Well, 1 year over again. Good morning, ladies and gentlemen. I'm pleased to declare the Annual General Meeting of Shareholders of SF PSE. As required by the company's articles as Chairperson of the Supervisory Board, I'll be persuading over to today's meeting. On behalf of the Supervisory Board and the Executive Board, I'd like to bid you, our shareholders and shareholders' proxies a warm welcome.
We're delighted that once again so many of you are able to attend. I also welcome our guests and especially the members of the press who we'd like to thank for their objective and informed reporting on our company over the past 12 months. Ladies and gentlemen, as usual, I first need to announce the formalities of this Annual General Meeting of Shareholders. All members of the executive board are here today. All members of the supervisory board are likewise here today with the exception of Mr.
Bernard Lautot, who sends his apologies. I'd also like to welcome Doctor. Stefan Felmid, not Republic, who'll be taking the minutes. Welcome. Today's meeting was called with few notice in accordance with legal requirements and the provisions of the articles of incorporation.
Notice of the meeting was published in the Bundesen cycle on April 5, 2019. A copy of the notice is available for your inspection at the speakers' table. It will be annexed to the minutes. All notice is required for convening the Annual General Meeting of Shareholders were properly issued. No motions or candidacies were submitted by shareholders of the company.
The official meeting zone includes this main hall of the SAP arena plus all other rooms and areas in the SAP arena that are accessible to shareholders after passing through security at the entrance. These include the training hall opposite the entrance area where we find the catering services as well as the spectator stairs and the 1st floor where there are more catering services. The meeting will be broadcast throughout the official meeting zone via loudspeakers. There's also a big screen in the training hall on which you can follow the meeting. The attendance registers computerized and constantly updated.
There's a terminal at the speakers table in which you can inspect the register at any time during the meeting. If you wish to leave the shareholders meeting early, you can appoint the employees of the company present for that purpose as your proxy. To do so, please use the proxy and instruction card in the back section of your ballot card book. You are allowed to instruct the proxies provided by the company exclusively with respect to voting on the management proposals published in the invitation. You can now even trust your vote to another participant.
To do so, detach the attendance card and proxy form from your ballot card book. On your way out, hand your completed proxy form to the staff at the door and keep your attendance card. Give your proxy your ballot card book. If you wish to leave the meeting temporarily or early and do not wish to appoint a proxy to vote on your behalf, please hand in your attendance card and your voting cards at the exit. As in the previous year, online participation is also possible.
Shareholders participating online can follow a live webcast of the entire meeting, cast their votes real time and inspect the attendance register. Shareholders participating via the Internet proxy appointment and instruction system have until the beginning of voting on management's announced proposals to send or amend the appointments and instructions regarding these proposals. All shareholders and proxies who wish to speak or ask questions are currently asked to report to the speakers' table as soon as possible. Please complete the speakers request form. Please clearly and legibly write your name and the number of your ballot card book on the request form.
I must insist that every shareholder proxy wishing to speak without exception firsthand in a request format for speakers table and then wait until call to speak. When it's your turn to speak, please go to one of the microphones in the main hall. The entire Annual General Meeting of Shareholders is being publicly broadcast on the Internet. However, only what I'm saying now in the speech of CEO Bill McDermott will be recorded and posted on the Internet after the meeting. As in the previous year, we're allowing some television companies to broadcast highlights from Mr.
McDermott's speech. However, we are allowing the TV companies to show sections of his speech only. The entire meeting is also being documented in sound and video for the record. If she held a proxy objects to the recording of his or her speech, we will not record that speech. I would like to remind all of you here and those shareholders participating online that you are not permitted to make any sound or video recordings of the meeting selves.
Ladies and gentlemen, now to the agenda. Let's first take item 1. I can report that the following documents were available at the website, www.sap.com/investors from the time the general meeting was called. The 2018 SAP SAE Financial Statements, the consolidated financial statements, the combined management report for the SAP Group and SAP SA including the compensation report and the Executive Board's explanatory notes relating to the information provided pursuant to the German Commercial Code Sections 289A1 and 315A1. The Supervisory Board report and the executive Board's proposed resolution of the appropriation of returned earnings.
