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

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

Dassault Systèmes, the 3D Experience 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 150,000 customers of all sizes in all industries in more than 80 countries.

For more information, visit www.3ds.com.

CATIA, SolidWORKS, ENOVIA, SIMULIA, DELMIA, 3DVIA, 3DSwYm, EXALEAD and NetVibes 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

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, other operating income and expense, net and certain one-time financial revenue items and the income tax effects of these non-IFRS adjustments and certain one-time income tax effects in 2010.

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,
2011

     

December 31,
2010

      Change      

Change
in cc*

     

December 31,
2011

     

December 31,
2010

      Change      

Change
in cc*

Non-IFRS Revenue € 512.1       € 467.3       10%       9%       € 1,783.5       € 1,580.0       13%       14%
 
Non-IFRS Revenue breakdown by activity
Software revenue 462.1 422.8 9% 8% 1,617.4 1,427.2 13% 15%
of which new licenses revenue 155.4 135.8 14% 13% 465.0 393.9 18% 20%

of which periodic licenses, maintenance and
product development revenue

306.7 287.0 7% 6% 1,152.4 1,033.3 12% 13%
Services and other revenue 50.0 44.5 12% 11% 166.1 152.8 9% 10%
 
Recurring software revenue 306.0 285.2 7% 6% 1,148.6 1,030.8 11% 13%
 

Non-IFRS software revenue breakdown by
product line

PLM software revenue 371.0 340.0 9% 8% 1,276.4 1,115.7 14% 16%
of which CATIA software revenue 220.2 202.8 9% 7% 762.9 667.3 14% 16%
of which ENOVIA software revenue 70.7 67.9 4% 3% 229.9 205.2 12% 14%
SolidWorks software revenue 91.1 82.8 10% 9% 341.0 311.5 9% 12%
 
Non-IFRS Revenue breakdown by geography
Americas 135.6 134.1 1% 0% 488.8 461.8 6% 11%
Europe 251.4 218.7 15% 15% 827.3 709.2 17% 17%
Asia       125.1       114.5       9%       6%       467.4       409.0       14%       14%
 
Non-IFRS operating income € 167.9 € 158.6 6% € 542.6 € 451.7 20%
Non-IFRS operating margin 32.8% 33.9% 30.4% 28.6%
Non-IFRS net income 108.4 101.8 6% 362.1 302.6 20%
Non-IFRS diluted net income per share       € 0.87       € 0.83       5%               € 2.92       € 2.50       17%        
Closing headcount       9,556       9,022       6%               9,556       9,022       6%        
 
Average Rate USD per Euro 1.35 1.36 (1%) 1.39 1.33 5%
Average Rate JPY per Euro       104.2       112.1       (7%)               111.0       116.2       (5%)        

*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,
2011

     

December 31,
2010

     

December 31,
2011

     

December 31,
2010

New licenses revenue 155.4       135.8       465.0       393.9

Periodic licenses, maintenance and product
development revenue

306.7       282.4       1,151.9       1,017.1
Software revenue 462.1 418.2 1,616.9 1,411.0
Services and other revenue 50.0       44.5       166.1       152.8
Total Revenue € 512.1 € 462.7 € 1,783.0 € 1,563.8

Cost of software revenue (excluding amortization
of acquired intangibles)

(24.3) (20.8) (80.8) (76.2)
Cost of services and other revenue (42.1) (38.6) (168.6) (144.9)

Research and development

(88.6) (77.7) (329.3) (322.1)
Marketing and sales (148.2) (138.0) (535.3) (480.1)
General and administrative (47.0) (37.5) (147.6) (125.9)
Amortization of acquired intangibles (21.1) (23.5) (83.6) (71.8)
Other operating income and expense, net (5.1)       (1.9)       (9.9)       (20.8)
Total Operating Expenses (€ 376.4)       (€ 338.0)       (€ 1,355.1)       (€ 1,241.8)
Operating Income € 135.7 € 124.7 € 427.9 € 322.0
Financial revenue and other, net (5.1)       0.0       1.1       (2.0)
Income before income taxes 130.6 124.7 429.0 320.0
Income tax expense (45.2) (46.0) (138.5) (99.4)
Net Income 85.4 78.7 290.5 220.6
Non-controlling interest (0.7)       0.0       (1.3)       (0.1)

Net Income attributable to equity holders of
the parent

€ 84.7       € 78.7       € 289.2       € 220.5
Basic net income per share 0.70       0.66       2.38       1.85
Diluted net income per share € 0.68       € 0.64       € 2.33       € 1.82

Basic weighted average shares outstanding (in
millions)

121.6       120.1       121.4       119.1

Diluted weighted average shares outstanding (in
millions)

