Management’s Discussion and Analysis of Fiscal 2020 Business Results Overview During the fiscal year ended December 31, 2020, in addition to the trade friction between the United States and China ongoing since the previous fiscal year, the global spread of the COVID-19 pandemic following its outbreak at the beginning of 2020 pro-foundly impacted economies worldwide. While still continuing to be affected by these developments, the Yamaha Motor Group’s business performance has been on a recovery path since bottom-ing out in the second quarter (April to June). In developed mar-kets, personal mobility and outdoor family recreation demand rebounded sharply from the second quarter. Meanwhile, emerg-ing markets registered a moderate recovery, centered on ASEAN markets, India, and South America.Amid such circumstances, Yamaha Motor carried out manage-ment while placing top priority on efforts to stem the spread of COVID-19, the safety and well-being of its stakeholders, and ensuring proper compliance with laws and regulations in countries around the world. Drawing on our experiences from the 2008 global financial crisis that followed the Lehman Brothers bank-ruptcy, we secured liquidity on hand by thoroughly reducing expenses and procuring required funds. In R&D and investments, the Company continued its development and investment efforts in new business areas aimed at future growth and for strengthening its core businesses, while narrowing down those efforts overall through selection and concentration. In terms of production, we promptly suspended factory operations to address an anticipated decline in demand resulting from the spread of COVID-19. As for sales, we moved quickly to roll out marketing activities employing digital technologies as sales efforts were restricted by COVID-19. Meanwhile, in Europe, India, and Taiwan, where new emissions regulations were put into effect, we expanded our lineup by introducing new models.As a result, consolidated net sales for the fiscal year under review declined ¥193.5 billion (11.6%) year on year, to ¥1,471.3 billion; operating income was down ¥33.7 billion (29.2%), to ¥81.7 billion; ordinary income decreased ¥31.8 billion (26.6%), to ¥87.7 billion; and net income attributable to owners of parent declined ¥22.7 billion (29.9%), to ¥53.1 billion.In the fourth quarter (October to December), the Company was able to partially recover from the adverse impacts of COVID-19 in the first half of the fiscal year, achieving a ¥6.7 billion (1.7%) increase in net sales compared with the same period in the previ-ous fiscal year, to ¥404.2 billion, and a ¥9.9 billion (64.5%) rise in operating income, to ¥25.3 billion. The average foreign exchange rate for the year was ¥107/US$1 (¥2 appreciation over the previ-ous fiscal year) and ¥122/€1 (unchanged).Net sales fell overall despite sales growth in the Robotics and Financial Services segments, reflecting the decrease in unit sales of motorcycles in the Land Mobility segment and lower unit sales in the Marine Products segment, both due to the impacts of COVID-19. Operating income was also down overall, due in part to the abovementioned decrease in net sales but also from foreign exchange fluctuations, a decline in utilization rates from the sus-pension of factory operations in various countries in the first half of the fiscal year under review, and other factors.83Yamaha Motor Co., Ltd. Integrated Report 2021Factors Impacting Operating Income(¥ billion)SPVDevelopedMarketsMotorcycleBusinessEmerging MarketsMotorcycle BusinessRV–30.1+2.7+0.66.220192020(FY)Land Mobility BusinessMarine Products BusinessRoboticsBusinessFinancial ServicesBusinessOthersGrowth StrategyExpense DecreasesExchangeEffects81.7115.4–20.6–5.2–4.1+0.3+1.3+2.1–7.5Excluding growth strategy expenses and foreign exchange effects
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