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Financ Report Finan Repo Financial Report Fiscal year ended March 31, 2019 Fiscal year ended March 31, 2019 Fiscal year ended March 31, 2019 CAE Financial Report CAE Financial Report CAE Financial Report FinancialFinancialFinancial ReportReportReport FiscalFiscalFiscal yearyearyear endedendedended MarchMarchMarch 31,31,31, 201920192019 cae.comcae.comcae.com TrainingTraining partnerpartner ofof choice.choice. CAECAE is is a a global global leader leader in in training training for for the the civil civil aviation, aviation, defence defence and and security,security, and and healthcare healthcare markets. markets. Backed Backed by by a a record record of of more more than than 7070 years years of of industry industry firsts, firsts, wewe continuecontinue to to helphelp definedefine global global trainingtraining standardsstandards with with our our innovative innovative virtual-to-live virtual-to-live training training solutions solutions to to makemake flying flying safer,safer, maintainmaintain defencedefence force force readinessreadiness andand enhanceenhance patientpatient safety. safety. We We have have the the broadest broadest global global presence presence in in the the industry, industry, withwith overover 10,00010,000 employees,employees, 160160 sitessites andand trainingtraining locationslocations inin overover 35 35 countries. countries. Each Each year, year, we we train train more more than than 220,000 220,000 civil civil and and defencedefence crewmembers,crewmembers, includingincluding moremore thanthan 135,000135,000 pilots,pilots, andand thousandsthousands of of healthcare healthcare professionals professionals worldwide. worldwide. cae.comcae.com FollowFollow us us on on Twitter Twitter @CAE_Inc. @CAE_Inc. CheckCheck outout ourour AnnualAnnual ActivityActivity andand CorporateCorporate SocialSocial ResponsibilityResponsibility Report!Report! OurOur AnnualAnnual ActivityActivity andand CorporateCorporate SocialSocial ResponsibilityResponsibility ReportReport isis availableavailable online.online. ItIt consolidatesconsolidates informationinformation onon ourour companycompany strategy,strategy, fiscalfiscal yearyear 20192019 performanceperformance andand corporatecorporate socialsocial responsibilityresponsibility (CSR) (CSR) into into one one document. document. IntegratingIntegrating ourour reportingreporting inin thisthis wayway enablesenables usus toto provideprovide stakeholdersstakeholders withwith aa singlesingle sourcesource ofof informationinformation inin keykey areas.areas. ItIt alsoalso signals signals that that CSR CSR is is inseparable inseparable from from our our core core business business strategy strategy andand activities. activities. cae.com/ActivityReportcae.com/ActivityReport AsAs an an eTree eTree member, member, CAE CAE Inc. Inc. is is committed committed to to meeting meeting shareholder shareholder needs needs ContainsContains FSC FSC® ®certified certified post-consumerpost-consumer and and 70% 70% virgin virgin fibrefibre whilewhile being being environmentally environmentally friendly. friendly. For For each each shareholder shareholder that that receives receives CertifiedCertified EcoLogo EcoLogo and and FSC FSC® ®Mixed Mix Sources electronicelectronic copies copies of of shareholder shareholder communications, communications, CAE CAE will will plant plant a atree tree throughthrough Tree Tree Canada, Canada, the the leader leader in in Canadian Canadian urban urban reforestation. reforestation. To To date date ManufacturedManufactured using using biogas biogas energy energy CAECAE has has helped helped plant plant 5,269 5,269 trees. trees. Message from the Chair of the Board This is my first message to shareholders in my capacity as Chair of the CAE Board after having been appointed last year. Fiscal 2019 was another strong and fruitful year at CAE. Our financial performance was solid. We once again booked a record backlog and management’s outlook remains positive in light of anticipated robust growth in worldwide demand for our end-to-end training services. The shareholder dividend continues on its sustained upward trajectory. It was raised for the eighth year in a row. CAE directors have the highest confidence in the management team and its results-driven corporate strategy. Digital fast forward Diversity and inclusion CAE is making sure its status is secure as the global training The Board applauds company-wide efforts to promote diversity industry leader by investing $ 1 billion over a five-year period in a and inclusion throughout the workforce. As many experts point out, bold, company-wide transformative venture. A key element of this D&I is not simply a Human Resources issue, it’s a business strategy. strategic investment is Project Digital Intelligence, aimed at creating A