TRIGANO (EPA:TRI) - 2017/2018 First Half-Year Results
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14/05/2018 17:54
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TRIGANO
Paris, 14 May 2018
First Half-Year Results
Current operating result: 9.5% of sales in the first half-year 2018
in EURM 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 EUR 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 EUR 79.7M.
The net consolidated result stood at EUR 72.1M (EUR56.6M in 2016/2017). The
first half of the previous fiscal year had recorded another operating income of
EUR 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 EUR 14.9M which did not impact the
result and was recognised directly in equity.
Furthermore, Trigano continued its investment programme: EUR 29.1M have been
invested during the first half-year (EUR 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 EUR
134.3M of goodwill and the recognition of the value of brands for an amount of
EUR 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 EUR 160.9M (EUR 24.0M in 2017),
representing 24.5% of equity (4.5% in 2017) and consists mainly (up to EUR
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.
2018 Third-Quarter Sales will be disclosed on 4 July 2018
contact
Laure Al Hassi
phone: +33 1 44 52 16 31
communication@trigano.fr www.trigano.fr
Euronext Paris B - CAC All-Tradable - SRD - CAC Mid & Small - ISIN FR0005691656
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