PRESS RELEASE Number of pages: 2 ACCELL GROUP FURTHER ADJUSTS NORTH AMERICAN ORGANISATION HEERENVEEN (THE NETHERLANDS), 16 NOVEMBER 2017 - Accell Group N.V. announces that it is further adapting its North American organisation to the changed market conditions. Next to an overall tough market for bicycles, sales via the traditional distribution channels (dealers and MultiSport) have been under pressure for a longer period of time in North America. As such, we also recently saw an unanticipated contract termination by a large MultiSport chain.

On the opposite, online sales (via own webshops and third party online stores) and sales of e-bikes are growing fast. In addition, the related cooperation with Beeline for home deliveries, ready-to-ride bike assembly and service is doing well. These positive developments cannot yet fully compensate for the lower sales in general and more in particular via the MultiSport channel. Hence, we are further adjusting our American organisation. Senior management has been replaced and the activities in North America will be fully integrated. Inventories destined primarily for the MultiSport chains will be scaled down as quickly as possible.

Ton Anbeek, Chairman of the Board of Directors: "During the past year, a lot of hard and goal-oriented work has gone into the execution of our new strategy in North America and Europe. In the years to come, we expect to show a clear trend reversal of our group performance in terms of turnover, results and working capital. In North America we see sound opportunities for omnichannel, while the evolution of the e-bike segment is running a few years behind the e-bike segment in Europe. As such, the region offers us clear potential for future growth." OUTLOOK

As earlier indicated, we expect group turnover in the second half of the year to exceed that recorded in the second half of 2016. However, the underlying operating result for 2017 will be affected by the strong sales decline in North America. The restructuring of the American organisation and the scale-down of inventories will have an impact of around EUR 5 million. As a result of the above, the underlying operating result for the full year will be lower than in 2016. The operating result (before interest and taxes) for 2017 will in addition be influenced by higher costs in the second half of the year related to the implementation of the new group strategy. We do not anticipate to fully complete the reduction of inventories in North America during the remainder of 2017, which will have a negative effect on working capital at year-end.

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This is a public announcement by Accell Group N.V. pursuant to section 17 paragraph 1 of the European Market Abuse Regulation (596/2014). This public announcement does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities in Accell Group N.V.

ABOUT ACCELL GROUP

Accell Group N.V. focuses internationally on the mid-range and higher segments of the market for bicycles and bicycle parts and accessories. The company has leading positions in the Netherlands, Belgium, Germany, Italy, France, Finland, Turkey, the United Kingdom and the United States. In Europe, Accell Group is market leader in the bicycle market measured in turnover. Accell Group's best known brands are Haibike (Germany), Winora (Germany), Batavus (Netherlands), Sparta (Netherlands), Koga (Netherlands), Lapierre (France), Ghost (Germany), Raleigh and Diamondback (UK, US, Canada), Tunturi (Finland), Atala (Italy), Redline (US), Loekie (Netherlands) and XLC (international). Accell Group and its subsidiaries employ approximately 3,000 people in eighteen countries worldwide. The company has production facilities in the Netherlands, Germany, France, Hungary, Turkey and China. Accell Group products are sold in more than seventy countries. The company's head office is located in Heerenveen (the Netherlands). Accell Group shares are traded on the official market of Euronext Amsterdam and are included in the Amsterdam Small Cap index (AScX). In 2016, Accell Group sold around 1.5 million bicycles and recorded profitable turnover of over € 1 billion.www.accell-group.com

Not for publication

CONTACT

Ton Anbeek, CEO tel: (+31) (0)513-638701

Hielke Sybesma, CFO tel: (+31) (0)513-638702

AGENDA

9 March 2018

Publication full year results 2017

Accell Groep NV published this content on 16 November 2017 and is solely responsible for the information contained herein.
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