HEERENVEEN (THE NETHERLANDS), 6 MARCH 2020 – Accell Group N.V., the leading European bicycle company with well-known brands such as Haibike, Koga, Batavus and Raleigh, today announces that performance improved across the board in 2019. Net turnover increased by 7.5% to € 1,111 mio with contributions from all regions and with e-bike and (e-)cargo bike sales as main growth drivers. Added value was up 53 bps to 30.7% and EBIT came in 16.6% higher at € 60.0 mio. Excluding one-offs, EBIT decreased 2.6% to € 54.8 mio. The loss on discontinued operations1 is € 56.5 mio.
Ton Anbeek, CEO Accell Group: “We are well on track with our ‘Lead global. Win local’ strategy. In 2019, we booked higher top line growth, a higher added value and a solid EBIT. Excluding one-offs, EBIT was slightly behind last year due to additional - yet planned – investments and costs made under our strategic agenda and transition roadmap. We completed the disposal of the North American business (discontinued operations) which allows us to now fully focus on executing our strategy.
Our supply chain team continued to create material efficiencies and delivered another € 13 mio in structural savings in 2019, which come on top of the € 12 mio of supply chain savings realised under our strategic plan in 2018. That said, trade working capital increased due to substantially higher inventories caused by delayed introductions of new innovative bike models and lower sales than forecasted in
the second half of 2019. As a result average working capital for the year was up 70 bps. Improvement plans are being executed on sales and operational planning as well as on innovation processes in order to reduce TWC levels again.
While entering 2020, we have the majority of additional expenses under our strategic agenda now behind us. We are bringing a number of delayed innovations to the markets in the upcoming bike season, including our next generation e-MTB Haibike Flyon. In addition, we introduce several new innovative models this season including our new e-cargo bike Carqon with an unique carving mechanism for greater stability and comfort. In combination with continued growth momentum in both our B2C and B2B markets we believe to be well on track to meet our medium term financial targets.”
2019 2018
in millions of euro
Net turnover 1,111.0 1,033.3
Other income 12.3 -
Net sales growth% vs py 7.5% 6.1%
Added value 341.5 312.2
Added value% 30.7% 30.2%
Added value bps vs py 53 82
OPEX -291.6 -258.2
General overhead previously allocated to discontinued operations -2.3 -2.5
EBIT 60.0 51.4
EBIT% 5.4% 5.0%
Net finance costs -9.3 -7.6
Income from equity-accounted investees, net of tax 0.4 10.9
Result from sale of subsidiaries -0.1 -
Income tax expense 8.2 -15.7
Result from discontinued operations, net of tax -56.5 -18.8
Net profit 2.8 20.3
- Net profit from continuing operations 59.3 39.0
- Net profit from discontinued operations -56.5 -18.8
Diluted earnings per share from continuing operations (in €) 2.21 1.47
Diluted earnings per share including discontinued operations (in €) 0.10 0.76
2019 2018
in millions of euro
EBIT reported 60.0 51.4
One-off -5.1 4.9
EBIT excl. one-off 54.8 56.3
TWC% rolling net sales 32.4% 26.3%
TWC in bps vs py 611 -310
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