STOCKHOLM, July 21 Reuters SAP shares fell 4 on Thursday after the Gerban business software maker trimmed its profit outlook for the year citing charges related to the war in Ukraine.

It lowered its 2022 adjusted profit outlook to between 7.6 billion and 7.9 billion euros, from a range of 7.8 billion to 8.25 billion euros. SAP, however, affirmed its revenue outlook.

SAP is cheap on multiples, but with SAP requiring about 60 of the year39;s profit in 2H against a slowing macro, investors are likely to need more proof points to drive a rerating in the short term, Jefferies analysts wrote in a client note.

The German company cited an impact on adjusted profit of 350 million euros at constant currencies from the war in Ukraine and a potential decline in software licensing revenue.

Its exit from Russia and Belarus led to about 120 million euros in severance payments to employees and impairments of assets.

The exit is still ongoing. We have notified our employees and they will leave the company over the course of 2022, CEO Christian Klein said on a call with journalists.

There39;s also a number of employees who might work for us from other locations, but by the end of the year we will have completed the exit and I don39;t expect a higher number than 350 million euros, he said.

SAP, which makes software for managing business processes, has been moving to subscriptionbased cloud services from software licences with upfront fees.

Our transition to the cloud is ahead of…