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Shimano Scores Satisfactory 2002 Results

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OSAKA, Japan (March 5) – The Shimano Group can look back on a satisfactory 2002. Despite the very difficult situation in the worldwide bicycle markets, the worlds biggest component maker recorded a 10.2% growth of its sales in the bicycle sector. Shimano’s 2002 turnover in bicycle components totalled € 756.3 million compared to € 686.0 […]

OSAKA, Japan (March 5) – The Shimano Group can look back on a satisfactory 2002. Despite the very difficult situation in the worldwide bicycle markets, the worlds biggest component maker recorded a 10.2% growth of its sales in the bicycle sector. Shimano’s 2002 turnover in bicycle components totalled € 756.3 million compared to € 686.0 million a year earlier. This performance could not be matched by its fishing tackle; here the total turnover stabilized at around € 300 million. Together with other revenues, which is mainly made with car components, the Shimano Group 2002 turnover stood at € 1,077.7 million; up 7.3% from last year results. Bicycle components sales made up about 70% of Shimano’s total turnover while fishing tackle accounted for 27.6% of its 2002 turnover.
Shimano’s profit increased in a bigger way than its sales in 2002. Ordinary profit went up 47.5% to a total of € 149.9 million while net profit after tax increased 42.6% to € 64.5 million.
With regard to the forecast for 2003; the Japan based component maker expects bicycle parts sales to almost stabilize (only a 1.7% increase is budgeted) at € 769.6 million. (JO)

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