182.3ら)ら)torcycle Business84 Overview During the fiscal year ended December 31, 2021, the pace of recovery in the global economy slowed as COVID-19 case numbers once again began to rise due to the emergence of new variants, disruptions that hit distribution and supply chains as heightened demand accompanied the resumption of economic activities, labor shortages, and more. At the same time, COVID-19 vaccination rollouts moved forward in many countries, and restrictions on economic activities were gradually eased in Europe and North America, resulting in a steady economic recovery as consumer spending picked up and capital investment rose. Yamaha Motor’s businesses, meanwhile, felt the impacts of ongoing shortages of semiconductors and other parts; however, demand in business segments began to recover in conjunction with the lifting of lock-downs in various countries and the enactment of economic policies based on the premise of living with COVID-19. ment policies focusing on breaking even and exercising responsive-ness. These policies guided us in pursuing our premium model segment strategy in the motorcycle markets of emerging economies and in advancing structural reforms at factories. In addition, the Company was able to minimize the negative impacts of decreased 81.7 Performance by Business Segment Land Mobility SegmentNet sales in the Land Mobility segment increased ¥233.3 billion (24.6%) year on year, to ¥1,179.7 billion, and operating income rose ¥50.3 billion (272.4%) year on year, to ¥68.7 billion. Sales of motorcycles in developed markets were up due to higher unit sales in all regions driven by a boom in outdoor and family recre-ation. This increase resulted in a reduction in losses. Conversely, inven-tory shortages continued, attributable to insufficient supplies of parts such as semiconductors and to logistics delays caused by a lack of shipping containers. While these operations were unable to turn a profit, a reduction in losses was achieved. As for sales of motorcycles in emerging markets, demand in coun-tries such as the Philippines, Indonesia, and Thailand increased year on year as these countries shifted their strategies to adopt an approach In this economic environment, the Company implemented manage-Factors Impacting Operating Income(¥ billion)2020Land MobilityBusiness+45.0Marine ProductsRoboticsBusiness+14.1Business+18.5Emerging MarketsMotorcycle BusinessDeveloped MarketsMotorcycle BusinessExcluding growth strategy expenses and foreign exchange effects+37.2+0.4Financial ServicesBusiness+11.1Other ProductsBusiness–0.9production volumes and other factors by constantly sharing informa-tion on logistics issues and shortages in the supply of parts on a global basis and by responding according to the situation each factory faced. As a result, Yamaha Motor posted record-high sales and income in fiscal 2021. Consolidated net sales increased ¥341.2 billion (23.2%) year on year, to ¥1,812.5 billion; operating income rose by ¥100.7 billion (123.3%) to ¥182.3 billion; ordinary income grew ¥101.7 billion (116.0%) to ¥189.4 billion; and net income attributable to owners of parent rose ¥102.5 billion (193.1%) to ¥155.6 billion. Exchange rates for the fiscal year were ¥110 to the U.S. dollar (up ¥3 year on year) and ¥130 to the euro (up ¥8 year on year). Despite reduced production volumes due to supply shortages of semiconductors and other parts as well as personnel shortages, net sales increased as a result of higher unit sales and unit prices. Operating income also increased substantially owing to expanded sales, the benefits of efforts to lower the fixed cost ratio through the growing prevalence of teleworking and use of digital technologies facilitating such workstyles, and more favorable foreign exchange rates. These factors helped absorb the impacts of soaring logistics and raw material costs.emphasizing both COVID-19 countermeasures and a measured resumption of economic activities. Although the utilization rates of factories and dealerships were down as COVID-19 case numbers once again began to increase, the model mix improved due to the growth in sales of premium segment models, resulting in higher sales and profits. recreational off-highway vehicles (ROVs), and snowmobiles—strong leisure demand continued, even amid the resurgence of COVID-19 cases. Despite the impact of production delays due to parts supply shortages and other factors, the segment returned to profitability as a result of higher sales and profits thanks to increased unit sales follow-ing the strong performance of the Wolverine RMAX series. Regarding electrically power-assisted bicycles, both sales and profits increased due to continued strong sales of complete bicycles in Japan In the recreational vehicle category—all-terrain vehicles (ATVs), SPV+0.3RV+7.1+1.7ExchangeGrowth StrategyExpense DecreasesEffects+11.22021Management’s Discussion and Analysis of Fiscal 2021 Business Results
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