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

CATIA, DELMIA, ENOVIA, SIMULIA, SolidWorks and 3DVIA 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, and other operating income and expense, net.

Comparable IFRS financial information and a reconciliation of the IFRS and non-IFRS measures are set forth in the proceeding tables.

  Three months ended   Six months ended
   

June 30,
2009

 

June 30,
2008

  Variation  

Variation
in cc*

 

June 30,
2009

 

June 30,
2008

  Variation  

Variation
in cc*

Non-IFRS Revenue € 311.2   € 326.2   (5%)   (11%)   € 621.9   € 634.1   (2%)   (9%)
 
Non-IFRS Revenue breakdown by activity
Software revenue 271.6 278.0 (2%) (9%) 544.4 547.6 (1%) (7%)
of which new licenses revenue 69.4 101.2 (31%) (36%) 134.0 201.9 (34%) (38%)

of which periodic licenses, maintenance and
  product development revenue

202.2 176.8 14% 6% 410.4 345.7 19% 11%
Services and other revenue 39.6 48.2 (18%) (24%) 77.5 86.5 (10%) (16%)
 
Recurring software revenue 200.8 176.9 14% 6% 407.8 345.6 18% 10%
 
Non-IFRS software revenue breakdown by product line
PLM software revenue 206.8 211.6 (2%) (9%) 408.5 414.0 (1%) (8%)
of which CATIA software revenue 117.9 126.6 (7%) (13%) 234.4 249.3 (6%) (12%)
of which ENOVIA software revenue 40.1 43.3 (7%) (15%) 74.2 81.6 (9%) (16%)
Mainstream 3D software revenue 64.8 66.4 (2%) (10%) 135.9 133.6 2% (6%)
 
Non-IFRS Revenue breakdown by geography
Americas 96.6 95.9 1% (12%) 194.4 190.0 2% (11%)
Europe 144.2 157.1 (8%) (8%) 281.9 296.0 (5%) (4%)
Asia   70.4   73.2   (4%)   (18%)   145.6   148.1   (2%)   (15%)
 
Non-IFRS operating income € 68.1 € 81.8 (17%) € 128.5 € 152.0 (15%)
Non-IFRS operating margin 21.9% 25.1% 20.7% 24.0%
Non-IFRS net income 43.9 55.0 (20%) 87.3 103.7 (16%)
Non-IFRS diluted net income per share   € 0.37   € 0.46   (20%)       € 0.74   € 0.87   (15%)    
Closing headcount   7,903   7,707   3%       7,903   7,707   3%    
 
Average Rate USD per Euro 1.36 1.56 (13%) 1.33 1.53 (13%)
Average Rate JPY per Euro   132.6   163.4   (19%)       127.3   160.6   (21%)    

*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,   June 30, June 30,   June 30,
    2009   2008   2009   2008
New licenses revenue 69.4 101.2 134.0 201.9
Periodic licenses, maintenance and product development revenue 201.9   176.8   409.1   345.2
Software revenue 271.3 278.0 543.1 547.1
Services and other revenue 39.6   48.2   77.5   86.5
Total Revenue € 310.9 € 326.2 € 620.6 € 633.6
Cost of software revenue (excluding amortization of acquired intangibles) (14.1) (12.8) (28.1) (27.4)
Cost of services and other revenue (35.6) (38.9) (73.5) (74.5)
Research and development (80.3) (76.6) (162.4) (150.3)
Marketing and sales (91.5) (95.2) (185.4) (187.7)
General and administrative (28.0) (25.7) (56.8) (52.0)
Amortization of acquired intangibles (11.9) (9.0) (22.6) (18.6)
Other operating income and expense, net (7.1)   (2.5)   (9.2)   14.7
Total Operating Expenses (€ 268.5)   (€ 260.7)   (€ 538.0)   (€ 495.8)
Operating Income € 42.4 € 65.5 € 82.6 € 137.8
Financial revenue and other, net (4.5)   0.0   (4.2)   0.2
Income before income taxes 37.9 65.5 78.4 138.0
Income tax expense (12.2) (22.3) (23.9) (37.7)
Net Income 25.7 43.2 54.5 100.3
Minority interest (0.1)   (0.1)   (0.1)   (0.1)
Net Income attributable to shareholders € 25.6   € 43.1   € 54.4   € 100.2
Basic net income per share 0.22   0.37   0.46   0.86
Diluted net income per share € 0.22   € 0.36   € 0.46   € 0.84
Basic weighted average shares outstanding (in millions) 117.4   116.9   117.4   117.1
Diluted weighted average shares outstanding (in millions)   118.1   118.9   118.1   119.3
           

