Dassault Systemes Continues to Outperform the PLM Market Based on First Half Financial Results.Business Editors PARIS--(BUSINESS WIRE)--July 24, 2003 -- Results In Line For Second Quarter With Revenue of EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 181.3 Million, U.S. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). Operating Margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: of 25.2% and EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. of EUR 0.25; Before Acquisition Costs, Operating Margin 25.9% and EPS EUR 0.26 -- PDM (1) (Product Data Management) An information system used to manage the data for a product as it passes from engineering to manufacturing. The data includes plans, geometric models, CAD drawings, images, NC programs as well as all related project data, notes and Revenue Up 26% and Design-Centric Revenue Up 13% For Second Quarter In Constant Currencies -- Total Revenue Increased 4% For Second Quarter and 2% for First Half In Constant Currencies -- DS Reaffirms 2003 Financial Objectives: Revenue Growth of 7% in Constant Currencies and Operating Margin Growth of Up to 1 Percentage Point, Compared to 27.7% Before Acquisition Costs in 2002 Dassault Systemes Dassault Systemes (Dassault Systèmes S.A.) (Pronounced - Dasoh) (NASDAQ: DASTY; Euronext: 13065) is a leading company specializing in 3D and PLM (Product Lifecycle Management) software. (DS) (Nasdaq: DASTY; Euronext Paris Euronext Paris is France's securities market, formerly known as the Paris Bourse, which merged with the Amsterdam and Brussels exchanges in September 2000 to form Euronext NV, which is the second largest exchange in Europe behind the London Stock Exchange. : #13065, DSY DSY Drum Storage Yard PA), a worldwide leading software developer of product lifecycle Product lifecycle or product life cycle is the course of a product's sales and profits over time. The five stages of each product lifecycle are product development, introduction, growth, maturity and decline. management (PLM (Product Life cycle Management) A comprehensive information system that coordinates all aspects of a product from initial concept to its eventual retirement. Sometimes called the "digital backbone" of a product, it includes the requirements phase, analysis and design ) solutions, reported financial results for the second quarter and six months ended June 30, 2003. FINANCIAL HIGHLIGHTS Second Quarter Total revenue was EUR 181.3 million in the second quarter of 2003. On a U.S. GAAP basis net income was EUR 28.2 million or EUR 0.25 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share in the 2003 second quarter compared to EUR 27.7 million or EUR 0.24 per diluted share in the second quarter of 2002, representing a 4% increase on a per share basis. Net income excluding acquisition costs was EUR 29.3 million or EUR 0.26 per diluted share in the second quarter, compared to EUR 30.0 million or EUR 0.26 per diluted share in the second quarter of 2002. Total revenue in the second quarter of 2003 decreased 5%, but increased 4% on a constant currency basis in comparison to the year-ago quarter. In the second quarter of 2003 software revenue, representing 84% of total revenue, equaled EUR 151.8 million. In comparison to the year-ago period, software revenue decreased 9%, but was flat on a constant currency basis. An important component of revenue is recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. software revenue, which represented 54% of total software revenue in the second quarter. Seats licensed in the second quarter of 2003 totaled 13,568 with 7,259 CATIA A family of 2D and 3D CAD programs from IBM. CATIA was one of the first CAD programs to provide 3D solid modeling. The program was developed by Dassault Systems, a French aerospace company. and 6,309 SolidWorks seats. Services and other revenue increased 20% in the second quarter of 2003, primarily reflecting the increase in the number of PLM projects underway. Specifically, services and other revenue totaled EUR 29.5 million and represented 16% of total revenue in the second quarter of 2003. Process-centric revenue, including PDM revenue, totaled EUR 150.1 million in the recently completed quarter. Process-centric revenue decreased 6% in comparison to the year-ago quarter but increased 2% in constant currencies. On a stand-alone basis, PDM revenue in the second quarter of 2003 increased 17% and in constant currencies increased 26%, both in comparison to the year-ago period. Specifically, PDM revenue increased from EUR 17.4 million in the year-ago quarter to EUR 20.3 million in the second quarter of 2003. PDM end-user software revenue totaled EUR 28.5 million. Design-centric revenue totaled EUR 31.2 million in the second quarter of 2003, a decrease of 4% compared with EUR 32.4 million in the year-ago quarter but an increase of 18% in U.S. dollars. PDM revenue represented 11% and design-centric revenue accounted for 17% of total revenue. The Company had a strong financial position with cash and short-term investments totaling EUR 420.1 million and no bank debt at June 30, 2003. DS held its annual general