Direction and targets under the new Medium-Term Management PlanWe will maintain and reinforce the earnings strength of existing businesses and strengthen the foundation for growth as we once again pursue net sales of ¥2 trillion with operating income of ¥180 billion. During the period to 2018, Yamaha Motor has maintained stable profits while investing for new growth, against the backdrop of a gradual expansion of the global economy.Our outlook for the global economy in 2019 is mixed, with European economies slowing from the shock of Brexit, trade frictions between the United States and China, and improved resistance to economic fluctuations in ASEAN and other emerging markets. Given this operating environment, we 1,631.2130.31,502.8108.61,670.1149.81,673.1140.81,700.0133.020172016201520188.0%7.2%9.0%8.4%7.8%2019Net Sales/Operating Income/Operating Income Margin(Billion ¥)(Forecast)$110/€130$105/€120$121/€134$109/€120$112/€127ROE12.6%12.3%17.6%14.6%12.3%Equity ratio37.6%40.5%44.0%45.9%46.5%Net income per share¥171.89¥180.84¥290.93¥267.35¥243.39Net salesOperating incomeOperating income marginEquity RatioROE (three-year average)49.9%Approx.15%Numerical Targets of the Medium-Term Management PlanNet SalesOperating IncomeOperating Income Margin¥2 trillion¥180 billion9.0%Yamaha Motor Co., Ltd. Integrated Report 201829

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