Accell Group Third Quarter Results: All's Well

HEERENVEEN, The Netherlands (November 1) - Despite the current market conditions, Accell Group NV, the holding company for bicycle makers in The Netherlands, France, Germany and Hungary, is pleased with the development of its business. On the basis of its third quarter 2002 results and the introduction of its new bicycle collections, Accell Group announced that its earnings per share for the second half of the year are at least equal to the earnings per share in the second half of 2001, which amounted € 0.84. In a statement about its business during the third quarter of 2002, Accell Group NV also announces that it now owns the whole production plant in Hungary. The Dutch holding took over the remaining 26% of the shares from its former partner Schwinn-Csepel. This new plant called Hunland is now fully operational and is mainly used for manufacturing bicycles for the German market. According to Accell; production at the Hunland plant will result in substantial cost savings over the coming years as well as provide opportunities to establish positions in the various Eastern Europe markets in the future. According to René Takens, Chairman of the Board of Accell Group, "We have presented our new cycle collections to the dealers and first sales are going well. The company we acquired last year, Winora, is performing in line with expectations. The shifting of the Hercules production to Hungary is also progressing smoothly. Given the market conditions, we are pleased with the current development if the business." (JO)