The Company’s first quarter and full year 2015 financial objectives are as follows:
- First quarter 2015 non-IFRS total revenue objective of about €610-620 million based upon the exchange rates assumptions below, representing a variation of about 15% to 17% excluding currency effects; non-IFRS operating margin of about 24%; and non-IFRS EPS of about €0.38; Excluding the one-time impact from a R&D tax credit in the first quarter of 2014, the first quarter 2015 non-IFRS EPS objective represents a target growth rate of about 11%;
- 2015 non-IFRS revenue growth objective range of about 11% to 12% in constant currencies (€2.700 to €2.720 billion based upon the 2015 currency exchange rate assumptions below);
- 2015 non-IFRS operating margin of about 29.8%, stable compared to 2014;
- 2015 non-IFRS EPS range of about €2.04-2.09, representing a growth objective range of 12% to 15%;
- Objectives are based upon exchange rate assumptions of US$1.20 per €1.00 and JPY140 per €1.00 for the 2015 first quarter and full year.
The Company’s objectives are prepared and communicated only on a non-IFRS basis and are subject to the cautionary statement set forth below.
The 2015 non-IFRS objectives set forth above do not take into account the following accounting elements and are estimated based upon the 2015 currency exchange rates above: deferred revenue write-downs estimated at approximately €35 million, share-based compensation expense, estimated at approximately €19 million and amortization of acquired intangibles estimated at approximately €160 million. The above objectives do not include any impact from other operating income and expense, net principally comprised of acquisition, integration and restructuring expenses. Finally, these estimates do not include any new stock option or share grants, or any new acquisitions or restructurings completed after February 5, 2015.
Today’s Webcast and Conference Call Information
Today, Thursday, February 5, 2015, Dassault Systèmes will first host a meeting in Paris, which will be simultaneously webcasted at 9:30 AM London time/10:30 AM Paris time and will then also host a conference call at 9:00 AM New York time/ 2:00 PM London time/3:00 PM Paris time. The webcasted meeting and conference call will be available via the Internet by accessing http://www.3ds.com/investors/. Please go to the website at least 15 minutes prior to the webcast or conference call to register, download and install any necessary audio software. The webcast and conference call will be archived for 1 year.
Additional investor information can be accessed at http://www.3ds.com/investors/ or by calling Dassault Systèmes’ Investor Relations at 33.1.61.62.69.24.
2015 Key Investor Relations Events
First Quarter 2015 Earnings, April 23, 2015
Second Quarter 2015 Earnings, July 23, 2015
Third Quarter 2015 Earnings, October 22, 2015
Forward-looking Information
Statements herein that are not historical facts but express expectations or objectives for the future, including but not limited to statements regarding the Company’s non-IFRS financial performance objectives, are forward-looking statements.
Such forward-looking statements are based on Dassault Systèmes management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results or performances may differ materially from those in such statements due to a range of factors. The Company’s current outlook for 2015 takes into consideration, among other things, an uncertain macroeconomic outlook, but if global economic and business conditions further deteriorate, the Company’s business results may not develop as currently anticipated and may drop below their earlier levels for an extended period of time. Furthermore, due to factors affecting sales of the Company’s products and services as described above, there may be a substantial time lag between an improvement in global economic and business conditions and an upswing in the Company’s business results.
In preparing such forward-looking statements, the Company has in particular assumed an average US dollar to euro exchange rate of US$1.20 per €1.00 for the 2015 first quarter and full year as well as an average Japanese yen to euro exchange rate of JPY140.0 to €1.00 for the first quarter and full year; however, currency values fluctuate, and the Company’s results of operations may be significantly affected by changes in exchange rates.
The Company’s actual results or performance may also be materially negatively affected by numerous risks and uncertainties, as described in the “Risk Factors” section of the 2013 Document de Référence, filed with the AMF on March 28, 2014, and also available on the Company’s website www.3ds.com.
Non-IFRS Financial Information
Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Company’s supplemental non-IFRS financial information may not be comparable to similarly titled non-IFRS measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Company’s annual report for the year ended December 31, 2013 included in the Company’s 2013 Document de Référence filed with the AMF on March 28, 2014.
In the tables accompanying this press release the Company sets forth its supplemental non-IFRS figures for revenue, operating income, operating margin, net income and diluted earnings per share, which exclude the effect of adjusting the carrying value of acquired companies’ deferred revenue, share-based compensation expense and related social charges, the amortization of acquired intangible assets, other operating income and expense, net, certain one-time items included in financial revenue and other, net, and the income tax effect of the non-IFRS adjustments and certain one-time tax effects. The tables also set forth the most comparable IFRS financial measure and reconciliations of this information with non-IFRS information.
Information in Constant Currencies
When the Company believes it would be helpful for understanding trends in its business, the Company provides percentage increases or decreases in its revenue (in both IFRS as well as non-IFRS) to eliminate the effect of changes in currency values, particularly the U.S. dollar and the Japanese yen, relative to the euro. When trend information is expressed herein "in constant currencies", the results of the "prior" period have first been recalculated using the average exchange rates of the comparable period in the current year, and then compared with the results of the comparable period in the current year.
