In order to flexibly respond to the growth in demand of outboard motors, the Company is improving production capacity through measures including the review of the global production layout for outboard motors. Power ProductsNet sales increased ¥2.2 billion, or 1.4%, year on year, to ¥153.8 billion, and operating income was ¥0.2 billion, against an operating loss of ¥1.5 billion in the fiscal year ended December 31, 2017. Both sales and profits increased due to a year-on-year increase in unit sales of golf cars and multi-purpose engines as well as cost reductions for recreational off-highway vehicles (ROVs).The Company is working to strengthen ROV marketing capabilities and is preparing to introduce new platform models that meet market needs.Industrial Machinery and RobotsNet sales rose ¥2.3 billion, or 3.4%, year on year, to ¥69.9 billion, and operating income rose ¥0.8 billion, or 5.4%, to ¥16.4 billion. Favorable sales of surface mounters for in-vehicle electronics led to an increase in net sales and operating income.The Company will strengthen solution proposals by new products and services that optimize plants in their entirety and increase the value provided to customers.Other ProductsNet sales rose ¥0.8 billion, or 1.0%, year on year, to ¥82.6 billion, and operating income declined ¥1.4 billion, or 19.3%, to ¥5.9 billion. In terms of electrically power-assisted bicycles, although exports of the E-kit (drive unit for electrically power-assisted bicycles) to Europe rose, unit sales of finished bicycles in Japan decreased and the product mix deteriorated, resulting in increased sales and decreased profits. The Company is strengthening sales of the E-kit in Europe and electrically power-assisted bicycles in Japan, and promoting the development of new markets in the U.S.Income and ExpensesR&D ExpensesThe Yamaha Motor Group’s corporate objective is to be a “Kando Creating Company.” We aspire to offer new excitement and a more fulfilling life for people all over the world. To this end, we provide unique and high-quality products and services made available through our technology to interweave human logic with sensibility by continuously striving to achieve “the unique style of Yamaha Motor’s engineering, manufacturing and marketing,” aiming at creating “new, original and innovative ideas and messages,” “technology that creates joy and trust among customers,” “attractive designs to express Refined Dynamism,” and “power to build up a lifetime relationship with customers.”We make ongoing efforts to gain recognition from our various stakeholders that “the unique style of Yamaha Motor” constitutes the “Yamaha” brand, and to make our products and services the lifelong preferred choice for stakeholders. We believe that these efforts will enable us to achieve sustainable growth and enhance our medium- to long-term corporate value.We carry out measures to achieve sustainable growth and enhancement of corporate value under our Long-Term Vision, with an eye on 2030 and the Medium-Term Management Plan that runs for three years from 2019.Specifically, we carry out strategic investments for growth in such efforts as “Rethinking Solution” unique to Yamaha and “Transforming Mobility,” as we implement “Advancing Robotics” as our core technologies. We also expand human possibilities and contribute to the realization of better society and more fulfilling life (through our concept of “ART for Human Possibilities”).Under these circumstances, the Group’s overall R&D expenses were ¥102.8 billion.Capital Resources and LiquidityAssets, Liabilities and Total Net AssetsTotal assets as of December 31, 2018, increased ¥17.6 billion, from December 31, 2017, to ¥1,433.5 billion. Current assets increased ¥19.2 billion, as a result of factors including an increase in inventories and short-term sales finance receivables. Non-current assets Yamaha Motor Co., Ltd. Integrated Report 201881

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