(AOF) – Trigano lifted the veil Monday evening on its results for the first half of 2021-2022 (September-February). Over the period, the king of motorhomes published a net profit of 141.3 million euros (against 114.4 million a year earlier) and a current operating profit of 179.3 million (against 151.4 million). one year earlier). As for turnover, it reached 1.49 billion euros, up 9.2% on a reported basis and 8.4% at constant scope and exchange rates.
Overall, the group is reporting tensions in the supply of rolling bases linked to the global shortage of semiconductors and sharp increases in the purchase prices of the main components of its products.
Nevertheless, “thanks to good anticipation”, Trigano says it was able to “compensate for the evolution of manufacturing costs by appropriate price increases according to a schedule allowing it to preserve its margins”.
In terms of outlook, Trigano indicates that the level of order books saturates production capacities well beyond the end of the year, the activity of the coming months will remain highly dependent on deliveries of rolling bases for motorhomes.
Given the current level of supply and announcements from car manufacturers, Trigano anticipates a loss in production volume of around 3,000 to 4,000 units in the second half. Recall that Trigano sold 52,600 motorhomes during the 2021 financial year.
The drop in activity should particularly affect the third quarter due to a high comparable.
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Key points
– European number 1 for leisure vehicles, with 1/3 of the market, created in 1935;
– Turnover of €2.7 billion, achieved in caravans, camper vans and mobile homes for 92%, then in leisure equipment – camping and garden equipment, trailers;
– Mainly European presence: 27.8% of sales in France, 24.5% in Germany, 12.4% in the United Kingdom, 4.7% in Scandinavia, 7.3% in Benelux and 6.3% in Italy and Spain;
– So-called “multi-local” growth strategy based on the acquisition of small businesses, most of the time less profitable than Trigano, and whose twenty-five brands are retained, resulting in market shares of over 40% in many Many countries ;
– Capital held at 57.9% (71.6% of the voting rights) by the Feuillet family, Stéphane Gigou chairing the 5-member management board and Michel Freiche as general manager;
– Healthy balance sheet, with net cash in excess of €500m and €1bn in equity.
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 particulate and nitrogen oxide emissions and reduction in vehicle weight / development of fuel cells and panels solar;
– Ramp-up of the van and fitted van factories in Italy and Spain, the new Slovenian site and the Benimar brand in Germany;
– A buoyant economic model: in these times of health crisis and barrier gestures to be respected, the motorhome makes it possible to avoid collective means of catering, accommodation and transport.
Challenges
– Strong pressure on supplies, particularly chassis, resulting in a 10% drop in deliveries on 1
er
semester for motorhomes;
– Integration of the French distributors CLC, SLC and Loisiréo (350 M€ of additional turnover);
– Outlook for the 2021-22 financial year ended August 31: order books higher than production capacities until the end of the year;
– Interim dividends and share buybacks.
Small amusement parks struggling
Declining turnover, investments to be made: these players are not getting their heads above water. These parks, which welcome 100,000 to 350,000 visitors per year, had to reduce their investments following the health crisis. But every year they invest between 10% and 20% of their turnover to create something new and attract new customers from a little further away and build loyalty. Many of these players, who have gone into debt to cope with the crisis, will soon have to repay their state-guaranteed loans (PGEs). At the end of the first year, companies can decide to reimburse their PGE immediately, amortize it over 1 to 5 additional years, or mix these two solutions. Faced with a period that it considers insufficient, the National Union of Leisure, Attraction and Cultural Spaces (Snelac) is asking that the EMP be transformed into investment aid for the sector or that it be extended to 15 years.