SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
Report on Form 6-K dated April 26, 2005
Commission File No. 0-28578
DASSAULT SYSTEMES S.A.
----------------------
(Name of Registrant)
9, Quai Marcel Dassault, B.P. 310, 92156 Suresnes Cedex, France
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(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F
Form 20-F X Form 40-F
--- ---
Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1):
Yes No X
--- ---
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7):
Yes No X
--- ---
Indicate by check mark whether by furnishing the information contained
in this Form, the registrant is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934:
Yes No X
--- ---
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-___________
ENCLOSURES:
Dassault Systemes S.A. is furnishing under cover of Form 6-K a press release
dated April 26, 2005, reporting financial results for the first quarter ended
March 31, 2005.
[DASSAULT SYSTEMES LOGO] [GRAPHIC OMITTED]
For immediate release:
STRONG CUSTOMER DEMAND DRIVES DASSAULT SYSTEMES
REVENUE GROWTH OF 13% AS REPORTED AND 15% IN CONSTANT CURRENCIES
PARIS, FRANCE, April 26, 2005 - Dassault Systemes (DS) (Nasdaq: DASTY; Euronext
Paris: #13065, DSY.PA), a worldwide leading software developer of 3D and Product
Lifecycle Management (PLM) solutions, reported financial results for the first
quarter ended March 31, 2005.
First Quarter Financial and Business Highlights
o Revenue and earnings results exceed Company objectives
o Total revenue (euro)199.2 million, up 13% as reported, up 15% in
constant currencies (up 19% in U.S. dollars)
o Software revenue (euro)167.2 million, up 12% as reported and up 15% in
constant currencies
o SolidWorks revenue increases 22% as reported (up 28% in U.S. dollars)
o Process-centric revenue up 11% as reported and 13% in constant
currencies
o PDM revenue up 15% as reported and up 17% in constant currencies
o Operating margin at high end of Company objective
o EPS (euro)0.27 as reported and excluding acquisition costs
o Raising full year revenue growth objective to 12-14%, from 11-12% in
constant currencies
Bernard Charles, President and Chief Executive Officer, commented, "Strong
customer demand for our V5 PLM and mainstream 3D software solutions and services
enabled us to deliver excellent year-over-year growth of 19% in U.S. dollars for
the first quarter. We benefited from very good performance around the world -
led by the Americas, and well supported by good growth in Europe and Asia. We
are gaining traction across all of our PLM brands as a result of the visibility
of customers' successes with our integrated V5 PLM solutions. In the mainstream
3D market, SolidWorks had an excellent start to the year, with revenue growth of
28% in U.S. dollars.
"As we look ahead to the full year, we are raising our revenue growth objective,
reflecting our first quarter performance and more favorable outlook for the rest
of the year. In summary, in spite of the mixed economic environment, we believe
Dassault Systemes is well-positioned to significantly outpace the growth of our
market sector in 2005."
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9, quai Marcel Dassault, BP 310, 92156 Suresnes Cedex, FRANCE, Tel: + 33 1 40
99 40 99 - Fax: +33 1 42 04 45 81 - http://www.3ds.com
1
First Quarter Financial Results
Revenue
In the 2005 first quarter total revenue was (euro)199.2 million, representing an
increase of 13% as reported and 15% in constant currencies in comparison to the
first quarter of 2004 where total revenue was (euro)176.2 million. From a
geographic perspective, all regions contributed to the growth with the Americas
increasing 18% in constant currencies, followed by Europe and Asia with revenue
growth of 15% and 14% in constant currencies, respectively.
Software and service revenues both posted double-digit, year-over-year growth,
reflecting increasing demand for the Company's V5 PLM and mainstream 3D
offerings. Software revenue increased 12% as reported and 15% in constant
currencies in the first quarter of 2005 and totaled (euro)167.2 million,
compared to (euro)148.9 million in the first quarter of 2004. Recurring licenses
revenue represented 53% of total software revenue in the first quarter. Service
and other revenue totaled (euro)32.0 million in the first quarter of 2005,
compared to (euro)27.3 million in the first quarter of 2004 with revenue growing
17% as reported and 20% in constant currencies. New CATIA and SolidWorks seats
licensed in the first quarter of 2005 increased 14% to 16,122 seats, compared to
14,082 seats in the year-ago period.
