REGULATED PRESS RELEASE

from TRIGANO (EPA:TRI)

2023 annual results

Paris, 28 November 2023

2023  Annual Results

 

 

Thanks to the quality of its results in leisure vehicle activity - up by quite 30% compared to the previous financial year -, Trigano achieved a net profit of €308.3 million in 2022/23.

 

€M (non-audited figures)

2023

2022

change

Sales

3,480.2

3,177.2

+9.5%

Leisure vehicules

3,288.6

2,932.9

+12.1%

Leisure equipment

191.6

244.3

(21.6)%

Current operating profit

423.4

342.7

+23.7%

of which leisure vehicles

416.6

321.0

+29.8%

of which leisure equipment

6.8

21.7

(68.7)%

Other operating income and charges

(0.7)

(1.5)

 

Operating profit

422.7

341.2

+23.7%

Financial result

(11.0)

16.7

 

Net income

308.3

278.5

+10.8%

Consolidated current operating profit shows growth of 23.7% to €423.4M (12.2% of sales).

The improvement in profitability was driven by the dynamism of the leisure vehicle activity, whose current operating profit rose sharply to reach 12.7% of its sales.

Trigano was able to maintain a quality margin in a disrupted context, marked by shortages of components and rolling bases leading to occasional shutting of certain factories, and by the resurgence of inflationary surges affecting energy, personnel and raw materials costs as well as interest rates.

This performance was made possible by the accuracy of the sales price adaptation policy implemented last year and at the start of the financial year, and by the tight control over production costs and overheads. Even though affected by the deterioration in the economic climate, results of the leisure equipment activity remained profitable.

Taking into account a financial result of -€11.0M, a corporate income tax charge of €105.7M and the positive contribution of equity affiliates (€2.3M), net consolidated profit reached €308.3M (€278.5M in 2021/2022).

These results allowed Trigano to strengthen once again its financial structure with consolidated shareholders' equity increasing to €1,605.4 million (€1,341.1M at 31 August 2022).

Production conditions in 2022/23, marked by non-optimal supply chain operation (shortages of rolling bases, occasional supply disruption of certain components), weighed on the industrial organisation of motorhome factories and generated stocks surplus at several sites, which are now in the process of being reduced.

Furthermore, Trigano maintained its investment effort for a total of €75.8M (including €18.6M under IFRS 16) over the 2022/23 financial year, and paid €67.6M in dividends to its shareholders.

Positive net cash position was €194.7M at 31 August 2023, with an increase of €69.0M compared to 31 August 2022.

    

 

Prospects

With a still disrupted economic environment, autumn trade shows and fairs results have confirmed the keen interest of consumers in purchasing Trigano motorhomes, with an increase in sales to non-renewing customers. The new product ranges, repositioned and introduced for the 2023/24 season, largely contributed to this outcome. The high level of order books and the confirmation of a marked improvement in rolling bases delivery by all suppliers mean that business is expected to grow well in 2023/24.

Beyond this horizon, Trigano is confident in the growth potential of its activity and in its ability to gain market share. Buoyed by the quality of its fundamentals in Europe, motorhomes will continue to attract customers who aspire to greater freedom, closer contact with nature and conviviality. The high inflation seen in 2022 strengthened Trigano's belief in the quality of its entry-level and mid-range product ranges positioning, enabling it to appeal to a budget-conscious clientele looking for an attractive equipment/price ratio.

With a solid financial structure and a positive net cash position, Trigano will continue to invest to adapt the company to coming challenges. In particular, projects designed to prepare for the future transition to the electrification of leisure vehicles will be intensified.

Finally, regarding the acquisition of the company BIO Habitat, the file is currently being studied by the French Competition Authority and should be completed by the end of the first half year.

 

Dividend

 

The Executive Board will propose to the General Meeting to be held on 9 January 2024 the payment of a gross dividend in the amount of €3.50 per share for the financial year ended 31 August 2023, namely a supplement of €1.75 to the interim dividend of €1.75 paid in May 2023.  

