Dassault Systèmes Posts Record Revenue and Earnings in 2011 as PLM Adoption Drives License Revenue Growth

(2) The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is 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 124.0 million diluted shares for Q4 2011 and 123.0 million diluted shares for Q4 2010.

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, 2010 filed with the AMF on April 1, 2011 and 2011 Half Year Report filed on July 29, 2011. 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

      Twelve months ended December 31,       Change
     

2011
IFRS

     

Adjustment
(1)

     

2011
non-IFRS

     

2010
IFRS

     

Adjustment
(1)

     

2010
non-IFRS

      IFRS      

Non-IFRS
(2)

Total Revenue € 1,783.0       0.5       € 1,783.5       € 1,563.8       16.2       € 1,580.0       14%       13%
Total Revenue breakdown by activity
Software revenue 1,616.9 0.5 1,617.4 1,411.0 16.2 1,427.2 15% 13%
New Licenses 465.0 393.9 18%
Product Development 3.8 2.5
Periodic Licenses and Maintenance 1,148.1 0.5 1,148.6 1,014.6 16.2 1,030.8 13% 11%
Recurring portion of Software revenue 71% 71% 72% 72%
Services and other revenue 166.1 152.8 9%

Total Software Revenue breakdown by
product line

PLM software revenue 1,275.9 0.5 1,276.4 1,099.5 16.2 1,115.7 16% 14%
of which CATIA software revenue 762.4 0.5 762.9 654.1 13.2 667.3 17% 14%
of which ENOVIA software revenue 229.9 202.4 2.8 205.2 14% 12%
SolidWorks software revenue 341.0 311.5 9%
Total Revenue breakdown by geography
Americas 488.8 0.0 488.8 456.5 5.3 461.8 7% 6%
Europe 827.1 0.2 827.3 702.9 6.3 709.2 18% 17%
Asia       467.1       0.3       467.4       404.4       4.6       409.0       16%       14%
Total Operating Expenses (€ 1,355.1) 114.2 (€ 1,240.9) (€ 1,241.8) 113.5 (€ 1,128.3) 9% 10%
Stock-based compensation expense (20.7) 20.7 - (20.9) 20.9 - - -
Amortization of acquired intangibles (83.6) 83.6 - (71.8) 71.8 - - -
Other operating income and expense, net       (9.9)       9.9       -       (20.8)       20.8       -       -       -
Operating Income € 427.9 114.7 € 542.6 € 322.0 129.7 € 451.7 33% 20%
Operating Margin 24.0% 30.4% 20.6% 28.6%
Financial revenue & other, net 1.1 (2.4) (1.3) (2.0) 0.0 (2.0) (155%) (35%)
Income tax expense (138.5) (39.1) (177.6) (99.4) (47.6) (147.0) 39% 21%
Non-controlling interest (1.3) (0.3) (1.6) (0.1) 0.0 (0.1) -
Net Income attributable to shareholders € 289.2 72.9 € 362.1 € 220.5 82.1 € 302.6 31% 20%
Diluted Net Income Per Share (3)       € 2.33       0.59       € 2.92       € 1.82       0.68       € 2.50       28%       17%

(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 expense data reflect the exclusion of the amortization of acquired intangibles, share-based compensation expense, and other operating income and expense, (iii) adjustments to IFRS financial revenue and other, net reflect the exclusion of certain one-time items included in financial revenue and other, net in 2011, and (iv) 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 and certain one-time tax effects in 2010.

 
In millions of Euros       Twelve months ended December 31,
      2011 IFRS       Adjustment      

2011
non-IFRS

      2010 IFRS       Adjustment      

2010
non-IFRS

Cost of revenue (249.4)       0.6       (248.8)       (221.1)       0.8       (220.3)
Research and development (329.3) 10.1 (319.2) (322.1) 12.0 (310.1)
Marketing and sales (535.3) 5.5 (529.8) (480.1) 4.3 (475.8)
General and administrative (147.6) 4.5 (143.1) (125.9) 3.8 (122.1)
Total stock-based compensation expense               20.7                       20.9        

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