Overview of Fiscal 2019 During fiscal 2019, the Company established Yamaha Motor Finance France S.A.S (YMFF) in France, where Yamaha motorcycles command a significant share of the market, and commenced operations. As a result of this and other measures, our outstanding receivables balance for the region steadily grew.However, due to temporary profits recorded in Brazil in 2018 and other effects, the business saw a rise in sales but a fall in profits, with net sales climbing 4.8% year on year, to ¥40.9 billion, while operating income fell 34.2% year on year, to ¥8.0 billion. Measures Going Forward In fiscal 2020, we will promote more autonomy in our financial operations in North America while moving ahead with business development in Europe. In January 2020, Yamaha Motor Finance Corporation, U.S.A. (YMFUS) replaced its financing program for “Prime” customers, which it had hitherto operated in a tie-up with American financial institutions, with an in-house service. As a result, YMFUS is now able to provide its own financial services for individual customers and sales channels across the spectrum in the United States.By continuing to put forward attractive financing programs, the Company will establish an environment that facilitates the purchase of Yamaha Motor products by customers and thus help grow sales. Overview To create an environment that makes it easier for dealerships to sell Yamaha Motor products and easier for customers to purchase them, the Financial Services business offers financial services such as retail and wholesale financing, leasing, and insurance packages for dealerships and customers through sales finance subsidiaries in the United States, Canada, Australia, France, Mexico, Brazil, and other markets. In addition, the Financial Services business is conducted through approaches tailored to the various regions in which we operate via our own operations, local partnerships, and other means in order to stay in line with local business environments, regulations, etc.The Financial Services business is involved in all the Company’s busi-nesses and products, including motorcycles, all-terrain vehicles (ATVs), recreational off-highway vehicles (ROVs), and marine products. With this in mind, the Company has positioned the Financial Services business as one of its key medium- to long-term strategies, and is aiming to enhance its ties with dealerships and customers while securing stable earnings.Financial ServicesJeffrey YoungDeputy Executive Officer, President,Yamaha Motor Finance Corporation, U.S.A. (YMFUS)To enable financial services to be a driver of Yamaha Motor’s growth going forward, we have launched the Global Execution Transformation (GET) initiative in the business, with the aim of ensuring it has a global and sustainable business model into the future. The GET initiative’s vision for financial services entails sharing the best practices of various countries and improving overall management of business operations and risks, in addition to contributing to business performance by driving unit sales and establishing an appropriate corporate governance system.As joint leader of the GET strategy, I will establish a global business strategy and business structure with the goal of ensuring that the financial services we provide are the best in the industry for our dealers and all our customers and clients.Message from ManagementBusiness Strategy76Yamaha Motor Co., Ltd. Integrated Report 2020
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