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Trigano Earnings Release 2024
1717_iss_2024-11-25_18066555-a215-4448-89a3-b9c78fa1e7ca.pdf
Earnings Release
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Paris, 25 th November 2024
2024 annual results
Trigano recorded 3.9 billion euros sales during the 2023/24 financial year, up 12.8%. Consolidated current operating profit reached €500.7 million (+18.3%), or 12.8% of sales. Consolidated net profit amounted to €374.5 million and represented €19.39 per share (+21.5%).
| €M (non-audited figures) | 2024 | 2023 | change |
|---|---|---|---|
| Sales | 3,926.3 | 3,480.2 | +12.8% |
| of which leisure vehicles | 3,741.6 | 3,288.6 | +13.8% |
| of which leisure equipment | 184.7 | 191.6 | (3.6%) |
| Current operating profit | 500.7 | 423.4 | +18.3% |
| of which leisure vehicles | 493.7 | 416.6 | +18.5% |
| of which leisure equipment | 7.0 | 6.8 | +2.9% |
| Other operating income and charges | (1.7) | (0.7) | |
| Operating profit | 499.0 | 422.7 | +18.1% |
| Financial result | (1.1) | (11.0) | |
| Net income | 374.5 | 308.3 | +21.5% |
Thanks to the increase in motorhome sales, the maintenance of quality margins, cost control and improved productivity, Trigano achieved a record consolidated current operating profit: €500.7M, or 12.8% of turnover (12.2% in 2022/23).
Taking into account a corporate income tax of €124.3M, a financial result of -€1,1M, net consolidated profit reached €374.5M (€308.3M in 2022/2023), or €19.39 per share (+21.5%).
This result enabled Trigano to strengthen once again its financial structure with consolidated shareholders' equity increasing to €1,914.4M (€1,605.4M at 31 August 2023).
The working capital requirement was impacted in particular by a sharp increase in inventories, both at integrated distribution level and at factories affected by disruptions in the logistics chain linked to the delivery conditions of rolling bases (changeover to Euro 6e standard). This situation should return to normal during the first half of 2025. As a result, gross cash amounted to €261.3M, compared with €359.0M at 31 August 2023.
Furthermore, Trigano maintained its investment program intended to improve its competitiveness and its capacity to address all segments of the European market for a total of €60.8M for the 2023/24 financial year and paid €67.6 million in dividends to its shareholders.
Prospects
After a 2024 season marked by growth in registrations in Europe of more than 10%, customer interest in motorhomes remains strong at the start of the year as evidenced by the success of regional fairs and national shows. The customer base of first-time buyers remains structurally high, while the start of the season is marked by the return of renewing customers, thus reinforcing the current enthusiasm for traditional motorhomes. A future drop in interest rates could further consolidate the good trend of the market in the coming months.
Adaptation of production levels for certain products (mainly vans and panel vans) should enable both factories and distribution networks to return to normal stock levels by spring 2025. The impact of this effort on firsthalf year sales is estimated at around 4,000 motorhomes.
Beyond that, Trigano's strategy of offering vehicles with very competitive price/content ratios, which should have a limited impact on the level of margins, will allow it to consolidate its market share gains and take full advantage of growth of motorhomes in Europe.
Furthermore, Trigano will continue to adapt its production tools to changes in demand and will take the necessary measures to resize the cost bases of business units affected by declines in activity.
The takeover of BIO Habitat is scheduled for the end of the year.
Dividend
The executive Board will propose to the General Meeting to be held on 8 January 2025 the payment of a gross dividend in the amount of €3.50 per share for the financial year ended 31 August 2024.
The payment of this dividend has already been made: a first interim dividend of €1.75 per share was paid in May 2024, and a second interim dividend of €1.75 per share in October 2024.
