Dassault Systèmes Reports Strong Growth in Revenue, Earnings and Operating Margin for 2010

(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.

(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 123.0 million diluted shares for Q4 2010 and 119.2 million diluted shares for Q4 2009.

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 and 2010 First Half report filed with the AMF on April 1, 2010, and August 2, 2010, respectively. 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
2010  

Adjustment

  2010   2009  

Adjustment

  2009   IFRS  

Non-IFRS

    IFRS  

(1)

  non-IFRS   IFRS  

(1)

  non-IFRS      

(2)

Total Revenue € 1,563.8 16.2 € 1,580.0 € 1,251.3 1.5 € 1,252.8 25% 26%
Total Revenue breakdown by activity
Software revenue 1,411.0 16.2 1,427.2 1,099.8 1.5 1,101.3 28% 30%
New Licenses 393.9 289.7 36%
Product Development 2.5 4.9
Periodic Licenses and Maintenance 1,014.6 16.2 1,030.8 805.2 1.5 806.7 26% 28%
Recurring portion of Software revenue 72% 72% 73% 73%
Services and other revenue 152.8 151.5 1%
Total Software Revenue breakdown by product line
PLM software revenue 1,099.5 16.2 1,115.7 839.0 1.5 840.5 31% 33%
of which CATIA software revenue 654.1 13.2 667.3 487.5 34% 37%
of which ENOVIA software revenue 202.4 2.8 205.2 152.8 32% 34%
Mainstream 3D software revenue 311.5 260.8 19%
Total Revenue breakdown by geography
Americas 456.5 5.3 461.8 386.3 0.6 386.9 18% 19%
Europe 702.9 6.3 709.2 577.5 0.2 577.7 22% 23%
Asia   404.4   4.6   409.0   287.5   0.7   288.2   41%   42%
Total Operating Expenses (€ 1,241.8) 113.5 (€ 1,128.3) (€ 1,020.3) 81.2 (€ 939.1) 22% 20%
Stock-based compensation expense (20.9) 20.9 - (24.5) 24.5 - - -
Amortization of acquired intangibles (71.8) 71.8 - (41.6) 41.6 - - -
Other operating income and expense, net   (20.8)   20.8   -   (15.1)   15.1   -   -   -
Operating Income € 322.0 129.7 € 451.7 € 231.0 82.7 € 313.7 39% 44%
Operating Margin 20.6% 28.6% 18.5% 25.0%
Income before Income Taxes 320.0 129.7 449.7 226.9 82.7 309.6 41% 45%
Income tax expense (99.4) (47.6) (147.0) (56.9) (31.4) (88.3) - -
Income tax adjustments (47.6) 47.6 - (31.4) 31.4 - - -
Minority interest (0.1) (0.3) -
Net Income attributable to shareholders € 220.5 82.1 € 302.6 € 169.7 51.3 € 221.0 30% 37%
Diluted Net Income Per Share (3)   € 1.82   0.68   € 2.50   € 1.43   0.43   € 1.86   27%   34%
 
  Twelve months ended December 31,
In millions of Euros 2010 IFRS   Adjustment   2010   2009 IFRS   Adjustment   2009
            non-IFRS           non-IFRS
Cost of services and other revenue (144.9) 0.8 (144.1) (139.4) 0.6 (138.8)
Research and development (322.1) 12.0 (310.1) (302.5) 14.1 (288.4)
Marketing and sales (480.1) 4.3 (475.8) (356.7) 4.7 (352.0)
General and administrative (125.9) 3.8 (122.1) (108.4) 5.1 (103.3)
Total stock-based compensation expense       20.9           24.5    

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