Dassault Systèmes Reports Double-digit Software Revenue and EPS Growth for 2012

Non-IFRS Financial Information

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 annual report for the year ended December 31, 2011 included in the Company’s 2011 Document de référence and the 2012 Half Year Financial Report filed with the AMF on March 29, 2012, and July 27, 2012, respectively.

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 and related social charges, the expenses for the amortization of acquired intangible assets, other income and expense, net, certain one-time items included in financial revenue and other, net, and the income tax effect of the non-IFRS adjustments and certain one-time tax effects in 2012. 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 "prior" period have first been recalculated using the average exchange rates of the comparable period in the current year, and then compared with the results of the comparable period in the current year.

About Dassault Systèmes

Dassault Systèmes, the 3DEXPERIENCE Company, provides business and people with virtual universes to imagine sustainable innovations. Its world-leading solutions transform the way products are designed, produced, and supported. Dassault Systèmes’ collaborative solutions foster social innovation, expanding possibilities for the virtual world to improve the real world. The group brings value to over 170,000 customers of all sizes, in all industries, in more than 140 countries. For more information, visit www.3ds.com.

CATIA, SOLIDWORKS, SIMULIA, DELMIA, ENOVIA, GEOVIA, EXALEAD, NETVIBES, 3DSWYM 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

FRS – 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 and related social charges, amortization of acquired intangible assets, other operating income and expense, net, certain one-time financial revenue items and the income tax effects of these non-IFRS adjustments and certain one-time tax effects in 2012.

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,
2012

     

December 31,
2011

      Change      

Change
in cc*

     

December 31,
2012

     

December 31,
2011

      Change      

Change
in cc*

Non-IFRS Revenue € 568.2       € 512.1       11%       8%       € 2,038.5       € 1,783.5       14%       9%
 
Non-IFRS Revenue breakdown by activity
Software revenue 515.5 462.1 12% 9% 1,853.4 1,617.4 15% 10%
of which new licenses revenue 164.6 155.4 6% 3% 532.3 465.0 14% 9%

of which periodic licenses, maintenance and
product development revenue

350.9 306.7 14% 12% 1,321.1 1,152.4 15% 10%
Services and other revenue 52.7 50.0 5% 3% 185.1 166.1 11% 7%
 
Recurring software revenue 349.6 306.0 14% 11% 1,314.6 1,148.6 14% 10%
 
Non-IFRS software revenue breakdown by product line
PLM software revenue 412.1 371.0 11% 8% 1,450.2 1,276.4 14% 9%
of which CATIA software revenue 229.2 220.2 4% 1% 827.2 762.9 8% 5%
of which ENOVIA software revenue 72.9 70.7 3% 0% 258.5 229.9 12% 7%
of which Other PLM sofware revenue 110.0 80.1 37% 34% 364.5 283.6 29% 22%
SOLIDWORKS software revenue 103.4 91.1 14% 11% 403.2 341.0 18% 12%
 
Non-IFRS Revenue breakdown by geography
Americas 154.0 135.6 14% 9% 567.3 488.8 16% 7%
Europe 266.7 251.4 6% 5% 910.9 827.3 10% 8%
Asia       147.5       125.1       18%       14%       560.3       467.4       20%       14%
 
Non-IFRS operating income € 197.4 € 167.9 18% € 644.3 € 542.6 19%
Non-IFRS operating margin 34.7% 32.8% 31.6% 30.4%
Non-IFRS net income 128.4 108.4 18% 424.5 362.1 17%
Non-IFRS diluted net income per share       € 1.02       € 0.87       17%               € 3.37       € 2.92       15%        
Closing headcount       10,123       9,556       6%               10,123       9,556       6%        
 
Average Rate USD per Euro 1.30 1.35 (4%) 1.28 1.39 (8%)
Average Rate JPY per Euro       105.1       104.2       1%               102.5       111.0       (8%)        

*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,
2012

     

December 31,
2011

     

December 31,
2012

     

December 31,
2011

New licenses revenue 164.6       155.4       532.3       465.0

Periodic licenses, maintenance and product
development revenue

346.2       306.7       1,310.9       1,151.9
Software revenue 510.8 462.1 1,843.2 1,616.9
Services and other revenue 52.7       50.0       185.1       166.1
Total Revenue € 563.5 € 512.1 € 2,028.3 € 1,783.0

Cost of software revenue (excluding amortization
of acquired intangibles)

(26.0) (24.3) (92.2) (80.8)
Cost of services and other revenue (47.3) (42.1) (174.8) (168.6)
Research and development (91.2) (88.6) (368.1) (329.3)
Marketing and sales (169.8) (148.2) (632.6) (535.3)
General and administrative (44.8) (47.0) (163.3) (147.6)
Amortization of acquired intangibles (25.0) (21.1) (93.7) (83.6)
Other operating income and expense, net (2.4)       (5.1)       (2.6)       (9.9)
Total Operating Expenses (€ 406.5)       (€ 376.4)       (€ 1,527.3)       (€ 1,355.1)
Operating Income € 157.0 € 135.7 € 501.0 € 427.9
Financial revenue and other, net 6.2       (5.1)       18.1       1.1
Income before income taxes 163.2 130.6 519.1 429.0
Income tax expense (65.6) (45.2) (180.3) (138.5)
Net Income 97.6 85.4 338.8 290.5
Non-controlling interest (1.8)       (0.7)       (4.0)       (1.3)

