Group performance

“Once bike shops across Europe reopened after the first lockdowns, we saw a very strong recovery and a sustained high demand throughout the second half of the year. It demonstrates more than ever that cycling is moving the world forward. 

The significant increase in sales was broad based with strong contributions from the e-bike and e-cargo bike categories and from parts & accessories. The 17% organic top line growth combined with our focus on costs and cash has led to a 45% increase of our underlying EBIT and a very strong cash flow for the year, despite various pandemic-related supply chain inefficiencies.

Our bike collections continue to win multiple international awards, such as the Design and Innovation Award for Haibike AllMtn 7 and Lapierre Overvolt. We have rolled out improved digital brand platforms (such as Raleigh.co.uk) and have implemented CRM across the group.

With customer orders at continued high levels, COVID-19 is currently still impacting the stability of our value chain with shop closures and global component delivery disruptions which result in longer lead times for bicycles. We continue to take actions to mitigate supply chain effects of these disruptions as much as possible.

With governments, cities, companies and consumers embracing the positive benefits of cycling for personal health, business and the environment, the future of Accell Group looks bright. We are confident that we are on track to meet our 2022 targets."
Ton Anbeek, CEO Accell Group.

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  • Net sales of € 1.3 bn, up 17% fully organically, due to fast recovery after first lockdowns and sustained high demand for bicycles, parts and accessories across Europe
  • EBIT of € 74.7 million vs € 60.0 million in prior year due to higher sales and focus on costs, partly offset by inefficiencies as a result of supply chain disruptions; underlying EBIT increased 45% to € 79.7 million, underlying EBIT margin up 121 bps at 6.1%



  • Net profit of € 64.8 million driven by higher EBIT and favourable tax effects
  • Trade working capital improved sharply to 19.4% from 32.4% of Net sales due to lower inventories and stricter cash management in response to COVID-19 pandemic
  • Free cash flow of € 195.4 million, improved significantly versus -/- € 61.6 million in prior year

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Figure: Highlights

in millions of euro unless otherwise stated 2020 2019
Net sales 1,296.5 1,111.0
Added value% 27.9% 30.7%
EBIT1) 74.7 60.0
Underlying EBIT 2) 79.7 54.8
Net Profit 64.8 2.8
Trade working capital 251.5 360.0
Free cash flow 195.4 -61.6
1) Operating result derived from the annual report is in this overview presented as EBIT
2) EBIT excluding one-offs (in 2020: -/- € 5.0 mio; in 2019 + € 5.1 mio)




Group performance

in millions of euro 2020 2019
Net turnover
Other income 0.1 12.3
Net sales growth% vs py 16.7% 7.5%
Added value 361.8 341.5
Added value% 27.9% 30.7%
Added value bps vs py -284 53
OPEX -287.1 -293.9
EBIT% 5.8% 5.4%
Net finance costs -12.8 -9.3
Income from equity-accounted investees, net of tax 1.0 0.4
Result from sale of subsidiaries - -0.1
Income tax benefit 1.9 8.2
Result from discontinued operations, net of tax - -56.5
Net profit
Result after taxes from continuing operations 64.8 59.3
Result after taxes from discontinued operations - -56.5
Basic earnings per share from continuing operations (in €) 2.42 2.22
Basic earnings per share including discontinued operations (in €) 2.42 0.10

in millions of euro 2020 2019
EBIT reported
One-off 1) 5.0 -5.1
Underlying EBIT
TWC% rolling net sales 19.4% 32.4%
TWC in bps vs py -1,301 611
1) One-offs 2020 are all opex related, see our explanation later in this document. One-offs 2019 relate to other income + € 11.4 mio (CTC deal) and opex of -/- € 6.3 mio (Regent deal, restructurings, other)

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Net sales came in at € 1,296 million, compared with € 1,111 million in 2019. Growth accelerated to 17% in 2020 from 7.5% in 2019. This was due to a fast sales recovery after the first lockdowns and continued high demand for bikes and parts & accessories throughout the second half of the year.


Accell Group's average sales growth over the past eight years is 8.8%. Sales growth for bikes came in at 10.9%, with e-bike and cargo bike categories up 15% and 43% respectively, while sales of traditional bikes declined by 10%. 

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net turnover based on location of the customer      
in millions of euro 2020 2019 Growth%
Benelux 245.8 208.1 18.1%
Central 411.6 413.2 -0.4%
Other Europe 278.4 217.3 28.1%
Other World 16.3 19.6 -16.8%
Accell Bicycles
Accell Parts
Accell Group - Continuing operations


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Growth in the Benelux came in at 18.1% thanks to high demand for our brand’s bike collections. Sales in Central (mainly Germany, Switzerland and Austria) showed a slight decline of 0.4% The region’s strong sales recovery in the second half of the year was hampered by lower availability of bikes (also due to inventory shifts to other regions during the closure of shops in Germany). In rest of Europe (mainly United Kingdom, Nordics and France) we recorded a strong 28.1% sales growth. 

Turnover in parts & accessories increased by 36.2%. Growth was very strong throughout the year, driven by strong sales to dealers and online shops across Europe.


