Sogeclair S.A.

Investor Presentation • Mar 16, 2022

2021 RESULTS

SOGECLAIR, decarbonized moblity technologist

2021 « One SOGECLAIR » Strategic plan 2019 Entry into the capital of (6,4% of capital – 74 « Key people ») 2013 – 2015 North America 2018 Set up in Asia Pacific

1986

SOGECLAIR creation to lead the companies development created in 1962

Listed on the Paris Stock Exchange

1998

2001 – 2005 Set up in Europe

SOGECLAIR is a family company listed on Paris

Set up in

RESULTS FOR 2021

AEROSPACE

SIMULATION

VEHICLE

77% of turnover

Serie (service): 40% Products: 29% Development (service): 31%

22% of turnover Products: 100%

1% of turnover Products: 100%

2021 HIGHLIGHTS

• Beginning of recovery in commercial aviation
• Strong dynamic in business aviation
• Recovery in Germany
• Ransomware OKTAL-SYDAC cost €1M
• Preparation of the new SOGECLAIR strategic and transformation plan "ONE SOGECLAIR" :
  • Olivier Pedron, joined on 2021/09/06 as Chief Operating Officer
  • Stéphanie Martel becomes Director of Skills & Talents
• Strengthening of the CSR policy and the scope of the extra-financial performance declaration

2021 HIGHLIGHTS

Payment of 2020 dividends in shares (number of created shares: 106,866)

Repayment of 2/3 of the State Guaranteed Loans (€15.9M)

Acquisition by Dassault Systèmes of a stake in A.V.Simulation (automotive simulation software and simulators)

2021 ACHIEVED

In one year:

• Break-even point: lowered by €21.4M i.e. €1;8M/month
• Equity: +27.8% at €60.8M
• Gearing from 38.9% to 23.6%
• Net debt at €14.3M of which:
  • IFRS 16 at €5.2M
  • COVID social debts at €10M
  • State-guaranteed loans at €7.7M

2021 RESULTS

2021 KEYS FIGURES

TURNOVER BY GEOGRAPHIC AREA

2020 2021 2019

CHIFFRES CLES 2021

CHIFFRES CLES 2021

CHIFFRES CLES

The product activity represents near to 46% of the 2021 turnover

Subway simulator SOUVIM – Counter-mining vehicle

Driving Simulator- BMW

Hewan – heat exchanger Additive manufacturing

Baro Setting Control Box (cockpit equipment) Aircraft interior

IN SYNTHESIS

2021 ACCOUNTS

In €K	2020	2021	Variation 2020-2021
TURNOVER	123,052	121,040	- 2,012
EBITDA	6,492	10,483	3,991
Operating Income	-13,251	4,120	17,371
Net Result	-13,861	3,379	17,240

Net Debt* (including qualified pre-payment)	18,486**	14,312**
*of which IFRS 16	6,589	5,210
**of which deferral of social deadlines	10,169	9,974

OPERATING INCOME at 3.4% of TURNOVER KEYS FIGURES

EBITDA at 8.7% of TURNOVER

CA

NET RESULT at 2.8% of TURNOVER

KEYS FIGURES

GEARING Equity: +€13.2M

2020 2021

€M	2020	2021
Net debt excluding IFRS 16	-1.7	-0.9
Of which State-guaranteed loans	23.6	7.7
IFRS 16	6.6	5.2
Deferral of social debts	10.2	10.0
Total restated net debt(1)	18.5	14.3
Equity(2)	47.6	60.8
(1)/(2) Gearing total restated	38.9%	23.6%
Cash available	45.9	27.8
Gross debt excluding IFRS 16	47.1	26.8

(1) Repayment of state-guaranteed loans in H1 2021 for €15.9M, i.e. nearly 67%

(2) Capital increase of €10M (15% of capital) subscribed on 2021/01/15 by Dassault Systèmes

into the subsidiary A.V.Simulation owned at 55% (valuation €36.7M)

	Deferral
	of social
	debts
	10.2	Deferral
M		of social
€		debts
n I		10.0
	IFRS 16
	6.6	IFRS 16
		5.2
		Net
	Net debt	debt
-	1,7	-0.9

AEROSPACE

*including €28.4M for the products activity, i.e. 31% **including €27.0M for the products activity, i.e. 29%

• Recovery in commercial aviation
• Winning of multi-year engineering contracts including EMES³ for 5 years (Airbus)
• Winning of the full tank access cover for the FALCON 10X (Dassault)
• Bombardier Platinum Supplier
• Project wins as part of the industrial recovery plan :
  • SAVE/ETIFA project
  • AVIADDE project (factory 4.0)

SIMULATION

^100% products activity

• Entry of Dassault Systèmes into the subsidiary A.V.Simulation (effective on 2021/01/15)
• Numerous export contracts for synthetic environment software
• Winning of a STELLANTIS simulator contract
• Reinforced R&D activities (automotive, railway, ...)
• Winning of a project within the framework of the industrial recovery plan: SCANeR Ne><t project

VEHICLE

International prospecting

R&D remotely operated vehicle in cooperation with Nexter / Thalès / ...

