Top 4 value creation drivers for shareholders

The key drivers for value creation for shareholders in our business model are:



Average annual organic turnover growth of around 7%, largely driven by new innovations in e-bikes, smart technology and urban mobility solutions.


Improvement in added value to at least 31% in 2022, driven by a reduction in complexity, the standardisation of platforms and supply chain footprint rationalisation. These three initiatives should generate more than € 60 million in cost savings in five years (2018-2022).


We expect our fixed costs as a percentage of turnover to decline in the coming years, as a result of cost savings at both central and local levels combined with turnover growth.


Working capital improvement (as a percentage of turnover), due to improvements in stock keeping driven by the reduction in complexity and greater predictability, focus on our client payments and the right payment terms for to our suppliers.