IFRS – NON-IFRS RECONCILIATION
(unaudited; in millions of Euros, except per share data)
Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Company’s supplemental non-IFRS financial information may not be comparable to similarly titled non-IFRS measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Company’s Document de référence for the year ended December 31, 2013 filed with the AMF on March 28, 2014. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Company’s consolidated financial statements prepared in accordance with IFRS.
| In millions of Euros, except per share data and percentages | Three months ended December 31, | Change | ||||||||||||||
| 2014 | Adjustment (1) | 2014 | 2013 | Adjustment (1) | 2013 | IFRS | Non-IFRS (2) | |||||||||
| IFRS | non-IFRS | IFRS | non-IFRS | |||||||||||||
| Total Revenue | € 673,2 | 20,9 | € 694,1 | € 565,4 | 0,6 | € 566,0 | 19% | 23% | ||||||||
| Total Revenue breakdown by activity | ||||||||||||||||
| Software revenue | 592,2 | 16,6 | 608,8 | 511,1 | 0,6 | 511,7 | 16% | 19% | ||||||||
| New Licenses | 199,2 | 0,8 | 200,0 | 156,9 | 27% | 27% | ||||||||||
| Other software-related revenue | 4,5 | 3,7 | 22% | |||||||||||||
| Periodic Licenses and Maintenance | 388,5 | 15,8 | 404,3 | 350,5 | 0,6 | 351,1 | 11% | 15% | ||||||||
| Recurring portion of Software revenue | 66% | 66% | 69% | 69% | ||||||||||||
| Services and other revenue | 81,0 | 4,3 | 85,3 | 54,3 | 49% | 57% | ||||||||||
| Total Software Revenue breakdown by product line | ||||||||||||||||
| CATIA software revenue | 230,5 | 215,3 | 7% | |||||||||||||
| ENOVIA software revenue | 77,8 | 72,4 | 7% | |||||||||||||
| SOLIDWORKS software revenue | 125,9 | 104,3 | 21% | |||||||||||||
| Other software revenue | 158,0 | 16,6 | 174,6 | 119,1 | 0,6 | 119,7 | 33% | 46% | ||||||||
| Total Revenue breakdown by geography | ||||||||||||||||
| Americas | 198,4 | 7,7 | 206,1 | 149,6 | (0,1) | 149,5 | 33% | 38% | ||||||||
| Europe | 318,2 | 7,2 | 325,4 | 272,3 | 0,7 | 273,0 | 17% | 19% | ||||||||
| Asia | 156,6 | 6,0 | 162,6 | 143,5 | 143,5 | 9% | 13% | |||||||||
| Total Operating Expenses | (€ 524,6) | 55,9 | (€ 468,7) | (€ 399,3) | 30,7 | (€ 368,6) | 31% | 27% | ||||||||
| Share-based compensation expense | (6,8) | 6,8 | - | (8,0) | 8,0 | - | - | - | ||||||||
| Amortization of acquired intangibles | (41,2) | 41,2 | - | (25,4) | 25,4 | - | - | - | ||||||||
| Other operating income and expense, net | (7,9) | 7,9 | - | 2,7 | (2,7) | - | - | - | ||||||||
| Operating Income | € 148,6 | 76,8 | € 225,4 | € 166,1 | 31,3 | € 197,4 | (11%) | 14% | ||||||||
| Operating Margin | 22,1% | 32,5% | 29,4% | 34,9% | ||||||||||||
| Financial revenue & other, net | 2,0 | (0,1) | 1,9 | 2,7 | 0,2 | 2,9 | (26%) | (34%) | ||||||||
| Income tax expense | (50,2) | (27,1) | (77,3) | (59,9) | (11,0) | (70,9) | (16%) | 9% | ||||||||
| Non-controlling interest | (1,0) | (0,1) | (1,1) | (0,8) | 0,0 | (0,8) | 25% | 38% | ||||||||
| Net Income attributable to shareholders | € 99,4 | 49,5 | € 148,9 | € 108,1 | 20,5 | € 128,6 | (8%) | 16% | ||||||||
| Diluted Net Income Per Share (3) | € 0,39 | 0,19 | € 0,58 | € 0,43 | 0,08 | € 0,51 | (8%) | 15% | ||||||||
|
(1) In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the deferred revenue adjustment of acquired companies; (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangibles, share-based compensation expense and related social charges, and other operating income and expense, (iii) adjustments to IFRS financial revenue and other, net reflect the exclusion of certain one-time items included in financial revenue and other, net, and (iv) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted net income per share, the income tax effect of the non-IFRS adjustments and certain one-time tax effects. |
||||||||||||||||
| Three months ended December 31, | ||||||||||||||||
| In millions of Euros | 2014 IFRS | Adjustment | 2014 | 2013 IFRS | Adjustment | 2013 | ||||||||||
| non-IFRS | non-IFRS | |||||||||||||||
| Cost of revenue | (109,7) | 0,2 | (109,5) | (69,8) | 0,2 | (69,6) | ||||||||||
| Research and development | (111,6) | 2,5 | (109,1) | (96,5) | 3,2 | (93,3) | ||||||||||
| Marketing and sales | (203,8) | 3,0 | (200,8) | (170,1) | 2,8 | (167,3) | ||||||||||
| General and administrative | (50,4) | 1,1 | (49,3) | (40,2) | 1,8 | (38,4) | ||||||||||
| Total share-based compensation expense | 6,8 | 8,0 | ||||||||||||||
|
(2) The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
|
||||||||||||||||
|
(3) Based on a weighted average 255.3 million diluted shares for Q4 2014 and 255.8 million diluted shares for Q4 2013 adjusted to reflect the two-for-one stock split effected on July 17, 2014. |
||||||||||||||||
DASSAULT SYSTEMES
