TRIGANO (EPA:TRI) - 2020 Annual results
Transparency directive : regulatory news
16/11/2020 17:48
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Paris, 16 November 20202020 Annual Results
Current operating profit: EUR180.6 M
In a context marked by strong political, economic and health uncertainties,
Trigano demonstrated strong resilience and posted a slight decline in its
results:
EURM (non-audited figures) 2020 2019 Change %
Sales 2,184.0 2,328.2 -6.2%
Leisure vehicles 1,997.4 2,134.4 -6.4%
Leisure equipment 186.6 193.8 -3.7%
Current operating profit 180.6 210.4 -14.2%
of which leisure vehicles 167.3 199.8 -16.3%
of which leisure equipment 13.3 10.6 +25.5%
Other operating income and charges 0.8 (0.5)
Operating profit 181.4 209.9 -13.6%
Financial result (3.8) 4.5
Net income 139.6 167.5 -16.7%
The activity of the fiscal year was strongly affected by measures decided by
public authorities in order to contain the Covid-19 pandemic with, on the one
hand, the closure of most production sites for several weeks in spring 2020
and, on the other hand, the increase in constraints in terms of personnel
management and adaptation of workstations which impacted productivity.
Differing approaches to the fight against this pandemic by European governments
as well as the implementation on 1 September 2019 of taxes on CO2 emissions
(abandoned or significantly reduced since then) in Sweden and the United
Kingdom had significant consequences on changes in leisure vehicle markets in
Europe and therefore on the market mix of Trigano's sales. The strong recovery
in demand following open up in most countries limited the decline in sales to
6.2%.
Consolidated current operating profit reached EUR180.6 M and represents 8.3 %
of sales (9.0 % in 2018/2019). Considering a financial result of EUR-3.8 M
(EUR+4.5 M in 2018/19), a corporate tax income of EUR41.4 M and the positive
contribution of equity affiliates (EUR3.3 M), net consolidated profit reached
EUR139.6 M to compare to EUR167.5 M in 2018/2019, or EUR7.24 per share.
Thanks to its results, Trigano maintained a high level of capital expenditure
(EUR49.5 M) and further consolidated its financial structure: equity (group
share) was raised to EUR992.7 M and net cash to EUR120.0 M (after recognition
in accordance with IFRS 16 of a lease liability of EUR20.5 M).
Prospects
Despite the maintenance of restrictive sanitary measures weighing on the
performance of factories and the absence of major supply disruptions, Trigano
is expected to record a marked improvement in its activity and results in
2020/21.
In fact, in the context of the continuing health crisis that we are
experiencing, the motorhome is arousing unprecedented interest. Deprived of
their freedom of movement, more and more European consumers are in fact
particularly sensitive to the values of freedom, independence, conviviality,
authenticity, economy and ecology traditionally conveyed by the motorhome,
values to which health security is added today.
The main market developments (strong growth differential between Germany and
the rest of Europe; marked increase in the market share of vans and panel vans
in all countries) are tending to intensify.
Vehicle stocks are at an abnormally low level at the start of the season
because, on the one hand, productions lost during spring could not be fully
compensated and, on the other hand, distribution must satisfy a significantly
larger customer base. This situation resulted in a sharp increase in Trigano's
order book and the need to rapidly and strongly increase production capacities,
which are now saturated.
Faced with these challenges, Trigano implemented numerous action programs, in
particular:
- the opening at the end of August 2020 of a new production site for converted
vans in Italy near the FIAT / PSA factory producing chassis. The goal is to
increase annual production by 4,400 vehicles. The ramp-up of this new site is
in line with forecasts,
- the restoration to working order of both sites which were refitted in 2019,
- the establishment of a new manufacturing plant for vans in Spain,
- the launch of the Benimar brand on the German market,
- the opening of a product exhibition hall in Sprendlingen in Germany.
Relying on a decentralised organization covering the entire European territory
in a homogeneous manner, Trigano will pursue its policy of market share gains
thanks to targeted investments making it possible to increase production
capacities and seize any external growth opportunity that brings synergies in
the motorhome, leisure vehicle accessories and trailer sectors.
Dividend
The Executive Board will propose to the General Meeting scheduled for 8 January
2021 the payment of a dividend in the amount of EUR 2.20 per share.
