SAP SE (SAP) 2006 Q2 法說會逐字稿

Hello, everyone, and welcome to SAP's second-quarter earnings conference here in New York City. My name is Stefan Gruber; I'm head of Investor Relations at SAP. I would like to give you a quick overview on the agenda for today. First, Werner Brandt, the CFO of SAP, will walk you through the numbers and the outlook. He will also comment a little bit on the issue which was discussed last week of the call order entry versus recognized software revenues.

大家好，歡迎參加在紐約舉行的 SAP 第二季財報會議。我的名字是 Stefan Gruber；我是 SAP 的投資者關係主管。我想向大家簡單介紹一下今天的議程。首先，SAP 財務長 Werner Brandt 將向您介紹相關數字和前景。他也將對上週討論的呼叫訂單輸入與確認的軟體收入的問題發表一些評論。

Next, Leo Apotheker, President of Customer Solutions and Operations and Member of the Executive Board of SAP, will provide you with an update on our regional performance and our success in the midmarket. Finally, Henning Kagermann, CEO of SAP, will comment on the business environment and our enterprise SOA roadmap.

接下來，SAP 客戶解決方案和營運總裁兼執行委員會成員 Leo Apotheker 將向您介紹我們的區域業績以及我們在中端市場的成功。最後，SAP 執行長 Henning Kagermann 將對商業環境和我們的企業 SOA 路線圖進行評論。

I would like to give a quick technical comment. This conference today is being webcast on our Investor Relations web page. So later on for the Q&A, please use some of the roaming microphones here in the room. And finally, before I get started, we have the Safe Harbor statement, the (indiscernible) this year. Please note that except for certain information, matters discussed in today's conference may contain forward-looking statements which are subject to various risks and uncertainties that could cause actual results to differ materially from expectations.

我想給一個簡短的技術評論。今天的會議將在我們的投資者關係網頁上進行網路直播。因此，稍後進行問答時，請使用房間裡的一些流動麥克風。最後，在我開始之前，我們有安全港聲明，（音訊不清晰）今年。請注意，除某些資訊外，今天會議討論的事項可能包含前瞻性陳述，這些陳述受各種風險和不確定性的影響，可能導致實際結果與預期有重大差異。

The factors that could affect the Company's future financial results are discussed more fully in the Company's most recent filings with the Securities and Exchange Commission.

本公司向美國證券交易委員會提交的最新文件中更詳細地討論了可能影響公司未來財務表現的因素。

Now, I would like to hand things over to Werner Brandt.

現在，我想把事情交給沃納·布蘭特。

Thank you, Stefan, and good morning. Here is a snapshot of what we present to date. First of all, Q2 financial figures at a glance. The software in product revenues increased by 10% year-over-year at constant currency. We had a very strong order entry performance and we are on track for the first half of the year.

謝謝你，史蒂芬，早安。以下是我們迄今為止所呈現內容的快照。首先，我們來看看Q2的財務數據。以固定匯率計算，產品中的軟體收入年增 10%。我們的訂單表現非常強勁，上半年的業績進展順利。

Total operating expenses increased by 7%, which gave us a leverage in the second quarter, and pro forma earnings per share increased by 38% to EUR1.41, and benefited from a reduced effective tax rate of 25% in the second quarter.

總營運費用增加了 7%，這為我們在第二季帶來了槓桿作用，每股收益增加了 38%，達到 1.41 歐元，並受益於第二季 25% 的有效稅率降低。

Some important deal metrics as for the quarter, number of deals increased by 18%; indirect sales increased by 20% year-over-year. This is based on the number of deals in direct sales increased by 17%, adding up to 18% quarter-over-quarter. Business with new customers is 24% of order entry. You see the number for 2005 here, and you see some metrics with regard to the number of -- increase of number of deals with the size of more than $5 million and below $1 million. This seems to be very stable if you compare the quarter over quarter.

本季的一些重要交易指標是，交易數量增加了 18%；間接銷售額年增20%。這是基於直銷交易數量增加了 17%，環比增長了 18%。新客戶業務佔訂單量的24%。您可以在這裡看到 2005 年的數字，還可以看到一些有關交易數量的指標——交易規模在 500 萬美元以上和 100 萬美元以下的交易數量有所增加。如果按季度比較的話，這似乎非常穩定。

If you look to the half-year figures, you see first of all we have 1870 new hires on a FTE basis in the first half of 2006, with investment focus as always set in R&D and sales and marketing. Of course, this number is also impacted by acquisitions we did. I remember Virsa, Frictionless Commerce, Praxis Software, and Khimetrics. It's I think important to mention that 42% of our new hires were hired in low-cost locations in the first half, and for the full year we still target to hire 305,000 employees in 2006.

如果你看一下上半年的數據，你首先會看到，2006 年上半年我們新聘用了 1870 名全職員工，投資重點一如既往地放在研發、銷售和行銷上。當然，這個數字也受到我們收購的影響。我記得 Virsa、Frictionless Commerce、Praxis Software 和 Khimetrics。我認為值得一提的是，上半年我們 42% 的新員工是在低成本地區招募的，而我們 2006 年全年的目標仍然是招募 305,000 名員工。

Further, efficiency improvement, I think you saw a very strong pro forma margin increase by 80 basis points quarter-over-quarter, and this is driven also by a very strong pro forma service gross margin increased by 100 basis points or 1 percentage points to 26%, due to better utilization rates, and here it's important to talk about billable utilization.

此外，效率提高，我認為您看到了非常強勁的備考利潤率，環比增長了 80 個基點，這也是由於非常強勁的備考服務毛利率增加了 100 個基點或 1 個百分點至 26%，這是由於利用率提高，這裡重要的是要談論可計費利用率。

Now, if you look to the key figures for the quarter as we always do, you see software revenue as indicated 8%, 10% on a constant currency basis. With 10% growth on the maintenance side to $856 million, and the service revenue increasing by 9% to $686 million, we see total revenue increasing by 9%, and this on an actual and on a constant basis.

現在，如果您像往常一樣查看本季度的關鍵數據，您會看到軟體收入以固定匯率計算增長了 8% 至 10%。維護收入成長 10% 至 8.56 億美元，服務收入成長 9% 至 6.86 億美元，總收入成長 9%，而且這是實際成長和持續成長。

With the leverage on operating expenses increasing by 7%, we come to an operating income margin of 24.2%, and this is not pro forma. That's a real operating income margin, and the operating income itself increased by 15%. And you see all of the other metrics this year; net income before income taxes increased by 26%, and I will talk about later a bit about financing (indiscernible) too. Net income increased by 43%. I mentioned before the effective tax rate, and earnings per share increased to EUR1.35 by 43%.

隨著營業費用槓桿率增加 7%，我們的營業收入利潤率達到 24.2%，這不是準備數據。這是實際營業收入利潤率，營業收入本身增加了 15%。你還會看到今年的所有其他指標；稅前淨收入增加了 26%，稍後我也會談一些有關融資（音頻不清晰）的問題。淨收入成長43%。我之前提到過有效稅率，每股盈餘增加 43% 至 1.35 歐元。

Now if you look to the pro forma numbers, we always start with EBITDA. You see EBITDA increasing by 14%, with on a quarterly basis if you look to the depreciation and amortization, it is roughly $100 million, and the margin is 26.7%. The pro forma operating margin, excluding stock-based compensation expenses and acquisition-related charges, increased by 13% as the margin itself achieved 25.4%. The effective tax rate is down to 25.1%. This is due, and let me state this very clearly, this is due from a settlement with fiscal authorities on one specific topic, the impact worth 30 million -- and this represents $0.10 per share. And we said last week, and I would like to repeat this here, if you look to the tax rate for the full year, we will see a rate around 30% or below 32.5% instead of 34.5%.

現在，如果您查看備考數字，我們總是從 EBITDA 開始。您會看到 EBITDA 成長了 14%，按季度計算，如果查看折舊和攤銷，則約為 1 億美元，利潤率為 26.7%。不包括股票薪酬費用和收購相關費用的預期營業利潤率成長了 13%，利潤率本身達到了 25.4%。有效稅率降至25.1%。這是應付的，讓我非常清楚地說明一下，這是因與財政當局就某一特定問題達成和解而應付的，影響價值為 3000 萬美元 - 這相當於每股 0.10 美元。我們上週說過，我想在這裡重複一遍，如果看一下全年的稅率，我們將看到稅率在 30% 左右或低於 32.5%，而不是 34.5%。

The revenue analysis, let me stay here for a second. First of all, I think it is important to mention besides all of the growth rates we see two things. The first one is that we saw a decline in the maintenance revenue on a sequential basis by $4 million. This is disappointing and we have two reasons for this reduction here of $4 million. Number one, of course, the currency; we mentioned this already in the call last week. But this is roughly 50, 55% of the story, and the rest is -- and we have to admit this -- reduced maintenance for some customers across all regions, but mainly in the United States.

收入分析，讓我在這裡停留一會兒。首先，我認為除了所有的成長率之外，我們還看到兩件事，這一點很重要。首先，我們發現維護收入較上月下降了 400 萬美元。這令人失望，減少 400 萬美元有兩個原因。第一，當然是貨幣；我們在上週的電話會議中已經提到了這一點。但這大約是故事的 50% 到 55%，其餘的是——我們必須承認這一點——針對所有地區的部分客戶（主要是美國）的維護減少。

The second point I would like to highlight is the growth rate on the consulting side. You see here 9%. On a half-year basis, it is 30%. I want to make clear that we do not anticipate this kind of growth for the full year of 2006.

我想強調的第二點是諮詢方面的成長率。你在這裡看到9%。以半年計算，是30%。我想明確指出的是，我們預計 2006 年全年不會出現這種增長。

If you go down to the operating expense analysis, we always start with the pro forma gross margin analysis for the second quarter here. You see, first of all, that we have a stable pro forma product gross margin. This is driven by an increase of all of the expense elements within cost of product. You know we have [purchase] license here, which increased by 10%, but also the support cost increase in this range. So we have an overall increase of pro forma cost of product by 10%.

如果您進行營運費用分析，我們總是從第二季的預測毛利率分析開始。首先，您會看到，我們擁有穩定的形式產品毛利率。這是由於產品成本中所有費用要素的增加所致。您知道我們這裡有[購買]許可證，增加了 10%，但支援成本也在這個範圍內增加。因此，我們的產品預計成本總體增加了 10%。

Let's keep in mind that we have included in this pro forma cost of product also one-time hits coming from litigations, and only in the quarter this was around EUR10 million. The service side improved as mentioned before on a quarterly basis, here by 1 percentage points to 100 basis points. First of all, if you look to the headcount, you will see later, the headcount in the service side is [split]. But we are seeing strong margin improvements on the consulting side as I mentioned before, 100 basis points improvement, but also on the trading side we see 17% improvement here on a margin side.

請記住，我們在該產品的預計成本中還包括了來自訴訟的一次性損失，僅在本季度，這一損失就約為 1000 萬歐元。服務業方面，如同前面提到的，按季度來看是有所改善的，這裡改善了1個百分點，達到100個基點。首先，如果你看一下員工人數，你稍後會看到，服務方面的員工人數是[分裂的]。但正如我之前提到的，我們看到諮詢方面的利潤率大幅提高，提高了 100 個基點，而且在交易方面，我們看到利潤率提高了 17%。

That portion included in cost of service which showed a decrease in margin is the hosting business, but as we indicated beginning of the year, we are investing in this hosting business in order to be positioned for new business models going forward. For consulting again, it is billable utilization and also bits of utilization which helps us to bring up the margin. And the key driver for this margin extension came out of the U.S.

服務成本中利潤率下降的部分是託管業務，但正如我們年初所指出的，我們正在投資這項託管業務，以便為未來的新業務模式做好準備。再次進行諮詢，可計費利用率和部分利用率可幫助我們提高利潤。利潤率上升的關鍵驅動力來自美國。

So if you look to the product and service gross margin, it's 64% constant quarter-over-quarter, 2006 versus 2005. If you look to the half-year, I think the picture is quite similar, for this is only for your reference. And let's come now to the pro forma cost analysis in the second quarter. I would like to start again with R&D where we have one clear focus in investment, and you see this increase here of 11% is solely driven by an increase of personnel expenses, and this is based on an increase of headcount in R&D by roughly 1800 if you compared June 2005 versus June 2006.

