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Yamaha Motor Co., Ltd. has released its consolidated business results for the first nine months of the fiscal year ending December 31, 2012. Sales in the marine products business increased in the U.S. and developing markets, and sales in the power products business and sales of automobile engines increased as well. Whereas sales of motorcycles rose in the U.S., they fell in Europe, and inventory adjustments to condense the amount of distribution stock in response to lower demand in Indonesia and Brazil resulted in reduced sales in Asia, Central and South America as well. A 49.8 billion yen loss due to the effects of a further appreciated yen compared to the same period last year and the factors mentioned above led to a 7.7% drop in net sales from the same period of the previous fiscal year to 909.5 billion yen.
On the income front, there was growth in profits thanks to cost reduction efforts, lower raw material prices and reductions in company expenses. However, this was offset by a decline in motorcycle sales in the emerging markets, the impact of the yen's appreciation, the effects of a reversal of the accrual for product liabilities (12.6 billion yen last year, 2.1 billion yen this year) and the increase in development costs for future growth. As a result, operating income fell 62.4% from the same period of the previous fiscal year to 22.8 billion yen, ordinary income declined by 58.7% to 28.0 billion yen and net income for the quarter fell 64.2% to 14.3 billion yen.
The average exchange rate of the yen during the period under review appreciated by two yen from the same period of the previous fiscal year against the U.S. dollar to 79 yen, and by eleven yen against the euro to 102 yen.
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In the Motorcycles segment, unit sales increased year-on-year in the U.S., while demand in Europe remained slow, especially in southern Europe. These factors led overall sales in the developed markets to decrease. In the emerging markets, although sales grew in Thailand and India, overall sales fell due to lower figures in Indonesia and Brazil where we conducted inventory adjustment, and in Vietnam due to slowing economic conditions. As a result, motorcycle sales fell 15.2% from the same period of the previous fiscal year to 4.52 million units. Net sales were also affected by the strong yen and other factors, resulting in a 13.6% decrease from the same period of the previous fiscal year to 597.8 billion yen, while operating income fell 91.6% to 2.8 billion yen.
In the Marine segment, a recovery in demand in the U.S. led to unit sales increases in the outboard motor and personal watercraft sectors. Also, outboard motor unit sales rose in Russia and other emerging markets throughout Asia and Central and South America, while in Japan, demand resulting from the earthquake and tsunami recovery efforts contributed to increases in unit sales of fishing boats, utility boats and outboard motors. These factors contributed to a 9.7% increase in overall net sales from the same period of the previous fiscal year to 154.0 billion yen and a 25.4% increase in operating income to 10.7 billion yen.
In the Power products segment, there was a decrease in sales of all-terrain vehicles (ATVs), but sales of golf carts increased, mainly in the U.S. In addition, greater concern for disaster preparation in Japan and other factors contributed to a growth in sales of generators. These factors resulted in a 2.3% increase in net sales overall from the same period of the previous fiscal year to 72.8 billion yen. Due to factors such as the effects of the reversal of accrual for product liabilities (12.6 billion yen last year, 2.1 billion yen this year), operating income decreased by 71.4% to 2.7 billion yen.
In the Industrial Machinery and Robots segment, sales of surface mounters remained strong in markets where demand from manufacturers of products like smartphones and tablet devices is steady, but a global trend towards tightening facility investment led to an overall decrease in sales. As a result, net sales decreased by 6.7% from the same period of the previous fiscal year to 24.8 billion yen, while operating income fell 30.4% to 3.8 billion yen.
In the Other products segment, net sales of automobile engines rose due to the effects of last year's earthquake and tsunami but sales of electrically power assisted bicycles decreased compared to the same period of the previous fiscal year. As a result, overall net sales for the Other products business rose 7.2% from the same period of the previous fiscal year to 60.1 billion yen while operating income fell 35.5% to 2.9 billion yen.
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As performance has generally been in line with projections through to the end of the third quarter, no changes have been made to the consolidated financial targets for the full fiscal year ending December 31, 2012 that were presented in the second quarter report on August 7, 2012.
The exchange rates forecast for the full year are 78 yen to the U.S. dollar (two yen higher than the previous period) and 102 yen to the euro (nine yen higher than the previous period).
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