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22Sep16 02:00 PRN Frost & Sullivan Recognizes Quintiq As A Leader In Supply Chain For The Food & Beverage Industry
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Long decision-making at customers for the 3DEXPERIENCE

  • 25 Oct 16

Dassault Systèmes performed well in Q3 16 despite the fact that new licences revenue growth did not accelerate and was at the same pace as in Q2 16. Q3 16 (IFRS standards): Total revenue reached €735m (+9%, +9% at constant currency and including the change of perimeter). Excluding currency effects, software revenue growth (+9%) was driven by Asia (+18%/+17% non-IFRS) thanks to China and South Korea. The activity was less dynamic in the Americas (+6%/+3% non-IFRS) due to the weakness in Latin America and Europe (+5%/+4% non-IFRS). The operating income increased by 8% to €161m, leading to an operating margin of 21.9% of revenue (-0.1pts). There was a significant increase in R&D costs (+15% to €132m) given a tax credit reversal. The amortisation of intangibles related to acquisitions amounted to €37.8m (-12%) and there were significant other operating expenses (€-12.8m vs €-0.6m in Q3 15). Group net profit increased to €113m (+7%) after rather stable net financial costs (€-0.8m vs €-1.0m in Q3 15) and similar income tax rate at 28.2%. Financial situation: The substantial net cash situation increased to €1.46bn on 30 September 2016 (vs €1.35bn on 31 December 2015). On 9-month 2016, the operating cash flow declined slightly to €526m (-1%) due to a significant increase in the change of WCR related to higher tax downpayments and timing effects of tax refunds during Q3 16. Nevertheless, the operating cash flow exceeded 9-month cash out-flows which included net capex of €32m, the acquisition of companies (including CST) for €246m net of the cash acquired (vs €18m in 9m 15), the purchase of treasury shares for €52m (vs €28m in 9m 15) and the dividend paid in cash to shareholders for €102m. The proceeds from the exercise of stock options were €16m.

New licences back to growth

  • 21 Jul 16

Q2 16 was above guidance with non-IFRS revenue of €754m (guidance: €735-745m) and non-IFRS operating margin up 1pt to 30.4% of revenue (guidance: 29-30% of revenue). The other good point was the increase yoy in new licences revenue following a decrease yoy in Q1 16. Q2 16 IFRS figures - Revenue reached €754m (+5% and +7% at constant currency). Excluding the currency effect, revenue growth was driven by software revenue (+9%) while services & other revenue decreased (-2%). All geographic areas contributed to software revenue growth. Asia was the weakest (+4%), mainly Korea, India, and Southern Asia, compared to the Americas and Europe (respectively +11% and +10%) – all growth rates at constant currency. - The operating income increased by only 2% to €161m, corresponding to a margin of 21.4% of revenue (-0.6pt). There was an increase in the cost of services & other revenue (+6%), while services & other revenue decreased and R&D expenses and G&A costs increased at a higher pace than total revenue (respectively +8% and +11% vs +5% for total revenue). In addition, other operating expenses increased to €-11m (vs €-4m in Q2 15). - Group net income was rather flat at €101m (+1%) after higher net financial expenses of €-7.6m (vs €+3.1m in Q2 15) and lower income tax rate (-3.6pts to 33.1%). H1 16 IFRS figures - Revenue reached €1,445m (+6% and +7% at constant currency). At constant currency, revenue growth was mainly attributable to software revenue (+7%). Services & other revenue increased moderately (+2%). By geographic area, the Americas and Europe were the most dynamic (respectively +10% and +8%) while Asia was weaker (+5%). - Operating income increased to €284m (+6%), corresponding to a stable margin rate at 19.6% of revenue. - Group net income was €191m (+12%), after higher net financial expenses of €-17m (vs €+4m in H1 15) and a lower income tax rate (-9pts to 27.5%). - Operating cash flow was substantial as usual (€449m, +8%) and main cash outflows were the purchase of treasury shares for €43m and the payment of the dividend for €102m. The group ended H1 16 with a comfortable net cash situation of €1.64bn which enables the funding of acquisitions by cash, as will be the case to acquire CST. CST is a German company specialised in electromagnetic and electronics simulation which had revenue of €47m in 2015. Dassault Systèmes will pay €220m in cash. The operation is expected to be completed in Q4 16.