2024/2025 First Quarter Sales will be released on 8 January 2025
IR contact Laure Al Hassi tphone : +33 1 44 52 16 31 [email protected]
APPENDICES
A. Consolidated financial statements - 2023/2024 financial year
(extracts from the consolidated financial statements approved by the management board on 22 November 2024 and examined by the supervisory board today, currently being audited)
- 1 Consolidated accounts
- 2 Overall consolidated profit and loss account
- 3 Consolidated balance sheet
- 4 Consolidated statement of changes in shareholders'equity
- 5 Consolidated cash flow statement
B. 2023/24 Sales: 3.9 billion euros (+9.5%)
(extracts from the press release published on 26 September 2024)
A. Consolidated financial statements - 2023/2024 financial year (currently being audited)
1 - Consolidated accounts
| In millions euros | 2023/2024 | 2022/2023 |
|---|---|---|
| Turnover | 3,926.3 | 3,480.2 |
| Other income from operations | 18.7 | 22.7 |
| Change in finished goods and work in progress inventories |
228,5 | 143.8 |
| Purchases consumed | -2,799.6 | -2,449.6 |
| Personnel expenses | -516.1 | -468.4 |
| External costs | -265.3 | -237.1 |
| Taxes and duties | -11.8 | -12.0 |
| Depreciation, amortisation and impairment | -80,0 | -56.2 |
| Current operating income | 500.7 | 423.4 |
| Other operating income and expenses | -1.7 | -0.7 |
| Operating income | 499.0 | 422.7 |
| Cost of net financial debt | -7.3 | 0.4 |
| Other financial income and expenses | 6,2 | -11.4 |
| Financial result | -1.1 | -11.0 |
| Cost of net financial debt | -124.3 | -105.7 |
| Other financial income and expenses | 0,9 | 2.3 |
| Net profit | 374.5 | 308.3 |
| Group share | 374.4 | 308.1 |
| Non-controlling interests | 0.1 | 0.2 |
| Basic earnings per share (in euros) | 19.39 | 15.95 |
| Diluted earnings per share (in euros) | 19.39 | 15.95 |
2 - Overall consolidated profit and loss account
| In millions euros | 2023/2024 | 2022/2023 |
|---|---|---|
| Actuarial gains and losses. net of tax | 0.2 | 0.8 |
| Items that will not be reclassified to profit or loss at a later date |
0,2 | 3.8 |
| Currency translation differences | 3.3 | -2.0 |
| Items to be reclassified to profit or loss at a later date |
3,3 | -2.0 |
| Total comprehensive income | 3.5 | -1.2 |
| Net income | 374.5 | 308.3 |
| Total comprehensive income | 378.0 | 307.1 |
| Of which group share | 377.9 | 306.9 |
| Including non-controlling interests | 0.1 | 0.2 |
3 - Consolidated balance sheet
Assets
| In millions euros | 08/31/2024 | 08/31/2023 |
|---|---|---|
| Intangible fixed assets | 91.9 | 97.0 |
| Goodwill on acquisition | 367.5 | 351.0 |
| Tangible fixed assets | 454.7 | 422.1 |
| Investments in associates | 16.9 | 16.0 |
| Other financial assets | 6.2 | 4.6 |
| Deferred tax assets | 42.0 | 40.4 |
| Other non-current assets | 0.2 | 0.1 |
| Total non-current assets | 979.4 | 931.1 |
| Stocks and work in progress | 1068.5 | 804.6 |
| Trade and other receivables | 398.9 | 282.7 |
| Tax receivables | 10.4 | 6.4 |
| Other current assets | 164.1 | 144.8 |
| Cash and cash equivalents | 261.3 | 359.0 |
| Total current assets | 1,903.2 | 1,597.5 |
| Total Assets | 2,882.6 | 2,528.6 |
Liabilities
| In millions euros | 08/31/2024 | 08/31/2023 |
|---|---|---|
