OSAKA, Japan - Shimano Group managed to increase its net income by 3.9% to 19,862 million yen (217.9 million euro) during the fiscal year 2011, say the company’s financial results. Net sales rose 3.8% to 211,770 million yen (2,323 million euro) while ordinary income increased 14.2% to 31,701 million yen (347.9 million euro).
Shimano’s financial report mentions for the results of it bicycle components segment in the major markets of Europe and the United States that retail sales remain robust since early spring despite a temporary decline due to the bad weather.
Buoyant Chinese market
The market for sports bicycles in China which has been buoyant since the beginning of 2011, continued to show strong growth. According to Shimano the sales of sports bicycles greatly exceeded the previous year’s level.
Upbeat order intake
In the fourth quarter order intake for Shimano products for spring 2012 was upbeat, spurred by the anticipation of further growth of demand in China for sports bicycles with robust retail sales and normal level distribution inventories.
Shimano stipulates in its annual report that it is still difficult to find grounds for optimism about Japan’s economic prospects as the ongoing strong yen undermines the competiveness of exporters and raises the possibility of stagnation.
Fiscal year 2012
In view of that outlook for the fiscal year 2012, the Shimano Group forecasts a net sale increase of 3.7% to 230,000 million yen (2,523 million euro), an ordinary income growth by 10.4% to 35,000 million yen (384 million euro) and a net income increase by 20.8% to 24,000 million yen (263 million euro).
* Please note that Shimano Inc. has announced figures in JPY currency only. EUR equivalent amount is calculated by up-to-date exchange rate for the reference, the company assumes no responsibility for this translation or for direct, indirect or any other forms of damages arising from the translation.