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Yamaha Motor fiscal results boosted by North America ATV, sled sales

Iwata, Japan-based Yamaha Motor Co., Ltd. has announced its consolidated business results for the full fiscal year, with sales in North America of the brand’s ATVs and snowmobiles providing a boost.

Net sales were 1,664.8 billion yen, a decrease of 8.4 billion yen (0.5%) compared with the previous fiscal year.

Operating income was 115.4 billion yen, a decrease of 25.4 billion yen (18.1%), ordinary income was 119.5 billion yen, a decrease of 18.5 billion yen (13.4%), net income attributed to owners of parents was 75.7 billion yen, a decrease of 17.6 billion yen (18.9%) compared with the previous fiscal year. For the fiscal year, the U.S. dollar traded at 109 yen (an appreciation of 1 yen against the previous fiscal year), and the euro at 122 yen (an appreciation of 8 yen).

For net sales, although sales increases in the marine and financial services businesses were achieved, decreased sales in the land mobility and robotics businesses (excluding the effects of M&As) led to decreased income overall.

In terms of operating income, income improvements progressed in the Developed Markets Motorcycle Business thanks to increased factory utilization rates and structural reform in European and head office production, and in the Indonesia motorcycle business thanks to increased sales of products in higher price ranges. However, operating income decreased overall due to factors such as decreased net sales from the Robotics Business, increased growth strategy expenses, and foreign exchange effects.

Results by Business Segment

Land Mobility

Net sales were 1,100.4 billion yen (a decrease of 17.3 billion yen or 1.6% compared with the previous fiscal year), and operating income was 41.8 billion yen (a decrease of 6.9 billion yen or 14.1%). Foreign exchange had a negative effect on net sales of 29.3 billion and operating income of 12.0 billion.

In developed markets motorcycles, unit sales have increased — mainly in Europe of models compliant with the new emissions regulations — and structural reforms have progressed, leading to reduced losses. In emerging markets motorcycles, unit sales increased in the Philippines, Brazil, etc., but decreased in Vietnam, India, Taiwan, etc., resulting in decreased sales and income overall. Total motorcycle sales were 5.06 million units, a decrease of 5.9% compared with the previous fiscal year.

Yamaha will continue to actively launch new regulations-compliant models and advance structural reforms in developed markets. In emerging markets, the company will focus on sales of high value-added products, aiming for unit sales recovery and profitability improvements in each market such as by enhancing brand strength in Vietnam, launching new regulations-compliant models in India, and expanding sales of electric motorcycles in Taiwan.

With regard to RVs (all-terrain vehicles, recreational off-highway vehicles [ROVs], and snowmobiles), the increase in unit sales of all-terrain vehicles and snowmobiles in North America led to increased net sales and reduced losses.

In electrically power assisted bicycles, sales and income increased as a result of increased unit sales in Japan and of E-kits for Europe. Yamaha will further work toward business growth in this market — which continues to grow — by enhancing its sales strength and launching models featuring newly-developed assist control technology.



Net sales were 345.1 billion yen (an increase of 6.9 billion yen or 2.0% compared with the same period the previous fiscal year), and operating income was 58.4 billion yen (a decrease of 2.4 billion yen or 3.9%). Foreign exchange had a negative impact of 6.4 billion on sales and 4.1 billion on operating income.

Unit sales increased in water vehicles and sports boats. For outboard motor unit sales, sales of high-end (200 horsepower and above) outboard motor models increased in North America and Europe, but sales of mainstay small- to medium-sized outboard motors in freshwater areas decreased due to the inclement weather in the first half-year, resulting in lower sales of outboard motors overall. Due to significant foreign exchange effects, the overall business result showed increased net sales but decreased income.

Going forward,Yamaha will strengthen relationships with boat builders and promote the system supplier strategy, while responding rapidly and flexibly to changes in the market.


Net sales were 75.6 billion yen (an increase of 0.8 billion yen or 1.1% compared with the same period the previous fiscal year), and operating income was 7.7 billion yen (a decrease of 9.0 billion yen or 53.9%). In addition, the results for the full fiscal year include results for the second and third quarter consolidated accounting periods (July to December 2019) of Yamaha Motor Robotics Holdings Co., Ltd. (YMRH) and its subsidiaries, which were net sales of 12.0 billion yen, and an operating loss of 2.7 billion yen.

Excluding the impact of YMRH becoming a subsidiary, the effect of U.S.-China trade friction resulted in lower unit sales of surface mounters and industrial robots, leading to decreased net sales and income.

Yamaha will continue to closely monitor demand trends, accelerating proposals for products that leverage synergies from the introduction of new models and business integration, as well as enhancing the utilization of mutually based sales channels.

Financial Services

Net sales were 40.9 billion yen (an increase of 1.9 billion yen or 4.8% compared with the same period the previous fiscal year), and operating income was 8.0 billion yen (a decrease of 4.2 billion yen or 34.2%).

The receivable balance grew steadily in all regions, thanks to initiatives such as commencing business rollout in France. Sales increased though income decreased due to factors such as one-off net sales and income in Brazil the previous year.

We will work on expanding the customer base and geographical regions covered to provide even better, more convenient services unique with Yamaha Motor.


Net sales were 102.7 billion yen (a decrease of 0.6 billion yen or 0.6% compared to the previous fiscal year), with an operating loss of 0.6 billion yen (the previous fiscal year showed an operating income of 2.4 billion yen).

Increased sales of golf cars in the high-priced range led to increased net sales, but factors such as additional tariffs in the U.S. and market quality expenses on golf cars and generators led to decreased net sales and income overall.

Forecast of Consolidated Business Results for the next fiscal year ending December 31, 2020

In the next fiscal year, some risk areas are anticipated to become less of an issue, such as trade friction between the U.S. and China and the U.K. withdrawing from the E.U. However the business environment is expected to be uncertain due to geopolitical risks in the Middle East, the spread of novel coronavirus, and natural disasters such as climate change. While identifying trends in the economic situation and demand in each market, we will maintain growth and stable income in existing businesses and promote new business development with the aim of long-term growth. The forecast consolidated business results are as follows.

These forecast figures are based on the U.S. dollar trading at 108 yen during the fiscal year (an appreciation of 1 yen from the previous fiscal year), and the euro at 120 yen (an appreciation of 2 yen).

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