shareholders' meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. on May 28, 2003. At that time, shareholders approved the payment of a 2002 cash dividend (excluding avoir fiscal) of EUR 0.33 per share, representing approximately EUR 37.2 million or 29% of 2002 U.S. GAAP net income. The 2002 cash dividend including avoir fiscal was EUR 0.50 per share. First Half Results Total revenue was EUR 350.7 million for the first six months of 2003, compared to EUR 373.8 million in the year-ago period, representing a decrease of 6%, but an increase of 2% in constant currencies. On a U.S. GAAP basis net income totaled EUR 50.5 million or EUR 0.44 per diluted share for the first half of 2003, compared to EUR 53.0 million or EUR 0.45 per diluted share, representing a 2% decrease on a per share basis. Net income excluding acquisition costs was EUR 53.5 million or EUR 0.47 per diluted share for the first half of 2003, representing a decrease of 6% on a per share basis, compared to EUR 58.5 million or EUR 0.50 per diluted share for the year-ago period. Charles Edelstenne, Chairman of DS, stated, "DS delivered solid financial performance in the second quarter, illustrating the strength of our market leadership as well as the resiliency The ability to recover from a failure. The term may be applied to hardware, software or data. of our business model within a weak business environment. Our focus continues to be on outperforming the PLM market under any economic scenario and I believe our financial results to date demonstrate the competitiveness of our PLM solutions." Bernard Charles Bernard Charles is the CEO of Dassault Systemes. References
favourable position, superiority advantage, vantage - the quality of having a superior or more favorable position; "the experience gave him the advantage over me" to deliver full year revenue growth of about 7% in constant currencies, as well as operating margin and EPS growth in 2003. "Large-scale production deployments of our V5 PLM solutions (CATIA, DELMIA DELMIA Digital Enterprise Lean Manufacturing Interactive Application , ENOVIA, SMARTEAM), demonstrating significant ROI (Return On Investment) The monetary benefits derived from having spent money on developing or revising a system. In the IT world, there are more ways to compute ROI than Carter has liver pills (and for those of you who never heard of that expression, it means a lot). , are underway in our core markets with leading-edge customers. And we are seeing traction Traction Definition Traction is the use of a pulling force to treat muscle and skeleton disorders. Purpose Traction is usually applied to the arms and legs, the neck, the backbone, or the pelvis. with the supplier networks, including new Version 5 wins in the quarter with Koito Manufacturing, an automotive lighting
n. 1. Forward movement or the rate of forward movement, especially of a ship. 2. Progress toward a goal. 3. The clear vertical space beneath a ceiling or archway; clearance. 4. , with 25% revenue growth in constant currencies for the first half. SolidWorks, focused on the design-centric market, has clearly regained momentum in 2003, with revenue growth of 16% in U.S. dollars for the 2003 first half and an expanded sales channel capacity as we move forward. "In summary, I believe our solid performance during this extended period of economic weakness clearly indicates that DS' solutions and people are providing our customers with more than software applications - we are working closely with our customers to deliver significant business value with our PLM solutions." Thibault de Tersant, Executive Vice President and CFO See Chief Financial Officer. , commented, "As we had anticipated, the overall economic environment continued to be tough in the second quarter. Moreover, currency fluctuated a good deal in the quarter, with further weakening weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. of the U.S. dollar and Asian
currencies. We were, therefore, pleased to report in line financial
results for the second quarter, with total revenue within our target
range of EUR 180 to EUR 185 million. In fact, revenue would have been at
the high end of our range if currency levels had remained consistent
with our guidance assumptions. Our operating margin also came in on
target and showed year over year improvement."While we continue to be cautious with respect to any improvement in the economic environment in the second half of the year, based upon first half results and our business outlook, we are reconfirming our full year revenue growth objective of about 7% in constant currencies and our operating margin growth objective of up to 1 percentage point above the 27.7% operating margin achieved in 2002. Currency market experts anticipate further weakness, particularly in the U.S. dollar and Asian currencies as the year progresses. At this time we believe it is prudent to assume a U.S. dollar to Euro exchange rate of $1.20 per EUR 1.00 for the remainder of the year, the consensus figure of leading banks. This new exchange rate assumption would lead to reported revenue of about EUR 760 million and an EPS range of approximately EUR 1.22 to EUR 1.25. For the