Trigano : 2019/2020 Annual results

Paris, 16 November 2020

2020 Annual Results

Current operating profit: €180.6 M

In a context marked by strong political, economic and health uncertainties, Trigano demonstrated strong resilience and posted a slight decline in its results:

€M (non-audited figures)	2020	2019	Change %
Sales	2,184.0	2,328.2	-6.2%
Leisure vehicles	1,997.4	2,134.4	-6.4%
Leisure equipment	186.6	193.8	-3.7%
Current operating profit	180.6	210.4	-14.2%
of which leisure vehicles	167.3	199.8	-16.3%
of which leisure equipment	13.3	10.6	+25.5%
Other operating income and charges	0.8	(0.5)
Operating profit	181.4	209.9	-13.6%
Financial result	(3.8)	4.5
Net income	139.6	167.5	-16.7%

The activity of the fiscal year was strongly affected by measures decided by public authorities in order to contain the Covid-19 pandemic with, on the one hand, the closure of most production sites for several weeks in spring 2020 and, on the other hand, the increase in constraints in terms of personnel management and adaptation of workstations which impacted productivity.

Differing approaches to the fight against this pandemic by European governments as well as the implementation on 1 September 2019 of taxes on CO2 emissions (abandoned or significantly reduced since then) in Sweden and the United Kingdom had significant consequences on changes in leisure vehicle markets in Europe and therefore on the market mix of Trigano's sales. The strong recovery in demand following open up in most countries limited the decline in sales to 6.2%.

Consolidated current operating profit reached €180.6 M and represents 8.3 % of sales (9.0 % in 2018/2019). Considering a financial result of €-3.8 M (€+4.5 M in 2018/19), a corporate tax income of €41.4 M and the positive contribution of equity affiliates (€3.3 M), net consolidated profit reached €139.6 M to compare to €167.5 M in 2018/2019, or €7.24 per share.

Thanks to its results, Trigano maintained a high level of capital expenditure (€49.5 M) and further consolidated its financial structure: equity (group share) was raised to €992.7 M and net cash to €120.0 M (after recognition in accordance with IFRS 16 of a lease liability of €20.5 M).

Prospects

Despite the maintenance of restrictive sanitary measures weighing on the performance of factories and the absence of major supply disruptions, Trigano is expected to record a marked improvement in its activity and results in 2020/21.

In fact, in the context of the continuing health crisis that we are experiencing, the motorhome is arousing unprecedented interest. Deprived of their freedom of movement, more and more European consumers are in fact particularly sensitive to the values of freedom, independence, conviviality, authenticity, economy and ecology traditionally conveyed by the motorhome, values to which health security is added today.

The main market developments (strong growth differential between Germany and the rest of Europe; marked increase in the market share of vans and panel vans in all countries) are tending to intensify.

Vehicle stocks are at an abnormally low level at the start of the season because, on the one hand, productions lost during spring could not be fully compensated and, on the other hand, distribution must satisfy a significantly larger customer base. This situation resulted in a sharp increase in Trigano's order book and the need to rapidly and strongly increase production capacities, which are now saturated.

Faced with these challenges, Trigano implemented numerous action programs, in particular:

• the opening at the end of August 2020 of a new production site for converted vans in Italy near the FIAT / PSA factory producing chassis. The goal is to increase annual production by 4,400 vehicles. The ramp-up of this new site is in line with forecasts,
• the restoration to working order of both sites which were refitted in 2019,
• the establishment of a new manufacturing plant for vans in Spain,
• the launch of the Benimar brand on the German market,
• the opening of a product exhibition hall in Sprendlingen in Germany.

Relying on a decentralised organization covering the entire European territory in a homogeneous manner, Trigano will pursue its policy of market share gains thanks to targeted investments making it possible to increase production capacities and seize any external growth opportunity that brings synergies in the motorhome, leisure vehicle accessories and trailer sectors.

Dividend

The Executive Board will propose to the General Meeting scheduled for 8 January 2021 the payment of a dividend in the amount of € 2.20 per share.

