Dassault Systemes Delivers Total Revenue Growth of 13% as Reported and 15% in Constant Currencies in Second Quarter and Raises Full Year Financial Objectives.PARIS Paris, in Greek mythology Paris or Alexander, in Greek mythology, son of Priam and Hecuba and brother of Hector. Because it was prophesied that he would cause the destruction of Troy, Paris was abandoned on Mt. -- 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 3D and 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 first half ended June June: see month. 30, 2005. Second Quarter Financial and Business Highlights --Strong second quarter performance with revenue and earning above DS objectives --Total revenue 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. 217.3 million, up 13% as reported and 15% in constant currencies (up 18% in U.S. dollars) --Software revenue EUR 180.9 million, up 14% as reported and 16% in constant currencies --Process-centric revenue up 10% as reported and 12% in constant currencies --PDM revenue up 13% as reported and 15% in constant currencies --SolidWorks revenue up 26% as reported (up 32% in U.S. dollars) --EPS EUR 0.32 on U.S. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). basis 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. up 6% to EUR 0.33 excluding acquisition costs --Raising revenue and EPS objectives for 2005 Bernard Charles Bernard Charles is the CEO of Dassault Systemes. References
See America. had a phenomenal quarter, with sales up 41% in constant currencies, and in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , we experienced very good
growth particularly in light of the overall economic climate. SolidWorks SolidWorks is a 3D mechanical CAD (computer-aided design) program that runs on Microsoft Windows and was developed by SolidWorks Corporation - now a subsidiary of Dassault Systèmes, S. A. (Suresnes, France). continued to deliver strong results on excellent execution as well as
very positive secular SecularAn adjective used to describe a long-term time frame, usually at least 10 years. Notes: For example, in his book "Stocks For the Long Run", Jeremy Siegel (finance professor at The Wharton School, University of Pennsylvania) argues that equity securities dynamics within its market segment. Based upon our second quarter performance and our more favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. outlook for the second half of this year we are raising our full year objectives for revenue and earnings growth." Thibault de Tersant, Executive Vice President and CFO See Chief Financial Officer. , stated, "Our financial results clearly demonstrate that we have been making the appropriate investments from a strategic, technological and sales channel perspective to increase our growth and extend further our market leadership. Today, we are taking further initiatives, with our long-standing long-stand·ing adj. Of long duration or existence: a long-standing friendship. long-standing Adjective existing for a long time partner 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) , designed to accelerate PLM growth within the SMB market See SMB. . Together, we see the opportunity to capture significantly greater market share among small and medium-sized Me´di`um-sized` a. 1. Having a medium size; as, a medium-sized man s>. Adj. 1. medium-sized - intermediate in size medium-size, moderate-size, moderate-sized companies within the PLM market by improving organizational efficiency and providing additional support to IBM Business Partners. Therefore, we have decided jointly with IBM to expand Dassault Systemes' successful experience as PLM SMB (1) (Small to Medium-sized Business) Also called "SME" (small to medium-sized enterprise), it refers to companies that are larger than the small office/home office (SOHO), but not huge. channel manager in France to a number of new countries." Second Quarter Financial Results Revenue In the second quarter of 2005 total revenue was EUR 217.3 million, representing an increase of 13% as reported and 15% in constant currencies. Strong growth in software revenue drove the year-over-year increase in total revenue. In the 2004 second quarter total revenue was EUR 192.5 million. Specifically, in the 2005 second quarter, software revenue increased 14% as reported and 16% in constant currencies. Software revenue totaled EUR 180.9 million in the recently completed quarter, compared to EUR 158.9 million in the second quarter of 2004. 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. licenses revenue represented 51% of total software revenue in the second quarter. Service and other revenue increased 8% as reported (11% in constant currencies) to EUR 36.4 million in the second quarter of 2005, compared to EUR 33.6 million in the 2004 second quarter. New 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 SolidWorks seats licensed in the second quarter of 2005 increased 20% to 17,755 seats, up from 14,767 seats in the second quarter of 2004. From a geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. perspective, revenue in the Americas increased 35% as reported and 41% on a constant currency basis, reflecting significant year-over-year growth in software revenue across all DS brands. In Europe, revenue increased 18% in comparison to the second quarter of 2004 on strong growth in software and services. And in Asia, revenues decreased 16% as reported and 14% in constant currencies during the second quarter of 2005, reflecting lower sales in Japan, a market which accounts for a large portion of revenues in the region. In the 2005 second quarter Process-centric revenue increased 10% as reported and 12% in constant currencies on strong growth of design and 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 applications. Process-centric revenue, including PDM revenue, totaled EUR 170.7 million in the second quarter of 2005, compared to EUR 155.5 million in the year-ago period. In the 2005 second quarter PDM revenue totaled EUR 25.5 million, compared to EUR 22.5 million in the 2004 second quarter, representing increases of 13% as reported and 15% in constant currencies. For the 2005 second quarter, CATIA licenses increased 8% year over year to 8,157. SolidWorks revenue increased 26% (32% in U.S. dollars) to EUR 46.6 million in the 2005 second quarter, compared to EUR 37.0 million in the year-ago period. SolidWorks seats licensed increased 32% year over year to 9,598 licenses with pricing up slightly on a more favorable product mix. 