third quarter we believe a revenue objective of EUR 175 to EUR 180 million is appropriate." All financial information is unaudited and reported in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with U.S. generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (U.S. GAAP). Additional financial information, specifically noted as such, is also presented that is not in conformity with U.S. GAAP, with the presentation of operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. , operating margin and earnings per share before acquisition costs (acquisition costs are primarily comprised of technology amortization in addition to other acquisition- related costs) or variances in constant currencies. The Company has provided on its website www.3ds.com reconciliations between U.S. GAAP and non- U.S. GAAP figures. All comparative figures are given on a year over year basis unless specified otherwise. BUSINESS HIGHLIGHTS NEW PRODUCT LAUNCHES DS announced its newest solutions for the PLM market in April 2003. CATIA, DELMIA, ENOVIA and SMARTEAM V5R11 are characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. by the high value-added capabilities V5R11 delivers to create realistic, effective PLM solutions. "Built-in Reality", the core concept of V5R11, denotes the exceptional level of realism attainable in product and process anticipation provided by this new release and is achieved through five concepts: (1) Predictive PLM - What will a product sound like? How will it age? Through significant enhancements in CAE (1) (Computer-Aided Engineering) Software that analyzes designs which have been created in the computer or that have been created elsewhere and entered into the computer. analysis and new partner solutions that take into account the physics of materials, V5R11 enables customers to better simulate simulate - simulation the functioning of a future product and hence reduce the risk of potential problems. (2) Engineering of Emotion - V5R11 offers new tools to engineer the emotional content of a product with improvements in Class A surfacing, a novel approach for virtual clay modeling Clay modeling (or clay model making) for automobile prototypes was first introduced in the 1930s by automobile designer Harley Earl, head of the General Motors styling studio (known initially as the Art and Color Section, and later as the Design and Styling Department). , and a light Digital Mockup Digital MockUp or DMU is a technology that allows product design engineers to replace physical prototypes with virtual ones, using 3D computer graphics techniques. It is also frequently referred to as Digital Prototyping or Virtual Prototyping. Navigator See Netscape Navigator, Netscape and Norton Navigator. Navigator - Netscape Navigator for broader appearance testing with marketing specialists, customers, and end-users. (3) Secure IP Circulation - V5R11 delivers enhanced security and authentication (1) Verifying the integrity of a transmitted message. See message integrity, e-mail authentication and MAC. (2) Verifying the identity of a user logging into a network. mechanisms for intellectual property within collaboration and collective decision-making processes Presented below is a list of topics on decision-making and decision-making processes: | width="" align="left" valign="top" |
| width="" align="left" valign="top" | CATIA for collaborative product development Collaborative Product Development (Collaborative Product Design) (CPD) is a business strategy, work process and collection of software applications that facilitates different organizations to work together on the development of a product. - offers a range of new products and enhanced features for mastering product success in the Automotive, Aerospace, Fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. & Assembly, Shipbuilding, Consumer Goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and , and Electrical & Electronics industries, as well as enhanced entry PLM products for small and medium-sized companies. ENOVIA for lifecycle management and decision support - transforms the customer's product development organization into a source of competitive advantage with increased support for complex product design and a practical Web environment to bring marketing, sales and customers earlier into the product development cycle - where 80% of product costs are committed. SMARTEAM for lifecycle and product data management - enhances and accelerates the proliferation proliferation /pro·lif·er·a·tion/ (pro-lif?er-a´shun) the reproduction or multiplication of similar forms, especially of cells.prolif´erativeprolif´erous pro·lif·er·a·tion n. of product knowledge and business processes across the enterprise and product value chain with tighter CAD integrations, expanded collaborative design, improved web collaboration, new methodologies, and improved data capture, mining, and reuse reuse - Using code developed for one application program in another application. Traditionally achieved using program libraries. Object-oriented programming offers reusability of code via its techniques of inheritance and genericity. capabilities. SMARTEAM also features IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) Websphere Express, a flexible, low cost solution for enterprise integration of disparate application environments. DELMIA for the engineering of lean manufacturing Lean manufacturing is the production of goods using less of everything compared to mass production: less human effort, less manufacturing space, less investment in tools, and less engineering time to develop a new product. processes - includes enhanced end-to-end coverage for the Automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. , better integration of product design and assembly processes, Knowledge-based tools for creating process plans, and a DELMIA-CENIT solution for 3D laser cutting. SolidWorks recently unveiled a new version of its market-leading 3D mechanical design software featuring more than 250 customer-requested enhancements, including performance that is estimated to be as much as 15 times faster than competing midrange midrange Epidemiology The halfway point or midpoint in a set of observations; for most data, MR is calculated as the sum of the smallest observation and the largest observation, divided by 2; for age data, one is added to the numerator; a midrange is usually software. By significantly accelerating large assembly processing and automating hundreds of tedious tasks, SolidWorks 2004 unleashes designer and engineer creativity to make better, more attractive, more marketable products in less time than competing software takes. CUSTOMERS AND PARTNERS HIGHLIGHTS The 2003 Japan CATIA Forum, focusing on DS PLM solutions, including CATIA, ENOVIA, DELMIA and SMARTEAM, was held in Tokyo on July 17-18, 2003. The conference, which is the largest PLM user forum in Asia, brought together more than 3,000 attendees. Koito Manufacturing, a leading automotive lighting equipment company, has deployed a groundbreaking product development methodology for automotive lighting equipment development using DS PLM Solutions, including CATIA V5, SMARTEAM and DELMIA. These fully integrated applications are the foundation of Koito's innovative methodology, enabling the company to shorten (audio, compression) Shorten - A form of lossless audio compression. its development cycle times and improve quality through automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. shape design change updates, design error reduction, and assembly simulation and validation See validate. validation - The stage in the software life-cycle at the end of the development process where software is evaluated to ensure that it complies with the requirements. . Brunvoll AS, one of the world's leading marine equipment suppliers will expand usage of DS PLM solutions. Brunvoll currently uses CATIA V5 for all design and documentation. It recently purchased and is implementing SMARTEAM product data management applications for workflow The automatic routing of documents to the users responsible for working on them. Workflow is concerned with providing the information required to support each step of the business cycle. and configuration management and for production of customer documentation. Brunvoll is one of the global leaders for next-generation thruster propulsion Propulsion The process of causing a body to move by exerting a force against it. Propulsion is based on the reaction principle, stated qualitatively in Newton's third law, that for every action there is an equal and opposite reaction. units, and its customer base includes Royal Caribbean Cruiselines, Meyer Werft The Meyer Werft is one of the remaining large German shipyards, headquartered in Papenburg. Since 1997 it has been part of the Meyer Neptun Group together with Neptun Werft in Rostock. Shipyard, Chantiers de l'Atlantique Chantiers de l'Atlantique is one of the world's largest shipyards, based in Saint-Nazaire, France. It was created in 1861 by Compagnie Générale Transatlantique, but since 1984 has been owned by Alstom then Aker Yards since 2006. , Carnival Cruise Lines This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. , and the Norwegian Navy, among others. China Motor Corporation (CMC (Common Messaging Calls) A programming interface specified by the XAPIA as the standard messaging API for X.400 and other messaging systems. CMC is intended to provide a common API for applications that want to become mail enabled. 1. ), Taiwan's leading automotive manufacturer, has selected DELMIA to further improve a pioneering digital factory project. CMC has already been using DS' PLM solutions CATIA and ENOVIA for a number of years. The addition of DELMIA expands its use of PLM to include manufacturing. CMC will use DELMIA to simulate and visualize end-to-end automotive production processes. The goal of the digital factory project is to reduce development costs and time, improve worker safety, and enhance product quality. CIMOS, a leading automotive supplier headquartered in Slovenia and specializing in powertrain, brake and car body parts, has selected DS PLM solution, CATIA V5 for collaborative product development. With a prestigious customer portfolio including Audi, BMW BMW in full Bayerische Motoren Werke