IFRS revenue variation as reported and in constant currencies

 
Three months ended June 30, 2009       Six months ended June 30, 2009
        Variation*       Variation in cc**       Variation*       Variation in cc**
IFRS Revenue (5%)       (11%) (2%)       (9%)
IFRS Revenue by activity
Software Revenue (2%) (9%) (1%) (7%)
Services and other Revenue (18%) (24%) (10%) (16%)
IFRS Software Revenue by product line
PLM software revenue (2%) (9%) (2%) (8%)
of which CATIA software revenue (7%) (13%) (6%) (12%)
of which ENOVIA software revenue (7%) (15%) (9%) (16%)
Mainstream 3D software revenue (2%) (10%) 2% (6%)
IFRS Revenue by geography
Americas 1% (12%) 2% (11%)
Europe (8%) (8%) (5%) (4%)
Asia       (4%)       (18%)       (2%)       (15%)

* 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, December 31,
        2009       2008
 
ASSETS
Cash and cash equivalents 845.2 794.1
Short-term investments 87.6 46.3
Accounts receivable, net 269.1 329.4
Other current assets 79.5 138.4
Total current assets 1,281.4 1,308.2
Property and equipment, net 66.7 69.3
Goodwill and Intangible assets, net 690.8 722.0
Other non current assets 84.7       42.5
Total Assets       € 2,123.6       € 2,142.0
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable 73.7 70.1
Unearned revenues 246.9 250.7
Other current liabilities 166.5 202.2
Total current liabilities 487.1 523.0
Long-term debt 200.2 200.7
Other non current obligations 123.1 113.8
Total long-term liabilities 323.3 314.5
Minority interests 1.0 1.6
Shareholders' equity 1,312.2       1,302.9
Total Liabilities and Shareholders' equity       € 2,123.6       € 2,142.0
           

DASSAULT SYSTEMES

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (IFRS)

(unaudited; in millions of Euros)

 
   

June 30,
2009

 

June 30,
2008

  Variation  

June 30,
2009

 

June 30,
2008

  Variation
Net Income attributable to equity holders of the parent 25.6 43.1 (17.5) 54.4 100.2 (45.8)
Minority interest 0.1   0.1   0.0   0.1   0.1   0.0
Net Income 25.7 43.2 (17.5) 54.5 100.3 (45.8)
Depreciation and amortization of property & equipment 5.9 5.3 0.6 11.5 11.2 0.3
Amortization of intangible assets 12.5 10.1 2.4 24.6 20.7 3.9
Other non cash P&L Items 4.0 2.7 1.3 2.7 (13.8) 16.5
Changes in working capital 32.9   45.0   (12.1)   84.0   76.4   7.6
Net Cash provided by operating activities 81.0 106.3 (25.3) 177.3 194.8 (17.5)
 
Acquisition of assets and equity, net of cash acquired (10.4) (14.3) 3.9 (16.8) (24.6) 7.8
Sale of fixed assets 0.3 (0.2) 0.5 0.5 36.0 (35.5)
Purchase of short term investments, net (41.5) (58.2) 16.7 (42.1) (57.2) 15.1
Loans and others 0.2   0.5   (0.3)   0.0   0.3   (0.3)
Net Cash provided by (used in) investing activities (51.4) (72.2) 20.8 (58.4) (45.5) (12.9)
 
Borrowings 0.0 0.0 0.0 0.0 0.0 0.0
Share repurchase 0.0 0.0 0.0 0.0 (35.0) 35.0
DS stock option and preferred stock Exercise 0.2 19.1 (18.9) 0.5 23.3 (22.8)
Cash dividend paid (54.8) (53.7) (1.1) (54.8) (53.7) (1.1)
Payments on capital lease obligations 0.0   0.0   0.0   0.0   0.0   0.0
Net Cash provided by (used in) financing activities (54.6) (34.6) (20.0) (54.3) (65.4) 11.1
 
Effect of exchange rate changes on

cash and cash equivalents

(32.4) 0.4 (32.8) (13.5) (25.0) 11.5
                     
Increase in cash and cash equivalents   (57.4)   (0.1)   (57.3)   51.1   58.9   (7.8)
                         
Cash and cash equivalents at beginning of period 902.6 656.2 794.1 597.2
Cash and cash equivalents at end of period   845.2   656.1       845.2   656.1    
 

DASSAULT SYSTEMES 

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