Management Discussion and Analysis of OperationsOverviewDuring the fiscal year ended December 31, 2018 (fiscal 2018), while the global economy was on a recovery trend overall, the effects of trade issues and currency depreciation in emerging markets were accompanied by a rise in U.S. interest rates that manifested in the latter part of the year. In developed markets, economic growth was seen in the U.S. due to the increase in the number of employees, improvement in corporate earnings, and other factors. The economy recovered moderately in Japan, while in Europe the economy slowed down. In emerging markets, economic growth continued in Vietnam and India, while in Brazil the economy recovered moderately. In Indonesia, despite the economic expansion due to strong domestic demand, the economy was destabilized by currency depreciation and natural disasters.Against this backdrop, the Company’s consolidated net sales for the fiscal year under review rose ¥3.0 billion, or 0.2%, year on year, to ¥1,673.1 billion, operating income declined ¥9.0 billion, or 6.0%, to ¥140.8 billion, ordinary income declined ¥16.9 billion, or 10.9%, to ¥138.0 billion, and net income attributable to owners of parent declined ¥8.2 billion, or 8.1%, to ¥93.4 billion.Sales Performance by Business SegmentMotorcyclesNet sales declined ¥23.0 billion, or 2.2%, year on year, to ¥1,022.2 billion, and operating income declined ¥14.3 billion, or 20.8%, year on year, to ¥54.5 billion. Unit sales increased in countries such as the Philippines, Indonesia and Brazil, but declined in developed markets, Taiwan and Vietnam, and other countries. As a result, unit sales totaled 5.37 million across the business as a whole (a year-on-year decline of 0.3%), resulting in decreased sales and profits.Profitability will be boosted by strengthening sales of high-priced products in ASEAN countries and sports models in India. In developed markets, the Company is focusing on restructuring manufacturing and sales capabilities.Marine ProductsNet sales rose ¥20.8 billion, or 6.4%, year on year, to ¥344.7 billion, and operating income rose ¥4.2 billion, or 7.1%, to ¥63.7 billion. Unit sales of outboard motors, personal watercraft and sport boats increased year on year. In addition, also with the improvement in the product mix owing to expanded sales of large models of outboard motors in North America, both sales and profits increased. 09045135180Improved profitabilityImpact of increasedsalesImpact ofexchange rate+9.0+13.8–8.3–7.0Increase in SG&Aexpenses, etc.–10.4Increase in R&Dexpenses includinginvestment in growthstrategies–6.0Operatingincome+140.8+149.820182017Impact of cost ofraw materialsFactors Impacting Operating Income (Billion ¥)Yamaha Motor Co., Ltd. Integrated Report 201880

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