Trigano — Interim / Quarterly Report 2011

Apr 29, 2011

First Half-Year Results

In the fi rst half of 2011 fi nancial year, operating profi t reached €14.5 M (vs. €1.2 M operating loss in H1 2010).

in €M	2011	2010
Sales	358.3	329.3
Leisure vehicles	321.8	294.8
Leisure equipment	36.5	34.5
Current operating result	14.7	(0.8)
Operating result	14.5	(1.2)
of which leisure vehicles	13.2	(1.0)
of which leisure equipment	1.3	(0.2)
Financial result	(1.2)	(3.8)
Net result	9.6	(3.2)

In addition to the improvement of gross margin linked to the increase in sales, half-year results benefi ted from:

• an improvement of the absorption of fi xed manufacturing costs due to the increase in the production of leisure vehicles
• an increase in margin rates
• the benefi ts of the indirect cost reduction actions implemented in the recent months

Thanks to a decrease in interest expense (€-1.4 M) and to an increase in foreign exchange results (€+1.0 M), the fi nancial result improved by €2.6 M. Considering a corporate tax expense of €4.6 M (€0.9M tax income in 2010) and the positive contribution of Loisirs Finance (€0.9 M), the net consolidated result stood at €9.6 M (loss of €3.2 M in 2010).

Additionally, half-year accounts recorded a further improvement of Trigano's fi nancial structure: net fi nancial debt, traditionally at its highest level as at 28 February reached €55.3 M (€87.3 M as at 28 February 2010), representing only 17.8% of equity despite the implementation this year of a policy of early payment in favour of a number of suppliers.

Prospects

Thanks to market share gains in leisure vehicles, trailers and garden equipment, the increase in Trigano's business activity should continue at the same pace during the second semester and therefore generate a signifi cant improvement of the results.

With its low indebtedness and its high level of equity (€309.6 M as at 28 February 2011) Trigano will pursue its investments, including possibly external growth, in order to increase its market shares in Europe in its strategic activities (leisure vehicles, trailers) that benefi t from structurally favourable fundamentals and from the solid demographic trend of its customer base.

contact Rym Bel Kefi-Rougnon phone: +33 1 44 52 16 52 communication@trigano.fr

The interim fi nancial report is available at the website: www.trigano.fr 2011 Third-Quarter Sales will be disclosed on 27 June 2011