Dassault Systèmes Raises EPS Guidance for 2018

* In constant currencies

IAS 18

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   Six months ended
June 30,   June 30,   June 30,   June 30,
    2018   2017   2018   2017
Licenses and other software revenue 218.9 211.8 399.3 384.8
Subscription and Support revenue 530.8   506.7   1,036.0   1,003.9
Software revenue 749.6 718.5 1,435.4 1,388.7
Services revenue 87.7   87.9   171.2   177.5
Total Revenue IFRS -IAS18 € 837.3 € 806.4 € 1,606.6 € 1,566.2
Cost of software revenue (excluding amortization of acquired intangibles) (38.2) (37.9) (79.0) (78.4)
Cost of services and other revenue (81.8) (78.9) (161.2) (161.8)
Research and development (161.4) (156.2) (314.0) (305.9)
Marketing and sales (262.8) (258.5) (515.8) (518.3)
General and administrative (69.8) (61.6) (139.6) (121.8)
Amortization of acquired intangibles (40.7) (39.3) (82.5) (80.5)
Other operating income and expense, net (4.4)   (4.5)   (6.9)   (10.6)
Total Operating Expenses (659.0)   (637.0)   (1,299.0)   (1,277.3)
Operating Income € 178.3 € 169.4 € 307.6 € 288.9
Financial revenue and other, net 4.4   15.3   9.1   22.5
Income before income taxes 182.7 184.6 316.7 311.4
Income tax expense (46.7) (61.8) (80.2) (102.2)
Net Income € 136.0 € 122.8 € 236.5 € 209.2
Non-controlling interest 0.1   0.1   0.4   (1.3)
Net Income attributable to equity holders of the parent € 136.1   € 122.9   € 236.9   € 208.0
Basic net income per share 0.53   0.48   0.92   0.82
Diluted net income per share € 0.52   € 0.48   € 0.91   € 0.81
Basic weighted average shares outstanding (in millions) 258.9   254.5   257.9   254.2
Diluted weighted average shares outstanding (in millions)   260.4   257.9   260.0   257.1
 
                 
Three months ended June 30, 2018   Six months ended June 30, 2018
    Change*   Change in cc**   Change*   Change in cc**
IFRS Revenue IFRS -IAS18 4% 8% 3% 9%
IFRS Revenue by activity
Software revenue 4% 9% 3% 10%
Services revenue 0% 4% -4% 2%
IFRS Software Revenue by product line
CATIA software revenue 2% 5% 1% 5%
ENOVIA software revenue 4% 9% 2% 7%
SOLIDWORKS software revenue 6% 11% 3% 12%
Other software revenue 6% 12% 7% 15%
IFRS Revenue by geography
Americas -2% 6% -3% 8%
Europe 6% 7% 4% 6%
Asia   9%   14%   7%   15%

*Variation compared to the same period in the prior year. **In constant currencies

IAS 18

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

         
In millions of Euros   June 30,   December 31,
    2018   2017
 
ASSETS
Cash and cash equivalents 3,043.2 2,459.4
Short-term investments 0.5 1.3
Accounts receivable, net 695.5 895.9
Other current assets 273.1 242.9
Total current assets 4,012.3 3,599.5
Property and equipment, net 169.1 169.0
Goodwill and Intangible assets, net 3,023.6 2,990.1
Other non-current assets 292.6   271.2
Total Assets   € 7,497.5   € 7,029.8
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable 132.7 149.3
Unearned revenues 1,016.0 876.4
Other current liabilities 482.4 501.7
Total current liabilities 1,631.1 1,527.4
Long-term debt 1,000.0 1,000.0
Other non-current obligations 494.6 506.3
Total long-term liabilities 1,494.6 1,506.3
Non-controlling interests 1.5 1.9
Parent shareholders' equity 4,370.4   3,994.2
Total Liabilities and Shareholders' equity   € 7,497.5   € 7,029.8

IAS 18

DASSAULT SYSTEMES
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (IFRS)

         
In millions of Euros   Three months ended   Six months ended
    June 30, 2018   June 30, 2017   Change   June 30, 2018   June 30, 2017   Change
Net Income attributable to equity holders of the parent 136.1   123.0   13.1   236.9   208.0   28.9
Non-controlling interest

(0.1)

(0.1)

0.0

(0.4)

1.3

(1.7)

Net Income 136.0 122.9 13.1 236.5 209.2 27.3
Depreciation of property & equipment 14.5 11.1 3.4 28.2 22.9 5.3
Amortization of intangible assets 43.1 41.3 1.8 87.0 84.6 2.4
Other non cash P&L items 16.5 2.6 13.9 33.1 10.4 22.7
Changes in working capital 28.5   66.7   (38.2)   260.7   265.2   (4.5)
Net Cash provided by operating activities € 238.6 € 244.6 (€ 6.0) € 645.5 € 592.4 € 53.1
 
Additions to property, equipment and intangibles (19.3) (27.4) 8.1 (31.3) (45.8) 14.5
Payments for acquisition of businesses, net of cash acquired (51.6) (7.6) (44.0) (51.6) (8.0) (43.6)
Sale (purchase) of short term investments, net 40.8 12.5 28.3 0.7 3.7 (3.0)
Investments, loans and others (1.5)   -   (1.5)   (1.5)   6.4   (7.9)
Net Cash provided by (used in) investing activities (€ 31.6) (€ 22.5) (€ 9.1) (€ 83.7) (€ 43.7) (€ 40.0)
 
Acquisition of non-controlling interests (26.2) (14.1) (12.1) (26.2) (14.1) (12.1)
(Purchase) Sale of treasury stock (10.6) (47.9) 37.3 (2.3) (44.8) 42.5
Proceeds from exercise of stock-options 31.4 16.5 14.9 43.7 21.8 21.9
Cash dividend paid (38.0)   (51.3)   13.3   (38.0)   (51.3)   13.3
Net Cash provided by (used in) financing activities (€ 43.4) (€ 96.8) € 53.4 (€ 22.8) (€ 88.4) € 65.6
 
Effect of exchange rate changes on

cash and cash equivalents

75.8 (121.5) 197.3 44.8 (127.8) 172.6
                     
Increase (decrease) in cash and cash equivalents   € 239.4   € 3.8       € 583.8   € 332.5    
                         
Cash and cash equivalents at beginning of period € 2,803.8 € 2,765.4 € 2,459.4 € 2,436.7
Cash and cash equivalents at end of period   € 3,043.2   € 2,769.2       € 3,043.2   € 2,769.2    

IAS 18

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