IN SYNTHESIS

EBITDA (in €M)

EXTRA-FINANCIAL PERFORMANCE

Extension of the scope to include French, German and Spanish companies, i.e. 76% of consolidated turnover and 64% of employees (x2 vs 2019).

CRITERIA

Social:

• Professional training, skills management
• Attractiveness and retention
• Diversity equality

Environmental:

• Waste treatment, recycling
• Consumption (water, energy, paper)
• Mobility
• Eco-design (in progress)

Societal:

• Data protection
• Business ethics
• Local development

Miscellaneous:

Cyber security

STRATEGIC PLAN

Progress report

• Effective implementation of the organization on 2022/01/01:
  • BU Solutions Olivier PEDRON
  • BU Engineering Nicolas COUZINET
  • BU Conseil Philippe ROBARDEY
  • Skills & Talents Division Stéphanie MARTEL
  • Administrative and Financial Division Elise LEGENDRE
  • Information Systems Division Jacques DEJEAN
• Strengthening communication in Q2 2022
• Brand harmonization in H2 2022

For the customers

• Greater flexibility
• Expertise that can be mobilized on 4 continents
• Synergies between technologies (mechanical / mechatro / software / configuration / manuf engineering / export control...)
• Consolidated know-how (engineering and production / services and own products)
• Stronger targeted R&D
• An end to end capacity

For the teams

• Pride of a strong identity around all our achievements : a reinforced culture
• Complementarity and geographical and activity mobility
• Tightened and open management
• Harmonized methods
• Unified and reinforced internal communication
• A more PREMIUM positioning
• A renewed and stronger attractiveness, and more than 60 recruitments in progress

For the shareholders

• Increased visibility and readability
• Optimized resources
• Integration and professionalization of processes
• Targeted R&D
• Value creation

For the stakeholders

• Sustainability of the company project
• Sobriety of SOGECLAIR's services and products
• Greater organizational maturity
• Targeted, shared and deployed commitments
• Optimization of resources (energy, consumables, recycling, ...)
• Reporting of consolidated actions

PROVISIONAL CALENDAR 2022 OF UPCOMING COMMUNICATIONS

Q1 2022 Turnover – 2022/05/04

Q2 2022 Turnover – 2022/07/20

2022 H1 Results – 2022/09/07 Quiet period from 2022/08/24 to 2022/09/07

Q3 2022 Turnover – 2022/11/02

NUMERICAL APPENDIXES

Appendixe 1: Consolidated income statement

INCOME STATEMENT
(in €k)	2020	2021
Turnover	123,052	121,040
Other operating income	7,255	6,839
Cost of goods sold	-55,324	-52,088
Payroll expenses	-66,328	-63,643
Taxes and duties	-1,232	-1,179
Depreciation and amortisation	-7,172	-7,180
Other expenses	-932	-486
Current Operating Income	-680	3,303
Other operating income and charges	-12,566*	815
Operating income before income from equity method affiliates	-13,247	4,118
Share of income from equity method affiliates	-4	3
Operating income	-13,251	4,120
Income from cash and cash equivalents	-759	1,006
Cost of gross financial debt	-735	-589
Cost of net financial debt	-1,493	418
Other financial income and expenses	15	121
Income before taxes	-14,729	4,659
Income tax expense	868**	-1,280
Net profit	-13,861	3,379
Part of group	-14,311	2,646
Part of minority	450	733

*Impact of structuration costs <10,386> and goodwill <2,108>

**Deactivation of deferred tax assets <€2,002>

Appendixe 2: Consolidated Balance Sheet - Assets

ASSETS (in €k)	2020	2021
Goodwill	12,679*	13,338
Intangible assets	7,517	8,487
Tangible assets	11,827	9,570
Equity method investments	226	228
Financial fixed assets	3,513	3,642
Non-current assets	35,762	35,266
Inventory	10,848	10,756
Trade notes, receivables and related accounts	45,121	45,406
Other current debtors	18,836	23,104
Deferred income tax	8,011	8,023
Cash and cash equivalents	45,877	27,837
Current assets	128,693	115,126
TOTAL ASSETS	164,455	150,391

