Dassault Q2 Revenue Down 5% to 311M Euros with 26M Profit

Company claims results at high end of objectives

Summary Financial Highlights (unaudited)

• Second Quarter 2009 non-IFRS financial results at high end of DS objectives
• Cost-savings initiative on track with €55 million realized year-to-date
• Net operating cash flow of €177 million for First Half; Net cash position of €733 million
• Shareholders approved annual cash dividend of €0.46 per share, stable with prior year
• DS reconfirms 2009 constant currency financial objectives and updates for currency exchange rates

Second Quarter 2009 Financial Summary

*In constant currencies.

Bernard Charlès, Dassault Systèmes President and Chief Executive Officer, commented, “The second quarter unfolded as anticipated. Revenue, margin and earnings results came in at the high end of our objectives, thanks to continued strong interest in DS solutions across a diversified number of industries, and to our cost savings program which is being implemented without impacting our R&D and sales capacities.

“On balance, business conditions during the second quarter were similar to the first quarter with customers remaining cautious with respect to new business investments. We started to see some increase in activity among larger companies, for which design excellence, simulation and compliance were significant drivers. For smaller companies, in general, it was not the case as we observed some slight further weakening from the first three months of the year.

“We are dedicated to the success of our customers with our investments in R&D. In June, we introduced Version 6 Release 2010 for the PLM market. We are just at the start of the adoption ramp of our V6 platform and software solutions and are therefore pleased by the number of wins we are seeing with more than 130 companies to date, representing the apparel, aerospace, automotive, energy, life sciences and high tech industries, among others.

“This quarter, we obtained a milestone decision, with Renault Group selecting our V6 PLM solution, which will be deployed as their global collaborative innovation platform for all functions involved in engineering and product development, thus replacing legacy PDM and reducing Renault Group’s cost of operations.

“In the Mainstream market, SolidWorks 2010 is set to be released in the fall of 2009 as scheduled. This latest release is uniquely positioned to offer users the ability to easily evaluate design and material alternatives for sustainable product development.”

Second Quarter 2009 Financial Review

*In constant currencies.

• On a reported basis, IFRS and non-IFRS total revenue and software revenue decreased by 5% and 2%, respectively, benefiting from favorable currency effects which helped mitigate the impact of lower activity.
• On a constant currency basis, non-IFRS software revenue performance benefited from recurring software revenue which increased 6% (representing 74% of total software revenue) but was negatively impacted by a decline in new licenses revenue of 36%.
• Excluding currency effects non-IFRS PLM software revenue declined by 9% with CATIA and ENOVIA software revenue lower by 13% and 15%, respectively. Overall PLM performance benefited from higher simulation revenue, with SIMULIA posting double-digit software revenue growth. Mainstream 3D software results also reflected lower new licenses revenue partially offset by growth in subscription revenue.
• In order to mitigate the impact of the global recession on its operating results, the Company has in place a cost savings program with the goal of reducing expenses while maintaining its research and development and sales capacities.
  • Since the start of the year, the Company has realized over €55 million in savings across such areas as revenue-related costs, travel, marketing, procurement, outside services and other areas.
  • In addition to the savings program, the Company had previously begun and is continuing an operational efficiency program organized around several key initiatives including shared services and co-location of offices. The Company anticipates that these efficiency programs will bring additional benefits in 2010.

Looking at financial results on a sequential basis,

• Non-IFRS total revenue was €311.2 million in the second quarter, compared to €310.7 million in the first quarter, and excluding quarter to quarter currency effects increased 2%.
• Non-IFRS total software revenue was €271.6 million, similar to first quarter non-IFRS total software revenue of €272.8 million. Excluding currency effects, non-IFRS total software revenue increased 2% sequentially, with new licenses revenue higher by 10% and services and other revenue growing 7%. As anticipated, non-IFRS recurring software revenue was lower by 1% on a sequential basis in constant currencies.
• The non-IFRS operating margin improved to 21.9% in the second quarter from 19.4% in the first quarter benefiting from the ongoing implementation of the Company’s cost savings program.
• Global headcount at June 30th was 7,903, down 1.5% from 8,020 at March 31, 2009. First Half 2009 Financial Summary

*In constant currencies. 
**In the 2008 First Half DS recorded a €17 million (€0.13 per share) gain on sale for its prior corporate headquarters facility in other operating income and expense, net.

*In constant currencies.

IFRS and non-IFRS total revenue was lower by approximately 2% as reported and 9% in constant currencies. Revenue growth rates on a reported basis benefited from the strengthening of both the US dollar and the Japanese yen during the first half of 2009 compared to the 2008 First Half which helped mitigate the impact of lower activity.

