With regard to work-life balance, we believe that further promoting diversity globally and utilizing diverse individual talents regardless of nationality, race, or gender will lead to enhanced performance as a company where people are enthused about their work. We will enhance productivity by creating workplace environments where employees feel safe and can have peace of mind, and by renovating IT platforms.In 2017, we registered as a participating company in the United Nations Global Compact, which sets 10 principles for voluntary action in such areas as human rights, labor, the environment, and anti-corruption. In 2018, we committed to the Science Based Targets initiative (SBTi) for the reduction of CO2 based on scientific evidence. In these ways, Yamaha Motor is following and participating in international initiatives as it actively pursues the resolution of social issues in uniquely Yamaha ways, across the entire Group including the supply chain, to contribute to the achievement of the SDGs.We have launched the first Medium-Term Management Plan to change Yamaha Motor. The new Medium-Term Management Plan runs from 2019 and covers the first three years of transformation toward the realization of our Long-Term Vision: ART for Human Possibilities. To date, Yamaha Motor has grown by offering new solutions in the existing business areas of motorcycles and marine products, while at the same time pursuing new fields like electrically power-assisted bicycles and robotics. Under the new Medium-Term Management Plan, we will focus on updating our business and management platforms and developing new businesses to change what we are by 2030.Review of the previous Medium-Term Management PlanAlthough we achieved our targets for earnings and financial strength, sales growth remains an issue.Before explaining the new Medium-Term Management Plan, I would like to give a brief recap of the previous one (2016-2018).In 2018, we recorded consolidated net sales of ¥1,673.1 billion, with operating income of ¥140.8 billion and an operating income margin of 8.4%, and major financial indicators of 14.6% for ROE, an equity ratio of 45.9%, and net income per share of ¥267.35. Excluding the negative impact of the difference between the exchange rate assumptions underlying our medium-term targets of ¥115/US$1 and ¥130/euro and the actual rates of ¥110/US$1 and ¥130/euro, we achieved our targets for earnings and financial strength of an operating income margin of at least 9%, ROE of at least 15%, and an equity ratio of more than 45%. We were unable to achieve our sales growth target, however, with net sales roughly flat with that of 2015. The marine products, robotics, and electrically power-assisted bicycle businesses all recorded solid growth, but net sales of the motorcycle business in developed markets and in Indonesia and India, and in the recreational off-highway vehicle (ROV) business were lower than forecast, and the fact that the developed market motorcycle and ROV businesses were unable to achieve profitability remains an issue.New Medium-Term Management PlanFrom the PresidentYamaha Motor Co., Ltd. Integrated Report 201828

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