Integrated Report 2021(For the year ended December 31, 2020)

Yamaha Motor Co., Ltd. Integrated Report 201978As the Financial Services business continues to mature and we reflect on the changes in the lending industry due to the global COVID-19 pandemic, we are accelerating our efforts in the following three key areas:1. Customers: Through expansion of our digital transformation efforts, we will keep pace with the growing trend of omni-channel purchasing habits. Adapting our “in-store” financing model (where we are) to a “mobile” one (where our customers are) will ensure Yamaha Financial Services maintains its strong value proposition for its business unit partners, dealers, and end-consumers. We are also transforming our business model to reflect the future long-term growth strategy. As part of the ART in our Long-Term Vision, the Financial Services business must rethink its own solutions to ensure strong long-term support of Yamaha Motor’s business.2. Investors: We will continue to refine and strengthen our enterprise risk management framework to ensure strong and effective corporate governance. More coordinated, global risk assessments will be a key pillar of our business management.3. Employees: We are building a more connected global financial services community. Fully leveraging the strength of our greatest strategic asset, talented personnel, through a new management system and our ongoing Global Execution Transformation (GET) efforts will be the key enabler of all of our future initiatives.Jeffrey YoungDeputy Executive Officer, President,Yamaha Motor Finance Corporation, U.S.A. (YMFUS)Message from Management Overview of Fiscal 2020 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 U.S. financial institutions, with an in-house service. This change enabled YMFUS to supply a full-line of services for all customer groups while cut-ting costs. The outstanding receivables balance rose as a result of this transition, climbing to ¥350.4 billion at the end of fiscal 2020, an increase of 14.9% year on year, while net sales grew by 12.5% year on year, to ¥46.1 billion. Conversely, operating income was down 5.9% year on year, to ¥7.6 billion, and the operating income margin was 16.4% as a result of foreign exchange influ-ences, an increase in allowance for doubtful accounts, and a decrease in receivables from wholesale sales. Fiscal 2021 Initiatives In fiscal 2021, the outstanding receivables balance is expected to rise to ¥416.0 billion due to increases in receivables from whole-sale and retail sales, and operating income is projected to surpass the levels seen in fiscal 2019.By continuing to put forward attractive financing programs, Yamaha Motor will establish an environment facilitating the pur-chase of its products to help increase sales and thus drive the sustainable growth of the Financial Services business. 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 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, and other factors.The Financial Services business is involved in all of the Company’s businesses 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 Services78Business StrategyYamaha Motor Co., Ltd. Integrated Report 2021

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