Dassault Systemes Reports 15% Increase in Third Quarter Revenue and 20% Increase in Revenue for the First Nine Months of 2001.Business Editors PARIS--(BUSINESS WIRE)--Oct. 23, 2001 - Third Quarter Revenue of (E) 178.8 Million and Earnings Per Share of (E) 0.25 In Line With Expectations - Adjusting Q4 Revenue Estimate by (E) 10 Million Resulting In Full Year Revenue Growth of 18% For 2001 - Revenue and Operating Margin Goals for 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, today reported financial results for the third quarter and nine months ended September September: see month. 30, 2001. Acquisition costs include goodwill and technology amortization and other related costs. All financial figures in this press release are before these acquisition costs unless otherwise noted. FINANCIAL HIGHLIGHTS Total revenue increased 15% to (E) 178.8 million in the third quarter of 2001, up from (E) 155.4 million in the 2000 third quarter. Net income totaled (E) 28.3 million or (E) 0.25 per share, somewhat better than expected, reflecting tighter expense controls. In the 2000 third quarter net income was (E) 33.0 million or (E) 0.28 per share. Software license revenue, representing 87% of total revenue in the third quarter, grew 15% to (E) 155.3 million. In the year-ago quarter, software license revenue was (E) 134.8 million. 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. revenue represented 49% of software license revenue in the 2001 third quarter. Service revenue increased 14% to (E) 23.5 million in the third quarter of 2001, compared to (E) 20.6 million in the year-ago period. 7,940 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 6,888 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). seats were licensed in the third quarter of 2001. For the nine months ended September 30, 2001, total revenue rose 20% to (E) 520.8 million, compared to (E) 435.9 million in the first nine months of 2000. Net income for the first nine months of 2001 was (E) 89.2 million, compared to the year-ago period where net income totaled (E) 92.2 million. Earnings per share of (E) 0.77 were essentially level with the year-ago nine-month period where earnings per share totaled (E) 0.78. 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 Edelstenne, Chairman of DS, commented, "DS continues to successfully navigate (1) "Surfing the Web." To move from page to page on the Web. (2) To move through the menu structure in a software application. the turbulent economic waters of 2001. We did so in the first half of 2001 and we are continuing to achieve success in the second half of the year as reflected in the strong revenue results DS is reporting this quarter. While the Company is not immune to the weakening weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. economic environment and currency fluctuations, our
performance is clear evidence that DS is further strengthening its
leadership position in key market segments."Bernard Charles Bernard Charles is the CEO of Dassault Systemes. References
See America. and Europe." "DS is very well positioned as we prepare to enter 2002. The Company is on target to introduce two major 3D PLM releases in the first half of 2002 enabling 3D PLM processes for our core market segments. These releases represent a significant milestone for DS and are unique to our industry. No other company provides this spectrum of integration across products, processes and resources. Moreover, they represent a significant step forward in enabling DS to become a provider of solutions to manage intellectual property (I.P.) for industrial companies. 2002 will also be a year where we continue to invest in our business as we have done in the past, notwithstanding the more difficult economic environment, as we move forward our vision for the future." Thibault de Tersant, Executive Vice President, stated, "Third quarter financial results were in line with our expectations, and, in fact, earnings per share were slightly better reflecting the favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impact of diligent dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d cost controls made without affecting a continued investment in our business that we believe appropriate. Based upon the sudden and unexpected weakening in the economic environment, we are reducing our fourth quarter revenue outlook by (E) 10 million. As a result, revenues will grow approximately 15% year over year in the fourth quarter, similar to the growth rate achieved this quarter. Based upon nine-month financial results and our outlook for the fourth quarter, full year revenue growth should approximate 18%. At the same time our operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: target for 2001 remains unchanged at 30%. "Looking ahead to 2002, we believe DS is positioned to show a good level of growth over 2001 