Appendices:

• press release on annual sales issued on 23 September 2020
• extracts from the consolidated financial statements approved by the Executive Board on 13 November 2020 and examined by the Supervisory Board on 16 November 2020 (currently under audit) * only French version available

2020/2021 First Quarter Sales will be released on 8 January 2021

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

Paris, 23 September 2020

2019/2020 Sales: 2.2 billion euros

Over the financial year, Trigano's sales were slightly down at 2.183 billion euros.

Financial year	from	from	Current	of which	of which	Change at
	09/01/19 to	09/01/18 to	Change	scope	exchange	constant
in €M	08/31/20	08/31/19		effect	rate effect	scope and
	**	***	exchange
						rate*
Leisure vehicles	1,997.4*	2,134.4	-6.4%*	-0.1%*	+0.1%*	-6.4%*
Leisure equipment	186.6*	193.8	-3.7%*	0.0%*	-0.6%*	-3.1%*
Total Sales	2,184.0*	2,328.2	-6.2%*	-0.1%*	0.0%*	-6.1%*

The activity of the financial year was strongly impacted by the health crisis linked to COVID19. For many weeks, the company stopped its production and the vast majority of its distribution networks had to shut down at the peak of the season. This situation particularly affected sales in the United Kingdom, Italy, Spain and France, countries where Trigano holds the highest market shares.

Communication campaigns in favour of the use of motorhomes and caravans carried out by manufacturers' unions in France, Germany and Italy, were relayed by strong third party interest in leisure vehicles in all European countries, consequently, Trigano had to face strong demand as soon as the production lines were restarted. The decline in sales over the year was therefore limited to 5.4% for motorhomes and 11.3% for caravans. Deliveries of accessories for leisure vehicles (-1.4%) declined sharply in France and in the United Kingdom while they benefited from the buoyancy of German and Dutch markets. Static caravan activity (-12.2%) suffered from order cancellations linked to uncertainties about campsites traffic over summer months.

Trailer sales were stable, the drop in production in France and Norway was offset by increased capacity at the Polish and Serbian factories. The camping equipment activity (-31.0%) was strongly affected by the current situation and by the decline in stewardship markets while garden equipment (-1.7%) remained resilient.

• Non-auditedfigures
• 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 1 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.

*** 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

APPENDIX

Breakdown of sales by product category

€M - 2019/2020	form	form
09/01/19	09/01/18
(non-audited figures)	to	to
	08/31/20	08/31/19
Motorhomes	1,606.3	1,697.7
Caravans	169.0	190.6
Static caravans	78.4	89.3
Accessories	116.0	117.7
Others	27.7	39.1
Leisure vehicles	1,997.4	2,134.4
Trailers	138.1	138.1
Camping equipment	14.7	21.3
Garden equipment	33.8	34.4
Leisure equipment	186.6	193.8
Total sales	2,184.0	2,328.2

current	of which scope	of which exchange	Change at constant
scope *
change	effect *	rates effect **		and
						exchange rates **
-91.4	-5.4%	3.8	0.2%	1.4	0.1%	-96.6	-5.7%
-21.6	-11.3%	0.0	0.0%	0.3	0.2%	-21.9	-11.5%
-10.9	-12.2%	0.0	0.0%	0.0	0.0%	-10.9	-12.2%
-1.7	-1.4%	0.0	0.0%	0.1	0.1%	-1.8	-1.5%
-11.4	-29.2%	-5.8	-14.8%	0.0	0.0%	-5.6	-14.3%
-137.0	-6.4%	-2.0	-0.1%	1.8	0.1%	-136.8	-6.4%
0.0	0.0%	0.0	0.0%	-1.2	-0.9%	1.2	0.9%
-6.6	-31.0%	0.0	0.0%	0.0	0.0%	-6.6	-31.0%
-0.6	-1.7%	0.0	0.0%	0.1	0.3%	-0.7	-2.0%
-7.2	-3.7%	0.0	0.0%	-1.1	-0.6%	-6.1	-3.1%
-144.2	-6.2%	-2.0	-0.1%	0.7	0.0%	-142.9	-6.1%