29/11/2023

29 November 2023
29 November 2023, Comments Comments Off on Trigano increases turnover and profit in 2023 annual results
Trigano increases turnover and profit in 2023 annual results

Trigano has released its 2023 annual results, which show an increase in turnover and profit compared to the previous financial year.

Trigano achieved a net profit of €308.3 million in 2022/23 and its consolidated current operating profit shows growth of 23.7% to €423.4M (12.2% of sales). This improvement in profitability was driven by its leisure vehicle activity, whose current operating profit rose sharply to reach 12.7% of its sales.

Despite shortages of components and rolling base vehicles leading to occasional shutting of certain factories, and by the resurgence of inflationary surges affecting energy, personnel and raw materials costs as well as interest rates, Trigano was able to maintain a quality margin. This performance was made possible by the accuracy of the sales price adaptation policy implemented last year and at the start of the financial year, and by the tight control over production costs and overheads. Even though affected by the deterioration in the economic climate, results of the leisure equipment activity remained profitable.

Taking into account a financial result of -€11.0M, a corporate income tax charge of €105.7M and the positive contribution of equity affiliates (€2.3M), net consolidated profit reached €308.3M (€278.5M in 2021/2022).

These results allowed Trigano to strengthen its financial structure again with consolidated shareholders’ equity increasing to €1,605.4 million (€1,341.1M at 31 August 2022).

Production conditions in 2022/23, marked by non-optimal supply chain operation (shortages of rolling
bases, occasional supply disruption of certain components), weighed on the industrial organisation of
motorhome factories and generated stocks surplus at several sites, which are now in the process of being
reduced. Furthermore, Trigano maintained its investment effort for a total of €75.8M (including €18.6M under IFRS 16) over the 2022/23 financial year, and paid €67.6M in dividends to its shareholders.
Positive net cash position was €194.7M at 31 August 2023, with an increase of €69.0M compared to 31 August 2022.

With a still disrupted economic environment, autumn trade shows and fairs results have confirmed the
keen interest of consumers in purchasing Trigano motorhomes, with an increase in sales to non-renewing
customers. The new product ranges, repositioned and introduced for the 2023/24 season, largely
contributed to this outcome.

The high level of order books and the confirmation of a marked improvement in rolling bases delivery by all suppliers mean that business is expected to grow well in 2023/24.

Beyond this horizon, Trigano is confident in the growth potential of its activity and in its ability to gain
market share. Buoyed by the quality of its fundamentals in Europe, motorhomes will continue to attract
customers who aspire to greater freedom, closer contact with nature and conviviality.

The high inflation seen in 2022 strengthened Trigano’s belief in the quality of its entry-level and mid-range product ranges positioning, enabling it to appeal to a budget-conscious clientele looking for an attractive equipment/price ratio.

With a solid financial structure and a positive net cash position, Trigano will continue to invest to adapt the company to coming challenges. In particular, projects designed to prepare for the future transition to the electrification of leisure vehicles will be intensified.

Finally, regarding the acquisition of the company BIO Habitat, the file is currently being studied by the
French Competition Authority and should be completed by the end of the first half year.

The Executive Board will propose to the General Meeting to be held on 9 January 2024 the payment of a
gross dividend in the amount of €3.50 per share for the financial year ended 31 August 2023, namely a
supplement of €1.75 to the interim dividend of €1.75 paid in May 2023.