Dassault Systèmes Reports Strong Growth in Revenue, Earnings and Operating Margin for 2010

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 and other income and expense, net (in each case, as explained respectively in the Company’s 2009 Document de référence filed with the AMF on April 1, 2010 and 2010 First Half Report filed on August 2, 2010) and the income tax effect of the non-IFRS adjustments and certain one-time tax effects. 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 "current" period have first been recalculated using the average exchange rates of the comparable period in the preceding year, and then compared with the results of the comparable period in the preceding year.

About Dassault Systèmes

As a world leader in 3D and Product Lifecycle Management (PLM) solutions, Dassault Systèmes brings value to more than 130,000 customers in more than 80 countries. A pioneer in the 3D software market since 1981, Dassault Systèmes develops and markets PLM application software and services that support industrial processes and provide a 3D vision of the entire lifecycle of products from conception to maintenance to recycling. The Dassault Systèmes portfolio consists of CATIA for virtual product design - SolidWorks 3D for Professionals - DELMIA for virtual production - SIMULIA for realistic simulation - ENOVIA for global collaborative lifecycle management, and 3DVIA for online 3D lifelike experiences. Dassault Systèmes’ shares are listed on NYSE Euronext Paris (#13065, DSY.PA) and Dassault Systèmes’ ADRs may be traded on the US Over-The-Counter (OTC) market (DASTY). For more information, visit http://www.3ds.com

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

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 separate tables within this Attachment.

                                       
  Three months ended   Twelve months ended
   

December 31,
2010

 

December 31,
2009

  Change  

Change in
cc*

 

December 31,
2010

 

December 31,
2009

  Change  

Change in
cc*

Non-IFRS Revenue € 467.3   € 339.1   38%   31%   € 1,580.0   € 1,252.8   26%   21%
 
Non-IFRS Revenue breakdown by activity
Software revenue 422.8 301.2 40% 33% 1,427.2 1,101.3 30% 24%
of which new licenses revenue 135.8 96.7 40% 33% 393.9 289.7 36% 30%
of which periodic licenses, maintenance and

product development revenue

287.0 204.5 40% 33% 1,033.3 811.6 27% 22%
Services and other revenue 44.5 37.9 17% 11% 152.8 151.5 1% (3%)
 
Recurring software revenue 285.2 202.5 41% 33% 1,030.8 806.7 28% 23%
 
Non-IFRS software revenue breakdown by product line
PLM software revenue 340.0 237.2 43% 36% 1,115.7 840.5 33% 27%
of which CATIA software revenue 202.8 134.3 51% 43% 667.3 487.5 37% 31%
of which ENOVIA software revenue 67.9 48.6 40% 32% 205.2 152.8 34% 29%
Mainstream 3D software revenue 82.8 64.0 29% 22% 311.5 260.8 19% 15%
 
Non-IFRS Revenue breakdown by geography
Americas 134.1 103.3 30% 19% 461.8 386.9 19% 13%
Europe 218.7 161.0 36% 35% 709.2 577.7 23% 22%
Asia   114.5   74.8   53%   36%   409.0   288.2   42%   28%
 
Non-IFRS operating income € 158.6 € 110.7 43% € 451.7 € 313.7 44%
Non-IFRS operating margin 33.9% 32.6% 28.6% 25.0%
Non-IFRS net income 101.8 81.5 25% 302.6 221.0 37%
Non-IFRS diluted net income per share   € 0.83   € 0.68   22%       € 2.50   € 1.86   34%    
Closing headcount   9,022   7,834   15%       9,022   7,834   15%    
 
Average Rate USD per Euro 1.36 1.48 (8%) 1.33 1.39 (5%)
Average Rate JPY per Euro   112.1   132.7   (16%)       116.2   130.3   (11%)    

*In constant currencies

   

DASSAULT SYSTEMES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (IFRS)

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

                 
  Three months ended   Twelve months ended
December 31,   December 31,   December 31,   December 31,
    2010   2009   2010   2009
New licenses revenue 135.8 96.7 393.9 289.7
Periodic licenses, maintenance and product development revenue 282.4   204.4   1,017.1   810.1
Software revenue 418.2 301.1 1,411.0 1,099.8
Services and other revenue 44.5   37.9   152.8   151.5
Total Revenue € 462.7 € 339.0 € 1,563.8 € 1,251.3
Cost of software revenue (excluding amortization of acquired intangibles) (20.8) (15.8) (76.2) (56.6)
Cost of services and other revenue (38.6) (33.6) (144.9) (139.4)
Research and development (77.7) (66.8) (322.1) (302.5)
Marketing and sales (138.0) (89.6) (480.1) (356.7)
General and administrative (37.5) (28.7) (125.9) (108.4)
Amortization of acquired intangibles (23.5) (9.4) (71.8) (41.6)
Other operating income and expense, net (1.9)   (3.4)   (20.8)   (15.1)
Total Operating Expenses (€ 338.0)   (€ 247.3)   (€ 1,241.8)   (€ 1,020.3)
Operating Income € 124.7 € 91.7 € 322.0 € 231.0
Financial revenue and other, net 0.0   0.9   (2.0)   (4.1)
Income before income taxes 124.7 92.6 320.0 226.9
Income tax expense (46.0) (15.6) (99.4) (56.9)
Net Income 78.7 77.0 220.6 170.0
Minority interest 0.0   (0.1)   (0.1)   (0.3)
Net Income attributable to equity holders of the parent € 78.7   € 76.9   € 220.5   € 169.7
Basic net income per share 0.66   0.65   1.85   1.44
Diluted net income per share € 0.64   € 0.65   € 1.82   € 1.43
Basic weighted average shares outstanding (in millions) 120.1   117.9   119.1   117.6
Diluted weighted average shares outstanding (in millions)   123.0   119.2   121.2   118.5
 
 

IFRS revenue variation as reported and in constant currencies

 

Three months ended
December 31, 2010

 

Twelve months ended
December 31, 2010

    Change*  

Change in
cc**

  Change*  

Change in
cc**

IFRS Revenue 36% 29% 25% 20%
IFRS Revenue by activity
Software Revenue 39% 32% 28% 23%
Services and other Revenue 17% 11% 1% (3%)
IFRS Software Revenue by product line
PLM software revenue 41% 34% 31% 26%
of which CATIA software revenue 48% 41% 34% 29%
of which ENOVIA software revenue 38% 31% 32% 27%
Mainstream 3D software revenue 29% 22% 19% 15%
IFRS Revenue by geography
Americas 28% 18% 18% 12%
Europe 34% 33% 22% 21%
Asia   54%   36%   41%   27%

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

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