These documents are also available for inspection in the meeting room. You'll find the documents at the speakers table in the main hall and at the booth by the entrance to the side hall. The auditor KPMG AG, Wirtschaft, Spruchungsgesellschaft examined the SAP SE financial statements, the consolidated financial statements and the combined SAP SE and SAP Group Management report for fiscal 2018 and issued an unqualified audit opinion. The Safe Advisory Board reviewed and approved the aforementioned documents on the February 20, 2019. The SAP SCE financial statements for 20 and was formally adopted.
The Supervisory Board compiled a written report, which is published on Pages 18 to 25 of the integrated report. This report describes the focus of our work in 2018 in detail and the way in which we discharged our function of advising and supervising the SAP Executive Board. Our work is founded on a close and trusting partnership between the supervisory board and the executive board, an efficient distribution of tasks between the supervisory board and its committees and not least the use of our own software such as SAP Digital Boardroom, which visualizes all financial personnel and process related information across all company transactions for us in real time whenever we need it. Let me go into more detail about some of the focus areas of work. Last year, the Supervisory Board reverted considerable time at several meetings to discussing personnel changes on the Executive Board and the associated restructuring of the Executive Board.
We also discussed at length the company's intelligent enterprise strategy aimed at helping SAP customers evolve into intelligent enterprises, especially in connection with the decision to acquire Calidus. Our plenary session on the 25th October focused on a further key step in this strategy, namely the acquisition of Qualtrics, a U. S. Based market leader in experience management. The supervisory board was closely involved in these strategic decisions and together with the executive board, I'm repeating what it says in German and together with the executive board believes these measures will ideally position and strengthen our company for the future.
In Germany, the sense is a bit awkward, but never mind. Ladies and gentlemen, last year, I promised to continue to maintain an open corporate governance dialogue with our shareholders on subjects that are the responsibility of the supervisory board. The aim of these discussions is to ensure that feedback from our shareholders and thus from all of you is continuously brought to bear in the Supervisory Board's work. And while I obviously cannot conduct this dialogue with each and every shareholder, it's important to me that we'll make the subject matter and outcomes of our discussions with institutional investors transparent for all shareholders. As last year, you can read my open letter to investors in the Investor Relations section on the SAP website.
It summarizes all the main themes of these discussions. I'd now like to turn to changes in the membership of Ship of Executive Board. The Supervisory Board appointed Joerg Miller to the Executive Board with effect from January 1, 2019. Since then, Jorgen has been responsible for the Technology and Innovation Board area. I'd like to welcome Jorgen to the meeting and ask him briefly to introduce himself to our shareholders.
Thank you very much, Hasso. Dear shareholders and shareholder representatives, ladies and gentlemen, it is my pleasure to be able to introduce myself to you. I'd like to start on a personal note because this is certainly a one off. I'm by far the eldest of a total of 6 siblings, and I was born and grew up in a small city called Kirghorst, which is close to Hanover. I don't know whether it's the CBIIT trade fair, which I attended almost every year or other things, But I became very much interested in technology early on.
And at the age of 12, I already had my first computer. And I quickly learned that you cannot only use it for playing games, but also develop software. My second passion was soccer. Not only playing soccer, by the age of 14, I also was one of the youngest referees in lower Saxony. Values such as openness, transparency, fairness and honesty have always been very important to me.
Then at some time, my coach told me that most probably, if I really tried very hard, I could make it to the 3rd German league. Well, and then I told myself, maybe in technology, you can better make it to the Champions League. So at the age of 17, together with a couple of friends, I set up my first company for website development, which we kept up for a long time. And I also studied Business Information Technology in Gottingen. And I also spent 6 months in Shanghai and in China during that time.
And I also kept working all the time either at the university or also with consulting firms, also SAP. And for me, it was always important to use technology in order to help the company and people. Then well, my entry at SAP came in 2 stages, so to speak. The first step was in 2,007 when I started working on my PhD at the Hasso Plattner Institute. And then in 2013, I officially took up employment at SAP.
At that time, Richard Sika, the then CTO of SAP, asked me to take over the Innovation Center in Potsdam. And then he and later on, Bernd Liker also placed their trust in me in setting up an innovation center network. In 2016 then, Bill McDermott asked me to become the 1st Chief Innovation Officer of SAP. And in that capacity, I focused very much on innovation technologies such as machine learning. In 2018 then, I also took over the development area for Leonardo.
