Trigano Sa · EURONEXT:TRI

Trigano Sa — FY2003 Earnings Presentation

40 slides from Trigano Sa's earnings presentation, Dec 9, 2003

  1. Slide 1: 2003 Consolidated Results

    2003 CONSOLIDATED RESULTS 1 / 40 TRIGANO December 9th, 2003 Paris – December 9th, 2003

  2. Slide 2: 2003 Key Figures: Sales

    2003 KEY FIGURES SALES (M€) SALES TARGET ƒ 643.6 M€ (+11.3 %) REMINDER ƒ 655.3 M€ (+ 11.5 %) Sales: 647 M€ TROIS SOLEILS second hand motor caravans sales included QUANTITIES ƒ Motor caravans : 13,679 (+10.7 %) ƒ Caravans : 6,445 (-0.6 %) ƒ Folding Caravans : 3,667 (+ 5.25 %) ƒ Static caravans : 916

  3. Slide 3: 2003 Key Figures: Results

    2003 KEY FIGURES RESULTS OPERATING INCOME TARGET 64.2 millions d’euros (+ 17.6 %) REMINDER OPERATING MARGIN OPERATING MARGIN : ƒ 9.98 % versus sales (9.45 % en 2002) 10 % of SALES ƒ 9.80 % included second hand motor caravans sales (9.30 % in 2002) NET RESULT (before goodwill) Group’share 37.3 M€ (+

  4. Slide 4: 2003 Results: Noticeably Improving Performance

    2003 RESULTS NOTICEABLY IMPROVING PERFORMANCE IN SPITE OF MANY NEGATIVE FACTORS … ƒ slump in consumption ƒ devaluation of GBP against Euro ƒ more competition from Asia …Trigano has maintained its growth and improved its performance because : ƒ leisure vehicles markets basics are better than those of

  5. Slide 5: 2002/2003 Sales: A Regular Growth of Sales

    2002/2003 SALES A REGULAR GROWTH OF SALES (M€) 5 / 40 TRIGANO December 9th, 2003

  6. Slide 6: New Accounting Principles

    ACTIVITIES NEW ACCOUNTING PRINCIPLES TRANSFER OF MOTOR CARAVANS TO TROIS SOLEILS : MOTOR • before : fixed assets CARAVANS • new imputation : change in stock of RENTING finished goods USAGE OF THE VEHICLES : • before : amortization allowance • new imputation : stock depreciation NO IMPACT SALES OF TH

  7. Slide 7: 2002/2003 Sales by Activities

    2002/2003 SALES SALES SPLITED BY ACTIVITIES organic (in %, Variation M€ 2003 2002 within a stable (in %) exchange rate) LEISURE VEHICLES 459.2 402.5 + 14.1 + 11.4 ACCESSORIES 57.0 46.6 + 22.3 + 5.8 TRAILERS 42.5 40.9 + 3.9 + 4.0 CAMPING 40.5 40.4 + 0.2 + 0.2 GARDEN EQUIPMENT 42.0 44.9 - 6.4 - 5.2 SU

  8. Slide 8: Leisure Vehicles Activity: European Markets

    ACTIVITIES LEISURE VEHICLES ACTIVITY EUROPEAN European markets are still progressing and corresponding to TRIGANO’ forecasts : MARKETS ƒ motor caravans : + 7.0 % ƒ caravans : + 4.9 % 8 / 40 TRIGANO December 9th, 2003

  9. Slide 9: Motor Caravan European Market in 2002/2003

    ACTIVITIES MOTOR CARAVAN EUROPEAN MARKET IN 2002/2003 2003 2002 Evolution Germany 17.903 17.941 - 0.2% France 17.267 15.674 + 10.2% Italy 12.000* 11.338 + 5.8% UK 7.103 5.892 + 20.6% Belgium 1.677 1.502 + 11.7% Norway 1.483 933 + 58.9% Finland 1.214 1.054 + 15.2% Switzerland 1.254 1.122 + 11.8% Swed

  10. Slide 10: Leisure Vehicles: Motor Caravans

    ACTIVITIES MOTOR CARAVANS : ƒ Sales rise of 11.9 % in spite of an unfavourable GBP/€ ratio. LEISURE VEHICLES ƒ Autostar has recovered as soon as 2003 (Sales up 12.4 %) ƒ New product range for Arca ƒ Strong sales progression in UK 10 / 40 TRIGANO December 9th, 2003

  11. Slide 11: Caravan European Market in 2003

    ACTIVITIES CARAVAN EUROPEAN MARKET IN 2003 2003 2002 Evolution UK 26.500* 23.300* +13.7% Netherlands 25.764 24.502 + 5.2% Germany 22.969 22.662 + 1.4% France 9.927 11.532 - 13.9 % Denmark 5.796 4.907 + 18.1% Sweden 5.037 4.683 + 7.6% Norway 4.620 4.311 + 7.2% Spain 2.976 2.730 + 9.0% Italy 2.621 2.3

