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France picks up 707 million euros for 2.1% stake in EADS
by Staff Writers
Paris (AFP) April 26, 2013


Dassault Systemes posts Q1 profit of 73.7 mn euros
Paris (AFP) April 25, 2013 - French software group Dassault Systemes posted on Thursday a two percent annualised rise in its first-quarter net profit, confirmed its 2013 targets and announced the acquisition of two European firms for undisclosed amounts.

Dassault Systèmes said that its net profit in the three months from January through March edged up to 73.7 million euros ($95.9 million) on sales that gained six percent to 488.8 million.

The results were in line with the group's targets and chief executive officer Bernard Charles was quoted by a statement as saying: "In addition to our research and development work, we have been furthering our expansion through targeted acquisitions to complement our industry solutions portfolio."

Dassault Systemes said that it would buy the French company Archivideo, which it termed a "3D city modeling pioneer," and the German firm Fe-Design, a specialist in design for early-stage product development.

Financial details of those purchases were not revealed.

Meanwhile, Dassault Systemes confirmed its full-year 2013 sales target of between 2.07-2.10 billion euros, excluding foreign exchange effects.

"Turning to the second quarter, we are setting a revenue objective of about 515 million euros and expect to see new licenses revenue resume a positive growth evolution and recurring software revenue at a more normalized growth rate of about nine percent in constant currencies," the statement quoted finance director Thibault de Tersant as saying.

In the first quarter, its operating cashflow gained 12 percent to 185 million euros, and the group said that its board would ask shareholders to approve a dividend of 80 euro cents per share, an increase of 14 percent from the last quarter of 2012, to be taken in cash or new shares.

The French state raised another 707 million euros ($921 million) from the sale of a 2.1 percent stake in EADS to investors, the economy ministry said in a statement.

The sale of 17.6 million shares follows the sale by France earlier this month of roughly 13 million shares back to the company itself for 483 million euros as part of EADS share buyback programme.

EADS, which owns passenger aircraft maker Airbus, announced a share buyback programme earlier this month as part of a wider restructuring that will reduce state ownership and interference in the company.

Germany and Spain also own stakes in the company.

The two operations, which brought the French state nearly 1.2 billion euros, should help preserve "the strategic interests of the state and free up capital resources for new economic growth sectors," said the ministry.

France, which is struggling to meet its commitments to the EU to reduce its public deficit, last month took advantage of high prices for shares in the aircraft engine and equipment manufacturer Safran to sell a 3.12 percent stake and raise 448.5 million euros.

pan/rl/yad

EADS - EUROPEAN AERONAUTIC DEFENCE AND SPACE COMPANY

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British millionaire guilty of selling fake bomb detectors
London (AFP) April 23, 2013
A British millionaire is facing jail after he was convicted on Tuesday of selling fake bomb detectors to Iraq and other countries. James McCormick, 56, was found guilty of three counts of fraud at London's Old Bailey court for selling completely ineffective devices based on an American novelty golf ball finder. McCormick made an estimated Pounds 50 million ($76 million, 59 million euros) from ... read more


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