Current operating profit: €357.9 M (12.2% of Sales)

Paris, 22 November 2021

2021 Annual Results

Current operating profit: €357.9 M (12.2% of Sales)

In a context marked by the persistence of the health crisis linked to the Covid-19 pandemic and by pressures on supplies, Trigano pursued its growth at a steady pace in 2020/2021. Sales reached €2,933.6 M, up 34.3% compared to previous financial year:

€M (non-audited figures)		2021		2020	2019	2021/2020
		change
Sales		2,933.6		2,184.0	2,328.2	+34.3%
Leisure vehicles		2,702.1		1,997.4	2,134.4	+35.3%
Leisure equipment		231.5		186.6	193.8	+24.1%
Current operating profit		357.9		180.6	210.4	+98.2%
of which leisure vehicles		336.0		167.3	199.8	+100.8%
of which leisure equipment		21.9		13.3	10.6	+64.7%
Other operating income and charges		0.1		0.8	(0.5)
Operating profit		358.0		181.4	209.9	+97.4%
Financial result		(80.5)		(3.8)	4.5
Net income		222.9		139.6	167.5	+59.7%

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).

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Prospects

The 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.

Dividend

The Executive Board will propose to the General Meeting scheduled for 7 January 2022 the payment of a gross dividend in the amount of €3.20 per share for the financial year ended 31 August 2021 corresponding to the amount of the deposit paid at the end of September 2021.

Appendices:

• press release on annual sales issued on 22 September 2021 (extract)
• extracts from the consolidated financial statements approved by the Executive Board on 18 November 2021 and examined by the Supervisory Board on 22 November 2021 (currently under audit) * only French version available

2021/2022 First Quarter Sales will be released on 7 January 2022

IR Contact

Laure Al Hassi

phone. : [phone] [e-mail]

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

APPENDICES

2020/21 Sales: 2.9 billion Euros (+34.3%)

APPENDIX - Sales by category

Consolidated financial statements - 2021/2022 financial year 2021/2022 (non- audited)

1 - Compte de résultat consolidé

2 - Etat du résultat global consolidé

3 - Bilan consolidé

4 - Tableau de variation des capitaux propres consolidés

5 - Tableau des flux de trésorerie consolidés

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Press release from 22 September 2021 (extract)

2020/2021 Sales: 2.9 billion Euros (+34.3%)

Over the financial year, Trigano achieved record sales with strong growth in each of its business segments:

	Year ended August 31st		2021/2020 change		Current
€M							at constant
					exchang	change
(non-audited figures)	2021	2020	2019		scope	scope and
current	e rate	2021/2019
	effect	exchange
						effect	rate*
Leisure vehicles	2,702.3	1,997.4	2,134.4	+35.3%	+2.7%	-	+32.6%	+26.6%
Leisure equipment	231.5	186.6	193.8	+24.1%	-	-0.3%	+24.3%	+19.5%
Total Sales	2,933.8	2,184.0	2,328.2	+34.3%	+2.4%	0.0%	+31.9%	+26.0%

Thanks to the strong increase in its production capacities, in particular in the campervans production, Trigano realised motorhomes sales of 2.2 billion Euros (+ 36.1%) and gained market shares.

Sales of caravans (+21.0%), accessories for leisure vehicles (+79.0%; +35.2% at constant scope), trailers (+27.3%), camping equipment (+ 7.5%) and garden equipment (+ 18.0%) also remained very dynamic over the year, while those of mobile homes (-6.4%) were affected by the wait-and-see attitude of campsite managers linked to the health crisis.

Glossary

Perimeter effect

Restatement of perimeter effect of newly consolidated entities consists of:

• for entities entering the consolidation scope in the current year, subtracting the contribution of the acquisition from the aggregates of the current year;
• for entities entering the consolidation scope in the previous year, subtracting the contribution of the acquisition from September 1st of the current year, until the last day of the month of the current year when the acquisition was made the previous year.
  No entities left the consolidation scope during the periods mentioned in this press release.

