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Shimano’s 2015 European Sales Growth Centred On E-Bikes


OSAKA, Japan – In its summary of the company’s 2015 financial results Shimano reports on brisk demand for high-end, e-bike related products in Europe. Despite lower sales volumes, Shimano still managed to continue its double digit growth in 2015. Net sales in bicycle components increased by 14.6% to JPY 314,010 million (€2,463mn) while operating as well as net income increased with even bigger numbers.

Shimano’s 2015 European Sales Growth Centred On E-Bikes
While retail sales amounts in Europe increased Shimano saw its sales volume decrease. – Photo Bike Europe

Shimano’s operating income increased 28.7% to JPY 79,816 million (€ 626mn). The group’s ordinary income increased by 42.4% to JPY 101,110 million (€ 793mn), and net income increased even bigger with 48.7% to JPY 76,190 million (€ 598mn). Shimano notes that its products remained relatively affordable because of the continuing depreciation of the yen and this factor contributed to brisk order-taking.

Inventory levels

“In Europe distributor inventory levels remained virtually at the appropriate level, while those in North America were somewhat high,” says Shimano in its 2015 financial statement. “In North America demand was only little affected by the weather and retail sales were robust. Japan saw an increasing sales of sports bicycles, while sales volumes of community bikes remained low thanks to the impact of price increasing resulting from the depreciation of the yen.”

Forecast 2016

Shimano is taking a very careful position for 2016 and expects a decrease of its net sales (-7.6%) as well as an its net income (-23.9%). This will be the result of the strategy to bring forward the production scheduled for the first half of the fiscal year 2016 to the second half of 2015. Though the moderate growth of the European economies is expected to continue Shimano also expresses its concern over the possibility that the influx of refugees and the slowdown of the Chinese economy may lead to deterioration of the economic sentiment in Europe.

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