DS Reports First Quarter 2010 Financial Results with New License Revenue Up 19% in Constant Currencies
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DS Reports First Quarter 2010 Financial Results with New License Revenue Up 19% in Constant Currencies

PARIS — (BUSINESS WIRE) — April 28, 2010 — Regulatory News:

Dassault Systèmes (DS) (Paris: DSY) (Euronext Paris: #13065, DSY.PA) reports IFRS unaudited financial results for the first quarter ended March 31, 2010. These results were reviewed by the Company’s Board of Directors on April 28, 2010.

Summary Financial Highlights
(unaudited)

First Quarter 2010 Financial Summary
(unaudited)

In millions of Euros, except per share data   IFRS   Non-IFRS
        Change   Change in cc*   Change  

Change in
cc*

Q1 Total Revenue   311.9   1%   1%   312.0   0%   1%
Q1 Software Revenue   279.7   3%   4%   279.8   3%   3%
Q1 EPS   0.32   33%       0.43   16%    
Q1 Operating Margin   15.9%           22.1%        

*In constant currencies.

Bernard Charlès, Dassault Systèmes President and Chief Executive Officer, commented, “Business activity improved across our major brands during the first quarter. We had a good dynamic with high tech and energy companies, in particular, contributing to ENOVIA’s 29% increase in new license revenue in constant currencies. This quarter also highlighted our operating leverage and our strong cash flow from operations.

“Beyond the benefits of the gradually improving economic environment, 2010 marks the beginning of a new stage of growth for Dassault Systèmes, driven by the adoption of our Version 6 online architecture, the expansion of our target audience and our sales channels, uniquely positioned to work closely with our customers.”

First Quarter 2010 Financial Review
(unaudited)

In millions of Euros   IFRS   Non-IFRS
    Q1 2010   Q1 2009   Change in cc*   Q1 2010   Q1 2009  

Change in
cc*

Total Revenue   311.9   309.7   1%   312.0   310.7   1%
Software Revenue   279.7   271.8   4%   279.8   272.8   3%
Services and other Revenue   32.2   37.9   (14%)   32.2   37.9   (14%)
                         
PLM software Revenue   208.8   200.7   4%   208.9   201.7   4%
Mainstream 3D software Revenue   70.9   71.1   1%   70.9   71.1   1%
                         
Americas   91.7   97.4   (0%)   91.8   97.8   (0%)
Europe   140.9   137.6   2%   140.9   137.7   2%
Asia   79.3   74.7   2%   79.3   75.2   1%

*In constant currencies.

First quarter financial results were slightly above the Company’s objectives. New licenses revenue increased 19% in constant currencies. As anticipated, periodic license, maintenance and product development revenue and services revenue were slightly lower, leading to non-IFRS total software and non-IFRS total revenue growth of 3% and 1%, respectively in constant currencies.

Cash Flow and Other Financial Highlights

IFRS net operating cash flow was €133 million for the 2010 first quarter.

Cash, cash equivalents and short-term investments totaled €904.6 million at March 31, 2010 compared to €1,058.0 million at December 31, 2009. Long-term debt was €200 million at March 31, 2010.

Annual Shareholders’ Meeting Date and Cash Dividend Recommendation

The Annual Shareholders’ Meeting has been scheduled for May 27, 2010. The Board of Directors has recommended an annual cash dividend equivalent to €0.46 per share, representing about €54 million in the aggregate, for the fiscal year ended December 31, 2009, stable with the prior year’s dividend per share. The dividend is subject to approval by shareholders at the Annual Shareholders’ Meeting.

Key Business and Corporate Highlights

Dassault Systèmes and IBM Complete Transaction to Integrate IBM PLM Sales Operation into DS. Dassault Systèmes and IBM completed the transaction for IBM PLM’s sales and client support operations, encompassing DS’s PLM software application portfolio. The transaction helps fuel IBM’s focus on PLM integration through middleware, business transformation and application services and dynamic infrastructure. Dassault Systèmes PLM clients will benefit from a strong, unified go-to-market model encompassing the entire DS portfolio and providing a complete PLM value proposition under one umbrella. Fully integrated R&D, sales and support teams will bring DS closer to its customers. This move will streamline customer engagements, improving their overall experience.

VF Corporation Selects Dassault Systèmes’ V6 PLM Solution.

