Dassault Systèmes Reports Organic Double-digit Revenue and Earnings Growth for the 2012 Second Quarter and First Half

In preparing such forward-looking statements, the Company has in particular assumed an average U.S. dollar to euro exchange rate of US$1.30 per €1.00 and an average Japanese yen to euro exchange rate of JPY110 to €1.00 for the 2012 third quarter; for 2012, the Company has assumed an average U.S. dollar to euro exchange rate of US$1.30 per €1.00 and an average Japanese yen to euro exchange rate of JPY107 to €1.00; however, currency values fluctuate, and the Company’s results of operations may be significantly affected by changes in exchange rates. The Company’s actual results or performance may also be materially negatively affected by changes in the current global economic context, difficulties or adverse changes affecting its partners or its relationships with its partners, changes in exchange rates, new product developments, and technological changes; errors or defects in its products; growth in market share by its competitors; and the realization of any risks related to the integration of any newly acquired company, in particular related to the integration of Gemcom software International and internal reorganizations. Unfavorable changes in any of the above or other factors described in the Company’s regulatory reports, including the 2011 Document de référence, which was filed with the French Autorité des marchés financiers (AMF) on March 29, 2012, could materially affect the Company’s financial position or results of operations.

Non-IFRS Financial Information

Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Company’s supplemental non-IFRS financial information may not be comparable to similarly titled non-IFRS measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Company’s annual report for the year ended December 31, 2011 included in the Company’s 2011 Document de référence filed with the AMF on March 29, 2012.

In the tables accompanying this press release the Company sets forth its supplemental non-IFRS figures for revenue, operating income, operating margin, net income and diluted earnings per share, which exclude the effect of adjusting the carrying value of acquired companies’ deferred revenue, stock-based compensation expense, the expenses for the amortization of acquired intangible assets, other income and expense, net, certain one-time items included in financial revenue and other, net, and the income tax effect of the non-IFRS adjustments. The tables also set forth the most comparable IFRS financial measure and reconciliations of this information with non-IFRS information.

Information in Constant Currencies

When the Company believes it would be helpful for understanding trends in its business, the Company provides percentage increases or decreases in its revenue (in both IFRS as well as non-IFRS) to eliminate the effect of changes in currency values, particularly the U.S. dollar and the Japanese yen, relative to the euro. When trend information is expressed herein "in constant currencies", the results of the "prior" period have first been recalculated using the average exchange rates of the comparable period in the current year, and then compared with the results of the comparable period in the current year.

About Dassault Systèmes

Dassault Systèmes, the 3DEXPERIENCE Company, provides business and people with virtual universes to imagine sustainable innovations. Its world-leading solutions transform the way products are designed, produced, and supported. Dassault Systèmes’ collaborative solutions foster social innovation, expanding possibilities for the virtual world to improve the real world. The group brings value to over 150,000 customers of all sizes, in all industries, in more than 80 countries. For more information, visit www.3ds.com.

CATIA, SOLIDWORKS, ENOVIA, SIMULIA, DELMIA, 3D VIA, 3DSwYm, EXALEAD, and Netvibes are registered trademarks of Dassault Systèmes or its subsidiaries in the US and/or other countries.

(Tables to follow)

TABLE OF CONTENTS

Non-IFRS key figures

Condensed consolidated statements of income

Condensed consolidated balance sheets

Condensed consolidated cash flow statements

IFRS – non-IFRS reconciliation

DASSAULT SYSTEMES
NON-IFRS KEY FIGURES
(unaudited; in millions of Euros, except per share data, headcount and exchange rates)

Non-IFRS key figures exclude the effects of adjusting the carrying value of acquired companies’ deferred revenue, stock-based compensation expense, amortization of acquired intangible assets, other operating income and expense, net and certain one-time financial revenue items and the income tax effects of these non-IFRS adjustments.

Comparable IFRS financial information and a reconciliation of the IFRS and non-IFRS measures are set forth in the separate tables within this Attachment.

