Management Discussion and Analysis of Operations Overview During the fiscal 2019, the global economy saw its rate of growth weaken amid uncertainties that stemmed from investment being curtailed amid U.S.–China trade friction and Britain’s exit from the European Union. In developed markets, economic growth tapered off in the United States and Europe, while Japan’s economy staged a modest rebound. In emerging markets, economic growth strengthened in Vietnam and the Philippines, but lost momentum in Indonesia, Thailand, and India.In this business environment, the Company’s consolidated net sales for the fiscal year under review declined ¥8.4 billion, or 0.5%, year on year, to ¥1,664.8 billion; operating income fell ¥25.4 billion, or 18.1%, to ¥115.4 billion; ordinary income decreased ¥18.5 billion, or 13.4%, to ¥119.5 billion; and net income attributable to owners of parent declined ¥17.6 billion, or 18.9%, to ¥75.7 billion. The average foreign exchange rate during the year was ¥109/US$1 (¥1 higher than in the previous fiscal year) and ¥122/1 euro (¥8 higher).Net sales increased in the Marine Products and Financial Services segments, but decreased in the Land Mobility segment and the Robotics segment, excluding the impact from the busi-ness integration of YMRH and its subsidiaries, for an overall decline in net sales. Operating income was lower overall, owing to weaker sales in the Robotics segment, higher expenditures related to growth strategies, and fluctuations in foreign exchange rates, despite improvements in profitability resulting from higher operat-ing rates and structural reforms in motorcycle production in Europe and head offices in developed markets, as well as an increase in sales of high-priced motorcycle models in Indonesia. Change in Reporting Segments Beginning with the fiscal year under review, the reporting seg-ments have changed from “Motorcycles,” “Marine Products,” “Power Products,” and “Industrial Machinery and Robots” to “Land Mobility,” “Marine Products,” “Robotics,” and “Financial Services.” The reporting segments were changed in tandem with a reorganization of business management divisions in order to better implement measures to achieve our targets in the three-year Medium-Term Management Plan from 2019 through 2021. In the Land Mobility segment, the Company aims to build a busi-ness foundation that is able to respond to a new era of mobility. In the Marine Products segment, we will establish a foundation for sustainable growth while reinforcing our high-earnings structure. In the Robotics segment, Yamaha Motor intends to expand its business scale and scope while strengthening profitability. In the Financial Services segment, we will target growth through the establishment of a financial subsidiary in France to complement bases in the United States, Australia, and Brazil.Specific Changes:(1) All-terrain vehicles (ATVs), recreational off-highway vehicles (ROVs), and snowmobiles, which were previously in the Motorcycle and Power Products segments, as well as electri-cally power-assisted bicycles that were included in the Other Products segment, now belong to the Land Mobility segment.(2) Industrial-use unmanned helicopters, which were previously included in the Industrial Machinery and Robots segment and the Other Products segment, now belong to the Robotics segment.(3) Earnings from financial services were previously included in each reporting segment, but have been carved out into its own Financial Services segment in accordance with changes in business management divisions.81Yamaha Motor Co., Ltd. Integrated Report 2020Factors Impacting Operating Income(¥ billion)SPVDevelopedMarketsMotorcycleBusinessEmergingMarketsMotorcycleBusinessRV–3.3+4.0+0.89.320182019Land Mobility BusinessMarine Products BusinessRobotics BusinessFinancial ServicesBusinessOthersGrowth StrategyExpense IncreasesExchangeEffects115.4140.8+10.8+3.3–8.3–3.8–1.8–8.7–16.9
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