Dassault Systèmes Reports Q416 Total Revenue and EPS Up Double-Digit

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 2015 Document de Référence filed with the AMF on March 23, 2016.

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 210,000 customers of all sizes, in all industries, in more than 140 countries. For more information, visit www.3ds.com.

3DEXPERIENCE, the Compass logo and the 3DS logo, CATIA, SOLIDWORKS, ENOVIA, DELMIA, SIMULIA, GEOVIA, EXALEAD, 3D VIA, BIOVIA, NETVIBES and 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, 2016   December 31, 2015   Change   Change in cc*   December 31, 2016   December 31, 2015   Change   Change in cc*
Non-IFRS Revenue € 882.6   € 802.1   10%   10%   € 3,065.6   € 2,876.7   7%   7%
 
Non-IFRS Revenue breakdown by activity
Software revenue 773.9 708.7 9% 9% 2,704.3 2,537.9 7% 7%
of which new licenses revenue 262.8 239.8 10% 10% 773.8 735.6 5% 5%
of which periodic licenses, maintenance and

other software-related revenue

511.1 468.9 9% 9% 1,930.5 1,802.3 7% 8%
Services and other revenue 108.7 93.4 16% 15% 361.3 338.8 7% 7%
 
Non-IFRS Recurring software revenue € 508.2 € 464.7 9% 9% € 1,919.3 € 1,781.9 8% 9%
 
Non-IFRS software revenue breakdown by product line
CATIA software revenue 267.8 262.5 2% 2% 970.8 938.9 3% 4%
ENOVIA software revenue 91.9 95.2 -3% -4% 321.4 301.9 6% 6%
SOLIDWORKS software revenue 170.1 151.4 12% 13% 626.0 569.8 10% 12%
Other software revenue 244.1 199.6 22% 21% 786.1 727.3 8% 8%
 
Non-IFRS Revenue breakdown by geography
Americas 271.2 256.8 6% 4% 945.9 909.5 4% 4%
Europe 392.0 348.5 12% 15% 1,307.6 1,238.1 6% 8%
Asia   219.4   196.8   11%   8%   812.1   729.1   11%   9%
 
Non-IFRS operating income € 311.5 € 287.1 8% € 957.7 € 884.9 8%
Non-IFRS operating margin 35.3% 35.8% 31.2% 30.8%
Non-IFRS net income attributable to shareholders € 201.3 € 181.1 11% € 640.3 € 576.6 11%
Non-IFRS diluted net income per share   € 0.78   € 0.71   10%       € 2.49   € 2.25   11%    
Closing headcount   15,215   13,971   9%       15,215   13,971   9%    
 
Average Rate USD per Euro 1.08 1.10 -2% 1.11 1.11 0%
Average Rate JPY per Euro   117.9   133.0   -11%       120.2   134.3   -10%    

DASSAULT SYSTEMES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (IFRS)
(unaudited; in millions of Euros, except per share data)

         
In millions of Euros, except per share data and percentages   Three months ended   Twelve months ended
December 31,   December 31,   December 31,   December 31,
    2016   2015   2016   2015
New licenses revenue 262.8 236.8 773.2 716.5
Periodic licenses, maintenance and other software-related revenue 503.5   466.5   1,921.5   1,786.3
Software revenue 766.3 703.3 2,694.7 2,502.8
Services and other revenue 108.7   93.2   360.9   336.7
Total Revenue € 875.0 € 796.5 € 3,055.6 € 2,839.5
Cost of software revenue (excluding amortization of acquired intangibles) (41.7) (37.8) (153.8) (143.2)
Cost of services and other revenue (79.4) (77.5) (309.8) (294.7)
Research and development (139.5) (126.0) (540.5) (492.5)
Marketing and sales (268.5) (235.1) (952.6) (892.2)
General and administrative (63.8) (59.2) (230.5) (211.7)
Amortization of acquired intangibles (40.6) (39.2) (155.8) (159.6)
Other operating income and expense, net (14.3)   (5.6)   (40.6)   (12.4)
Total Operating Expenses (647.8)   (580.4)   (2,383.6)   (2,206.3)
Operating Income € 227.2 € 216.1 € 672.0 € 633.2
Financial revenue and other, net 7.1   (2.8)   (10.5)   (0.1)
Income before income taxes 234.3 213.3 661.5 633.1
Income tax expense (90.7) (85.9) (209.3) (227.1)
Net Income € 143.6 € 127.4 € 452.2 € 406.0
Non-controlling interest (0.7)   (0.9)   (5.0)   (3.8)
Net Income attributable to equity holders of the parent € 142.9   € 126.5   € 447.2   € 402.2
Basic net income per share 0.56   0.50   1.76   1.59
Diluted net income per share € 0.56   € 0.49   € 1.74   € 1.57
Basic weighted average shares outstanding (in millions) 254.1   253.0   253.9   252.5
Diluted weighted average shares outstanding (in millions)   257.4   256.6   257.4   256.6
 