due to the Company's leadership position in the 3D PLM market, our continued penetration of new target markets and significant strengthening of our product portfolio. Specifically, we expect total revenue to grow approximately 15% and our operating margin to continue at 30% in 2002. Our outlook conservatively assumes a soft economic environment throughout 2002." NEW PRODUCT LAUNCHES SolidWorks unveiled SolidWorks Office, a comprehensive set of 3D CAD CAD: see computer-aided design. (Computer-Aided Design) Using computers to design products. CAD systems are high-speed workstations or desktop computers with CAD software. tools allowing users to design products quickly and easily at an affordable price. SolidWorks Office combines SolidWorks 2001, and six of the Company's most popular add-on A purchase of additional goods before payment is made for goods already purchased. An add-on may be covered by a clause in an installment payment contract that allows the seller to hold a security interest in the earlier goods until full payment is made on the later goods. applications in one easy-to-use and install package. The product suite gives users a broad range of design functionality from part and assembly modeling, drawing generation, and data interoperability The capability of two or more hardware devices or two or more software routines to work harmoniously together. For example, in an Ethernet network, display adapters, hubs, switches and routers from different vendors must conform to the Ethernet standard and interoperate with each other. to photo-realistic rendering See render. (graphics, text) rendering - The conversion of a high-level object-based description into a graphical image for display. For example, ray-tracing takes a mathematical model of a three-dimensional object or scene and converts it into a bitmap image. , standard part libraries, design animation, 3D Web publishing Creating a Web site and placing it on the Web server. A Web site is a collection of HTML pages with the home page typically named INDEX.HTML. Web sites are designed using Web authoring software which provides a graphical layout capability or by hand coding in HTML or both. , feature recognition, and design analysis tools. SolidWorks launched four new certified See certification. gold products that reduce design time, minimize errors, and speed products to market. These products enable users to click on an icon and immediately begin using the application. SolidWorks' certification of these new products signals the Certified Gold Product program's growing momentum and brings the list of certified products to 29. Structural Research, recently acquired by DS, released COSMOS/DesignSTAR 3.0. The new version includes major enhancements in the areas of shell and contact stress analysis, processing speed See MHz. , large model performance, ease-of-use, and accuracy. ADDITIONAL HIGHLIGHTS JUN-AIR has selected CATIA V5 to create complex and geometrical ge·o·met·ric also ge·o·met·ri·cal adj. 1. a. Of or relating to geometry and its methods and principles. b. Increasing or decreasing in a geometric progression. 2. designs for silent compressors and vacuum pumps Vacuum pump A device that reduces the pressure of a gas (usually air) in a container. When gas in a closed container is lowered from atmospheric pressure, the operation constitutes an increase in vacuum in this container. . CATIA's multi-body functionality makes it possible to divide complex parts into smaller units called bodies, which can then be manipulated individually. This function makes CATIA Version 5 stand out from traditional feature-based CAD systems and it makes the design of complex objects much faster and easier. Tigercat Industries, Inc. purchased SolidWorks 3D CAD software to design its entire line of forestry products. SolidWorks' software will enable Tigercat engineers to automate To turn a set of manual steps into an operation that goes by itself. See automation. complex sheet metal calculations and conduct detailed stress load analyses so the company can accelerate design time and production while ensuring that each product meets strict quality standards. Brembo S.p.A, one of the world's first names in high-end brake design, chose CATIA and ENOVIA for its e-collaboration project to shorten (audio, compression) Shorten - A form of lossless audio compression. time-to-market and streamline engineering processes. Brembo has chosen to implement a company-wide online design collaboration Working together on a project. See collaborative software. environment using ENOVIA Portal Solutions to assist the research and design departments to streamline their engineering processes and produce high-quality customized braking components in 30% less time. Texas A&M University's Department of Mechanical Engineering purchased 500 licenses of SolidWorks 3D CAD