TRIGANO (EPA:TRI) - 2020/2021 First Half-Year Results

Transparency directive : regulatory news

03/05/2021 17:42

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Paris, 3 May 2021

Current operating profit for the first half-year: EUR 151.4 M (+68.3%)

Trigano achieved sales of EUR 1,368.6M in the first half-year 2020/2021, up
17.6% compared to the first half of previous financial year (+16.5% at constant
scope).

Consolidated current operating profit for the first half-year reached EUR
151.4M and represents 11.1% of sales (7.7% in 2019/2020). In a context of
strong demand for motorhomes in Europe, activity in the first half of the year
was particularly strong despite the closure of Marquis outlets in the United
Kingdom following the decision of national re-containment and the consequences
on the production of the cyberattack suffered at the beginning of February.
First half-year results also benefited from higher margins, the full impact of
the refitting of the factories in Tournon and Sprendlingen, as well as lower
expenses for exhibitions and advertising in the context of the health crisis.

Considering a financial result of EUR -6.6M, a corporate tax expense of EUR
32.5M and the positive contribution of equity affiliates of EUR 2.2M, the net
consolidated profit reached EUR 114.4M in the first half-year (EUR 65.7M in
2019/2020) and represents EUR 5.93 per share.

in EURM                    H1 2021   H2 2020

Sales                    1,368.6   1,163.4
Leisure vehicles         1,272.6   1,082.5
Leisure Equipment           96.0      80.9

Current operating result   151.4      89.3
of which leisure vehicles  144.0      86.4
of which leisure equipment   7.4       2.9
Other operating income 
and charges                  0.0       0.7
Operating result           151.4      90.0
Net result                 114.4      65.7

Investments totalled an amount of EUR 17.2M in the first half-year (EUR20.1M in
H1 2019/2020). They were mainly spent on projects to increase production
capacity and improve productivity.

Finally, Trigano again strengthened its financial structure: net cash,
traditionally at its low point at the end of February, reached EUR278M (net
debt of EUR 78M in 2019/2020) while consolidated shareholders' equity reached
EUR 1,068M.

Outlook

Tensions observed for several weeks on the deliveries of various components
disrupt the operation of certain production lines and lead to delays in product
deliveries. In addition, the announcement by Ford of the shutdown of its
factory in Kocaeli for 8 weeks following difficulties in the supply of
electronic components leads Trigano to modify the industrial schedules of the
sites using this chassis. The production deficit estimated for the fourth
quarter is in the order of 1,500 vehicles.

However, Trigano's activity should remain strong in the second half of the year
due to continued strong demand in Europe for leisure vehicles and in particular
for motorhomes.

Beyond economic phenomena, Trigano is confident in the outlook for its markets
and will continue to invest to increase its production capacities in order to
serve even better its customers who are increasingly in love with nature and
freedom.

With its strong cash position, Trigano will remain attentive to any external
growth operation that creates value.

2020/2021 Third-Quarter Sales will be disclosed on 30 June 2021

IR Contact 
Laure Al Hassi
phone. : +33 1 44 52 16 31
communication@trigano.fr

Euronext Paris A - CAC All-Tradable - SRD - CAC Mid 60 - ISIN FR0005691656 -
REUTERS : TRIA.PA - BLOOMBERG : TRI:FP

Paris, 22 March 2021

2020/2021 First Half-Year Sales: 1.4 Billion Euros (+17.6%)

Trigano achieved sales of EUR 648.2M in the second quarter of 2020/2021, up
6.3% at constant scope and exchange rates:

                                            Variation 2020/2021
In EURM
(Non-audited figures)    2021            2020             2019
                     Financial year Financial year   Financial year

Leisure    
Q1 (Sept-Nov)            668.6          518.7            535.6
Q2 (Dec-Feb)             604,1          563,8            519,1
vehicles                
Half-Year              1,272.7        1,082.5          1,054.7

Leisure    
Q1 (Sept-Nov)             51.9           41.0             42.2
Q2 (Dec-Feb)              44.1           39.9             40.0
equipment                
Half-Year                 96.0           80.9             82.2
Q2 Sales                 648.2          603.7            559.1
Half-Year Sales        1,368.7        1,163.4          1,136.9

current  of which  of which        Change at constant
change   scope     exchange rate   scope* and exchange
         effect*   effect **       rates**
+28.9%    +2.0%      -0.5%              +27.4%
 +7.1%    +1.8%      -0.6%               +6.0%
      
+17.6%    +1.9%      -0.5%              +16.2%
+26.6%    +0.0%      -1.5%              +28.0%
+10.5%    +0.0%      -1.0%              +11.5%
      
+18.7%    +0.0%      -1.2%              +19.9%
 +7.4%    +1.6%      -0.6%               +6.3%
+17.6%    +1.8%      -0.6%              +16.5%

Leisure Vehicles

In a context of strong demand for motorhomes in Europe, Trigano's sales were up
8.4% in the second quarter. Growth was hampered on the one hand, by the closure
in January and February 2021 of all Marquis outlets in the United Kingdom
following the second national lockdown imposed by the British government, and
on the other hand, by the consequences of the cyberattack suffered in early
February on the production resulting in the loss of around 700 vehicles.
Affected by the same phenomena, caravan sales were nevertheless up 3.6%. Only
the mobile homes activity remained marked by a difficult start to the year
(-48.5%): customers, severely penalised by a complicated summer season, reduced
their investments.

Sales of accessories for leisure vehicles remained buoyant and were up 49.2% (+
13.1% at constant scope) despite the decline in sales of terraces for mobile
homes.