Revenue distribution by geographic region in the 2009 First Half remained similar to that of the same period in 2008. As a percentage of total revenue, Europe represented 46% (47% in 2008 First Half), the Americas accounted for 31% (30% in 2008 First Half) and Asia represented 23% (23% in 2008 First Half).

For the 2009 First Half, IFRS and non-IFRS software revenue was lower by approximately 1% as reported and 7% in constant currencies, reflecting periodic licenses, maintenance, and product development revenue growth of 11% which was largely offset by a decrease in new licenses revenue of 38% (all figures in constant currencies except as noted).

Non-IFRS recurring software revenue, comprised of periodic licenses and maintenance revenue, increased 10% in constant currencies and totaled €407.8 million for the 2009 First Half, compared to €345.6 million in the 2008 First Half. Recurring software revenue represented 75% of total software revenue in the 2009 First Half and 63% in the 2008 First Half.

Software revenue growth trends were similarly impacted in both the PLM and Mainstream segments of the Company’s business with a significant decrease in new license revenue activity offset in part by growth in periodic licenses and maintenance revenue.

IFRS net income per diluted share decreased 45.2% principally reflecting the year-over-year decrease in revenue as well as the year-ago benefit from the gain on sale of part of the Company’s prior corporate headquarters facility. Non-IFRS net income per diluted share decreased 14.9%, principally reflecting lower revenue activity.

Cash Flow and Other Financial Highlights

IFRS net operating cash flow was €81.0 million and €177.3 million for the second quarter and first half ended June 30, 2009, respectively.

Cash and short-term investments totaled €932.8 million at June 30, 2009, compared to €840.4 million at December 31, 2008. The Company’s net financial position amounted to €732.6 million at June 30, 2009, net of outstanding debt consisting of €200.2 million of financial long-term debt. During the second quarter 2009, the Company paid cash dividends totaling €54.8 million.

Annual Shareholders’ Meeting Approved Cash Dividend Payment

The Annual Shareholders’ Meeting was held on June 9, 2009. At the meeting shareholders approved for the fiscal year ended December 31, 2008 the payment of an annual cash dividend equivalent to €0.46 per share, equal to the prior year. The Company has consistently paid annual cash dividends since its initial public offering in 1996. The cash dividend was paid on June 25, 2009.

Key Business and Corporate Highlights

Renault Chooses DS Full V6 PLM. Renault has selected Dassault Systèmes’ V6 PLM as its new global product development solution, in order to improve productivity, and product quality. Renault has already started to implement the ENOVIA V6 based collaborative platform and CATIA V6, and will rapidly move to the full DS V6 portfolio to enable the company and its suppliers to collaborate on the creation of new product designs in real time.

Piaggio Aero Selects DS V6 for Global Product Development. Piaggio Aero Industries, one of the world’s most prestigious aircraft manufacturers, has selected DS V6 as its global product development platform including all required applications to support the company’s business needs and industry leadership strategy. Piaggio Aero Industries is implementing the ENOVIA V6 platform and DS PLM applications including ENOVIA and CATIA to enable the company and its core risk-sharing partners to collaborate on the creation of new product designs in real time.

ELDO Selects DS PLM Solutions for its Italian Fashion Label, FREESOUL. Eldo S.r.l, a Florence, Italy-based holding company, has selected Dassault Systèmes’ ENOVIA Apparel Accelerator for Design and Development to rapidly bring new clothing lines for its FREESOUL brand of denim products to the market. Launched in 1994, FREESOUL is one of Europe’s top denim fashion brands.

Wittur Group Standardizes on SolidWorks Enterprise PDM to Create Global Collaboration Network of Designers. The Wittur Group has selected SolidWorks Enterprise PDM for document and workflow management to unify and organize its global offices more transparently. Its goals are improved teamwork between designers, optimized development processes, and more secure and efficient data management through a consolidated database.

Sanjel Corp. Slashes Development Time with SolidWorks 3D CAD and Simulation Software. In developing the custom cementing unit, Sanjel is using SolidWorks’ simulation software to ensure it is rugged enough to withstand being loaded up onto the back of a winch truck, being lifted onto a cargo ship by crane, sustaining impacts from vehicles and machinery, and enduring conditions commonly encountered in the oilfield.

DS Launches V6R2010. On June 23rd, DS announced the launch of its Version 6, Release 2010. Dassault Systèmes’ V6 collaborative platform has been widely adopted in industries including:

• Apparel (Guess, Under Armour, Trent Ltd.);
• Consumer Packaged Goods (Procter & Gamble);
• Life Sciences (Beckman Coulter);
• High Tech (Lexmark International, novero GmbH);
• Semiconductors (Dialog Semiconductor, INSIDE Contactless);
• Energy (Oceaneering, Stork GLT);
• Aerospace (Piaggio Aero Industries, Eaton Aerospace);
• Automotive (EATON, Great Walls Motors, Johnson Controls);
• Business Services (TÜV Rheinland); and
• Construction (Skanska).