software as a core design tool in the Dwight Look College of Engineering The Dwight Look College of Engineering is the engineering school of Texas A&M University in College Station and is home to nearly 9,500 engineering majors in 12 departments. due to its much shorter learning curve. Students using SolidWorks software quickly and easily create 3D solid models, giving them valuable experience. TAMU's students will use SolidWorks software in a wide range of projects sponsored by the automotive, aerospace, microelectronic The miniaturization of electronic circuits. See chip. , and energy industries. El-Op ElectroOptics Industries is using SolidWorks software to design and develop products quickly and efficiently. SolidWorks increases designers' productivity at El-Op with features such as large assembly creation and advanced surfacing techniques. By enabling collaborators to share 3D content over 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 , SolidWorks reduces their design time and errors, saves money, and speeds products into manufacturing. Shipbuilder, HDW HDW Hardware HDW Howaldtswerke-Deutsche Werft (German Shipbuilding Company) HDW Harley-Davidson of Washington HDW Hemoglobin Distribution Width HDW Hollow Dielectric Waveguide HDW High density satellite derived wind HDW Harvard Data Warehouse AG, selected CATIA and ENOVIA PLM solutions for use in building a new series of technologically advanced submarines. This agreement represents the first phase of their e-collaboration project that will soon cover surface military vessels and commercial ships, as well. 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. Group selected CATIA V5 for the design, analysis and manufacture of chassis Pronounced "chah-see," it is a physical structure that holds everything or that everything is attached to. A computer's cabinet is often called the chassis. systems. The agreement includes the purchase of both CATIA and ENOVIAVPM software to create and manage the design of chassis systems for upcoming premium passenger cars. BMW Group expects substantial improvements in product development time with the implementation of CATIA V5. CATIA V5 addresses important criteria defined by BMW engineering for its new vehicles, including high performance modification capabilities that help increase productivity when designing chassis parts. PARTNERSHIPS/ACQUISITIONS City University of Hong Kong The university has a community of more than 12,000 undergraduates and 6,000 postgraduates. International students account for around 5% of the student population. The official language of instruction is English. signed a co-operation agreement with Dassault Systemes and MTECH Engineering Co. Ltd. This agreement raises knowledge levels and the timely adoption of PLM technology in order to enhance innovation, productivity and competitiveness. This agreement contributes to the advancement of PLM technology by designing and supervising postgraduate research Postgraduate research (commonly referred to as graduate research in the United States) represents a formal area of study which is recognized by a university or institute of higher learning. projects related to PLM, to promote and prepare the adoption of the technology. SmarTeam joined Check Point Software Technologies' OPSEC (OPerations SECurity) The U.S. military term for concealing critical information as part of a counterintelligence plan. A form of "security by obscurity," OPSEC determines what information adversaries can obtain or piece together from observation and to provide measures for alliance program. This partnership delivers best-of-breed data security for SmarTeam Collaborative Product Commerce Solutions. As a member of the OPSEC Alliance, SmarTeam demonstrates its commitment to technology leadership in the Collaborative Product Commerce industry. On July 20, 2001 Dassault Systemes closed the acquisition of the consulting and services business of Alliance Commerciale Technologique in a cash transaction for CAN$12 million. This acquisition is a step forward in consolidating a global PLM services force within the DS Group to respond to the increasing demand from partners and customers for highly qualified expertise to support the introduction and an accelerated deployment of PLM solutions. This transaction reinforces DS' presence in the Americas and complements its existing services groups within ENOVIA and DELMIA DELMIA Digital Enterprise Lean Manufacturing Interactive Application . DELMIA announced that METROLOGIC GROUP has joined the Software Community Program as a Gold Partner. Through this development partnership METROLOGIC GROUP will develop, market and sell applications based on the V5 architecture, integrated and complementary to CATIA, ENOVIA and DELMIA V5 solutions. DS and NK-EXA joined forces, further extending the design automation of the inner shape design of molded mold 1 n. 1. A hollow form or matrix for shaping a fluid or plastic substance. 