That's our technology area where machine learning, blockchain and so on are further developed. And I also took over the analytics development unit. And now since earlier this year, I have been a member of the executive board of SAP, where I actually have got 2 tasks. And the role of the Technology Innovation Officer. I'm in charge of the technology platform.
So SAP HANA Data Management is very important, which we make available for our in house application and also for our customers. In addition, this responsibility includes analytics, Leonardo Intelligent Suite program. Here, I team up very closely with Jennifer Morgan and Christian Klein. And of course, it is very important for us to further drive our core applications and technologies. We want to become measurable.
So the Boston Consulting Group, BCG, recently published their list of the most innovative technology companies in 2019. And from 2018 to 2019, we moved up from 42nd to 28th, and that's exactly what we want to see for SAP, which means we're clearly ahead of Salesforce, Workday and Oracle. And that is exactly what we want to achieve. What I also consider very important is to make sure that everybody is proud of our technologies because we can truly take pride in what we have achieved and what we achieve every day. Now with that, I would like to thank all of you.
I hope I've been able to give you some insights, who I am personally, how my career evolved and why what I'm now dealing with at SAP on your behalf. SAP is an exciting and fascinating company with loyal customers and excellent employees. Every day, I'm glad to be part of their team contributing to making SAP better every day. I'd like to thank you, Hasso, for the trust you've placed in me and also the entire Supervisory Board. Thanks also to you, Bill, and the entire Executive Board.
And finally, I also would like to thank you, the shareholders and shareholder representatives. And I hope you will enjoy now the rest of this AGM. Thank you very
much.
Well, on top of that, there were other changes in the executive board. In February this year, Bernd Lorikert and the Super Bowls Board agreed on his immediate leaving of the Executive Board and Rob Enslin in April left SAP at his own request to pursue new business challenges outside the company. Bernd and Rob had each spent more than 2 decades at SAP and had been members of the executive board since 2014. Highly regarded among SAP employees, partners and customers alike both played a vital role in the success of the company with extensive experience and expert know how. We thank both of them for their long standing commitment to SAP.
I spoke too much English over the past 3 months. My German gets rusty. Ladies and gentlemen, there will also be some changes in the membership of the Board. As you all have read in the invitation to today's meeting, the memberships of all shareholder representatives on the Supervisory Board expiring, which means new elections have to be held. Mr.
Erhard Schipperwright, who had been a Supervisory Board member since 2,005 is not standing for reelection. I'd like to thank Mr. Scheperheits on behalf of the entire supervisory board for his many years of service on the Supervisory Board, above all, for his work as Chairman, Person of the Finance and Investment Committee and the Audit Committee will miss his experience and expertise greatly. You already know the other candidates Stanley, for election to the Supervisory Board with the exception perhaps of Mr. Gunnar Wiedenfels, who if elected will be proposed as Chairperson of the Audit Committee.
As he is standing for election by the shareholders for the first time today, I'd like to ask Mr. Weinfelds to briefly introduce himself. Yes. Wittenfelds.
Thank you very much, Mr. Chairman, and good morning, ladies and gentlemen. My name is Gunnar Wienfeld. I'm 41 years old and currently the CFO of Discovery Incorporated, which is an American global media company listed at the NASDAQ, generating revenues of about 11,000,000,000 dollars and an EBITDA of about $4,500,000,000 We operate TV stations all over the world, Discovery Channel, Eurosport, D Max and TLC. Well, these are those names which you might have heard here in Germany.
It is a great honor to be here today. SAP is clearly one of the key global success stories, and personally, I'm pleased to be here today because SAP has an important factor in all of my professional life. It started out at university, then in my first job and also as a user of different SAP applications, and now I'm here today. So I'm very pleased. Now by way of introduction going way back, I went to university not far from here at University of Manheim, studying Business Information Technology.
This is when I first got exposure to SAP. In 1999, 2000, I took up my first job where I developed HTML pages for the Mysap product in Waldorf. After graduation, I took up my first full employment in management consulting. I took the opportunity to work in different industries, functions and geographies with McKinsey, which I did for about 5 years before then getting my Ph. D.
