2019 ANNUAL RESULTS

1

SOGECLAIR creation to lead the companies development

created in 1962

Listed on theParis Stock Exchange

1998

1986

SOGECLAIR is a leading supplier of technological solutions and products with high added-value in the

transportation industry (air and ground)«

2001 – 2005Set up in Europe

2013-2015Set up in

North America

2018Set up in

Asia Pacific

SOGECLAIR is a family company listed on NYSE Euronext Paris

1990’sWork Packages

2000’sProducts

2010’sManufacturing

Engineering

2019Entry into the capital of

KEY’S(6,4% of the capital –

74 « Key people » of SOGELAIR)

Production Sites (5 with 3 in France)

Design Office

HeadquarterBlagnac - FRANCE

Our international development started in the 2000s and keeps growingThe Group has continued its industrial strengthening with today 5 factories in Toulouse (2), in Ile de France (1), in

Montreal (1) and in Savannah (1), focused on the critical phases of manufacturing of our products.

International turnover for 2019: 56.6% (€104.7M)

In 5 years: +67.7% so that’s +€42.3M

A UNIQUE OFFER

RESEARCH & DEVELOPMENT DESIGN & ENGINEERING PRODUCTS &

MANUFACTURING SUPPORT

MaterialsProcessSystemsSoftware

AerostructuresInteriors

Digital and virtual applications

Vehicles Platforms

Aerostructures and interiorsEquipment

Software & SimulatorsVehicles Platforms

Advanced testAdditive Manufacturing

RepairsLiaison engineering

MRO

OUR VISION

To be a reference player and a truly international long-termpartner for the mobility industry by providing advancedtechnological solutions.

OUR MISSION

To supply innovative technological products and services that increase theperformance of mobility resources (aeronautics, space, automotive, rail,etc.) to OEMs, equipment manufacturers and operators.

PRODUCTS

HUTP – fast attack vehicle

Vehicle simulator

Aircraft interior

Driving simulator - Roads

The product activity of SOGECLAIR Group exceeds €75M of turnover in 2019 of which almost 2/3 are delivered, installed and/or maintained internationally.

Baro Setting Control Box (cockpit equipment)

Full tank access cover (thermoplastic)

Subway simulator

AEROSPACEDIVISION

SIMULATION DIVISION

VEHICLEDIVISION

Engineering & Products Engineering & manufacturing of mission

vehicles

Simulators and simulation software

Virtual reality

Artificalintelligence and Deeplearning

Mechanical engineering

Systems integration

Cross-cutting R&D and know-how for mobility

AEROSPACE80% of turnover

Serie: 46%Products: 28%

Developpment: 26%

SIMULATION

19% of turnoverProducts: 100%

VEHICLE

1% of tunoverProducts: 100%

CanadaGermany

FranceSpain

TunisiaUnited-Kingdom

United-States

AustraliaFranceIndia

United-KingdomUnited-States

France

HIGHLIGHTS 2019

Creation of KEY'S, a company composed by Group’s key women and men,

accompanied by its President and CEO to support its long-term development.

Capital increase of €4.86 M.

Successful integration of the Australian subsidiary.

Acquisition of minority shares in the aeronautical activity in North America, as

well as those in the vehicle industry. SOGECLAIR now owns 100% of the vehicle

activity and the North American subsidiaries of the aerospace division.

Official creation of PrintSky, subsidiary dedicated to additive manufacturing

(Joint Venture with AddUp).

2019 RESULTS

www.sogeclair.com

In 2019, SOGECLAIR achieved

growth of +16%.

of which +11.9% at constant scope

and exchange rates

Reminder of the perspectives presented at

the 2018 results

In the future, external growth will

accelerate development.

In the short term, SOGECLAIR

anticipates another year of growth in

2019.

Achieved

www.sogeclair.com

Reminder of the outlook presented for H1 2019 results

Business in the second half of the year isexpected to grow despite a less favorable baseand scope of consolidation effect than in thefirst half.

H2 will be supported by higher margins than H1,which is structural for SOGECLAIR.

Improvements in the balance sheet will beachieved:

Under the effect of the capital increase of€4.8M reserved to key women and men(increase recorded on 12 July 2019),

Thanks to the repayment of tax receivablesamounting to €3M.

