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TRIGANO (EPA:TRI) - 2019/2020 Third Quarter Sales

Directive transparence : information réglementée

29/06/2020 17:35

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Paris, 29 June 2020

Trigano achieved sales of EUR391.8 million in the third quarter of 2019/20
(-45.7%)

Trigano's activity in the third quarter was strongly impacted by the COVID-19
related health crisis. For many weeks, the company stopped production and most
of its distribution networks had to cease all activity at the peak of the
season. Despite the sharp drop in sales, operating profit for the third quarter
remained positive.

in EURM                           2020          2019          2018
(non-audited figures)           Financial     Financial     Financial
                                  year          year          year

Leisure vehicles                    
     Q1 (Sept-Nov)                518.7         535.6         506.2
     Q2 (Dec-Feb)                 563.8         519.1         513.8
     Q3 (March-May)               345.6         654.7         635.9
     Total as at end of May     1 428.1       1 709.4       1 655.9
 
Leisure equipment     
     Q1 (Sept-Nov)                 41.0          42.2          38.5
     Q2 (Dec-Feb)                  39.9          40.0          37.9
     Q3 (March-May)                46.2          66.9          63.6
     Total as at end of May       127.1         149.1         140.0

Total  
     Q1 (Sept-Nov)                559.7         577.8         544.7
     Q2 (Dec-Feb)                 603.7         559.1         551.7     
     Q3 (March-May)               391.8         721.6         699.5
     Total as at end of May     1 555.2       1 858.5       1 795.9

2019/2020    of which       of which        Change at
Current      perimeter      exchange        constant
Change       effect *      rate effect    perimeter and
                               **         exchange rate
 
 -3.2%         0.0%           0.1%           -3.3%
  8.6%         0.0%           0.7%            7.9%           
-47.2%        -0.1%          -0.4%          -46.8%
-16.5%         0.0%           0.1%          -16.5%
 -2.8%         0.0%          -0.2%           -2.6%
 -0.2%         0.0%           0.3%           -0.5%
-30.9%         0.0%          -1.0%          -29.9%
-14.8%         0.0%          -0.5%          -14.3%
 -3.1%         0.0%           0.1%           -3.2%
  8.0%         0.0%           0.6%            7.3%
-45.7%        -0.1%          -0.4%          -45.2%
-16.3%         0.0%           0.1%          -16.3%

* 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 1 of the 
  current year, until the last day of the month of the current year when the 
  acquisition was made the previous year.
No entities left the consolidation scope during the periods mentioned in this
press release.
** Restatement of the foreign exchange effect consists of calculating
aggregates for the current year at the exchange rate of the previous year.

Leisure vehicles: -47.2%
The level of sales of motorhomes (-49.7%) and caravans (-40.7%) was limited,
firstly by the shutdown of assembly lines, and secondly by the closure of
Marquis network outlets in the United Kingdom until the end of May.
Deliveries of mobile homes (-32.6%) were less affected due to the anticipated
production of many vehicles during the first half.
Sales of accessories for leisure vehicles (-35.9%) held up, notably in Germany
and the Netherlands.

Leisure equipment: -30.9%
Trailer sales (-30.5%) benefited from the location of certain manufacturing
units in countries which were less affected by the epidemic (Norway, Serbia,
Poland), while those of garden equipment (-28, 2%) and camping equipment
(-38.9%) were able to partially continue their activity thanks to the
distribution of their products via the internet.

Outlook

The lifting of lockdown measures in most European countries during the month of
May was accompanied by a strong increase in the traffic in leisure vehicle
sales outlets obviously related to the partial catch-up of the containment
period, but also to the notoriously reinforced interest of consumers for
products allowing to combine leisure and health security.

The values of freedom, economy and respect for the environment which have
driven the development of the motorhome market are thus complemented by the
safety advantages of an individual itinerant leisure activity which avoids
risks linked to collective means of transport and accommodation.

Communication campaigns in favour of the use of motorhomes and caravans
organised by the manufacturers' unions in France, Germany and Italy,
highlighted this new asset and were relayed by strong media interest for
leisure vehicles in all European countries.

Trigano postponed the presentation of new models for the majority of its brands
in order to satisfy these new customers and allow its networks to distribute
the products available at their points of sale under satisfactory economic
conditions. Q4 activity should therefore be sustained, but sales for the
2019/20 financial year will remain strongly impacted by losses in manufacturing
volumes recorded in Q3.

Besides, it is difficult to predict the consequences of the economic crisis on
European demand for leisure vehicles following containment measures.

