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Summary of Business Results for the First Quarter of the Fiscal Year Ending December 31, 2011

May 12, 2011

Consolidated business results

Yamaha Motor Co., Ltd. (the "Company") has released its consolidated business results for the first quarter (January 1 through March 31) of the fiscal year ending December 31, 2011. In spite of the effects of foreign exchange conversion, net sales rose 2.8% year on year to 318.6 billion yen due to factors such as increased sales of motorcycles in emerging markets, as well as increased wholesale of outboard motors in North America and expanded sales of surface mounters.


On the income front, operating income rose 114.6% year on year to 20.6 billion yen, ordinary income rose 69.5% year on year to 26.3 billion yen, and net income for the quarter rose 79.0% year on year to 13.4 billion yen due to factors including increased gross profit through increased sales, structural reform effects and cost reduction. This was despite the influence of yen appreciation and increased development costs for the Company's growth strategy.


On the foreign exchange front, the average exchange rate of the yen during the period under review appreciated by nine yen from the same period of the previous fiscal year against the U.S. dollar, to 82 yen, and by 12 yen against the euro, to 113 yen.

Results by business segment

In the motorcycle business segment, sales in the United States were nearly equal to the same period of the previous fiscal year. Sales in Europe decreased, but sales continued to climb favorably in emerging markets in Asia as well as Central and South America. As a result, the number of motorcycles sold increased from the same period of the previous fiscal year. However, due to factors such as the effects of foreign exchange conversion, net sales were 219.7 billion yen nearly equal to the same period of the previous fiscal year. In spite of the effects of foreign exchange, operating income rose 11.9% year on year to 13.3 billion yen due to increased sales in emerging markets and the reduction of fixed costs.


In the marine business segment, net sales rose 17.9% year on year to 50.6 billion yen due to recovered demand for personal outboard motors and watercraft in North America. Operating income rose 248.1% year on year to 4.2 billion yen.


In the power product business segment, wholesale of all-terrain vehicles (ATVs) units in North America increased, net sales rose 7.1% year on year to 21.7 billion yen, and operating income rose 5.8 billion yen year on year to 600 million yen.


In the other products segments, net sales of surface mounters increased but automobile engines wholesale decreased due to the effects of the Great East Japan Earthquake. As a result of this and other factors, net sales were 26.5 billion yen nearly equal to the same period of the previous fiscal year while operating income rose 50.0% year on year to 2.5 billion yen.

Forecast of consolidated financial targets for the fiscal year ending December 31, 2011

Regarding the forecast of consolidated financial targets for the fiscal year ending December 31, 2011, factors such as the effects of the Great East Japan Earthquake are currently unclear. No changes have been made to the figures announced on February 15, 2011 (1,350 billion yen in net sales, 53.0 billion yen in operating income, 55.0 billion yen in ordinary income, and 20.0 billion yen in net income for the fiscal year).


These forecasts are based on the assumption that the U.S. dollar will trade at 82 yen during the fiscal year (appreciation of six yen from fiscal 2010), and the euro at 110 yen (appreciation of six yen).

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