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Thứ Năm, 18 tháng 7, 2013

SAP lowers forecasts on Asia weakness - Financial Times

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SAP lowered its sales forecasts for 2013, as the slowdown in Asia’s largest economies made an increasing impact on the market for business software.

Europe’s largest software company by market capitalisation said that full-year revenues would rise at least 10 per cent at constant currencies, compared with previously offered guidance of 11-13 per cent.

“As China has become less of an exporter, its trading partners have suffered,” said Bill McDermott, co-chief executive of SAP.

“Australia has suffered probably the most in the short term,” he added, saying that public-sector contracts had been delayed.

Despite weaker-than-expected sales, the company maintained its guidance for profits in 2013.

“That speaks to a combination of cost control and efficiency, and the fact that their cloud business is profitable,” said Ross Macmillan, an analyst at Jefferies.

In the Asia-Pacific region, revenues from software and cloud subscription services fell 7 per cent, despite growth in India and Indonesia.

“It’s similar to what the commentary has been from Oracle and Accenture,” said Daud Khan, an analyst at Berenberg Bank.

“The question is whether the slowdown is shortlived.”

Germany’s SAP has spent several billion dollars on acquisitions to strengthen its presence in cloud-based services, but says it will now pursue fewer deals.

“We really have everything covered,” said Mr McDermott.

Sales of the group’s flagship big data software, Hana, grew 21 per cent year-on-year in the three months to June to record revenues of €102m. Analysts from Citi called Hana’s growth “disappointing”, given the low base.

SAP expects the product will finish the year with sales of €650m-€700m.

“The last shoe to drop would be if they couldn’t achieve their Hana numbers,” added Mr Khan of Berenberg.

SAP’s shares were down 0.5 per cent at €57.38 in early afternoon trading in Frankfurt.

SAP Q2 results – period from April to June
SalesProfit after taxEarnings per shareOperating margin
↑ 4%↑ 10%↑ 11%↑ 0.7pp

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