Added value increased to € 361.8 million from € 341.5 million, up € 20.3 million. As a percentage of Net sales, Added value declined 284 bps to 27.9% due to:

  • higher discounts for conversion of stock into cash, especially during the first lockdowns
  • supply chain disruptions leading to lower efficiencies and output from factories
  • customer and product mix changes due to, amongst others, delayed introductions of new bicycle models and channel mix effects especially in parts & accessories

Opex decreased to € 287.1 million from € 293.9 million, down € 6.8 million. As a percentage of Net sales, opex decreased 430 bps to 22.1%. Additional distribution costs (related to the high growth, especially in parts & accessories) and higher provisions were more than offset by lower marketing expenses (given shop closures and constrained supply situation), lower travel and event expenses and lower IT and advisory costs.


One-offs included in opex came in at -/- € 5.0 million and mainly consist of: 

  • + € 2.1 million due to release of provisions related to the US debtor position
  • -/- € 2.9 million in restructuring costs, mainly related to the announced closures of two entities
  • -/- € 2.7 million for an impairment (IT related)
  • -/- € 1.5 million in other one-off costs

EBIT came in at € 74.7 million up 25% compared with previous year, representing an EBIT margin of 5.8% (+37 bps vs prior year). 


Excluding one-offs EBIT came in 45% higher to € 79.7 million from € 54.8 million, representing an underlying EBIT-margin of 6.1% (+121 bps vs prior year).

Finance costs increased due to additional bank fees and interest margin related to the additional GO-C credit facility. Taxes came in at a € 1.9 million gain, largely due to the recognition of a deferred tax asset of € 16.2 million related to higher future potential to use the liquidation losses of Accell North America. Net profit came in at € 64.8 million.

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  Trade working capital Average trade working capital
  2020 2019 2020 2019
Inventory 22.0% 34.8% 26.6% 31.9%
Trade receivables 8.0% 12.7% 13.3% 15.1%
Trade liabilities 10.6% 15.1% 13.3% 15.7%


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Driven by a strong focus on cash and strong demand in a constrained supply situation, trade working capital came in at 19.4%. Average trade working capital improved 466 bps to 26.6%.

Inventories were down 1,281 bps (on average -/- 527 bps) driven by high demand in a constrained supply situation. In addition to this, Accell Group reduced slow moving stocks in bicycles and parts & accessories, due to a strong focus on cash. 


Receivables were down 465 bps (on average -/- 178 bps), driven by high net sales and a lower amount of overdues. Creditors were down 445 bps (on average -/- 239 bps) as a result of a different phasing of orders at suppliers. 

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  Reported IFRS 16 One-off Adjusted
in millions of euro 2020 2020 2020 2020
ROCE (Rolling EBIT / Average capital employed) 1) 14.6% 0.8% 1.0% 16.4%
Net debt (in millions of euro) 79.2 -29.0 - 50.2
Net debt / Rolling EBITDA 0.8 -0.2 -0.0 0.6
1) Reported capital employed is the sum of goodwill and other intangible fixed assets, property, plant and equipment, right-of-use assets, inventories, trade and other receivables and trade payables and other current liabilities.

  Reported IFRS 16 One-off Adjusted
in millions of euro 2019 2019 2019 2019
ROCE (Rolling EBIT / Average capital employed) 11.4% 0.2% -1.0% 10.6%
Net debt (in millions of euro) 265.3 -30.2 - 235.1
Net debt / Rolling EBITDA 3.1 0.0 0.5 3.6


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Free cash flow came in at € 195.4 million, thanks to an improved EBITDA (€ 99.7 million), the reduction in trade working capital (€ 108.5 million) and other movements mainly related to investing activities (-/- €12.8 million).

The strong free cash flow led to a significant adjusted net debt reduction from € 235.1 million in 2019 to € 50.2 million in 2020. Combined with a higher underlying EBITDA, net debt/rolling EBITDA adjusted for IFRS 16 and one-offs came in at 0.6 (0.8 reported).



The higher EBIT in combination with the lower trade working capital resulted in a reported ROCE of 14.6%, and of 16.4% when adjusted for one-offs and IFRS 16 effects.

Accell Group complied with the financial covenants in the group financing agreement as of 31 December 2020 and as of all earlier test dates. 

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in millions of euro 2020 2019
Net profit reported
Basic earnings per share including discontinued operations (in €) 2.42 0.10
Underlying basic earnings per share from continuing operations (in €) 1.91 1.24

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With net profit at € 64.8 million, earnings per share based on the weighted average number of outstanding shares (year end 2020: 26,804,632) amounted to € 2.42. Adjusted for one-offs (-/- € 3.9 million, net of tax), translation reserve (€ 1.3 million) and the reversal of the tax income (€ 16.2 million), earnings per share amounted to € 1.91. Prior year earnings per share were € 0.10, and € 1.24 when adjusted for one-offs.


In 2020, we arranged a two-year amortising bank facility of € 115 million with our bank consortium under the Dutch GO-C scheme which mainly serves as an extra financial buffer. According to the amended group financing agreement dividend limitations apply. The most important one being that no cash dividend contributions shall be made, unless the GO-C facility is repaid and cancelled. Consequently, no dividend will be paid out over the financial year 2020.

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