| Capital and premiums | 86.5 | 86.5 |
| Reserves and consolidated results | 1,827.9 | 1,518.3 |
| Total shareholders' equity, group share | 1,914.4 | 1,604.8 |
| Non-controlling interests | 0.7 | 0.6 |
| Consolidated shareholders' equity | 1,915.1 | 1,605.4 |
| Non-current financial liabilities | 145.5 | 136.7 |
| Long-term provisions | 59.5 | 53.3 |
| Deferred tax liabilities | 10.1 | 12.7 |
| Other non-current liabilities | 2.4 | 2.0 |
| Total Non-current liabilities | 217.5 | 204.7 |
| Current financial liabilities | 71.2 | 27.7 |
| Current provisions | 26.2 | 26.6 |
| Suppliers and other creditors | 439.1 | 477.9 |
| Tax liabilities | 38.2 | 37.5 |
| Other current liabilities | 175.3 | 148.9 |
| Total Current liabilities | 750.0 | 718.5 |
| Total Liabilities | 2,882.6 | 2,528.6 |
4 - Consolidated statement of changes in shareholders' equity
| In millions euros | Capital | Capital related premiums |
Treasury shares |
Consolidated reserves and earnings |
Equity attributable to equity holders of the parent |
Minority interests |
Consolidated shareholders' equity |
|---|---|---|---|---|---|---|---|
| Shareholders'equity as of 31st August 2023 |
82.3 | 4.2 | 20.7 | 1 497.6 | 1,604.8 | 0.6 | 1,605.4 |
| Treasury share transactions, net of tax | -0.7 | -0.7 | -0.7 | ||||
| Dividends paid | -67.6 | -67.6 | -67.6 | ||||
| Total comprehensive income |
3.5 | 3.5 | 3.5 | ||||
| Result for the period | 374.4 | 374.4 | 0.1 | 374.5 | |||
| Shareholders'equity as of 31st August 2024 |
82.3 | 4.2 | 20.0 | 1 807.9 | 1,914.4 | 0.7 | 1,915.1 |
5 - Consolidated cash flow statement
| Net profit Group share 374.4 308.1 Minority interests in profit or loss 0.1 0.2 Elimination of net income of associates -0.9 -2.3 Elimination of tax expense (income) 124.3 105.7 Elimination of depreciation and provisions 69.8 58.0 Elimination of gains and losses on disposal of assets 2.9 8.5 Elimination of net interest expense (income 6.1 -0.8 Other expenses and gains without any impact on cash position -8.9 0.2 Cash flow from operations 567.8 477.7 Dividends received from affiliate entities - 2.7 Change in working capital requirements -382.6 -193.9 Taxes received (paid) -131.9 -84.8 Cash flow from operating activities 53.3 201.7 Acquisition of subsidiaries net of cash -37.6 -10.0 Transfer of subsidiaries without deduction of the cash transferred - 3.1 Acquisition of intangible assets -2.7 -3.6 Acquisition of property, plant and equipment -58.1 -53.6 Disposal of intangible assets - 0.1 Disposal of property, plant and equipment 1.3 2.0 Loans and advances granted -2.3 -0.7 Repayments received on loans 0.2 0.2 Cash flows from investing activities -99.2 -62.5 Net disposal (acquisition) of treasury shares -0.7 27.9 Repayment of lease liabilities (IFRS 16) -18.0 -14.3 Issuance of loans 0.7 1.3 Repayment of loans -6.5 -10.7 Interest paid -13.7 -3.7 Interest paid (IFRS 16) -0.6 -1.1 Interest received 6.4 5.5 Dividends paid to group shareholders -67.6 -67.6 Repurchase of non-controlling interests - -108.8 Cash flows from financing activities -100,0 -171.6 Impact of exchange rate changes -2.0 -2.0 Change in cash and cash equivalents -143.9 -34.4 Opening cash position 356.7 391.1 Cash and cash equivalents 359.0 447.4 Bank overdrafts -2.3 -56.4 Closing cash position 212.8 356.7 Cash and cash equivalents 261.3 359.0 |
