etar htworg seaS Direction of Our Business Portfolio For 2022 onward, we have clarified and stratified the positioning of our businesses based on sales growth rate and ROIC, and will manage our business portfolio to appropriately allocate management resources. The new business and growth businesses are positioned as “strategic business fields,” to which we will strategically allocate management resources to grow them into future core businesses. Our core businesses are the motorcycle business, recreational vehicle (RV) business, marine products lMedium- to Long-Term StrategiesMedium-Term Management Plan (2022–2024)Expansion of Resource Investments in Strategic Business Fields Based on this portfolio management, we will expand investment of resources in our strategic business fields, aiming to increase development and growth strat-egy expenses by 1.6 times and capital investment by 1.8 times, compared with the period of the previous Medium-Term Management Plan.Development and Growth Strategy Expenses Plan (Three-Year Total)1.6x1.2xStrengthen our structure to generate net salesGenerate net sales through commercializationDetermine business directionGenerator and Multipurpose Engine BusinessDetermine the direction of the business from the perspective of ¥323.4 billion¥30 billion by FY2024New Businesses P.26–27Structural ReformsNew Business FieldsNew Mobility Fieldsscale and profitability¥400.0 billionStrategic business fieldsCore businessesOthersStrategic Business FieldsGrowth Businesses P.25Core Businesses P.29, 31, 33Capital Investment Plan (Three-Year Total)FY2021–2024 19%FY2022–2024 11%*2Robotics Business*1SPV Business¥280.0 billion1.8x1.4x3.2xPlatform reformsIncrease investments and expand scaleMaintain / improve profitabilityStrategic business fieldsCore businessesOthersGenerate cash flowsScale × profitability(Sales) (ROIC)High24Low73.6181.168.72019–2021Mobility services / Low-speed automated vehicles / Medical & healthcare / AgricultureNote: The reportable segment classification of existing businesses under business portfolio management is as follows: Land Mobility: Motorcycle business, Recreational Vehicles business, Smart Power Vehicles business Other Products: Golf car business, generator and multipurpose engine business*1 Including surface mounters, semiconductor manufacturing equipment, industrial robots, and industrial-use unmanned helicopters*2 ROS is calculated using figures that do not include corporate expenses115.0225.060.02022–2024HighLow24.497.357.218.52019–2021business, and golf car business. We aim to increase their profitability as our current sources of cash generation. Our KPI for these is operating income margin, for which we are targeting a three-year average of 11%. We intend to identify the businesses that require structural reforms from a perspective of scale and profitability over the period of the new Medium-Term Management Plan.Expand scale (Sales growth rate)CAGR FY2018–2021 14%Motorcycles / Marine Products Recreational Vehicles / Golf CarsGenerate stable cash flowsROS FY2019–2021 9.6%Financial Services business acting to support core businesses¥178.9 billionROIC45.0140.095.060.02022–2024
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