 

 

 

 

 

 

 

 

 

image 

 2023/2024 First Quarter Sales will be released on 9 January 2024

 

 

 

 

 

 

 

 

imageIR Contact Laure Al Hassi  phone. : +33 1 44 52 16 31 communication@trigano.fr

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

 

 

 

 

 

 

 

 

 

 

 

 

                                          APPENDICES
A. Consolidated financial statements - 2022/2023 financial year 

(extracts from the consolidated financial statements approved by the management board on 23 November 2023 and examined by the supervisory board today, currently being audited)

1  - Consolidated accounts 

2  - Overall consolidated profit and loss account 

3  - Consolidated balance sheet

4  - Consolidated statement of changes in shareholders’equity 

5  - Consolidated cash flow statement 

 

 

 

B. 2022/23 Sales: 3.5 billion euros (+9.5%) 

(extracts from the press release published on 28 September 2023)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A.       Consolidated financial statements - 2022/2023 financial year  (currently being audited)

 

 

1  – Consolidated accounts

In millions euros 

 

image

18.8

Turnover

Other income from operations

22.7

Change in finished goods and work in progress inventories

143.8

(25.6)

Purchases consumed

(2,449.6)

(2,119.3)

Personnel expenses

(468.4)

(420.2)

External costs

(237.1)

(214.5)

Taxes and duties

(12.0)

(11.7)

Depreciation, amortisation and impairment

(56.2)

(62.0)

Current operating income

423.4

342.7

Other operating income and expenses

(0.7)

(1.5)

Operating income

422.7

341.2

Cost of net financial debt

0.4

(2.0)

Other financial income and expenses

(11.4)

18.7

Financial result

(11.0)

16.7

Income tax expense

(105.7)

(83.4)

Share of net income of associates

2.3

4.0

Net profits

308.3

278.5

Group share

308.1

278.4

Non-controlling interests

0.2

0.1

Basic earnings per share (in euros)

15.95

14.58

Diluted earnings per share (in euros)

15.95

14.58

 

 

2  - Overall consolidated profit and loss account

 

In millions euros

 

Actuarial gains and losses. net of tax

Items that will not be reclassified to profit or loss at a later date

 

image

Currency translation differences

(2.0)

(0.1)

Items to be reclassified to profit or loss at a later date

(2.0)

(0.1)

Total comprehensive income

(1.2)

3.7

Net income

308.3

278.5

Total comprehensive income

307.1

282.2

Of which group share

306.9

282.1

Including non-controlling interests

0.2

0.1

 

 

 

 

 

 

 

3  - Consolidated balance sheet

           Assets

 

In millions euros

image

Intangible fixed assets

97.0

102.7

Goodwill on acquisition

351.0

344.9

Tangible fixed assets

422.1

399.0

Investments in associates

16.0

15.7

Other financial assets

4.6

4.3

Deferred tax assets

40.4

47.0

Other non-current assets

0.1

0.1

Total non-current assets

931.1

913.7

Stocks and work in progress

804.6

596.0

Trade and other receivables

282.7

242.1

Tax receivables

6.4

8.0

Other current assets

144.8

126.3

Cash and cash equivalents

359.0

447.4

Total current assets

1,597.5

1,419.8

Total Assets

2,528.6

2,333.4

 

 

 

           Liabilities

In millions euros

image

Capital and premiums

Reserves and consolidated results

Total shareholders' equity, group share

image

1,604.8

1,340.7

Non-controlling interests

0.6

0.4

Consolidated shareholders' equity

1,605.4

1,341.1

Non-current financial liabilities

136.7

163.1

Long-term provisions

53.3

52.3

Deferred tax liabilities

12.7

15.6

Other non-current liabilities

2.0

2.0

Total Non-current liabilities

204.7

233.0

Current financial liabilities

27.7

158.6

Current provisions

26.6

26.9

Suppliers and other creditors

477.9

404.0

Tax liabilities

37.5

20.2

Other current liabilities

148.9

149.6

Total Current liabilities

718.5

759.3

Total Liabilities

2,528.6

2,333.4

 

