																4,000,000
adjustments to reconcile income from operations to net cash from operating activities:
dilution gain from initial public offering of a subsidiary
in-process research and development
changes in deferred stock compensation
purchase of top tier, net of cash acquired
effect of 2000 star hedge
effect of 2001 star hedge
proceeds from initial public offering of a subsidiary
net cash from/used in financing activities
cash and cash equivalents at the beginning of the year
in process r&d
purchase of toptier, net of cash acquired
effect of 2000 star-hedge
repayments of/proceeds from line of credit and long-term debt																																																																																	-181,000,000
effect of 2001 star-hedge

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