2. A frame or model around or on which something is formed or shaped. 3. Something that is made in or shaped on a mold. parts for Product Lifecycle Management. Under the agreement, NK-EXA will provide a strategic component of the end-to-end end-to-end a pattern of anastomosis in which severed ends are matched and united, in contrast with other patterns such as end-to-side or side-to-side. Usually applied to anastomosis of the intestine. V5 PLM "style to manufacturing" solution for plastic molded parts and DS continues its focus on the styling, detailed design, feasibility analysis, mold mold, name for certain multicellular organisms of the various classes of the kingdom Fungi, characteristically having bodies composed of a cottony mycelium. The colors of molds are caused by the spores, which are borne on the mycelium. design and manufacturing steps required for the complete process coverage. Zuken joined DS' V5 Software Community Program. Zuken provides a strategic component of the end-to-end V5 PLM electromechanical The use of electricity to run moving parts. Disk drives, printers and motors are examples. Electromechanical systems must be designed for the eventual deterioration of moving components that wear over time. The first TVs were electromechanical systems (see video/TV history). solution, delivering V5 interfaced and integrated solutions and addressing the logical steps of the cabling design through their leading Cabling Designer product. ZUKEN and DS' primary targeted markets are the Automotive and E/E E/E End-To-End E/E Electrical/Electronics industries. Together with its partners, DS is building on the V5 technology -- the most comprehensive electromechanical solution available today. AWARDS SolidWorks and SmarTeam were among a select group of companies named "Hottest Companies" of the year by Start magazine for their consistent focus on improvement and overall product excellence. 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 objective for 2001 revenue 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. and 2002 financial objectives, 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 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 (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, 2000, which was filed with the SEC on April 27, 2001, could materially affect the Company's financial position or results of operations. ABOUT DASSAULT SYSTEMES Dassault Systemes (Nasdaq: DASTY; Euronext Paris: #13065, DSY.PA) is the premier global software developer for the CAD/CAM/CAE/PLM market, providing companies with e-business solutions to implement their digital enterprise, thus creating and simulating the entire product life cycle from initial concept to product in service. CATIA, ENOVIA and DELMIA solutions support industry-specific business processes to help unleash creativity and innovation, reduce development cycle time, improve quality, competitiveness and shareholder value: CATIA supports the digital product definition and simulation, DELMIA provides solutions to define and simulate simulate - simulation lean digital manufacturing processes and ENOVIA delivers enterprise solutions that manage a comprehensive, collaborative and distributed model of the digital product, processes and resources. The combined integration creates the Digital Product life cycle Pipeline, supporting 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 corporate knowledge. SolidWorks and SmarTeam, as Dassault Systemes companies, offer respectively 3D design-centric and collaborative PDM software solutions based on Windows and the Internet. Spatial, also part of Dassault Systemes family, is a market-leading provider of world-class 3D software components and services (for 3D modeling, visualization Using the computer to convert data into picture form. The most basic visualization is that of turning transaction data and summary information into charts and graphs. Visualization is used in computer-aided design (CAD) to render screen images into 3D models that can be viewed from all , and interoperability) to meet the requirements of 3D in Internet-based e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. and B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business applications. Information about Dassault Systemes is available at http://www.dsweb.com.
DASSAULT SYSTEMES
CONSOLIDATED STATEMENTS OF INCOME DATA
(in millions of Euro, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2001 2000 2001 2000
---- ---- ---- ----
Revenue
Software 155.3 134.8 451.3 378.5
Service and Other 23.5 20.6 69.5 57.4
---------- --------- ---------- ----------
Total revenue (E) 178.8 (E) 155.4 (E) 520.8 (E) 435.9
Cost of Revenue
Software 4.9 4.5 15.0 11.6
Service and Other 19.8 17.5 58.2 48.1
