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PRESS RELEASE ACCELL HALF YEAR RESULTS 2021 ACCELL GROUP REPORTS NET SALES UP 3.3 % AT € 699 MILLION AND EBIT UP 35.5 % AT € 61 MILLION GROUP UP CONTINUED PROFIT ACCRETION AND MARGIN EXPANSION AMIDST GLOBAL SUPPLY ISSUES HEERENVEEN ( THE NETHERLANDS ) , 23 July 2021 - Accell Group N.V. , the leading European bicycle company with well - known brands such as Haibike , Koga , Batavus and Raleigh , today announces its half - year 2021 results . HIGHLIGHTS • Net sales of € 699.1 million , up 3.3 % with supply and logistical issues hampering further uplift • EBIT of € 61.1 million , up 35.5 % thanks to higher sales and improved added value , EBIT margin up 208 bps at 8.7 % CYCLING MOVES THE WORLD FORWARD • Net profit of € 44.2 million , up 54.3 % mainly driven by higher EBIT • Trade working capital improved slightly to 29.6 % from 29.7 % per end - June 2020 , amongst others driven by lower debtor positions offset by higher component inventory • Negative free cash flow of € 71.9 million , higher cash out as a consequence of inventory build up , partly offset by higher EBITDA in millions of euro ( unless otherwise stated ) Net sales Added value % EBIT " 2 ) Underlying EBIT Net Profit Trade working capital Free cash flow 1 1 ) Operating result derived from the interim financial statements is in this overview presented as EBIT 2 ) EBIT excluding one - offs ( in 2020 + € 2.4 mio ) H1 2021 699.1 30.1 % 61.1 61.1 44.2 390.1 -71.9 H1 2020 676.9 27.6 % 45.1 47.5 28.6 338.1 115.9