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. and Margin and EPS Earnings 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 increased 3% to EUR 0.32 in the 2005 second quarter, compared to earnings per diluted share of EUR 0.31 in the 2004 second quarter. Earnings per diluted share excluding acquisition costs increased 6% to EUR 0.33 in the second quarter of 2005, compared to earnings per diluted share excluding acquisition costs of EUR 0.31 in the 2004 second quarter. Operating income increased 4% to EUR 54.7 million in the second quarter of 2005, (25.2% operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: ) compared to EUR 52.5 million in the year-ago period (27.3% operating margin). Operating income excluding acquisition costs increased 4% to EUR 55.2 million in the 2005 second quarter, compared to EUR 53.0 million in the 2004 second quarter. In the second quarter of 2005 the operating margin excluding acquisition costs was 25.4%, in line with the Company's objective of 25-26%. In the 2004 second quarter the operating margin excluding acquisition costs was 27.5%. Similar to the first quarter of 2005, operating income in the second quarter increased year over year, while, as anticipated, the operating margin decreased reflecting higher investment in expanding the Company's marketing and sales activities with small and medium-sized businesses (SMB). First Half 2005 Financial Highlights --Total revenue EUR 416.5 million, up 13% as reported and up 15% in constant currencies --Software revenue EUR 348.1 million, up 13% as reported and up 15% in constant currencies --Process-centric revenue EUR 330.0 million, up 10% as reported and up 13% in constant currencies --PDM revenue EUR 48.3 million, up 14% as reported and up 16% in constant currencies --SolidWorks revenue EUR 86.5 million, up 24% as reported (up 30% in U.S. dollars) --EPS EUR 0.59 on U.S. GAAP basis --EPS excluding acquisition costs up 5% to EUR 0.59 Strategy, Technology and Partnerships Mr. Charles Charles, archduke of Austria Charles, 1771–1847, archduke of Austria; brother of Holy Roman Emperor Francis II. Despite his epilepsy, he was the ablest Austrian commander in the French Revolutionary and Napoleonic wars; however, he was handicapped by stated, "In addition to our strong financial performance, the second quarter was a period in which we made good progress on important business initiatives across the Company. During the quarter we introduced our newest release for the PLM market, Version 5 Release 15 and were pleased that Boeing (language) BOEING - An early system on the IBM 1130. [Listed in CACM 2(5):16, May 1959]. put it in production - only two days after we made it available - across its organization and among its partners for the 787 aircraft. We entered into an agreement to acquire ABAQUS Abaqus is a commercial software package for finite element analysis developed by SIMULIA, a brand of Dassault Systemes S.A. The Abaqus product suite consists of three core products: Abaqus/Standard, Abaqus/Explicit and Abaqus/CAE. and announced SIMULIA, a new scientific platform, both core components of our strategy to take a leadership position in the large, fast-growing adj. 1. tending to spread quickly; - used mostly of plants. Adj. 1. fast-growing - tending to spread quickly; "an aggressive tumor" strong-growing, aggressive and fragmented frag·ment n. 1. A small part broken off or detached. 2. An incomplete or isolated portion; a bit: overheard fragments of their conversation; extant fragments of an old manuscript. 3. simulation The mathematical representation of the interaction of real-world objects. See scientific application and simulator. Simulation A broad collection of methods used to study and analyze the behavior and performance of actual or theoretical systems. market. In partnership with i2 Technologies Dassault Systemes is developing sourcing solutions as an integrated component of V5 PLM. Today, we are pleased to welcome to Dassault Systemes Virtools' team,experts in interactive web applications which give live behavior to 3D content, to exploit the power and value of 3D representations on the Web and for everyone." In a separate press release issued today, DS and IBM announced plans to expand DS's role as PLM channel manager for SMB. This new initiative builds upon the success of the West Master Agent model, implemented a year ago in France, Belgium Belgium (bĕl`jəm), Du. België, Fr. La Belgique, officially Kingdom of Belgium, constitutional kingdom (2005 est. pop. 10,364,000), 11,781 sq mi (30,513 sq km), NW Europe. , Luxembourg Luxembourg, province, Belgium Luxembourg, Du. Luxemburg, province (1991 pop. 232,813), 1,706 sq mi (4,419 sq km), SE Belgium, in the Ardennes, bordering on the Grand Duchy of Luxembourg in the east and on France in the south. and Monaco Monaco (mŏn`əkō, mōnä`kō, Fr. mônäkō`), officially Principality of Monaco, independent principality (2005 est. pop. 32,400), c. , where DS provided channel management and technical and marketing support to this network of IBM Business Partners. Pursuant to the expanded channel management provider (CMP CMP (cytidine monophosphate): see cytosine. (1) (CMP Media LLC, Manhasset, NY, www.cmp.com) Part of United Business Media, CMP is a leading integrated media company that offers a wide variety of publications and services in the information ) role, DS will now also act as CMP on behalf of IBM PLM with IBM Business Partners in United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). , Switzerland Switzerland (swĭt`sərlənd), Fr. Suisse, Ger. Schweiz, Ital. Svizzera, officially Swiss Confederation, federal republic (2005 est. pop. 7,489,000), 15,941 sq mi (41,287 sq km), central Europe. , the United Kingdom, Sweden Sweden, Swed. Sverige, officially Kingdom of Sweden, constitutional monarchy (2005 est. pop. 9,002,000), 173,648 sq mi (449,750 sq km), N Europe, occupying the eastern part of the Scandinavian peninsula. , Russia Russia, officially the Russian Federation, Rus. Rossiya, republic (2005 est. pop. 143,420,000), 6,591,100 sq mi (17,070,949 sq km). and the CIS countries There are two lists concerning CIS countries:
