The EDA and MCAD/MCAE Almanac -Nominal Q3 2011

“Thanks to our top-line dynamic in tandem with our work in leveraging the Company’s infrastructure, we are well positioned to reach our 30% non-IFRS operating margin goal this year, substantially in advance of our plans. Importantly, this approach has enabled us to increase staffing by 7% over the last 12 months to drive forward our customer, technology and market initiatives.”

The Company’s current objectives are as follows:

  • Fourth quarter 2011 non-IFRS total revenue objective of about €455 to €465 million, non-IFRS operating margin of about 33% and non-IFRS EPS of about €0.80 to €0.85;
  • Upgrading 2011 non-IFRS revenue growth objective range to 12% to 13% in constant currencies from 11% to 12% previously; (increasing the reported revenue range to €1.725 to €1.735 billion from €1.70 to €1.72 billion previously);
  • Increasing 2011 non-IFRS operating margin to 30% from slightly in excess of 29%;
  • Upgrading 2011 non-IFRS EPS range to €2.85 to €2.90 from €2.69 to €2.80 previously; representing growth of about 14% to 16% from 8% to 12%, previously;
  • Objectives are based upon exchange rate assumptions for the 2011 fourth quarter of US$1.45 per €1.00 and JPY120 per €1.00 and a full year average of US$1.42 per €1.00 and JPY115 per €1.00.

The Company’s objectives are prepared and communicated only on a non-IFRS basis and are subject to the cautionary statement set forth below.

The non-IFRS objectives set forth above are estimated based upon the 2011 currency exchange rates above and do not take into account the following accounting elements: deferred revenue write-downs estimated at approximately €1 million for 2011; share-based compensation expense estimated at approximately €21 million for 2011 and amortization of acquired intangibles estimated at approximately €82 million for 2011. The objectives outlined above do not include any impact from other operating income and expense, net principally comprised of acquisition, integration, restructuring and relocation expenses and certain one-time gains in financial revenue and other, net. These estimates do not include any new stock option or share grants, or any new acquisitions or restructurings occurring after October 27, 2011.

NOTE: For purposes of our Tables 1 and 2 below, we will use DS non-IFRS financials:

DS self description

As a world leader in 3D and Product Lifecycle Management (PLM) solutions, Dassault Systèmes brings value to more than 130,000 customers in 80 countries. A pioneer in the 3D software market since 1981, Dassault Systèmes applications provide a 3D vision of the entire lifecycle of products from conception to maintenance to recycling. The Dassault Systèmes portfolio consists of CATIA for designing the virtual product - SolidWorks for 3D mechanical design - DELMIA for virtual production - SIMULIA for virtual testing - ENOVIA for global collaborative lifecycle management, EXALEAD for search-based applications and 3DVIA for online 3D lifelike experiences. For more information, visit

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

On September 15, 2011, the ESI GROUP (Compartment C of NYSE Euronext Paris) reported financial results for its first half year, the six month period ending July 31, 2011:

While the current half year and the year-ago half year were both in the red, the writer acknowledges the improvement in profitability for the most recent half year, and also he remembers ESI's own admonition to readers:

Reminder: the seasonal nature of ESI Group's License sales, usually translates into a larger proportion of full-year revenues being recorded over the last quarter of the fiscal year.

Alain de Rouvray, ESI Group’s Chairman and CEO, commented on this report when it was issued, “We have recorded a good first half-year, and achievements are well aligned with our expectations. The growth of our activity was amplified with a substantial improvement in our half-year results. Furthermore, our financial position remains very solid and with a particularly low level of debt. These fine results reflect the efficacy of our business model that combines repeat Licenses and innovative Services in diversified industrial sectors. It also testifies to efficient cost control. We are thus entering the second half of the year with good perspectives of growth and profitability improvement for the full year.”

It has been the practice of the writer of the MCAD/MCAE Commentary and EDA WEEKLY to call the ESI Group’s “Quarter N”, as our nominal “Quarter N+1”. Thus the ESI Group’s fiscal Q2 ending July 31, 2011 is treated as our nominal Q3 2011 for consistent reporting purposes.

Since the six month report above showed 36.6 million euros for ESI sales, we need only subtract the known figure of 17.4 million euros sales for the first half of the six month period (our nominal Q2 2011) leaving a figure of 19.2 million euros for ESI sales for our nominal Q3 2011, up 10.34% over the just prior quarter, but nominal Q3 2011 was even with nominal Q3 2010 sales of 17.4 million euros.

At the fx rate appropriate for the quarter in question (1.44 US$ per euro), this makes the Q3 2011 19.2 million euros revenue for ESI the equivalent of US$27.65 million.

Since the six month period report is more detailed, the September 15, 2011 ESI report provided the following insight into ESI's recent first half (6 month period ended July 31, 2011) operations:

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