Exchange rate effect

Restatement of the foreign exchange effect consists of calculating aggregates for the current year at the exchange rate of the previous year.

IR Contact

Laure Al Hassi

phone. : [phone] [e-mail]

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

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APPENDIX

Breakdown of sales by product category

in Euro millions	4th quarter (from 06/01 to 08/31)
(non-audited figures)	2021	2020	2019
Motorhomes	462.6	449.6	317.3
Caravans	46.6	46.9	41.3
Static caravans	20.0	21.8	17.3
Accessories	61.4	40.8	32.3
Others	11.8	10.2	16.9
Leisure vehicles	602.4	569.3	425.1
Trailers	43.0	42.5	31.4
Camping equipment	4.2	4.4	3.6
Garden equipment	9.8	12.6	9.7
Leisure Equipment	57.0	59.5	44.7
Total sales	659.4	628.8	469.8
in Euro millions	Year ended August 31st
(non-audited figures)	2021	2020	2019
Motorhomes	2,186.0	1,606.3	1,697.7
Caravans	204.5	169.0	190.6
Static caravans	73.4	78.4	89.3
Accessories	207.6	116.0	117.7
Others	30.8	27.7	39.1
Leisure vehicles	2,702.3	1,997.4	2,134.4
Trailers	175.8	138.1	138.1
Camping equipment	15.8	14.7	21.3
Garden equipment	39.9	33.8	34.4
Leisure Equipment	231.5	186.6	193.8
Total sales	2,933.8	2,184.0	2,328.2

			2021/2020 change
Current	perimeter	exchange rate	at constant	2021/2019
perimeter &
change	effect	effect		current change
	exchange rate
13.0	2.9%	-	-	3.6	0.8%	9.4	2.1%	145.3	45.8%
-0.3	-0.6%	-	-	0.2	0.4%	-0.5	-1.1%	5.3	12.8%
-1.8	-8.3%	-	-	-	-	-1.8	-8.3%	2.7	15.6%
20.6	50.5%	15.6	38.2%	0.3	0.7%	4.7	11.5%	29.1	90.1%
1.6	15.7%	-	-	-	-	1.6	15.7%	-5.1	-30.2%
33.1	5.8%	15.6	2.7%	4.1	0.7%	13.4	2.4%	177.3	41.7%
0.4	0.9%	-	-	0.1	0.2%	0.3	0.7%	11.6	36.9%
-0.2	-4.5%	-	-	-	-	-0.2	-4.5%	0.6	16.7%
-2.7	-21.4%	-	-	0.1	0.8%	-2.8	-22.2%	0.1	1.0%
-2.5	-4.2%	-	-	0.2	0.3%	-2.7	-4.5%	12.3	27.5%
30.6	4.9%	15.6	2.5%	4.3	0.7%	10.7	1.7%	189.6	40.4%

			2021/2020 change
Current	perimeter	exchange rate	at constant	2021/2019
perimeter &
change	effect	effect		current change
	exchange rate
579.7	36.1%	1.9	0.1%	-0.2	0.0%	578.0	36.0%	488.3	28.8%
35.5	21.0%	0.7	0.4%	-	-	34.8	20.6%	13.9	7.3%
-5.0	-6.4%	-	-	-	-	-5.0	-6.4%	-15.9	-17.8%
91.6	79.0%	50.8	43.8%	-	-	40.8	35.2%	89.9	76.4%
3.1	11.2%	-	-	-	-	3.1	11.2%	-8.3	-21.2%
704.9	35.3%	53.4	2.7%	-0.2	0.0%	651.7	32.6%	567.9	26.6%
37.7	27.3%	-	-	-0.5	-0.4%	38.2	27.7%	37.7	27.3%
1.1	7.5%	-	-	-	-	1.1	7.5%	-5.5	-25.8%
6.1	18.0%	-	-	-	-	6.1	18.0%	5.5	16.0%
44.9	24.1%	-	-	-0.5	-0.3%	45.4	24.3%	37.7	19.5%
749.8	34.3%	53.4	2.4%	-0.7	0.0%	697.1	31.9%	605.6	26.0%

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