In Business Administration at Aachen University. I then soon joined ProSiebenSat-one, started out in strategy, then did the sidestep into the finance space, where I held several roles before in 2015. In April 2015, I became the CFO. And after 8 years with proceedings, I won. Almost exactly 2 years ago, my wife, my 3 children and I, we moved over to the U.
S. We now live in the New York City area, where I have been the CFO of Discovery for 2 years. So much on my background. So once again, let me tell you, I'm pleased to be here. Thanks for the trust you've placed in me.
Ladies and gentlemen, as you can see from the proposals, I'm only standing for election for 3 more years and these 3 years will be my last term in office. I'm often asked who will replace me as Supervisory Board Chair. Rest assured that I have and I'm giving this metric great deal of thought, but please understand also that I'll not be giving out any information about this today. All relevant details will be disclosed at the appropriate time before the end of my term. Various changes among the employee new representatives who will take their seats after today's meeting.
The following representatives have retired from the Supervisory Board, Mr. Martin Duffek, Mr. Andreas Hahn, Mr. Robert Schusnick Fowler and Doctor. Sebastian Ciek and Mr.
Pierre Thiolet. I'd also like to thank them for their practical and constructive work throughout the years of membership. Ladies and gentlemen, allow me to turn now to the matter of Executive Board Compensation. Your criticism of the structure of our Executive Board Compensation and how does report in our compensation report prompted us to introduce a number of changes in 2018, which we presented for your approval at the 2018 Annual General Meeting of Shareholders. In the light of your extremely positive approval rate last year, no further changes were made to the compensation system and as such Executive Board compensation is not on this year's changes this year concerning Executive Board Compensation and the response to the new shareholders rights directive and revised from corporate governance code.
However, neither of these new regulatory mechanisms have entered into force yet, which means we are currently unable to see exactly what changes we'll make. Our General and Compensation Committee, which is responsible for executive board compensation is monitoring these developments very closely in order to be able to react quickly to new requirements and we'll of course also take shareholder feedback into account when revising our compensation structure. Ladies and gentlemen, I'll now ask Bill McDermott to address you. Because Bill doesn't speak German, his speech will be interpreted simultaneously to German so that everyone can follow. And Bill's answers will also be interpreted into German.
Bill, please.
Thank you.
Good morning, ladies and gentlemen, and welcome to Mannheim.
On behalf of 100,000 We also thank the entire Supervisory Board for its excellent insight and guidance. Thank you, dear Supervisory Board colleagues. As Hasso explained, we continue to build our strong leadership team with the addition of Juergen Muller. Juergen congratulations and welcome to the Executive Board. Ladies and gentlemen, looking at the big picture, SAP is a rarity in our industry.
We have a strong core business the fastest growing cloud at scale and impressive operating profit growth. To expand on this, dear shareholders, let's discuss where we are, where we need to go, and how we will get there. We are now in the 47th year, my 10th year as CEO. Time really flies, doesn't it? Wow.
Over the past 10 years, we have invested over $70,000,000,000 in innovation for our customers. To manage the fast growing big data challenge, we invented the in memory revolution with SAP HANA, the fastest database in the world. Thank you, Hasso and team. Great job. Today, nearly 30,000 customers run on the SAP HANA platform.
We redesigned our core ERP applications to also run on SAP HANA. Now, nearly 11,000 customers have purchased SAP S4HANA to transform their companies. To enable innovation around the core, we acquired the best cloud solutions including SuccessFactors Ariba, Fieldglass, Concur, Hybris and Kalidas Cloud. We now have more cloud users running our software than any enterprise application software company in the world. We have over 200,000,000 users.
With Ariba, Fieldglass and Concur, we are actually changing how commerce is conducted between companies. If you think about a consumer company like Amazon, they have $300,000,000,000 running through the Amazon network. Today, dollars 3,000,000,000,000 in commerce is running through the SAP Business Network. Now that's global. That's enterprise.
That's mass scale. So our innovation led strategy has really delivered for SAP. We have more than doubled our total revenue and operating profit and more than tripled our market value since 2010. And we continued this track record last year. In 2018, we increased our financial guidance 3 times to account for the strong business momentum.
In January, we were very happy to announce that SAP met or exceeded our raised guidance metrics for the full year. So let's discuss the specific results. And please note the numbers are non IFRS. Percentages are non IFRS at constant currencies. Our total revenue was €24,700,000,000 up 11%.