Net Income attributable to equity holders of
the parent

€ 95.8       € 84.7       € 334.8       € 289.2
Basic net income per share 0.77       0.70       2.72       2.38
Diluted net income per share € 0.76       € 0.68       € 2.66       € 2.33

Basic weighted average shares outstanding (in
millions)

123.7       121.6       123.3       121.4

Diluted weighted average shares outstanding (in
millions)

      126.4       124.0       125.9       124.0
 

IFRS revenue variation as reported and in constant currencies

 

Three months ended December 31, 2012

      Twelve months ended December 31, 2012
        Change*       Change in cc**       Change*       Change in cc**
IFRS Revenue 10% 7% 14% 9%
IFRS Revenue by activity
Software Revenue 11% 8% 14% 9%
Services and other Revenue 5% 3% 11% 7%
IFRS Software Revenue by product line
PLM software revenue 10% 7% 13% 8%
of which CATIA software revenue 4% 1% 8% 5%
of which ENOVIA software revenue 3% 0% 12% 7%
of which Other PLM sofware revenue 31% 28% 25% 19%
SOLIDWORKS 14% 11% 18% 12%
IFRS Revenue by geography
Americas 12% 8% 15% 7%
Europe 6% 5% 10% 8%
Asia       16%       12%       19%       13%

* 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)

 
       

December 31,
2012

     

December 31,
2011

           
ASSETS
Cash and cash equivalents 1,159.3 1,154.3
Short-term investments 159.8 268.7
Accounts receivable, net 457.8 494.3
Other current assets 154.4 139.4
Total current assets 1,931.3 2,056.7
Property and equipment, net 107.9 106.6
Goodwill and Intangible assets, net 1,459.5 1,241.9
Other non current assets 142.7       111.6
Total Assets       € 3,641.4       € 3,516.8
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable 90.8 99.9
Unearned revenues 484.7 492.0
Short-term debt 25.5 228.9
Other current liabilities 331.0 317.3
Total current liabilities 932.0 1,138.1
Long-term debt 38.3 72.4
Other non current obligations 290.1 222.6
Total long-term liabilities 328.4 295.0
Non-controlling interests 16.2 17.5
Parent shareholders' equity 2,364.8       2,066.2
Total Liabilities and Shareholders' equity       € 3,641.4       € 3,516.8
 
DASSAULT SYSTEMES
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (IFRS)

(unaudited; in millions of Euros)

 
      Three months ended       Twelve months ended
       

December 31,
2012

     

December 31,
2011

      Change      

December 31,
2012

     

December 31,
2011

      Change
Net Income attributable to equity holders of the parent 95.8       84.7       11.1       334.8       289.2       45.6
Non-controlling interest

1.8

0.7

1.1

4.0

1.3

2.7

Net Income 97.6 85.4 12.2 338.8 290.5 48.3
Depreciation of property & equipment 7.8 6.1 1.7 32.7 25.1 7.6
Amortization of intangible assets 26.6 22.0 4.6 99.4 87.3 12.1
Other non cash P&L Items 28.1 51.2 (23.1) 30.5 49.5 (19.0)
Changes in working capital (63.0)       (96.2)       33.2       64.9       (1.5)       66.4
Net Cash provided by operating activities € 97.1 € 68.5 € 28.6 € 566.3 € 450.9 € 115.4
 
Additions to property, equipement and intangibles (7.9) (16.5) 8.6 (40.7) (71.4) 30.7
Payments for acquisition of businesses, net of cash acquired (18.0) (5.1) (12.9) (281.5) (37.4) (244.1)
Sale of fixed assets 0.1 0.0 0.1 0.6 0.3 0.3
Sale (purchase) of short term investments, net 21.6 (63.5) 85.1 107.9 (103.8) 211.7
Sale of investments, loans and others 0.1       0.7       (0.6)       (5.1)       (2.6)       (2.5)
Net Cash provided by (used in) investing activities (€ 4.1) (€ 84.4) € 80.3 (€ 218.8) (€ 214.9) (€ 3.9)
 
Proceeds (Repayments) of short-term and long-term debt (214.0) (18.9) (195.1) (264.7) (26.2) (238.5)
Repurchase of common stock 0.0 0.0 0.0 (75.1) (226.7) 151.6
Proceeds from exercise of stock-options 18.9 34.5 (15.6) 98.7 233.4 (134.7)
Cash dividend paid (0.4)       0.0       (0.4)       (87.8)       (65.8)       (22.0)
Net Cash provided by (used in) financing activities (€ 195.5) € 15.6 (€ 211.1) (€ 328.9) (€ 85.3) (€ 243.6)
 

Effect of exchange rate changes on
cash and cash equivalents

(18.4) 30.3 (48.7) (13.6) 27.1 (40.7)
                                         
Increase (decrease) in cash and cash equivalents       (€ 120.9)       € 30.0       (€ 150.9)       € 5.0       € 177.8       (€ 172.8)
                                                 
Cash and cash equivalents at beginning of period € 1,280.2 € 1,124.3 € 1,154.3 € 976.5
Cash and cash equivalents at end of period       € 1,159.3       € 1,154.3               € 1,159.3       € 1,154.3        
 

DASSAULT SYSTEMES

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