During the second quarter, DS established a VAR channel in China to sell its V5 PLM software applications. While PLM revenue in China is currently at an emerging stage, the Company sees significant opportunity for the future. In order to respond to the needs of the Chinese Chinese, subfamily of the Sino-Tibetan family of languages (see Sino-Tibetan languages), which is also sometimes grouped with the Tai, or Thai, languages in a Sinitic subfamily of the Sino-Tibetan language stock. market, this network of VARs is in charge of selling all DS PLM brands - CATIA, ENOVIA, SMARTEAM and DELMIA DELMIA Digital Enterprise Lean Manufacturing Interactive Application - in an integrated approach. DS is also active in China through SolidWorks with its VAR channel for the Mainstream 3D market as well as with CAXA, a DS partner selling 2D and 3D products based on DS V5 infrastructure. In a separate press release also issued today, DS announced that it has acquired Paris-based Virtools 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. SA, for approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. EUR 12 million in cash. Virtools' applications allow users not familiar with 3D modeling to quickly and easily add life experience to any 3D model. In May 2005 DS entered into an agreement to acquire ABAQUS, Inc ABAQUS, Inc. is an engineering simulation software (CAE) vendor. Formerly known as Hibbitt, Karlsson & Sorensen, Inc., (HKS), the company was founded in 1978 by Dr. David Hibbitt, Dr. Bengt Karlsson and Dr. . in an all-cash transaction approximating approximating, adj See approximal. $413 million, subject to certain adjustments at closing. ABAQUS is well recognized as a leader in non-linear finite element analysis Finite element analysis (FEA) is a computer simulation technique used in engineering analysis. It uses a numerical technique called the finite element method (FEM). There are many finite element software packages, both free and proprietary. software with best-in-class See best-of-class. technology, which companies are increasingly seeking, that is capable of scaling from simple to the most demanding simulations. Headquartered in Rhode Island Rhode Island, island, United States Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. , ABAQUS employs over 400 people worldwide and has a customer base of approximately 2,500 companies in the automotive, defense, power, material processing, electronics, general manufacturing, aerospace, medical, and consumer products industries. The proposed acquisition is expected to be completed by the end of the third quarter of 2005. Also in May 2005 DS and i2 Technologies, Inc. entered into a strategic partnership to develop jointly sourcing solutions based upon DS' V5 platform. The objective of the partnership is to integrate sourcing throughout the product lifecycle, thereby eliminating or significantly reducing barriers between the engineering and sourcing communities. More specifically, by aligning a·lign v. a·ligned, a·lign·ing, a·ligns v.tr. 1. To arrange in a line or so as to be parallel: align the tops of a row of pictures; aligned the car with the curb. engineering and sourcing earlier in the product development cycle, customers should be able to realize reduced product In model theory, a branch of mathematical logic, the reduced product is a construction that generalizes both direct product and ultraproduct. costs, improved time-to-market cycles and enhanced initial product quality. On June 27, 2005, as part of the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. agreement, i2 conveyed control of the competency COMPETENCY, evidence. The legal fitness or ability of a witness to be heard on the trial of a cause. This term is also applied to written or other evidence which may be legally given on such trial, as, depositions, letters, account-books, and the like. 2. center (originally hosted by i2) and technology licenses to DS for approximately $10 million subject to certain adjustments. Version 5 Release 15 (V5R15), "Open Collaboration Working together on a project. See collaborative software. on the Proven V5 Platform" - announced in May 2005 for CATIA, DELMIA, ENOVIA and SMARTEAM builds on the strengths of V5R14 by providing unified working environments, or desktops, targeting the specific needs of key user communities, such as engineering, manufacturing and enterprise users more broadly. DS also further strengthened its coverage of business processes with new technologies designed to help improve productivity and innovation among companies across a number of industries. This new release leverages DS' open V5 platform, with the goal of providing companies in the supply chain with enhanced collaboration capabilities and process coverage. Highlights of this newest release include: (i) accelerated collaboration with suppliers by facilitating the exchange of engineering package data between OEMs and suppliers of all sizes and (ii) enhanced communications with 3D XML XML in full Extensible Markup Language. Markup language developed to be a simplified and more structural version of SGML. It incorporates features of HTML (e.g., hypertext linking), but is designed to overcome some of HTML's limitations. including the introduction of a new 3D XML viewer A program that displays the contents of an electronic (digital) file. Viewers may be stand-alone programs or components within a larger program. They are widely used to display images downloaded from BBSs, online services and the Internet. in V5R15, among other key highlights. SolidWorks 2006 was introduced in June of this year. SolidWorks 2006 includes a multitude MULTITUDE. The meaning of this word is not very certain. By some it is said that to make a multitude there must be ten persons at least, while others contend that the law has not fixed any number. Co. Litt. 257. of improvements designed to simplify, accelerate, and integrate design engineering work, including: (i) a significant increase in performance; (ii) new user productivity tools such as Smart Components; (iii) new features for consumer product, sheet metal, and machine designers (such as Mounting Bosses, Snap Hooks hook n. 1. a. A curved or sharply bent device, usually of metal, used to catch, drag, suspend, or fasten something else. b. A fishhook. 2. Something shaped like a hook, especially: a. , and Vents); (iv) new mainstream design 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. capabilities that put sophisticated analysis in the hands of designers; (v) innovations that significantly ease the migration from 2D to 3D design, such as 3D Drawing View and Design Checker check·er n. 1. a. One, such as an inspector or examiner, that checks. b. One that receives items for temporary safekeeping or for shipment: a baggage checker. 