AG German automaker. Founded as an aircraft engine manufacturer in 1916, the company assumed the name Bayerische Motoren Werke and became known for its high-speed motorcycles in the 1920s. , Citroen, Ford, Peugeot and Toyota, CIMOS will benefit from improved collaborative product development leading to reduced product In model theory, a branch of mathematical logic, the reduced product is a construction that generalizes both direct product and ultraproduct. design time by 15 to 20 percent. The solution will be deployed company-wide, including four research and development facilities in Slovenia, Croatia, Bosnia and Herzegovina Bosnia and Herzegovina (bŏz`nēə, hĕrtsəgōvē`nə), Serbo-Croatian Bosna i Hercegovina, country (2005 est. pop. 4,025,000), 19,741 sq mi (51,129 sq km), on the Balkan peninsula, S Europe. . This implementation underscores CIMOS' recent decision to standardize stan·dard·ize v. 1. To cause to conform to a standard. 2. To evaluate by comparing with a standard. with a PLM solution from one supplier exclusively. Heroux-Devtek, a leading Canadian aerospace supplier specializing in landing gear, has selected DS PLM solutions, with CATIA V5 for collaborative product development and SMARTEAM for collaborative lifecycle management, to gain efficiencies and align align (  līn),v to move the teeth into their proper positions to conform to the line of occlusion. itself with customer platforms. Heroux-Devtek is able to collaborate more efficiently with aircraft manufacturing customers, such as Boeing and Lockheed Martin For the former company, see . Lockheed Martin (NYSE: LMT) is a leading multinational aerospace manufacturer and advanced technology company formed in 1995 by the merger of Lockheed Corporation with Martin Marietta. , who operate on similar PLM platforms. Awards and Milestones Start magazine, one of the most widely read publications in the manufacturing industry, has named SolidWorks Corporation one of the "Hottest Companies for 2003". This is the second time in three years SolidWorks has won this award, as the company continues to deliver timesaving time·sav·ing adj. Serving to save time through an efficient method or a shorter route; expeditious. time , affordable 3D mechanical design software that helps manufacturing engineers The profession of manufacturing engineer is defined as a person having the education and experience to understand and control manufacturing systems such as processes and/or automation, including industrial processes and equipment used to produce goods. do their jobs better. SolidWorks reached a major milestone in the second quarter of 2003 as the company shipped its 250,000th license of its flagship software. Since 2001, SolidWorks has nearly doubled the number of licenses it has delivered of its cost-effective, feature-rich 3D design tools. SolidWorks was the worldwide leader in the design-centric market in 2002 based upon revenues and licenses shipped according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. data compiled by Daratech, Inc. Conference call information: The Company will host a teleconference call today at 4:00 PM CET/3:00 PM London/ 10:00 AM New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . The conference call will be available via the Internet by accessing www.3ds.com. A replay of the conference call will be available until August 24, 2003 via the Internet by accessing www.3ds.com. Statements above that are not historical facts but express expectations or objectives for the future, including but not limited to statements regarding the Company's objectives for 2003 third quarter revenue, 2003 revenue and EPS on a reported basis, 2003 revenue growth in constant currencies and 2003 operating margin growth objective, are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. (within the meaning of Section 27A of the Securities Act of 1933, as amended). Such forward-looking statements are based on 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, among other factors: (i) currency fluctuations, (ii) global economic conditions, (iii) market demand for our products and services, (iv) new product developments and technological changes, and (v), our ability to recruit and retain skilled personnel. Unfavorable changes in any of the above or other factors described in the Company's SEC reports, including the Form 20F for the year ended December 31, 2002, which was filed with the SEC on May 15, 2003, could materially affect the Company's financial position or results of operations. ABOUT DASSAULT SYSTEMES As world leader in PLM (Product Lifecycle Management) solutions, the Dassault Systemes group brings value to more than 60,000 customers in 80 countries. A pioneer in the 3D software market since 1981, Dassault Systemes 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 retirement. Dassault Systemes offering includes PLM integrated solutions for product development (CATIA, ENOVIA, DELMIA, SMARTEAM), 3D solutions (SolidWorks), and 3D components (SPATIAL). Dassault Systemes is listed on the Nasdaq (DASTY) and Euronext Paris (#13065, DSY.PA) stock exchanges. For more information, visit http://www.3ds.com.