Achieved

H2 turnover : €10.5M, +12.53% vs H2 2018

EBITDA increase in H2: +€6.1M(2x H1 EBITDA)

Increase in Equity to €66M+ €12.1M vs H1

GEARING improvement: 36% vs. 57.8% inH1

2019: A CUSTOMER PORTFOLIO BALANCED

Airbus - Aircraft (FR, UK, SP, DE)

€59.1Mof wich 29% of

“products”

Bombardier – Aircraft€34.5M

of wich 41% of “products”

Dassault€18.7M

Top 4 to 10€30,5M

Top 11 to 20€12.1M

Others€30.1M

2018Turnover: €159.4 M

2019Turnover: €185.0 M

Airbus - Aircraft (FR, UK, SP, DE)

€54.6Mof wich 27% of

“products”

Bombardier –Aircraft€31.9M

of wich 33% of “products”

Dassault€17.0M

Top 4 to 10€19.5M

Top 11 to 20€10.5M

Others€25.9M

KEY FIGURES

www.sogeclair.com

TURNOVERACTIVITIES

€58.5M(37%)

€78.9M(43%)

€62.7M (39%)

€68.2M (37%)

€38.2M(24%)

€37.9M(20%)

2018 2019

Development(Service)

Support (Service)

Products

2018 2019

In €

M€

France Europe America Asia-Pacific Rest of the world

185.0

159.4 +16,0%8.0

71.4

43.4

0.8

0.5

80.3

54.0

41.9

37.8

6,3

www.sogeclair.com

KEY FIGURES

www.sogeclair.com

In €

M

15.6

16.9

2018 2019

EBITDA at 9.1% of TURNOVER

9.1

1

6

2018 2019

In €

M

SYDAC impact: (€2.6 M)

Impact of large simulators: (€2 M)

7.05.8

2018 2019

Increase in tax expense +€0.9M

NET RESULT at 3.2% of TURNOVER

OPERATING INCOME AT 4.8% of TURNOVER

8.8

www.sogeclair.com

KEY FIGURES

www.sogeclair.com

GEARING (including qualified pre-payment)

36.0%**

2018 2019

44.7%*

* of which 14.9% related to the application of IFRS 16

** of which 13.8% related to the application of IFRS 16

Equity increased by €9 million, thanks in particular to the €4.8 millioncapital increase carried out during the financial year.

DIVIDEND

0.67

0.90

2018 2019

In €

by sh

are

+34.3%

SOGECLAIR confidentiel

2018 2019

Turnover 159.4 185.0

EBITDA 15.6 16.9

Operational Result 9.1 8.8

Net Result 7.0 5.8

Net Debt (including qualified pre-payments)* 25.5 23.8

* Including IFRS 16 8.5 9.1

IN SYNTHESIS

2019 ACCOUNTS (€M)

AEROSPACE DIVISION

Engineering & Products

www.sogeclair.com

AEROSPACE

www.sogeclair.com

Our products are installed on more than 11 commercial and business aircraft programs for 4

manufacturers.

With our engineering specialities, we support 8 manufacturers on 3 continents to design,

improve, manufacture, support and service their aircraft.

We master innovative technologies and materials as well as our customers' processes, methods

and tools.

Our qualifications enable us to create certification files and we have our own manufacturing

certification.

www.sogeclair.com

AEROSPACE

Purchase of minority shares in North America: SOGECLAIR owns 100% Strong growth of thermoplastic composites (+ €5.7M) Start of service activity production in India

www.sogeclair.com

In €M 2018 2019Variation

2019-2018

Turnover 134.7* 147.8** +9.7%

EBITDA 7.9 10.4 +31.0%

As a % of turnover 5.9% 7.0%

**of which €41.7M for the products activity so that28%

*of which €33.8M for the products activity so that 25%

AEROSPACE• Engineers mobility and trainingtowards new technologies /processes

• Winning of new customers

• Strengthening the internationalpresence

• Digitalization

A350 Center Wing Box

KEY FACTORS OF SUCCESS

Business aircraft interiors

MARKET DRIVERS

Innovation Ecological performance of aircrafts

Value engineering Rate

Air traffic growth

Maintenance of fleets in service and of the second-

hand market

SIMULATION DIVISION

Simulators and simulation software

www.sogeclair.com

SIMULATION

www.sogeclair.com

Our more than 700 simulators, that have been installed in more than 20 countries and used

by more than 100 organizations and customers, comply with local regulatory requirements

and are guaranteed and maintained by our mobile intervention teams.

They are sold in public or private markets by our sales representatives, agents or

distributors.