因此，如果你看一下產品和服務的毛利率，你會發現 2006 年與 2005 年相比，季度環比增長了 64%。如果你看一下這半年的情況，我認為情況非常相似，但這僅供參考。現在讓我們來看看第二季的預計成本分析。我想再次從研發開始，我們有一個明確的投資重點，你會看到這裡 11% 的增長完全是由人事費用的增加所驅動，這是基於研發人員數量增加了大約 1800 人（如果你將 2005 年 6 月與 2006 年 6 月進行比較）。

Sales and marketing as a percentage of total revenue declined by a percentage point. This is more a rounding effect. This is really not 100 basis points reduction here. And sales and marketing, if you split it, we had $290 million in sales increased by 6%, and marketing expenses increased by 3%, up to $177 million. And both were driven by additional hirings in the quarter on the sales side. Roughly 560 FTEs added thereof 65% in our region of growth; that is the U.S. market. And also if you look to the marketing, more than 200 new heads in marketing, and 50% of this is around the global marketing we have here in New York.

銷售和行銷佔總收入的比例下降了一個百分點。這更像是一種圓整效果。這其實並不是 100 個基點的降幅。如果將銷售和行銷分開，我們的銷售額為 2.9 億美元，成長了 6%，而行銷費用則增加了 3%，達到 1.77 億美元。而這兩項成長都是由本季銷售的額外招募所推動的。大約增加了 560 個 FTE，其中 65% 位於我們的成長區域；那就是美國市場。另外，如果你看一下行銷部門，你會發現有超過 200 位新行銷主管，其中 50％ 負責我們在紐約的全球行銷工作。

Again, if you look to it from a half-year perspective, not a real change. This is in line with the quarter. Now, our pro forma operating expenses, if you look to this one, you see personnel is a key driver of the increase in pro forma operating cost, and I think there is no need for further explanation.

再說一次，如果從半年的角度來看，這並不是真正的改變。這與本季一致。現在，如果您看一下我們的備考營運費用，您會發現人員是備考營運成本增加的關鍵驅動因素，我認為不需要進一步解釋。

Let's come to the consolidated balance sheet for June 30. I think the balance sheet structure is healthy. I would like to highlight one piece here; that is a reduction in liquid assets. We see this on the next slide. We provide here bridging between the liquid assets by the end of December 2005, with more than $3.4 billion, and we end up with $2.5 billion. And the main levers here are, besides increasing operational cash flow, which increases our cash and liquid assets, you see dividends of $447 million. You see spending for acquisitions, and this is on a cash-flow basis here, $486 million.

讓我們來看看6月30日的合併資產負債表。我認為資產負債表結構是健康的。我想在這裡強調一點；這就是流動資產的減少。我們在下一張投影片中看到這一點。截至 2005 年 12 月底，我們為流動資產提供了超過 34 億美元的過渡資金，最終我們的流動資產總額為 25 億美元。這裡的主要槓桿是，除了增加營運現金流（從而增加我們的現金和流動資產）之外，你還會看到 4.47 億美元的股息。你可以看到收購支出，以現金流計算，為 4.86 億美元。

You see that we purchased -- repurchased stock owned shares at an amount of $938 million, and this is equivalent to 5.66 million shares at an average price of EUR165 per share. But if you look to what we had in treasury stock as a whole, it is now 11.3 million shares, and the average share price is roughly 139 in our treasury stock. And keep in mind, we want to use this partly for options, which I exercise for our employees. And if you take the number of options outstanding, we have roughly 15 million outstanding, so we still have room under this regime to increase our buyback activities.

您會看到，我們買了——回購了價值 9.38 億美元的股票，相當於 566 萬股，平均價格為每股 165 歐元。但如果你看一下我們庫存股的整體情況，現在庫存股總數為 1,130 萬股，庫存股的平均股價約為 139 美元。請記住，我們希望將其部分用作選擇權，我為我們的員工行使這些選擇權。如果算上未償還的選擇權數量，我們還有大約 1500 萬股未償還的選擇權，因此在這種制度下，我們仍然有空間增加回購活動。

DSO, I think, we saw an increase of one day. I'm sure that this will, with all of the focus from the countries, will improve again. This quarter we have -- this first half we have an increase of one day. That is at the end of the day not acceptable, and we will do a lot in order to show improvement.

我認為，DSO 我們看到成長了一天。我相信，在各國的共同關注下，這項狀況將會再次改善。本季—上半年我們增加了一天。最終這是不可接受的，我們會盡很多努力來取得進步。

Again, you see our equity ratio and our operational cash flow here. This is in line with what I set for the full year in terms of our ability to generate free cash flow in 2006. If you look to the headcount on a worldwide basis, you see if you compare to March, 5% increase in product. Remember, this is the service and support organization, including custom development, increased by 234, thereof 30% in low-cost. And the other area where we saw increase is R&D, was 580 in the quarter, and thereof 52% in low-cost locations.

再次，您可以在這裡看到我們的股權比率和營運現金流。這與我對 2006 年全年產生自由現金流的能力的設定一致。如果你看一下全球範圍內的員工總數，你會發現與 3 月相比，產品數量增加了 5%。請記住，這是服務和支援組織，包括客製化開發，增加了 234 個，其中 30% 是低成本的。我們看到成長的另一個領域是研發，本季有 580 個研發人員，其中 52% 位於低成本地區。

This number, as I said, is impacted by acquisitions in the quarter. The number is 316 FTEs coming from acquisition, I said before, for the half-year, versus roughly 450.

正如我所說，這個數字受到本季收購的影響。我之前說過，上半年透過收購獲得的全職員工人數為 316 人，而同期的全職員工人數約為 450 人。

Here is one part I would like to spend some minutes on. That is software order entry versus recognized software revenue. And you see for us, order entry is a key indicator for future software revenue. Order entry was strong over the last quarter, especially strong now in Q2 2006, and here you see the general rule, software quarter entry increases when a contract is signed by the customer and SAP and the contract is posted. Posted means in our system, is entered into our system.

這是我想花幾分鐘討論的部分。那是軟體訂單輸入與確認的軟體收入。您會發現，對我們來說，訂單輸入是未來軟體收入的關鍵指標。上個季度的訂單量很強勁，特別是 2006 年第二季的訂單量，這裡您可以看到一般規則，當客戶和 SAP 簽署合約並發布合約時，軟體季度的訂單量就會增加。已發布意味著在我們的系統中，已輸入到我們的系統中。

And software revenue generally increases when a contract is signed by the customer and SAP, and the delivery has occurred, and the fee is fixed and determinable and collectibility is -- probably you know all of these criteria which must be fulfilled under the respective accounting guideline SOP 97.

當客戶和 SAP 簽訂合約、交付完成、費用固定且可確定且可收回時，軟體收入通常會增加 - 您可能知道所有這些標準都必須根據相應的會計指南 SOP 97 來滿足。

Here I have some typical examples for differences, and if I only look to the top deals, top four deals in order entry, in the second quarter we had order entry of 100 million, and the realized revenue behind this was roughly 30 to $35 million. You see a dip here, and this will come over time. There are several reasons behind it which we have listed here, and we will see one example from where I will articulate later on, which illustrates it.

這裡我有一些典型的差異例子，如果我只看排名靠前的交易，訂單錄入排名前四的交易，那麼在第二季度，我們的訂單錄入量為 1 億美元，背後實現的收入大約為 3000 萬至 3500 萬美元。你會看到這裡出現了一個下降趨勢，而且這種情況會隨著時間的推移而出現。這背後有幾個原因，我們在這裡列出來，我們將看到一個例子，我稍後會詳細闡述，以說明這一點。

For example, if you take phase contracts with committed phases, software entry all phases upon signature, posting of the contract. That is clear. We have an umbrella agreement over four years, but at the end of the day, the customer commits to buy in phases over the four years one-fourth of the entire software order entry. So each phase upon agreed-upon date, and we can recognize the revenue. In one case, order entry was 28 million and revenue recognized was $50 million.

例如，如果您簽訂了包含承諾階段的階段合同，則軟體會在簽署和發布合約時輸入所有階段。這很清楚。我們有一個為期四年的總括協議，但最終，客戶承諾在四年內分階段購買整個軟體訂單的四分之一。因此，每個階段在商定的日期後，我們就可以確認收入。在一個案例中，訂單量為 2800 萬美元，確認的收入為 5000 萬美元。

Future functionality and undelivered functionality, of course, order entry when we sign the contract, but software revenue recognition according to the rules, only possible when all functionalities are delivered. We had one instance here, 20 million order entry, $50 million revenue recognized.

未來的功能和未交付的功能，當然在我們簽訂合約時訂單錄入，但按照規則軟體收入確認，只有當所有功能都交付時才有可能。我們這裡有一個例子，2000萬個訂單，確認的收入為5000萬美元。

Custom development projects, I think the multi-element agreement with custom development elements upon signature posting of the contract, total contracted software amount. But if you look to the revenue recognition, it's software revenue ratably over the term of the development of the customer development project. So it's percentage of completion, and here we had one case with 60 million in order entry, but 0 revenue recognized.

客製化開發項目，我認為多元素協議包含客製化開發元素，合約簽署後，合約軟體總金額。但如果你看一下收入確認，你會發現它是在客戶開發專案開發期間內按比例計算的軟體收入。所以這是完成百分比，這裡我們有一個案例，訂單量為 6000 萬，但確認的收入為 0。

This will come over the next quarters and years as we make progress with this development project. You have BPO and rental deals as I mentioned here, and subscription deals, especially global enterprise agreements, but that is a topic I would like to leave up for Leo who can explain some real-life examples in a minute.

隨著我們推進這項開發項目，這一目標將在未來幾個季度和幾年內實現。正如我在這裡提到的，你們有 BPO 和租賃交易，以及訂閱交易，特別是全球企業協議，但這個主題我想留給 Leo 來討論，他可以在一分鐘內解釋一些現實生活中的例子。

The outlook, the outlook has not changed. The Company continues to provide the following outlook for the full year 2006 as described in its April 20 first-quarter results press release. Let me read this so that it is really communicated to everybody, also everybody not being present in this room. The Company expects full-year 2006 product revenue to increase in the range of 13% to 15% compared to 2005. This growth rate is based on the Company's expectation for full-year 2006 software revenue growth in the range of 15% to 17% compared to 2005.

前景、前景沒有改變。該公司繼續提供 4 月 20 日第一季業績新聞稿中所述的 2006 年全年前景。讓我讀一下這段話，以便讓每個人都能真正了解這一點，包括所有不在場的人。公司預計2006年全年產品收入將比2005年成長13%至15%。此成長率是基於公司對2006年全年軟體營收較2005年成長15%至17%的預期。

The Company expects the full year 2006 pro forma operating margin which excludes stock-based compensation and acquisition-related charges to increase in the range of 50 to 100 percentage -- 0.5 to 1.0 percentage points compared to 2005. The Company expects full-year 2006 pro forma earnings per share, which excludes stock-based compensation and acquisition- related charges and impairment related-charges to be in the range EUR5.80 to EUR6.00 per share.

公司預計，2006 年全年預計營業利潤率（不包括股票薪酬和收購相關費用）將增長 50% 至 100%——與 2005 年相比增長 0.5 至 1.0 個百分點。公司預計 2006 年全年每股收益（不包括股票薪酬和收購相關費用以及減損相關費用）將在 5.80 歐元至 6.00 歐元之間。

The outlook is based on an assumed U.S. dollar to euro exchange rate of 1.23 per 1 euro. That is very important. The expected increase in headcount is 3500 FTEs, and as I mentioned before, tax rate below 32.5%.

