Management agenda and outlook

The strong secular trends as electrification, bicycle infrastructure investments, government fiscal incentives and subsidies continue to be strong and cycling has the potential to provide solutions for numerous societal, climate and urban problems. This is anticipated to continue to drive demand for bicycles in the years to come. However, global supply chain disruptions and component shortages are certainly not over and are expected to continue to be a constraining and disturbing factor throughout 2022. In the first months of 2022 we see production output still above the first half of 2021 run rate but below the higher second half of 2021 run rate demonstrating the ongoing volatility in the component supply chain. In addition, we see inflation rising also in context of the current global and geopolitical uncertainties.

Against this background, Accell Group remains well on track to deliver the majority of its 2022 targets with the following remarks per target metric:

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Net sales target of
€ 1.4 billion - € 1.5 billion

Net sales target of € 1.4 billion - € 1.5 billion

On track with continued strong demand for our brands in an environment with various uncertainties including a potential deterioration of component supply chain conditions and subsequent pressure on 2022 production output.

Added value target > 31%

On track against the backdrop of:
(i) continued production inefficiencies due to a low delivery reliability of components,
(ii) inflationary effects of suppliers’ costs where will need to continue to pass these on to customers and consumers,
(iii) continued rollout of improvement programs for supply chain efficiencies, product mix and complexity reductions.


EBIT-margin target of 8%

On track while anticipating the need for further stepping up investments in marketing and R&D in 2022.

TWC target below 25%

At risk due to ongoing volatility in the component supply chain and the need to invest to protect future availability and growth. TWC is therefore expected to stay at high levels with a further increase in the first part of 2022 (versus year-end 2021) and to reduce once critical components arrive.

ROCE > 15%

On track.