Process-centric revenue increased 11% as reported and 13% in constant currencies
compared to the year-ago quarter on growth across design, PDM and digital
manufacturing. Process-centric revenue, including PDM revenue, totaled
(euro)159.3 million in the first quarter of 2005, compared to (euro)143.6
million in the first quarter of 2004. PDM revenues increased 15% as reported and
17% in constant currencies and totaled (euro)22.8 million in the first quarter,
compared to (euro)19.9 million in the year-ago period. CATIA licenses increased
5% year over year to 7,513 in the first quarter of 2005.
SolidWorks revenue increased 22% (28% in U.S. dollars) to (euro)39.9 million in
the recently completed quarter, compared to (euro)32.6 million in the first
quarter of 2004. SolidWorks seats licensed increased 25% year over year to 8,609
licenses accompanied by stable pricing.
Operating Income and Margin and EPS
For the first quarter of 2005 operating income increased year over year, and as
anticipated the operating margin decreased, reflecting the timing of investments
in expanding the Company's marketing and sales activities with small and
medium-sized businesses (SMB). In addition, due to the more robust level of
activity in the first quarter the Company accelerated some marketing and sales
initiatives. For the full year 2005, the Company expects to maintain a stable
operating margin excluding acquisition costs in comparison to 2004.
Operating income increased 5% to (euro)45.1 million in the first quarter of
2005, (22.6% operating margin) compared to (euro)42.9 million in the year-ago
quarter (24.3% operating margin). Operating income excluding acquisition costs
increased 4% to (euro)45.4 million in the first quarter of 2005, compared to
(euro)43.5 million in the year-ago period. In the first quarter of 2005 the
operating margin excluding acquisition costs was 22.8%, in line with the
Company's objective of 22-23%. In the year-ago quarter the operating margin
excluding acquisition costs was 24.7%.
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9, quai Marcel Dassault, BP 310, 92156 Suresnes Cedex, FRANCE, Tel: + 33 1 40
99 40 99 - Fax: +33 1 42 04 45 81 - http://www.3ds.com
2
In the first quarter of 2005 earnings per share increased 13% to (euro)0.27,
compared to earnings per share of (euro)0.24 in the year-ago quarter. Earnings
per share excluding acquisition costs increased 8% to (euro)0.27 per diluted
share in the first quarter of 2005, compared to earnings per diluted share
excluding acquisition costs of (euro)0.25 in the year-ago period.
Annual Shareholders' Meeting Date and Cash Dividend Recommendation
The Annual Shareholders' Meeting has been scheduled for June 8, 2005. The Board
of Directors has recommended an increase of 12% in the annual cash dividend to
(euro)0.38 per share (excluding avoir fiscal) for the fiscal year ended December
31, 2004, representing approximately (euro)43 million in the aggregate. The
declaration and payment of any cash dividend is subject to approval by
shareholders at the Annual Shareholders' Meeting.
Strategy, Technology and Partnerships
HONDA Motor, leading Japanese car manufacturer and CATIA V4 customer, has
started to develop car programs, including suppliers, using CATIA V5.
In mid-April, Dassault Systemes and Microsoft Corp. announced that, as part of
their strategic alliance and commitment to jointly delivering value to their
customers, they will collaborate to support Microsoft's Extensible Application
Markup Language (XAML) format in Dassault Systemes' 3D Extensible Markup
Language (XML) format. Compatibility between 3D XML and XAML will enable users
of 3D solutions to view, modify and customize 3D objects in an environment of
unmatched openness and take advantage of this 3D experience in any XAML-based
application.