VF Corporation, a global leader in branded lifestyle apparel, has selected DS’ ENOVIA V6 PLM solution as its platform for global apparel development and sourcing. DS ENOVIA was chosen after a competitive review of leading PLM vendors and specialist apparel technology providers. VF sought a proven solution that would enhance collaboration while accommodating the company’s diverse product portfolio, global presence and growth plans.

Meyer Werft Selects Dassault Systèmes V6 PLM Solution. MEYER WERFT, one of the world’s leading cruise ship builders, has selected DS’ V6 PLM platform for collaborative product development. Building cruise ships requires design and production logistics to manage more than 10 million different parts, putting exceptionally high requirements on the features and performance of a PLM system. IBM Global Business Services will provide transformation consulting, implementation and integration services to improve time, quality and cost in the yard’s engineering and manufacturing processes.

Dong Fang Boiler Selects Dassault Systèmes for First-of-a-kind PLM Solution to Support Global Collaboration. Dong Fang Boiler Group CO., LTD. (DBC), one of the largest power station boiler suppliers in China, has selected DS’ ENOVIA V6 solution to build the first collaborative data management platform in China’s power station boiler industry. The solution will enable DBC to perform collaborative data management throughout its product processes, from design and construction to customer services and improve its overall design and production efficiency.

InnerPulse to Utilize Realistic Simulation from Dassault Systèmes to Accelerate Medical Device Innovation. InnerPulse, a medical device company pioneering a novel technology for those patients with cardiac rhythm disorders, has selected Abaqus finite element analysis (FEA) software from SIMULIA to assist in the development of their technology designed in SolidWorks CAD software.

Other Corporate Information

On April 1, 2010, Dassault Systèmes filed its 2009 Document de référence with the French “Autorité des marchés financiers”. The 2009 Document de référence as well as an English language translation of this document are available on the Company’s website.

Business Outlook

Thibault de Tersant, Senior Executive Vice President and CFO, commented, “The first quarter was a rewarding period as we completed the acquisition of IBM PLM, and welcomed our new colleagues to DS offices in 27 countries. Thanks to strong execution and focus on our customers, we did this without disruption to our sales activity, enabling DS to achieve first quarter results well in line with our objectives.

“While we observed some further encouraging indicators in the quarter, including double-digit growth in our new licenses revenue, the overall environment confirmed our views that the economic recovery will be a progressive one. Within this framework, nonetheless, we were able to deliver operating margin leverage and earnings per share growth. During the first quarter our non-IFRS operating margin expanded 270 basis points and non-IFRS earnings per share grew 16%.

“Based upon this performance and our outlook, we are reconfirming our 2010 non-IFRS revenue growth objective in constant currencies and our operating margin objective. We are increasing our 2010 non-IFRS earnings per share objective range to about €2.19 to €2.28, representing growth of about 18% to 23%, reflecting a more favorable currency environment.”

The Company’s current objectives are the following:

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 do not take into account the following accounting elements and are estimated based upon the 2010 currency exchange rates above: deferred revenue write-downs estimated at approximately €40 million for 2010; share-based compensation expense estimated at approximately €15 million for 2010 and amortization of acquired intangibles estimated at approximately €62 million for 2010. The above objectives do not include any impact from other operating income and expense, net principally comprised of, acquisition (IBM PLM acquisition costs estimated at €12 million), integration and restructuring expenses. These estimates do not include any new stock option or share grants, or any new acquisitions or restructurings completed after April 29, 2010. The above adjustments take into account the current estimated impact of the IBM PLM acquisition. The accounting will be finalized in the Company’s second quarter earnings announcement.

Webcast and Conference Call Information

Dassault Systèmes will host a webcast and a conference call today, Thursday, April 29, 2010. Management will host a webcast at 8:30 AM London time/9:30 AM CET time and will then host the conference call at 2:00 PM London time/3:00 PM CET/ 9:00 AM New York time. The webcast and conference call will be available via the Internet by accessing http://www.3ds.com/company/finance/. Please go to the website at least fifteen minutes prior to the webcast or conference call to register, download and install any necessary audio software. The webcast and conference call will be archived for 30 days.

Additional investor information can be accessed at http://www.3ds.com/company/finance/ or by calling Dassault Systèmes’ Investor Relations at 33.1.61.62.69.24.