  12. Slide 12: Leisure Vehicles: Caravans

    ACTIVITIES CARAVANS ƒ Sales are mainly stable LEISURE ƒ Touring caravans are booming (+12%) : VEHICLES success of the pop up caravan + market development in Northern Europe. ƒ Living caravans are falling due to new French regulations (5.7 M€ instead of 10.2 M€ in 2002). 12 / 40 TRIGANO December 9th,

  13. Slide 13: Accessories for LVs

    ACTIVITIES ACCESSORIES FOR LVs Wholeselling LEISURE • Organic growth: 4.5 % VEHICLES • ET Riddiough (GB) and CMC (France) (LVs) fully operational under TRIGANO’ rules • Margins are improving Production • Terraces for static caravans are market welcome : + 27.8 % 13 / 40 TRIGANO December 9th, 2003

  14. Slide 14: Other Activities: Trailers

    ACTIVITIES TRAILERS Leisure trailers OTHER ACTIVITIES ƒ growth smaller than expected ƒ during Q4, sales were low due to a lack of customers visiting the sales points Professional trailers ƒ still a sluggish market ƒ hope for 2004 14 / 40 TRIGANO December 9th, 2003

  15. Slide 15: Camping – Garden Equipment

    ACTIVITIES CAMPING – GARDEN EQUIPMENT CAMPING OTHER ƒ flat military markets (about 8 M€) ACTIVITIES GARDEN EQUIPMENT ƒ sales were too low : swings were competed by chinese products ang garden sheds are contracting. Slow rise in swimming pools sales. ƒ legal reorganisation operational. ƒ refurbishing

  16. Slide 16: Results: Operating Income

    RESULTS OPERATING INCOME IN M€ 16 / 40 TRIGANO December 9th, 2003

  17. Slide 17: Results: Structural Bettering of Operating Income

    RESULTS ƒ Margin trend Structural + Pricing : 0.3% of sales bettering + Productivity : 0.2% of sales – Recent external growth effect : of the -0.2% of sales operating – GBP against € : -0.4% of sales income ƒ Non recurrence of exceptional losses registered in 2002 : 0,3% CA + TRIO closing + « Epidem

  18. Slide 18: Results: Structural Bettering

    RESULTS ƒ Good performance of - previously in Structural the red - subsidiairies : 0.2% of sales + Autostar bettering + Arca of the + Résidences Trigano operating ƒ Volume effect income + External charges : 0.2% of sales + Depreciation amortization expense: 0.1% of sales ƒ Rise in merchandising expe

  19. Slide 19: Results: Net Result Before Goodwill

    RESULTS NET RESULT BEFORE GOODWILL GROUP’SHARE 19 / 40 TRIGANO December 9th, 2003

  20. Slide 20: Results: Operating Income

    RESULTS RESULTS 2003 2002 OPERATING INCOME 64.2 54.6 FINANCIAL RESULT (5.1) (6.0) PROFIT BEFORE EXTRAORDINARY ITEMS AND TAXES 59.1 48.6 EXTRAORDINARY PROFIT 0.2 0.3 INCOME TAX -22.0 -18.3 NET RESULT FROM INTEGRATED COMPANIES 37.3 30.6 20 / 40 TRIGANO December 9th, 2003

  21. Slide 21: Results: Net Result

    RESULTS NET RESULT 2003 2002 NET RESULT FROM INTEGRATED COMPANIES 37.3 30.6 LOISIRS FINANCE 0.9 0.9 MINORITY INTERESTS (0.9) (1.6) NET PROFIT BEFORE GOODWILL 37.3 29.9 GOODWILL AMORTIZATION (4.6) (4.0) NET RESULT 32.7 25.9 21 / 40 TRIGANO December 9th, 2003

  22. Slide 22: Strengthening of Finance Ratios

    RESULTS ƒ Total equity + 18.5% (177.3 M€) STRENGTHENING ƒ Nominal investment level : 8.5 M€ OF FINANCE (19.2 M€ in 2002) RATIOS ƒ Buy back of minority interests ƒ Net change in working capital versus sales progression (+ 13.8%) : – Stocks : - 2.0% – Receivables : + 5.9% – Payables : -12.1% ƒ Debt –

  23. Slide 23: Simplified Balance Sheet, August 31st 2003

    RESULTS SIMPLIFIED BALANCE SHEET, AUGUST 31st 2003 (en M€) 2003 2002 Equity 177.3 149.7 Fixed assets (95.6) (97.1) Operating assets and liabilities 81.7 52.6 Stock 135.2 137.8 Trade receivables 118.1 111.5 Other account receivables 29.3 28.3 Trade payables (89.8) (102.2) Other payables (51.1) (50.3)

  24. Slide 24: Strategy: Programs 2004

    STRATEGY 2004 ƒ New presentation of TRIGANO as a PROGRAMS pure player in the lvs ƒ Reinforcement of the LVs activity ƒ Focus on POGI ƒ Risk management ƒ External growth 24 / 40 TRIGANO December 9th, 2003