Strong growth and operating margin in Q4 15.

  • 04 Feb 16

+Q4 15 (IFRS standards)+ Revenue surged to €796m (+18%, +11% on constant currency). Excluding the currency effects, software revenue grew by 11% (o/w +9% organically, non-IFRS) while services increased by 8%. Asia and Americas where performance improved in Latin America were the most dynamic geographic areas (respectively +15% and +12% on constant currency). Operating income surged to €216m (+45%) representing an operating margin of 27.1% of revenue (+5pts). All operating expenses increased at a lower pace than total revenue, the amortization of acquired intangibles related to the acquisition of companies decreased to €-39m (-5%) and the other operating expenses declined to €-5.6m (vs €-7.9m in Q4 14). Group net profit was €126.5m (+27%) after financial expenses of €-2.8m (vs €+2m in Q4 14) and a higher income tax rate (+7pts to 40.3%). +FY2015 (IFRS standards)+ Revenue reached €2,839m (+24%, +13% on constant currency). It included the full year contribution of Accelrys and Quintiq which were acquired in April and September 2014 respectively. Software revenue increased by 13% on constant currency (o/w +8% organically, non-IFRS). Operating income was €633m (+47%), 2% above our expectation, representing an operating margin of 22.3% of revenue (+3.5pts). Group net profit was €402m (+38%) after net financial expenses of €-0.1m (vs €+15m in 2014) and a higher income tax rate (+1.5pts to 35.9%). Strong operating cash flow (€633m, +27%) exceeded capex (€44m, -4%) and the return to shareholders i.e. the payment of the dividend (€98m) and the repurchase of shares (€28m). The cash outflow related to the acquisition of companies was significantly lower than in 2014 (€20m vs. €953m in 2014). In Q4 15, Dassault Systèmes fully drew down a new credit facility of €650m due to mature in 2020. At year-end 2015, the Group had a net cash situation of €1.35bn (vs. €825m in 2014).

Solid growth amplified by currencies and tax-related items

  • 22 Oct 15

Dassault Systèmes had a good Q3 15 characterised by strong revenue and earnings growth amplified by currency effects, a good achievement in terms of new licences revenue and various positive tax-related items. Q3 15 (IFRS standards): Total revenue reached €676m (+20%, +11% at constant currency and including the change of perimeter). Excluding currency effects, revenue growth was driven by Europe (+17%/ +13% non-IFRS) and the Americas (+12%). The activity was less dynamic in Asia (+1%/ 0% non-IFRS) but the basis of comparison was challenging (+22% last year). The operating income surged by 45% to €148.8m, representing an operating margin of 22% of revenue (+3.8pts). The amortisation of intangibles related to acquisitions amounted to €42.8m (+24%) and there was practically no other operating expenses unlike last year (€-0.6m vs €-9.8m in Q3 14). Group net profit increased to €105.5m (+48%) after net financial costs of €-1m (vs €+5.6m in Q3 14) and a lower income tax rate (-5.4pts to 28.2%) due to a reversal in tax reserves. The substantial net cash situation increased to €1.23bn on 30 September 2015 (vs €825m on 31 December 2014). On 9-month 2015, the operating cash flow reached €530m (+19%) and exceeded cash out-flows which included net capex of €31m, the acquisition of companies for €18m net of the cash acquired (vs €935m in 9m 14), the purchase of treasury shares for €28m (vs €151m in 9m 14) and the dividend paid in cash to shareholders for €98m. The proceeds from the exercise of stock options were €25m.