President's Message

Yamaha Motor has grown by creating new value under our longstanding corporate mission to be a Kando* Creating Company. As we move toward 2030, the Company is directing its efforts to three focus areas: Advancing Robotics (Leverage and evolve intelligent technologies and robotics as a foundation), Rethinking Solution (Propose uniquely Yamaha solutions), and Transforming Mobility (Promote innovations in mobility). Furthermore, we are committed to expanding human possibilities, achieving sustainable growth for the Company, as well as creating a better world and more fulfilling lives. We also made Sustainability another key theme of our Medium-Term Management Plan covering fiscal 2022 to fiscal 2024. Guided by the plan, we are strengthening the earnings power of our core businesses while investing in new and growing businesses that contribute to the creation of a more sustainable world, and at the same time accelerating digital initiatives and co-creation to boost our growth potential.

In 2023, semiconductor procurement recovered, there was a lull in the exorbitant prices of raw materials and ocean shipping rates, and other movements that indicated our business environment was also on a return to normal. However, the boom in outdoor recreational demand in developed markets settled down, something that became clear in the latter half of the year. The yen remained weak as was the case last year and this again provided a powerful tailwind for us. Amidst this business environment, we enacted strategies in each of our business segments while also keeping to our break-even-point management style. As a result, the consolidated management accounts for fiscal 2023 were net sales of 2,414.8 billion yen (a year on year increase of 166.3 billion yen or 7.4%) and an operating income of 250.7 billion yen (an increase of 25.8 billion yen or 11.5%), setting new records for both.

In 2024, we expect to see improved supply of premium motorcycle and scooter models in emerging markets in our core business of motorcycles, the launch of a new large outboard motor model in the Marine Products business, and for solid demand in Asian markets to reinforce our operations. As a result of these developments, we expect to once again achieve record net sales and operating income, and to clear the three-year average growth and profitability targets of the Medium-Term Management Plan.

In addition, we will further promote the portfolio management we introduced with the current Medium-Term Management Plan to continuously generate returns that exceed capital costs. At the same time, we will strive to improve our price-to-earnings ratio through a positive cycle of feeding the results of dialogue with shareholders and investors back to management.

As we work toward realizing our Long-Term Vision of “ART for Human Possibilities: Let’s strive for greater happiness,” we will endeavor to deliver Kando to and answer the expectations of all our stakeholders.

I ask for your continued guidance and support as we move forward together.

Katsuaki Watanabe
Chairman and Director, and President, Representative Director
Yamaha Motor Co., Ltd.

* Kando is a Japanese word for the simultaneous feeling of deep satisfaction and intense excitement that people experience when they encounter something of exceptional value.