Trigano — Earnings Release 2015

Apr 27, 2015

First Half-Year Results

Increase in the current operating profi t by 96.5% in the fi rst half-year 2015

in €M	H1 2015	H1 2014
Sales	479.0	425.4
Leisure Vehicles	418.7	369.6
Leisure Equipment	60.3	55.8
Current operating result (1)	16.9	8.6
of which leisure vehicles	15.6	8.8
of which leisure equipment	1.3	(0.2)
Other operating income and charges	(1.0)	(5.7)
Operating result	15.9	2.9
Net result (1)	10.7	1.3

(1) Application of IFRIC 21 results in bearing the annual charges of property tax and C3S tax in the fi rst halfyear. The impact is a reduction of €1.0 M in the operating result and €0.6 M in the net income (respectively €0.9 M et €0.6 M for the comparative accounts which have been restated in line with IAS8).

Current operating result reached €16.9 M (3.5% of sales) compared to €8.6 M in 2014 (2.0% of sales). The improved performance in the period is due, to a large extent, to the high level of activity (sales +12.6%), the improvement in productivity and the near stability of selling and administrative expenses linked in particular to restructuring programmes implemented last year.

Considering a net fi nancial charge of €2.7 M, a corporate tax expense of €3.8 M and the positive contribution from equity affi liates (€1.2 M), the net consolidated result stands at €10.7 M (€1.3 M in 2014).

Furthermore, thanks to an effective management of the seasonal change in working capital requirements, net debt, traditionally at its high level at the end of the fi rst half-year, reached €56.6 M (€96.6 M in 2014), representing only 15.1% of equity (27.5% in 2014).

Finally, although up (€6.2 M compared to €5.4 M last year), capital expenditure remained at a level comparable to that of depreciation charges (€6.6 M).

Prospects

The high level of motorhomes order backlog points to a sustained activity in the second halfyear. Trigano will nevertheless continue its efforts to adapt its means to make the company more competitive and reactive in order to reinforce its market shares in Europe and to best gain from the end of the crisis prospect.

At the same time, specifi c projects will be developed for the integration of Luano Camp (Rimor) to implement numerous synergies that have been identifi ed.

contact Laure Al Hassi phone: +33 1 44 52 16 31 communication@trigano.fr

2015 third quarter sales will be published on 2nd July

www.trigano.fr