Cloud and software reached €20,660,000,000 up 10%. Cloud revenue hit €5,030,000,000 up 38%. New cloud bookings which is defined as cloud business we have signed but not yet collected, was up 28%. With strong operational discipline, we saw 10% profit growth for the year with €7,160,000,000 achieved in operating profit. As our Q1 results show, 2019 is off to an even better start.
We are strong. The following percentages are non IFRS as reported. Cloud revenue exceeded €1,500,000,000 for the first time in a quarter. That's up 48%. Cloud and software revenue accelerated, growing at 16%.
Total revenue grew at an impressive rate 16% as well. And our combined new order entry on premise and cloud is up 17%. SAP is growing faster than our competition in both the core and the cloud. Our cloud organic growth is several points faster than key competitors. SAP's fast growing cloud business together with solid growth in support revenue continued to drive the share of more predictable revenue in the company which is now at 72%.
In Q1, we also drove margin expansion and increased operating income. Our overall operating margin grew by 50 basis points. This was driven by strong cloud gross margin. We improved that 400 basis points sequentially. Our improved gross margins and efficiency measures resulted in operating profit that was up by 19%.
Free cash flow also saw a double digit increase year on year. Because of this strong start to the year, we raised our operating profit guidance for 2019. We could not be happier about these Q1 results. I hope you feel the same way. Thank you.
Now let's look at SAP's share price development. Since February of 2010, the share price has more than tripled. In 2018, SAP's momentum was reflected in our stock price which reached a record high in September. Even as global market turbulence in 2019. Today, your SAP has the highest market capitalization on the DAX by far.
We can all be very proud that SAP is Germany's most viable brand and Germany's most valuable company. Congratulations. The strong share price development is a sign of approval from the investment community. We firmly believe you, our shareholders, should benefit greatly from our success. It is our policy to pay a dividend totaling 40% or more of IFRS profit after tax On the back of a very successful year, the executive board and the supervisory board proposed to raise the dividend for 2018 by 7% to €1.50 50¢ per share.
This represents a dividend. Thank you. I love when you're happy like this. This represents a dividend payout of €1,790,000,000 and a payout ratio of 44% based on our 2018 IFRS profit. And incidentally over the past 10 years we have returned more than €11,000,000,000 in dividends to the shareholders.
Of course, you'll be asked to vote on this dividend payout and the other topics on the screen in today's meeting. Allow me please to give you a moment to review this list. Before we shift to the future, SAP's financial results only tell part of the story. Our success would not be possible without our loyal and engaged workforce. 93% of our employees told us they are proud to work for SAP.
This is 8% higher than the industry average. Our employee engagement score remained at an impressively high level. It was 84% in 2018. Through our corporate responsibilities these are social initiatives. SAP colleagues volunteered more than 1,000,000 hours.
These efforts positively impacted 4,000,000 people in 2018 alone. And even as we grew the company over 10%, we beat our ambition to shrink our carbon footprint by nearly 5%. Bottom line, we are on track. Thank you. Thank you.
And we are on track to keep our promise to be carbon neutral by 2025. At 26% and growing fast, we're making real progress toward our goal of 30% women in management by 2022. With our autism at work thank you. Thank you. With our autism at work program, SAP is leading the way in neurodiversity.
We offer a wide range of learning programs to upskill colleagues for the future. And you know what? The best validation always comes from the people themselves. We are one of only 2 companies in the world that rank on Glassdoor's top employer list in all five countries it surveys. Wow.
Here's a short video for you. It shows the appeal SAP has as the employer of choice.
I'm very glad that I found a creche for my son here. He likes coming here to kindergarten and he enjoys it. So called parent and child offices at various locations allow our employees to work where their kids go to kindergarten. For a couple of years, I've been a great fan of the workshops offered in terms of family career. We also have our family conferences, and the kids always ask for the next family conference.
Well, I really appreciate the great exchange with their offering there, individual parent coaching. Well, and then sometimes you can also discuss personal matters. It sometimes feels very good to reflect on a situation with somebody who is not part of the family. But really interesting, get lots of information there, virtual information meetings on parental leave, taking care of elderly relatives. So called breakfast on elderly care topics, coaching virtually or face to face.
