With sales of €3.2 billion (+8.3%), Trigano achieved a record net profit of €278.5 million in its 2022 annual results in a buoyant market characterized by significant supply difficulties and high inflation.
Trigano recorded sales of €3,177.2M in 2021/22, up 8.3% (+0.4% at constant scope). This trend includes
a decrease in motorhomes sales, partially offset by gradual price increases, which were well received
by customers, as well as a good growth in other activities.
The integration of the three main French retail groups on 1 February 2022 contributed €231.7M to consolidated sales.
Consolidated current operating profit, before taking into account the amortisation of intangible assets related to this business combination (€9.4M), reached €352.1M and represents 11.1% of sales (compared to €357.9M in 2020/2021).
In a particularly disrupted environment, Trigano managed to maintain a good level of profitability thanks, on the one hand, to an efficient management of its production means in the face of the drop in deliveries of wheel bases for motorhomes and, on the other hand, to a fine control of its product prices evolution according to changes in its purchase prices.
Consolidated current operating profit reached €342.7M, and represents 10.8% of sales, it includes the net contribution of companies acquired during the financial year amounted to €12.3M (after taking into account the amortisation of the customer base and the order book for €9.4M). On a like-for-like basis, Trigano's current operating profit reached €330.4M and represented 11.3% of consolidated sales.
With a financial result (€16.8M) including a €19.5M income corresponding to the reduction in the fair value of financial liabilities linked to deferred payments on acquisitions, a corporate income tax charge of €83.4M and the positive contribution of equity affiliates (€4.0M), net consolidated profit reached €278.5M (€222.9M in 2020/2021).
These results enabled Trigano to further strengthen its financial structure, with consolidated shareholders' equity increasing to €1,340.7M (€1,177.4M as at 31 August 2021) and net cash standing positive (€125.7M as at 31 August 2022).
During the financial year, the company continued its capital expenditures programme in the amount of €64.5M (excluding IFRS 16 impacts) and paid €95.1 M in dividends to its shareholders. It also carried out a major external growth operation in the distribution of leisure vehicles in France.
After 2021 and 2022 seasons at their highest levels, demand remains structurally buoyant, with a still very good outlook for development. The large number of visitors at the major national trade fairs held in recent months in Germany, Italy, France and the UK testifies to the continuing strong interest of consumers in motorhomes in Europe. Thanks to the demographic trend in the customer base, strengthened through the inflow of young active seniors, the increase in the useful life of the population
and the development of vans, leisure vehicles should continue to attract more and more Europeans in the next years. This clientele is seduced by the attributes of the motorhome: freedom (you go where you want when you want), economy (you don't have to spend more than at home) and voluntary ecology (you limit your energy and water consumption).
Trigano pursues its investment programme to prepare for the future. The aim is both to make the company more competitive and to enable it to approach all segments of the European market. Thus, the production capacity of vans in its Spanish subsidiary will gradually rise to 4,000 units thanks to the completion of the construction of a new building and the modernisation of a production line.
The reorganisation of production at Novo Mesto (Slovenia) is now operational and the van plant in Bič is ready to ramp up production. In addition, investments in the extension of a mobile home site in France have been launched to ensure the development of this activity. Finally, in order to support the strong growth in sales of accessories, Trigano invests in a new warehouse in the Netherlands.
Supply problems and disruptions in the transport of chassis are still present. The distribution network sites maintain a historically low level of inventory; their commercial activity continues to be disrupted by the difficulty in delivering the order backlog due to uncertainties on product delivery dates that manufacturers cannot guarantee. In this context, Trigano is doing everything possible to maintain a quality margin. The improvement in the delivery of wheel bases will allow an increase in production in Trigano's factories which will be gradually noticeable at the very end of the 2022 calendar year and
Beyond this horizon, the inflationary environment in which we are evolving is likely to impact the level of demand. Trigano will therefore remain particularly attentive to the evolution of its cost prices and will adapt its cost levels to market changes.
The integration of the recently acquired distribution companies in France is in line with expectations and enables Trigano to benefit from a better knowledge of market developments and customer needs. With a solid financial structure and a positive net cash position, Trigano will continue to invest in this area and may study any external growth operation that would enable it to strengthen its presence in the major markets for the manufacture of leisure vehicles and their components, accessories for leisure vehicles and trailers.