該預測基於假設的美元兌歐元匯率為 1.23 兌 1 歐元。這非常重要。預計員工人數將增加 3500 名全職員工，正如我之前提到的，稅率低於 32.5%。

That is all from my perspective, and now I would like to hand over to Leo Apotheker.

以上就是我的觀點，現在我想將時間交給 Leo Apotheker。

Good morning, everyone. Thank you, Werner. I would like to give you a little bit more color on what happens not only in the quarter, but also in the half-year. And then I will try to give you some visibility and some information on some of our performances across the board.

大家早安。謝謝你，沃納。我想向大家詳細介紹一下本季和半年的情況。然後，我會試著向大家介紹一些我們各方面表現的概況和資訊。

If I look at the half-year, we grew our software revenues by 14%, and in fact, Q2 2006 marks the tenth consecutive quarter of double-digit software revenue growth. That is important to remember. We came in in 2006 slightly below street expectations, but a few things people should keep in mind. First of all, our order entry as Werner has already mentioned grew much faster than recognized software revenue in Q2. Some deals were closed that will be recognized over a number of years. Werner already gave you some of the reasons why that happens. And indeed, some transactions that we had hoped to close in the first half or actually end of June will now close in the second half of the year. The good news is none of these deals were lost, and we expect to close all of them.

從上半年來看，我們的軟體營收成長了 14%，事實上，2006 年第二季已是軟體收入連續第十個季度實現兩位數成長。記住這一點很重要。2006 年我們的業績略低於市場預期，但人們應該記住一些事情。首先，正如 Werner 已經提到的，我們第二季的訂單量成長速度遠遠快於已確認的軟體收入。一些已經達成的交易將在幾年內得到認可。沃納已經給出了發生這種情況的一些原因。事實上，我們原本希望在上半年或 6 月底完成的一些交易現在將在下半年完成。好消息是這些交易都未失敗，我們預計所有交易都將完成。

We had a continued high win rate against our main competitor, and that is a good sign. Despite many of the attempts that have been made to change that, we continue to have a very high win rate and we have every intention of keeping it that way. And we are on track to achieve full- year growth targets.

我們在與主要競爭對手的比賽中保持了較高的勝率，這是一個好兆頭。儘管我們曾多次嘗試改變這種狀況，但我們的勝率仍然很高，而且我們決心保持這種狀態。我們有望實現全年成長目標。

Now, let me maybe give you some color about a particular transaction that we do that is very important for us, for our customers, and also for you to understand. It is global enterprise agreements. We're talking about a strategic partnership with a selected number of customers, and in fact, what we're doing is thanks to our ESA roadmap that is now available and the visibility that this has given our customers, we can now engage into a conversation with key customers who want to commit for a long period of time on the strategy for SAP, and we can thereby underpin the relationship for a long period of time, usually five years.

現在，讓我向您介紹我們進行的一項特定交易，這對我們、對我們的客戶以及對您來說都非常重要。這是全球企業協議。我們正在與部分客戶討論建立策略合作夥伴關係，事實上，由於我們現在可以使用 ESA 路線圖，並且這為我們的客戶提供了可見性，我們現在可以與想要長期致力於 SAP 策略的關鍵客戶進行對話，從而我們可以長期（通常是五年）地鞏固這種關係。

We signed two global enterprise agreements like this in the first half year. That's probably one of the things you have heard what you call nicely your sources of information, and these are high double-digit deals, sometimes even low triple-digit deals. And as I said, they commit the customer and SAP on a five-year relationship.

我們上半年簽署了兩份這樣的全球企業協議。這可能是您聽過的、您稱之為資訊來源的事情之一，這些是高兩位數的交易，有時甚至是低三位數的交易。正如我所說，他們承諾與客戶和 SAP 建立五年的合作關係。

We started this initiative about a year ago, given the strategic nature of these things, the negotiations and the discussions and the conversations alone. Because it is not just about a deal, it is about true relationship, the implementation of the software, what will be included, what won't be included, because this is not a "as much as you can get" deal. It is usually with limited scope. We don't put everything in there. Because of the nature of the deal, we recognize revenues quarterly on a pro rata basis over the term of the agreement.

考慮到這些事情的戰略性質、談判、討論和對話本身，我們大約在一年前開始了這項倡議。因為這不僅僅是一筆交易，而是關乎真正的關係、軟體的實施、包括什麼、不包括什麼，因為這不是一個「你能得到多少就得到多少」的交易。它通常具有有限的範圍。我們不會把所有東西都放在那裡。由於交易的性質，我們在協議期限內按比例按季度確認收入。

So if I take a global enterprise agreement of 100 and it's over five years, that is 20 quarters and, therefore, the mathematics are pretty simple, and that is as it is described on the graph. So when you hear that we win last year's, it is absolutely true. We do win last year's. We actually win the vast majority of them. Some of them, and we are working on that, like in this example, are structured in the way I have just described, which explains also the large difference between order entry and our recognized software revenue.

因此，如果我採取 100 份全球企業協議，並且期限為五年，那就是 20 個季度，因此，數學非常簡單，正如圖表中所描述的那樣。因此，當您聽說我們贏得了去年的冠軍時，這絕對是真的。去年我們確實贏了。事實上，我們贏得了絕大多數勝利。我們正在對其中一些進行研究，就像在這個例子中一樣，它們按照我剛才描述的方式構建，這也解釋了訂單輸入和我們確認的軟體收入之間的巨大差異。

Our volume business continues to do really well. We added another 3500 customers globally. Our indirect channel and our customer base continues to expand. We have now about 8300 all-in-one customers. That is a growth of 24%. We have 1807 partners, all-in-one. That is an increase of 24%. And in Business One, we have passed the 10,000 customer mark. It is now 10,800. That is a 54% year-over-year growth, and we have about 1300 partners selling Business One; that is a 38% growth. As you can see, the channel is expanding and is gaining traction.

我們的大量業務繼續表現良好。我們在全球又增加了 3500 名客戶。我們的間接管道和客戶群不斷擴大。我們現在有大約8300個一體化客戶。成長率為24%。我們有1807個合作夥伴，一體化。增幅達 24%。在 Business One，我們的客戶數量已突破 10,000 大關。現在是10,800。這比去年同期成長了 54%，我們有大約 1300 個合作夥伴銷售 Business One；成長率達到38%。如您所見，該管道正在擴大並獲得關注。

We had strong revenue and good number of contracts growth from the indirect channel in the first half of 2006. We grew the number of contracts by 26%, and that gives us a little bit of a better balanced deal size contribution between the last years that are sometimes a little bit binary and denies flow of deals that come into the volume business.

2006年上半年，我們從間接通路獲得了強勁的收入和良好的合約數量成長。我們的合約數量增加了 26%，這使我們在交易規模貢獻方面獲得了更好的平衡，過去幾年有時有點二元化，並阻止了進入批量業務的交易流。

We have deployed the SAP PartnerEdge program, which is recognized by many of the industry pundits as the best partner program in the industry. And when I look at our various efforts in verticals and industries, we have balance and strong growth in both our traditional industries, life science, chemicals, oil and gas, telcos and utilities, and also our new focus industries. And in particular, I would like to point out high-tech, retail which is absolutely booming, and public sector.

我們部署了 SAP PartnerEdge 計劃，該計劃被許多業內專家公認為業內最佳合作夥伴計劃。當我審視我們在垂直領域和行業的各種努力時，我發現我們在傳統行業、生命科學、化學品、石油和天然氣、電信和公用事業以及新興重點行業都實現了平衡和強勁增長。我特別想指出的是高科技、蓬勃發展的零售業和公共部門。

We maintain our leadership in the small and midsize business segments. We report this every quarter. You know how we do this. I don't go into the mechanics again, but as you can see, we do a good 30% of our $3.5 billion business rolling four quarters in the SME segments, and that by itself is almost as much as the number two of the industry does in all of the segments globally in the entire business.

我們在中小型企業領域中保持領先地位。我們每季都會報告這一情況。你知道我們是怎麼做到的。我不想再深入討論機制，但正如你所看到的，在四個季度中，我們的 35 億美元業務中有 30% 是在中小企業領域，而這本身就幾乎相當於全球整個行業中所有細分市場中排名第二的公司的業績。

To give you some information on Safe Passage, that continues to do really well. We have now 310 customers that have selected SAP as their trusted vendor as part of the Safe Passage initiative. We added in the first half year another 110 customers. A few key names that I can share with you today in Q2, we closed Brainlab, Dubai Aluminium, Empresas Municipales de Sevilla, La Caixa, (indiscernible), Saint Gobain Systems d'Information, TBC Corporation, and Telefonica.

向您提供有關“安全通道”的一些信息，它的表現一直很好。作為安全通道計畫的一部分，我們目前有 310 位客戶選擇 SAP 作為其值得信賴的供應商。我們上半年又增加了110個客戶。今天我可以與大家分享第二季的一些重要公司，我們關閉了 Brainlab、杜拜鋁業、塞維利亞市政公司、La Caixa、（音訊不清晰）、聖戈班資訊系統、TBC 公司和西班牙電信。

We have extended the program in order to offer it as well to Siebel customers, and we have opened a TomorrowNow office in Austria, and now we have a global network of TomorrowNow capabilities, which is gaining significant traction because of that.

我們擴展了該計劃，以便將其提供給 Siebel 客戶，並且我們在奧地利開設了 TomorrowNow 辦事處，現在我們擁有一個 TomorrowNow 功能的全球網絡，並因此獲得了顯著的吸引力。

Some selected customer wins in the second quarter. In the Americas, Americas, Beall's, Deloitte Consulting, ExxonMobil -- I don't need to tell you what they do -- Invensys, Jabil Circuit, Johns Manville Corporation, S.C. Johnson. And the Home Depot has reconfirmed its commitment to SAP, and that is something we are very grateful for and we really appreciate that.

一些選定的客戶在第二季獲勝。在美洲，Beall's、德勤諮詢、埃克森美孚——我不需要告訴你他們做什麼——英維思、捷普、Johns Manville Corporation、莊臣。家得寶已重申對 SAP 的承諾，我們對此深表感謝，並由衷讚賞。

In EMEA, Commerzbank, Dematic, Givaudan, Ilim Pulp Enterprise -- that's a large Russian company -- the Ukrainian Ministry of Defense, Oce-Technologies, a highly-competitive bid against the number two of this industry; Saint Gobain Systems d'Information -- that's a Safe Passage deal -- and of course, Telefonica.

在 EMEA 地區，德國商業銀行、Dematic、Givaudan、Ilim Pulp Enterprise（一家大型俄羅斯公司）、烏克蘭國防部、Oce-Technologies，與該行業第二大公司展開了激烈的競標；聖戈班資訊系統公司（Saint Gobain Systems d'Information）—這是一項安全通道交易—當然還有西班牙電信公司。

In Asia-Pacific, Anshan Iron & Steel, China MinMetals, also a very competitive deal; Malayan Banking Berhad, Noritsu Koki Company in Japan, Reliance Communication in India, and the Water Corporation in India as well.

亞太地區，鞍鋼、中國五礦的交易也極具競爭力；馬來亞銀行有限公司、日本諾日士工機公司、印度 Reliance Communication 和印度水務公司。

If I look at the software revenues by region for the half-year, the Americas did really well and grew 31% or 25% in constant currency, of which the U.S. contributed 20% growth and 17% in currency adjusted figures. APA, 5%, but if I exclude Japan from APA, that's actually 13 and 10. Japan had a small decline, but Q2 showed some good news. EMEA 4%, and Germany despite the World Cup -- or maybe because of the World Cup -- grew by 8%.

