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Monday 26 November 2018

2018 Annual results

2018 annual results

Current operating profi t: + 54.8%

The current operating profit of Trigano reached €229.9 M, up 54.8% compared to 2016/2017 (€148.5 M), representing 9.9% of sales (8.7% in 2016/2017).

€M (non-audited figures) 2018 2017 Change (%)
Sales 2,314.7 1,707.0 +35.6
   Leisure vehicles sales 2,125.9 1,529.6 +39.0
   Leisure equipment sales 188.8 177.4 +6.4
Current operating profit 229.9 148.5 +54.8
   of which Leisure vehicles 219.1 135.0 +62.3
   of which Leisure equipment 10.8 13.5 -19.9
Other operating income and charges* (1.6) 18.1*  
Operating profit 228.3 166.6 +37.1
Financial result (6.5) (8.7) -25.0
Net income 187.2 126.9 +47.5

*: In 2016/2017, the revaluation of Trigano’s stake in Auto-Sleepers following the takeover of this company had generated a non-current operating income of €17.8 M.

Annual results benefited from the solid growth in activity, from continuous improvement in productivity at most sites, and, of course, from results of newly integrated companies. Excluding changes in scope, current operating profit was up 18.5% and reached €176.1 M.

Considering an improving financial result (€-6.5 M against €-8,7 M last year), a corporate tax income of €37.0 M including the recognition of deferred tax assets for an amount of €19.0 M and the positive contribution of equity affiliates (€2.5 M), net consolidated profit reached €187.2 M (+47.5%), or €9.70 per share.

During this financial year, Trigano sold part of its treasury shares. This transaction, which did not impact the income statement (recognised directly in equity), generated net income of €16.5 M.

Furthermore, Trigano maintained its investment program aimed at improving its production capacities, its competitiveness and working conditions of its employees: €54.6 M were invested during the financial year.

The acquisition of Adria generated a goodwill of €139.3 M after recognition of the value of brands for an amount of €28.3 M. Despite the size of the investment made, Trigano maintained a solid financial structure: net debt reached €74.0 M, or 9.6% of consolidated shareholders’ equity and included (for €121.7 M) medium-term debt relating to commitments to buy back shares from minority shareholders.


The European motorhome market continues to grow, testifying vitality of fundamentals of this market (favourable demographic evolution of the customer base, aspirations for more freedom, proximity to nature and  conviviality, as well as the desire to tighten budget). The motorhome is nonetheless a product whose consumption is discretionary and the volume of the market could be impacted in the short or medium term by adverse political or economic phenomena (Brexit, political situation in Italy or lower income for pensioners, for example). In this environment, Trigano will focus on continuing to implement its policy of improving market shares while being extremely attentive to the evolution of the stock level of its distribution networks.

In parallel, as the increase in production capacity is almost complete, Trigano will focus its investment efforts on improving the productivity of its factories and the evolution of its production management methods. Finally, the implementation of synergies following the acquisition of Adria will be completed in conjunction with the enhanced coordination of purchasing and sales.


The Executive Board will propose to the General Meeting scheduled for 7 January 2019 the payment of a dividend in the amount of € 2.00 per share.


- press release on annual sales issued on 26 September 2018
- extracts from the consolidated financial statements approved by the Executive Board on 19 November 2018 and examined by the Supervisory Board on 26 November 2018 (currently under audit) - only French version available

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