Our software is implemented with more than 2,000 licenses at more than 150 customers,

manufacturers, equipment manufacturers, research centers or ministries in about 15

countries.

www.sogeclair.com

SIMULATION

SYDAC: <€0.3M> in EBTIDA + <€0.4M> in non-current operating result. The return to equilibrium is confirmed

for 2020

Businesses lag of large simulators (cost: €2M)

Distribution agreement with ANSYS (world leader in simulation software edition)

Creation of subsidiaries in the USA and commercial strengthening

www.sogeclair.com

In €M 2018 2019Variation

2019-2018

Turnover 21.7* 34.9* +60.7%

EBITDA 5.5 4.5 -18.3%

As a % of turnover 25.2% 12.8%

*100% products activity

SIMULATION

Railway Simulator in virtual reality DoF 6 Simulator and virtual reality headset

Needs for design and validation of complex systems incorporating

multiple technologies and environments (vehicles, systems,

…)

Training needs for operators & traceability

MARKET DRIVERS• Control of the complexity of

systems,

• Keep strengthening resources,

• Deployment of a direct and indirect commercial network on all continents.

KEY FACTORS OF SUCCESS

VEHICLE DIVISION

Engineering & manufacturing

of mission vehicles (military and industrial)

www.sogeclair.com

VEHICULIER

With our knowledge of operational requirements and our expertise in architecture and

dynamic behavior, we are designers and manufacturers of defense vehicles.

We are the privileged partner for the design and manufacture of sub-systems (domes,

gateways, etc.) intended for SOGECLAIR's large simulators.

www.sogeclair.com

VEHICLE

Cooperation for large simulators Open customer disagreement Settlement of the new management with General Luc Beaussant and preparation of theexport activity

www.sogeclair.com

In €M 2018 2019Variation

2019-2018

Turnover 3.0* 2.2* -25.4%

EBITDA 0.9 0.2 -80.0%

As a % of turnover 28.5% 7.6%

*100% products activity

2019 turnover excluding intragroup neutralization is growing by 3%

VEHICULIER

Increasing needs for protection and support

of the military in operation

Transformation and adaptation

needs for mission vehicles

MARKET DRIVERS

Mined route opening System (SOUVIM)

Multi-mission terrestrial drone

• Develop the international offer

• Adapt the organization to cope with significant size markets

to boost growth

KEY FACTORS OF SUCCESS

www.sogeclair.com

Perspectives 2020 Uncertainties relate mainly to :

In the short term, the consequences of the Coronavirus In the medium term the evolution of the exchange rate :

• € / USD• CAD / USD

In each country, SOGECLAIR takes measures to protect its employees by preserving the continuity of itsactivities as much as possible.

SOGECLAIR is positioned on markets that are driving sustainable growth.

2020 financial year will see increased investment as a result of : Supporting the strengthening of our industrial activities R&D to capitalize on our advances in :

• The autonomous vehicle• Digital technologies and virtual reality• Artificial intelligence• Thermoplastic materials• The new generation of railway simulation software,

SOGECLAIR is confident in its adaptability and its ability to make its model evolve.

2020FORECAST PRESS RELEASE DATES

Q1 2020 Turnover – 2020/05/06

Q2 2020 Turnover – 2020/07/22

2020 H1 Results – 2020/09/09Quiet period from 2020/08/26 to 2020/09/09

Q3 2020 Turnover – 2020/11/04

APPENDIXES

Appendixe 1: Consolidated income statement

INCOME STATEMENT(in €k) 2018 2019

Turnover 159,439 184,972Other operating income 6,006 6,206Cost of goods sold -61,833 -77,680Payroll expenses -85,709 -94,296Taxes and duties -1,258 -1,344Depreciation and amortisation -7,903 -7,768Other expenses -1,007 -952Current Operating Income 7,734 9 138Result on disposal of consolidated shareholdingsOther operating income and charges 1,385* -319**Operating income before income from equity method affiliates 9,119 8,819Share of income from equity method affiliates 5 -6Operating income 9,125 8,813Income from cash and cash equivalents -389 -331Gross finance costs -749 -745Net finance costs -1,138 -1,076

Other financial income and expenses 74 62

Income before taxes 8,061 7,799Income tax expense -1,104 -1,969Net profit 6,957 5,830Part of group 6,315 4,959Part of minority 642 870

**SYDAC impact in 2019 <429>

*SYDAC impact in 2018 + 1,736

Appendixe 2: Consolidated Balance Sheet - Assets

ASSETS(in €k) 2018 2019

Goodwill 14,589 15,154Intangible assets 8,431 7,411Tangible assets 15,214 15,638Equity method investments 83 230Financial fixed assets 3,001 3,578Non-current assets 41,318 42,012Inventory 12,129 12,565Trade notes, receivables and related accounts 60,334 69,967Other current debtors 20,410 16,440Deferred income tax 5,269 5,804Cash and cash equivalents 19,466 18,960

Current assets 117,608 123,735

TOTAL ASSETS158,926 165,747

Appendixe 3: Consolidated Balance Sheet - LiabilitiesPASSIF(en milliers d'euros) 2018 2019