如果我看一下上半年各地區的軟體收入，美洲地區表現確實很好，增長了 31%，按固定匯率計算增長了 25%，其中美國貢獻了 20% 的增長，按匯率調整後的數字計算則為 17%。APA，5%，但如果我將日本排除在 APA 之外，那實際上是 13 和 10。日本略有下滑，但第二季傳出了一些好消息。歐洲、中東和非洲地區成長了 4%，而德國儘管舉辦了世界盃 — — 或者可能正是因為世界盃 — — 也成長了 8%。

Let's maybe take a deeper dive into the regions. The Americas in the first-half year, let me just maybe put things back into perspective for everyone. The U.S. has now delivered 12 consecutive quarters of double-digit growth. That is quite an achievement. In fact, if I look at the average growth rate over the last 12 quarters, the U.S. had a 34% average growth rate over these 12 quarters, which I think is quite an achievement. The Americas region continues to be a key growth driver for us, and the growth rate of the region was 31%, 25% at constant currencies.

讓我們更深入地了解這些地區。讓我來為大家重新回顧一下上半年美洲的情況。美國經濟目前已連續12季實現兩位數成長。這是一個相當大的成就。事實上，如果我看過去12季的平均成長率，美國在這12季的平均成長率是34%，我認為這是相當了不起的成就。美洲地區繼續成為我們的主要成長動力，該地區的成長率為 31%，以固定匯率計算為 25%。

We are the clear market leader in North America, but also in the U.S. And I am very happy also to see that our midmarket performance in the U.S. is picking up real steam and is going strongly forward.

我們是北美乃至美國的明顯市場領導者。我也很高興地看到，我們在美國中端市場的表現正在真正升溫，並且強勁向前發展。

In Europe, highly heterogeneous region as you all know. We had actually solid performance, and just to put things into perspective here as well, we generate in Europe about 3.5 times more software license revenues than the number two. And that is on a rolling four-quarter basis. We had very strong performance in Russia, very strong performance in France, good results in Germany, good results in Switzerland, good performance in Nordic in the half-year, good performance in the Benelux.

眾所周知，歐洲是一個高度多元化的地區。我們的業績確實很穩健，從這個角度來看，我們在歐洲的軟體授權收入比排名第二的公司高出 3.5 倍。這是連續四個季度的數據。我們在俄羅斯的表現非常強勁，在法國的表現也非常強勁，在德國取得了良好的成績，在瑞士取得了良好的成績，在北歐半年表現良好，在比荷盧三國表現良好。

And we had some challenges that you have heard from other companies as well in some other parts in Europe. The UK was slightly below the average, so was Italy and so was Iberia.

我們面臨的一些挑戰也是您從歐洲其他地區的其他公司聽說的。英國略低於平均水平，義大利也是如此，伊比利亞也是如此。

Asia-Pacific, we continue to do a great job in penetrating the growth markets in Asia-Pacific, particular China and India. We usually don't disclose the exact numbers there, but just to give you an indication, in countries such as India and China our growth rates either big double-digits in certain -- and in one of the two cases actually triple digits.

亞太地區，我們持續大力開拓亞太地區的成長市場，特別是中國和印度。我們通常不會透露確切的數字，但只是為了給你們一個參考，在印度和中國這樣的國家，我們的成長率在某些國家達到兩位數，而在其中一個國家，我們的成長率實際上達到三位數。

In Japan, the situation is still a bit of a challenge, but we have some good news. Q2 actually showed a stabilization, if not a rebound, with 4% growth in constant currency, and we feel confident that that trend will continue like this in that very important country. We have made quite some changes there and we feel a lot better about Japan than we did before.

在日本，情況仍然有些挑戰，但我們也有一些好消息。第二季度即使沒有反彈，也顯示出了穩定的勢頭，以固定匯率計算增長了 4%，我們相信，這一趨勢將在這個非常重要的國家持續下去。我們在那裡做出了相當大的改變，我們對日本的感覺比以前好多了。

Maybe just to conclude and to remind you what our priorities are for the remainder of the year, we want to extend our leadership both in the core enterprise application markets but also in our focused industries, the ones I have mentioned earlier on. We will continue to push very hard on this small and midsize enterprise segments, expanding the channel, giving us better go-to-market capabilities.

也許只是為了總結並提醒您我們今年剩餘時間的首要任務是什麼，我們希望擴大我們在核心企業應用市場以及我們所關注的行業的領導地位，就像我之前提到的那樣。我們將繼續大力推動中小型企業領域，擴大管道，增強我們的市場進入能力。

We are continuing to boost and to strengthen our partner ecosystem, which we feel is very important for our short and medium-term performance. We will expand our leadership in the platform markets, and we will continue to focus on the business user, thanks to SAP Analytix, our xApps, our Duet offering, and CRM on-demand.

我們正在繼續提升和加強我們的合作夥伴生態系統，我們認為這對我們的短期和中期業績非常重要。我們將擴大我們在平台市場的領導地位，並將繼續專注於業務用戶，這要歸功於 SAP Analytix、我們的 xApps、我們的 Duet 產品和按需 CRM。

And we actually feel that we have a very good global enterprise offering going forward. We have probably the best balanced regional distribution of all companies, and our high-growth markets are gaining greater and greater prominence in our country mix.

我們確實感覺到，我們在未來將擁有非常好的全球企業產品。我們可能是所有公司中區域分佈最均衡的公司，而且我們的高成長市場在我們的國家組合中的地位越來越突出。

This being said, I would like to turn it over to Henning. Thank you very much.

話雖如此，我想把它交給亨寧。非常感謝。

Good morning, ladies and gentlemen. I was asked several times these days if the business environment has changed. So I didn't feel so from my talks; but we checked with the Leo and regional presidents and I can confirm again -- it hasn't changed.

女士們、先生們，早安。這些天我多次被問到商業環境是否發生了變化。所以我從我的談話中並沒有感受到這一點；但我們與 Leo 和地區總裁核實後，我可以再次確認——它沒有改變。

[Deeper] questions this morning in the TV about some of the results of European vendors, particularly business objects and others. But again I think Europe is as it was before. So you should not expect any macroeconomic environment changes here.

今天早上電視上出現了一些關於歐洲供應商，特別是商業對象和其他供應商的業績的[更深入]問題。但我再次認為歐洲仍和以前一樣。因此你不應該期待這裡發生任何宏觀經濟環境變化。

On the other side, if you look to our customers, I think how they make their decisions is also the same. You know that every customer these days wants to avoid risk; so from that point of view, switching vendors isn't that easy. Therefore I am pretty happy to see that our Safe Passage program is taking off, adding another 70 cases in the second quarter. It's accelerating in pace.

另一方面，如果你看看我們的客戶，我認為他們做出決定的方式也是一樣的。你知道現在每個客戶都想避免風險；所以從這個角度來看，更換供應商並不是那麼容易。因此，我很高興看到我們的安全通道計畫正在順利推進，第二季又增加了 70 例。其步伐正在加快。

They make their decisions based on business cases. That is the reason why our win rate is still very high. We win in 70% of the cases where we compete head to head to our competition.

他們根據商業案例做出決策。這就是我們的勝率仍然很高的原因。在與競爭對手正面交鋒的比賽中，我們 70% 都取得了勝利。

Yes. And they look for long-term strategic relationships, and that is the reason why Leo and his team had now since some time engaged in this type of negotiations he explained. I think this type of deals can only be made with the key customers that have a large footprint of SAP and that trust a vendor for a long time.

是的。他們尋求長期的策略關係，這就是為什麼 Leo 和他的團隊現在已經參與此類談判的原因，他解釋道。我認為這種類型的交易只能與擁有大量 SAP 足跡並且長期信任供應商的關鍵客戶達成。

What about price pressure? Yes, it is the same. I think you know, we are in a highly competitive environment, so price is one of the weapons competition is taking. We have to adjust to this, but it is not getting really worse. It is what we know and [won't] affect us in our guidance.

價格壓力如何？是的，是一樣的。我想你知道，我們處在一個高度競爭的環境中，所以價格是競爭對手採取的武器之一。我們必須適應這一點，但情況並沒有變得更糟。這是我們所知道的，並且不會影響我們的指導。

Last but not least, there are sometimes questions about our enterprise SOA roadmap. Will SAP deliver on time? What about the speed? I can just confirm we are on track here as well.

最後但同樣重要的一點是，有時人們會對我們的企業 SOA 路線圖提出疑問。SAP 能準時交付嗎？速度怎麼樣？我只能確認我們目前也在按計劃進行。

Just two highlights. We have at the SAPPHIRE announced the general availability of the first services enabled ERP suite in the world, I think earlier than some people expected. The response was extremely positive, and I have reconfirmed that we will evolve NetWeaver at the end of the year into a true business process platform.

僅兩個亮點。我們在 SAPPHIRE 上宣布了全球首個支援服務的 ERP 套件的全面上市，我認為這比一些人預期的要早。反應非常積極，我再次確認我們將在今年年底將 NetWeaver 發展成為一個真正的業務流程平台。

Now, what about the guidance from my side? Let me reiterate that there are good reasons why SAP is always giving an annual outlook. I think we were pressured several times to change it to quarterly ones, but you know our seasonality. I think if you look and know our past, it is good to give a yearly one, and we stick to this.

那麼，我這邊的指導怎麼樣呢？讓我重申一下，SAP 總是發布年度展望是有充分理由的。我想我們曾多次面臨壓力將其改為季度報告，但你知道我們的季節性。我認為，如果你了解我們的過去，每年舉辦一次慶祝活動是件好事，我們堅持這樣做。

On the other side, I think we are giving ranges. We are giving you [several] guidance. We are giving ranges; and please understand that this is the flexibility we need.

另一方面，我認為我們給出了範圍。我們正在為您提供[幾條]指導。我們給予範圍；請理解這是我們所需要的靈活性。

So you should not expect at the end of the day all figures to be at the same area of the range. Some can be at the higher end, some can be at the lower end. That is the type of flexibility. If you take this into consideration, I think you can adjust your models. You will see that our guidance is consistent.

因此，您不應期望最終所有數字都處於同一範圍區域。有些可以處於較高端，有些則可以處於較低端。這就是靈活性。如果你考慮到這一點，我認為你可以調整你的模型。您會發現我們的指導是一致的。

So where are we today? We are today at this 13% product revenue growth. Our operating margin went up 60 basis points. EPS grew by 30%. That was a base where we said, okay, overall we are within our targeted range; and we could reiterate our full-year outlook. That is the base.

那我們今天處於什麼位置？我們今天的產品收入成長率為 13%。我們的營業利益率上升了60個基點。每股收益成長了30%。這是我們所說的基礎，好的，總的來說，我們處於目標範圍內；我們可以重申我們的全年展望。這就是基礎。

You know that we made two assumptions at the beginning of the year. We said, okay, this is based on the assumption of a certain software revenue growth.

你知道我們在年初做了兩個假設。我們說，好的，這是基於一定的軟體收入成長的假設。

I also want to highlight that we made a change at the beginning of the year, that we said we guide on [product] first for good reasons. You have seen one of the explanations from Leo. Nevertheless, we feel comfortable in software as well. I think we are a little bit below expectations. But on the other side, if you look to the order entry then you see that we have not lost deals; and I think we can catch up here as well.

我還想強調的是，我們在年初做出了改變，我們說我們首先指導[產品]是有充分理由的。您已經看到了 Leo 的其中一個解釋。儘管如此，我們對軟體也感到滿意。我認為我們有點低於預期。但另一方面，如果你查看訂單條目，你會發現我們沒有丟失交易；我認為我們也可以在這方面趕上。

Finally, we want to exclude currency fluctuations. I think that is something we can't manage. Therefore we have given you a base on which our guidance is based. Beginning of the year, this 123, adjust for your information what we had in the first, second quarter. You will see currency was in favor in the first, was against that in the second. But overall for the half-year, I [will not] claim it was more or less in line with what we expected. If that continues, it's okay. If it changes dramatically, please have in mind that this is part of our guidance.

