TRIGANO (EPA:TRI) - 2019 Annual Results
Transparency directive : regulatory news
25/11/2019 17:35
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Paris, 25 November 20192019 Annual Results
Current operating profit: EUR210.4 M
The current operating profit of Trigano reached EUR210.4 M, representing 9.0%
of sales (9.9% in 2017/2018).
EURM (non-audited figures) 2019 2018 Variation (%)
Sales 2,328.2 2,314.7 +0.6
Leisure vehicles sales 2,134.4 2,125.9 +0.4
Leisure equipment sales 193.7 188.8 +2.6
Current operating profit 210.4 229.9 -8.5
of which Leisure vehicles 199.8 219.1 -8.8
of which Leisure equipment 10.6 10.8 -1.4
Other operating income and charges (0.5) (1.6)
Operating profit 209.9 228.3 -8.1
Financial result 4.5 (6.5)
Net income 167.5 187.2 -10.5
In a context marked by the persistence of economic and political uncertainties
in Europe, Trigano recorded sales of EUR2,328.2 M in 2018/19, up 0.6% compared
to the previous fiscal year. Trigano's activity was particularly marked by:
- The policy of significant new motorhomes inventory reduction driven by dealer
networks in certain countries, and particularly in France,
- A further strengthening of anti-pollution standards in force since 1
September 2019 (Euro 6d) having caused disruptions in the supply of wheel bases
at the end of the fiscal year,
- British leaders' postponements of Brexit having caused local disturbances on
the leisure vehicle market,
- Production difficulties in two motorhome factories.
Despite these adverse phenomena, consolidated current operating profit reached
EUR210.4 M and represents 9.0% of sales (9.9% in 2018/2019). Net profit reached
EUR167.5 M (EUR187.2 M in 2017/2018), or 8.69 EUR per share.
Thanks to its results, Trigano further consolidated its financial structure,
raised its equity to EUR893.4 M and reduced its net debt to EUR14.1 M.
During the fiscal year, Trigano invested EUR44.9 M and carried on the
adaptation programme of its management structures and systems. In addition to
the strengthening of legal, IT and internal audit teams, Trigano built up an
organisation enabling to broadly deploy best practices in its factories.
Outlook
Autumn trade fairs and shows confirmed the favourable reception of Trigano's
new ranges by customers, but the increase in orders was locally hampered by the
political environment, particularly in Spain and in the United Kingdom. The
non-recurrence of destocking phenomena in the motorhome distribution networks
should, however, favour the development of the activity in 2019/2020.
Thanks to the demographic evolution of the customer base and the increase in
the useful lifetime of populations, attracted by active, simple, economic and
close to nature leisure activities, Trigano remains confident in its ability to
progress on its European markets. The motorhome is nonetheless a product whose
consumption is discretionary and the volume of the market could be locally
impacted by a further deterioration of the economic or political context in one
or more countries.
In the short term, attentive to the evolution of its markets, Trigano will
adapt, if necessary, its production capacity and its costs level to changes in
demand. It will intensify its productivity improvement programmes as well as
its actions to gain market shares throughout Europe.
Finally, targeted acquisitions may be carried out in order to strengthen
Trigano's presence in major markets in the field of leisure vehicles,
accessories and trailers.
Dividend
The Executive Board will propose to the General Meeting scheduled for 7 January
2020 the payment of a dividend in the amount of EUR 2.00 per share.
Appendices:
- press release on annual sales issued on 25 September 2019
- extracts from the consolidated financial statements approved by the Executive
Board on 18 November 2019 and examined by the Supervisory Board on 25 November
2019 (currently under audit) * only French version available
2019/2020 First Quarter Sales will be released on 7 January 2020
2018/2019 Sales: 2.3 billion euros (+0.6%)
Trigano recorded EUR 469.8M turnover in the fourth quarter, down 9.4% compared
to the previous financial year.
