(AOF) – Biggest rise in the SBF120 index, Trigano won 9.95% to 127.10 euros thanks to its favorable outlook. On the occasion of the publication of its half-yearly accounts, the motorhome specialist announced that it expects “a good increase in its sales and profitability” in the second half. The group justifies this optimism by a “high level of its order books” and by the “clear improvement in receipts of chassis for motorhomes noted for several weeks”.
In the first half, ending at the end of February, of the 2022/2023 financial year, Trigano generated current operating income of €173.5 million, or 10.8% of revenue, compared to €179.3 million respectively, or 12% of revenue, a year ago.
“The activity of the leisure vehicle distribution companies acquired in 2022 being marked by strong seasonality, their contribution to the results for the half-year is marginal with a dilutive effect on the rates of return” specified the company.
Turnover increased to 1.60 billion euros against 1.49 billion a year ago.
Trigano will present its networks with new ranges of vehicles from June, ranges which “should appeal to budget-conscious customers”.
Trigano’s Management Board has decided to pay an interim dividend of 1.75 euros per share for the 2023 financial year. The coupon will be detached on May 23, 2023 and its payment made from May 25, 2023.
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Key points
– European number 1 for leisure vehicles, with 1/3 of the market, created in 1935;
– Turnover of €3.2 billion, achieved in caravans, motorhomes and mobile homes for 92.3%, then in leisure equipment – camping and garden equipment, trailers;
– Mainly European presence: 31% of sales in France, 25% in Germany, 10% in the United Kingdom, 5% in Scandinavia, Belgium, Italy and Spain;
– Business model of strong autonomy of the subsidiaries, of “multi-local” growth based on the acquisition of small companies keeping their brands, associated with total control of the distribution network;
– Capital held at 57.9% (71.6% of voting rights) by the Feuillet family, Stéphane Gigou chairing the 7-member supervisory board and Michel Freiche as general manager;
– Healthy balance sheet with €1.3 billion in equity and net cash of €126 million.
Challenges
– Strategy based on 2 pillars: the increase in production capacities and their productivity, then the meshing of distribution networks;
– Environmental strategy:
– vehicle design: 10% reduction in fuel consumption for new motorhomes, reduction in particle and nitrogen oxide emissions and reduction in vehicle weight,
– development of fuel cells and solar panels;
– Ramp-up of the van and fitted van factories in Italy and Spain, the new Slovenian site and the Benimar brand in Germany;
– After the purchase of the French distributors CLC, SLC and Loisiréo (30 M€ of additional turnover), pending acquisitions or integration of component suppliers;
– Diversification into vans under the Panama brand;
– Buoyant economic model, the motorhome offering travel at lower cost for customers, and market share of over 40% in most European countries.
Challenges
– Fallout from the industrial and logistical reorganization imposed by the lack of chassis (decrease in volumes sold of 4,000 units over the 2021-22 financial year);
– Impact of inflation (+25% in costs for trailers, +10% for vehicles) weighing on the operating margin;
– Integration of the French distributors CLC, SLC and Loisiréo and expectation of acquisitions or integration of component suppliers;
– After a drop in turnover in the 1st quarter, outlook for the 2022-23 financial year ended August 31: end of supply difficulties from the 2nd quarter and recovery of sales growth;
– 2021-22 gross dividend of $3.5, paid in two installments.
Find out more about the “hospitality and leisure” sector
World tourism still on the rise
Over the first nine months of 2022, 700 million tourists traveled internationally, more than double (+133%) the figure recorded for the same period in 2021. This figure reached 63% of 2019 levels , which should allow the sector to reach 65% of its pre-pandemic levels in 2022. This result is due to a strong level of demand and the gradual lifting of restrictions in a large number of countries. Europe is significantly supporting this rebound with the arrival of 477 million people between January and September 2022 (68% of the global total), reaching 81% of the pre-covid level. Tourism there is driven by strong intra-regional demand and travel from the United States. Some destinations recorded notable increases in receipts, including Serbia, Romania, Turkey, Latvia, Portugal, Pakistan, Mexico, Morocco and France.