最後，我們要排除貨幣波動的影響。我認為這是我們無法解決的事情。因此，我們為您提供了指導依據的基礎。今年年初，這個 123，根據第一季、第二季的情況進行調整，供大家參考。你會看到，貨幣在第一種情況下是有利的，在第二種情況下是不利的。但總體而言，就這半年的情況而言，我[不會]聲稱它或多或少符合我們的預期。如果繼續這樣下去，那就沒事了。如果發生巨大變化，請記住這是我們指導的一部分。

Now, is there a switch in priorities, because SAP did so well on the margin in the second quarter? Do we not invest any longer? The answer is no; we continue to invest, as I said, otherwise we could not deliver on the Enterprise Services architecture roadmap. We added 1,800 people, many, many of them in research and development.

現在，由於 SAP 在第二季的利潤率表現如此出色，優先考慮的事情是否會改變？我們不再投資了嗎？答案是否定的；正如我所說，我們會繼續投資，否則我們就無法實現企業服務架構路線圖。我們增加了 1,800 名員工，其中許多員工從事研發工作。

Again you will see the areas of investment. You also see that most of them are now in the market, so we can deliver on time. I explained already that some of those will be shipped at the end of the year. There is no delay. There is no indication for a delay. We will ship according to plans.

您將再次看到投資領域。您還會看到，其中大多數現在都已上市，因此我們可以按時交貨。我已經解釋過，其中一些將在年底發貨。沒有延遲。沒有跡象表明會出現延遲。我們將按計劃發貨。

ERP and in particular NetWeaver are well received in the market. In particular, that we have such a strong acceptance of ERP is one of the, for me, proof points of SAP NetWeaver, because it is a successor of R/3. You know how conservative clients are, and they would not expect NetWeaver or ERP if they would not trust NetWeaver.

ERP，尤其是NetWeaver在市場上很受歡迎。特別是，我們對 ERP 的接受度如此之高，對我來說，這是 SAP NetWeaver 的證明點之一，因為它是 R/3 的後繼者。您知道客戶有多保守，如果他們不信任 NetWeaver，他們就不會期待 NetWeaver 或 ERP。

Last but not least, customer satisfaction, all-time high. Hasn't changed. On the highest level ever, even in the second quarter, not only in the first one.

最後但同樣重要的是，客戶滿意度達到歷史最高水準。沒有變化。達到了有史以來的最高水平，甚至在第二季度也是如此，而不僅僅是在第一季。

All in all, this is the market share. You can see two things. We have continued to gain market share, but you see that our competition has gained more in the second quarter. So we lost some peer group share, as you could calculate yourself.

總而言之，這就是市場佔有率。你可以看到兩件事。我們的市佔率持續成長，但您會發現我們的競爭對手在第二季的市佔率成長更快。因此，我們失去了一些同行份額，你可以自己計算一下。

But overall, if I look to the picture and if I take into consideration that we have not spent $20 billion, I feel pretty comfortable with this picture. I think if we look again some time from now, you will see that our strategy is superior one.

但總體而言，如果我看一下這個情況，並考慮到我們還沒有花費 200 億美元，我對這個情況感到很滿意。我想如果我們過一段時間再回顧一下，你會發現我們的策略更優越。

With that, I would like to guide you guide you through our strategy again. It is not something new, but I think it's important that I confirm that we have not changed our direction.

有了這些，我想再次向您介紹我們的策略。這並不是什麼新鮮事，但我認為重要的是我要確認我們沒有改變方向。

First of all, you know this is our strategy. This strategy is different to that of our competition. It is based on organic growth, on co-innovation. I just want to give you only a few highlights what we have done in the first half-year in order to work on this strategy and make it happen.

首先，你知道這是我們的策略。這項策略與我們的競爭對手不同。它基於有機增長和共同創新。我只想向你們介紹我們上半年為實施和實現這項策略所做的一些工作。

Let's start with our product roadmap. This is a slide I have shown at SAPPHIRE. I just want to reconfirm -- no changes. We have said 2006, a cornerstone year for the completion of the roadmap. This availability of ERP2005 was a very important milestone for us. It is more than people originally thought, which is -- in an ERP2005 it is really entirely services enabled. It is ready to run with all the new product in combination. It is a lot of functional enhancements. And the upgrade is proven and easy.

讓我們從我們的產品路線圖開始。這是我在 SAPPHIRE 上展示過的一張投影片。我只是想再次確認——沒有變化。我們曾說2006年是完成路線圖的基石年。ERP2005 的推出對我們來說是一個非常重要的里程碑。它比人們最初想像的要多，即在 ERP2005 中它實際上完全支援服務。它已準備好與所有新產品組合運作。它有很多功能增強。並且升級已經得到驗證並且簡單。

I will not go through the rest. It is exactly the same slide I have shown; no changes here.

我就不多說了。它與我展示的幻燈片完全相同；這裡沒有變化。

A few data points around it. If you want to measure -- how is the acceptance in the market of this new architecture? Everybody is interested in -- is this taking off, or takes it long, or whatever? I think I personally measure it in these four categories.

周圍有一些數據點。如果你想衡量──市場對這種新架構的接受度如何？每個人都很有興趣──這會成功嗎？還是需要很長時間？或其他什麼？我認為我個人可以用這四個面向來衡量。

The first is -- how are we doing with NetWeaver? I have given you the software revenue in the first-half. Roughly 20% is stand-alone; the rest is application related. You see that we have more than 30,000 installations on components. We have roughly -- if you ask, how many times is NetWeaver installed as a platform -- between 8,000 and 9,000 times.

第一個問題是－我們使用 NetWeaver 的情況如何？上半年的軟體收入我已經給你了。大約 20% 是獨立的；其餘部分與應用程式相關。您會看到，我們在組件上有超過 30,000 個安裝。如果您問，NetWeaver 作為平台安裝了幾次？我們大概有 8,000 到 9,000 次。

ERP, on track with the conversion. So we will again convert this year between 800 and 1,000 contracts. We have today 4,600 mySAP ERP customers. That is ERP2004 and ERP2005 together.

ERP，正在順利轉換。因此，我們今年將再次轉換 800 到 1,000 份合約。我們目前有 4,600 個 mySAP ERP 客戶。那就是ERP2004和ERP2005的結合。

What about the service enablement? 500 enterprise services are available in Q3. We believe we can deliver 1,000 at the end of the year. So you will see that every quarter some of them will be added; and 1,000 is already at the higher end of what we want to achieve.

服務支援怎麼樣？ 500家企業服務將於第三季上市。我們相信我們能在年底交付 1,000 輛。所以你會看到每季都會增加一些；而 1,000 已經是我們想要實現的最高目標了。

xApps is the last one, the composites. How many xApps are there? This is just SAP. SAP xAPPs, we have now 800 customers, 100 references, and at the end of the year we will end up with 150. So that gives you a feeling where we are.

xApps 是最後一個，即複合材料。有多少個 xApps？這只是 SAP。SAP xAPPs，我們現在有 800 個客戶、100 個參考，到年底我們將擁有 150 個。這樣您就可以感受到我們身在何處。

Now, what about this co-innovation? Where are we? Again, two sides of the coin. One, we promised to work together with key companies in order to deliver products based on enterprise service architecture.

那麼，這種共同創新呢？我們在哪裡？再次強調，事物都有兩面。一是承諾與重點企業合作，推出以企業服務架構為基礎的產品。

Just going through them, you know that we delivered Duet, the joint product with Microsoft, on time. It is in ramp up. I expect in the third quarter that it will be generally available. There was Adobe interactive forms; this Project Muse.

只要瀏覽一下，您就會知道我們按時交付了與微軟聯合推出的產品 Duet。它正在加速發展。我預計它將在第三季全面上市。有 Adob​​e 互動表單；這個繆斯計畫。

We have shown the accelerator for business intelligence, I think something which is extremely important. If you can achieve effect of 100 faster response time on queries, in cooperation with Intel, HP, IBM. Then CIO Dashboard with EMC. And we're working with Cisco on these application-oriented networks.

我們展示了商業智慧的加速器，我認為這非常重要。如果能達到查詢回應時間加快100%的效果，與Intel、HP、IBM合作。然後使用 EMC 的 CIO 儀表板。我們正在與思科合作開發這些以應用為導向的網路。

If you look to the ISVs, I've taken this type of pyramid to show you from the bottom to the top what we're doing. Yes, there are developers working with NetWeaver. The developer network has now 500,000 participants. On top is those that work with NetWeaver. This is the lowest way they integrate some of the products with NetWeaver; it is now 1,200 partners.

如果您看 ISV，我採用了這種金字塔類型，從底部到頂部向您展示我們正在做的事情。是的，有開發人員正在使用 NetWeaver。開發者網路目前已有 50 萬名參與者。最上面的是那些與 NetWeaver 相容的。這是他們將一些產品與 NetWeaver 整合的最低方式；目前已有 1,200 名合作夥伴。

Then I think the stronger relationships -- those who work on NetWeaver. So they produce products that run on NetWeaver, depend on NetWeaver, 450.

然後我認為更牢固的關係——那些在 NetWeaver 上工作的人。因此，他們生產在 NetWeaver 上運作的產品，並依賴 NetWeaver，450。

Then we have 35 xApps. This is not just a composite; this is a composite that are using already the services we are releasing. Some people could not start [on] that early. I think now it is about between I think 11 or 12; but I think we will make 50 at the end of the year.

那我們有 35 個 xApps。這不僅僅是一個複合材料；這是一個已經使用我們正在發布的服務的複合體。有些人無法那麼早開始。我認為現在大約在 11 或 12 之間；但我認為我們今年年底將生產 50 輛。

Last but not least, the highest way of cooperation is that we invite our key clients in selected industries with key partners in selected industries, and jointly find out, okay, what are white spots we have to fill? Some of these are high-tech consumer packaged goods and public sector. Five are done already; more will come. It shows you a little bit where we are and the type of partnerships we are after.

最後但同樣重要的一點是，最高層級的合作方式是我們邀請特定產業中的關鍵客戶和關鍵合作夥伴，共同找出我們需要填補的空白點。其中一些是高科技消費包裝商品和公共部門。已經完成了五個；還會有更多。它稍微向您展示了我們的現狀以及我們所追求的合作類型。

Now, yes, we're doing acquisitions as well. But we're not doing acquisitions in order to buy customers. It is more to accelerate the completion of our product portfolio. Just a few of them we did in the past; I don't what to go into the details.

現在，是的，我們也在進行收購。但我們進行收購並不是為了吸引客戶。這更多的是為了加速我們產品組合的完善。我們過去只做過其中的幾件事；我不想講得那麼詳細。

The last one was Praxis, a very small one, but it helped us to add to our Business One product, which has now more than 10,000 clients, e-commerce functionalities.

最後一個是 Praxis，雖然規模很小，但它幫助我們為 Business One 產品添加了電子商務功能，目前擁有超過 10,000 個客戶。

What you can see here is that in nearly all cases, with two exceptions, it is entirely complementary. In two cases, we have 10% overlap. So more or less, we are, if we acquire, acquiring complementary products and technology.

您可以在這裡看到，除了兩個例外，在幾乎所有情況下，它都是完全互補的。在兩種情況下，重疊率為 10%。因此，或多或少，如果我們進行收購，我們就是在收購互補的產品和技術。

Finally, platform strategy. Again, no changes. You know we are after one -- one central Enterprise Services repository, one language, one set of Enterprise Services. For small companies, the implementation is on Business One. Business One is on NetWeaver -- not on NetWeaver, but is using the same language in order to integrate more companies.

最後，平台戰略。再次，沒有變化。您知道我們追求的是—一個中央企業服務儲存庫、一種語言、一組企業服務。對於小公司來說，實施是在 Business One 上進行的。Business One 位於 NetWeaver 上－不是位於 NetWeaver 上，而是使用相同的語言以便整合更多公司。

For a medium one it will be a different implementation, as we said. Therefore, you have seen on our roadmap that we will bring at the end of the year mySAP all in one on NetWeaver.

對於中等規模來說，這將是一個不同的實現方式，正如我們所說的。因此，您在我們的路線圖上看到，我們將在年底在 NetWeaver 上推出 mySAP all in one。

Last but not least, if you look to large ones, I have shown already that ERP2005 is the base on which we will evolve into this platform.