2. , as well as enhancements to the DWG (filename extension) dwg - The filename extension for Autodesk drawing files. http://faqs.org/faqs/graphics/fileformats-faq/part3/. Series (Editor, Gateway, Viewer); and (vi) enhancements in SolidWorks Office Premium that empower empower verb To encourage or provide a person with the means or information to become involved in solving his/her own problems design engineers across the entire spectrum of their activities. During the quarter DELMIA announced that its V5 DPM (Documents Per Minute) The number of paper documents that can be processed in one minute. Assembly and V5 Human digital manufacturing software The following list of software modules are the manufacturing components of Baan's ERP (BaanERP) system, acquired by SSA Global in 2003 and subsequently by Infor at the end of 2006. It is listed here because it provides a comprehensive overview of the required software. See MES. is being used by 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. to simulate simulate - simulation the feasibility fea·si·ble adj. 1. Capable of being accomplished or brought about; possible: a feasible plan. See Synonyms at possible. 2. of a moving assembly line at the mile-long Fort Worth, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States[1], and voted one of "America’s Most Livable Communities. facility slated for production of its new F-35 Joint Strike Fighter A strike fighter is a fighter aircraft which is also capable of attacking surface targets, including ships. It differs from an attack aircraft in that the aircraft remains a capable fighter. aircraft. The aircraft assembly process, tooling and line workers involved in the production process have all been simulated and tested prior to production. In the second quarter DS and IBM introduced a new PLM industry solution, General Mechanical Design (GMD (company) GMD - Full name: "GMD - Forschungszentrum Informationstechnik GmbH" (German National Research Center for Information Technology). Before April 1995, GMD stood for "Gesellschaft für Mathematik und Datenverarbeitung" - National Research Center for Computer Science, ) solution that enables companies to improve design productivity and speed innovation by facilitating 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. of data and knowledge, re-adapted to a new context, from one project to another. Industrial Products companies often base new product designs on up to 70 to 80 percent of the data and skills used in previous projects. With the GMD solution, which helps reuse data and skills more productively, companies can reduce design time by up to 50 percent and can cut manufacturing and assembly time by up to 60 percent. During the quarter DS announced the free availability of 3D XML (Extensible Markup Language See XML. (language, text) Extensible Markup Language - (XML) An initiative from the W3C defining an "extremely simple" dialect of SGML suitable for use on the World-Wide Web. http://w3.org/XML/. ) Specifications and Player, which will enable users to view and manipulate manipulate To cause a security to sell at an artificial price. Although investment bankers are permitted to manipulate temporarily the stock they underwrite, most other forms of manipulation are illegal. rich 3D data in a variety of industrial, consumer and commercial environments. 3D XML is a universal, lightweight Use in English The word lightweight is conserderd one of the most insulting words in the English language. Is is the only word in the English language is every part of speech at the same time. One lightweight of note is Jason. XML-based format that enables users to share live, accurate 3D data quickly and easily. With 3D XML, 3D becomes a true, powerful communication medium allowing users to "see what you mean." Business Outlook Thibault de Tersant, stated, "We are raising our objectives for revenue and earnings growth for 2005. The higher growth expectations for revenue reflect the stronger than anticipated results in the second quarter, and our more favorable outlook for second half activity, as well as the inclusion of Virtools and our expanded SMB initiatives. Specifically, on a constant currency basis, our revenue growth objective for 2005 is about 15-16%, up from 12-14%. On a reported revenue basis, this translates to a revenue objective of EUR 910-915 million, up from EUR 880-890 million, and is based upon a U.S. dollar to Euro exchange rate of $1.27 per EUR 1.00, reflecting a change in our second half assumption for the U.S. dollar to $1.25 per EUR 1.00 compared to $1.30 per EUR 1.00 previously. For the full year, we are also increasing our EPS objective excluding acquisition costs to EUR 1.52-1.53, representing year-over-year growth of 12-13%, up from our previous objectives of EUR 1.47-1.49. We continue to maintain our objective of a stable operating margin of approximately 29% excluding acquisition costs, similar to what we achieved in 2004. "We estimate that our underlying core business operating margin could be 150 basis points higher for the full year 2005 excluding acquisitions announced over the last year and a half, but we have used this improvement to make important investments in new initiatives aimed at enhancing future growth opportunities. "For the third quarter of 2005, our reported revenue objective is about EUR 210-215 million and our EPS objective is about EUR 0.28 per share excluding acquisition costs." The Company is basing third quarter reported revenue and EPS objectives on the assumption of a U.S. dollar to Euro exchange rate of $1.25 per EUR 1.00, compared to its previous assumption of $1.30 per EUR 1.00. Endnotes: 1. All comparative figures are given on a year-over-year basis unless specified spec·i·fy tr.v. spec·i·fied, spec·i·fy·ing, spec·i·fies 1. To state explicitly or in detail: specified the amount needed. 2. To include in a specification. 3. otherwise. 2. 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 is also presented that is not in conformity with U.S. GAAP, in particular the presentation of operating income, operating margin and earnings per share excluding acquisition costs (acquisition costs are primarily comprised of technology amortization in addition to other acquisition-related costs). The Company has provided in the tables to this press release and on its website http://www.3ds.com/corporate/investors/ reconciliations between U.S. GAAP and non-U non-U adj. Chiefly British Not characteristic of the upper class, especially in language usage. [non- + U2. .S. GAAP figures. 