SOGECLAIR S.A Blagnac, France, May 05th 2021-5.35 pm,
Montreal, Canada
Consolidated 2021 1st quarter turnover: -33.7% at €28.7M
At constant scope and exchange rates*: - 28.7%
SOGECLAIR, designer and manufacturer of innovative high added-value solutions for the mobility, today announces its turnover for the 1st quarter 2021, ending on March 31st 2021. The turnover decreases by 28.7% at constant scope and exchange rates, taking into account a high base effect in the 1st quarter of 2020 pre-Covid-19.
* The change variations over the period represent €0.7M against €0.3M in 2020
The scope variations over the period represent €-2.1M.
| By division | Turnover (€M) Q1-2021 | Turnover (€M) Q1-2020 | Variation as % | |
| Aerospace At constant scope and exchange rates | 21.5 22.0 | 33.9 31.8 | -36.7% -30.7% | |
| Simulation At constant scope and exchange rates | 7.0 7.0 | 9.2 9.2 | -24.4% -23.7% | |
| Vehicle | 0.3 | 0.1 | +83.0% | |
| Total | 28.7 | 43.3 | -33.7% | |
| International | 13.7 | 24.6 | -44.4% |
Differences are due to rounding.
Aerospace division (74.7% of the turnover) decreases by 36.7% and by 30.7% at constant scope and exchange rates. The evolution in scope concerns the German subsidiary that exited in December 2020, the new-company in Germany restarted in March 2021 in a much reduced form.
The activity is growing for the 3rd consecutive quarter. In the 1st quarter, products fall by 46% due to the lower production rate of long-haul aircraft. Overall, commercial aviation declines by 65% representing 23.8% of the turnover, while business aviation grows by 2.3%, representing 43.7% of the turnover. The space sector grows strongly by 28.2%, representing 4.7% of the turnover.
Simulation division (24.3% of the turnover) decreases by 24.4% under the base effect linked in 2020 to an amount of purchases on business that is more than €2M higher than in Q1 2021. The Oktal-Sydac subsidiary, which represents just under 50% of the division, was the target of a cyber-attack in early April. The measures put in place allow us to anticipate a gradual return to normal situation during May.
A €10 million cash capital increase was carried out by Dassault Systèmes into the subsidiary A.V.Simulation, in which Oktal (Sogeclair) now holds 55.25% and Renault 29.75%.
Vehicle division (0.9% of the turnover) increases by 83% under a base effect linked to very weak activity in Q1 2020.
| By geographical area | 2021 (€M) | Impact on Turnover (as %) | Evolution (as %) | |
| France | 15.1 | 52.4% | -19.6% | |
| Europe | 5.9 | 20.6% | -55.3% | |
| America | 6.0 | 21.0% | -36.3% | |
| Asia-Pacific | 1.6 | 5.5% | +3.7% | |
| Rest of the world | 0.1 | 0.4% | -64.2% |
Differences are due to rounding.
Although the France area declines by 19.6% compared with 27.6% for the year 2020, it grows for the 3rd consecutive quarter due to contract wins in business aviation.
Europe was mainly affected by the restructuring in Germany and the decline in commercial aviation.
America decreases by 36.3% and Asia Pacific increases by 3.7% thanks to a faster recovery of its economy.
| By activity | Turnover 2021 (€M) | Impact on Turnover (as %) | Evolution (as %) | |
| Development | 6.6 | 23.1% | -23.9% | |
| Serie | 9.2 | 32.0% | -37.8% | |
| Products | 12.9 | 44.9% | -34.9% |
Development activity represents 23% of the turnover, serie activity represents 32% and products account for 45% of the turnover, thus representing Sogeclair's leading activity.
Perspectives
At the Annual General Meeting on 12 May, a dividend of €0.90 per share with the option of payment in shares will be put to the vote. The Chairman and CEO and his family (66% of the capital) have stated their intention to receive their dividends in shares.
As anticipated, the 1st quarter marked the end of SOGECLAIR's adaptation to the consequences of the health crisis in the aeronautics and automobile industries. The measures taken in 2020, the maintenance of an R&D policy supported by the recovery plans, and a strengthened balance sheet will enable SOGECLAIR to continue its transformation which will be presented in the 2nd half of the year. The remainder of the financial year should confirm the growth announced beyond this 1st quarter.
Next announcement: turnover for Q2 2021, on July 21st 2021 after closing of the Stock Market
About SOGECLAIR
Designer and manufacturer of innovative high added-value solutions, SOGECLAIR brings its skills in high-quality engineering and production to a broad range of cutting-edge sectors, notably aeronautics, space, vehicle, rail and defense. Supporting its customers and partners from the design and simulation stages through to the end of the product’s lifetime, all along the production chain through to entry into service, the collaborators are working worldwide to offer a high-quality, proximity support to all its customers.
SOGECLAIR is listed on Euronext Paris – Compartment C – Euronext® Family Business Index -Code ISIN: FR0000065864 – PEA PME 150 / (Reuters SCLR.PA – Bloomberg SOG.FP)
Contacts:
Philippe ROBARDEY, President & CEO of SOGECLAIR / Marc DAROLLES, Executive Vice President of SOGECLAIR /www.sogeclair.com - +33(0)5 61 71 70 33
Attachment
- PR-CA T1 2021-EN
