Dassault Systemes Se · EURONEXT:DSY
Dassault Systemes — FY2017 Earnings Presentation
73 slides from Dassault Systemes's earnings presentation, February 2018
Slide 1: Analysts Meeting Q4 & FY 2017
Analysts Meeting Q4 & FY 2017 Strategy and Growth Drivers at Work Bernard Charlès, Vice-Chairman of the Board of Directors & CEO Thibault de Tersant, Senior EVP & General Secretary Pascal Daloz, CFO & Corporate Strategy Officer
Slide 2: Forward Looking Information
Forward Looking Information Statements herein that are not historical facts but express expectations or objectives for the future, including but not limited to statements regarding the Company’s non-IFRS financial performance objectives, are forward-looking statements. Such forward-looking statement
Slide 3: Non-IFRS Information
Non-IFRS Information 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. Als
Slide 4: Glossary of Definitions
Glossary of Definitions Information in Constant Currencies When the Company believes it would be helpful for understanding trends in its business, the Company provides percentage increases or decreases in its revenue and EPS (in both IFRS as well as non-IFRS) to eliminate the effect of changes in cu
Slide 5: 2017 Highlights Non-IFRS
2017 Highlights Non-IFRS Delivering our commitments Objectives Achievements New licenses revenue up +8-10% exFX +11% ex FX Organic operating margin up ~50 basis points exFX ~100 basis points exFX EPS up +6-8% +8% Strategy at work Purpose: Harmonizing Product, Nature and Life #1 in 2018 T
Slide 6: Agenda
Agenda 1 Strategy Update 2 Q4 & FY17 Financial Highlights and IFRS updates 3 Q4 & FY17 Business Highlights 4 Q1 & FY18 Financial Objectives 5 Financial Information Appendix 6
Slide 7: Our Purpose
Our Purpose “ Dassault Systèmes provides business & people with 3DEXPERIENCE universes to imagine “ sustainable innovations capable of harmonizing product, nature and life. 7
Slide 8: #1 in 2018 Top 100 Most Sustainable Corporations
#1 in 2018 Top 100 Most Sustainable Corporations Ranking relies on the computation of many key performance indicators (environmental, social, financial and innovation capacity…) but also, as of this year, on the sustainability value of a company’s products http://www.corporateknights.com/reports/glo
Slide 9: Our Belief: New Reality
Our Belief: New Reality Virtual Worlds EXTEND & IMPROVE Real World 9
Slide 10: Our Strategy
Our Strategy Social Industry Experiences Ease of use, Online, Mobile Business Solutions Software, Services, Content 10
Slide 11: Homebyme
Homebyme You’re going to love designing your home Video 11
Slide 12: Industry References Industry Shakers
INDUSTRY REFERENCES INDUSTRY SHAKERS 12
Slide 13: 3DEXPERIENCity | Singapore - Rennes
3DEXPERIENCity | Singapore - Rennes Virtual Rennes Citizen-centric: Systemic approach Intelligent and digital model based on geometric and topographical elements Cross-referencing data 13
Slide 14: A Platform for Business Experience
A Platform for Business Experience As an As a OPERATING BUSINESS SYSTEM MODEL Powers our Powers our software portfolio marketplace portfolio 14
Slide 15: Boeing Extends Use of Dassault Systèmes to Include 3DEXPERIENCE Platform
Boeing Extends Use of Dassault Systèmes to Include 3DEXPERIENCE Platform BOEING World's largest aerospace company and leading manufacturer of commercial jetliners and defense, space and security systems Business Values: Agreement spanning Boeing’s Commercial Aircraft, Space Solution: and Defense div
Slide 16: Bouygues Adopts 3DEXPERIENCE Platform
