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Monday 14 May 2018

First half 2018 results

First Half-Year Results

Current operating result: 9.5% of sales in the first half-year 2018

€M H1 2018 H1 2017
Sales 1,096.4 749.1
   Leisure vehicles sales 1,020.0 681.1
   Leisure equipment sales 76.4 68.0
Current operating profit 104.0 52.5
   of which Leisure vehicles 102.7 51.3
   of which Leisure equipment 1.3 1.2
Other operating income and charges (1.6) 17.3
Operating profit 102.4 69.8
Net income 72.1 56.6

Current operating result reached € 104.0M (+98.3%) in the first half-year, representing 9.5% of sales (7.0% in 2016/2017). Half-year results benefited from the strong growth in activity, the continuous improvement in productivity on most sites, the control of general expenses and, of course, the results of the newly integrated companies. Excluding changes in the scope of consolidation, current operating result was up 52.0% to reach € 79.7M.

The net consolidated result stood at € 72.1M (€56.6M in 2016/2017). The first half of the previous fiscal year had recorded another operating income of € 17.8M, corresponding to the revaluation of Trigano’s stake in Auto-Sleepers following the acquisition of the majority and the consequent modification of the consolidation method. By eliminating this transaction from the income statement of the first half-year 2017, net income was up 85.6%.

During the first half-year, Trigano sold a part of treasury shares held by the company. This sale generated a net profit of € 14.9M which did not impact the result and was recognised directly in equity.

Furthermore, Trigano continued its investment programme: € 29.1M have been invested during the first half-year (€ 20.9M in 2016/2017).

The acquisition of Adria led to numerous changes in Trigano’s assets and liabilities; this transaction generated, in particular, the activation of € 134.3M of goodwill and the recognition of the value of brands for an amount of          € 28.3M. Despite the size of the investment realised, Trigano maintains its solid financial structure : net debt, traditionally at its high level at the end of the first half-year, reached € 160.9M (€ 24.0M in 2017), representing 24.5% of equity (4.5% in 2017) and consists mainly (up to € 118M) of medium-term debt related to shares buy back commitments from minority shareholders.

Outlook

The rapid and continuous internal growth over the last three years, combined with major acquisitions, radically changed the size of Trigano. Management structures and systems will be adapted to take into account this evolution and to reap the benefits.

Trigano also encounters on some sites recruitment difficulties related to labour shortages caused by the economic recovery. Trigano will invest in improving its attractiveness to encourage the hiring of quality staff in its subsidiaries.

The rebuilding of the motorhomes stock by distribution networks of which Trigano has benefited for two years is now complete. To maintain sustained growth, Trigano will build on a still dynamic European market and pursue its efforts to increase distribution networks density in Europe in order to further improve its market shares.

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