In the short term, the most relevant national fairs (Düsseldorf, Le Bourget
and Parma) are expected to be held in Q1 2020/21, but many autumn fairs and
shows have already been cancelled due to health constraints compromising their
economic interest. In this context, distributors may reduce their purchase
commitments.

Trigano will follow the evolution of the markets to adapt its production
capacities and the level of its overhead costs. The company maintain its
investment programmes in productivity and improvement of working conditions,
and will remain attentive to any opportunity for external growth.

2019/2020 annual Sales should be published on 23 September 2020

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

Euronext Paris A - CAC All-Tradable - SRD - CAC Mid 60 - ISIN FR0005691656 -
REUTERS : TRIA.PA - BLOOMBERG : TRI:FP

APPENDIX

Breakdown of sales by product category

EURM - Q3 (March - May)        from 03/01/20       from 03/01/19
(non-audited figures)           to 05/31/20         to 05/31/19

Motorhomes                         256.7              510.6
Caravans                            35.5               59.9
Static caravans                     25.8               38.3
Accessories                         23.6               36.8
Others                               4.0                9.1
Leisure vehicles                   345.6              654.7
Trailers                            31.6               45.5
Camping equipment                    4.4                7.2
Garden equipment                    10.2               14.2
Leisure Equipment                   46.2               66.9
Total sales - Q3                   391.8              721.6

                       of which           of which          Change at
     Current           perimeter          exchange           constant
      Change            effect*          rate effect      perimeter* and
                                             **            exchange rate

-253.9     -49.7%    -0.1     0.0%     -2.8     -0.5%    -251.0     -49.2%
 -24.4     -40.7%     0.0     0.0%     -0.3     -0.5%     -24.1     -40.2%
 -12.5     -32.6%     0.0     0.0%      0.0      0.0%     -12.5     -32.6%
 -13.2     -35.9%     0.0     0.0%     -0.2     -0.5%     -13.0     -35.3%
  -5.1     -56.0%     0.0     0.0%     -0.1     -1.1%      -5.0     -54.9%
-309.1     -47.2%    -0.1     0.0%     -3.4     -0.5%    -305.6     -46.7%
 -13.9     -30.5%     0.0     0.0%      0.0      0.0%     -13.9     -30.5%
  -2.8     -38.9%     0.0     0.0%      0.0      0.0%      -2.8     -38.9%
  -4.0     -28.2%     0.0     0.0%     -0.1     -0.7%      -3.9     -27.5%
 -20.7     -30.9%     0.0     0.0%     -0.1     -0.1%     -20.6     -30.8%
-329.8     -45.7%    -0.1     0.0%     -3.5     -0.5%    -326.2     -45.2%

EURM - YTD                     from 09/01/19       from 09/01/18
(non-audited figures)           to 05/31/20         to 05/31/19

Motorhomes                        1,156.7             1,380.5
Caravans                            122.1               149.3
Static caravans                      56.6                72.0
Accessories                          75.2                85.4
Others                               17.5                22.2
Leisure vehicles                  1,428.1             1,709.4
Trailers                             95.6               106.7
Camping equipment                    10.3                17.7
Garden equipment                     21.2                24.7
Leisure Equipment                   127.1               149.1
Total sales - YTD                 1,555.2             1,858.5

                       of which           of which          Change at
     Current           perimeter          exchange           constant
      Change            effect*          rate effect      perimeter* and
                                             **            exchange rate

-223.8     -16.2%     0.1     0.0%     1.3     0.1%    -225.2     -16.3%
 -27.2     -18.2%     0.0     0.0%     0.3     0.2%     -27.5     -18.4%
 -15.4     -21.4%     0.0     0.0%     0.0     0.0%     -15.4     -21.4%
 -10.2     -11.9%     0.0     0.0%     0.1     0.1%     -10.3     -12.1%
  -4.7     -21.2%    -0.6    -2.7%     0.0     0.0%      -4.1     -18.5%
-281.3     -16.5%    -0.5     0.0%     1.7     0.1%    -282.5     -16.5%
 -11.1     -10.4%     0.0     0.0%    -0.7    -0.7%     -10.4      -9.7%
  -7.4     -41.8%     0.0     0.0%     0.0     0.0%      -7.4     -41.8%
  -3.5     -14.2%     0.0     0.0%     0.0     0.0%      -3.5     -14.2%
 -22.0     -14.8%     0.0     0.0%    -0.7    -0.5%     -21.3     -14.3%
-303.3     -16.3%    -0.5     0.0%     1.0     0.1%    -303.8     -16.3%

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