3. The Company uses constant currency revenue growth to evaluate its financial performance in comparison to prior periods and as a measure of expected growth in planning and setting objectives for future periods. The Company believes this measure is an important indicator Indicator Anything used to predict future financial or economic trends. Notes: In the context of technical analysis, an indicator is a mathematical calculation based on a securities price and/or volume. The result is used to predict future prices. of the Company's progress and outlook because it provides a better gauge gauge In manufacturing and engineering, a device used to determine whether a dimension is larger or smaller than a reference standard. A snap gauge, for example, is formed like the letter C, with outer “go” and inner “not go” jaws, and is used to of the level of change in the business activity as it eliminates any changes arising from currency fluctuations. The Company believes the presentation of this measure is relevant and useful for investors because it allows investors to view revenue growth in a manner similar to the method used by the Company's management, helps improve investors' ability to understand the Company's revenue growth, and makes it easier to compare the Company's results with other companies, including competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. , whose reporting currency Reporting Currency The currency used in published reports and financial documents. Notes: All annual and quarterly reports state the currency in which their results are listed. may be different from Dassault Systemes. Constant currency revenue growth, as calculated by the Company, may not be comparable to similarly titled measures employed by other companies. Conference call information Dassault Systemes will host a teleconference call today, Tuesday Tuesday: see week. , July July: see month. 26, 2005 at 3:00 PM CET/2:00 PM London/9:00 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 Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the by accessing http://www.3ds.com/corporate/investors/. Please go to the website at least fifteen minutes prior to the call to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary audio software. The webcast teleconference will be archived for 30 days. Financial information to be discussed in the call will be available on the Company's website prior to commencement of the teleconference http://www.3ds.com/corporate/investors/. Additional investor information can be accessed at http://www.3ds.com/corporate/investors/ or by calling Dassault Systemes' Investor Relations Investor relations The process by which the corporation communicates with its investors. at 33.1.40.99.69.24. 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 2005 revenue growth in constant currencies, 2005 reported revenue range, 2005 operating margin objective excluding acquisition costs, 2005 EPS objective excluding acquisition costs, third quarter 2005 reported revenue range and third quarter EPS objective excluding acquisition costs, 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 21E of the 1934 Securities Exchange Act, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. ). 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, particularly the value of the U.S. dollar or Japanese yen “Yen” redirects here. For the other use, see Yen (disambiguation). “JPY” redirects here. For the Australian singer with the same moniker, see John Paul Young. with respect to the euro; (ii) reduced corporate spending on information technology as a result of changing economic or business conditions that could negatively affect market demand for our products and services; (iii) difficulties or adverse changes affecting our partners or our relationships with our partners, including our longstanding Adj. 1. longstanding - having existed for a long time; "a longstanding friendship"; "the longstanding conflict" long - primarily temporal sense; being or indicating a relatively great or greater than average duration or passage of time or a duration as specified; , strategic partner, IBM; (iv) new product developments and technological changes; (v) errors or defects in our products; (vi) growth in market share by our competitors; and (vii) the realization (specification) realization - A UML semantic relationship between a classifier that specifies a contract and another classifier that guarantees to carry it out. [Handout by Mr. David Gillibrand]. of any risks related to the acquisition of ABAQUS, including any discrepancies that might arise between the financial information and forecasts furnished fur·nish tr.v. fur·nished, fur·nish·ing, fur·nish·es 1. To equip with what is needed, especially to provide furniture for. 2. to us by its management prior to the signing of the acquisition agreement and the results of our financial due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. which will be completed prior to the consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of this transaction. Unfavorable changes in any of the above or other factors described in the Company's SEC reports, including the Form 20-F for the year ended December December: see month. 31, 2004, which was filed with the SEC on June 28, 2005, could materially affect the Company's financial position or results of operations. About Dassault Systemes As world leader in 3D and PLM (Product Lifecycle Management) solutions, the Dassault Systemes group brings value to more than 80,000 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 life cycle of products from conception conception /con·cep·tion/ (kon-sep´shun) 1. an imprecise term denoting the formation of a viable zygote.concep´tive 2. concept. con·cep·tion n. 1. to maintenance. Its offering includes integrated PLM solutions for product development (CATIA(R), DELMIA(R), ENOVIA(R), SMARTEAM(R)), mainstream product design tools (SolidWorks(R)), and 3D components (Spatial Having to do with space. Contrast with "temporal," which deals with time. - ACIS(R)). 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
NON-U.S. GAAP KEY FIGURES
2nd QUARTER
in millions of Euro, except per share data, headcount and exchange
rates.
2Q05 2Q04 Variation
------------- ----------- ----------
Process-Centric excluding PDM 145.2 133.0 9%
PDM 25.5 22.5 13%
Design-Centric 46.6 37.0 26%
Revenue 217.3 192.5 13%
Americas 70.4 52.2 35%
Europe 101.5 86.1 18%
Asia 45.4 54.2 (16%)
Operating Income (1) 55.2 53.0 4%
Operating Margin (1) 25.4% 27.5%
Net Income (1) 38.1 36.5 4%
EPS (1) 0.33 0.31 6%
Closing Headcount 4,944 4,263 16%
Average Rate USD per Euros 1.26 1.20 5%
Average Rate JPY per Euros 135 132 3%
(1) Excluding acquisition costs. For U.S. GAAP figures please refer to
reconciliation tables.
1st HALF
in millions of Euro, except per share data, headcount and exchange
rates.
