HEERENVEEN (THE NETHERLANDS), 9 March 2018 – Accell Group N.V. today publishes its annual results for the 2017 financial year and presents a strategy update for the period 2018-2022.
1. Adjusted net turnover up 3.7%1 at € 1,069 million, largely on the back of growth in e(performance) bikes and strong contributions from Germany, Austria, Switzerland (DACH) and France; turnover increase under pressure from reduced bike sales in North America and the Netherlands.
2. Operating result 37.1% lower at € 38.0 million, primarily due to (1) weak performance and transformation of the organization in North America (in total € 10 million) and (2) extra (budgeted) costs for the implementation of the group strategy.
3. High tax rate due to non-cash write-off of tax assets in North America and Finland resulted in net profit of € 10.5 million; dividend proposal of € 0.50 per share.
1. Refined strategy with six renewed pillars to form basis for realisation of growth and profit ambitions for 2018-2022; turnover to € 1.5 billion and ROCE above 15%.
2. Strategy roll-out accelerated with stronger emphasis on reduction of complexity within the group, centralised management of (e-)commerce and innovation, plus use of scale and synergy potential across the value chain and all regions.
3. Additional expenses of strategy execution amount to a total of € 30 - € 40 million over the next 5 years, on top of the 2017 expenditure.
4. Anticipated realisation of € 60 - € 80 million in structural savings on an annual basis by 2022.
5. 2018 will be key transitional year; announcement of changes in board.