 

 

 

 

 

 

 

 

 

 

 

 

4  - Consolidated statement of changes in shareholders' equity

 

Capital

In millions euros Capital  related premiums

Treasury shares

Consolidated reserves and earnings

Equity attributable to equity

holders of the parent

Minority interests

Consolidated shareholders' equity

Shareholders’equity as of

                                                                    82.3              4.2

31st August 2022

(6.3)

1,260.5

1,340.7

0.4

1,341.1

Treasury share transactions, net of tax (2)

27.0

 

27.0

-

27.0

Dividends paid                                   -                 -

-

(67.6)

(67.6)

0.0

(67.6)

Total comprehensive income              -                 -

-

(1.2)

(1.2)

-

(1.2)

Result for the period                          -                 -

-

308.1

308.1

0.2

308.3

Other movements                              -                 -

-

(2.2)

(2.2)

0.0

(2.2)

Shareholders’equity as of

                                                                    82.3              4.2

31st August 2023

20.7

1,497.6

1,604.8

0.6

1,605.4

(2) Trigano acquired 10.7% of the shares of its subsidiary Protej, allowing it to hold 100% of the capital of this company, parent of the Adria group. Part of the acquisition price was paid through an exchange of 220,000 treasury Trigano shares at a price of €125.60.             

 

5 - Consolidated cash flow statement

In millions euros

image

Net profit Group share

308.1

278.4

Minority interests in profit or loss

0.2

0.1

Elimination of net income of associates

(2.3)

(4.0)

Elimination of tax expense (income)

105.7

83.4

Elimination of depreciation and provisions

58.0

65.0

Elimination of gains and losses on disposal of assets

8.5

2.9

Elimination of net interest expense (income

(0.8)

1.7

Other expenses and gains without any impact on cash position

0.2

(19.9)

Cash flow from operations

477.7

407.6

Dividends received from affiliate entities

2.7

18.5

Change in working capital requirements

(193.9)

(148.6)

Taxes received (paid)

(84.8)

(106.0)

Cash flow from operating activities

201.7

171.5

Acquisition of subsidiaries net of cash

(10.0)

(103.6)

Transfer of subsidiaries without deduction of the cash transferred

3.1

0.0

Acquisition of intangible assets

(3.6)

(3.7)

Acquisition of property, plant and equipment

(53.6)

(61.2)

Acquisition of property, plant and equipment IFRS 16

(18.6)

(13.3)

Disposal of intangible assets

0.1

0.1

Disposal of property, plant and equipment

2.0

3.8

Loans and advances granted

(0.7)

(0.5)

Repayments received on loans

0.2

0.7

Cash flows from investing activities

(81.1)

(177.7)

Net disposal (acquisition) of treasury shares

27.9

(22.9)

Issuance of loans (IFRS 16)

20.7

13.2

Repayment of lease liabilities (IFRS 16)

(16.5)

(10.6)

Issuance of loans

1.3

0.8

Repayment of loans

(10.7)

(36.8)

Interest paid

(3.7)

(2.3)

Interest paid (IFRS 16)

(1.1)

(0.2)

Interest received

5.5

0.8

Dividends paid to group shareholders

(67.6)

(95.1)

Dividends paid to minority shareholders

0.0

(0.3)

Repurchase of non-controlling interests

(108.8)

(45.6)

Cash flows from financing activities

(153.0)

(198.9)

Impact of exchange rate changes

(2.0)

(0.4)

Change in cash and cash equivalents

(34.4)

(205.5)

 

Opening cash position

391.1

596.6

Cash and cash equivalents

447.4

597.5

Bank overdrafts

(56.4)

(0.9)

Closing cash position

356.7

391.1

Cash and cash equivalents

359.0

447.4

Bank overdrafts

(2.3)

