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SAP Debt Investor Relations

Engage in an open and rewarding dialogue with SAP debt investor relations – whether you’re a private or institutional credit investor or a credit analyst. Learn how we manage our funds – and yours. Gain an overview of our financial management, strategy, and credit profile. View our total outstanding debt or analyze our financial instruments, amounts, and coupons – everything you deserve to know as an SAP debt investor.

Credit Profile

See how SAP financial management strategies protect your debt investment by maintaining liquidity levels that meet our financial obligations at all times. Using business-generated cash flow to support operations, we can reserve investment funds to help us keep flexible

Financial Management

The primary aim of our financial management is to maintain liquidity in the Group at a level that is adequate to meet our obligations. Most SAP companies have their liquidity managed by the Group, so that liquid assets across the Group can be consolidated, monitored, and invested in accordance with Group policy. High levels of liquid assets help keep SAP flexible, sound, and independent. In addition, various credit facilities are currently available for additional liquidity, if required.

We manage credit, liquidity, interest rate, equity price, and foreign exchange rate risks on a Group-wide basis. We use selected derivatives exclusively for this purpose and not for speculation, which is defined as entering into a derivative instrument for which we do not have a corresponding underlying transaction. The rules for the use of derivatives and other rules and processes concerning the management of financial risks are collected in our treasury guideline document, which applies globally to all companies in the Group.

For more information see our Annual Report 2015

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Financing Strategy

Our primary source of cash, cash equivalents, and current investments is funds generated from our business operations. Over the past several years, our principal use of cash has been to support operations and our capital expenditure requirements resulting from our growth, to quickly repay financial debt, to acquire businesses, to pay dividends on our shares, and to buy back SAP shares on the open market.

We believe that our liquid assets combined with our undrawn credit facilities are sufficient to meet our present operating needs and, together with expected cash flows from operations, will support debt repayments and our currently planned capital expenditure requirements over the near term and medium term.

Depending on our future cash position and future market conditions, we might issue additional debt instruments to fund acquisitions, maintain financial flexibility, and limit repayment risk. Therefore, we continuously monitor funding options available in the capital markets and trends in the availability of funds, as well as the cost of such funding.

For more information see our Annual Report 2015

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Financing Principles

Share the rewards of our dependable financing principles – from operating liquidity and cash flow generation to equity ratio and debt capacity.

  • We maintain operating liquidity at a level that meets SAP financial obligations at all times
  • Our primary source of funding is our significant cash flow generation capacity
  • Our balance sheet structure is conservative – with a high equity ratio, modest financial leverage, well-balanced maturity profile, and deep debt capacity
  • We commit to repaying acquisition-related debt quickly
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Credit Rating

Rating agency   Long-term
Issuer Rating
  Outlook
Moody's   A2   Stable
Standard & Poor's   A   Positive

 

The following Eurobonds have received “A2” rating by Moody’s and “A” rating by Standard & Poor’s:

  • EUR 750m Notes due 2018
  • EUR 1bn Notes due 2023
  • EUR 1bn Notes due 2027
  • EUR 500m Notes due 2017
  • EUR 650m Notes due 2020
  • EUR 600m Notes due 2025

 

Outstanding Financial Debt

as of June 30, 2016
U.S. Private Placements

Overview of our U.S. private placement notes which were issued through one of our subsidiaries that has the U.S. dollar as its functional currency.

Instrument  
Issue date
 
Maturity
 
Volume
(in million)
 
Issue
currency
 
Coupon
US PP1 Tranche 2 - 2010  
Oct. 14, 2010
 
Oct. 14, 2017
 
200
 
USD
 
2.95% (fix)
US PP2 Tranche 2 - 2011  
Jun. 1, 2011
 
Jun. 1, 2018
 
150
 
USD
 
3.43% (fix)
US PP3 Tranche 1 - 2012  
Nov. 15, 2012
 
Nov. 15, 2017
 
242.5
 
USD
 
2.13% (fix)
US PP3 Tranche 2 - 2012  
Nov. 15, 2012
 
Nov. 15, 2020
 
290
 
USD
 
2.82% (fix)
US PP3 Tranche 3 - 2012  
Nov. 15, 2012
 
Nov. 15, 2022
 
444.5
 
USD
 
3.18% (fix)
US PP3 Tranche 4 - 2012  
Nov. 15, 2012
 
Nov. 15, 2024
 
323
 
USD
 
3.33% (fix)
US PP3 Tranche 5 - 2012  
Nov. 15, 2012
 
Nov. 15, 2027
 
100
 
USD
 
3.53% (fix)
Total U.S. Private Placements  
 
 
1,750
 
USD
 
 
   
 
 
 
 
1,576
 
EUR
 
 
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Eurobonds
Instrument
 
Issue date
 
Maturity
 
Volume
(in million)
 
Issue
currency
 
Coupon
 
Security code
(WKN)
 
ISIN No.
Eurobond 2 - 2010   Apr. 8,
2010
  Apr. 8, 2017   500   EUR   3.50% (fix)   A1ELSK   XS0500128326
Eurobond 2 - 2012
 
Nov. 13,
2012
 
Nov.
13,
2019
 
750
 
EUR
 
2.125% (fix)
 
A1R0U2
 
DE000A1R0U23
Eurobond 1 - 2014
 
Nov. 20,
2014
 
Nov.
20,
2018
 
750
 
EUR
 
3m Euribor + 30bps (var.)
 
A13SL1
 
DE000A13SL18
Eurobond 2 - 2014
 
Nov. 20,
2014
 
Feb.
20,
2023
 
1,000
 
EUR
 
1.125% (fix)
 
A13SL2
 
DE000A13SL26
Eurobond 3 - 2014
 
Nov. 20,
2014
 
Feb.
22,
2027
 
1,000
 
EUR
 
1.750% (fix)
 
A13SL3
 
DE000A13SL34
Eurobond 1 - 2015
 
Apr. 1,
2015
 
Apr.
1,
2017
 
500
 
EUR
 
3m Euribor + 17bps (var.)
 
A14KJD
 
DE000A14KJD0
Eurobond 2 - 2015
 
Apr. 1,
2015
 
Apr.
1,
2020
 
650
 
EUR
 
3m Euribor + 30 bps (var.)
 
A14KJE
 
DE000A14KJE8
Eurobond 3 - 2015
 
Apr. 1,
2015
 
Apr.
1,
2025
 
600
 
EUR
 
1.000% (fix)
 
A14KJF
 
DE000A14KJF5
Total outstanding Eurobonds  
5,750
 
EUR
 
 
 
 
 
 
For more details please see the Eurobond documentation
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Bank Loans
Instrument  
Issue date
 
Maturity
 
Volume
(in million)
 
Issue currency
 
Coupon
Concur Acquisition
Term Loan - 2
 
Sep. 18, 2014
 
Dec. 10, 2017  
 
1,250
 
EUR
 
0.45% (var)
Total loans  
 
 
1,250
 
 EUR
   
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Maturity Profile

Overview of SAP's maturity profile (according to contractual maturities):

* Please note that SAP has converted a portion of its outstanding debt with fixed interest rate into variable via the use of interest rate swaps.

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