31/05/2021

31 May 2021
31 May 2021, Comments Comments Off on Trigano: sales up 17.6% compared to the first half of previous financial year
Trigano: sales up 17.6% compared to the first half of previous financial year

The latest financial report from Trigano shows that it increased sales by 17.6 percent to €1,368.6M in the first half-year 2020/2021, compared to the first half of previous financial year (+16.5 percent at constant scope).

Current operating profit for the first half-year is: €151.4 M (+68.3 percent). Consolidated current operating profit for the first half-year reached €151.4M and represents 11.1 percent of sales (7.7 percent 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 lockdown 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 € -6.6M, a corporate tax expense of € 32.5M and the positive contribution of
equity affiliates of € 2.2M, the net consolidated profit reached € 114.4M in the first half-year (€ 65.7M in
2019/2020) and represents € 5.93 per share.

Investments totalled an amount of € 17.2M in the first half-year (€20.1M in H1 2019/2020). They were mainly
spent on projects to increase production capacity and improve productivity.

Trigano again strengthened its financial structure: net cash, traditionally at its low point at the end of
February, reached €278M (net debt of € 78M in 2019/2020) while consolidated shareholders’ equity reached
€ 1,068M.

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 eight 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.

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

In a context of strong demand for motorhomes in Europe, Trigano’s sales were up 8.4 percent 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 percent. Only
the mobile homes activity remained marked by a difficult start to the year (-48.5 percent): customers, severely
penalised by a complicated summer season, reduced their investments. Sales of accessories for leisure vehicles remained buoyant and were up 49.2 percent (+ 13.1 percent at constant scope)
despite the decline in sales of terraces for mobile homes.

The trailers activity (+17.4 percent) 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 percent) and garden equipment (-3.0 percent) activities are in low season and their changes
over the period are therefore not significant.

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.