OREANDA-NEWS. SAP SE (NYSE: SAP) today announced its financial results for the first quarter ended March 31, 2016.

SAP had strong growth in the cloud, ahead of its mid-term aspirations. First quarter non-IFRS cloud subscriptions and support revenue grew 33% year-over-year (33% at onstant currencies) to EUR 678 million. New cloud bookings grew a solid 23% (26% at constant currencies) in the first quarter and reached EUR 145 million.

The rapidly growing cloud business together with solid growth in support revenue drove a record share of more predictable revenue. The total of cloud subscriptions & support revenue and software support revenue reached 69% share of total revenue in the first quarter 2016.

IFRS cloud and software revenue was EUR 3.85 billion (2015: EUR 3.65 billion), an increase of 5%. Non-IFRS cloud and software revenue was EUR 3.85 billion (2015: EUR 3.66 billion), an increase of 5% (6% at constant currencies).

IFRS operating profit was up 28% to EUR 0.81 billion. Non-IFRS operating profit grew 5% to EUR 1.10 billion (4% at constant currencies). IFRS earnings per share increased 38% to EUR 0.48. Non-IFRS earnings per share increased 9% to EUR 0.64.

Operating cash flow was EUR 2.48 billion (2015: EUR 2.37 billion), an increase of 5% year-over-year. Free cash flow increased 4% year-over-year to EUR 2.31 billion (2015: EUR 2.23 billion).