(56.4)

 

             B.      extracts from the press release published on 28 Septembre 2023

Paris, 28th September 2023

2022/23 Sales: 3.5 billion euros (+9.5%) 

 

The positive business trend in leisure vehicles in the second half-year led Trigano to an increase in sales of 9.5% over the 2022/23 financial year

In €M

(non-audited figures)

Financial year ended 08/31

 

Variation 2023/2022

 

2023

2022

2021

Current change

of which scope  effect

of which

exchange rate effect

Change at constant scope

and exchange rates

Leisure vehicles

3,288.6

2,932.9

2,701.9

+12.1%

+3.7%

-0.4%

+8.8%

Leisure equipment

191.6

244.3

231.7

-21.6%

-

-0.5%

-21.1%

Total Sales

3,480.2

3,177.2

2,933.6

+9.5%

+3.4%

-0.4%

+6.5%

The Leisure Vehicle activity was marked at the start of the financial year by difficulties in supplying rolling bases for motorhomes, leading to the closure of several production units for several weeks. The significant improvement in motorhome deliveries in the second half of the year enabled the company to make up for most of the delay and to post an increase in sales of 11.2% at constant scope and exchange rates. Caravan sales (+5.6%) and mobile home sales (+7.5%) also remained well oriented while those of accessories for leisure vehicles (-5.9% at constant scope and exchange rates) were affected by distribution’s destocking phenomena.

The leisure equipment activity was penalised by the poor economic climate in Europe and more particularly in France across all segments: camping equipment (-6.1%), garden equipment (-22.7%) and trailers (-22.8%).

 

 

Breakdown of sales by product category

in Euro millions

(non-audited figures)

Year ended August 31st

Variation 2023/ 2022

 

From

09/01/22

to

08/31/23

From

09/01/21

to

08/31/22(1)

Current change

perimeter effect

exchange rate

effect(1)

at constant

perimeter & exchange rate

          Motorhomes                      

2,572.1 260.2

2,255.7 246.3

316.4 13.9

14.0% 5.6%

73.6 0.3

3.3%

0.1%

-10.1 -0.5

-0.4%

-0.2%

252.9 14.1

11.2% 5.7%

          Caravans                             

Static caravans

116,9

108.7

8.2

7.5%

-

-

-

-

8.2

7.5%

          Accessories                         

280.4

273.1

7.3

2.7%

24.0

8.8%

-0.7

-0.3%

-16.0

-5.9%

          Others                                 

59.0

49.1

9.9

20.2%

10.8

22.0%

-0.1

-0.2%

-0.8

-1.6%

      Leisure vehicles                      

3,288.6

2,932.9

355.7

12.1%

108.7

3.7%

-11.4

-0.4%

258.4

8.8%

          Trailers                                

148.1 16,9

191.9 18.0

-43.8 -1.1

-22.8% -6.1%

-

-

-

-

-0.9

-

-0.5%

-

-42.9 -1.1

-22.4% -6.1%

Camping equipment

Garden equipment

26,6

34.4

-7.8

-22.7%

-

-

-0.2

-0.6%

-7.6

-22.1%

Leisure Equipment

191,6

244.3

-52.7

-21.6%

-

-

-1.1

-0.5%

-51.6

-21.1%

      Total sales                               

3,480.2

3,177.2

303.0

9.5%

108.7

3.4%

-12.5

-0.4%

206.8

6.5%

             (1)      There have been two reclassifications with no impact on the leisure vehicles operating segment:

2022: €12.2 M reclassified from motorhomes to accessories (€10.6M) and others (€1.6 M).

Scope effect: €1.2M in others and €0.7M in accessories were reclassified as motorhomes (€0.9M) and caravans (€1.0 M).

Glossary

Scope 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. 

The restatement of the scope of consolidation of entities leaving the current year consists of deducting the contribution of the divested entity from the previous year's aggregates.

 

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.

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