*Goodwill <2,108>

Appendixe 3: Consolidated Balance Sheet - Liabilities

LIABILITIES (in €k)	2020	2021
Capital	3,098	3,205
Share premium	7,269	8,924
Own shares	-745	-745
Reserves and accrued profits	31,817	37,295
Equity capital, group share	41,439	48,678
Minority interests	6,122	12,088
Consolidated shareholders' equity	47,561	60,766
Non-current provisions	4,291	3,809
Non-current qualified pre-payments	1,299	1,253
Non-current financial liabilities	19,932	21,315
Other non-current liabilities	241	241
Non-current liabilities	25,763	26,618
Current qualified pre-payments	614	614
Current part of non-current financial liabilities	31,888**	8,846**
Current financial liabilities	462	146
Current provisions	7,124	504
Trade creditors, instalments and related accounts	15,776	15,676
Social and tax debts	27,655	29,969
Other current liabilities	7,612	7,252
Current liabilities	91,131	63,007
TOTAL LIABILITIES	164,455	150,391

*Of which State Guaranteed Loans 23,659.5

** Of which State Guaranteed Loans 7,736

Appendixe 4: Consolidated sector-by-sector analysis

	AEROSPACE		VEHICLE		SIMULATION		HOLDING
INCOME STATEMENT (in €k)	2020	2021	2020	2021	2020	2021	2020	2021
Turnover	90,510	92,621	1,587	1,357	30,952	27,056	4	6
Other operating income	2,727	2,811	206	164	4,289	3,859	32	4
External expenses	-37,361	-38,116	-1,059	-807	-15,693	-11,936	-1,211	-1,229
Payroll expenses	-49,687	-45,486	-1,432	-1,234	-13,700	-14,475	-1,509	-2,449
Taxes and duties	-653	-618	-49	-44	-258	-307	-271	-210
Depreciation and amortisation	-4,739	-3,498	-269	-324	-982	-2,209	-1,182	-1,149
Other expenses	-496	-348	-1		-327	-45	-108	-93
Intra-Group operations	-4,098	-3,913	671	172	-1,989	-1,230	5,416	4,971
Current operating result	-3,798	3,454	-345	-715	2,291	713	1,171	-148
Other operating profits and expenses	-11,757*	895	-5		-132	-44	-673*	-37
Operating result before earnings of equity method affiliates	-15,554	4,349	-350	-715	2,159	669	499	-185
Share in earnings of equity method affiliates	-4	3
Operating income	-15,559	4,352	-350	-715	2,159	669	499	-185

*Impact of structuration costs <10,386> and goodwill <2,108>

Appendixe 5: Cashflow Statement

CONSOLIDATED CASHFLOW STATEMENT
(in €k)	2020	2021
Consolidated net result (including minority interests)	-13,861	3,379
+/- Amortisation and provisions (excluding those linked to current assets)	15,691	459
-/+ Latent gains and losses linked to fair value variations	-29	-30
-/+ Transfer capital gains and losses	3	95
-/+ Dilution profits and losses	-604	894
+/- Share in the result linked to equity method affiliates	4	-3
- Dividends (non consolidated securities)	-37
Cash flow from operations after cost of net financial debt and tax	1,168	4,794
+ Net finance costs	717	539
+/- Tax charge (including deferred tax)	-868	1,1280
Self-financing capacity before net finance costs and tax (A)	1,017	6,613
- Tax paid (B)	-3,183	-4,745
+/- Variation in working capital requirement linked to the activity (including debt related to personnel benefits) (C)	28,008	353
= CASHFLOWS FROM OPERATING ACTIVITIES (D) = (A + B + C)	25,843	2,086
- Outflows linked to the acquisition of tangible and intangible assets	-3,918	-4,487
+ Inflows linked to the sale of tangible and intangible assets	10	3
+/- Impact of variations in scope	-1,033
+ Dividends received (equity method affiliates, non-consolidated securities) * see alternative processing 7.2	37
+/- Variation in loans and advances granted	-1,305	-85
+ Investments grants received	68
= CASHFLOWS FROM INVESTMENT ACTIVITIES (E)	-6,141	-4,568
Acquisition of non-controlling interests
+ Sums received from shareholders at time of capital increases		9,802
-/+ Buyback and sale of own shares	-65
- Dividends allocated for payment during the year
- Dividends paid to the parent company shareholders	-2,662	-897
- Dividends paid to the integrated company minority interests		-200
+ Revenue from loan issues	24,827	798
- Loan reimbursements (including leasing contracts)	-7,782	-24,390
- Net finance costs (including leasing contracts)	-567	-516
= NET CASHFLOWS FROM FINANCING ACTIVITIES (F)	13,752	-15,403
+/- Impact of changes in currency exchange rates (G)	-170	160
= NET CASH VARIATION (D + E + F + G)	33,283	-17,725

EMAIL ADDRESS sogeclair@sogeclair.com

PHONE NUMBER +33 (0)5 61 71 70 00