Trigano — Earnings Release 2014

Nov 24, 2014

2014 Annual Results

Sales +9,1 % - Current operating profi t +47,4%
-------------------------------------------------	--	--	--	--

€M	2014	2013
Sales	892.6	818.2
Leisure vehicles sales	741.6	673.1
Leisure equipment sales	151.0	145.1
Current operating profi t	34.8	23.6
Operating profi t	29.5	42.9
of which Leisure vehicles	19.8	35.1
of which Leisure equipment	9.8	7.8
Financial result	(3.4)	(2.4)
Net income	20.9	32.6

Annual sales reached €892.6 M, up 9.1% compared to 2012/2013 (+3.9 % at constant perimeter).

The results for the year benefi ted from the improvement of the activity as well as from the realisation of synergies which has emerged from the external growth transactions carried out in 2012 and 2013, especially for the trailers activity and SEA.

Current operating profi t reached €34.8 M, representing 3.9% of sales (2.9 % in 2012/2013).

Considering restructuring costs of €5.3 M, operating profi t came to €29.5 M (€42.9 M in 2012/2013, of which €19.8 M were related to the benefi t of the acquisition of SEA).

After deducting of fi nancial result of €-3.4 M (€-2.4 M in 2012/2013), corporate tax expense of €8.1 M and the contribution to the consolidated results of equity affi liates (€2.9 M), the net consolidated result stood at €20.9 M (€32.6 M in 2012/2013).

This result allowed the shareholders' equity to strengthen to €370.7 M (€354.8 M as of 31 August 2013). Furthermore, thanks to action programs to reduce inventory and to the good management of the trade receivables, the working capital requirements were reduced by €31.5 M compared to previous year-end. This led to a substantial improvement of the cash position which reached €6.2 M (net debt of €37.6 M as of 31 August 2013).

Prospects

The favourable feedback of the 2015 ranges on the autumn fairs and shows resulted in an increase in order backlog over 10 % for most of our motorhomes brands. This trend suggests a further improvement of activity and results for 2014/2015.

Trigano will continue modelling its production capacities and its structures in order to follow the economical evolutions and strengthen its competitiveness and dynamism.

At the same time, the policy aiming at improving market shares will be pursued in Europe, depending on opportunities that may arise, by external growth operations targeted at the motorhomes, accessories for leisure vehicles and trailers sectors.

Dividend

contact Laure Al Hassi phone: +33 1 44 52 16 31

The board of directors approved the payment of the 2014 interim dividend in the amount of €0.30 per share on 15 December 2014.

2014/2015 First Quarter Sales will be released on 6 January 2015