In millions euros | 2023/2024 | 2022/2023 |
|---|---|---|---|
| Bank overdrafts | -48.5 | -2.3 |
B. extracts from the press release published on 26 September 2024
Paris, 26th September 2024
Trigano pursued its growth, with record sales of 3.9 billion Euros for the 2023/24 financial year (+12.8%), driven by its motorhome business (+21.7%), which continued to benefit from a buoyant market
| Financial year ended 08/31 | Change 2024/2023 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| In €M (non-audited figures) |
2024 | 2023 | 2022 | Current change |
of which scope effect |
of which exchange rate effect |
Change at constant scope and exchange rates |
||
| Leisure vehicles | 3,741.6 | 3,288.6 | 2,932.9 | +13.8% | +2.3% | +0.3% | +11.2% | ||
| Leisure equipment | 184.7 | 191.6 | 244.3 | -3.6% | - | +0.6% | -4.2% | ||
| Total Sales | 3,926.3 | 3,480.2 | 3,177.2 | +12.8% | +2.2% | +0.3% | +10.4% |
Confirmation of the improvement in the reception of rolling bases allowed an increase in the production of motorhomes of slight more than 15% in volume. The level of sales shows an increase of 19.7%.
Sales of caravans (+3.7%), mobile homes (+1.9%), and accessories for leisure vehicles (+3.6%) remained well oriented while those of the trailer (-6.6%), garden equipment (-9.6%) and camping equipment (-18.0%) activities were affected by the poor economic climate in France
| From 09/01/24 to 08/31/24 |
From 09/01/22 au 08/31/23 |
Variation 2024/ 2023 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| in Euro millions (non-audited figures) |
Current change | Perimeter effect |
Exchange rate effect |
At constant perimeter & exchange rate |
|||||||
| Motorhomes | 3,131.1 | 2,572.1 | 559.0 | 21.7% | 65.4 | 2.5% | 7.7 | 0.3% | 485.9 | 18.9% | |
| Caravans | 176.7 | 260.2 | -83.5 | -32.1% | 0.5 | 0.2% | 0.4 | 0.2% | -84.4 | -32.4% | |
| Static caravans | 101,7 | 116.9 | -15.2 | -13.0% | - | - | - | - | -15.2 | -13.0% | |
| Accessories | 263.6 | 280.4 | -16.8 | -6.0% | 4.7 | 1.7% | 0.4 | 0.1% | -21.9 | -7.8% | |
| Others | 68.5 | 59.0 | 9.5 | 16.1% | 5.2 | 8.8% | 0.1 | 0.2% | 4.2 | 7.1% | |
| Leisure vehicles | 3,741,6 | 3,288.6 | 453.0 | 13.8% | 75.8 | 2.3% | 8.6 | 0.3% | 368.6 | 11.2% | |
| Trailers | 148.3 | 148.1 | 0.2 | 0.1% | - | - | 1.1 | 0.7% | -0.9 | -0.6% | |
| Others | 36.4 | 43.5 | -7.1 | -16.3% | - | - | 0.1 | 0.2% | -7.2 | -16.6% | |
| Leisure Equipment | 184,7 | 191.6 | -6.9 | -3.6% | - | - | 1.2 | 0.6% | -8.1 | -4.2% | |
| Total sales | 3,926.3 | 3,480.2 | 446.1 | 12.8% | 75.8 | 2.2% | 9.8 | 0.3% | 360.5 | 10.4% |
Breakdown of sales by product category
Glossary
Scope effect
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 1st of the current year, until the last day of the month of the current year when the acquisition was made the previous year.
The restatement of the scope of consolidation of entities leaving the current year consists of deducting the contribution of the divested entity from the previous year's aggregates.
Exchange rate effect
Restatement of the foreign exchange effect consists of calculating aggregates for the current year at the exchange rate of the previous year.