Bouygues Adopts 3DEXPERIENCE Platform Bouygues Bouygues Construction is a global player in construction, with operations in more than 80 countries. It designs, builds and operates projects in the sectors of building, infrastructure and industry. Business Values: Accelerating the digital transformati
Slide 17: Schindler Adopts 3DEXPERIENCE Platform for their Escalator Business
Schindler Adopts 3DEXPERIENCE Platform for their Escalator Business Schindler Schindler develops, manufactures, installs, maintains and modernizes elevators, escalators, moving walks and transit management solutions for all kinds of buildings Business Values: Solution: - Bringing together every engi
Slide 18: R2018x | POWER'BY
R2018x | POWER’BY Understand the Past, Navigate the Future WORK IN HYBRID ENVIRONMENT: POWER’BY: 1. Social Web Services Access, visualize, use data and connect users 2. PLM Web Services Take advantage of BOM management 3. 3DEXPERIENCE Roles Take advantage of 3DEXPERIENCE roles Other Applications Das
Slide 19: R2018x | Marketplace
R2018x | Marketplace As a BUSINESS MODEL Transforming the Design & Manufacturing Value Chain https://make.3dexperience.3ds.com/welcome Connecting buyers and sellers of design and manufacturing content and services worldwide Marketplace | Make Marketplace | PartSupply Available in R2018x since Januar
Slide 20: Global Executive Management
Global Executive Management Bernard CHARLÈS Vice-Chairman & CEO Thibault de TERSANT Senior EVP, General Secretary Dominique FLORACK Global Field Operations President, Research & Development Pascal DALOZ Bruno LATCHAGUE EVP, Chief Financial Officer AMERICAS | Boston and Corporate Strategy Officer Flo
Slide 21: Agenda
Agenda 1 Strategy Update 2 Q4 & FY17 Financial Highlights and IFRS Updates 3 Q4 & FY17 Business Highlights 4 Q1 & FY18 Financial Objectives 5 Financial Information Appendix 21
Slide 22: Total Revenue Growth Non-IFRS
Total Revenue Growth Non-IFRS Total Revenue +5.8% +7% ex FX in MEUR 3 500 3 000 3,242.0 3,065.6 2 500 2 000 +3.4% 1 500 +8% ex FX 1 000 882.6 912.8 500 - YTD 16 YTD 17 4Q16 4Q17 Organic revenue up +7% exFX in Q4 and +5% in FY 22
Slide 23: Software Revenue Growth Non-IFRS
Software Revenue Growth Non-IFRS New Licenses Revenue and Other Software Revenue Periodic & Maintenance Revenue +9.0% +5.6% +11% ex FX +7% ex FX 900 2 500 800 855.8 700 785.0 2 000 2,027.4 1,919.3 600 1 500 500 +11.3% +1.9% 400 +16% ex FX +6% ex FX 1 000 300 200 265.7 295.8 500 100 508.2 518.0 - - Y
Slide 24: Service Revenue & Margin Evolution Non-IFRS
Service Revenue & Margin Evolution Non-IFRS Service Revenue -0.7% +1% ex FX 400 350 361.3 358.8 300 250 200 -8.9% -5% ex FX 150 100 108.7 99.0 50 - YTD 16 YTD 17 4Q16 4Q17 Service Gross 14.7% 12.7% 27.6% 18.5% Margin 24
Slide 25: Software Revenue by Region Non-IFRS
Software Revenue by Region Non-IFRS Software Revenue Growth exFX by Region Americas: Q4 & FY software revenue growth in the US partly offset by Latin America Q4 17 FY 17 Europe: Strong growth in France, Germany, Americas +5% +7% Southern Europe and Russia in 2017 Europe +13% +10% Asia +8% +6%
Slide 26: Software Revenue by Brands Non-IFRS
Software Revenue by Brands Non-IFRS Software Revenue Growth exFX by Brands CATIA: strong Q4 performance driven by new Q4 17 FY 17 licenses up 29% exFX CATIA +10% +4% ENOVIA: customers expecting POWER’BY ENOVIA -2% +2% SOLIDWORKS: new licenses up 19% exFX in SOLIDWORKS +13% +14% Q4 and 26% in F
Slide 27: Operating Margin Evolution Non-IFRS
Operating Margin Evolution Non-IFRS 32.4% +1.0% 32.2% 32.0% -0.2% 32.0% 31.8% 31.6% 31.4% 31.2% 31.2% 31.0% 30.8% 30.6% YTD 16 Margin Organic performance Acquisitions YTD 17 Margin 27
Slide 28: EPS Non-IFRS
