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Monday 25 November 2019

2019 Annual results

2019 annual results

Current operating profit: €210.4 M

The current operating profit of Trigano reached €210.4 M, representing 9.0% of sales (9.9% in 2017/2018).

€M (non-audited figures) 2019 2018 Change (%)
Sales 2,328.2 2,314.7 +0.6
   Leisure vehicles sales 2,134.4 2,125.9 +0.4
   Leisure equipment sales 193.7 188.8 +2.6
Current operating profit 210.4 229.9 -8.5
   of which Leisure vehicles 199.8 219.1 +8.8
   of which Leisure equipment 10.6 10.8 -1.4
Other operating income and charges (0.5) (1.6)  
Operating profit 209.9 228.3 -8.1
Financial result 4.5 (6.5)  
Net income 167.5 187.2 -10.5

In a context marked by the persistence of economic and political uncertainties in Europe, Trigano recorded sales of €2,328.2 M in 2018/19, up 0.6% compared to the previous fiscal year. Trigano’s activity was particularly marked by:

  • The policy of significant new motorhomes inventory reduction driven by dealer networks in certain countries, and particularly in France,
  • A further strengthening of anti-pollution standards in force since 1 September 2019 (Euro 6d) having caused disruptions in the supply of wheel bases at the end of the fiscal year,
  • British leaders’ postponements of Brexit having caused local disturbances on the leisure vehicle market,
  • Production difficulties in two motorhome factories.

Despite these adverse phenomena, consolidated current operating profit reached €210.4 M and represents 9.0% of sales (9.9% in 2018/2019). Net profit reached €167.5 M (€187.2 M in 2017/2018), or 8.69 € per share.
Thanks to its results, Trigano further consolidated its financial structure, raised its equity to €893.4 M and reduced its net debt to €14.1 M.
During the fiscal year, Trigano invested €44.9 M and carried on the adaptation programme of its management structures and systems. In addition to the strengthening of legal, IT and internal audit teams, Trigano built up an organisation enabling to broadly deploy best practices in its factories.

Outlook

Autumn trade fairs and shows confirmed the favourable reception of Trigano’s new ranges by customers, but the increase in orders was locally hampered by the political environment, particularly in Spain and in the United Kingdom. The non-recurrence of destocking phenomena in the motorhome distribution networks should, however, favour the development of the activity in 2019/2020.
Thanks to the demographic evolution of the customer base and the increase in the useful lifetime of populations, attracted by active, simple, economic and close to nature leisure activities, Trigano remains confident in its ability to progress on its European markets. The motorhome is nonetheless a product whose consumption is discretionary and the volume of the market could be locally impacted by a further deterioration of the economic or political context in one or more countries.
In the short term, attentive to the evolution of its markets, Trigano will adapt, if necessary, its production capacity and its costs level to changes in demand. It will intensify its productivity improvement programmes as well as its actions to gain market shares throughout Europe.

Finally, targeted acquisitions may be carried out in order to strengthen Trigano's presence in major markets in the field of leisure vehicles, accessories and trailers.

Dividend

The Executive Board will propose to the General Meeting scheduled for 7 January 2020 the payment of a dividend in the amount of € 2.00 per share.

Appendices:

- press release on annual sales issued on 25 September 2019
- extracts from the consolidated financial statements approved by the Executive Board on 19 November 2018 and examined by the Supervisory Board on 25 November 2019 (currently under audit) - only French version available

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