ヤマハ発動機株式会社 コーポレートコミュニケーション部


Yamaha Motor Net Sales Up Slightly, Earnings Down in First Three Quarters of FY Ending in December



IWATA, November 13, 2019 - Yamaha Motor Co., Ltd. (Tokyo: 7272) announces consolidated business results for the first nine months.
Net sales for Yamaha Motor Co., Ltd.'s consolidated accounting period for the first nine months of the fiscal year ending December 31, 2019 were 1,267.2 billion yen, an increase of 5.3 billion yen (0.4%) compared with the same period the previous fiscal year. Operating income was 100.0 billion yen, a decrease of 15.5 billion yen (13.4%), ordinary income was 102.4 billion yen, a decrease of 11.0 billion yen (9.7%), and net income for the period attributable to owners of parent was 75.6 billion yen, a decrease of 6.1 billion yen (7.5%) compared with the previous fiscal year.

For the first nine months consolidated accounting period, the U.S. dollar traded at 109 yen (an appreciation of 1 yen from the same period the previous fiscal year), and the euro at 123 yen (an appreciation of 8 yen).
For net sales, although sales increases in the Marine and Financial Services Business Segments were achieved, decreased sales in the Land Mobility and Robotics Business Segments led to an overall result at the same level as the previous fiscal year.
Operating income increased in the Marine Business Segment, but decreased overall due a deterioration in the regional mix of motorcycles in emerging markets, decreased unit sales in the Robotics Business Segment, and also due to the effect of newly-incorporated accounts of Yamaha Motor Robotics Holdings Co., Ltd (YMRH) and its subsidiaries.

The results were the same as the previous year excluding the 11.2 billion yen negative impact of foreign exchange, and the 5.1 billion yen used on growth strategy expenses.

Results by Business Segment:

Land Mobility
Net sales were 832.0 billion yen (a decrease of 5.8 billion yen or 0.7% compared with the same period the previous fiscal year), and operating income was 35.8 billion yen (a decrease of 4.4 billion yen or 10.9%).
In the developed markets motorcycle business, although income decreased due to a yen appreciation against the euro, a reduction in losses was achieved thanks to increased unit sales in Europe, and increased factory utilization rates. In the emerging markets motorcycle business, unit sales increased in Indonesia, the Philippines, and Brazil, etc., but decreased unit sales in Vietnam, India, Taiwan, and Argentina, etc., resulted in decreased sales units, and thus decreased sales and income overall.
The increase in unit sales of all-terrain vehicles and recreational off-highway vehicles in North America led to healthy sales and reduced losses.
In electrically power assisted bicycles, sales and income increased as a result of increased sales of E-kits for Europe and completed vehicles in Japan.
As a result, there was an overall decrease in sales and lower income in the Land Mobility Business.

Marine
Net sales were 274.2 billion yen (an increase of 10.8 billion yen or 4.1% compared with the same period the previous fiscal year), and operating income was 52.0 billion yen (an increase of 1.3 billion yen or 2.6%).
Thanks to an increase of large outboard motor production, unit sales of high-end models that exceed 200HP in North America and Europe increased. Healthy sales of water vehicles and sports boats also helped to absorb foreign exchange losses and increase sales and income.

Robotics
Net sales were 53.3 billion yen (a decrease of 2.5 billion yen or 4.4% compared with the same period the previous fiscal year), and operating income was 6.4 billion yen (a decrease of 6.9 billion yen or 51.8%).
Affected by U.S.-China trade friction, machine and equipment investment experienced a sudden significant decrease in every region, resulting in lower unit sales of surface mounters and industrial robots, and thus decreased sales and income. In addition, the first nine months consolidated accounting period include the results of second quarter consolidated fiscal period (July to September 2019) of YMRH and its subsidiaries.

Financial Services
Net sales were 30.8 billion yen (an increase of 1.4 billion yen or 4.9% compared with the same period the previous fiscal year), and operating income was 6.2 billion yen (a decrease of 4.1 billion yen or 40.1%).
The receivables balance grew steadily; sales increased though income decreased due to factors such as one-off net sales and income in Brazil the previous year.

Other Products
Net sales were 76.9 billion yen (an increase of 1.3 billion yen or 1.7% compared with the same period the previous fiscal year), and the operating loss was 0.4 billion yen (compared to an operating income of 1.1 billion yen the same period the previous fiscal year).
Increases in unit sales of golf cars led to increased sales and income for products in the high-priced range, but factors such as market measure expenses and additional tariffs etc. on generators led to a decrease in income.

Forecast of Consolidated Business Results:
Regarding the anticipated consolidated business results for the fiscal year ending December 31, 2019, no changes have been made to the current forecasts that were announced in the second quarter report on August 8 - namely 1,670.0 billion yen in net sales, 125.0 billion yen in operating income, 125.0 billion yen in ordinary income, and 80.0 billion yen in net income for the fiscal year attributable to owners of parent.

These figures are based on unchanged currency rate forecasts, being the U.S. dollar trading at 108 yen during the fiscal year (an appreciation of 2 yen compared with the same period the previous fiscal year), and the euro at 122 yen (an appreciation of 8 yen).
The exchange rates for the fourth quarter of the fiscal year are based on the U.S. dollar trading at 105 yen during the fiscal year (no change from the previous forecast, but an appreciation of 5 yen compared to the same period last year), and the euro at 120 yen (no change from the previous forecast, but an appreciation of 10 yen compared to the same period last year)

https://global.yamaha-motor.com/ir/

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