Earlier this month Dassault Systemes announced the availability of its new
DELMIA Automation product line, which enables control engineers in all
automation industries to digitally define, control and monitor automated systems
entirely in a 3D virtual environment. Based upon a unique Logic Control Modeler
technology, DELMIA Automation provides a digital model of control logic for an
automated system independent of PLC hardware.
Dassault Systemes and CAXA, the leading domestic PLM vendor in China, announced
on April 5th, the availability of CAXA V5, a new generation of integrated and
scalable 2D and 3D PLM solutions for the Chinese market that embed V5 technology
components from Dassault Systemes. These CAXA V5 solutions are the result of a
Dassault Systemes-CAXA partnership announced last November and software
development carried out in a joint R&D center operated by CAXA in Beijing. The
short time-frame to develop these solutions demonstrates the ease with which
developers can build solutions on Dassault Systemes' Component Application
Architecture Version 5 (CAA V5) platform.
In March, Dassault Systemes and ICEM Ltd. signed a strategic software
development agreement under which ICEM will develop and sell the next generation
of its surface design and analysis and design visualization software suite for
Class-A surface development based on Dassault Systemes' Version 5 Architecture
and Components. ICEM becomes a Gold Software Partner in Dassault Systemes' CAA
V5 software partner program. ICEM will provide a PLM solution component that
will tightly connect the styling and engineering departments, further endorsing
the new 3D XML open format from Dassault Systemes.
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9, quai Marcel Dassault, BP 310, 92156 Suresnes Cedex, FRANCE, Tel: + 33 1 40
99 40 99 - Fax: +33 1 42 04 45 81 - http://www.3ds.com
3
Dassault Systemes and ZUKEN, a leading producer of design and manufacturing
solutions for electronics companies, entered into an agreement in March pursuant
to which they will deliver comprehensive PLM solutions for the Electrical and
Electronics industry.
Business Outlook
Thibault de Tersant, Executive Vice President and CFO, stated, "Based upon first
quarter results and the stronger outlook for the remainder of 2005 we are
increasing our revenue and EPS objectives for 2005 and are maintaining our
objective of a stable operating margin excluding acquisition costs for the full
year 2005 in comparison to 2004. Specifically, we are increasing our revenue
growth objective by about two percentage points to approximately 12-14% in
constant currencies. In conjunction with this, we are raising our reported
revenue objective to approximately (euro)880-890 million for 2005, from
(euro)865-875 million. We are also increasing our EPS objective for 2005 to
about (euro)1.47-1.49 per share excluding acquisition costs, representing
year-over-year growth of 8-10%. For the second quarter of 2005, our reported
revenue objective is about (euro)208-212 million and our EPS objective is about
(euro)0.30-0.31 per share excluding acquisition costs." The Company is basing
all reported revenue and EPS objectives on the assumption of a U.S. dollar to
Euro exchange rate of $1.30 per (euro)1.00.
Due to the six-month delay of the effective date of SFAS 123(R), Share-Based
Payments, the Company has decided to adopt SFAS 123(R) as of January 1, 2006.
Endnotes:
1. All comparative figures are given on a year-over-year basis unless
specified otherwise.
2. All financial information is unaudited and reported in accordance with
U.S. generally accepted accounting principles (U.S. GAAP). Additional
financial information is also presented that is not in conformity with
U.S. GAAP, in particular the presentation of operating income,
operating margin and earnings per share excluding acquisition costs
(acquisition costs are primarily comprised of technology amortization
in addition to other acquisition-related costs). The Company has
provided in the tables to this press release and on its website
http://www.3ds.com/corporate/investors/ reconciliations between U.S.
GAAP and non-U.S. GAAP figures.
