DS Reports Second Quarter 2009 Financial Results At High End of Company Objectives

*In constant currencies.

  • On a reported basis, IFRS and non-IFRS total revenue and software revenue decreased by 5% and 2%, respectively, benefiting from favorable currency effects which helped mitigate the impact of lower activity.
  • On a constant currency basis, non-IFRS software revenue performance benefited from recurring software revenue which increased 6% (representing 74% of total software revenue) but was negatively impacted by a decline in new licenses revenue of 36%.
  • Excluding currency effects non-IFRS PLM software revenue declined by 9% with CATIA and ENOVIA software revenue lower by 13% and 15%, respectively. Overall PLM performance benefited from higher simulation revenue, with SIMULIA posting double-digit software revenue growth. Mainstream 3D software results also reflected lower new licenses revenue partially offset by growth in subscription revenue.
  • In order to mitigate the impact of the global recession on its operating results, the Company has in place a cost savings program with the goal of reducing expenses while maintaining its research and development and sales capacities.
    • Since the start of the year, the Company has realized over €55 million in savings across such areas as revenue-related costs, travel, marketing, procurement, outside services and other areas.
    • In addition to the savings program, the Company had previously begun and is continuing an operational efficiency program organized around several key initiatives including shared services and co-location of offices. The Company anticipates that these efficiency programs will bring additional benefits in 2010.

Looking at financial results on a sequential basis,

  • Non-IFRS total revenue was €311.2 million in the second quarter, compared to €310.7 million in the first quarter, and excluding quarter to quarter currency effects increased 2%.
  • Non-IFRS total software revenue was €271.6 million, similar to first quarter non-IFRS total software revenue of €272.8 million. Excluding currency effects, non-IFRS total software revenue increased 2% sequentially, with new licenses revenue higher by 10% and services and other revenue growing 7%. As anticipated, non-IFRS recurring software revenue was lower by 1% on a sequential basis in constant currencies.
  • The non-IFRS operating margin improved to 21.9% in the second quarter from 19.4% in the first quarter benefiting from the ongoing implementation of the Company’s cost savings program.
  • Global headcount at June 30th was 7,903, down 1.5% from 8,020 at March 31, 2009.

First Half 2009 Financial Summary

           
In millions of Euros, except per share data IFRS   Non-IFRS
        Growth   Growth in cc*       Growth   Growth in cc*
H1 2009 Total Revenue   620.6   (2%)   (9%)   621.9   (2%)   (9%)
H1 2009 Software Revenue   543.1   (1%)   (7%)   544.4   (1%)   (7%)
H1 2009 EPS   0.46   (45%)**       0.74   (15%)    
H1 2009 Operating Margin   13.3%           20.7%        

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