                 
Three months ended December 31, 2016   Twelve months ended December 31, 2016
    Change*   Change in cc**   Change*   Change in cc**
IFRS Revenue 10% 10% 8% 8%
IFRS Revenue by activity
Software revenue 9% 9% 8% 8%
Services and other revenue 17% 16% 7% 7%
IFRS Software Revenue by product line
CATIA software revenue 2% 2% 3% 4%
ENOVIA software revenue -3% -4% 6% 6%
SOLIDWORKS software revenue 12% 13% 10% 12%
Other software revenue 22% 20% 12% 12%
IFRS Revenue by geography
Americas 6% 5% 6% 6%
Europe 12% 14% 6% 9%
Asia   12%   8%   12%   10%

DASSAULT SYSTEMES
CONDENSED CONSOLIDATED BALANCE SHEETS (IFRS)
(unaudited; in millions of Euros)

         
In millions of Euros   December 31,   December 31,
    2016   2015
 
ASSETS
Cash and cash equivalents 2,436.7 2,280.5
Short-term investments 56.1 70.8
Accounts receivable, net 820.4 739.1
Other current assets 257.2 150.8
Total current assets 3,570.4 3,241.2
Property and equipment, net 135.4 135.3
Goodwill and Intangible assets, net 2,926.5 2,687.1
Other non-current assets 310.7   247.8
Total Assets   € 6,943.0   € 6,311.4
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable 144.9 119.8
Unearned revenues 853.1 778.0
Other current liabilities 467.6 414.0
Total current liabilities 1,465.6 1,311.8
Long-term debt 1,000.0 1,000.0
Other non-current obligations 594.6 511.9
Total long-term liabilities 1,594.6 1,511.9
Non-controlling interests 22.6 19.2
Parent shareholders' equity 3,860.2   3,468.5
Total Liabilities and Shareholders' equity   € 6,943.0   € 6,311.4

DASSAULT SYSTEMES
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (IFRS)
(unaudited; in millions of Euros)

         
In millions of Euros   Three months ended   Twelve months ended
    December 31, 2016   December 31, 2015   Change   December 31, 2016   December 31, 2015   Change
Net Income attributable to equity holders of the parent 142.9   126.5   16.4   447.2   402.2   45.0
Non-controlling interest

0.7

0.9

(0.2)

5.0

3.8

1.2

Net Income 143.6 127.4 16.2 452.2 406.0 46.2
Depreciation of property & equipment 10.5 10.8 (0.3) 42.0 42.4 (0.4)
Amortization of intangible assets 42.9 42.3 0.6 164.5 169.0 (4.5)
Other non cash P&L Items 25.8 14.9 10.9 39.2 (7.9) 47.1
Changes in working capital (126.8)   (92.4)   (34.4)   (76.2)   23.8   (100.0)
Net Cash provided by operating activities € 96.0 € 103.0 (€ 7.0) € 621.7 € 633.3 (€ 11.6)
 
Additions to property, equipment and intangibles (24.7) (12.8) (11.9) (56.7) (43.6) (13.1)
Payments for acquisition of businesses, net of cash acquired (16.8) (2.1) (14.7) (262.7) (20.2) (242.5)
Sale (purchase) of short term investments, net (0.9) (11.9) 11.0 19.6 5.8 13.8
Investments, loans and others 0.3   0.8   (0.5)   0.9   (2.5)   3.4
Net Cash provided by (used in) investing activities (€ 42.1) (€ 26.0) (€ 16.1) (€ 298.9) (€ 60.5) (€ 238.4)
 
Proceeds of short term and long term debt - 650.0 (650.0) - 639.2 (639.2)
(Purchase) Sale of treasury stock (74.8) (0.3) (74.5) (127.3) (28.3) (99.0)
Proceeds from exercise of stock-options 10.9 10.9 - 26.8 35.9 (9.1)
Cash dividend paid -   (0.0)   0.0   (101.9)   (98.4)   (3.5)
Net Cash provided by (used in) financing activities (€ 63.9) € 660.6 (€ 724.5) (€ 202.4) € 548.4 (€ 750.8)
 
Effect of exchange rate changes on

cash and cash equivalents

39.1 22.9 16.2 35.8 55.1 (19.3)
                     
Increase (decrease) in cash and cash equivalents   € 29.1   € 760.5   (€ 731.4)   € 156.2   € 1,176.3   (€ 1,020.1)
                         
Cash and cash equivalents at beginning of period € 2,407.6 € 1,520.0 € 2,280.5 € 1,104.2
Cash and cash equivalents at end of period   € 2,436.7   € 2,280.5       € 2,436.7   € 2,280.5    

DASSAULT SYSTEMES

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