The Top 100 European Software vendors

Profitability under pressure

Lower profits

5.8 €B aggregated net profits, down from 6.6 B€B last year

Profits €B 2006 2007 2008 2009 2010 2011 2012
2.8 3.2 3.6 3.7 5.8 6.6 5.8
  Profits  
2007 2008 2009 2010 2011 2012 % of revenues T 100
SAP 60% 51% 46% 31% 52% 48% 39%
TOP 3 73% 62% 58% 40% 60% 58% 47%
TOP 5 75% 67% 66% 44% 66% 65% 53%
TOP 10 75% 67% 66% 52% 79% 79% 63%
TOP 50 95% 92% 91% 84% 96% 95% 90%

The bigger, the more profitable
Profitability 2010 % of revenues 2011 2012 Profits €M 2012
TOP 23 15.2% 22.9% 17.0% 3386
TOP 25 12.0% 4846
TOP 50 12.2% 13.5% 10.8% 5591
BOTTOM 50 10.6% 5.2% 4.6% 266
BOTTOM 25 13.4% 6.9% 6.8% 166

Profit rate


Publicly traded


Strong exposition to capital markets
Public or non-public # Software Revenues (€M) % of Truffle 100 R&D Spend (€M) % of Truffle 100 Profits (€M) % of Truffle 100
Publicly traded 58 33 702.4 81.9% 5 465.4 79.9% 5 575.6 95.2%
Privite 42 7 445.3 18.1% 1 375.6 20.1% 282.4 4.8%
100 41 147.7 100% 6 841.1 100% 5 858.0 100%