1H05 1H04 Variation
------------ ----------- ----------
Process-Centric excluding PDM 281.7 256.7 10%
PDM 48.3 42.4 14%
Design-Centric 86.5 69.6 24%
Revenue 416.5 368.7 13%
Americas 125.9 101.7 24%
Europe 195.4 168.0 16%
Asia 95.2 99.0 (4%)
Operating Income (1) 100.6 96.5 4%
Operating Margin (1) 24.2% 26.2%
Net Income (1) 69.2 65.1 6%
EPS (1) 0.59 0.56 5%
Average Rate USD per Euros 1.29 1.23 5%
Average Rate JPY per Euros 136 133 2%
(1) Excluding acquisition costs. For U.S. GAAP figures, please refer
to reconciliation tables
DASSAULT SYSTEMES
CONSOLIDATED STATEMENT OF INCOME DATA PREPARED IN
ACCORDANCE WITH U.S. GAAP
(in millions of Euro, except per share data)
Three Months Ended
June 30, 2005 June 30, 2004
------------------ -----------------
New licenses revenue 81.9 71.8
Recurring licenses and product
development revenue 99.0 87.1
------------------ -----------------
Software revenue 180.9 158.9
Service and other revenue 36.4 33.6
------------------ -----------------
Total Revenue EUR 217.3 EUR 192.5
Software 6.6 5.0
Service and other 27.3 25.9
------------------ -----------------
Total Cost of Revenue EUR 33.9 EUR 30.9
Gross Profit EUR 183.4 EUR 161.6
Research and Development 60.4 53.4
Marketing and Sales 53.3 43.2
General Administration 14.5 12.0
Acquisition Costs 0.5 0.5
------------------ -----------------
Total Research, Selling,
Administration and Acquisition EUR 128.7 EUR 109.1
expenses
================== =================
Operating Income (1) EUR 54.7 EUR 52.5
Financial revenue and Other 3.7 2.8
------------------ -----------------
Income before income taxes 58.4 55.3
Income tax expense (20.6) (19.5)
------------------ -----------------
Net Income (1) EUR 37.8 EUR 35.8
================== =================
Basic net income per share EUR 0.34 EUR 0.32
================== =================
Diluted net income per share (1) EUR 0.32 EUR 0.31
================== =================
Basic weighted average shares
outstanding (in millions) 113.7 113.2
================== =================
Diluted weighted average shares
outstanding (in millions) 116.9 116.1
(1) Excluding acquisition costs, operating income, net income and
diluted EPS would have been as follows:
Operating Income EUR 55.2 EUR 53.0
================== =================
Net Income EUR 38.1 EUR 36.5
================== =================
Diluted net income per share EUR 0.33 EUR 0.31
================== =================
Six Months Ended
June 30, 2005 June 30, 2004
------------------ -----------------
New licenses revenue 155.6 133.9
Recurring licenses and product
development revenue 192.5 173.9
------------------ -----------------
Software revenue 348.1 307.8
Service and other revenue 68.4 60.9
------------------ -----------------
Total Revenue EUR 416.5 EUR 368.7
Software 12.6 9.8
Service and other 55.4 50.6
------------------ -----------------
Total Cost of Revenue EUR 68.0 EUR 60.4
Gross Profit EUR 348.5 EUR 308.3
Research and Development 117.9 107.5
Marketing and Sales 102.4 81.0
General Administration 27.6 23.3
Acquisition Costs 0.8 1.1
------------------ -----------------
Total Research, Selling,
Administration and Acquisition EUR 248.7 EUR 212.9
expenses
================== =================
Operating Income (1) EUR 99.8 EUR 95.4
Financial revenue and Other 5.8 4.2
------------------ -----------------
Income before income taxes 105.6 99.6
Income tax expense (36.9) (35.6)
------------------ -----------------
Net Income (1) EUR 68.7 EUR 64.0
================== =================
Basic net income per share EUR 0.61 EUR 0.57
================== =================
Diluted net income per share (1) EUR 0.59 EUR 0.55
================== =================
Basic weighted average shares
outstanding (in millions) 113.6 113.1
================== =================
Diluted weighted average shares
outstanding (in millions) 116.6 116.0
(1) Excluding acquisition costs, operating income, net income and
diluted EPS would have been as follows:
Operating Income EUR 100.6 EUR 96.5
================== =================
Net Income EUR 69.2 EUR 65.1
================== =================
Diluted net income per share EUR 0.59 EUR 0.56
================== =================
Supplemental Disclosures Regarding Non-U.S. GAAP Financial Information: Excluding Acquisition Costs The following table sets forth the Company's Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Statement of Income Data excluding acquisition costs for the three months and six months ended June 30, 2005. In particular, the table presents operating income, operating margin and earnings per share excluding acquisition costs (acquisition costs are primarily comprised of technology amortization in addition to other acquisition-related costs). The Company uses these non-U.S. GAAP measures, among other things, to evaluate the Company's operating performance and for planning and setting objectives for future periods. The Company believes these non-U.S. GAAP measures are useful to investors because they provide an alternative method for measuring the operating performance of the Company's business by isolating i·so·late tr.v. i·so·lat·ed, i·so·lat·ing, i·so·lates 1. To set apart or cut off from others. 2. To place in quarantine. 3. the effect of acquisition costs, which do not impact the underlying business. In addition, these measures are among the primary measures used externally by analysts for purposes of valuation and for comparing operating performance of the Company to other companies in the industry. Since these measures of performance are not calculated in accordance with U.S. GAAP, they should not be considered in isolation of, or as a substitute for, operating income, operating margin and earnings per share including acquisition costs, as an indicator of operating performance.
