Dassault Systèmes (Euronext Paris: #13065, DSY.PA) (Paris:DSY) reports IFRS unaudited financial results for the first quarter ended March 31, 2011. These results were reviewed by the Company's Board of Directors on April 26, 2011.
- Strong revenue, earnings and operating margin performance
- New licenses revenue up 28% and recurring revenue up 32% (IFRS and non-IFRS) in constant currencies
- EPS up 59% to ?0.51 (IFRS) and up 47% to ?0.63 (non-IFRS)
- 2011 financial growth objectives reconfirmed, reported revenue range adjusted for currency
- First quarter Version 6 contracts signed with automotive leaders BMW and Jaguar Land Rover and agricultural engineering leader CLAAS
- Board of Directors' recommends shareholders approve 17% increase in the cash dividend
First Quarter 2011 Financial Summary
In millions of Euros, except per share data IFRS Non-IFRS
Change Change in cc* Change Change in cc*
Q1 Total Revenue 409.5 31% 29% 409.9 31% 29%
Q1 Software Revenue 372.2 33% 31% 372.6 33% 31%
Q1 EPS 0.51 59% 0.63 47%
Q1 Operating Margin 22.2% 28.3%
*In constant currencies
Bernard Charlès, Dassault Systèmes President and Chief Executive Officer, commented, "Revenue and earnings came in ahead of our first quarter financial objectives. All regions were important drivers of our growth, including Asia. CATIA's performance and record quarterly revenues at SolidWorks illustrate the progressive strengthening of the SMB market since the initial signs of recovery in mid-2010.
"The first quarter was also a time of extraordinary efforts by our Japanese employees and sales partners who quickly resumed operations in order to provide support and assistance to our customers in a number of areas. I would like to publicly thank them.
"Key to our performance and market leadership is a continuous focus on leveraging the talents of our executives and regularly evolving management responsibilities, consistent with the dynamic of our market. In this regard, we recently made some brand and channel responsibilities changes to further support our market expansion objectives.
"Finally, leading companies continue to adopt our Version 6, PLM 2 offerings. Two of the world's foremost automotive companies are moving forward with Version 6 initiatives. In February we outlined BMW's decision to use V6 as its new platform for Embedded Systems architecture, integration and design. In March, I was very pleased to join Jaguar Land Rover's CEO Dr. Ralf Speth in announcing a new strategic partnership between our two companies. And most recently, CLAAS, a global leader in agricultural engineering, selected V6 - including CATIA, ENOVIA, DELMIA and SIMULIA."
Dassault Systèmes completed the acquisition of the IBM PLM operations on March 31, 2010 and these operations were merged into the Company's operations within its PLM business segment commencing April 1, 2010. Due to the deep integration of former IBM PLM employees into the Company's operations, involving many changes in sales territories and responsibilities, it is not possible to isolate the IBM PLM revenue and profit since the acquisition date. As previously disclosed, the IBM PLM share of Dassault Systèmes software revenue was estimated at approximately $50 million for the 2010 first quarter.
First Quarter 2011 Financial Review
In millions of Euros IFRS Non-IFRS
Q1 2011 Q1 2010 Change in cc* Q1 2011 Q1 2010 Change in cc*
Total Revenue 409.5 311.9 29% 409.9 312.0 29%
Software Revenue 372.2 279.7 31% 372.6 279.8 31%
Services and other Revenue 37.3 32.2 14% 37.3 32.2 14%