3. The Company uses constant currency revenue growth to evaluate its
financial performance in comparison to prior periods and as a measure
of expected growth in planning and setting objectives for future
periods. The Company believes this measure is an important indicator
of the Company's progress and outlook because it provides a better
gauge of the level of change in the business activity as it eliminates
any changes arising from currency fluctuations. The Company believes
the presentation of this measure is relevant and useful for investors
because it allows investors to view revenue growth in a manner similar
to the method used by the Company's management, helps improve
investors' ability to understand the Company's revenue growth, and
makes it easier to compare the Company's results with other companies,
including competitors, whose reporting currency may be different from
Dassault Systemes. Constant currency revenue growth, as calculated by
the Company, may not be comparable to similarly titled measures
employed by other companies.
Conference call information
Dassault Systemes will host a teleconference call today, Tuesday, April 26, 2005
at 4:00 PM CET/3:00 PM London/10:00 AM New York. The conference call will be
available via the Internet by accessing http://www.3ds.com/corporate/investors/.
Please go to the website at least fifteen minutes prior to the call to register,
download and install any necessary audio software. The webcast teleconference
will be archived for 30 days. Financial information to be discussed in the call
will be available on the Company's website prior to commencement of the
teleconference http://www.3ds.com/corporate/investors/. Additional investor
information can be accessed at http://www.3ds.com/corporate/investors/ or by
calling Dassault Systemes' Investor Relations at 33.1.40.99.69.24.
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9, quai Marcel Dassault, BP 310, 92156 Suresnes Cedex, FRANCE, Tel: + 33 1 40
99 40 99 - Fax: +33 1 42 04 45 81 - http://www.3ds.com
4
Statements above that are not historical facts but express expectations or
objectives for the future, including but not limited to statements regarding the
Company's objectives for 2005 revenue growth in constant currencies, 2005
reported revenue range, 2005 operating margin objective excluding acquisition
costs, 2005 EPS objective excluding acquisition costs, second quarter 2005
reported revenue range and second quarter EPS objective excluding acquisition
costs, are forward-looking statements (within the meaning of Section 21E of the
1934 Securities Exchange Act, as amended). Such forward-looking statements are
based on 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, among other factors: (i)
currency fluctuations, (ii) reduced corporate spending on IT infrastructure as a
result of changing economic or business conditions that could negatively affect
market demand for our products and services, (iii) difficulties or adverse
changes affecting our partners or our relationships with our partners, including
our longstanding, strategic partner, IBM, (iv) new product developments and
technological changes, and (v) errors or defects in our products. Unfavorable
changes in any of the above or other factors described in the Company's SEC
reports, including the Form 20-F for the year ended December 31, 2003, which was
filed with the SEC on June 30, 2004, could materially affect the Company's
financial position or results of operations.
About Dassault Systemes
As world leader in 3D and PLM (Product Lifecycle Management) solutions, the
Dassault Systemes group brings value to more than 80,000 customers in 80
countries. A pioneer in the 3D software market since 1981, Dassault Systemes
develops and markets PLM application software and services that support
industrial processes and provide a 3D vision of the entire life cycle of
products from conception to maintenance. Its offering includes integrated PLM
solutions for product development (CATIA(R), DELMIA(R), ENOVIA(R), SMARTEAM(R)),
mainstream product design tools (SolidWorks(R)), and 3D components (Spatial -
ACIS(R)). Dassault Systemes is listed on the Nasdaq (DASTY) and Euronext Paris
(#13065, DSY.PA) stock exchanges. For more information, visit http://www.3ds.com
(Tables to follow)
CONTACT:
Dassault Systemes: Financial Dynamics:
Valerie Agathon/Geraldine Nithart-Riva Harriet Keen
33.1.40.99.69.24 44.20.7831.3113
Emma Rutherford
Jean-Benoit Roquette
Nelly Dimey
33.1.47.03.68.10
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9, quai Marcel Dassault, BP 310, 92156 Suresnes Cedex, FRANCE, Tel: + 33 1 40
99 40 99 - Fax: +33 1 42 04 45 81 - http://www.3ds.com
5
DASSAULT SYSTEMES
NON-U.S. GAAP KEY FIGURES
1st QUARTER
in millions of Euro, except per share data, headcount and exchange rates.
