TRIGANO (EPA:TRI) - 2018/2019 First Half-Year Results
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Paris, 13 May 2019
First Half-Year Results
Current operating result for the first half-year: EUR 100.2M
In a context marked by persistent economic and political uncertainties in
Europe, Trigano achieved sales of EUR 1,136.8M in the first half-year 2018/19,
up 3.7% (+0.1% at constant scope) and maintained a good level of profitability.
Leisure vehicle sales were slightly down from last year's record level (-0.5%
at constant scope). Motorhomes dealer networks pursued their significant
inventory reduction policy throughout the European territory in anticipation of
the arrival of motorhomes meeting new motorisation standards (Euro 6d).
However, registrations increased overall in Europe and Trigano further improved
its market share.
Sales of leisure equipment (+7.5%) were affected by the wait-and-see attitude
of French distributors resulting from a decline in points of sale traffic
related to the " gilets jaunes " (yellow jackets) crisis, but they benefited
from the supply of stewardship markets.
Consolidated current operating profit reached EUR 100.2M and represents 8.8% of
sales (9.5% in 2017/2018). Trigano managed to maintain a good level of
profitability despite the lower productivity of some Business Units faced with
lower activity levels and the increase of some promotional costs.
Considering a stable financial result at EUR - 6.1M, a corporate tax expense of
EUR 23.0M and the positive contribution of equity affiliates (EUR 1.5M), the
net consolidated result amounted to EUR 72.0M (EUR 72.1M in 2018/2019) and
represents EUR 3.73 per share:
in EURM H1 2019 H1 2018
Sales 1,136.8 1,096.4
Leisure vehicles sales 1,054.7 1,020.0
Leisure equipment sales 82.1 76.4
Current operating profit 100.2 104.0
of which Leisure vehicles 98.9 102.7
of which Leisure equipment 1.3 1.3
Other operating income and charges (0.6) (1.6)
Operating profit 99.6 102.4
Net income 72.0 72.1
Furthermore, as previously announced, the level of investments was down
compared to the first half of the previous financial year (EUR 19.9M versus EUR
31.1M in 2017/2018).
Trigano maintained a solid financial structure: net debt, traditionally at its
peak at the end of the first half-year, reached EUR 174.3M (EUR 160.9M on
2018/02/28), or 21.6% of consolidated shareholders' equity (24.5% on
The destocking phenomenon in motorhome distribution networks is expected to
continue in the third quarter of the year; in this context, Trigano will
strictly adapt its production capacity to changes in demand.
The introduction of new Euro 6d engines could lead to disruptions that could
impact business and sales in the fourth quarter. Trigano works closely with car
manufacturers in order to ensure that they provide new wheel bases under
conditions that allow a smooth production of new motorhome ranges.
In the longer term, Trigano is confident about the development potential of the
motorhome market in Europe and its ability to improve its performance thanks to
the expected outcomes of its recently initiated programmes regarding the
commercial coordination, the centralisation of a larger part of its purchases
and the industrial cross fertilisation.
2018/2019 Third-Quarter Sales will be published on 1st July 2019
Laure Al Hassi
phone: +33 1 44 52 16 31
Euronext Paris A - CAC All-Tradable - SRD - CAC Mid 60 - SBF 120 -
ISIN FR0005691656 - REUTERS : TRIA.PA - BLOOMBERG : TRI.FR