DS Reaffirms Its Position as the Leading Supplier of PLM Solutions to the Aerospace Industry. On June 15, 2009, DS made a series of customer announcements at Le Bourget International Air Show that reinforces the company’s position as the leading PLM provider for the Aerospace and Defense industry. Already recognized for working with the world’s Top 20 Aerospace Companies and the world’s major OEMs, Dassault Systèmes’ technology has become the standard for all new major aircraft programs.

DS SolidWorks Surpasses One Million Licenses. On April 30, 2009 DS SolidWorks announced that a cutting-edge athletic equipment company purchased the one millionth license of its 3D CAD software. In the 14 years between this landmark and DS SolidWorks’ first sale to a robotic arm designer, thousands of innovative products have been developed with SolidWorks software.

Business Outlook

Thibault de Tersant, Senior Executive Vice President and CFO, commented, “Our results for the second quarter confirm our realistic assessment of market conditions which we made at the time of our first quarter press release.

“With respect to operating profitability, our focus on cost containment is proceeding as planned, with over €55 million in cost savings realized during the first half of this year. We also continued with our broader goals of improving our operational efficiency across DS with shared services and co-location initiatives, all of which will bring additional benefits to DS as we move into 2010. Our progress quarter to quarter is evident in the sequential improvement in our non-IFRS operating margin. And, for the full year, we continue to target an operating margin of about 25% on a non-IFRS basis, unchanged from our previous goal.

“Looking ahead to the third quarter, we are assuming no change to business conditions and historical seasonal revenue patterns, leading to the assumption of a sequential decrease in revenue results in comparison to the second quarter. But with our ongoing cost actions, and based upon our revenue objective, we are targeting a stable to improving sequential performance from an earnings and operating margin perspectives for the third quarter.

“As we move into the second half of the year, we are narrowing our full year revenue objective range but otherwise holding the mid-point unchanged on a constant currency basis. Similarly we are narrowing our EPS objective range. Given the strengthening of the Euro we think it is appropriate to update our US dollar and Japanese yen exchange rates assumptions in comparison to the Euro, and therefore are adjusting our reported revenue range and earnings per share, accordingly.”

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 Company’s current objectives are the following:

• Third quarter 2009 non-IFRS total revenue objective of about €285 to €300 million and non-IFRS EPS of about €0.36 to €0.42;
• 2009 non-IFRS revenue growth objective range of about (8%) to (6%) in constant currencies (€1,250 to €1,280 billion based upon the 2009 currency exchange rate assumptions below);
• 2009 non-IFRS operating margin of about 24% to 26%; • 2009 non-IFRS EPS range of about €1.76 to €1.91;
• Objectives are based upon exchange rate assumptions for the 2009 third quarter of US$1.50 per €1.00 and JPY140 per €1.00 and a full year average of US$1.42 per €1.00 and JPY134 per €1.00. The non-IFRS objectives set forth above do not take into account the following accounting elements and are estimated based upon the 2009 currency exchange rates above: (i) deferred revenue write-downs estimated at approximately €1.4 million for 2009; (ii) share-based compensation expense estimated at approximately €22 million for 2009, and (iii) amortization of acquired intangibles estimated at approximately €40 million for 2009. The above objectives do not include any impact from other operating income and expense, net principally comprised of restructuring expenses. These estimates also do not include any new stock option or share grants, or any new acquisitions or restructurings completed after July 30, 2009.

Webcast and Conference Call Information

Dassault Systèmes will host an analyst meeting in Paris which will be webcasted and a conference call today, Thursday, July 30, 2009. Management will host the webcast at 8:30 AM London time/9:30 AM CET time and will then host the conference call at 9:00 AM New York time /2:00 PM London time/3:00 PM CET. 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$1.42 per €1.00 and an average Japanese yen to euro exchange rate of JPY134 to €1.00 for the 2009 full year; 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 crisis on its 2009 third quarter and full year objectives, but conditions could worsen. Further the Company has assumed that its increased responsibility for both indirect and direct PLM sales channels, 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 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 2, 2009, 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, 2008 included in the Company’s 2008 Document de référence filed with the AMF on April 2, 2009. 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 2008 Document de référence). 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 100,000 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 designing the virtual product - SolidWorks for 3D mechanical design - DELMIA for virtual production - SIMULIA for virtual testing - 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

(Tables to follow)

TABLE OF CONTENTS

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.

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, 2008 filed with the AMF on April 2, 2009. 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.