Change at
constant
of which scope
of which exchange and
from 06/01/19 from 06/01/18 scope rate exchange
to 08/31/19 to 08/31/18 Current effect effect rate
Q4 (EURM) (EURM) Change (%) (%) ** (%) *** (%)
Leisure
vehicles 425.2* 470.0* -9.5* 0.0* -0.3* -9.2*
Leisure
equipment 44.7* 48.8* -8.5* 0.0* -0.2* -8.3*
Sales 469.8* 518.8* -9.4* 0.0* -0.3* -9.1*
The fourth quarter recorded a positive activity for caravans (sales +7.5%) and
static caravans (sales +7.6%). However, motorhome sales (-12.5%) were
negatively impacted by the conjunction:
- of the decrease in production of two sites linked to the reimplantation of
assembly lines;
- of difficulties in supplying Euro 6d wheel bases which caused downtime.
Trailers deliveries (-2.8%) suffered from the Scandinavian market downturn.
Over the financial year, Trigano's sales were stable at 2.3 billion euros.
Change at
constant
of which scope
of which exchange and
from 06/01/19 from 06/01/18 scope rate exchange
Financial to 08/31/19 to 08/31/18 Current effect effect rate
Year (EURM) (EURM) Change (%) (%) ** (%) *** (%)
Leisure
vehicles 2,134.6* 2 125.9 +0.4* +1.9* 0.0* -1.5*
Leisure
equipment 193.7* 188.8 +2.6* 0.0* -0.2* +2.8*
Sales 2,328.3* 2 314.7 +0.6* +1.7* 0.0* -1.1*
Motorhome sales (-2.7% at constant scope and exchange rates) were affected by
networks inventory reduction policy and by difficulties experienced by some
markets impacted by the introduction of taxes or by political or economic
uncertainties. Trigano gained however market share in most countries.
Sales of caravans (+3.7%), static caravans (+8.6%) and camping equipment
(+18.4%) progressed well while sales of trailers (+1.6%), leisure vehicle
accessories (-0.2%) and garden equipment (-0.5%) remained stable.
Outlook
Trigano overcame difficulties related to the introduction of chassis meeting
new pollution standards without major damage. The favourable feedback given by
distribution networks to Trigano's leisure vehicles new ranges and the
non-recurrence of the distribution networks' destocking phenomena should favour
the growth of the activity in 2019/2020.
However, the growth of the motorhome market in Europe could be impacted by the
persistence of economic uncertainties in some countries and by fiscal policies
raising prices on products. Nevertheless, potential effects of recently
implemented tax constraints should be offset during the fiscal year by the
implementation of a new homologation.
In this context, Trigano will remain attentive to the evolution of its markets
and will try to adapt its production capacity and the level of its costs to the
trend of demand. Productivity improvement programmes will be intensified during
the fiscal year, as well as market share gains actions throughout Europe.
* Non-audited figures
** 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 1 of the
current year, until the last day of the month of the current year when
the acquisition was made the previous year.
No entities left the consolidation scope during the periods mentioned in this
press release.
*** Restatement of the foreign exchange effect consists of calculating
aggregates for the current year at the exchange rate of the previous year.
Annual results will be published on 25 November after market close
contact
Laure Al Hassi
phone: +33 1 44 52 16 31
communication@trigano.fr
www.trigano.fr
Euronext Paris A - CAC All-Tradable - SRD - CAC Mid 60 - ISIN FR0005691656 -
REUTERS : TRIA.PA - BLOOMBERG : TRI.FR
4.2 - Comptes consolidés (non audités)
4.2.1 - Compte de résultat consolidé
en milliers d'euros Note 2018/2019 2017/2018
Chiffre d'affaires 2 328 155 2 314 746