Appendices:
- press release on annual sales issued on 23 September 2020
- extracts from the consolidated financial statements approved by the Executive
Board on 13 November 2020 and examined by the Supervisory Board on 16 November
2020 (currently under audit) * only French version available
2020/2021 First Quarter Sales will be released on 8 January 2021
IR 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
Paris, 23 September 2020
2019/2020 Sales: 2.2 billion euros
Over the financial year, Trigano's sales were slightly down at 2.183 billion
euros.
from from
Financial year 09/01/19 to 09/01/18 to Current
in EURM 08/31/20 08/31/19 Change
Leisure vehicles 1,997.4* 2,134.4 -6.4%*
Leisure equipment 186.6* 193.8 -3.7%*
Total Sales 2,184.0* 2,328.2 -6.2%*
of which of which Change at
scope effect exchange constant
** rate effect scope and
*** exchange
rate*
-0.1%* +0.1%* -6.4%*
0.0%* -0.6%* -3.1%*
-0.1%* 0.0%* -6.1%*
The activity of the financial year was strongly impacted by the health crisis
linked to COVID19. For many weeks, the company stopped its production and the
vast majority of its distribution networks had to shut down at the peak of the
season. This situation particularly affected sales in the United Kingdom,
Italy, Spain and France, countries where Trigano holds the highest market
shares.
Communication campaigns in favour of the use of motorhomes and caravans carried
out by manufacturers' unions in France, Germany and Italy, were relayed by
strong third party interest in leisure vehicles in all European countries,
consequently, Trigano had to face strong demand as soon as the production lines
were restarted. The decline in sales over the year was therefore limited to
5.4% for motorhomes and 11.3% for caravans. Deliveries of accessories for
leisure vehicles (-1.4%) declined sharply in France and in the United Kingdom
while they benefited from the buoyancy of German and Dutch markets. Static
caravan activity (-12.2%) suffered from order cancellations linked to
uncertainties about campsites traffic over summer months.
Trailer sales were stable, the drop in production in France and Norway was
offset by increased capacity at the Polish and Serbian factories. The camping
equipment activity (-31.0%) was strongly affected by the current situation and
by the decline in stewardship markets while garden equipment (-1.7%) remained
resilient.
* 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.
APPENDIX
Breakdown of sales by product category
EURM - 2019/2020
(non-audited figures) form 09/01/19 form 09/01/18
to to
08/31/20 08/31/19
Motorhomes 1,606.3 1,697.7
Caravans 169.0 190.6
Static caravans 78.4 89.3
Accessories 116.0 117.7
Others 27.7 39.1
Leisure vehicles 1,997.4 2,134.4
Trailers 138.1 138.1
Camping equipment 14.7 21.3
Garden equipment 33.8 34.4
Leisure equipment 186.6 193.8
Total sales 2,184.0 2,328.2
current of which scope of which exchange Change at constant
change effect * rates effect ** scope * and
exchange rates **
-91.4 -5.4% 3.8 0.2% 1.4 0.1% -96.6 -5.7%
-21.6 -11.3% 0.0 0.0% 0.3 0.2% -21.9 -11.5%
-10.9 -12.2% 0.0 0.0% 0.0 0.0% -10.9 -12.2%
-1.7 -1.4% 0.0 0.0% 0.1 0.1% -1.8 -1.5%
-11.4 -29.2% -5.8 -14.8% 0.0 0.0% -5.6 -14.3%
-137.0 -6.4% -2.0 -0.1% 1.8 0.1% -136.8 -6.4%
0.0 0.0% 0.0 0.0% -1.2 -0.9% 1.2 0.9%
-6.6 -31.0% 0.0 0.0% 0.0 0.0% -6.6 -31.0%
-0.6 -1.7% 0.0 0.0% 0.1 0.3% -0.7 -2.0%
-7.2 -3.7% 0.0 0.0% -1.1 -0.6% -6.1 -3.1%
-144.2 -6.2% -2.0 -0.1% 0.7 0.0% -142.9 -6.1%
en milliers d'euros Note 2019/2020 2018/2019
Chiffre d'affaires 2 184 019 2 328 155
Autres produits de l'activité 17 462 19 990
Variation des stocks de
produits finis et d'encours (50 478) (2 482)
Achats consommés (1 453 757) (1 591 109)
Charges de personnel 4.2.6.4 (310 900) (328 230)
Charges externes (163 105) (179 815)
Impôts et taxes (9 709) (9 898)
Amortissements et dépréciations 4.2.6.4 (32 877) (26 208)
Résultat opérationnel courant 180 655 210 403
Autres produits opérationnels 4.2.6.4 1 030 -