1Q05 1Q04 Variation
-----------------------------------------
Process-Centric excluding PDM 136.5 123.7 10%
PDM 22.8 19.9 15%
Design-Centric 39.9 32.6 22%
Revenue 199.2 176.2 13%
Americas 55.5 49.5 12%
Europe 93.9 81.9 15%
Asia 49.8 44.8 11%
Operating Income (1) 45.4 43.5 4%
Operating Margin (1) 22.8% 24.7%
Net Income (1) 31.1 28.6 9%
EPS (1) 0.27 0.25 8%
Closing Headcount 4,834 4,185 16%
Average Rate USD per Euros 1.31 1.25 5%
Average Rate JPY per Euros 137.0 134 2%
(1) Excluding acquisition costs. For U.S. GAAP figures please refer to
reconciliation tables.
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9, quai Marcel Dassault, BP 310, 92156 Suresnes Cedex, FRANCE, Tel: + 33 1 40
99 40 99 - Fax: +33 1 42 04 45 81 - http://www.3ds.com
6
DASSAULT SYSTEMES
CONSOLIDATED STATEMENT OF INCOME DATA
PREPARED IN ACCORDANCE WITH U.S. GAAP
(in millions of Euro, except per share data)
Three Months Ended
March 31, 2005 March 31, 2004
------------------- ---------------------
New licenses revenue 73.7 62.1
Recurring licenses and product development 93.5 86.8
revenue
------------------- ---------------------
Software revenue 167.2 148.9
Service and other revenue 32.0 27.3
------------------- ---------------------
Total Revenue (euro) 199.2 (euro) 176.2
Software 6.0 4.8
Service and other 28.1 24.7
------------------- ---------------------
Total Cost of Revenue (euro) 34.1 (euro) 29.5
Gross Profit (euro) 165.1 (euro) 146.7
Research and Development 57.5 54.1
Marketing and Sales 49.1 37.8
General Administration 13.1 11.3
Acquisition Costs 0.3 0.6
------------------- ---------------------
Total Research, Selling, Administration
and Acquisition expenses (euro) 120.0 (euro) 103.8
=================== =====================
Operating Income (1) (euro) 45.1 (euro) 42.9
Financial revenue and Other 2.1 1.4
------------------- ---------------------
Income before income taxes 47.2 44.3
Income tax expense (16.3) (16.1)
------------------- ---------------------
Net Income (1) (euro) 30.9 (euro) 28.2
=================== =====================
Basic net income per share (euro) 0.27 (euro) 0.25
=================== =====================
Diluted net income per share (1) (euro) 0.27 (euro) 0.24
=================== =====================
Basic weighted average shares outstanding
(in millions) 113.6 113.1
=================== =====================
Diluted weighted average shares outstanding
(in millions) 116.3 115.8
(1) Excluding acquisition costs, operating income, net income and diluted EPS
would have been as follows:
Operating Income (euro) 45.4 (euro) 43.5
=================== =====================
Net Income (euro) 31.1 (euro) 28.6
=================== =====================
Diluted net income per share (euro) 0.27 (euro) 0.25
=================== =====================
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9, quai Marcel Dassault, BP 310, 92156 Suresnes Cedex, FRANCE, Tel: + 33 1 40
99 40 99 - Fax: +33 1 42 04 45 81 - http://www.3ds.com
7
Supplemental Disclosures Regarding Non-U.S. GAAP Financial Information:
Excluding Acquisition Costs
The following table sets forth the Company's Consolidated Statement of Income
Data excluding acquisition costs for the three months ended March 31, 2005. In
particular, the table presents operating income, operating margin and earnings
per share excluding acquisition costs (acquisition costs are primarily comprised
of technology amortization in addition to other acquisition-related costs).
The Company uses these non-U.S. GAAP measures, among other things, to evaluate
the Company's operating performance and for planning and setting objectives for
future periods. The Company believes these non-U.S. GAAP measures are useful to
investors because they provide an alternative method for measuring the operating
performance of the Company's business by isolating the effect of acquisition
costs, which do not impact the underlying business. In addition, these measures
are among the primary measures used externally by analysts for purposes of
valuation and for comparing operating performance of the Company to other
companies in the industry.