Autres produits de l'activité 19 990 14 111
Variation des stocks de produits finis
et d'encours (2 482) 41 982
Achats consommés (1 591 109) (1 613 854)
Charges de personnel 4.2.6.4 (328 230) (314 999)
Charges externes (179 815) (168 975)
Impôts et taxes (9 898) (9 321)
Amortissements et dépréciations 4.2.6.4 (26 208) (33 763)
Résultat opérationnel courant 210 403 229 925
Autres produits opérationnels 4.2.6.4 - -
Autres charges opérationnelles 4.2.6.4 (495) (1 629)
Résultat opérationnel 209 907 228 296
Coût de l'endettement financier net (2 201) (3 616)
Autres produits et charges financiers 6 688 (2 897)
Résultat financier 4.2.6.7 4 487 (6 512)
Charge d'impôt 4.2.6.8 (49 805) (37 043)
Quote-part du résultat net des
entreprises associées 2 927 2 458
Résultat net 167 516 187 199
Part du groupe 167 280 187 410
Intérêts ne donnant pas le contrôle 237 (211)
Résultat de base par action 4.2.6.9 8,69 9,70
Résultat dilué par action 4.2.6.9 8,69 9,70
4.2.2 - Etat du résultat global consolidé
en milliers d'euros 2018/2019 2017/2018
Ecarts actuariels nets d'impôts (1 396) (1 122)
Eléments qui ne seront pas reclassés
ultérieurement en résultat (1 396) (1 122)
Couvertures de flux de trésorerie nettes d'impôts - -
Ecarts de conversion (1 418) 1 516
Eléments qui seront reclassés ultérieurement
en résultat (1 418) 1 516
Total des éléments du résultat global (2 814) 393
Résultat net 167 516 187 199
Total des produits et charges comptabilisés
sur la période 164 702 187 593
Dont part du groupe 164 469 187 807
Dont part des intérêts ne donnant pas le contrôle 233 (214)
TRIGANO RAPPORT ANNUEL 2019
4.2.3 - Bilan consolidé
Actif
en milliers d'euros Note 31/08/2019 31/08/2018*
Immobilisations incorporelles 4.2.6.5 52 812 52 332
Ecarts d'acquisition 4.2.6.5 252 323 252 809
Immobilisations corporelles 4.2.6.5 261 161 245 014
Participations dans les entreprises associées 4.2.6.2 24 873 21 946
Autres actifs financiers 4.2.6.7 5 570 4 555
Actifs d'impôts différés 4.2.6.8 34 170 45 788
Autres actifs non courants 4.2.6.4 150 230
Total Actifs non courants 631 059 622 674
Stocks et en-cours 4.2.6.4 453 370 430 718
Clients et autres débiteurs 4.2.6.4 216 384 232 867
Créances d'impôt 16 147 8 655
Autres actifs courants 4.2.6.4 92 601 85 578
Trésorerie et équivalents de trésorerie 4.2.6.7 206 911 201 425
Total Actifs courants 985 412 959 243
Actifs non courants destinés à être cédés 1 896 4 488
Total Actif 1 618 367 1 586 405
Passif
en milliers d'euros Note 31/08/2019 31/08/2018*
Capital et primes 86 494 86 494
Réserves et résultats consolidés 805 811 682 054
Total Capitaux propres, part du groupe 892 305 768 548
Intérêts ne donnant pas le contrôle 1 115 925
Capitaux propres de l'ensemble consolidé 4.2.6.9 893 420 769 472
Passifs financiers non courants 4.2.6.7 178 442 231 005
Provisions à long terme 4.2.6.6 42 877 40 383
Passifs d'impôts différés 4.2.6.8 4 846 4 875
Autres passifs non courants 1 845 1 773
Total Passifs non courants 228 010 278 036
Passifs financiers courants 4.2.6.7 42 621 44 384
Provisions courantes 4.2.6.6 22 998 23 672
Fournisseurs et autres créditeurs 4.2.6.4 331 121 348 510
Dettes d'impôt 5 380 25 038
Autres passifs courants 4.2.6.4 94 817 97 293
Total Passifs courants 496 936 538 896
Total Passif 1 618 367 1 586 405
* après retraitement lié à la première application de IFRS 9
4.2.4 - Tableau de variation des capitaux propres consolidés
Primes
liées au Actions
Capital capital propres
en milliers d'euros
Capitaux propres au 31 août 2017 82 310 4 184 (4 413)
Opérations sur actions propres nettes d'impôt(1) - - 23 778
Dividendes versés - - -
Produits et charges directement comptabilisés
en capitaux propres - - -