DASSAULT SYSTEMES
KEY FIGURES
(in millions of Euro, except per share data)
2nd QUARTER
2Q03 2Q02 Variance
------- ------- --------
Process-Centric
excluding PDM revenue 129.8 141.5 (8%)
PDM revenue 20.3 17.4 17%
Design-Centric revenue 31.2 32.4 (4%)
Revenue 181.3 191.3 (5%)
AMERICAS 51.6 54.1 (5%)
EUROPE 81.4 84.5 (4%)
ASIA 48.3 52.7 (8%)
Operating Income (1) 47.0 49.1 (4%)
Operating Margin (1) 25.9% 25.7%
Net Income (1) 29.3 30.0 (2%)
EPS (1) 0.26 0.26 0%
Closing Headcount 4,051 3,888 4%
(1) Excluding acquisition costs
1st HALF
1H03 1H02 Variance
------- ------- --------
Process-Centric
excluding PDM 251.4 276.5 (9%)
PDM 37.6 32.2 17%
Design-Centric 61.7 65.1 (5%)
Revenue 350.7 373.8 (6%)
Americas 102.6 108.0 (5%)
Europe 159.8 172.6 (7%)
Asia 88.3 93.2 (5%)
Operating Income (1) 83.8 91.8 (9%)
Operating Margin (1) 23.9% 24.6%
Net Income (1) 53.5 58.5 (9%)
EPS (1) 0.47 0.50 (6%)
(1) Excluding acquisition costs
DASSAULT SYSTEMES
CONSOLIDATED STATEMENT OF INCOME DATA
(in millions of Euro, except per share data)
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2003 2002 2003 2002
---------- ---------- ---------- ----------
Revenue
Software 151.8 166.7 296.9 326.0
Services and Other 29.5 24.6 53.8 47.8
---------- ---------- ---------- ----------
Total Revenue EUR 181.3 EUR 191.3 EUR 350.7 EUR 373.8
Cost of Revenue
Software 5.6 4.8 11.4 11.7
Service and Other 24.6 23.5 46.5 44.3
---------- ---------- ---------- ----------
Total Cost of Revenue EUR 30.2 EUR 28.3 EUR 57.9 EUR 56.0
Gross Profit EUR 151.1 EUR 163.0 EUR 292.8 EUR 317.8
Research, Selling,
Administrative and
Acquisition expenses
Research and Development 52.6 56.3 106.2 113.5
Marketing and Sales 40.1 44.9 79.7 87.3
General Administration 11.4 12.7 23.1 25.2
Acquisition Costs 1.4 2.6 3.5 6.5
---------- ---------- ---------- ----------
Total Research, Selling, EUR 105.5 EUR 116.5 EUR 212.5 EUR 232.5
Administration and
Acquisition expenses
========== ========== ========== ==========
Operating Income EUR 45.6 EUR 46.5 EUR 80.3 EUR 85.3
Financial revenue and
Other (0.4) (0.7) 1.6 3.9
Income before income taxes 45.2 45.8 81.9 89.2
Income tax expense (17.0) (18.1) (31.4) (36.2)
---------- ---------- ---------- ----------
Net Income EUR 28.2 EUR 27.7 EUR 50.5 EUR 53.0
========== ========== ========== ==========
Basic net income per
share (1) EUR 0.25 EUR 0.24 EUR 0.45 EUR 0.46
========== ========== ========== ==========
Diluted net income per
share (1) EUR 0.25 EUR 0.24 EUR 0.44 EUR 0.45
========== ========== ========== ==========
Basic weighted average
share outstanding
(in millions) 112.8 114.1 113.2 114.1
========== ========== ========== ==========
Diluted weighted average
shares outstanding (in
millions) 114.1 117.1 114.0 117.6
(1) Excluding acquisition costs, operating income and net income would
have been as follows:
Operating Income EUR 47.0 EUR 49.1 EUR 83.8 EUR 91.8
========== ========== ========== ==========
Net Income EUR 29.3 EUR 30.0 EUR 53.5 EUR 58.5
========== ========== ========== ==========
Diluted net income per
share EUR 0.26 EUR 0.26 EUR 0.47 EUR 0.50
========== ========== ========== ==========
DASSAULT SYSTEMES
CONSOLIDATED STATEMENT OF INCOME DATA
PERCENTAGE VARIANCE