EPS Non-IFRS Diluted EPS in EUR +8% 3.00 2.50 2.68 2.49 2.00 1.50 +14% 1.00 0.89 0.50 0.78 - YTD 16 YTD 17 4Q16 4Q17 Non-IFRS EPS excludes positive one-time tax effect (9 cents) 28
Slide 29: Change in Net Financial Position (YTD)
Change in Net Financial Position (YTD) +215 +4 +6 +520 -84 +62 -372 -51 -133 -200 1,460 1,493 Operating cash flow up +20%: +€745 m compared to +€622 m in 2016 Net Financial Net Income Non cash P&L Change in Change in non- Capital Acquisitions and DS stock option Cash dividend paid Treasury shares FX
Slide 30: Operating Cash Flow Evolution IFRS
Operating Cash Flow Evolution IFRS € million FY 17 FY 16 Changes Operating Cash Flow +745 +622 +123 Net income adjusted for non cash items +735 +698 +37 Strong billing activity at very end of Q4 trade accounts receivable Decrease in trade accounts receivable -111 -61 -50 up 17% exFX compared to Q4
Slide 31: Implementing IFRS 15 as of January 1, 2018
Implementing IFRS 15 as of January 1, 2018 The only impact: revenue from periodic licenses Before January 1, 2018: ratable recognition of subscription revenue over the term of the license contract Under IFRS 15: split of the rental fee of periodic licenses between license portion (recognized u
Slide 32: IFRS 15 | Example
IFRS 15 | Example One-year subscription contract effective on July 1st 2017, renewed on July 1st 2018, for 120 annual fee 2017 2018 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL IAS 18 Periodic license 30 30 60 30 30 30 30 120 Upfront portion 100 - 100 - - 100 - 100 IFRS 15 Subscription portion 5 5 10 5 5 5 5 20 To
Slide 33: IFRS 15 | Estimated Impacts
IFRS 15 | Estimated Impacts 2017 Recurring Revenue Seasonality Impact Simulation * Software Recurring revenue 1Q17 2Q17 3Q17 4Q17 FY17 (€ million) IAS 2018 (Non-IFRS) 503 511 495 518 2,027 Seasonality % 25% 25% 24% 26% 100% IFRS 15 estimated (Non-IFRS) 556 512 463 507 2,038 Seasonality % 27% 25% 2
Slide 34: Agenda
Agenda 1 Strategy Update 2 Q4 & FY17 Financial Highlights and IFRS Updates 3 Q4 & FY17 Business Highlights 4 Q1 & FY18 Financial Objectives 5 Financial Information Appendix 34
Slide 35: 3DEXPERIENCE Performance Non-IFRS
3DEXPERIENCE Performance Non-IFRS 3DEXPERIENCE representing >25% of Q4 software revenue* ~20 3DEXPERIENCE transactions exceeding €1 million in Q4 * Excluding SOLIDWORKS and acquisitions 35
Slide 36: Industries | FY 17 Performance Non-IFRS
Industries | FY 17 Performance Non-IFRS FY 17 – Software Revenue • Diversification industries* representing 32% of 2017 software revenue +1 percentage point YoY High-Tech, Consumer Goods & Retail and Consumer Packaged Goods & Retail • Industrial Equipment up double-digits * Architecture, Enginee
Slide 37: Consumer Packaged Goods & Retail Non-IFRS
Consumer Packaged Goods & Retail Non-IFRS Consumer Packaged Goods & Retail software revenue up ~+17% exFX in 2017 Key wins in Food & Beverage and in Retail with Quintiq Expanding in Beauty & Personal Care Diversifying in Manufacturing with Perfect Production 37
Slide 38: Boticario Adopts 3DEXPERIENCE Platform
Boticario Adopts 3DEXPERIENCE Platform Boticario The Grupo Boticário brands and stores can be found throughout Brazil It produces 300 million products every year Business Values: • Improving manufacturing operations management, Solution: execution, control, traceability, quality & compliance • 3DEXP
Slide 39: High-Tech Non-IFRS
High-Tech Non-IFRS High-Tech software revenue up ~+11% exFX in 2017 Expanding in Semiconductors and winning new key accounts Winning multi-million deals in Simulation, Manufacturing, Supply Chain Signing important references in Consumer Electronics 39
