TRIGANO (EPA:TRI) - 2017 annual results

Transparency directive : regulatory news

13/11/2017 18:10

Paris, 13 November 2017

2017 Annual Results

Trigano reached a current operating profit of EUR148.5 M in 2016/2017,
representing 8.7% of sales (7.6% in  2015/2016).

EURM                                        2017        2016    Change (%)

Sales                                    1,707.0     1,317.1      +29.6
Leisure vehicles sales                   1,529.6     1,151.3      +32.9
Leisure equipment sales                    177.4       165.8       +7.0
Current operating profit                   148.5       100.1      +48.3
of which Leisure vehicles                  135.0        86.9      +55.4
of which Leisure equipment                  13.5        13.2       +1.8
Other operating income and charges          18.1        (0.8)
Operating profit                           166.6        99.3      +67.7
Financial result                            (8.7)       (3.4)    +158.9
Net income                                 126.9        89.7      +41.6

Thanks to the good level of demand and the gradual increase in motorhomes
production capacity, Trigano's sales were up 22.7% at constant perimeter.
Results benefited from this increase in activity, from cost control and from a
further improvement in productivity. Personnel costs (+21.2%) and external
charges (+19.0%) grew at a much slower pace than sales (+29.6%). Current
operating profit reached EUR148.5 M, up 48.3% compared to the previous
financial year. The full consolidation of Auto-Sleepers Investments led to the
revaluation in the amount of 17,8 MEUR (recognised in other operating income)
of the stake previously held by Trigano, based on the fair value at 3rd January
2017.

The financial result includes exchange gains and the revaluation of minority
interest acquisition debts recognised as financial charges.
Given the positive contribution of equity affiliates (EUR3,4 M), net profit
reached EUR126.9 M, or EUR6.63 per share (+41.6%).

Cash flow stood at EUR161.3 M, an increase of 41.9% compared to 2015/2016. It
was notably used to finance capital expenditures for an amount of EUR42.0 M, to
pay the dividend of EUR19.2 M and to strengthen the financial structure despite
the increase in working capital due to the surge in activity.

Trigano entered the 2017/18 fiscal year with a consolidated net equity of
EUR591.8 M and a net cash position of EUR82.6 M.

Prospects

The growth of the motorhome market in Europe is expected to continue in the
short and medium terms. Indeed, some European markets are still behind their
levels of 2007 or 2008 despite the growth in their customer base for
demographic reasons, moreover, recent used motorhomes (under 7 years) available
on the market, main competitors of new motorhomes, are few because of the
drastic reductions of production of new vehicles during the last decade ;
finally, the " van ", which completes the traditional offer of products and is
aimed at a new clientele that is both younger and older, is experiencing a
strong development that should continue for several years.

Trigano will continue to implement a policy of conquering market shares across
all European markets. This policy will be facilitated by the integration of
Adria Mobil which has a strong position in Scandinavia and homogenous locations
in all other European countries.
In parallel, during the next financial year, Trigano will focus on :
* improving the productivity of all its plants through capital expenditure but
also by modernising production management methods ;
* implementing the integration of Adria which should generate cost reductions
of components used by this new subsidiary and in the longer term industrial
synergies ;

The continuation of Trigano's ambitious investment program will be ensured by
company's resources and the sale in the short or medium term of all or part of
treasury shares held by the company which represent around 0.95 % of its share
capital.

Dividend

The Executive Board will propose to the General Meeting scheduled for 8 January
2018 the payment of a dividend in the amount of EUR 1.30 per share.

              2017/2018 First Quarter Sales will be released on 8 January 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 - REUTERS : TRIA.PA - BLOOMBERG : TRI.FR

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