DASSAULT SYSTEMES
NON-U.S. GAAP CONSOLIDATED STATEMENT OF INCOME DATA
PERCENTAGE VARIANCE
(EXCLUDING ACQUISITION COSTS)
(in millions of Euro, except per share data)
Three Months Ended
June 30, 2005 June 30, 2004 Variation
-------------- -------------- ---------
New licenses revenue 81.9 71.8 14.1%
Recurring licenses and
product development revenue 99.0 87.1 13.7%
-------------- --------------
Software revenue 180.9 158.9 13.8%
Service and other revenue 36.4 33.6 8.3%
-------------- --------------
Total Revenue EUR 217.3 EUR 192.5 12.9%
Software 6.6 5.0 32.0%
Service and other 27.3 25.9 5.4%
-------------- --------------
Total Cost of Revenue EUR 33.9 EUR 30.9 9.7%
Gross Profit EUR 183.4 EUR 161.6 13.5%
Research and Development 60.4 53.4 13.1%
Marketing and Sales 53.3 43.2 23.4%
General Administration 14.5 12.0 20.8%
-------------- --------------
Total Research, Selling, EUR 128.2 EUR 108.6
Administration 18.0%
============== ==============
Operating Income EUR 55.2 EUR 53.0 4.2%
Financial revenue and Other 3.7 2.8 32.1%
-------------- --------------
Income before income taxes 58.9 55.8 5.6%
Income tax expense (20.8) (19.3) -
-------------- --------------
Net Income EUR 38.1 EUR 36.5 4.4%
============== ==============
Diluted net income per share EUR 0.33 EUR 0.31 6.5%
============== ==============
Diluted weighted average
shares outstanding (in
millions) 116.9 116.1
DASSAULT SYSTEMES
CONSOLIDATED STATEMENT OF INCOME DATA
RECONCILIATIONS NON-U.S. GAAP / U.S. GAAP
(in millions of Euro, except per share data)
Three Months Ended
June 30, 2005
-----------------------------
Reported Acquisition Excluding
Amount Costs Acquisition
Costs
--------- ----------- ------------
New licenses revenue 81.9 81.9
Recurring licenses and product
development revenue 99.0 99.0
--------- ------------
Software revenue 180.9 180.9
Service and other revenue 36.4 36.4
--------- ------------
Total Revenue EUR 217.3 EUR 217.3
Software 6.6 6.6
Service and other 27.3 27.3
--------- ------------
Total Cost of Revenue EUR 33.9 EUR 33.9
Gross Profit EUR 183.4 EUR 183.4
Research and Development 60.4 60.4
Marketing and Sales 53.3 53.3
General Administration 14.5 14.5
Acquisition Costs 0.5 (0.5) -
--------- ------------
Total Research, Selling, EUR 128.7 EUR 128.2
Administration
========= ============
Operating Income EUR 54.7 EUR 55.2
Financial revenue and Other 3.7 3.7
--------- ------------
Income before income taxes 58.4 58.9
Income tax expense (20.6) (0.2) (20.8)
--------- ------------
Net Income EUR 37.8 EUR 38.1
========= ============
Diluted net income per share EUR 0.32 EUR 0.33
========= ============
Diluted weighted average shares
outstanding (in millions) 116.9 116.9
June 30, 2004
-----------------------------
Reported Acquisition Excluding
Amount Costs Acquisition
Costs
------------ ------------- -------------
New licenses revenue 71.8 71.8
Recurring licenses and
product development
revenue 87.1 87.1
------------ -------------
Software revenue 158.9 158.9
Service and other revenue 33.6 33.6
------------ -------------
Total Revenue EUR 192.5 EUR 192.5
Software 5.0 5.0
Service and other 25.9 25.9
------------ -------------
Total Cost of Revenue EUR 30.9 EUR 30.9
Gross Profit EUR 161.6 EUR 161.6
Research and Development 53.4 53.4
Marketing and Sales 43.2 43.2
General Administration 12.0 12.0
Acquisition Costs 0.5 (0.5) -
------------ -------------
Total Research, Selling, EUR 109.1 EUR 108.6
Administration
============ =============
Operating Income EUR 52.5 EUR 53.0
Financial revenue and Other 2.8 2.8
------------ -------------
Income before income taxes 55.3 55.8
Income tax expense (19.5) 0.2 (19.3)
------------ -------------
Net Income EUR 35.8 EUR 36.5
============ =============
Diluted net income per EUR 0.31 EUR 0.31
share
============ =============
Diluted weighted average
shares outstanding (in
millions) 116.1 116.1
DASSAULT SYSTEMES
NON-U.S. GAAP CONSOLIDATED STATEMENT OF INCOME DATA
PERCENTAGE VARIANCE
(EXCLUDING ACQUISITION COSTS)
(in millions of Euro, except per share data)
Six Months Ended
June 30, 2005 June 30, 2004 Variation
--------------- ------------- ---------
New licenses revenue 155.6 133.9 16.2%
Recurring licenses and
product development revenue 192.5 173.9 10.7%
--------------- -------------
Software revenue 348.1 307.8 13.1%
Service and other revenue 68.4 60.9 12.3%
--------------- -------------
Total Revenue EUR 416.5 EUR 368.7 13.0%
Software 12.6 9.8 28.6%
Service and other 55.4 50.6 9.5%
--------------- -------------
Total Cost of Revenue EUR 68.0 EUR 60.4 12.6%
Gross Profit EUR 348.5 EUR 308.3 13.0%
Research and Development 117.9 107.5 9.7%
Marketing and Sales 102.4 81.0 26.4%
General Administration 27.6 23.3 18.5%
--------------- -------------
Total Research, Selling, EUR 247.9 EUR 211.8 17.0%
Administration
=============== =============
Operating Income EUR 100.6 EUR 96.5 4.2%
Financial revenue and Other 5.8 4.2 38.1%
Income before income taxes 106.4 100.7 5.7%
Income tax expense (37.2) (35.6) -
