2009 Annual Results

In 2009, activity was impacted by the conjunction of several crises. Sales are down 27.3% and a net loss of €15.9 M was recorded. Radical adaptation measures taken by Trigano allowed to reach breakeven in the second half-year and to reinforce the fi nancial structure..

During the fi nancial year, margins were impacted by the grant of discounts, on a case by case basis, in order to decrease stocks, by the underabsorption of production charges due to the 32.9% decrease in productive hours and by costs linked to the reduction in workforce and temporary layoffs.

The decrease in interest rates and in short-term debt starting from the second half-year as well as more favourable exchange results have led to an improvement in the financial result of €4.7 M.

Considering a corporate tax income of €9.4 M and the contribution of Loisirs Finance to consolidated results (€1.6 M), the net consolidated result stood at €-15.9 M (€+16.1 M in 2008).

The strong decrease in stocks (€-129.8 M) and that of accounts receivable (€-35.3M) have allowed to offset the reduction in accounts payable linked to the decrease in production (€-81.3 M) and to reduce signifi cantly the net debt level: this one reaches € 93.0 M as at 31 August 2009 (€170.6 M as at 31 August 2008) representing just 32.4% of equity (55.4% in 2008).

Prospects

The severe crisis faced by Trigano should progressively fade. From 2010, the end of destocking by distributors will mechanically favour the increase in sales and results. Encouraging signs, notably for the motor caravan business, augur a return to market levels more in line with the consumption habits experienced in the past, most likely in the 2011 season. Meantime, Trigano will fi nalize the restructuring programmes already widely implemented and will put in place the means that will allow to make the most of the new prospects offered by the end of the crisis.