IFRS – NON-IFRS RECONCILIATION
(unaudited; in millions of Euros, except per share data)
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 Document de référence for the year ended December 31, 2010 filed with the AMF on April 1, 2011 and 2011 Half Year Report filed on July 29, 2011. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Company’s consolidated financial statements prepared in accordance with IFRS.
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In millions of Euros, except per share data and
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Three months ended December 31, |
Change | ||||||||||||||||||||||||||||||
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2011
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Adjustment
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2011
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2010
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Adjustment
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2010
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IFRS |
Non-IFRS
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| Total Revenue | € 512.1 | € 462.7 | 4.6 | € 467.3 | 11% | 10% | ||||||||||||||||||||||||||
| Total Revenue breakdown by activity | ||||||||||||||||||||||||||||||||
| Software revenue | 462.1 | 418.2 | 4.6 | 422.8 | 10% | 9% | ||||||||||||||||||||||||||
| New Licenses | 155.4 | 135.8 | 14% | |||||||||||||||||||||||||||||
| Product Development | 0.7 | 1.8 | ||||||||||||||||||||||||||||||
| Periodic Licenses and Maintenance | 306.0 | 280.6 | 4.6 | 285.2 | 9% | 7% | ||||||||||||||||||||||||||
| Recurring portion of Software revenue | 66% | 67% | 67% | |||||||||||||||||||||||||||||
| Services and other revenue | 50.0 | 44.5 | 12% | |||||||||||||||||||||||||||||
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Total Software Revenue breakdown by product line |
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| PLM software revenue | 371.0 | 335.4 | 4.6 | 340.0 | 11% | 9% | ||||||||||||||||||||||||||
| of which CATIA software revenue | 220.2 | 199.0 | 3.8 | 202.8 | 11% | 9% | ||||||||||||||||||||||||||
| of which ENOVIA software revenue | 70.7 | 67.0 | 0.9 | 67.9 | 6% | 4% | ||||||||||||||||||||||||||
| SolidWorks software revenue | 91.1 | 82.8 | 10% | |||||||||||||||||||||||||||||
| Total Revenue breakdown by geography | ||||||||||||||||||||||||||||||||
| Americas | 135.7 | (0.1) | 135.6 | 132.3 | 1.8 | 134.1 | 3% | 1% | ||||||||||||||||||||||||
| Europe | 251.3 | 0.1 | 251.4 | 215.3 | 3.4 | 218.7 | 17% | 15% | ||||||||||||||||||||||||
| Asia | 125.1 | 115.1 | (0.6) | 114.5 | 9% | 9% | ||||||||||||||||||||||||||
| Total Operating Expenses | (€ 376.4) | 32.2 | (€ 344.2) | (€ 338.0) | 29.3 | (€ 308.7) | 11% | 11% | ||||||||||||||||||||||||
| Stock-based compensation expense | (6.0) | 6.0 | - | (3.9) | 3.9 | - | - | - | ||||||||||||||||||||||||
| Amortization of acquired intangibles | (21.1) | 21.1 | - | (23.5) | 23.5 | - | - | - | ||||||||||||||||||||||||
| Other operating income and expense, net | (5.1) | 5.1 | - | (1.9) | 1.9 | - | - | - | ||||||||||||||||||||||||
| Operating Income | € 135.7 | 32.2 | € 167.9 | € 124.7 | 33.9 | € 158.6 | 9% | 6% | ||||||||||||||||||||||||
| Operating Margin | 26.5% | 32.8% | 27.0% | 33.9% | ||||||||||||||||||||||||||||
| Financial revenue & other, net | (5.1) | 4.3 | (0.8) | 0.0 | 0.0 | 0.0 | N/A | N/A | ||||||||||||||||||||||||
| Income tax expense | (45.2) | (12.9) | (58.1) | (46.0) | (10.8) | (56.8) | (2%) | 2% | ||||||||||||||||||||||||
| Non-controlling interest | (0.7) | 0.1 | (0.6) | 0.0 | 0.0 | 0.0 | N/A | N/A | ||||||||||||||||||||||||
| Net Income attributable to shareholders | € 84.7 | 23.7 | € 108.4 | € 78.7 | 23.1 | € 101.8 | 8% | 6% | ||||||||||||||||||||||||
| Diluted Net Income Per Share (3) | € 0.68 | 0.19 | € 0.87 | € 0.64 | 0.19 | € 0.83 | 6% | 5% | ||||||||||||||||||||||||
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(1) In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the deferred revenue adjustment of acquired companies; (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangibles, share-based compensation expense, and other operating income and expense, (iii) adjustments to IFRS financial revenue and other, net reflect the exclusion of certain one-time items included in financial revenue and other, net in 2011, and (iv) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted net income per share, the income tax effect of the non-IFRS adjustments and certain one-time tax effects in 2010. |
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| In millions of Euros | Three months ended December 31, | |||||||||||||||||||||||
| 2011 IFRS | Adjustment |
2011
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2010 IFRS | Adjustment |
2010
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| Cost of revenue | (66.4) | 0.2 | (66.2) | (59.4) | 0.2 | (59.2) | ||||||||||||||||||
| Research and development | (88.6) | 2.9 | (85.7) | (77.7) | 2.2 | (75.5) | ||||||||||||||||||
| Marketing and sales | (148.2) | 1.5 | (146.7) | (138.0) | 0.8 | (137.2) | ||||||||||||||||||
| General and administrative | (47.0) | 1.4 | (45.6) | (37.5) | 0.7 | (36.8) | ||||||||||||||||||
| Total stock-based compensation expense | 6.0 | 3.9 | ||||||||||||||||||||||