LIABILITIES(in €k) 2,900 3,098Capital 2,630 7,269Share premium -712 -680Own shares 46,625 50,662Reserves and accrued profits 51,443 60,349Equity capital, group share 5,462 5,696Minority interests 56,904 66,044*Consolidated shareholders’ equity 5,710 5,453Non-current provisions 1,406 1,227Non-current qualified pre-payments 24,151 24,349Non-current financial liabilities 1 1Other non-current liabilities 31,269 31,030Non-current liabilities 1,130 614Current qualified pre-payments 7,904 9,739Current part of non-current financial liabilities 10,331 6,827Current financial liabilities 565 332Current provisions 18,696 21,177Trade creditors, instalments and related accounts 22,837 23,834Deferred income taxOther current liabilities 9,290 6,149Current liabilities 70,752 68,672

TOTAL PASSIF 158,926 165,747*of which €4.86 M of KEY’S capital increase (Key People of SOGECLAIR)

Appendixe 4: Consolidated sector-by-sector analysis

AEROSPACE VEHICULE SIMULATION HOLDING

INCOME STATEMENT(in €k) 2018 2019 2018 2019 2018 2019 2018 2019

Turnover 134,694 147,788 3,004 2,241 21,738 34,943 3Other operating income 3,157 2,402 125 324 2,722 3,450 3 30External expenses -50,605 -57,512 -1,219 -1,514 -8,961 -17,623 -1,048 -1,031Payroll expenses -73,499 -76,153 -1,065 -1,691 -8,892 -14,238 -2,253 -2,215Taxes and duties -795 -815 -64 -51 -171 -238 -228 -240Depreciation and amortisation -3,823 -4,539 -315 -337 -2,910 -1,868 -856 -1,024Other expenses -786 -760 -1 -22 -91 -64 -128 -106Intra-Group operations -4,255 -4,588 79 885 -870 -1,757 5,046 5,460Current operating result 4,087 5,825 543 -165 2,565 2,604 539 874Result on disposal of consolidated chareholdingsOther operating profits and expenses -23 364 1,727* -432** -319 -251

Operating result before earnings of equity method affiliates 4,064 6,190 543 -165 4,292 2,171 220 623

Share in earnings of equity method affiliates 5 -6

Operating income 4,070 6,184 543 -165 4,292 2,171 220 623

**SYDAC impact in 2019 <429>

*SYDAC impact in 2018 + 1,736

Appendixe 5 : Cashflow Statement

CONSOLIDATED CASHFLOW STATEMENT(in €k) 2018 2019

Consolidated net result (including minority interests) 6,957 5,830+/- Amortisation and provisions (excluding those linked to current assets) 3,861 7,673-/+ Latent gains and losses linked to fair value variations -25 -28-/+ Transfer capital gains and losses 37 -26-/+ Dilution profits and losses 27 458+/- Share in the result linked to equity method affiliates -5 6Self-financing capacity after net finance costs and tax 10,851 13,913+ Net finance costs 704 628+/- Tax charge (including deferred tax) 1,104 1,969Self-financing capacity before net finance costs and tax (A) 12,660 16,510- Tax paid (B) -5,666 2,276+/- Variation in working capital requirement linked to the activity (including debt related to personnel benefits) (C) -7,001 -10,145= CASHFLOWS FROM OPERATING ACTIVITIES (D) = (A + B + C) -7 8,641- Outflows linked to the acquisition of tangible and intangible assets -4,265 -3,642+ Inflows linked to the sale of tangible and intangible assets 72 142- Outflows linked to the acquisition of financial assets (non-consolidated securities) -33 -35+/- Impact of variations in scope 2,611

+ Dividends received (equity method affiliates, non-consolidated securities) * see alternative processing 7.2+/- Variation in loans and advances granted 164 -511

+ Investments grants received 95= CASHFLOWS FROM INVESTMENT ACTIVITIES (E) -1,357 -4,047

Acquisition of non-controlling interests -2,904 -1,272+ Sums received from shareholders at time of capital increases 44 4,868-/+ Buyback and sale of own shares 174- Dividends allocated for payment during the year

- Dividends paid to the parent company shareholders -1,707 -1,845- Dividends paid to the integrated company minority interests -275 -239

+ Revenue from loan issues 8,061 6,869- Loan reimbursements (including leasing contracts) -8,791 -9,251- Net finance costs (including leasing contracts) -770 -713= NET CASHFLOWS FROM FINANCING ACTIVITIES (F) -6,342 -1,410+/- Impact of changes in currency exchange rates (G) 86 -188= NET CASH VARIATION (D + E + F + G) -7,620 2,997

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PHONE NUMBER+33 (0)5 61 71 70 33

SOGECLAIR 7 avenue Albert DurandCS 20069 – 31703 Blagnac Cedex France