Forward-looking Information

Statements herein that are not historical facts but express expectations or objectives for the future, including but not limited to statements regarding the Company’s non-IFRS financial performance objectives, are forward-looking statements.

Such forward-looking statements are based on DS management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results or performances may differ materially from those in such statements due to a range of factors. In preparing such forward-looking statements, the Company has in particular assumed an average U.S. dollar to euro exchange rate of US$1.40 per €1.00 and an average Japanese yen to euro exchange rate of JPY130 to €1.00 for 2010; however, currency values fluctuate, and the Company’s results of operations may be significantly affected by changes in exchange rates. The Company has tried to factor in the potential impact of the current global economic environment on its 2010 second quarter and full year objectives, but conditions may not improve as the Company has anticipated or could worsen. Further the Company has assumed that its increased responsibility for its direct PLM sales, in particular resulting from the integration of the IBM PLM acquisition which was completed on March 31, 2010, and the resulting commercial and management challenges, will not cause it to incur substantial unanticipated costs and inefficiencies. The Company’s actual results or performance may also be materially negatively affected by the current global economic crisis, difficulties or adverse changes affecting its partners or its relationships with its partners, including the Company’s longstanding, strategic partner, IBM; 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 IBM PLM within DS and of any newly acquired company and internal reorganizations. Unfavorable changes in any of the above or other factors described in the Company’s regulatory reports, including the Document de référence, as filed with the French “Autorité des marchés financiers” (AMF) on April 1, 2010, could materially affect the Company’s financial position or results of operations.

Non-IFRS Financial Information

Readers are cautioned that the supplemental non-IFRS (previously referred to as “adjusted 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, 2009 included in the Company’s 2009 Document de référence filed with the AMF on April 1, 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 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 "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.

This press release constitutes the quarterly financial information required by article L.451-1-2 IV of the French Monetary and Financial Code (Code Monétaire et Financier).

About Dassault Systèmes

As a world leader in 3D and Product Lifecycle Management (PLM) solutions, Dassault Systèmes brings value to more than 115,000 customers in 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 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 proceeding tables.

                 
  Three months ended
   

March 31,
2010

 

March 31,
2009

  Change  

Change in
cc*

Non-IFRS Revenue € 312.0   € 310.7   0%   1%
 
Non-IFRS Revenue breakdown by activity
Software revenue 279.8 272.8 3% 3%
of which new licenses revenue 76.1 64.6 18% 19%

of which periodic licenses, maintenance and
   product development revenue

203.7 208.2 (2%) (1%)
Services and other revenue 32.2 37.9 (15%) (14%)
 
Recurring software revenue 203.7 207.0 (2%) (1%)
 
Non-IFRS software revenue breakdown by product line
PLM software revenue 208.9 201.7 4% 4%
of which CATIA software revenue 120.7 116.5 4% 4%
of which ENOVIA software revenue 36.2 34.1 6% 8%
Mainstream 3D software revenue 70.9 71.1 (0%) 1%
 
Non-IFRS Revenue breakdown by geography
Americas 91.8 97.8 (6%) (0%)
Europe 140.9 137.7 2% 2%
Asia   79.3   75.2   5%   1%
 
Non-IFRS operating income € 69.1 € 60.4 14%
Non-IFRS operating margin 22.1% 19.4%
Non-IFRS net income 51.3 43.4 18%
Non-IFRS diluted net income per share   € 0.43   € 0.37   16%    
Closing headcount   7,806   8,020   (3%)    
 
Average Rate USD per Euro 1.38 1.30 6%
Average Rate JPY per Euro   125.5   122.0   3%    

*In constant currencies

DASSAULT SYSTEMES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (IFRS)
(unaudited; in millions of Euros, except per share data)

