Overview of Fiscal 2019 We saw an improvement in overall earnings in the motorcycle business in developed markets thanks to an increase in unit sales centered on models compliant with new European emissions regulations and the accompanying increase in marginal profit at our headquarters. However, the business in emerging markets saw sales volume decrease in the highly profitable countries of Vietnam, India, and Taiwan. As a result, net sales decreased 1.6% year on year, to ¥1,100.4 billion, and operating income decreased 14.1% year on year, to ¥41.8 billion. These decreases include losses of ¥29.3 billion on net sales and ¥12.0 billion on operating income due to adverse foreign exchange effects. Measures Going Forward For developed markets, we will continue promptly introducing models compliant with new regulations while moving forward with our plan to increase efficiency of the Iwata Main Factory with the aim of improving profitability through restructuring.For emerging markets, we will focus on sales of high-value-added products as we aim to increase unit sales and improve profitability in our various markets with measures that include bolstering our brand strength in Vietnam, introducing models compliant with new emissions regula-tions in India, and expanding sales of electric motorcycles in Taiwan.For RVs, we will improve earnings through new platforms and strengthened marketing efforts.With electrically power-assisted bicycles, we are seeing diversifying demand due in part to social factors, such as an increase in health and environmental awareness, changes in traffic environments, and fluctua-tions in the price of gasoline. In anticipation of continued market scale expansion, the Company will continue working to grow the electrically power-assisted bicycle business in step with the continuously expanding market by introducing newly developed models with power-assist control features and allocating more tasks to regional bases to strengthen sales capabilities.Although demand decreased in markets throughout the world due to the effect of lockdown measures and staying home following the out-break of the COVID-19 pandemic in the first half of 2020, we are begin-ning to see signs of demand recovery as we enter the second half of the year. Trends toward an expansion in demand are particularly pronounced in developed markets as the value of our products as a means of per-sonal transportation for avoiding closed spaces, crowded gatherings, and close contact with other people and as handy outdoor tools are being reaffirmed. We will implement measures tailored to each market while carefully monitoring demand fluctuations going forward.Create new added value through the development of new technologies to drive brand strengthCreate new businesses while building a strong base for earnings in growing fields where we have expertiseRebuild the brand and earnings base and develop new fields of operation in the Indian marketIncrease market share by introducing a new platform modelExpand the business by developing new products with new technolo-gies and forming strategic partnershipsAs a growing new middle class emerges in Indonesia, we are increasing sales by filling out the lineup of mid-range commuter models targeting that sector. In particular, we are running sales promotions for the XMAX, NMAX, Aerox, and LEXi models under the MAXI brand, and this is helping establish a strong brand image of MAXI offerings as bikes admired and desired by many. These models were also all chosen as "Best Bike of the Year" between 2015 and 2020. In addition, YIMM has gained recognition for its high production quality in producing and exporting the NMAX, YZF-R25, and other global models to developed markets like Europe and Japan and several other countries worldwide.As chief operating officer, I will devote myself to improving the value of the Yamaha brand in the ASEAN market, including Indonesia, and enhancing the product value of global models as well as business value.Dyonisius BetiExecutive Officer,Chief Operating Officer,PT. Yamaha Indonesia Motor Manufacturing (YIMM)Medium-Term Priority Measures by Market and Product• In anticipation of greater demand, resolved to enhance production capacity at the motorcycle factory in the Philippines• Commenced field testing of the TRITOWN electric micromobility LMW model to verify usability in real-world environments and feasibility for the tourism industry• In cooperation with Gogoro Inc., developed and launched the EC-05 as a new electric scooter in line with the Company’s electric product strategy• Established a consortium comprised of Yamaha Motor, Honda Motor Co., Ltd., Kawasaki Heavy Industries, Ltd., and Suzuki Motor Corporation with the goal of popularizing electric motorcycles in JapanProgress of Priority Initiatives MotorcyclesDeveloped marketsMotorcyclesASEAN marketsMotorcyclesIndian marketROVsNorth American marketSPV BusinessMessage from Management71Yamaha Motor Co., Ltd. Integrated Report 2020
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