Slide 40: Electrolux Selects DELMIA
Electrolux Selects DELMIA Electrolux Leading global appliance company. Throught its brands (Electrolux, AEG, Anova, Frigidaire, Westinghouse, Zanussi …), it sells 60+ million household & professional products every year Business Values • Increase operational control in the factory to give Solution:
Slide 41: SOLIDWORKS | Inspiring Innovation Non-IFRS
SOLIDWORKS | Inspiring Innovation Non-IFRS Software revenue up +13% exFX in Q4 and +14% in FY with double-digit new licenses growth Winning market share Adding 20k+ new customers in 2017 800k+ commercial users 41
Slide 42: EXALEAD | Data in Business Non-IFRS
EXALEAD | Data in Business Non-IFRS EXALEAD software revenue up +19% exFX in 2017 Winning with Sourcing and Standardization Intelligence in Aerospace & Defense Good momentum with PLM analytics to reveal, measure and analyze PLM data 42
Slide 43: QUINTIQ | Solving the World's Planning Puzzles Non-IFRS
QUINTIQ | Solving the World’s Planning Puzzles Non-IFRS QUINTIQ software revenue up +24% exFX in 2017 Signing key references in Food and Retail Winning in Discrete Manufacturing for Supply Chain and Manufacturing Operations Management 43
Slide 44: JUMBO Supermarkten Selects QUINTIQ
JUMBO Supermarkten Selects QUINTIQ JUMBO Supermarkten Family owned, second largest food retailer in the Netherlands with a strong omni-channel strategy and ambition to expand to other countries. Business Values Solution: • Integrated Supply Chain Planning & Optimization to achieve a level of optimiz
Slide 45: 2017 Main Acquisitions
2017 Main Acquisitions * * Expected to be closed end of Q1 2018 Acquiring a majority stake in Outscale Providing cloud computing infrastructure services (IaaS) through 10 data centers Enabling 3DEXPERIENCE Platform rapid deployment whatever the size of the company 45
Slide 46: Agenda
Agenda 1 Strategy Update 2 Q4 & FY17 Financial Highlights and IFRS Updates 3 Q4 & FY17 Business Highlights 4 Q1 & FY18 Financial Objectives 5 Financial Information Appendix 46
Slide 47: Initiating 2018 Guidance Non-IFRS IAS 18
Initiating 2018 Guidance Non-IFRS IAS 18 Assumptions for 2018 Guidance New licenses revenue growth up 8-10% exFX Recurring revenue growth up 7-8% exFX Service revenue growth up ~12% exFX Moderate increase of organic operating margin (after 100 basis points increase in 2017) Tax rate decrea
Slide 48: Proposed objectives Non-IFRS IAS 18
Proposed objectives Non-IFRS IAS 18 Q1 2018 FY 2018 Revenue (M€) 750-770 3,355-3,385 Q1 2018 • New licenses revenue up +9-15% exFX Growth -2% to +1% ~+4% • EPS up +2-8% (+18-24% exFX) Growth ex FX +7-10% +8-9% FY 2018 Operating Margin 26-27% 31-31.5% • New licenses revenue up +8-10% exFX • Recurring
Slide 49: Agenda
Agenda 1 Strategy Update 2 Q4 & FY17 Financial Highlights and IFRS Updates 3 Q4 & FY17 Business Highlights 4 Q1 & FY18 Financial Objectives 5 Financial Information Appendix 49
Slide 50: Software Revenue by Region
Software Revenue by Region IFRS Growth Growth in MEUR 4Q17 4Q16 Growth YTD 17 YTD 16 Growth ex FX ex FX Americas 229.3 233.3 -1.7% +6% 855.4 815.5 +4.9% +7% Europe 377.6 335.5 +12.5% +15% 1 233.5 1 139.1 +8.3% +10% Asia 204.6 197.5 +3.6% +8% 780.4 740.1 +5.4% +6% Software revenue 811.5 766.3 +5.9% +
Slide 51: Software Revenue by Region
Software Revenue by Region Non-IFRS Growth Growth in MEUR 4Q17 4Q16 Growth YTD 17 YTD 16 Growth ex FX ex FX Americas 230.4 235.7 -2.2% +5% 860.1 818.8 +5.0% +7% Europe 378.3 340.3 +11.2% +13% 1 241.5 1 144.5 +8.5% +10% Asia 205.1 197.9 +3.6% +8% 781.6 741.0 +5.5% +6% Software revenue 813.8 773.9 +5.
