SAP announces a Q2 Net Income of €423m, up from €408m in Q2/2008.
Financial Highlights:
Software sales drop 40 per cent year-over-year, from €898m to €543m
Software maintenance revenues increase 22 per cent year-over-year
2,800 jobs cut so far in 2009
Raises forecast for 2009 EBIT from 25.5 per cent and 27 per cent, previously 25.5 per cent was the high range.
Issued a €660m promissory note, or "Schuldschein" as its known in Germany
Increase in NI chalked up to cost savings, site reduced restructuring costs
Restructuring costs for 2009 expected to hit the low end of the €200m-€500m estimate
"For the remainder of the year we expect to maintain tight cost controls," -Werner Brandt, chief financial officer
Business Highlights
Announced details of it's on-demand software for large enterprises, where "function-specific software applications" will plug in to customer's on-site systems
Made available worldwide their Business Suite 7, their next-generation software suite enabled by service-oriented architecture (SOA).
Announced SAP BusinessObjects Explorer, "enabling customers to navigate mountains of business data at the speed of thought and giving them a clear view across their organizations"
Introduced additional customers for SAP Business ByDesign, SAP's fully integrated, on-demand business solution that "enables midsize companies from various industries to improve transparency and business operations, and support international growth, while helping to reduce IT costs"
Acquisitions:
Highdeal-real-time billing solutions for telecommunications
Federal Interior Ministry of Rheinland-Pfalz, Germany,
Group Danone,Shoosmiths, and Statoil ASA in EMEA;
Baker Hughes, Boston University, and Confederação SICREDI in Americas;
China Export & Credit Insurance Company, Commonwealth Bank of Australia, Ministry of Finance, Singapore, and Tata Teleservices Ltd in Asia Pacific Japan.
Shares of SAP traded up 3.94% from yesterdays close of $44.88 on the NYSE.