(1) In the reconciliation schedule above, (i) all non-IFRS adjustments to IFRS revenue data reflect the exclusion of the deferred revenue adjustment; (ii) non-IFRS adjustments to operating expense data reflect the exclusion of the amortization of acquired intangibles, other operating income and expense, net and stock-based compensation expense (as detailed below); and (iii) all non-IFRS adjustments to IFRS net income data reflect the combined effect of these non-IFRS adjustments.

(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 118.1 million diluted shares for Q2 2009 and 118.9 million diluted shares for Q2 2008.

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, 2008 filed with the AMF on April 2, 2009. 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.

(1) In the reconciliation schedule above, (i) all non-IFRS adjustments to IFRS revenue data reflect the exclusion of the deferred revenue adjustment; (ii) non-IFRS adjustments to operating expense data reflect the exclusion of the amortization of acquired intangibles, other operating income and expense, net and stock-based compensation expense (as detailed below); and (iii) all non-IFRS adjustments to IFRS net income data reflect the combined effect of these non-IFRS adjustments.

(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 118.1 million diluted shares for H1 2009 and 119.3 million diluted shares for H1 2008.

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See Also

Dassault Systems Website
CATIA directory - by TenLinks.com
CATIA Reading Room - articles, tutorials, reviews and news, by CADdigest.com

Additional News

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Apr 7 - Dassault to Sell Intercim Products
Apr 1 - Dassault Hires Al Bunshaft as Managing Director, Americas
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Mar 09 - Dassault, BMW Signs 5-Year Agreement for Innovation
Mar 03 - MEYER WERFT Selects Dassault V6 PLM & IBM for Shipbuilding
Feb 25 - AVTOVAZ Develops CATIA-Designed Car Models
Feb 16 - Dassault Launches Release 20 of V5 PLM Platform
Feb 11 - Dassault Provides V6 PLM Products to P&G
Jan 20 - Dassault Presents 3DVIA Virtools Software at World Expo
Jan 14 - Dassault Adds 3DVIA Composer V6R2010x
Jan 12 - Terrafugia Uses CATIA to Build Transition 'Roadable' Aircraft
Jan 12 - CATIA-Designed Vehicles Debut at NAIAS Cobo Hall in Detroit
Jan 8 - Dassault Sponsors 5th Annual EyesOn Design Competition
Dec 16 - Russian Space Agency JSC ISS Reshetnev Uses CATIA, ENOVIA
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Nov 18 - Dassault, IBM, Panasonic Join to Develop Cooking Appliances
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Nov 17 - Dassault Launches V6R2010x PLM 2.0 Platform
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Nov 17 - Germany's STIHL Selects Dassault DELMIA Process Engineer
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Dec 17 - Japan's Kana Tech College Selects Dassault CATIA
Dec 9 - Israel's ISCAR Selects IBM, Dassault ENOVIA SmarTeam, CATIA
Dec 8 - Chanel Research, Dassault Partner for Life Sciences
Nov 26 - EADS Selects Dassault, IBM PLM Products
Nov 26 - Dassault Launches DS Design Studio
Nov 25 - Dassault Launches V6R2009x PLM Platform
Nov 12 - Bell Helicopter Standardizes on Dassault ENOVIA, CATIA
Oct 29 - Dassault Q3 Revenue Up 6% to 318M Euros with 43M Profit
Oct 29 - P&G Expands Use of ENOVIA to 'Enterprise Wide' PLM
Oct 6 - Dassault Q3 Conference Call on October 29, 10AM ET
Oct 1 - Dassault, Creaform Sign VAR Agreement for Europe
Sep 24 - Dassault, CENIT Launch NAVAL ARCHITECT for Boat Design
Sep 23 - Dassault Releases V5R19 PLM Portfolio
Sep 22 - Dassault Announces Virtual Earth-3DVIA
Sep 15 - Dassault Offers Free 3DVIA Shape 2.0 for 3D Modeling
Sep 3 - Dassault Confirms Siemens Trade Secret Violation
Jul 31 - Dassault Q2 Revenue Up 7% to 326M Euro with 42.5M Profit
Jul 9 - Dassault Renews R&D Support for K-Challenge
Jul 8 - Dassault Gets Microsoft's ISV Technology Partner Award
Jul 8 - Dassault Releases ENOVIA High Tech Accelerator
Jul 7 - Stephane Massas Joins Dassault as VP HR Europe
Jul 7 - Dassault, Sogeti Signs Industry Solution Partnership
Jul 2 - Dassault Spins Off France Sales Division to Keonys
ENOVIA Press Releases
SIMULIA Press Releases
SMARTEAM News

Source: Material used in press releases is often supplied by external sources and used as is.