Leisure Equipment

The trailers activity (+17.4%) continued to benefit from market growth in all
European countries linked to the growing interest in DIY and gardening
activities among communities who underwent various lockdowns. camping equipment
(-23.5%) and garden equipment (-3.0%) activities are in low season and their
changes over the period are therefore not significant.

Prospects

The increased interest in leisure vehicles and the prospect of emerging from
the crisis linked to the acceleration of vaccinations against Covid-19 suggest
that demand for Trigano's products will remain very strong in the coming
months.

UK retail activity sends an important positive signal with the end of the
planned "stay at home" on March 29 and the end of exit restrictions on April
12.

Trigano's priority objective remains to deliver strong increased motorhome
order books and to meet the needs of its distributor networks in the medium
term. To do this, Trigano will focus on securing its supplies in a context of
increased production at all factories in the leisure vehicle industry in
Europe, which is increasing tensions among many suppliers.

At the same time, Trigano, which created around 1,200 jobs during the first
half of the year, will continue its programs to increase its production
capacities, including in particular the hiring and training of numerous
operators and the ramp-up of its van manufacturing sites.

2020/2021 Half-Year Results will be released on 3 May 2021

IR Contact
Laure Al Hassi
phone. : +33 1 44 52 16 31
communication@trigano.fr

 Euronext Paris A - CAC All-Tradable - SRD - CAC Mid 60 - ISIN FR0005691656 -
                  REUTERS : TRIA.PA - BLOOMBERG : TRI:FP

APPENDIX

Breakdown of sales by product category

2020/2021 Q2
EURM
(non-audited figures)   from 12/01/20  from 12/01/19
                          to 02/28/21   to  02/29/20
Motorhomes                    505.1        465.9
Caravans                       43.6         42.1
Static caravans                12.0         23.3
Accessories                    38.8         26.0
Others                          4.6          6.5
Leisure vehicles              604.1        563.8
Trailers                       35.1         29.9
Camping equipment               2.6          3.4
Garden equipment                6.4          6.6
Leisure Equipment              44.1         39.9
Total sales                   648.2        603.7

      current         of which        of which    Change at constant perimeter*
      change          scope         exchange rate     scope* and exchange **
                      effect*          effect **             rates
 39.2     8.4%     0.3     0.1%     -2.9     -0.6%    41.8       9.0%
  1.5     3.6%     0.2     0.5%     -0.1     -0.2%     1.4       3.3%
-11.3   -48.5%     0.0     0.0%      0.0      0.0%   -11.3     -48.5%
 12.8    49.2%     9.6    36.9%     -0.2     -0.8%     3.4      13.1%
 -1.9   -29.2%    -0.2    -3.1%     -0.1     -1.5%    -1.6     -24.6%
 40.3     7.1%     9.9     1.8%     -3.3     -0.6%    33.7       6.0%
  5.2    17.4%     0.0     0.0%     -0.3     -1.0%     5.5      18.4%
 -0.8   -23.5%     0.0     0.0%      0.0      0.0%    -0.8     -23.5%
 -0.2    -3.0%     0.0     0.0%     -0.1     -1.5%    -0.1      -1.5%
  4.2    10.5%     0.0     0.0%     -0.4     -1.0%     4.6      11.5%
 44.5     7.4%     9.9     1.6%     -3.7     -0.6%    38.3       6.3%

2020/2021 H1
EURM
(non-audited figures)   from 09/01/20  from 09/01/19
                        to 02/28/21    to 02/29/20
Motorhomes                 1,068.0        900.0
Caravans                      94.0         86.6
Static caravans               18.5         30.8
Accessories                   80.4         51.6
Others                        11.8         13.5
Leisure vehicles           1,272.7      1,082.5
Trailers                      77.9         63.9
Camping equipment              5.6          5.9
Garden equipment              12.5         11.1
Leisure Equipment             96.0         80.9
Total sales                1,368.7      1,163.4
                              
      current         of which        of which    Change at constant perimeter*
      change          scope         exchange rate     scope* and exchange **
                      effect*          effect **             rates             
                

168.0     18.7%     1.9     0.2%     -5.1     -0.6%     171.2     19.0%
  7.4      8.5%     0.7     0.8%     -0.3     -0.3%       7.0      8.1%
-12.3    -39.9%     0.0     0.0%      0.0      0.0%     -12.3    -39.9%
 28.8     55.8%    17.8    34.5%     -0.4     -0.8%      11.4     22.1%
 -1.7    -12.6%     0.0     0.0%     -0.1     -0.7%      -1.6    -11.9%
190.2     17.6%    20.4     1.9%     -5.9     -0.5%     175.7     16.2%
 14.0     21.9%     0.0     0.0%     -0.8     -1.3%      14.8     23.2%
 -0.3     -5.1%     0.0     0.0%      0.0      0.0%      -0.3     -5.1%
  1.4     12.6%     0.0     0.0%     -0.2     -1.8%       1.6     14.4%
 15.1     18.7%     0.0     0.0%     -1.0     -1.2%      16.1     19.9%
205.3     17.6%    20.4     1.8%     -6.9     -0.6%     191.8     16.5%
                          
* for entities entering the consolidation scope in the current year.
restatement of perimeter effect of newly consolidated entities consists of
subtracting the contribution of the acquisition from the aggregates of the
current year;
No entity left the consolidation scope during the periods mentioned in this
press release
** Restatement of the foreign exchange effect consists of calculating
aggregates for the current year at the exchange rates of the previous year.

03/05/2021 17:42
22/03/2021 17:40
16/03/2021 07:30
12/02/2021 07:30
07/01/2021 17:40
16/11/2020 17:48
30/09/2020 18:10
23/09/2020 17:35
02/09/2020 18:04
27/08/2020 17:35

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03/05/2021 17:42
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