Management’s Discussion and Analysis of Fiscal 2020 Business Results Performance by Business Segment Land Mobility SegmentIn this segment, net sales were down ¥173.4 billion (15.5%) year on year, to ¥946.5 billion, and operating income declined ¥23.2 billion (55.7%), to ¥18.5 billion. The following is an overview of performance by business field.Net sales of motorcycles in developed markets decreased ¥3.6 billion (1.6%) year on year, to ¥219.5 billion, while the operating income margin improved 2.4 percentage points, to –3.9%. While immediate aggregate demand has now recovered, unit sales of motorcycles in developed markets declined in fiscal 2020 as pro-duction was unable to keep pace with the sharp rebound in total demand. Meanwhile, despite a decline in utilization rates stem-ming from the temporary suspension of operations at the Iwata Main Factory and our factory in France, the operating income margin improved due in large part to cutting expenses.Net sales of motorcycles in emerging markets were down ¥169.8 billion (21.9%) year on year, to ¥604.0 billion, and the operating income margin fell 3.3 percentage points, to 3.4%. While aggregate demand is steadily recovering, sales and profits declined primarily as a consequence of lockdowns due to COVID-19, economic stagnation resulting from restrictions on social activities, and a fall in consumer sentiment. Indonesia experienced a substantial drop in demand, reflecting more rigorous screening for sales financing accompanying the economic downturn and ongoing large-scale social restrictions. In the Philippines, unit sales were down as supply lagged behind the sharp recovery in immedi-ate overall demand. In Vietnam, aggregate demand is seeing a moderate recovery, but the economic recession drove a rise in unit sales of low-priced models that hurt the model mix. On the other hand, in India immediate total demand has recovered and strong sales of new models led to our results from August onward sur-passing those for the previous fiscal year. In Taiwan, both aggre-gate demand and wholesaling recovered to levels exceeding those of the previous fiscal year, fueled by a government subsidy pro-gram for vehicles with internal combustion engines.Overall unit sales of motorcycles came to 3.8 million units, a 24.8% decline compared with the previous fiscal year. Inventory levels are low in most regions and we are experiencing market inventory shortages in developed countries in particular. With our recreational vehicles—all-terrain vehicles (ATVs), recreational off-highway vehicles (ROVs), and snowmobiles—net sales were up ¥0.9 billion (1.1%) year on year, to ¥79.8 billion, and the operat-ing income margin improved 2.8 percentage points, to –0.5%. Sales and profits increased as a spike in outdoor recreation demand led to sales growth in North America—the Company’s largest market for this segment—and other key regions.For electrically power-assisted bicycles, net sales declined ¥0.9 billion (2.0%) year on year, to ¥43.2 billion, while the operating income margin rose 1.6 percentage points, to 16.2%. Net sales fell from a decline in unit sales of complete Yamaha-brand bicycles in Japan resulting from production delays and the curtailing of sales activities due to COVID-19. However, profits were up as an increase in e-Bike system kit sales brought about an improvement in the model mix.Marine Products SegmentNet sales decreased ¥21.7 billion (6.2%) year on year, to ¥328.3 billion, and operating income declined ¥7.7 billion (13.3%), to ¥50.6 billion.The decline in the segment’s net sales in the first half of the fiscal year under review can be attributed to COVID-19, which led to the suspension of operations of boatbuilders and dealerships in North America, and the temporary suspensions of operations at the Iwata Main Factory and factories in the United States. However, following the lifting of lockdowns, sharp growth in outdoor recreation demand drove up outboard motor and per-sonal watercraft demand accordingly. In addition, raising utiliza-tion rates after restarting factory operations helped secure higher outboard motor unit sales in North America and Europe in the second half of fiscal 2020. However, while sales of large outboard motors continued to grow even through the COVID-19 pandemic, overall sales and profits for the segment declined during fiscal 2020 as we were not able to compensate for the impacts suffered in the first half of the fiscal year under review.Robotics SegmentNet sales rose ¥7.4 billion (9.7%) year on year, to ¥83.0 billion, while operating income declined ¥4.4 billion (57.4%), to ¥3.3 billion.Unit sales of surface mounters grew over the fiscal year under review in Asia—including in China, Taiwan, and South Korea—and recovered in Europe and the United States from the second half of fiscal 2020. However, the model mix for surface mounters deteriorated due to the curbing of investments in the automotive industry in Japan and other countries. In addition, the Company converted Yamaha Motor Robotics Holdings Co., Ltd. (now Yamaha Robotics Holdings Co., Ltd. (YRH)) into a subsidiary at the end of the second quarter of fiscal 2019, the effects of which also contributed toward the segment’s increase in net sales but decrease in profits.Financial Services SegmentNet sales grew ¥5.1 billion (12.5%) year on year, to ¥46.1 billion, while operating income was down ¥0.5 billion (5.9%), to ¥7.6 billion.Despite higher sales on the back of the segment’s favorable performance in developed markets, profits declined as a result of foreign exchange fluctuations, an increase in the allowance for doubtful accounts, and a decrease in receivables for wholesaling.Other Products SegmentNet sales decreased ¥10.9 billion (13.9%) year on year, to ¥67.4 billion, while operating income was ¥1.7 billion, compared with an operating loss of ¥0.4 billion, in the previous fiscal year.Sales decreased due to lower unit sales of golf cars and power generators. Operating income was recorded due to costs incurred from market countermeasures implemented in the previous fiscal year.Facts and Data84Yamaha Motor Co., Ltd. Integrated Report 2021
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