25 November 2021
25 November 2021, Comments Comments Off on Trigano 2021 annual results show 34.3% increase in sales to €2,933.6 M
Trigano 2021 annual results show 34.3% increase in sales to €2,933.6 M

Trigano’s 2021 annual results show that it continued to grow at a steady pace in 2020/2021 and achieved sales of €2,933.6 M, up 34.3% compared to previous financial year, despite the context of the health crisis linked to the Covid-19 pandemic and pressures on supplies, .

Trigano’s activity was driven by the strong momentum of the motorhome market in Europe (+28.1% over the season): people, after being confined for several months and on many occasions in 2020 and 2021, aspire to leave their homes under conditions allowing them to limit interactions with potentially contaminated people. The motorhome, considered as a “health bubble”, has thus been the object of a very strong demand since the end of the first confinement. In order to meet this demand, Trigano continued its investment programmes aimed at increasing production and its workforce rose by just over 1,000 people.

Annual results benefited from the growth in activity, an improvement in productivity and margins as well as the control of cost trends. Personnel costs (+21.8%) and external charges (+17.8%) increased at a much lower rate than sales (+34.3%).

Consolidated current operating profit reached €357.9 M, and represents 12.2 % of sales (8.3 % in 2019/2020,
9.0 % in 2018/2019).

The financial result (€-80.5 M) includes in particular a €75.2 M charge corresponding to the revaluation of commitments to buy out minority interests due to the strong improvement in the results of the companies concerned.

Considering a corporate income tax charge of €58.3 M and the positive contribution of equity affiliates (€3.7 M), net consolidated profit reached €222.9 M to compare with €139.6 M in 2019/2020, or €11.56 per share.

These results enabled Trigano to maintain a good level of capital expenditures (€42.7m) and to further strengthen its financial structure: equity (group share) was raised to €1,176.4 M (€992.7 M as at 08/31/2020) and net cash to €348.4 M (€120.0 M as at 08/31/2020).

Trigano’s new motorhome ranges were particularly well received by customers at the first national trade shows, where Trigano reached record sales. The order books saturate the production capacities for the 2022 season. The changes in product prices made necessary by the increase in raw materials, components and wheel bases costs were generally well accepted by customers.

However, the strong growth in demand may not lead to a proportional increase in sales because of supply difficulties which will severely limit sales growth in the first half of the year and possibly beyond. Indeed, pressures on supplies that characterised the last season are continuing into the beginning of the 2022 financial year. The most penalising difficulties concern the insufficient production of wheel bases due to the worldwide shortage of semi-conductors. Trigano is thus forced to slow down or even stop several motorhome production lines for several weeks. These production delays could affect a volume of around 5,000 vehicles in the first half of the year. Trigano is implementing action programmes that will enable it to increase its production once the shortage situation is resolved.