SAP reported preliminary results. In 2015, cloud subscriptions and support revenues increased 110% to €2.29bn and 82% based on constant currency. Software licence revenues increased 10% to €4.84bn (4% at cc) and maintenance revenues 14% to €10.09bn. The operating profit however declined 2% to €4.25bn and the EBIT margin reached 20.4%. We estimated an EBIT margin of 28.1% based on IFRS numbers. Non-IFRS operating margin also declined from 32.1% to 30.5%. In the fourth quart ....