Results for Fiscal 2021 The consolidated outstanding receivables balance rose to ¥376.2 billion, as an increase in receivables from retailers absorbed a decrease in receivables from wholesalers due to shrinking market inventories. In terms of profit, operating income was ¥19.1 billion, partly reflecting the one-time impact of a reversal of allowance for doubtful accounts. The significant increase in profitability reflected factors such as the enhancement of financial services business foundations in each region, centered on the expansion in scale of the outstanding receivables balance via a provision of a full line of services in the United States starting in 2020. With the emergence of new trends in sales financing services, including the shift to online sales due to COVID-19, we worked to strengthen the ties between dealerships and customers while steadily promoting the sharing of business strategies and management approaches as well as standardizing and enhancing them in regions worldwide. The Financial Services business also became independent of other sections and began to disclose its business results information. Future Measures In 2022, an improvement in market inventories is expected to see a recovery in the scale of receivables from wholesale financing, and we aim to expand the outstanding receivables balance by 14.3% year on year to ¥430.0 billion. Meanwhile, operating income will decrease relative to the previous year in the absence of a one-time increase factor, but the operating income margin is expected to maintain a high level at 25.5%. With this, we are aiming to reach the target ROA of 3% in the new Medium-Term Management Plan covering 2022 to 2024. We are working to further strengthen systems for collaboration with product-selling businesses in every region in order to capture new customers and encourage them to continue using our products and financial services. Furthermore, we will also aim to establish financing businesses in new markets and engage in new development by expanding the range of products eligible for financing, as well as strengthen cooperation between major subsidiaries in order to estab-lish a global business management system. Operating income margin Operating income (right axis) Net sales Core Business (Medium-Term Strategy of Our Business Portfolio)Financial Services: Building the frameworks for supporting existing businessesBuilding upon the expansion of business domains and regions carried out under the previous Medium-Term Management Plan, such as the launch of full-line services in the United States and the launch of services in France, under the new Medium-Term Management Plan, we will focus on strengthening our global business management founda-tions and securing profitability based on this move. We will ramp up the roles and management systems in each region, while promoting the development of business in new regions and expanding the range of eligible products. At the same time, we will proceed with establish-ing functions and systems for the management and development of the business globally, such as sharing the use of resources between Group companies, from knowledge and expertise to human resources. Through initiatives such as these, by 2024, the final year of the new Medium-Term Management Plan, we aim to grow the outstanding Net Sales / Operating Income / Operating Income Margin(¥ billion) 60receivables balance to a scale of ¥500.0 billion and maintain ROA in the 3.0% range. Moreover, we will disclose our business results so that more stakeholders can better understand our business.Build a System for Global Business and Aim for ROA in the 3% Range• Regional expansion in South America, Europe, etc.• Business domain expansion to marine products• Build a global business management system• Independent disclosure of Financial Services business results39.4%402016.4%20202021(¥ billion)3025.5%2010002022 (Forecast)33Financial Services
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