      124.0       123.0       124.0       121.2
 

IFRS revenue variation as reported and in constant currencies

Three months ended December 31, 2011       Twelve months ended December 31, 2011
        Change*      

Change in cc**

      Change*       Change in cc**
IFRS Revenue 11% 10% 14% 16%
IFRS Revenue by activity
Software Revenue 10% 9% 15% 16%
Services and other Revenue 12% 11% 9% 10%
IFRS Software Revenue by product line
PLM software revenue 11% 10% 16% 17%
of which CATIA software revenue 11% 10% 17% 18%
of which ENOVIA software revenue 6% 5% 14% 16%
SolidWorks software revenue 10% 9% 9% 12%
IFRS Revenue by geography
Americas 3% 2% 7% 12%
Europe 17% 17% 18% 18%
Asia       9%       5%       16%       15%

* 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,
2011

     

December 31,
2010

           
ASSETS
 
Cash and cash equivalents 1,154.3 976.5
Short-term investments 268.7 162.6
Accounts receivable, net 494.3 413.5
Other current assets 139.4 120.6
 
Total current assets 2,056.7 1,673.2
 
Property and equipment, net 106.6 66.4
Goodwill and Intangible assets, net 1,241.9 1,233.3
Other non current assets   111.6         98.9
 
Total Assets      

3,516.8

     

3,071.8

 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
Accounts payable 99.9 93.1
Unearned revenues 492.0 387.0
Short-term debt 228.9 26.7
Other current liabilities 317.3 268.3
 
Total current liabilities 1,138.1 775.1
 
Long-term debt 72.4 293.4
Other non current obligations 222.6 211.5
 
Total long-term liabilities 295.0 504.9
 
Non-controlling interests 17.5 1.0
Parent shareholders' equity   2,066.2         1,790.8
 
Total Liabilities and Shareholders' equity      

3,516.8

     

3,071.8

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

      Three months ended       Twelve months ended
       

December 31,
2011

     

December 31,
2010

      Change      

December 31,
2011

     

December 31,
2010

      Change
Net Income attributable to equity holders of the parent 84.7       78.7       6.0       289.2       220.5       68.7
Non-controlling interest

0.7

0.0

0.7

1.3

0.1

1.2

Net Income 85.4 78.7 6.7 290.5 220.6 69.9
Depreciation of property & equipment 6.1 6.9 (0.8 ) 25.1 24.2 0.9
Amortization of intangible assets 22.0 24.4 (2.4 ) 87.3 75.8 11.5
Other non cash P&L Items 51.2 15.3 35.9 49.5 30.9 18.6
Changes in working capital (96.2 )       (33.7 )       (62.5 )       (1.5 )       56.8         (58.3 )
Net Cash provided by operating activities 68.5 91.6 (23.1 ) 450.9 408.3 42.6
 
Additions to property, equipement and intangibles (16.5 ) (8.5 ) (8.0 ) (71.4 ) (37.2 ) (34.2 )
Payments for acquisition of businesses, net of cash acquired (5.1 ) 3.2 (8.3 ) (37.4 ) (462.5 ) 425.1
Sale of fixed assets 0.0 0.3 (0.3 ) 0.3 1.3 (1.0 )
Sale (purchase) of short term investments, net (63.5 ) (83.5 ) 20.0 (103.8 ) (41.9 ) (61.9 )
Loans and others

0.7

        0.2         0.5         (2.6 )       (1.1 )       (1.5 )
Net Cash provided by (used in) investing activities (84.4 ) (88.3 ) 3.9 (214.9 ) (541.4 ) 326.5
 
Proceeds (Repayments) of short-term and long-term debt (18.9 ) (12.7 ) (6.2 ) (26.2 ) 102.3 (128.5 )
Repurchase of common stock 0.0 0.0 0.0 (226.7 ) (7.2 ) (219.5 )
Proceeds from exercise of stock-options 34.5 57.6 (23.1 ) 233.4 97.4 136.0
Cash dividend paid 0.0         0.0         0.0         (65.8 )       (54.5 )       (11.3 )
Net Cash provided by (used in) financing activities 15.6 44.9 (29.3 ) (85.3 ) 138.0 (223.3 )
 

Effect of exchange rate changes on
cash and cash equivalents

30.3 7.7 22.6 27.1 32.5 (5.4 )
                                         
Increase in cash and cash equivalents       30.0         55.9         (25.9 )       177.8         37.4         140.4  
                                                 
Cash and cash equivalents at beginning of period 1,124.3 920.6 976.5 939.1
Cash and cash equivalents at end of period       1,154.3         976.5                 1,154.3         976.5          
 

DASSAULT SYSTEMES

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