will maintain the earnings strength of existing businesses and strengthen our foundation for growth. Our forecasts for 2019 results are for net sales of ¥1,700.0 billion (an increase of ¥26.9 billion, or 1.6% from 2018), with operating income of ¥133.0 billion (a ¥7.8 billion or 5.5% decrease) and an operating income margin of 7.8%.We plan to introduce new land mobility products that comply with new environmental regulations during 2020, and in 2021, we will once again pursue the challenge of meeting the targets set in the previous Medium-Term Management Plan: net sales of ¥2 trillion, with operating income of ¥180 billion and an operating income margin of 9%. Compared with our 2018 results, these figures represent a ¥330 billion or 20% increase in net sales and a ¥40 billion or 28% increase in operating income.The breakdown of these targets by segment is as follows.The land mobility business is targeting net sales of ¥1,350 billion, with operating income of ¥92 billion and an operating income margin of 6.8%. In addition to the previous developed market and emerging market motorcycle businesses, this segment also includes the ROV business and the electrically power-assisted bicycle business in order to pursue synergies in electric mobility going forward. We aim to restore profitability to the developed market motorcycle and ROV businesses by integrating their sales structures and restructuring their production structures. In emerging markets, we will pursue a platform strategy and target the premium segment of the markets in the Philippines and India. For the Smart Power Vehicle (SPV) business including electrically power-assisted bicycles, we will approach the markets where the Yamaha brand has a presence as appropriate for each market.Our targets for the marine products business are for net sales of ¥374 billion, with operating income of ¥76 billion and an operating income margin above 20% as we transform from being an engine supplier to a system supplier, and work to strengthen our high profitability and establish a foundation for sustainable growth.The robotics business will aim to bolster its profitability further, while expanding the scale and domain of the business. Numerical targets are for ¥101.5 billion in net sales, with operating income of ¥26 billion and a 26% operating income margin.Yamaha Motor views increasing shareholder value as an important management issue and strives to increase corporate value. With regard to the dividend, we seek to “create a stable financial foundation and increase new growth investment and stock dividends,” and have set a benchmark for the dividend payout ratio at 30% of net income attributable to owners of parent. For 2018, we paid a full-year dividend of ¥90 per share, consisting of a ¥45 interim dividend and a ¥45 year-end dividend. We plan to pay a full-year dividend of ¥90 per share again in 2019, with a ¥45 interim dividend and a ¥45 year-end dividend.We will aim to achieve sustainable growth by providing new, uniquely Yamaha Kando to realize our Long-Term Vision, while at the same time contributing to the resolution of social issues in uniquely Yamaha ways. I humbly ask for the understanding and support, from a medium- to long-term perspective, of all stakeholders.From the PresidentMessage to StakeholdersYamaha Motor Co., Ltd. Integrated Report 201830

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