  25. Slide 25: Strategy: Activities

    STRATEGY ACTIVITIES ƒ SALES BY ACTIVITIES (M€) LVs LVs Accessoiries Other activities Trailers Camping Garden equipment Others Second hand vehicles 25 / 40 TRIGANO December 9th, 2003

  26. Slide 26: New Presentation of Trigano as a Pure Player in LVs

    ACTIVITIES NEW PRESENTATION OF TRIGANO AS A PURE PLAYER IN THE LVs vehicles • motor caravans • caravans MAIN • folding caravans • static caravans ACTIVITY accessories • production LEISURE VEHICLES o caravans awnings (LVs) o terraces for static caravans o servicing washers for motor caravans • wholes

  27. Slide 27: New Presentation of the Different Activities

    ACTIVITIES NEW PRESENTATION OF THE DIFFERENT ACTIVITIES OTHER TRAILERS • leisure ACTIVITIES • professional GARDEN EQUIPMENT CAMPING EQUIPMENT 27 / 40 TRIGANO December 9th, 2003

  28. Slide 28: New Presentation of the Different Activities

    ACTIVITIES NEW PRESENTATION OF THE DIFFERENT ACTIVITIES A STRONG LVs APPROACH • Sales through specialised distributors THROUGH DISTRIBUTION OTHER ACTIVITIES NETS • Specialised retailing chains • Sales to associations and administrative units 28 / 40 TRIGANO December 9th, 2003

  29. Slide 29: Strengthening the LVs Activity

    STRATEGY ƒ New models STRENGTHENING ƒ Specific subsidiaries THE LVs ACTIVITY ƒ Production change in some production sites ƒ Building up marketing and sales in UK and Scandinavia ƒ External growth 29 / 40 TRIGANO December 9th, 2003

  30. Slide 30: POGI: Permanent Improvements

    STRATEGY POGI ƒ Scrutinizing production process ƒ Every day search for « best practices » ƒ Industrial, sales and administration Permanent on going reenginering improvements ƒ Delocalization if labour expensive process 30 / 40 TRIGANO December 9th, 2003

  31. Slide 31: Risk Management

    STRATEGY RISK ƒ Organization in two level : MANAGEMENT – General management – Business units ƒ Insurance policy – Commercial combined insurance, business interruption included – Public and products liability – Credit insurance 31 / 40 TRIGANO December 9th, 2003

  32. Slide 32: Risk Management

    STRATEGY RISK ƒ Environmental hazards MANAGEMENT ƒ Financial risks ƒ Operational risks ƒ Fiscal and legal risks ƒ Other risks 32 / 40 TRIGANO December 9th, 2003

  33. Slide 33: The Future: Growth Expectation

    THE FUTURE ƒ Drivers pushing hard the LVs GROWTH – Demography EXPECTATION – Active leisure – Buying power of the "baby-boomers" 33 / 40 TRIGANO December 9th, 2003

  34. Slide 34: The Future: Growth Expectation

    THE FUTURE ƒ Trump cards to succeed : – A fully new production asset GROWTH EXPECTATION – Strong links with distributors (LVs) – Business units organisation – Know how for external growth – Horizontal organisation – A multicultural business 34 / 40 TRIGANO December 9th, 2003

  35. Slide 35: Trigano Is a Multicultural Business

    TRIGANO TRIGANO IS A MULTICULTURAL BUSINESS 35 / 40 TRIGANO December 9th, 2003

  36. Slide 36: The Stock Exchange: Stock Evolution

    THE STOCK EXCHANGE THE STOCK EVOLUTION 60 50 40 30 20 10 0 mars-98 sept.-98 mars-99 sept.-99 mars-00 sept.-00 mars-01 sept.-01 mars-02 sept.-02 mars-03 sept.-03 36 / 40 TRIGANO December 9th, 2003

  37. Slide 37: The Stock Exchange: Stock Memo

    THE STOCK EXCHANGE STOCK MEMO Codes Classification Mnémo : TRI Action ISIN : FR0005691656 Second Marché Valeurs françaises Continu A – SRD ƒ Classification sectorielle FTSE™ (Mise à jour au 16/04/2002) ƒ Groupe Economique : 30 BIENS DE CONSOMMATION CYCLIQUES ƒ Secteur : 34 EQUIPEMENT MENAGER & TEXTI

  38. Slide 38: Big Progression for the Distributed Dividend

    Dividend BIG PROGRESSION FOR THE DISTRIBUTED DIVIDEND : 0.30 € for 0.16 € in 2002 . +87,5% 38 / 40 TRIGANO December 9th, 2003

  39. Slide 39: General Shareholders' Meeting: January 8th 2004

    Agenda GENERAL SHAREHOLDERS’ MEETING: Thursday January, 8th 2004 39 / 40 TRIGANO December 9th, 2003

  40. Slide 40: The European Specialist for Leisure Vehicles

    THE EUROPEAN SPECIALIST FOR LEISURE VEHICLES 40 / 40 TRIGANO December 9th, 2003

Trigano — FY2003 Earnings Presentation on 6ix