             
  Three months ended
March 31,   March 31,
    2010     2009  
New licenses revenue 76.1 64.6
Periodic licenses, maintenance and product development revenue 203.6     207.2  
Software revenue 279.7 271.8
Services and other revenue 32.2     37.9  
Total Revenue € 311.9 € 309.7
Cost of software revenue (excluding amortization of acquired intangibles) (16.4 ) (14.0 )
Cost of services and other revenue (34.3 ) (37.9 )
Research and development (77.4 ) (82.1 )
Marketing and sales (92.1 ) (93.9 )
General and administrative (27.5 ) (28.8 )
Amortization of acquired intangibles (9.7 ) (10.7 )
Other operating income and expense, net (5.0 )   (2.1 )
Total Operating Expenses (€ 262.4)     (€ 269.5)  
Operating Income € 49.5 € 40.2
Financial revenue and other, net 5.7     0.3  
Income before income taxes 55.2 40.5
Income tax expense (17.4 ) (11.7 )
Net Income 37.8 28.8
Minority interest 0.0     0.0  
Net Income attributable to equity holders of the parent € 37.8     € 28.8  
Basic net income per share 0.32     0.25  
Diluted net income per share € 0.32     € 0.24  
Basic weighted average shares outstanding (in millions) 118.2     117.3  
Diluted weighted average shares outstanding (in millions)   119.8     118.3  
 

 

IFRS revenue variation as reported and in constant currencies

             
Three months ended March 31, 2010
    Change*     Change in cc**  
IFRS Revenue 1 % 1 %
IFRS Revenue by activity
Software Revenue 3 % 4 %
Services and other Revenue (15 %) (14 %)
IFRS Software Revenue by product line
PLM software revenue 4 % 4 %
of which CATIA software revenue 4 % 4 %
of which ENOVIA software revenue 6 % 8 %
Mainstream 3D software revenue (0 %) 1 %
IFRS Revenue by geography
Americas (6 %) (0 %)
Europe 2 % 2 %
Asia   6 %   2 %

* 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)

BALANCE SHEET
IFRS    
         
March 31, December 31,
    2010   2009
 
ASSETS
Cash and cash equivalents 802.9 939.1
Short-term investments 101.7 118.9
Accounts receivable, net 308.6 322.3
Other current assets 119.1 121.4
Total current assets 1,332.3 1,501.7
Property and equipment, net 62.4 59.6
Goodwill and Intangible assets, net 1,090.2 660.8
Other non current assets 86.4   77.6
Total Assets   € 2,571.3   € 2,299.7
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable 78.7 67.7
Unearned revenues 372.3 243.7
Other current liabilities 192.9 174.3
Total current liabilities 643.9 485.7
Long-term debt 200.2 200.1
Other non current obligations 169.6 165.1
Total long-term liabilities 369.8 365.2
Minority interests 0.9 1.1
Parent shareholders' equity 1,556.7   1,447.7
Total Liabilities and Shareholders' equity   € 2,571.3   € 2,299.7

DASSAULT SYSTEMES
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (IFRS)
(unaudited; in millions of Euros)

             
  Three months ended    
    March 31, 2010   March 31, 2009   Change
Net Income attributable to equity holders of the parent 37.8   28.8   9.0
Minority interest 0.0   0.0   0.0
Net Income 37.8 28.8 9.0
Depreciation and amortization of property & equipment 5.3 5.6 (0.3)
Amortization of intangible assets 10.7 12.1 (1.4)
Other non cash P&L Items 4.4 (1.3) 5.7
Changes in working capital 75.1   51.1   24.0
Net Cash provided by operating activities 133.3 96.3 37.0
 
Acquisition of assets and equity, net (1) (329.8) (6.4) (323.4)
Sale of fixed assets 0.2 0.2 0.0
Sale (purchase) of short term investments, net 19.2 (0.6) 19.8
Loans and others 0.0   (0.2)   0.2
Net Cash provided by (used in) investing activities (310.4) (7.0) (303.4)
 
Borrowings 0.0 0.0 0.0
Share repurchase (1.5) 0.0 (1.5)
Exercise of DS stock option 2.2 0.3 1.9
Cash dividend paid 0.0   0.0   0.0
Net Cash provided by (used in) financing activities 0.7 0.3 0.4
 
Effect of exchange rate changes on

cash and cash equivalents

40.2 18.9 21.3
         
Increase in cash and cash equivalents   (136.2)   108.5   (244.7)
             
Cash and cash equivalents at beginning of period 939.1 794.1
Cash and cash equivalents at end of period   802.9   902.6    

(1) The acquisition of the IBM PLM operations (for €321 million) is presented net of payments received from IBM in connection with the settlement of royalties due as of March 31, 2010. As a result, reported cash flows from operations will be lower in future periods than they would have been had this transaction not occurred.