Slide 52: Revenue by Product Line
Revenue by Product Line IFRS Growth Growth in MEUR 4Q17 4Q16 Growth YTD 17 YTD 16 Growth ex FX ex FX CATIA SW 288.5 267.8 +7.7% +10% 1 004.9 970.8 +3.5% +4% ENOVIA SW 86.2 91.9 -6.2% -2% 321.9 321.4 +0.2% +2% SOLIDWORKS SW 178.7 170.1 +5.1% +13% 695.8 626.0 +11.2% +14% Other SW 258.1 236.5 +9.1% +14
Slide 53: Revenue by Product Line
Revenue by Product Line Non-IFRS Growth Growth in MEUR 4Q17 4Q16 Growth YTD 17 YTD 16 Growth ex FX ex FX CATIA SW 288.5 267.8 +7.7% +10% 1 004.9 970.8 +3.5% +4% ENOVIA SW 86.2 91.9 -6.2% -2% 321.9 321.4 +0.2% +2% SOLIDWORKS SW 178.7 170.1 +5.1% +13% 695.8 626.0 +11.2% +14% Other SW 260.4 244.1 +6.7%
Slide 54: Software Revenue Evolution
Software Revenue Evolution Non-IFRS 3 500 3 000 2 500 30% 29% 2 000 Recurring 1 500 Non-recurring 1 000 71% 70% 34% 36% 500 66% 64% - YTD 16 YTD 17 4Q16 4Q17 54
Slide 55: IFRS P&L
IFRS P&L Three months ended December 31, Twelve months months ended December 31, (In millions of €, except per share data) 2017 2016 YoY 2017 2016 YoY Software revenue 811.5 766.3 +5.9% 2,869.3 2,694.7 +6.5% New licenses and Other software revenue 295.8 265.7 +11.3% 855.8 784.4 +9.1% Periodic and Ma
Slide 56: IFRS P&L (%)
IFRS P&L (%) Three months ended December 31, Twelve months months ended December 31, 2017 2016 2017 2016 % of revenue % of revenue Software revenue 89.1% 87.6% 88.9% 88.2% New licenses and Other software revenue 32.5% 30.4% 26.5% 25.7% Periodic and Maintenance revenue 56.6% 57.2% 62.4% 62.5% Service
Slide 57: Non-IFRS P&L
Non-IFRS P&L Three months ended December 31, Twelve months months ended December 31, (In millions of €, except per share data) 2017 2016 YoY 2017 2016 YoY Software revenue 813.8 773.9 +5.2% 2,883.2 2,704.3 +6.6% New licenses and Other software revenue 295.8 265.7 +11.3% 855.8 785.0 +9.0% Periodic an
Slide 58: Non-IFRS P&L (%)
Non-IFRS P&L (%) Three months ended December 31, Twelve months months ended December 31, 2017 2016 2017 2016 Software revenue 89.2% 87.7% 88.9% 88.2% New licenses and Other software revenue 32.4% 30.1% 26.4% 25.6% Periodic and Maintenance revenue 56.7% 57.6% 62.5% 62.6% Service and other revenue 10.
Slide 59: IFRS – Non-IFRS Reconciliation QTD
IFRS – Non-IFRS Reconciliation QTD Revenue and Gross Margin Three months ended December 31, Increase (Decrease) 2017 2017 2016 2016 (€ million, except % and per share data) Adjustment Adjustment IFRS Non-IFRS IFRS Non-IFRS IFRS Non-IFRS Total Revenue 910.4 2.4 912.8 875.0 7.6 882.6 4.0% 3.4% Total R
Slide 60: IFRS – Non-IFRS Reconciliation QTD
IFRS – Non-IFRS Reconciliation QTD Expenses & Earnings Three months ended December 31, Increase (Decrease) 2017 2017 2016 2016 (€ million, except % and per share data) Adjustment Adjustment IFRS Non-IFRS IFRS Non-IFRS IFRS Non-IFRS Total Operating Expenses ( 630.2) 69.3 ( 560.9) ( 647.8) 76.7 ( 571.