Autres charges opérationnelles 4.2.6.4 (245) (496)
Résultat opérationnel 181 440 209 907
Coût de l'endettement financier net (1 211) (2 201)
Autres produits et charges financiers (2 547) 6 688
Résultat financier 4.2.6.7 (3 758) 4 487
Charge d'impôt 4.2.6.8 (41 350) (49 805)
Quote-part du résultat net des
entreprises associées 3 278 2 927
Résultat net 139 609 167 516
Part du groupe 139 461 167 280
Intérêts ne donnant pas le contrôle 148 237
Résultat de base par action 4.2.6.9 7,24 8,69
Résultat dilué par action 4.2.6.9 7,24 8,69
2 - Etat du résultat global consolidé
en milliers d'euros 2019/2020 2018/2019
Ecarts actuariels nets d'impôts (307) (1 396)
Eléments qui ne seront pas reclassés
ultérieurement en résultat (307) (1 396)
Couvertures de flux de trésorerie
nettes d'impôts - -
Ecarts de conversion 601 (1 418)
Eléments qui seront reclassés
ultérieurement en résultat 601 (1 418)
Total des éléments du résultat global 294 (2 814)
Résultat net 139 609 167 516
Total des produits et charges
comptabilisés sur la période 139 902 164 702
Dont part du groupe 139 754 164 469
Dont part des intérêts ne donnant
pas le contrôle 148 233
3 - Bilan consolidé
Actif
en milliers d'euros Note 31/08/2020 31/08/2019
Immobilisations incorporelles 4.2.6.5 53 662 52 812
Ecarts d'acquisition 4.2.6.5 280 715 252 323
Immobilisations corporelles 4.2.6.5 304 533 261 161
Participations dans les
entreprises associées 4.2.6.2 28 150 24 873
Autres actifs financiers 4.2.6.7 3 484 5 570
Actifs d'impôts différés 4.2.6.8 33 502 34 170
Autres actifs non courants 4.2.6.4 609 150
Total Actifs non courants 704 655 631 059
Stocks et en-cours 4.2.6.4 401 170 453 370
Clients et autres débiteurs 4.2.6.4 212 098 216 384
Créances d'impôt 3 951 16 147
Autres actifs courants 4.2.6.4 79 303 92 601
Trésorerie et équivalents
de trésorerie 4.2.6.7 330 324 206 911
Total Actifs courants 1 026 845 985 412
Actifs non courants destinés
à être cédés 1 896 1 896
Total Actif 1 733 396 1 618 367
Passif
en milliers d'euros Note 31/08/2020 31/08/2019
Capital et primes 86 494 86 494
Réserves et résultats consolidés 906 171 805 811
Total Capitaux propres, part du groupe 992 665 892 305
Intérêts ne donnant pas le contrôle 875 1 115
Capitaux propres de l'ensemble
consolidé 4.2.6.9 993 540 893 420
Passifs financiers non courants 4.2.6.7 151 188 178 442
Provisions à long terme 4.2.6.6 45 996 42 877
Passifs d'impôts différés 4.2.6.8 3 901 4 846
Autres passifs non courants 2 047 1 845
Total Passifs non courants 203 132 228 010
Passifs financiers courants 4.2.6.7 59 168 42 621
Provisions courantes 4.2.6.6 21 469 22 998
Fournisseurs et autres créditeurs 4.2.6.4 330 808 331 121
Dettes d'impôt 16 336 5 380
Autres passifs courants 4.2.6.4 108 942 94 817
Total Passifs courants 536 723 496 936
Total Passif 1 733 396 1 618 367
4 - Tableau de variation des capitaux propres consolidés
Capital Primes liées Actions
au capital propres
en milliers d'euros
Capitaux propres au 31 août 2018 publiés 82 310 4 184 19 365
Retraitement lié 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
Retraitements liés à l'application d'IFRS 16
au 1er septembre 2019 - - -
Opérations sur actions propres nettes d'impôt (1) - - (182)
Dividendes versés - - -
Produits et charges directement
comptabilisés en capitaux propres - - -
Résultat de la période - - -
Autres mouvements - - -
Capitaux propres au 31 août 2020 82 310 4 184 16 673
Réserves et Capitaux propres Intérêts ne Capitaux propres
résultat part du groupe donnant pas de l'ensemble
consolidés le contrôle consolidé
664 517 770 376 925 771 300
(1 828) (1828) - (1828)
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
(694) (694) - (694)
23 (158) - (158)
(38 567) (38 567) (364) (38 931)
294 294 - 294
139 461 139 461 148 139 609
24 24 (24) -
889 497 992 665 875 993 540
(1) Actions auto-détenues : achat de 1 558 actions en 2019/2020
(achat de 20 000 actions en 2018/2019) ;
Contrat de liquidité : cession de 2 653 actions en 2019/2020
(achat de 4 921 actions en 2018/2019).