People want to have a partner they can talk to and the coaches in whom they can trust. Dinner to go. I've got 2 teenagers for whom I order dinner to go from time to time, and they love it.
Dear shareholders, we will remain focused on delivering financial, social and environmental success. This is the signature of a true market leading company. Now let's talk about where we need to go to secure SAP's very bright future. The short answer, SAP needs to go where our customers need us most. We now live in an experienced economy.
With the rise of the mobile device, all of us have more choices now than ever before. As a result businesses are feeling immense pressure to personalize every experience they offer. It's quite simple. If businesses don't offer what we want, we look elsewhere. Businesses are also struggling to bridge the experience gap.
This is the difference between what a consumer expects and what they actually receive. This experience gap has created a €1,400,000,000,000 problem. It's big. That's the amount businesses lose each year when their frustrated consumers leave them for a competitor. As you know, SAP proudly serves the best run businesses.
Now it's clear. A business can no longer be best run if it does not bridge the experience gap. This is precisely what we have engineered SAP's solution portfolio to do. Last year, we introduced our customers to the Intelligent Enterprise. We told them that every business process must be connected from the demand chain to the supply chain.
We introduced C4HANA to help customers manage their data, sales, marketing, commerce and service needs. We gave them our plan to integrate C4HANA, S4HANA and all SAP Cloud solutions. At a time when others are only talking about artificial intelligence, SAP includes SAP Leonardo in all of our solutions. Let's hear directly from a valued customer about their intelligent enterprise journey.
Our company was established in 1975. We started out with the staff of 2. We now have got 3,500 employees with revenues of €350,000,000 We are one of the very few family owned companies generating these KPIs throughout Europe. We are a company serving the chemistry and oil industry. We are one of the biggest service providers for OMV, B and BSE.
And our legacy systems, well, they come up to their limits. And for that reason, we decided to look for a major and comprehensive software solutions. And of course, we wanted to keep our costs under control to make sure that our cost calculations for our projects are under control. We want to exactly know what our cost structure in Finland, for example, is. And that's something the legacy systems were not able to deliver anymore or at least they wouldn't have to be able to do so over the next 5 years.
From the very beginning and due to the company's development towards a massively growing international organization, now against that background, the IT infrastructure didn't grow as quickly as necessary. And with SAP S4HANA, we are able to run standardized processes. If we were not to go for SAP, then we would have to go for American systems where you've got servers located in the U. S, and that's what we do not want to have. We talked to a partner in Austria offering know how for the SAP 4HANA cloud technology, and we've got a great and highly dynamic team supporting us.
SAP is the only company which actually is able to cover everything on an international scale.
The video shows you that SAP is on the right track. As we reflected on where the world was going, we actually knew something was missing. We could tell you what was going on. We just couldn't always tell you why. SAP needed Qualtrics to complete our intelligent enterprise strategy.
This company pioneered the category now known as Experience Management. Please enjoy a short video to help introduce you to Qualtrics.
Welcome to the age of the experience economy. Experience characterizes our life. And as consumers, we now have got the option to directly share our experience and to actively save our relationship with organizations of any kind. Companies that do not manage to meet their customers' expectations will fail. For more than decades, decisions at companies were only taken on the basis of operational data, financials, sales figures or website clicks.
The problem with that is that operational data tell you only half of the truth. Why are customers frustrated? Why are they satisfied? Why are they looking for solutions elsewhere? That's what many companies ask themselves, and SAP can now answer these questions with the help of the Qualtrics platform.
This experience management will change the software industry from scratch. Experience data are basically different from operational data because they describe the human factor, what we believe and how we feel, what we want to do next and what we want to tell others about. Over the last 16 years, Qualtrics has generated a technology platform, helping companies to collect experienced data in 4 core areas and to manage and use them: data on customers, employees, products and the brand. L. L.
Bean has been around for 106 years. We were the 1st outdoor brand, but then we became less relevant. So we knew we had to more focus on strengthening our brand again. The Qualtrics platform helped us better understand what outdoor fans are actually looking for, and that changes also the way we advertise and communicate and what we offer in our shops. Our capabilities of winning new customers or reactivating buyers is above plan.