--------------- -------------
Net Income EUR 69.2 EUR 65.1 6.3%
=============== =============
Diluted net income per share EUR 0.59 EUR 0.56 5.4%
=============== =============
Diluted weighted average
shares outstanding (in
millions) 116.6 116.0
DASSAULT SYSTEMES
CONSOLIDATED STATEMENT OF INCOME DATA
RECONCILIATIONS NON-U.S. GAAP / U.S. GAAP
(in millions of Euro, except per share data)
Six Months Ended
June 30, 2005
-------------------------------------
Reported Acquisition Excluding
Amount Costs Acquisition
Costs
------------ ----------- ------------
New licenses revenue 155.6 155.6
Recurring licenses and product
development revenue 192.5 192.5
Software revenue 348.1 348.1
Service and other revenue 68.4 68.4
------------ ------------
Total Revenue EUR 416.5 EUR 416.5
Software 12.6 12.6
Service and other 55.4 55.4
------------ ------------
Total Cost of Revenue EUR 68.0 EUR 68.0
Gross Profit EUR 348.5 EUR 348.5
Research and Development 117.9 117.9
Marketing and Sales 102.4 102.4
General Administration 27.6 27.6
Acquisition Costs 0.8 (0.8) -
------------ ------------
Total Research, Selling, EUR 248.7 EUR 247.9
Administration
============ ============
Operating Income EUR 99.8 EUR 100.6
Financial revenue and Other 5.8 5.8
Income before income taxes 105.6 106.4
Income tax expense (36.9) (0.3) (37.2)
------------ ------------
Net Income EUR 68.7 EUR 69.2
============ ============
Diluted net income per share EUR 0.59 EUR 0.59
============ ============
Diluted weighted average shares
outstanding (in millions) 116.6 116.6
June 30, 2004
------------------------------
Reported Acquisition Excluding
Amount Costs Acquisition
Costs
------------- ------------- -------------
New licenses revenue 133.9 133.9
Recurring licenses and
product development revenue 173.9 173.9
Software revenue 307.8 307.8
Service and other revenue 60.9 60.9
------------- -------------
Total Revenue EUR 368.7 EUR 368.7
Software 9.8 9.8
Service and other 50.6 50.6
------------- -------------
Total Cost of Revenue EUR 60.4 EUR 60.4
Gross Profit EUR 308.3 EUR 308.3
Research and Development 107.5 107.5
Marketing and Sales 81.0 81.0
General Administration 23.3 23.3
Acquisition Costs 1.1 (1.1) -
------------- -------------
Total Research, Selling, EUR 212.9 EUR 211.8
Administration
============= =============
Operating Income EUR 95.4 EUR 96.5
Financial revenue and Other 4.2 4.2
Income before income taxes 99.6 100.7
Income tax expense (35.6) 0.0 (35.6)
------------- -------------
Net Income EUR 64.0 EUR 65.1
============= =============
Diluted net income per share EUR 0.55 EUR 0.56
============= =============
Diluted weighted average
shares outstanding (in
millions) 116.0 116.0
DASSAULT SYSTEMES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions of Euro)
June 30, 2005 December 31, 2004
-------------- -----------------
ASSETS
Cash and short-term investments 632.3 552.8
Accounts receivable, net 184.1 237.8
Other assets 375.3 308.6
-------------- --------------
Total assets EUR 1,191.7 EUR 1,099.2
LIABILITIES
AND SHAREHOLDERS' EQUITY
Total liabilities 355.4 340.0
Shareholders' equity 836.3 759.2
-------------- --------------
Total liabilities and shareholders' EUR 1,191.7 EUR 1,099.2
equity
DASSAULT SYSTEMES
CONDENSED CASH FLOW STATEMENT
(in millions of Euro)
Three Months ended
June 30, 2005 June 30, 2004 Variation
Net Profit 37.8 35.8 2.0
Changes in working capital
and non-cash P&L items (9.7) (1.2) (8.5)
Net Cash provided by
operating activities 28.1 34.6 (6.5)
Acquisition and sale of
assets (8.6) (8.1) (0.5)
ST investments (11.3) 0.7 (12.0)
Acquisition net of cash (18.6) 0.0 (18.6)
Loans (0.6) (4.7) 4.1
Net Cash provided used in
investing activities (39.1) (12.1) (27.0)
Share repurchase and proceeds
from stocks options
exercise, net 5.2 0.5 4.7
Dividend (43.1) (38.4) (4.7)
Net Cash provided used in
financing activities (37.9) (37.9) 0.0
Effect of exchange rate
changes on cash 16.1 0.1 16.0
Increase (Decrease) in cash &
cash equivalents (32.8) (15.3) (17.5)
Cash and cash equivalents at
beginning of period 645.3 543.1 102.2
Cash and cash equivalents at
end of period 612.5 527.8 84.7
Six Months ended
June 30, 2005 June 30, 2004 Variation
Net Profit 68.7 64.0 4.7
Changes in working capital
and non-cash P&L items 49.9 77.0 (27.1)
Net Cash provided by
operating activities 118.6 141.0 (22.4)
Acquisition and sale of
assets (15.3) (10.1) (5.2)
ST investments (6.4) 4.0 (10.4)
Acquisition net of cash (23.0) (1.1) (21.9)
Loans (0.9) (4.7) 3.8
Net Cash provided used in
investing activities (45.6) (11.9) (33.7)
Share repurchase and proceeds
from stocks options
exercise, net 15.4 12.3 3.1
Dividend (43.1) (38.4) (4.7)
Net Cash provided used in
financing activities (27.7) (26.1) (1.6)
Effect of exchange rate
changes on cash 26.1 5.2 20.9
Increase (Decrease) in cash &
cash equivalents 71.4 108.2 (36.8)
Cash and cash equivalents at
beginning of period 541.1 419.6 121.5
Cash and cash equivalents at
end of period 612.5 527.8 84.7
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