5 - Tableau des flux de trésorerie consolidés
en milliers d'euros Note 2019/2020 2018/2019
Résultat net part du groupe 139 461 167 280
Part des minoritaires dans le résultat 148 237
Ecart d'acquisition négatif (785) -
Elimination du résultat net des
entreprises associées (3 278) (2 927)
Elimination de la charge (produit) d'impôt 4.2.6.8 41 350 49 805
Elimination des amortissements et provisions 32 929 25 630
Elimination des résultats de cessions d'actifs 231 483
Variation de la juste valeur des dettes
financières liées aux différés de paiement
sur acquisition (2 883) (8 557)
Elimination des charges (produits)
d'intérêt nettes 1 211 2 181
Marge brute d'autofinancement 208 385 234 132
Variation du besoin en fonds de roulement (a) 96 168 (34 313)
Impôts encaissés (payés) (18 250) (64 844)
Flux de trésorerie liés aux activités
opérationnelles 286 303 134 975
Acquisition de filiales nette de trésorerie (b) (16 679) -
Acquisition d'immobilisations incorporelles (2 224) (2 236)
Acquisition d'immobilisations corporelles (47 260) (42 705)
Prêts et avances consentis (2 858) (1 327)
Cession d'immobilisations incorporelles 54 -
Cession d'immobilisations corporelles 1 380 5 140
Remboursements reçus sur prêts 2 640 1 097
Flux de trésorerie liés aux activités
d'investissement (64 947) (40 031)
Cession (acquisition) nette d'actions propres (182) (2 510)
Emission d'emprunts 2 273 260
Remboursement d'emprunts (38 249) (44 386)
Remboursement de dettes de location (8 694) -
Intérêts versés (2 576) (3 522)
Intérêts encaissés 1 365 1 321
Dividendes payés aux actionnaires du groupe (38 566) (38 606)
Dividendes payés aux minoritaires (360) -
Rachat d'intérêts ne donnant pas le contrôle (12 362) (2 513)
Flux de trésorerie liés aux activités de financement (97 351) (89 956)
Incidence de la variation des taux de change 486 (355)
Variation de la trésorerie 124 490 4 633
Trésorerie d'ouverture 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)
Trésorerie de clôture 330 267 205 777
Trésorerie et équivalents de trésorerie 4.2.6.7 330 324 206 911
Concours bancaires courants 4.2.6.7 (57) (1 134)
(a)Variation du besoin en fonds de roulement
en milliers d'euros 2019/2020 2018/2019
Stocks 59 430 (23 416)
Fournisseurs 1 594 (18 380)
Clients 10 358 17 218
Autres 24 786 (9 735)
Incidence de la
variation du BFR 96 168 (34 313)
(b)Acquisitions de filiales nettes de trésorerie
en milliers d'euros 2019/2020 2018/2019
Acquisitions de filiales
nettes de trésorerie (16 679) -
Principaux actifs et passifs intégrés
Immobilisations 5 086 -
BFR 6 514 -
Trésorerie 1 486 -
Passifs financiers (1 327) -
Provisions - -
Ecarts d'acquisition 28 101 -
Le chiffre daffaires du 1er trimestre 2021 sera publié le 8 janvier 2021
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