HEERENVEEN (THE NETHERLANDS), 4 MARCH 2022 - Accell Group N.V., the leading European bicycle company with well-known brands such as Haibike, Koga, Batavus and Raleigh, today announces its full-year 2021 results.

HIGHLIGHTS

Net sales of € 1,377 million, up 6.2% despite ongoing component shortages; growth was driven by higher sales of
parts & accessories (mainly volume driven) and higher bicycle sales thanks to improved pricing and mix offsetting
declining volumes.
EBIT of € 110.1 million up 47.3%; underlying EBIT increased by 33.7% to € 106.6 million, reflecting a margin of 7.7%, up
159 basis points due to higher contribution from parts & accessories and recovery of added value margin.
Net profit stood at € 70.0 million based on the increase in EBIT, partly offset by higher finance costs.
Trade working capital at 33.1% of net sales versus 19.4% in 2020 reflecting higher component inventories due to supply chain inefficiencies and additional upfront inventory investments to protect and drive future growth.
Negative free cash flow of € 127.4 million primarily reflecting the increase in component inventories, leading to an increase of net debt to € 216.9 million*.

* Excluding IFRS 16 net debt stood at € 186.7 million per year-end 2021

see & read more on
https://www.accell-group.com/files/3/4/9/3/20220304%20Press%20release%20Accell%20Group%20-%20annual%20results%202021.pdf