最後但同樣重要的一點是，如果從大局來看，我已經表明 ERP2005 是我們發展成為這個平台的基礎。

So therefore, if you would ask, what is available today? This is a picture we show to our clients. We show here is the integration on the three layers of people who process data, who process with this NetWeaver composition platform. People [you] see the different user experiences SAP is adding, let's say, on the same layer of intelligence, on the same rules, business rules.

因此，如果您問，今天有什麼可用的東西？這是我們向客戶展示的圖片。我們在這裡展示的是使用 NetWeaver 組合平台進行資料處理和處理的三層人員的整合。人們看到 SAP 正在添加不同的使用者體驗，比如說，在同一智慧層、相同的規則、業務規則上。

We have added just recently this Project Muse. I would say it is an alternative to the SAP GUI. It is very appreciated by our clients. But they are more -- and that could be the browser which is a portal, etc. We could access through Office with Duet.

我們最近剛剛新增了這個 Project Muse。我想說它是 SAP GUI 的替代品。我們的客戶對此非常感激。但它們更多——可能是瀏覽器，是一個入口網站，等等。我們可以透過 Duet 透過 Office 存取。

Last but not least, also something is happening on the data layer. I will remind you again that in particular, if it comes to query, to decision-making, this BI Accelerator is a very important thing. It is an in-memory database.

最後但同樣重要的是，資料層也發生了一些事情。我再次提醒大家，特別是對於查詢、對於決策來說，這個 BI Accelerator 是非常重要的事。它是一個記憶體資料庫。

So finally, again, no changes at the end of the year. NetWeaver, which is a composition platform today, will evolves into a business process platform. We will add selected, reusable process components to this technology platform; and we will continue to evolve the technical capabilities.

所以最終，年底仍沒有任何變化。NetWeaver現在是一個組合平台，未來將演變為一個業務流程平台。我們將在此技術平台上添加精選的、可重複使用的流程組件；我們將持續提昇技術能力。

So that is -- and finally it is a business process platform. It is a base for us for the next generation of business applications. In my SAPPHIRE speech I highlighted a little bit to which full potential we can go with that.

所以——最終它是一個業務流程平台。它是我們下一代商業應用程式的基礎。在我的 SAPPHIRE 演講中，我稍微強調了我們可以發揮的全部潛力。

That brings me to reiterating the slide I have shown at the beginning of the year. This is our ambition 2010. I have explained why 2006 is important for us. I will again reiterate; we will complete our roadmap next year, no changes. But we have to look ahead, what is beyond.

這讓我再次重申我在年初展示的幻燈片。這是我們2010年的目標。我已經解釋過為什麼 2006 年對我們來說很重要。我再次重申；我們將在明年完成我們的路線圖，沒有任何變化。但我們必須向前看，看看未來會發生什麼。

Therefore, we have told you that our goal is to expand the addressable market in these three areas to 2010, to $70 billion. We expect that 50% of our revenues at the time, of our software revenues, will come from these new products.

因此，我們告訴大家，我們的目標是到2010年將這三個領域的潛在市場擴大到700億美元。我們預計，屆時我們的軟體收入的 50% 將來自這些新產品。

We are targeting for more than 100,000 customers. This is not too ambitious if you look to the acceleration of Business One. I think more than 50% will be Business One out of these. Those could also be more than 100,000; and therefore 40% to 45% of our revenue will come from what we call the midmarket. Thank you very much.

我們的目標是超過 10 萬名客戶。如果考慮到 Business One 的加速發展，這個目標並不算太高。我認為其中 50% 以上將是 Business One。這些也可能超過100,000；因此，我們 40% 到 45% 的收入將來自所謂的中階市場。非常感謝。

Thank you very much. At this time, we would like to start the Q&A session. I have to mention for those of you who follow this conference through the Internet, who are not in the room here in New York, you can send questions by e-mail to investor@SAP.com. We also try to take a couple of questions we get by e-mail; but I think we start here in the room first. I see one here on the right-hand side, Charlie Di Bona.

非常感謝。現在，我們想開始問答環節。我必須提一下，對於那些透過網路關注本次會議但又不在紐約現場的各位，您可以透過電子郵件將問題發送至 investor@SAP.com。我們也嘗試回答透過電子郵件收到的幾個問題；但我認為我們先從這裡的房間開始。我看到右邊有一個人，查理·迪博納 (Charlie Di Bona)。

Charlie Di Bona with Sanford Bernstein. Werner, as your business model is sort of moving towards more roadmap type of deals, where you have more of these stage deals and the order entry becomes increasingly important, can you give us some idea of the size of the orders that are entered but not yet pushed onto the balance sheet? Sort of what Microsoft calls booked but not billed balances.

查理·迪博納和桑福德·伯恩斯坦。沃納，由於您的商業模式正朝著更多路線圖類型的交易轉變，您擁有更多這樣的階段性交易，並且訂單輸入變得越來越重要，您能否向我們介紹一下已輸入但尚未進入資產負債表的訂單規模？有點像微軟所說的已預訂但未付帳的餘額。

Will you be giving us some idea of the trend lines that you see in that? Because it seems to be very important in terms of modeling the Company going forward.

您能向我們介紹一下您所看到的趨勢嗎？因為這對塑造公司未來的發展似乎非常重要。

Yes, I think, if you look back the last 12 quarters, you always see that we have slightly higher order entry than we have recognized revenue. We have some quarters where this has a size which is exceptionally high, as we had in the second quarter.

是的，我認為，如果回顧過去 12 個季度，您總會發現我們的訂單量略高於已確認的收入。在某些季度，這一規模異常高，就像第二季度一樣。

We do not see an accelerating trend now starting; but that is something we have to keep in mind. We decided to highlight this, especially this quarter, because it had an impact on our financial performance on the license side.

我們現在沒有看到加速趨勢的出現；但我們必須牢記這一點。我們決定強調這一點，尤其是本季度，因為它對我們在許可方面的財務表現產生了影響。

Can you give us an idea of the size of the balance that is currently not on the balance sheet and not pushed yet through recognized revenue? Is this a multibillion dollar balance?

您能否告訴我們目前未列入資產負債表且尚未計入已確認收入的餘額規模？這是一個數十億美元的餘額嗎？

No, not at all. It is -- if you go back to the example I made for the second quarter, it is a EUR100 million entry and 30 million revenue recognized. That is the amount we are carrying forward and not more.

不，一點也不。是的——如果你回顧我為第二季舉的例子，那是一個 1 億歐元的入帳和 3000 萬歐元的確認收入。這就是我們要結轉的金額，不會更多了。

We normally close deals where we have a chance to recognize revenue. But there are some where we have order entry first then the revenue is lagging behind it.

我們通常會在有機會確認收入時完成交易。但有些情況是，我們先有訂單輸入，然後收入就落後了。

Henning?

亨寧？

Yes, maybe I can add something. What you're referring to is what we had seen with (indiscernible) where we had this subscription deal, and then we had deferred income; and you saw this in the balance sheet. That is not what we are pointing to. At the end of the day, you have the order book filled, but you cannot recognize and you don't have it in the balance sheet.

是的，也許我可以補充一些內容。您所指的是我們在（音訊不清晰）中看到的，我們有這項訂閱協議，然後我們有遞延收入；您可以在資產負債表中看到這一點。這並不是我們所指的。最終，雖然訂單簿已填滿，但您無法識別，而且資產負債表中也沒有記錄。

Why have we let's say highlighted it this quarter? It was interesting. We're not talking about it; we will not show you. What is interesting, if you look to the deals of Q2 last year and this year, and you look to all the large deals, and (indiscernible) very surprised as a CEO [how less] is booked on the larger ones. That was different, I think in previous sections.

為什麼我們要在本季強調這一點？這很有趣。我們不是在談論它；我們不會給你看。有趣的是，如果你看看去年第二季和今年的交易，看看所有的大交易，（音頻難以辨認）作為一名首席執行官，你會非常驚訝，大交易的預訂量竟然這麼少。我認為，這與前面的部分有所不同。

So the point of view, it is getting more of those. In the past, we had it. But we had, I would say, one deal in the year; and the next year another one. Now you see more of them, several in the quarter. So that is the point of view.

所以從這個角度來看，這種情況正在越來越多。過去，我們有過。但我想說，我們今年只達成了一筆交易；明年又會有一個。現在你可以看到更多的這樣的情況，本季有好幾個。這就是觀點。

We gave you an indication if we compare order entry to order entry, not order entry to software, 2Q-2Q, then you would see us in the range you expect for software.

我們為您提供了一個指示，如果我們將訂單輸入與訂單輸入進行比較，而不是將訂單輸入與軟體進行比較，2Q-2Q，那麼您會看到我們處於您期望的軟體範圍內。

Do you expect that pattern to continue? that these become a bigger part of your order flow?

您認為這種模式會持續下去嗎？這些會成為您訂單流中更重要的一部分嗎？

I personally expect it a little bit. Because first of all, Leo is doing this as part of this business model; and he explained to you why he did it.

我個人是有點期待的。因為首先，Leo 將此作為這種商業模式的一部分；並向你解釋了他為什麼這麼做。

The second point is, honestly, I am -- from the top of the Company, was always behind, not, let's say to take the future of the Company to today's [resides]. On that point of view, I am always behind. If a larger deal is -- I think our regional presidents are facing them. So I am not pushing them in the opposite.

第二點是，說實話，從公司最高層開始，我就落後，不能把公司的未來帶到今天。從這個角度來看，我總是落後的。如果是更大的交易——我認為我們的地區總裁正在面對它們。所以我不會向他們施加相反的壓力。

Okay, your next question also from the right-hand side, Kash Rangan.

好的，您的下一個問題也來自右邊，Kash Rangan。

Kash Rangan from Merrill Lynch. Just curious what seems to be a little bit of an uptick in the trend towards these larger deals being broken up into smaller pieces. Would this now be an opportunity to reset guidance for the year? Lower this profile on this [topic]? Just curious what your thoughts are there on that front.

美林證券的 Kash Rangan。我只是好奇，這些較大的交易被拆分成較小的部分的趨勢似乎有點上升。這是否是重新設定年度指導方針的機會？降低此 [主題] 的知名度？只是好奇你對此有何想法。

Secondly, it looks like, if we look at the operating expenses, you maybe slowed down hiring or you are starting to get productivity from the previous investments. How should we think about operating expenses going forward, especially as a lot of the work with BPP is behind us?

其次，如果我們看一下營運費用，看起來您可能放慢了招募速度，或者您開始從先前的投資中獲得生產力。我們應該如何考慮未來的營運費用，尤其是我們已經完成了許多與 BPP 相關的工作？

Thank you. I think the first comment, that is too early I think. There is no indication for us to do it now.

謝謝。我認為第一個評論還為時過早。目前沒有跡象表明我們需要這麼做。

Second question, we will not change in the way that we would compromise on investments, just boosting the operating margin. I tried to say it in my talk. It looks like this; it's not.

第二個問題，我們不會改變投資上妥協的方式，只會提高營業利潤率。我嘗試在演講中表達這一點。它看起來像這樣；它不是。

I think it was more a shift between the quarters. As we pointed out in our call, we had a little bit of front-loaded investments this year. If you look to the half-year, it is exactly what we wanted to achieve, but a little bit more at the beginning in the second.

我認為這更像是季度之間的轉變。正如我們在電話會議中指出的那樣，我們今年進行了少量前期投資。如果你回顧一下這半年的情況，這正是我們想要實現的目標，但在第二季開始時，我們已經取得了一些進步。

So you saw this, for you, disappointing margin at the beginning; and the better one in the second. Therefore I said look a little bit more, not quarter-to-quarter. We manage [the year].

所以你一開始就看到了這個令人失望的利潤率；第二個更好。因此我說要多看一點，而不是逐季度看。我們管理[這一年]。

But the clear answer, we will not compromise on, let's say, our products, on to go-to-market, and what we have to do just in order to please the margin. I said this last year.