About Dassault Systèmes
Dassault Systèmes, the 3DEXPERIENCE Company, provides business and people with virtual universes to imagine sustainable innovations. Its world-leading solutions transform the way products are designed, produced, and supported. Dassault Systèmes’ collaborative solutions foster social innovation, expanding possibilities for the virtual world to improve the real world. The group brings value to over 190,000 customers of all sizes, in all industries, in more than 140 countries. For more information, visit www.3ds.com.
CATIA, SOLIDWORKS, ENOVIA, DELMIA, SIMULIA, GEOVIA, EXALEAD, 3D VIA, 3DSWYM, BIOVIA, NETVIBES, 3DEXCITE are registered trademarks of Dassault Systèmes or its subsidiaries in the US and/or other countries.
(Tables to Follow)
TABLE OF CONTENTS
Non-IFRS key figures
Condensed consolidated statements of income
Condensed consolidated balance sheets
Condensed consolidated cash flow statements
IFRS – non-IFRS reconciliation
DASSAULT SYSTEMES
NON-IFRS KEY FIGURES
(unaudited; in millions of Euros, except per share data, headcount and exchange rates)
Non-IFRS key figures exclude the effects of adjusting the carrying value of acquired companies’ deferred revenue, share-based compensation expense and related social charges, amortization of acquired intangible assets, other operating income and expense, net, certain one-time financial revenue items and the income tax effects of these non-IFRS adjustments and certain one-time tax effects.
Comparable IFRS financial information and a reconciliation of the IFRS and non-IFRS measures are set forth in the separate tables within this Attachment.
In millions of Euros, except per share data and percentages | Three months ended | Twelve months ended | ||||||||||||||
December 31, 2014 | December 31, 2013 | Change | Change in cc* | December 31, 2014 | December 31, 2013 | Change | Change in cc* | |||||||||
Non-IFRS Revenue | € 694,1 | € 566,0 | 23% | 20% | € 2 346,7 | € 2 072,8 | 13% | 16% | ||||||||
Non-IFRS Revenue breakdown by activity | ||||||||||||||||
Software revenue | 608,8 | 511,7 | 19% | 17% | 2 078,6 | 1 887,5 | 10% | 13% | ||||||||
of which new licenses revenue | 200,0 | 156,9 | 27% | 24% | 581,5 | 500,1 | 16% | 18% | ||||||||
of which periodic licenses, maintenance and
other software-related revenue |
408,8 | 354,8 | 15% | 13% | 1 497,1 | 1 387,4 | 8% | 11% | ||||||||
Services and other revenue | 85,3 | 54,3 | 57% | 54% | 268,1 | 185,3 | 45% | 46% | ||||||||
Non-IFRS Recurring software revenue | 404,3 | 351,1 | 15% | 13% | 1 485,8 | 1 379,4 | 8% | 11% | ||||||||
Non-IFRS software revenue breakdown by product line | ||||||||||||||||
CATIA software revenue | 230,5 | 215,3 | 7% | 8% | 838,6 | 818,9 | 2% | 7% | ||||||||
ENOVIA software revenue | 77,8 | 72,4 | 7% | 5% | 262,8 | 249,4 | 5% | 6% | ||||||||
SOLIDWORKS software revenue | 125,9 | 104,3 | 21% | 14% | 447,7 | 409,5 | 9% | 10% | ||||||||
Other software revenue | 174,6 | 119,7 | 46% | 42% | 529,5 | 409,7 | 29% | 31% | ||||||||
Non-IFRS Revenue breakdown by geography | ||||||||||||||||
Americas | 206,1 | 149,5 | 38% | 29% | 677,4 | 569,6 | 19% | 20% | ||||||||
Europe | 325,4 | 273,0 | 19% | 17% | 1 075,5 | 940,2 | 14% | 14% | ||||||||
Asia | 162,6 | 143,5 | 13% | 16% | 593,8 | 563,0 | 5% | 15% | ||||||||
Non-IFRS operating income | € 225,4 | € 197,4 | 14% | € 699,2 | € 652,8 | 7% | ||||||||||
Non-IFRS operating margin | 32,5% | 34,9% | 29,8% | 31,5% | ||||||||||||
Non-IFRS net income | 148,9 | 128,6 | 16% | 465,5 | 445,5 | 4% | ||||||||||
Non-IFRS diluted net income per share ** | € 0,58 | € 0,51 | 15% | € 1,82 | € 1,75 | 4% | ||||||||||
Closing headcount | 13 345 | 10 685 | 25% | 13 345 | 10 685 | 25% | ||||||||||
Average Rate USD per Euro | 1,25 | 1,36 | (8%) | 1,33 | 1,33 | 0% | ||||||||||
Average Rate JPY per Euro | 142,8 | 136,5 | 5% | 140,3 | 129,7 | 8% |