---------- --------- ---------- ----------
Total Cost
of Revenue (E) 24.7 (E) 22.0 (E) 73.2 (E) 59.7
Gross Profit (E) 154.1 (E) 133.4 (E) 447.6 (E) 376.2
Research, selling,
administrative
and acquisition
expenses:
Research and
development 51.5 42.7 152.0 122.9
Marketing and Sales 43.6 30.3 123.2 85.6
General
Administration 10.8 9.0 32.5 26.0
Acquisition Costs 13.6 10.4 45.2 28.4
---------- --------- ---------- ----------
Total Research,
selling,
administrative
and acquisition
expenses: (E) 119.5 (E) 92.4 (E) 352.9 (E) 262.9
========== ========= ========== ==========
Operating Income(E) 34.6 (E) 41.0 (E) 94.7 (E) 113.3
Financial revenue
and Other -1.0 2.8 9.8 8.4
---------- --------- ---------- ----------
Income before
income taxes 33.6 43.8 104.5 121.7
Income tax expense -18.5 -20.0 -57.9 -54.5
---------- --------- ---------- ----------
Net Income (E) 15.1 (E) 23.8 (E) 46.6 (E) 67.2
========== ========= ========== ==========
Basic net income
per share (1) (E) 0.13 (E) 0.21 (E) 0.41 (E) 0.59
========== ========= ========== ==========
Diluted net income
per share (1) (E) 0.13 (E) 0.20 (E) 0.40 (E) 0.57
========== ========= ========== ==========
Basic weighted
average share
outstanding
(in millions) 113.9 113.3 113.6 113.0
----- ----- ----- -----
Diluted weighted
average share
outstanding
(in millions) 115.1 119.0 116.5 118.7
----- ----- ----- -----
(1) Excluding acquisition costs, operating income and net income would
have been as follows:
Operating Income (E) 48.2 (E) 51.4 (E) 139.9 (E) 141.7
Net Income (E) 28.3 (E) 33.0 (E) 89.2 (E) 92.2
========== ========= ========== ==========
Diluted net income
per share (E) 0.25 (E) 0.28 (E) 0.77 (E) 0.78
========== ========= ========== ==========
DASSAULT SYSTEMES
CONSOLIDATED STATEMENTS 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 Percentage
Variance
Sept. 30, 2001 Sept. 30, 2000 %
-------------- -------------- ----------
Revenue
Software 155.3 134.8 15.2%
Service and Other 23.5 20.6 14.1%
-------------- -------------- ----------
Total revenue (E) 178.8 (E) 155.4 15.1%
Cost of Revenue
Software 4.9 4.5 8.9%
Service and Other 19.8 17.5 13.1%
-------------- -------------- ----------
Total Cost
of Revenue (E) 24.7 (E) 22.0 12.3%
Gross Profit (E) 154.1 (E) 133.4 15.5%
Research, selling,
administrative:
Research and
development 51.5 42.7 20.6%
Marketing and Sales 43.6 30.3 43.9%
General
Administration 10.8 9.0 20.0%
-------------- -------------- ----------
Total Research,
selling,
administrative:(E) 105.9 (E) 82.0 29.1%
============== ============== ==========
Operating Income 48.2 51.4 -6.2%
Financial revenue
and Other -1.0 2.8 N/S
-------------- -------------- ----------
Income before
income taxes 47.2 54.2 -12.9%
Income tax expense -18.9 -21.2 -10.8%
-------------- -------------- ----------
Net Income (E) 28.3 (E) 33.0 -14.2%
============== ============== ==========
Diluted net income
per share (E) 0.25 (E) 0.28 -10.7%
============== ============== ==========
Average Shares 115.1 119.0
----- -----
DASSAULT SYSTEMES
CONSOLIDATED STATEMENTS 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:
Nine Months Ended Percentage
Variance
Sept. 30, 2001 Sept. 30, 2000 %
-------------- -------------- ----------
Revenue
Software 451.3 378.5 19.2%
Service and Other 69.5 57.4 21.1%
-------------- -------------- ----------
Total revenue (E) 520.8 (E) 435.9 19.5%
Cost of Revenue
Software 15.0 11.6 29.3%
Service and Other 58.2 48.1 21.0%
-------------- -------------- ----------
Total Cost
of Revenue (E) 73.2 (E) 59.7 22.6%
Gross Profit (E) 447.6 (E) 376.2 19.0%
Research, selling,
administrative:
Research and
development 152.0 122.9 23.7%
Marketing and Sales 123.2 85.6 43.9%
General
Administration 32.5 26.0 25.0%
-------------- -------------- ----------
Total Research,
selling,
administrative:(E) 307.7 234.5 31.2%
============== ============== ==========
Operating Income 139.9 141.7 -1.3%
Financial revenue
and Other 9.8 8.4 16.7%
-------------- -------------- ----------
Income before
income taxes 149.7 150.1 -0.3%
Income tax expense -60.5 -57.9 +4.5%
-------------- -------------- ----------
Net Income (E) 89.2 (E) 92.2 -3.3%
============== ============== ==========
Diluted net income
per share (E) 0.77 (E) 0.78 -1.3%
============== ============== ==========
Average Shares 116.5 118.7
----- -----
DASSAULT SYSTEMES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions of Euro)
September 30, December 31,
2001 2000
------------- ------------
ASSETS
Cash and short-term investments 338.0 274.2
Accounts receivable, net 156.7 210.1
Other assets 264.9 249.3
------------- ------------
Total assets (E) 759.6 (E) 733.6
LIABILITIES
AND SHAREHOLDERS' EQUITY
Total liabilities 259.1 267.9
Shareholders' equity 500.5 465.7
------------- ------------
Total Liabilities and
shareholders' equity (E) 759.6 (E) 733.6
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