Résultat de la période - - -
Variations de périmètre - - -
Autres mouvements - - -
Capitaux propres au 31 août 2018 publiés 82 310 4 184 19 365
Retraitements liés à l'application d'IFRS 9 - - -
Capitaux propres au 31 août 2018 retraités 82 310 4 184 19 365
Opérations sur actions propres nettes d'impôt (1) - - (2 510)
Dividendes versés
Produits et charges directement comptabilisés
en capitaux propres - - -
Résultat de la période - - -
Autres mouvements - - -
Capitaux propres au 31 août 2019 82 310 4 184 16 855
Capitaux Intérêts ne Capitaux
Réserves et propres donnant propres de
résultat part du pas le l'ensemble
consolidés groupe contrôle l'ensemble
509 268 591 350 420 591 769
(7 238) 16 540 - 16 540
(24 897) (24 897) (1) (24 898)
397 397 (3) 394
187 410 187 410 (211) 187 199
- - 296 296
(424) (424) 424 -
664 517 770 376 925 771 300
(1 828) (1 828) - (1 828)
662 689 768 548 925 769 472
365 (2 145) - (2 145)
(38 601) (38 601 (8) (38 609)
(2 811) (2 811) (3) (2 814)
167 280 167 280 237 167 516
35 35 (35) -
788 957 892 305 1 115 893 420
(1) Achat de 24 921 actions en 2018/2019 (cession de 154 187 actions en
2017/2018)
4.2.5 - Tableau des flux de trésorerie consolidés
en milliers d'euros Note 31/08/2019 31/08/2018
Résultat net 167 280 187 410
Part des minoritaires dans le résultat 237 (211)
Elimination du résultat net des entreprises
associées (2 927) (2 458)
Elimination de la charge (produit) d'impôt 4.2.6.8 49 805 37 043
Elimination des amortissements et provisions 25 630 33 979
Elimination des résultats de cessions d'actifs 483 157
Elimination des charges (produits)
d'intérêt nettes 2 181 3 563
Marge brute d'autofinancement 242 689 259 483
Variation du besoin en fonds de roulement (a) (34 313) (51 078)
Impôts encaissés (payés) (64 844) (41 357)
Flux de trésorerie liés aux activités
opérationnelles 143 532 167 048
Acquisition de filiales nette de trésorerie (b) - (123 791)
Acquisition d'immobilisations incorporelles (2 236) (1 969)
Acquisition d'immobilisations corporelles (42 705) (52 629)
Prêts et avances consentis (1 327) (2 474)
Cession d'immobilisations incorporelles - 393
Cession d'immobilisations corporelles 5 140 4 425
Remboursements reçus sur prêts 1 097 880
Flux de trésorerie liés aux activités
d'investissement (40 031) (175 165)
Cession (acquisition) nette d'actions propres (2 510) 23 778
Emission d'emprunts 260 158 370
Remboursement d'emprunts (52 943) (79 296)
Intérêts versés (3 522) (4 583)
Intérêts encaissés 1 321 1 022
Dividendes payés aux actionnaires du groupe (38 606) (24 897)
Rachat d'intérêts ne donnant pas le contrôle (2 513) (2 844)
Flux de trésorerie liés aux activités
de financement (98 513) 71 550
Incidence de la variation des taux de change (355) 1 172
Variation de la trésorerie 4 633 64 605
Trésorerie d'ouverture 201 144 136 539
Trésorerie et équivalents de trésorerie 4.2.6.7 201 425 136 851
Concours bancaires courants 4.2.6.7 (281) (312)
Trésorerie de clôture 205 777 201 144
Trésorerie et équivalents de trésorerie 4.2.6.7 206 911 201 425
Concours bancaires courants 4.2.6.7 (1 134) (281)
(a) Variation du besoin en fonds de roulement
en milliers d'euros 2018/2019 2017/2018
Stocks (23 416) (53 123)
Fournisseurs (18 380) 7 176
Clients 17 218 (30 932)
Autres (9 735) 25 801
Incidence de la variation du BFR (34 313) (51 078)
(b) Acquisition de filiales nette de trésorerie
en milliers d'euros 2018/2019 2017/2018
Acquisition de filiales nette de trésorerie - (123 791)
Principaux actifs et passifs intégrés
Immobilisations - 86 738
BFR - 50 754
Trésorerie - 37 538
Passifs financiers - 63 758
Provisions - 17 783
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