DASSAULT SYSTEMES
SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
IFRS – NON-IFRS RECONCILIATION
(unaudited; in millions of Euros, except per share data)

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 Document de référence for the year ended December 31, 2009 filed with the AMF on April 1, 2010 To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Company’s consolidated financial statements prepared in accordance with IFRS.

In millions of Euros, except per share data and percentages   Three months ended March 31,   Change
2010  

Adjustment

  2010   2009  

Adjustment

  2009   IFRS  

Non-IFRS

    IFRS  

(1)

  non-IFRS   IFRS  

(1)

  non-IFRS      

(2)

Total Revenue   € 311.9   0.1   € 312.0   € 309.7   1.0   € 310.7   1%   0%
Total Revenue breakdown by activity                                
Software revenue   279.7   0.1   279.8   271.8   1.0   272.8   3%   3%
New Licenses   76.1           64.6           18%    
Product Development   0.0           1.2                
Periodic Licenses and Maintenance   203.6   0.1   203.7   206.0   1.0   207.0   (1%)   (2%)
Recurring portion of Software revenue   73%       73%   76%       76%        
Services and other revenue   32.2           37.9           (15%)    
Total Software Revenue breakdown by product line                                
PLM software revenue   208.8   0.1   208.9   200.7   1.0   201.7   4%   4%
of which CATIA software revenue   120.7           116.5           4%    
of which ENOVIA software revenue   36.2           34.1           6%    
Mainstream 3D software revenue   70.9           71.1           (0%)    
Total Revenue breakdown by geography                                
Americas   91.7   0.1   91.8   97.4   0.4   97.8   (6%)   (6%)
Europe   140.9           137.6   0.1   137.7   2%   2%
Asia   79.3           74.7   0.5   75.2   6%   5%
Total Operating Expenses   (€ 262.4)   19.5   (€ 242.9)   (€ 269.5)   19.2   (€ 250.3)   (3%)   (3%)
Stock-based compensation expense   (4.8)   4.8   -   (6.4)   6.4   -   -   -
Amortization of acquired intangibles   (9.7)   9.7   -   (10.7)   10.7   -   -   -
Other operating income and expense, net   (5.0)   5.0   -   (2.1)   2.1   -   -   -
Operating Income   € 49.5   19.6   € 69.1   € 40.2   20.2   € 60.4   23%   14%
Operating Margin   15.9%       22.1%   13.0%       19.4%        
Income before Income Taxes   55.2   19.6   74.8   40.5   20.2   60.7   36%   23%
Income tax expense   (17.4)   (6.1)   (23.5)   (11.7)   (5.6)   (17.3)   -   -
Income tax adjustments   (6.1)   6.1   -   (5.6)   5.6   -   -   -
Minority interest   0.0           0.0           -    
Net Income attributable to shareholders   € 37.8   13.5   € 51.3   € 28.8   14.6   € 43.4   31%   18%
Diluted Net Income Per Share (3)   € 0.32   0.11   € 0.43   € 0.24   0.13   € 0.37   33%   16%

(1) In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the deferred revenue adjustment of acquired companies; (ii) adjustments to IFRS operating expenses data reflect the exclusion of the amortization of acquired intangibles, share-based compensation expense, and other operating income and expense, and (iii) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted net income per share, the income tax effect of the non-IFRS adjustments.

  Three months ended March 31,
In millions of Euros

2010 IFRS

  Adjustment  

2010
non-IFRS

  2009 IFRS   Adjustment  

2009
non-IFRS

 
Cost of services and other revenue (34.3) 0.2 (34.1) (37.9) 0.1 (37.8)
Research and development (77.4) 2.8 (74.6) (82.1) 3.7 (78.4)
Marketing and sales (92.1) 0.9 (91.2) (93.9) 1.2 (92.7)
General and administrative (27.5) 0.9 (26.6) (28.8) 1.4 (27.4)
Total stock-based compensation expense       4.8           6.4    

(2) The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is a non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.

(3) Based on a weighted average 119.8 million diluted shares for Q1 2010 and 118.3 million diluted shares for Q1 2009.


Contact:

Dassault Systèmes:
François-José Bordonado/Beatrix Martinez
33.1.61.62.69.24
United States and Canada:
Email Contact
or
Financial Dynamics:
Juliet Clarke/Erwan Gouraud
44.20.7831.3113
Eloi Perrin-Aussedat/Clément Bénétreau/
Florence de Montmarin
33.1.47.03.68.10