但明確的答案是，我們不會在產品、行銷以及為了滿足利潤率而必須做的事情上妥協。我去年就說過這個。

If we would see that we could gain market share by accelerating our investment, we would come and we would discuss this with you; or would announce it; whatever. We would not surprise anybody. But I just wanted to say from the tendency, let's say, investing in the (indiscernible) is still priority number one.

如果我們發現透過加快投資可以贏得市場份額，我們就會來和你們討論這個問題；或者會宣布它；任何。我們不會讓任何人感到驚訝。但我只是想說，從趨勢來看，投資（音訊不清晰）仍然是第一要務。

And this hasn't changed from last year?

這與去年相比沒有什麼改變嗎？

Yes; has not changed.

是的;沒有改變。

Rick Sherlund.

里克·謝倫德。

A couple questions. First just to follow up on Charlie's question on just how unusual was this in Q2 in terms of the order entry versus recognized revenue. It sounds like this is something we're going to see more of in the future. Should we anticipate this in Q3 and Q4? Or just give us some perspective of how unusual perhaps this might have been in Q2.

幾個問題。首先，讓我們來回答 Charlie 的問題，就訂單量與確認收入而言，第二季的情況有多麼不尋常。聽起來我們將來會看到更多這樣的事。我們是否應該在第三季和第四季預見這一點？或者只是給我們一些觀點，說明這在第二季可能有多不尋常。

Let me try to answer that question, Rick. What you see happening is very interesting evolution of the business. You see on the one hand that our volume business continues to perform really well, which gives us a stronger and stronger underpinning, if you want, of a nice flow of income and revenues that come from a pure volume side of the business.

讓我試著回答這個問題，瑞克。您所看到的是業務非常有趣的演變。一方面，我們可以看到我們的銷售業務繼續表現良好，這為我們提供了越來越強大的基礎，即來自純銷售業務的良好收入流和收益。

When you look at larger deals, because of there is a roadmap delivery where we stand right now, we have an opportunity to structure the relationship with a number of very large customers who want to actually plan their own future, if you want, ahead of time as well, in a reasonably innovative and smart way that is beneficial for them and for us.

當你考慮更大的交易時，由於我們目前有一個路線圖交付，我們有機會與許多非常大的客戶建立關係，這些客戶實際上想要提前規劃自己的未來，如果你願意的話，也可以以一種合理的創新和智能的方式，這對他們和我們都有利。

Now I don't think we should talk about trends yet, because I don't think that two or three deals are a trend. You have our commitment that should this become a trend, we will most certainly notify the market and yourselves.

現在我認為我們還不應該談論趨勢，因為我不認為兩三筆交易就是一種趨勢。我們向你們保證，如果這成為一種趨勢，我們一定會通知市場和你們自己。

At this moment in time, I think it is a little bit too early to do that. But what I think you should expect is that these one or two that we have seen in the first half will continue. We believe that there is a potential for these deals.

目前，我認為這樣做還為時過早。但我認為你應該預料到的是，我們在上半年看到的這種或兩種情況將會繼續下去。我們相信這些交易具有潛力。

It's extremely difficult to predict if they will close in Q3, Q4, or whatever because it is a long-term negotiation, a long-term discussion. It requires very careful planning. You have to really draw the roadmap for the customer. This is not just some general PowerPoints that you draw out of your drawer.

很難預測他們是否會在第三季、第四季或其他時間完成交易，因為這是一場長期談判、長期討論。這需要非常仔細的規劃。您必須真正為客戶繪製路線圖。這不僅僅是你從抽屜裡拿出的一些普通的 PowerPoint。

But it is a huge mark of confidence of our customers into our strategy. It helps us to deliver the value over time, therefore it is something that we should and that we will pursue. But I don't think we should go into big discussions about trends because it is too early to talk about that.

但這充分錶明了客戶對我們策略的信心。它可以幫助我們隨著時間的推移實現價值，因此這是我們應該追求的，也是我們將要追求的。但我認為我們不應該對趨勢進行大討論，因為現在談論這件事還為時過早。

The magnitude in the quarter, then, in revenues was anomalous?

那麼本季的營收幅度是否異常？

The magnitude, the size of them was a bit abnormal in Q2.

它們的規模在第二季有點異常。

Let me clarify one thing. It is good to have a strong order entry. It does not mean that we do not stick to the guidance on the product or software license side. That is I think important to mention.

讓我澄清一件事。擁有強大的訂單輸入是件好事。這並不意味著我們不遵守產品或軟體授權方面的指導。我認為這一點值得一提。

I have also one thing to add. I think it is also important to understand why we can't book those deals. You might let's say question why some competition can book those deals.

我還有一件事要補充。我認為了解為什麼我們無法達成這些交易也很重要。您可能會問，為什麼有些競爭對手可以達成這些交易。

In our case, you have to understand what we want to do; we want to help our customers strategically to go to the next level. So what we do is we engaged and say, look, join us on the roadmap to Enterprise Services architecture. That makes you more competitive.

就我們的情況來說，你必須了解我們想要做什麼；我們希望從策略上幫助我們的客戶更上一層樓。因此，我們所做的就是參與並說，看，加入我們的企業服務架構路線圖。這會讓你更有競爭力。

If you do this, it is an entirely different sale than saying, okay, I confirm that I maintain you for the next years. In our case, you sell a little bit the future; in the other case, you sell a little bit yesterday's products you have? And we don't want that.

如果你這樣做，這與說「好的，我確認在接下來的幾年裡維持你的服務」是完全不同的。在我們的案例中，你賣掉一點未來；在另一種情況下，你會賣掉一點昨天的產品嗎？但我們不希望發生這樣的事情。

So from that point of view, we're taking risks that we have a to some extent valuable deal which you can not book according to U.S. GAAP and not a fixed one, because it is in the interest of our clients at least.

因此，從這個角度來看，我們承擔的風險是，我們達成了一項在某種程度上很有價值的交易，但根據美國的規定，我們無法獲得該交易。GAAP，而不是固定的，因為這至少符合我們客戶的利益。

This is this case. At the end for SAP clients, this is now the step to the next level. This I think strategically is a key to engage with the clients. Because they will say, okay, we trust you; but is this really the one? It is a longer roadmap, and do you help me, and can I get everything you invent in the next years as well, or whatever?

這就是這個案例。最後，對於 SAP 客戶來說，這是邁向下一級的一步。我認為從策略上來說這是與客戶互動的關鍵。因為他們會說，好吧，我們相信你；但這真的是那個嗎？這是一個更長的路線圖，你能幫助我嗎？我能在接下來的幾年裡得到你發明的一切嗎？或其他什麼？

This is the most strategic relationship, [I will call it]. It is not a just confirming and protecting relationship.

這是最具戰略意義的關係，（我稱之為）。這不僅僅是一種確認和保護的關係。

In fact, just to add [a term here], we are not selling software. We are selling a holistic IT strategy and holistic IT solution, a holistic IT implementation. We are actually selling or we are partnering with the customer to implement our joint vision of how their business will look like over the next five years.

事實上，補充一點，我們不銷售軟體。我們銷售的是整體 IT 策略、整體 IT 解決方案和整體 IT 實施。我們實際上是在銷售，或者我們正在與客戶合作，以實現我們對未來五年業務前景的共同願景。

Second, could we just go back and revisit the maintenance decline? If we could expand a little bit on that issue.

其次，我們能否回過頭來重新檢視維護率的下降？如果我們能稍微詳細地討論一下這個問題。

Then finally on the EPS number, if we have the benefit of the tax rate, why isn't that added to the full-year number?

最後，關於每股盈餘數字，如果我們有稅率優惠，為什麼不把它加到全年數字中呢？

Maybe I will take the maintenance and Werner the EPS. I also look to the maintenance. It is clear, I think if you see it -- and Werner said there are two (technical difficulty) you want to see what is behind.

也許我會負責維護，而 Werner 負責 EPS。我也關注維護。這很明顯，我想如果你看到它——沃納說有兩個（技術難題）你想看看背後是什麼。

So first of all, the good news is we are not losing customers. We're not losing customers. That was my first belief. That is not the case.

首先，好消息是我們沒有失去客戶。我們不會失去客戶。這是我的第一個信念。事實並非如此。

It is a mix of several things. In some cases, it is mergers, acquisitions, so it is just a two-party merger. You lose some maintenance.

它是多種事物的混合體。在某些情況下，它是合併、收購，所以它只是雙方的合併。您會損失一些維護費用。

In some cases it can happen that a customer has bought something where he felt he bought too much. He comes back and says, okay, will I ever use this? Then you engage and say, okay, fine; give it away. Then the maintenance lowers. Those type of things.

在某些情況下，顧客可能會覺得自己買了太多的東西。他回來說，好吧，我會用這個嗎？然後你參與進來並說，好的，很好；把它贈予他人。然後維護成本就會降低。諸如此類的事情。

Sometimes a customer is into financial trouble and you help him a little bit. This is the main reasons. All of them are not critical.

有時客戶會陷入財務困境，你可以給他一點幫助。這是主要原因。所有這些都不是至關重要的。

What I really can confirm -- this is not because we lose customers. Not.

我真正可以確認的是——這並不是因為我們失去了客戶。不是。

The growth of maintenance for the full year is also in line with our product related guidance. If I look to the guidance on the EPS side, and I think this was your question, Rick, I think when we provided the guidance we provided a range of $0.20, 580 to 6.

全年維護的成長也符合我們的產品相關指引。如果我看一下 EPS 方面的指導，我想這是你的問題，里克，我認為當我們提供指導時，我們提供了 0.20 美元、580 到 6 的範圍。

I think the onetime effect we saw in the second quarter, it is roughly 30 million in the second. This is $0.10. From my prospective, this is within the range we provided at the beginning of the year.

我認為我們在第二季度看到的一次性效應大約是 3000 萬。這是 0.10 美元。從我的角度來看，這是在我們年初提供的範圍之內。

Okay, thank you. There was in the meantime a question from the Web, again on the maintenance. (multiple speakers) already. Again if you want to send us questions by e-mail, continue to do so, to investor@SAP.com. In the meantime, we'll take a question here from the room. I think the first row.

好的，謝謝。同時，網路上又出現了一個關於維護的問題。 （多位發言者）已經。再次強調，如果您想透過電子郵件向我們發送問題，請繼續發送至 investor@SAP.com。同時，我們將在這裡回答大家提出的問題。我認為是第一排。

Thank you. (indiscernible) Germany. I have a question, actually two, about the Enterprise Services oriented architecture. If one of you can explain a little bit how this concept and this strategy is linked to the facts and figures. In other words, how much software revenue already can you link to this strategy, to this new concept? How will this percentage be in the future, let's say for the rest of the year, or for next year?

謝謝。 （音頻不清晰）德國。我有一個問題，其實是兩個問題，關於企業服務導向的架構。如果你們當中有人可以稍微解釋一下這個概念和策略是如何與事實和數據連結起來的。換句話說，您已經可以將多少軟體收入與這個策略、這個新概念連結起來？未來這個百分比會如何呢？比如說今年剩餘時間，或是明年？

The second question. Your strategy is looking more for the small and medium-sized market. How does this fit for the Enterprise Services architecture? To me it looks more as a solution for the big ones and not for the small ones.

第二個問題。您的策略更針對中小型市場。這與企業服務架構如何契合？對我來說，這更像是針對大企業而非小型企業的解決方案。

That is a very good question. Indeed, it depends on the definition. I will be more conservative, then I would say today it is not much of our revenue because we are on the roadmap. I could be bullish and say everything which is NetWeaver and ERP is already in.

這是一個非常好的問題。確實，這取決於定義。我會更保守，然後我會說今天這不是我們大部分的收入，因為我們在路線圖上。我可以樂觀地說，NetWeaver 和 ERP 的一切都已經存在了。

But if I am very strict on my definition, I would say only those where have really service enablement, which would mean for today, for SAP today, it's the mySAP ERP2005 sales I would put into this bucket.