(EXCLUDING ACQUISITION COSTS)
(in millions of Euro, except per share data)
Excluding acquisition costs, the consolidated statements of income
data would have been as follows:
Three Months Ended
June 30, 2003 June 30, 2002 Variance
-------------- -------------- --------
Revenue
Software 151.8 166.7 (8.9%)
Services and Other 29.5 24.6 19.9%
-------------- --------------
Total Revenue EUR 181.3 EUR 191.3 (5.2%)
Cost of Revenue
Software 5.6 4.8 16.7%
Service and Other 24.6 23.5 4.7%
-------------- --------------
Total Cost of Revenue EUR 30.2 EUR 28.3 6.7%
Gross Profit EUR 151.1 EUR 163.0 (7.3%)
Research, Selling,
Administrative
Research and Development 52.6 56.3 (6.6%)
Marketing and Sales 40.1 44.9 (10.7%)
General Administration 11.4 12.7 (10.2%)
-------------- --------------
Total Research, Selling,
Administration EUR 104.1 EUR 113.9 (8.6%)
============== ==============
Operating Income EUR 47.0 EUR 49.1 (4.3%)
Financial revenue and Other (0.4) (0.7) N/A
Income before income taxes 46.6 48.4 (3.7%)
Income tax expense (17.3) (18.4) N/A
Net Income EUR 29.3 EUR 30.0 (2.3%)
============== ==============
Diluted net income per share EUR 0.26 EUR 0.26 0.0%
============== ==============
Diluted weighted average shares
outstanding (in millions) 114.1 117.1
DASSAULT SYSTEMES
CONSOLIDATED STATEMENT OF INCOME DATA
PERCENTAGE VARIANCE
(EXCLUDING ACQUISITION COSTS)
(in millions of Euro, except per share data)
Excluding acquisition costs, the consolidated statements of income
data would have been as follows:
Six Months Ended
June 30, 2003 June 30, 2002 Variance
-------------- -------------- --------
Revenue
Software 296.9 326.0 (8.9%)
Services and Other 53.8 47.8 12.6%
-------------- --------------
Total Revenue EUR 350.7 EUR 373.8 (6.2%)
Cost of Revenue
Software 11.4 11.7 (2.6%)
Service and Other 46.5 44.3 5.0%
-------------- --------------
Total Cost of Revenue EUR 57.9 EUR 56.0 3.4%
Gross Profit EUR 292.8 EUR 317.8 (7.9%)
Research, Selling,
Administrative
Research and Development 106.2 113.5 (6.4%)
Marketing and Sales 79.7 87.3 (8.7%)
General Administration 23.1 25.2 (8.3%)
-------------- --------------
Total Research, Selling,
Administration EUR 209.0 EUR 226.0 (7.5%)
============== ==============
Operating Income EUR 83.8 EUR 91.8 (8.7%)
Financial revenue and Other 1.6 3.9 (59.0%)
Income before income taxes 85.4 95.7 (10.8%)
Income tax expense (31.9) (37.2) N/A
Net Income EUR 53.5 EUR 58.5 (8.5%)
============== ==============
Diluted net income per share EUR 0.47 EUR 0.50 (6.0%)
============== ==============
Diluted weighted average shares
outstanding (in millions) 114.0 117.6
DASSAULT SYSTEMES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions of Euro)
June 30, December 31,
2003 2002
--------------- ---------------
ASSETS
Cash and short-term investments 420.1 388.4
Accounts receivable, net 132.1 229.5
Other assets 315.2 302.3
--------------- ---------------
Total assets EUR 867.4 EUR 920.2
LIABILITIES
AND SHAREHOLDERS' EQUITY
Total liabilities 271.1 291.9
Shareholders' equity 596.3 628.3
--------------- ---------------
Total liabilities and shareholders' EUR 867.4 EUR 920.2
equity
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