workplace that puts into daily practice the values of fairness the next-generation of training solutions for the civil aviation, defence and inclusion in a supportive, respectful environment is one that and security, and healthcare markets. CAE products and services will attracts and retains the best talent. Such a culture in turn drives benefit from innovative systems being deployed in three key areas: higher productivity and innovation. CAE is in the vanguard of smart advanced digital technology development, digital transformation companies keenly aware of the competitive advantage to be had of the training and user experience, and CAE innovation and from strong D&I policies. collaboration facilities. We also salute management’s commitment to gender diversity At the same time, cybersecurity and digital privacy concerns loom at all levels of the company. More than three-quarters of CAE’s ever larger throughout society at large and in most industries. We 10,000-strong workforce is male. That imbalance is being addressed are keenly aware of the need to address the risk of attacks and through a variety of policies and programs. security breaches by implementing effective mitigation measures and continue to finetune our enterprise risk management policy and Board renewal framework. At the Board level, gender diversity and renewal are top of mind. We are focused on attracting experienced women directors from diverse backgrounds. Our goal is to have women represent at least 30% of Board members by 2022. It gives me great pleasure to note that Marianne Harrison is up for election as the latest member of the Board. Marianne is the President and Chief Executive Officer of John Hancock Life Insurance Co., the U.S. division of Toronto-based Manulife Financial Corporation. I wish to extend a warm thank you to outgoing corporate director Katharine B. Stevenson, who is retiring as a result of meeting her 12-year term limit. Kate has made significant contributions to the Board over the years. Allow me also to welcome General Norton A. Schwartz, a retired United States Air Force General who served as the Chief of Staff of the U.S. Air Force from 2008 to 2012. General Schwartz, who is currently the President and Chief Executive Officer of Business Executives for National Security, brings a wealth of experience to the Board. He formerly served on the CAE USA Board of Directors. Thank you A word of thanks to all CAE employees for their commitment to the company’s core values and its strategy to ensure continued success going forward. Finally, to our shareholders, thank you for your trust and support. The Honourable John Manley, P.C., O.C. Chair of the Board Message to shareholders the development and launch of innovative products to secure future challenges, including securing a supply of new pilots to support growth. We introduced the CAE Luna infant simulator for neonatal their operations. CAE forecasts a requirement for 300,000 new pilots and infant care training, and the well-received CAE Ares, our globally in the next 10 years to serve the commercial and business 10,000 employees with a emergency care manikin. We also welcomed Rekha Ranganathan as aviation markets. We see this as a great opportunity to enable our the new President of CAE Healthcare. Rekha has a deep commercial customers to recruit and develop the next generation of pilots. We singular focus on excellence in training experience in the healthcare field and I am confident that she will have positioned CAE to be the go-to company for training solutions, leverage our current progress and lead the business to a significantly and increasingly, for pilots. Among several other initiatives, to ensure CAE delivered a record financial performance in fiscal 2019 with annual revenue growing 17% to $3.3 billion and earnings per larger scale. we tap into the full available talent pool, we launched the CAE Women 1 1 share before specific items growing 13% to $1.25. We also generated $324 million of free cash flow , which represents a near in Flight scholarship this year, to encourage more women to consider one-to-one conversion of net income, and is a positive statement about the underlying quality of CAE’s earnings. Our outstanding Driven by a noble purpose becoming pilots. You can read more about it in this report. results this past year are the product of a sound strategy and the singular focus of CAE’s more than 10,000 employees worldwide CAE’s value creation goes well beyond superior financial results. In Defence and Security, the market is also highly supportive with to deliver excellence in training. Our continued success winning our customers’ trust further validates our training strategy In addition to creating significant value for our customers and governments around the world placing a
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