Since these measures of performance are not calculated in accordance with U.S.
GAAP, they should not be considered in isolation of, or as a substitute for,
operating income, operating margin and earnings per share including acquisition
costs, as an indicator of operating performance.
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9, quai Marcel Dassault, BP 310, 92156 Suresnes Cedex, FRANCE, Tel: + 33 1 40
99 40 99 - Fax: +33 1 42 04 45 81 - http://www.3ds.com
8
DASSAULT SYSTEMES
NON-U.S. GAAP CONSOLIDATED STATEMENT OF INCOME DATA
PERCENTAGE VARIANCE
(EXCLUDING ACQUISITION COSTS)
(in millions of Euro, except per share data)
Three Months Ended
March 31, 2005 March 31, 2004 Variation
----------------------- ---------------------- ---------------
New licenses revenue 73.7 62.1 18.7%
Recurring licenses and product
development revenue 93.5 86.8 7.7%
----------------------- ----------------------
Software revenue 167.2 148.9 12.3%
Service and other revenue 32.0 27.3 17.2%
----------------------- ----------------------
Total Revenue (euro) 199.2 (euro) 176.2 13.1%
Software 6.0 4.8 25.0%
Service and other 28.1 24.7 13.8%
----------------------- ----------------------
Total Cost of Revenue (euro) 34.1 (euro) 29.5 15.6%
Gross Profit (euro) 165.1 (euro) 146.7 12.5%
Research and Development 57.5 54.1 6.3%
Marketing and Sales 49.1 37.8 29.9%
General Administration 13.1 11.3 15.9%
----------------------- ----------------------
Total Research, Selling, Administration (euro) 119.7 (euro) 103.2 16.0%
======================= ======================
Operating Income (euro) 45.4 (euro) 43.5 4.4%
Financial revenue and Other 2.1 1.4 50.0%
----------------------- ----------------------
Income before income taxes 47.5 44.9 5.8%
Income tax expense (16.4) (16.3) N/M
----------------------- ----------------------
Net Income (euro) 31.1 (euro) 28.6 8.7%
======================= ======================
Diluted net income per share (euro) 0.27 (euro) 0.25 8.0%
======================= ======================
Diluted weighted average shares
outstanding (in millions) 116.3 115.8
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9, quai Marcel Dassault, BP 310, 92156 Suresnes Cedex, FRANCE, Tel: + 33 1 40
99 40 99 - Fax: +33 1 42 04 45 81 - http://www.3ds.com
9
DASSAULT SYSTEMES
CONSOLIDATED STATEMENT OF INCOME DATA
RECONCILIATIONS NON-U.S. GAAP / U.S. GAAP
(in millions of Euro, except per share data)
Three Months Ended
March 31, 2005 March 31, 2004
------------------------------------------------- ------------------------------------------
Reported Acquisition Excluding Reported Acquisition Excluding
Amount Costs Acquisition Amount Costs Acquisition
Costs Costs
------------------------------------------------- ------------------------------------------
New licenses revenue 73.7 73.7 62.1 62.1
Recurring licenses and
product development revenue 93.5 93.5 86.8 86.8
------------------ ------------------ ------------------ ---------------------
Software revenue 167.2 167.2 148.9 148.9
Service and other revenue 32.0 32.0 27.3 27.3
------------------ ------------------ ------------------ ---------------------
Total Revenue (euro) 199.2 (euro) 199.2 (euro) 176.2 (euro) 176.2
Software 6.0 6.0 4.8 4.8
Service and other 28.1 28.1 24.7 24.7
------------------ ------------------ ------------------ ---------------------
Total Cost of Revenue (euro) 34.1 (euro) 34.1 (euro) 29.5 (euro) 29.5
Gross Profit (euro) 165.1 (euro) 165.1 (euro) 146.7 (euro) 146.7