但如果我對我的定義非常嚴格，我會說只有那些真正具有服務支援的產品，這意味著對於今天，對於今天的 SAP，我會將 mySAP ERP2005 銷售放入這個桶中。

We have not done it so far. We have looked for [ERPCM] etc. But it is a good indication. I can promise that beginning next year, we will give you guidance on this, because it is in our interest as well.

我們至今還沒有這樣做。我們已經尋找過[ERPCM]等。但這是一個很好的跡象。我可以保證，從明年開始，我們將就此給予指導，因為這也符合我們的利益。

And it's important, because next year we can then give you also an indication who is taking this faster, the larger enterprises or the midmarket. Because we address both with different products. I would say, during this year or next year, we will have these products available; so therefore it makes sense to show it.

這很重要，因為明年我們就可以告訴你誰會更快採取這項行動，是大型企業還是中型市場。因為我們使用不同的產品來解決這兩個問題。我想說，今年或明年，我們就會有這些產品上市；因此展示它是有意義的。

Now to your question, is this only something for the high-end? The answer is no for two reasons. If you look to large enterprises, it helps to master heterogeneity and the speed of change. We all understand this.

現在回答你的問題，這是否只適用於高端產品？答案是否定的，原因有二。如果你關注大型企業，它有助於掌握異質性和變化的速度。我們都明白這一點。

It is a complex environment. You want to replace pieces without changing the rest. You want to adopt fast. All those stories fit nicely.

這是一個複雜的環境。您想要替換部分內容而不改變其餘部分。您想快速採用。所有這些故事都很契合。

Now the question is, what about the midmarket? In the midmarket you could argue, first of all, they change fast as well, so that fits. But on the other side, the midmarket is not that complex. They want a solution more or less out of the box. Here, this strategy helps us to go to market with mass customization. So with I would say nearly 1,000 of preconfigured solutions which would lower the price for implementation on [TCO] significantly for the midmarket, but still having the same functionality of benefit as the high-end. Yes? So, I would say for them, it is more an indirect use.

現在的問題是，中階市場怎麼樣？在中端市場，你可以說，首先，它們變化也很快，所以這是合適的。但另一方面，中端市場並沒有那麼複雜。他們想要一個或多或少與眾不同的解決方案。在這裡，這項策略幫助我們以大規模客製化的方式進入市場。因此，我想說，近 1,000 種預配置解決方案將顯著降低中階市場的 [TCO] 實施價格，但仍具有與高階相同的功能優勢。是的？所以，我想說，對他們來說，這更像是一種間接用途。

The last one I would mention, it helps them also to integrate very quickly into the business of large ones. All midsized ones have as customers normally large enterprises. Now it's a question, okay, how fast are you to integrate into your business? The faster and more seamless, the more business you make in the future. These are the benefits we say to midmarket.

我要提到的最後一點是，它還可以幫助他們快速融入大公司的業務。所有中型企業的客戶通常是大型企業。現在的問題是，好嗎，您融入您的業務的速度有多快？速度越快、越無縫，您將來的業務就越多。這些就是我們對中端市場所說的好處。

Thank you. Before we take another question here from the room, there is a question from the Web, actually on the accelerated share buybacks in the first half. The question is, what do you expect in terms of share buybacks in the second half of 2006?

謝謝。在我們回答會議室裡的另一個問題之前，有一個來自網路的問題，實際上是關於上半年加速股票回購的問題。問題是，您對 2006 年下半年的股票回購有何預期？

I think we will continue to buy back shares but not accelerated as we did in the first half of the year. Remember, when we were provided our EPS guidance beginning of the year, we said it is based on roughly 307 million shares outstanding.

我認為我們會繼續回購股票，但不會像上半年那樣加速。請記住，當我們在年初獲得每股收益指引時，我們說這是基於大約 3.07 億股流通股。

We have -- are now on an average basis at this amount; but this does that mean that we do not continue. So we will continue to buy back shares in the second half, but not at the same pace as we saw in the first half of the year.

我們現在平均處於這個水平；但這是否意味著我們不會繼續下去。因此，我們將在下半年繼續回購股票，但速度不會像上半年那樣。

Great, thank you. Now we take a question from the room, John McPeake.

太好了，謝謝。現在我們回答來自房間裡的一個問題，約翰·麥克皮克。

John McPeake at Prudential. When I look at the GEAs and also your -- at least this June quarter the increased bookings versus recognition, should I think about the ratio of license to maintenance changing on a recognized amount of dollar deal? Per dollar deal?

保誠的約翰·麥克皮克。當我查看 GEA 以及您的 — — 至少是今年 6 月季度的預訂量與認可量增加時，我是否應該考慮許可證與維護的比率隨著認可的美元交易金額而變化？按美元交易嗎？

I don't think you should. The maintenance is, as you know, a percentage of the license. Therefore, there is a correlation; when you book the license you book the maintenance. But these ratios are what they are, and it is percentage driven, so there should not be any change.

我認為你不應該這麼做。如您所知，維護費是許可證的一部分。因此，存在相關性；當您預訂許可證時，您就預訂了維護。但這些比率就是這些比率，而且是由百分比驅動的，因此不應該有任何改變。

Okay, it just says that existing maintenance payments become part of the GEA when you sign them. So I was --?

好的，它只是說當您簽署現有的維護費用時，它們將成為 GEA 的一部分。所以我是——？

In the case of a GEA, the situation is slightly different. You sign an overall agreement for 100; as you book it going forward, in those 100 you have the entire transaction. So you also have [to follow]; you also have maintenance included in there.

對於 GEA 來說，情況略有不同。你簽100的總協議；當您繼續預訂時，您將在這 100 個訂單中擁有整個交易。所以你也必須[跟隨]；其中也包括維護。

So for $100 of deal size you are still going to have the same ratio? There won't be any [combing] going (multiple speakers)?

那麼，對於 100 美元的交易規模，您仍將擁有相同的比例嗎？不會有任何[梳理]進行（多個發言者）吧？

Yes.

是的。

Okay, thank you.

好的，謝謝。

Thank you, another question here, Peter Kuper.

謝謝，這裡還有一個問題，Peter Kuper。

Peter Kuper with Morgan Stanley. Earlier this week your friends at Oracle were saying that Fusion has tremendous advantages over let's say NetWeaver on an [SMA] type strategy. If you could share with us maybe just general comments on that. But also what customers that are believing in your vision see as advantageous over Oracle Fusion, please?

摩根士丹利的 Peter Kuper。本週早些時候，您在 Oracle 的朋友說，Fusion 在 [SMA] 類型策略上比 NetWeaver 具有巨大優勢。如果您可以與我們分享一些關於此問題的一般性評論。但是，相信您的願景的客戶還認為它比 Oracle Fusion 有哪些優勢呢？

Yes, thank you. I have not seen this presentation. I would love; but you can send it to me and then maybe we can give more detailed answers. At the end of the day, I think, my first answer is always that people or customers in SAP can touch what we're doing. So we're not only talking about it. We have not only shipped NetWeaver but we have also shipped products on it.

是的，謝謝。我沒有看過這個演示。我很樂意；但你可以把它寄給我，然後也許我們可以給出更詳細的答案。歸根結底，我認為，我的第一個答案始終是 SAP 中的人員或客戶可以接觸到我們正在做的事情。所以我們不僅僅是在談論它。我們不僅發布了 NetWeaver，還發布了基於它的產品。

So if you look for example to the ERP2005, it is a services enabled ERP; so we would argue where is the, let's say, the same from our competitors? And how does this work? What does this mean? How does this work?

因此，如果您以 ERP2005 為例，它是一個支援服務的 ERP；那麼我們會爭論，我們的競爭對手在哪裡是相同的呢？這是如何實現的？這是什麼意思？這是如何運作的？

What I have seen sometimes is that they claim SAP is not following standards; SAP is using old technology; and those type of things.

我有時看到他們聲稱 SAP 沒有遵循標準；SAP 正在使用舊技術；以及諸如此類的事情。

The answer is, first of all, we are using standards. We are pretty open. Otherwise, how could we cooperate that nicely with Microsoft and IBM's platforms?

答案是，首先，我們使用標準。我們非常開放。否則，我們怎麼能和微軟、IBM的平台合作得那麼好呢？

The other point is always about what is a standard? My answer is always, for me, it is more about giving choice to clients than declaring something I like as a standard and try to persuade others that this is a standard.

另一點始終是關於什麼是標準？我的回答始終是，對我來說，這更多的是給予客戶選擇，而不是宣布我喜歡的東西作為標準，並試圖說服其他人這是一個標準。

So from that point of view, we are giving choice. If a client, for example, wants to extend in JAVA, he can do it; he will not see other things we have in our environment. If a large client of SAP likes [UPUP], he can still use us; we will not take it away from the market. If clients like the Microsoft environment, they can use us. Otherwise, we could not (indiscernible) that.

因此從這個角度來看，我們給了選擇。例如，如果客戶想要在 JAVA 中進行擴展，他可以這樣做；他將看不到我們環境中的其他事物。如果 SAP 的大客戶喜歡 [UPUP]，他仍然可以使用我們；我們不會將其從市場上撤走。如果客戶喜歡 Microsoft 環境，他們可以使用我們。否則，我們就不能（聽不清楚）那樣。

So you see more our approach. We would not be religious on standards. We're looking what our key clients want and we give them choice. From that point of view, I feel pretty comfortable.

因此您可以更多地了解我們的方法。我們不會對標準過於虔誠。我們專注於主要客戶的需求並為他們提供選擇。從這個角度來看，我覺得很舒服。

There is another point I would highlight. This is, if you look to the concepts of the Business Process Platform as a combination of reusable applications of technology, and the concepts behind model driven, not only services enabled, but also event driven, etc., then I think you find all the modern concepts people are highlighting today. I don't know one which is missing. But we can debate it in detail.

我還想強調一點。也就是說，如果您將業務流程平台的概念視為可重用技術應用程式的組合，以及模型驅動背後的概念，不僅支援服務，還支援事件驅動等，那麼我認為您會發現人們今天所強調的所有現代概念。我不知道哪一個是缺失的。但我們可以詳細討論一下。

I would like to maybe add one very pragmatic point to what Henning has just said. When I look at what is happening in the markets with customers, then let's eliminate from the discussion for a second SAP-centric customers or Oracle-centric customers. Because they have kind of predetermined choices.

我想針對亨寧剛才所說的話補充一個非常務實的觀點。當我觀察客戶市場上發生的事情時，我們會從討論中排除第二個以 SAP 為中心的客戶或以 Oracle 為中心的客戶。因為他們有某種預先決定的選擇。

Let's look at situations where both of us are present and the company needs to make a decision about the future. So therefore, these people have to make a wise choice between two strategies to approach [us], two technologies. And architecture is a very important part of it.

讓我們看看我們雙方都在場並且公司需要對未來做出決定的情況。因此，這些人必須在兩種接近我們的策略和兩種技術之間做出明智的選擇。建築是其中非常重要的一部分。

Without revealing names, because I can't, I can assure you that there have been a number of these situations over the last three or four months all of which have been won by SAP after a thorough investigation of the customer of Fusion versus our strategy, versus NetWeaver.

由於我不能透露姓名，所以我可以向你們保證，在過去的三四個月中，已經發生過許多這樣的情況，在對 Fusion 客戶與我們的策略以及 NetWeaver 進行徹底調查之後，SAP 都贏得了這些情況。

As Henning said, they could touch NetWeaver; it is hard to touch PowerPoint. They looked at the ESA roadmap, they looked at what we're able to deliver, and the conclusion was fairly straightforward.

正如 Henning 所說，他們可以接觸 NetWeaver；觸摸 PowerPoint 很困難。他們研究了 ESA 路線圖，研究了我們能夠提供什麼，結論相當簡單。

Thank you, there is another question from the Web. Do you see a shift in seasonality for the remaining quarters in the second half?

謝謝，網路上還有一個問題。您是否認為下半年剩餘季度的季節性會有所變化？