The Company registered record highs for net sales, operating income and ordinary income.
Yamaha Motor's consolidated net sales for the first half-year ended September 30, 2002, increased 5.5 percent from the same period of the previous year, to 525.8 billion yen, setting a record high for the fourth consecutive year.
In terms of profit, both operating income and ordinary income reached record highs, totaling 41.0 billion yen, a 89.7 percent increase from the same period of the previous year, and 38.3 billion yen, a 100.9 percent gain, respectively.
On the exchange rate front, the yen depreciated by 10 yen, to 128 yen against the U.S. dollar, and by 9 yen, to 115 yen against the euro compared with the same period of the previous year.
The sales increase was mainly attributable to a 4.2 percent gain in motorcycle sales, along with sales growth of 12.6 percent in marine products, and 10.1 percent in power products, respectively, compared with the same period of the previous year.
Broken down by business segment, motorcycle sales rose 4.2 percent, to 276.3 billion yen, led by significant sales expansion in Asia, coupled with increased sales in the United States and Japan, all of which offset a sales decline in Europe. Performance was especially robust in Asia, where sales rose 35.7 percent. Restructuring the sales network and enhancing sales promotions in the main markets, including Indonesia, Thailand and India, in addition to introducing small four-stroke models in those markets, led to the increase.
Marine product sales expanded 12.6 percent, to 112.6 billion yen, reflecting a substantial sales increase for environmentally conscious, large outboard motors with more than 200 horse power, mainly in the United States. However, sales in the boat business in Japan remained stagnant.
Power product sales climbed 10.1 percent, to 97.6 billion yen. The major reasons for the increase were favorable sales of ATVs (all-terrain vehicles), reflecting a bolstered lineup of automatic models; and the expanded production capacity in the United States.
Sales in other products area, including the IM (industrial robot) business, fell 11.7 percent, to 39.2 billion yen, due to depressed market conditions.
A view of sales by the geographic segment shows that results in North America remained favorable, posting a 13.1 percent increase, while sales in Asia also significantly expanded, by 30.8 percent from the same period of the previous year. However, sales in Japan and Europe fell 2.6 percent and 8 percent, respectively.
Regarding profit, both operating income and ordinary income registered record highs, notwithstanding an increase in selling, general and administrative expenses totaling 3.8 billion yen. These favorable profit results were mainly attributable to such positive factors as: an increase in income amounting to 11.3 billion yen, generated by cost-cutting effects in manufacturing and a sales rise for products with higher profit margins; and a gain from currency translation into yen equaling 11.9 billion yen, due to the depreciation of the yen. Net income for the period rose 54.0 percent from the same period of the previous year, to 11.5 billion yen.
The number of consolidated subsidiaries stood at 94, an increase of three from the previous fiscal year-end, while the number of affiliates accounted for by the equity method was 36, a decrease of one from the previous fiscal year-end.
Increases in both sales and profit
Non-consolidated net sales rose 4.9 percent from the same period of the previous year, to 286.1 billion yen, a return to growth after an interval of two years, due mainly to expanded exports of motorcycles, ATVs and outboard motors to North America. Operating income soared 3.2 times, to 9.2 billion yen; ordinary income rose 26.1 percent, to 8 billion yen; and net income jumped 2.2 times, to 4.2 billion yen, from the same period of the previous year.