Accell Group Books Increased Turnover and Higher Results

HEERENVEEN, the Netherlands - Accell Group NV had a good start of the 2011 selling season of bicycles, parts and accessories. Turnover and results in the first months of 2011 have increased as compared to the same period last year.

Partly as a result of the early summer temperatures, the new bicycle season as of March was off to a good start. The Accell Group trading update says: "Growth was realised both organically as well as by means of an acquisition. In particular, sales of sports bicycles and elektric bicycles increased as compared to last year.

René Takens, Chairman of the Board of Directors of Accell Group: “The trend that cycling is very popular persists and bike use increases for purposes of commuter traffic, recreation and health. Besides a further decline in the sale of traditional bikes, the turnover of sports bicycles and e-bikes grows.

"Electric bicycles have become an integral part of cycling in the Netherlands and in Germany with an increasing number of different models being available. The weather in for us important bicycle markets has thus far been better for our bicycle sales when compared with last year. We maintain our outlook for 2011 and expect a further increase in turnover and result, barring unforeseen circumstances.”

In addition to bicycle turnover, turnover of bicycle components and accessories also increased. Turnover of fitness equipment decreased, mainly due to the closing of own sales offices abroad. The acquisition of Accell Bisiklet in Turkey and the stake in the Italian company Atala have been completed. As of 1 February the financial results are consolidated and integration of the new subsidiaries is in progress.

Taking into account the normal effects related to the seasonal distribution of sales throughout the year, there were no significant changes in Accell Group’s financial position in the first months of 2010.