 
      Three months ended       Six months ended
       

June 30,
2012

     

June 30,
2011

      Change      

Change in cc*

     

June 30,
2012

     

June 30,
2011

      Change       Change in cc*
Non-IFRS Revenue € 502.9       € 428.6       17%       10%       € 965.3       € 838.5       15%       10%
 
Non-IFRS Revenue breakdown by activity
Software revenue 457.8 388.4 18% 11% 877.7 761.0 15% 10%
of which new licenses revenue 127.9 110.4 16% 9% 248.2 209.4 19% 13%

of which periodic licenses, maintenance and
product development revenue

329.9 278.0 19% 11% 629.5 551.6 14% 9%
Services and other revenue 45.1 40.2 12% 6% 87.6 77.5 13% 8%
 
Recurring software revenue 328.1 277.2 18% 11% 625.7 550.5 14% 9%
 
Non-IFRS software revenue breakdown by product line
PLM software revenue 356.3 307.0 16% 9% 677.8 595.5 14% 9%
of which CATIA software revenue 208.5 183.1 14% 8% 398.4 360.1 11% 7%
of which ENOVIA software revenue 65.8 55.9 18% 9% 123.9 103.9 19% 13%
SOLIDWORKS software revenue 101.5 81.4 25% 15% 199.9 165.5 21% 14%
 
Non-IFRS Revenue breakdown by geography
Americas 139.2 124.4 12% 0% 265.6 237.2 12% 4%
Europe 228.2 188.4 21% 19% 432.3 375.2 15% 14%
Asia       135.5       115.8       17%       8%       267.4       226.1       18%       11%
 
Non-IFRS operating income € 147.0 € 120.2 22% € 282.3 € 236.3 19%
Non-IFRS operating margin 29.2% 28.0% 29.2% 28.2%
Non-IFRS net income 95.5 79.7 20% 184.4 158.4 16%
Non-IFRS diluted net income per share       € 0.76       € 0.64       19%               € 1.47       € 1.28       15%        
Closing headcount       9,684       9,286       4%               9,684       9,286       4%        
 
Average Rate USD per Euro 1.28 1.44 (11%) 1.30 1.40 (8%)
Average Rate JPY per Euro       102.6       117.4       (13%)               103.3       115.0       (10%)        

*In constant currencies

 
DASSAULT SYSTEMES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (IFRS)

(unaudited; in millions of Euros, except per share data)

 
      Three months ended       Six months ended
       

June 30,
2012

     

June 30,
2011

     

June 30,
2012

     

June 30,
2011

New licenses revenue 127.9       110.4       248.2       209.4

Periodic licenses, maintenance and product
development revenue

329.9       278.0       629.5       551.2
Software revenue 457.8 388.4 877.7 760.6
Services and other revenue 45.1       40.2       87.6       77.5
Total Revenue € 502.9 € 428.6 € 965.3 € 838.1

Cost of software revenue (excluding amortization
of acquired intangibles)

(22.0) (18.8) (44.4) (37.8)
Cost of services and other revenue (42.9) (46.6) (86.0) (85.9)
Research and development (92.9) (83.1) (179.3) (160.0)
Marketing and sales (165.9) (128.0) (310.5) (259.5)
General and administrative (37.2) (35.9) (73.3) (66.8)
Amortization of acquired intangibles (21.8) (20.5) (43.3) (41.8)
Other operating income and expense, net 6.3       (2.5)       4.1       (2.3)
Total Operating Expenses (€ 376.4)       (€ 335.4)       (€ 732.7)       (€ 654.1)
Operating Income € 126.5 € 93.2 € 232.6 € 184.0
Financial revenue and other, net 0.8       1.1       5.1       4.4
Income before income taxes 127.3 94.3 237.7 188.4
Income tax expense (42.0) (30.0) (79.2) (60.2)
Net Income 85.3 64.3 158.5 128.2
Non-controlling interest (1.0)       0.0       (2.1)       (0.1)

Net Income attributable to equity holders of
the parent

€ 84.3       € 64.3       € 156.4       € 128.1
Basic net income per share 0.68       0.53       1.27       1.06
Diluted net income per share € 0.67       € 0.52       € 1.25       € 1.03

Basic weighted average shares outstanding (in
millions)

123.4       121.6       123.0       121.3

Diluted weighted average shares outstanding (in
millions)

      125.9       124.2       125.5       124.0
 

IFRS revenue variation as reported and in constant currencies

 

Three months ended June 30, 2012

      Six months ended June 30, 2012
        Change*       Change in cc**       Change*       Change in cc**
IFRS Revenue 17% 10% 15% 10%
IFRS Revenue by activity
Software Revenue 18% 11% 15% 10%
Services and other Revenue 12% 6% 13% 8%
IFRS Software Revenue by product line
PLM software revenue 16% 9% 14% 9%
of which CATIA software revenue 14% 8% 11% 7%
of which ENOVIA software revenue 18% 9% 19% 13%
SOLIDWORKS 25% 15% 21% 14%
IFRS Revenue by geography
Americas 12% 0% 12% 4%
Europe 21% 19% 15% 14%
Asia       17%       8%       18%       11%

* Variation compared to the same period in the prior year. ** In constant currencies.

