The global revenues of Accell Group were up significantly in 2015, largely due to stronger sales of e-bikes in Europe. The Dutch-based bicycle group said that revenues came in 12.0 percent higher than in 2014, reaching €986.4 million. Currency exchange effects had a positive impact of €34.4 million due to the exchange rates for the U.S. dollar, the pound sterling and the Taiwanese dollar.
The biggest growth was witnessed in Germany, up by 21.0 percent compared with 2014 thanks to a 38.0 percent increase in e-bike sales. In North America, the company said it performed well among multi-sport clients, but sales to traditional bicycle dealers missed expectations and fell by around 10.0 percent in U.S. dollars.
In its home market, the Netherlands, Accell's revenues were down by 10.0 percent, and the company blamed strong competition from other e-bike providers and the growth in popularity of alternative sales channels. Other European countries fared better, with growth of 22.0 percent.
In the bicycle segment, revenues increased by more than 9.0 percent to €719.0 million in 2015. The largest progress was recorded in Germany, which was up by 16.0 percent, while the Netherlands were down by 7.0 percent.
Sales of electric bikes increased by 20.0 percent and accounted for 45.0 percent of total bicycle revenues, against 41.0 percent in 2014. Sales of sports and traditional bikes were up by 5.0 percent and 2.0 percent, respectively.
In the parts & accessories segment, revenues were almost 20.0 percent higher than in 2014, reaching €267.4 million, boosted by the acquisition of Comet and CSN. The Netherlands and Germany registered growth of 7.0 percent and 11.0 percent, respectively, while in North America revenues declined in terms of dollars.
| Accell Group Consolidated Income Statement | |||
| (Million Euros, Year Ended Dec. 31) | |||
| 2015 | 2014 | % | |
| NET SALES | 986,4 | 882,4 | 11,8 |
| Cost of Goods | 673,4 | 614,1 | 9,7 |
| Depreciation | 10,1 | 8,9 | 13,5 |
| Personnel Costs | 119,3 | 107,4 | 11,1 |
| Other Operating Costs | 121,1 | 107,3 | 12,9 |
| Net Interest Expense | 9,1 | 8,8 | 3,4 |
| Pre-tax | 58,5 | 44,1 | 32,7 |
| Tax | 16,2 | 9,3 | 74,2 |
| NET | 32,3 | 26,5 | 21,9 |
Overall, the group's net income was 22.0 percent higher in 2015 at €32.3 million, while the operating margin stood at 5.9 percent against 5.0 per cent in 2014. The results include a one-off charge of €4 million related to the fact that an employee at one of Accell Group's own Asian organizations allegedly stole money from the company's bank account.
The company issued a positive outlook for 2016, predicting a further increase in revenues thanks to the continued development of electric bikes. It added that its current position in the middle and higher segments provides a strong basis for growth and will generate benefits through synergy in the short and long term. Accell said it will continue to actively look for ways to increase its scale in 2016, both organically and via acquisitions that fit the group's profile.