Slide 61: IFRS – Non-IFRS Reconciliation YTD
IFRS – Non-IFRS Reconciliation YTD Revenue and Gross Margin Twelve months months ended December 31, Increase (Decrease) 2017 2017 2016 2016 (€ million, except % and per share data) Adjustment Adjustment IFRS Non-IFRS IFRS Non-IFRS IFRS Non-IFRS Total Revenue 3 228.0 14.0 3 242.0 3 055.6 10.0 3 065.6
Slide 62: IFRS – Non-IFRS Reconciliation YTD
IFRS – Non-IFRS Reconciliation YTD Expenses & Earnings Twelve months months ended December 31, Increase (Decrease) 2017 2017 2016 2016 (€ million, except % and per share data) Adjustment Adjustment IFRS Non-IFRS IFRS Non-IFRS IFRS Non-IFRS Total Operating Expenses (2 499.0) 294.1 (2 204.9) (2 383.6)
Slide 63: Financial Revenue and Other
Financial Revenue and Other Non-IFRS MEUR 4Q17 4Q16 var YTD 17 YTD 16 var Interest Income 6.9 4.6 2.3 25.5 17.4 8.1 Interest Expense (3.8) (3.1) (0.7) (13.9) (12.8) (1.1) Financial net Income 3.1 1.5 1.6 11.6 4.6 7.0 Exchange Gain / (Loss) (1.6) 0.2 (1.8) (10.3) (9.3) (1.0) Other Income / (Loss) 0.0
Slide 64: Exchange Rate evolution
Exchange Rate evolution From assumptions to actual data Breakdown of P&L by currency for YTD 17 Average Exchange rates Revenue Operating Expenses 2016 2017 % change EUR/USD 1.08 1.18 +9% USD 36.3% 34.7% QTD EUR/JPY 117.9 132.9 +13% EUR/USD 1.11 1.13 +2% JPY 12.0% 5.2% YTD EUR/JPY 120.2 126.7 +5% EUR
Slide 65: Comparing 4Q17 with mid-range Objectives
Comparing 4Q17 with mid-range Objectives Non-IFRS Operating Operating Operating Revenue Expenses Profit Margin 4Q17 Guidances mid-range 866.0 (549.9) 316.1 36.5% Growth YoY -1.9% -3.7% +1.5% +1.2pt USD impact 5.6 (3.3) 2.3 +0.0pt JPY impact including hedging 1.0 (0.4) 0.6 +0.0pt Other currencies and
Slide 66: Estimated FX impact on 4Q17 Op. Results
Estimated FX impact on 4Q17 Op. Results Non-IFRS Total Operating Operating Operating € millions QTD Revenue Expenses Income Margin 4Q17 Reported 912.8 (560.9) 351.9 38.6% 4Q16 Reported 882.6 (571.1) 311.5 35.3% Growth as reported +3.4% -1.8% +13.0% +3.3 pt Impact of Actual Currency Rates USD impact
Slide 67: Estimated FX impact on FY17 Op. Results
Estimated FX impact on FY17 Op. Results Non-IFRS Total Operating Operating Operating € millions FY Revenue Expenses Income Margin FY2017 Reported 3,242.0 (2,204.9) 1,037.1 32.0% FY2016 Reported 3,065.6 (2,107.9) 957.7 31.2% Growth as reported +5.8% +4.6% +8.3% +0.8 pt Impact of Actual Currency Rates
Slide 68: Balance Sheet
Balance Sheet IFRS End of End of Variation End of Variation (in millions of €) Dec-17 Sep-17 Dec-17 / Sep-17 Dec-16 Dec-17 / Dec-16 Cash and cash equivalents 2,459.4 2,741.9 -282.5 2,436.7 +22.7 Short-term investments 1.3 46.5 -45.2 56.1 -54.8 Accounts receivable, net 895.9 549.0 +346.9 820.4 +75.5
Slide 69: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows IFRS (in millions of €) 4Q17 4Q16 Variation 4Q17 YTD 4Q16 YTD Variation Net income attributable to equity holders of the parent 204.9 142.9 62.0 519.4 447.2 72.2 Non-controlling interest (0.3) 0.7 (1.0) 0.7 5.0 (4.3) Net income 204.6 143.6 61.0 520.1 452.2 67.9 D
Slide 70: Trade Accounts Receivable / DSO
Trade Accounts Receivable / DSO 70
Slide 71: Headcount by destination
Headcount by destination Closing H/C - December 2017 At Closing - TOTAL 9% 4Q17 4Q16 % growth 3Q17 % growth M&S + COR Ser 7 992 7 518 +6% 7 663 +4% R&D + COR SW 6 670 6 375 +5% 6 459 +3% 50% 41% G&A 1 478 1 322 +12% 1 440 +3% Total 16 140 15 215 +6% 15 562 +4% At Closing - PAYROLL 4Q17 4Q16 % growth
Slide 72: IFRS 2018 Objectives
IFRS 2018 Objectives Accounting elements not included in the non-IFRS 2018 Objectives FY 2018 estimated deferred revenue write-down of ~€5m FY 2018 estimated share-based compensation expenses, including related social charges: ~60m FY 2018 estimated amortization of acquired intangibles: ~€160m
Slide 73: PAY
73 PAY USTEMES ASSAULT | The 3DEXPERIENCE® Company