Dutch bicycle giant Accell Group N.V. reported sales rose 3% to €342 million ($455mm), compared with €333 million in the first half of 2009, due in part to the effect of (minor) acquisitions. Net profit rose by 9% to €24.1 million ($32.1mm) from €22.1 million in the same period of 2009.
Sales geographically per product group were as follows in millions of euros:
Country Sales Change from YAP
Netherlands 141 -7%
Germany 89 7%
France 27 -6%
Rest of Europe 63 23%
Other countries 22 25%
Total 342 3%
Bicycles 264 0%
accessories 64 11%
Fitness 14 22%
Total 342 3%
Bicycles / bicycle parts & accessories
In the segment bicycles / bicycle parts & accessories turnover rose by 2% to € 328.1 million in the first half of 2010, compared with € 321.4 million in the first half of 2009. The number of bicycles
sold (circa 580,000) and the average sales price (€ 456 ex-factory) remained stable. Turnover of bicycle parts & accessories rose by 11% to € 64.0 million.
electric bicycles to consumers increased by approximately 10%. Due to inventory reductions by dealers, Accell Group supplied dealers with less electric bikes than in the first half of 2009. The sales of repair parts rose substantially. Many consumers who did not buy a new bicycle had their existing bicycles repaired. Sales were in line with general
Turnover increased in Germany, due in part to the acquisition of Batavus importer Bäumker in January of this year. The sales of electric bicycles were up in Germany because this product is relatively new to this market compared with the Netherlands. The sales of the innovative sports bicycles of Ghost, Hai Bike and Winora also increased. The turnover in bicycle parts & accessories developed well in Germany and France (from Germany).
relatively few new projects.
their products. The bicycles of the acquired Hellberg (Nishiki brand) will also be sold in the Netherlands and Germany. Accell Group is currently examining further export possibilities for this brand.
Sales of bicycles in Scandinavia, Austria, Spain and the UK increased significantly in the first half of 2010.
Turnover at SBS in North America rose primarily on the back of increased sales of the BMX brand Redline. The downturn in the sales of bicycles in North America seems to have come to an end.
are based, among other things, on an ordinance that lapsed on 15 July of this year. The current (antidumping) rates will not be adjusted during this investigation, which could last 12 to15 months).
Turnover in the fitness segment in the first half of 2010 rose 22% to € 14.3 million, from € 11.6 million in the first half of 2009. This rise in turnover was realised mainly through sales to new distributors, some of which were appointed to replace existing distributors and others which are active in new countries.
were transferred to independent third party distributors in the first half of 2010. This has further reduced cost levels and inventories of the fitness division. Most employees of those distributors have
moved to the new organisations.
Benelux, Scandinavia and North America.
Total turnover increased by 3% to € 342 million in the first half of 2010, with 1% of this growth organic. The remaining part of the turnover growth (2%) was due to the (smaller) acquisitions of Hellberg and Bäumker, which have been consolidated as of end-June 2009 and 1 January 2010 respectively.
The added value (sales minus materials costs and inbound transport costs) as a percentage of sales was 36.2%, compared with 36.8% in the first half of 2009. This change was partly due to increased transportation costs. Absolute added value increased by 1% to € 123.8 million, from € 122.6 million in the first half of 2009.
margin (EBIT) of 10.3%, unchanged from the year-earlier period.
26.7%, from 28.0% in 2009.
In recent months, the exchange rates of the US dollar and Japanese Yen have changed considerably. Accell Group’s policy to charge on increases in the cost of materials, currency and other costs in the
sale prices of the new season remains unchanged. Accell Group expects to be able to limit price increases per product to 10% in most cases as a result of adaptations to the product specifications and
active cost controls. The market has been informed of same.
Based on the current market conditions and barring unforeseen circumstances and economic conditions, for the full year 2010 Accell Group expects a higher turnover and an increase in net profit of approximately 5-10%. Further guidance will follow at the publication of a trading update on 16 November 2010.
European countries, including Belgium, Denmark, Finland, Austria, Spain and the UK, account for 17% of turnover. The remaining 7% of turnover comes from countries outside Europe, including the US and Canada.