 
DASSAULT SYSTEMES
CONDENSED CONSOLIDATED BALANCE SHEETS (IFRS)

(unaudited; in millions of Euros)

 
       

June 30,
2012

     

December 31,
2011

           
ASSETS
Cash and cash equivalents 1,461.3 1,154.3
Short-term investments 182.6 268.7
Accounts receivable, net 431.1 494.3
Other current assets 134.3 139.4
Total current assets 2,209.3 2,056.7
Property and equipment, net 110.9 106.6
Goodwill and Intangible assets, net 1,237.5 1,241.9
Other non current assets 131.6       111.6
Total Assets       € 3,689.3       € 3,516.8
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable 91.5 99.9
Unearned revenues 578.7 492.0
Short-term debt 229.0 228.9
Other current liabilities 299.1 317.3
Total current liabilities 1,198.3 1,138.1
Long-term debt 58.0 72.4
Other non current obligations 229.5 222.6
Total long-term liabilities 287.5 295.0
Non-controlling interests 16.0 17.5
Parent shareholders' equity 2,187.5       2,066.2
Total Liabilities and Shareholders' equity       € 3,689.3       € 3,516.8
 
DASSAULT SYSTEMES
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (IFRS)

(unaudited; in millions of Euros)

 
      Three months ended       Six months ended
       

June 30,
2012

     

June 30,
2011

      Change      

June 30,
2012

     

June 30,
2011

      Change
Net Income attributable to equity holders of the parent 84.3       64.3       20.0       156.4       128.1       28.3
Non-controlling interest 1.0 0.0 1.0 2.1 0.1 2.0
Net Income 85.3 64.3 21.0 158.5 128.2 30.3
Depreciation of property & equipment 7.0 6.0 1.0 16.1 12.2 3.9
Amortization of intangible assets 23.2 21.5 1.7 45.7 43.6 2.1
Other non cash P&L Items (4.6) 0.0 (4.6) 0.9 0.5 0.4
Changes in working capital 77.2 55.8 21.4 132.6 96.8 35.8
Net Cash provided by operating activities € 188.1 € 147.6 € 40.5 € 353.8 € 281.3 € 72.5
 
Additions to property, equipement and intangibles (9.3) (13.1) 3.8 (23.7) (22.3) (1.4)
Payments for acquisition of businesses, net of cash acquired (1.0) 0.0 (1.0) (19.1) (29.5) 10.4
Sale of fixed assets 0.1 0.0 0.1 0.3 0.1 0.2
Sale (purchase) of short term investments, net 36.0 41.3 (5.3) 86.9 (121.6) 208.5
Loans and others (7.5)       0.6       (8.1)       (12.5)       (2.6)       (9.9)
Net Cash provided by (used in) investing activities € 18.3 € 28.8 (€ 10.5) € 31.9 (€ 175.9) € 207.8
 
Proceeds (Repayments) of short-term and long-term debt (14.0) (12.8) (1.2) (14.0) (12.8) (1.2)
Repurchase of common stock (71.9) (61.2) (10.7) (71.9) (172.3) 100.4
Proceeds from exercise of stock-options 41.5 98.9 (57.4) 74.2 179.0 (104.8)
Cash dividend paid (86.5)       (65.8)       (20.7)       (86.5)       (65.8)       (20.7)
Net Cash provided by (used in) financing activities (€ 130.9) (€ 40.9) (€ 90.0) (€ 98.2) (€ 71.9) (€ 26.3)
 

Effect of exchange rate changes on
cash and cash equivalents

42.8 (6.1) 48.9 19.5 (43.8) 63.3
                                         
Increase (decrease) in cash and cash equivalents       € 118.3       € 129.4       (€ 11.1)       € 307.0       (€ 10.3)       € 317.3
                                                 
Cash and cash equivalents at beginning of period € 1,343.0 € 836.8 1,154.3 976.5
Cash and cash equivalents at end of period       € 1,461.3       € 966.2               1,461.3       966.2        
 

DASSAULT SYSTEMES

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