Research and Development 57.5 57.5 54.1 54.1
Marketing and Sales 49.1 49.1 37.8 37.8
General Administration 13.1 13.1 11.3 11.3
Acquisition Costs 0.3 (0.3) - 0.6 (0.6) -
------------------ ------------------ ------------------ ---------------------
Total Research, Selling, (euro) 120.0 (euro) 119.7 (euro) 103.8 (euro) 103.2
Administration
================== ================== ================== =====================
Operating Income (euro) 45.1 (euro) 45.4 (euro) 42.9 (euro) 43.5
Financial revenue and Other 2.1 2.1 1.4 1.4
------------------ ------------------ ------------------ ---------------------
Income before income taxes 47.2 47.5 44.3 44.9
Income tax expense (16.3) (0.1) (16.4) (16.1) (0.2) (16.3)
------------------ ------------------ ------------------ ---------------------
Net Income 30.9 31.1 (euro) 28.2 (euro) 28.6
================== ================== ================== =====================
Diluted net income per share 0.27 0.27 (euro) 0.24 (euro) 0.25
================== ================== ================== =====================
Diluted weighted average
shares outstanding (in 116.3 116.3 115.8 115.8
millions)
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9, quai Marcel Dassault, BP 310, 92156 Suresnes Cedex, FRANCE, Tel: + 33 1 40
99 40 99 - Fax: +33 1 42 04 45 81 - http://www.3ds.com
10
DASSAULT SYSTEMES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions of Euro)
March 31, 2005 December 31, 2004
-------------------- --------------------------
ASSETS
Cash and short-term investments 652.6 552.8
Accounts receivable, net 166.0 237.8
Other assets 328.2 308.6
-------------------- --------------------------
Total assets (euro) 1,146.8 (euro) 1,099.2
LIABILITIES
AND SHAREHOLDERS' EQUITY
Total liabilities 338.4 340.0
Shareholders' equity 808.4 759.2
-------------------- --------------------------
Total liabilities and shareholders' equity (euro) 1,146.8 (euro) 1,099.2
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9, quai Marcel Dassault, BP 310, 92156 Suresnes Cedex, FRANCE, Tel: + 33 1 40
99 40 99 - Fax: +33 1 42 04 45 81 - http://www.3ds.com
11
DASSAULT SYSTEMES
CONDENSED CASH FLOW STATEMENT PREPARED IN ACCORDANCE
WITH U.S. GAAP
(in millions of Euro)
Three Months ended
March 31, 2005 March 31, 2004 Variation
------------------------------------------------
Net Profit 30.9 28.2 2.7
Working capital and other non cash P&L 59.6 78.3 (18.7)
items
Net Cash provided by (used in) operating (euro) 90.5 (euro) 106.5 (16.0)
Acquisition and sale of assets (6.7) (2.1) (4.6)
ST investments 4.9 3.3 1.6
Acquisition net of cash (4.4) (1.0) (3.4)
Loans (0.3) 0.0 (0.3)
---------------------------------
Net Cash provided by (used in) investing (euro) (6.5) (euro) 0.2 (6.7)
Share repurchase and proceeds from stocks
options exercise, net 10.2 11.8 (1.6)
Dividend 0.0 0.0 0.0
Others 0.0 0.0 0.0
---------------- ----------------
Net Cash provided by (used in) financing (euro) 10.2 (euro) 11.8 (1.6)
Effect of exchange rate changes on cash (euro) 10.0 (euro) 5.0 5.0
================ ================
Increase (Decrease) in cash & cash (euro) 104.2 (euro) 123.5 (euro) (19.3)
equivalents
Cash at beginning of period (euro) 541.1 (euro) 419.6
Cash at end of period (euro) 645.3 (euro) 543.1
12
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
DASSAULT SYSTEMES S.A.
Date: April 26, 2005 By: /s/ Thibault de Tersant
-----------------------
Name: Thibault de Tersant
Title: Executive Vice President,
Finance and Administration