It's really exciting to see that we can do something different with experience management. Now the experience data from the Qualtrics platform are combined with the operational data from 77% of the business processes running on the SAP platform. Together, they can thus close the experience gap, opening up the way for a sustainable business success. The net present value of a satisfied and highly digital customer, that's the most important asset which the company will have in the next 25 years. With the bold decisions that we've taken for C4 HANA and the Qualtrics deal, today, we're the only company which is able to offer experienced management based upon an intelligent company, And that's our way forward.
All right. SAP is the number one source of O data. Qualtrics, the number one source of X data. By combining them, we offer a powerful formula that no other company in the world can match. X plus O.
Shortly after the Qualtrics acquisition was final, I read a headline from an industry analyst. She said, I have seen the future of enterprise software. It is SAP and Qualtrics. At SAPPHIRE NOW, just last week, we presented this complete story to 30,000 people live and more than 1,000,000 participants virtually. The response was simply outstanding.
We can now help all people inside companies connect intimately to all people outside companies. We give SAP users a digital boardroom where X Data and O Data power a fully integrated intelligent enterprise. With C4HANA and S4HANA, a single view of the consumer will drive every business decision. With our cloud solutions every finance, HR, marketing, sales or procurement leader will innovate new business practices and they will be the best ones. With Qualtrics our customers will get real time feedback from their customers to enable change to happen before it's too late.
In this era of Industry 4.0, SAP Leonardo connects every asset to its digital twin, which helps the world run better and improves people's lives. A short video to demonstrate this.
Heidelberg is a wonderful historic city, a city which wants to become a smart city. The digital services we can offer to our citizens, that's one of the key questions for the future. SAP Digital Business Services helps us in designing and implementing an entirely new waste management system. We install intelligent sensors in our recycling containers, and SAP Connected Goods monitors these sensors in real time. If a container is full, this is going to be displayed to us and our service provider will automatically be notified in order to empty it.
The quality of life in Heidelberg has thus improved significantly. We can better manage our truck trips because we avoid unnecessary emptying trips on one hand and the containers do not overflow, which means we can offer better service to our customers. The data are also analyzed for improved planning and for concluding better contracts with our service providers, which is a benefit for the city and its citizens. Heidelberg has got a long story, and SAP helps us shaping the future.
Dear shareholders, this is the future of best run business in all industries for enterprises of all sizes. This is also the perfect transition to our final question. How do we get there? Everything starts with the customer. We are an outside in company that believes in design thinking and innovation.
We used Qualtrics to change our net promoter process. While the vast majority of SAP customers are satisfied, we fully acknowledge there is still much work to be done to continuously listen, improve. We now have initiated major programs in the company like Customer First and build customers for life. We are also improving and empowering our relationship with user communities around the world. SAP's user groups recently helped us announce new pricing and licensing options for our customers.
Overall, getting it right for our customers is a race without a finish line. It is our job to know more, care more, and do more so we protect the trust our customers place in SAP. And this leads me to our passion to be the best version of ourselves. We must also be the best run SAP. Following our Investor Day earlier this year, we used Qualtrics to get feedback from the financial community.
They said we love SAP's growth. They also said we want more proof that that growth creates both customer and shareholder value. This is validated by the feedback we hear from you. So I want to personally thank you, dear shareholders, for continuing this dialogue. And now is the right time to initiate the next phase of value creation and innovation for all SAP stakeholders.
SAP now has the assets we need to deliver the intelligent enterprise. Our priorities are clear.
Integration,
Running a more efficient company. And using our partners wisely for things SAP shouldn't be doing itself. One example is the restructuring announced earlier this year. SAP continues to evolve to be what our customers need us to be. Another example is the special executive board committee we formed to focus on operational excellence.
The goal of this review is to identify, evaluate and execute on operational levers across all functions of SAP. We will also take a disciplined approach to capital allocation including evaluating a multi year share repurchase program because by running a more focused SAP we will deliver significant margin expansion across both our core and cloud businesses. In April, we updated our midterm 2023 ambition to reflect this. We are now targeting on average 100 basis points of margin expansion each year through 2023. And with regard to our partners SAP will leverage the mass scale of cloud infrastructure providers.
