Trigano — Earnings Release 2020

Sep 23, 2020

2019/2020 Sales: 2.2 billion euros

Trigano recorded € 627.9M turnover in the fourth quarter, up 33.7% compared to the previous financial year.

Q4 in €M	from 06/01/20 to 08/31/20	from 06/01/19 to 08/31/19	Current Change	of which scope effect **	of which exchange rate effect ***	Change at constant scope and exchange rate*
Leisure vehicles	568.4*	425.1*	+33.7%*	-0.4%*	0.0%*	+34.0%*
Leisure equipment	59.5*	44.7*	+33.1%*	0.0%*	-1.1%*	+34.2%*
Total Sales	627.9*	469.8*	+33.7%*	-0.3%*	-0.1%*	+34.1%*

In order to partly make up volume losses resulting from the shutdown of plants during the containment period, Trigano mobilised its highest production capacities during the fourth quarter, in particular by reducing holidays periods and by postponing the launch of 2021 leisure vehicles ranges.

The recovery is strong in all product categories; only activities directly linked to international tourism and marginal for Trigano are declining (camping sites and motorhomes rental).

Financial year in €M	from 09/01/19 to 08/31/20	from 09/01/18 to 08/31/19	Current Change	of which scope effect **	of which exchange rate effect ***	Change at constant scope and exchange rate*
Leisure vehicles	1,996.5*	2,134.4	-6.5%*	-0.1%*	+0.1%*	-6.5%*
Leisure equipment	186.6*	193.8	-3.7%*	0.0%*	-0.6%*	-3.1%*
Total Sales	2,183.1*	2,328.2	-6.2%*	-0.1%*	0.0%*	-6.2%*

Over the financial year, Trigano's sales were slightly down at 2.183 billion euros.

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.

• 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.

*** Restatement of the foreign exchange effect consists of calculating aggregates for the current year at the exchange rate of the previous year.

^* 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;

No entities left the consolidation scope during the periods mentioned in this press release.

Outlook

European motorhome users believe that they can control their contacts, and they feel at home everywhere. Perceived as a "mobile health bubble", the motorhome is therefore arousing unprecedented interest.

Inventories are at an abnormally low level because productions lost in the third quarter could not be fully caught up and distribution must satisfy a new customer base. This situation resulted in a sharply increasing order portfolio and the need for Trigano to rapidly and significantly increase production capacities which are saturated today. All necessary measures have been or will be put in place for this purpose.

National autumn fairs were cancelled with the exception of those in Parma and Düsseldorf which ended extremely satisfactorily. This should not hamper sales to the public because dealerships benefiting from proximity will undertake actions highlighting the new Trigano ranges, particularly in France and Great Britain

Particular attention will be devoted to the continuity of supply which risks becoming a critical point in ensuring accelerated growth in turnover.

In the longer term, the motorhome market is expected to grow strongly, especially in Germany where demographic trend will continue to support the development of a very large customer base as in recent years. In France and Great Britain, prospects for positive and steady growth of potential customers are solid.

2019/2020 Annual Results will be released on 16 November 2020

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

APPENDIX

Breakdown of sales by product category

€M - Q4 (June - Aug.) (non-audited figures)	from 06/01/20 to 08/31/20	from 06/01/19 to 08/31/19			Current change		of which scope effect *		of which exchange rates effect **		Change at constant scope * and exchange rates **
Motorhomes	448.7	317.3		131.4	41.4%	3.7	1.2%	0.0	0.0%	127.7	40.2%
Caravans	46.9	41.3		5.6	13.6%	0.0	0.0%	0.1	0.2%	5.5	13.3%
Static caravans	21.8	17.3		4.5	26.0%	0.0	0.0%	0.0	0.0%	4.5	26.0%
Accessories	40.8	32.3		8.5	26.3%	0.0	0.0%	0.0	0.0%	8.5	26.3%
Others	10.2	16.9		-6.7	-39.6%	-5.2	-30.8%	0.0	0.0%	-1.5	-8.9%
Leisure vehicles	568.4	425.1		143.3	33.7%	-1.5	-0.4%	0.1	0.0%	144.7	34.0%
Trailers	42.5	31.4		11.1	35.4%	0.0	0.0%	-0.5	-1.6%	11.6	36.9%
Camping equipment	4.4	3.6		0.8	22.2%	0.0	0.0%	0.0	0.0%	0.8	22.2%
Garden equipment	12.6	9.7		2.9	29.9%	0.0	0.0%	0.0	0.0%	2.9	29.9%
Leisure equipment	59.5	44.7		14.8	33.1%	0.0	0.0%	-0.5	-1.1%	15.3	34.2%
Total sales	627.9	469.8		158.1	33.7%	-1.5	-0.3%	-0.4	-0.1%	160.0	34.1%

€M - 2019/2020 (non-audited figures)	from 09/01/19 to 08/31/20	from 09/01/18 to 08/31/19	Current change		of which scope effect *		of which exchange rates effect **		Change at constant scope™ and exchange rates **
Motorhomes	1,605.4	1,697.7	-92.3	-5.4%	3.8	0.2%	1.4	0.1%	-97.5	-5.7%
Caravans	169.0	190.6	-21.6	-11.3%	0.0	0.0%	0.3	0.2%	-21.9	-11.5%
Static caravans	78.4	89.3	-10.9	-12.2%	0.0	0.0%	0.0	0.0%	-10.9	-12.2%
Accessories	116.0	117.7	-1.7	-1.4%	0.0	0.0%	0.1	0.1%	-1.8	-1.5%
Others	27.7	39.1	-11.4	-29.2%	-5.8	-14.8%	0.0	0.0%	-5.6	-14.3%
Leisure vehicles	1,996.5	2,134.4	-137.9	-6.5%	-2.0	-0.1%	1.8	0.1%	-137.7	-6.5%
Trailers	138.1	138.1	0.0	0.0%	0.0	0.0%	-1.2	-0.9%	1.2	0.9%
Camping equipment	14.7	21.3	-6.6	-31.0%	0.0	0.0%	0.0	0.0%	-6.6	-31.0%
Garden equipment	33.8	34.4	-0.6	-1.7%	0.0	0.0%	0.1	0.3%	-0.7	-2.0%
Leisure equipment	186.6	193.8	-7.2	-3.7%	0.0	0.0%	-1.1	-0.6%	-6.1	-3.1%
Total sales	2,183.1	2,328.2	-145.1	-6.2%	-2.0	-0.1%	0.7	0.0%	-143.8	-6.2%