So our customers can choose to have SAP run solutions in SAP's cloud or they can also choose to run applications with our partners in their cloud. Because we will always be a company that listens, understands and acts in the best interest of our customers. And our customers have told us with resounding enthusiasm They appreciate the choice we are providing them. Thank you. And please keep in mind, these priorities are about pacing expenses at a rate less than our revenue growth.
By doing so, SAP will win strategically and operationally. Now one final element of a best run SAP is compliance. We have taken several steps to strengthen our culture of compliance at SAP. We have transparently communicated the results of investigations when it is permittable to do so. But today let me be clear.
We have a 0 tolerance policy for unethical conduct. Period. And dear shareholders, our ambition is not to deliver you an SAP that succeeds for a few quarters or a few years. Our ambition is to deliver you an SAP that succeeds for generations to come. You should always expect us.
Thank you. You should always expect us to follow this ambition with courage, class and integrity. Thank you. Today, I'll close where I began. SAP is a rarity in the industry.
And we are boldly entering the next chapter of growth, innovation and value creation. This will be in service to all stakeholders, customers, partners and shareholders alike. Our employees stand strong with you. By 2023, SAP aspires to reach €35,000,000,000 in total revenue. To more than triple our cloud revenue.
To reach a cloud gross margin of 75% and to reach an 80% share of more predictable revenue. As you would expect, our aim is not only to meet these aspirations but to exceed them. You okay with that? Like you, we all know this is a complicated world. At the World Economic Forum earlier this year, we used Qualtrics for a global experience survey.
People are nervous about climate change automation and access to opportunity. And SAP by itself does not have the power to address all of these issues. But when you add SAP, our 437,000 customers and more than 2,000,000 partners globally, Everything is possible. Optimism is the only free stimulus left in this world. And we are optimistic that SAP will help our customers seize the biggest challenges as we know they are also the greatest opportunities.
Here's one final example to demonstrate this.
My name is Jafar. I'm a fisherman. I fish tuna fish in Indonesian waters. Scanning is the first step towards collecting information about where and how the fish has been caught. This information is forwarded to a safe blockchain.
Thus, the fishermen can prove that the fish was caught in the right waters. Here, food safety is tested in independent labs. The results are once again entered into the blockchain. Restaurants and retailers in the U. S.
Have access to this, and I consider this to be my personal responsibility because I don't want anybody to get ill. Now this is the food processing plant. That's the last step before the fish ends up on your plate. We are able to track every single piece of the fish and share this information with the people who buy it and eat it. This here is the new blockchain analysis by our suppliers.
We see how many fish they have caught every day, what their weight is and what the fair trade share of that is. And all of this is connected to the SAP blockchain, and thus, each supplier can only access their respective data. I'm very proud about sharing my story with the world.
Ladies and gentlemen, your trust makes these stories possible. Trust is the ultimate human currency. SAP will never break it. We stand humbly on the shoulders of giants who founded this company 47 years ago. We carry Germany's flag with us to the 190 countries where SAP does business around the world.
And I could tell you this, Germany is admired everywhere for its engineering heritage. And SAP will honor that heritage. I thank you on behalf of my colleagues for standing with us on this journey. We can't do any of this without you. We're inspired by the responsibility we have to those who choose our brand.
To this and the next generation who represent the bold and bright future of a diverse and inclusive world. I say we will win. Our road is long, it's bright, and it has no limits. Thanks, Bill.
Thanks, Bill. I now have got the attendance register of the share count of the company to the amount of 1,228,000,000 that was wrong, sorry, 1,000,000,228,000,000, €504,232 coming in the same number of Power Value shares We have today at this AGM, EUR880,000,000 865,653 shares with the same number of voting rights represented today, which corresponds to 71.7% of the share capital. Apart from that, for 78,262 shares, we have received written votes, which later on will be taken into account in the counting of the results for the votes on the proposals of the management on items 226. That's 8 €8,000,000 943,850,000 par value shares are present or represented by written notes, which corresponds to 71.71 percent of the share capital. And maybe that's going to change during the course of the AGM, ladies and gentlemen.
I'm now calling for speakers to item 1 and all other agenda items, that is to say, items 2 to 6 in the invitation to the meeting, of which copies are available in the meeting rooms. I hereby open the discussion section of the meeting, which I will take as a general debate on all agenda items together.