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FY2015 1st Quarter Business Results
Yamaha Motor Co., Ltd.May 12, 2015
● Forecast Consolidated Results
Forecast consolidated results stated herein are based on the management’s assumptions and beliefs in light ofinformation currently available, and involve risks and uncertainties. Please be advised that actual results may differsignificantly from those discussed in the forecast consolidated results. Potential risks and uncertainties include, butare not limited to, general economic conditions in Yamaha Motor’s major markets, changing consumerpreferences and currency exchange rate fluctuations.
Agenda
FY2015 1st Quarter Business Results
Ryoichi SumiokaSenior Executive Officer
Overall: Sales increases (108%) and income increases (158%)Progress in profit structure improvements targeted to achieving the annual target.
Outline:Developed Markets: Significant increases in sales and income.
Motorcycle business - return to profit through an increase of products in the higher price range Marine business - operating income ratio exceeds 20%.
Emerging Markets: Similar to previous year’s levelsintroduction of new products /cost reductions absorbed decrease in units.
All Businesses:Improvements in sales/income will continue to gain momentum from 2Q through introduction of new products.
FY2015 1st Quarter Business Results Overview
3
FY2015 1st Quarter Business Results Summary
Sales increases (108%) and income increases (158%) compared with the previous fiscal yearProgress in profit structure improvements targeted to achieving the annual target.
358.7
386.2
2014 2015(103/141) (119/134)
1,521.21,700.0
87.2
120.0
($/€)
Sales figures/ Operating
income(¥ Bil.)
2014 2015 forecast(106/140) (115/130)
1QYearlyOperating
Income Ratio9.0%6.1%5.7% 7.1%
22.1
34.9
4
225.5 243.5
71.180.7
29.929.532.132.5
3.810.0
13.4
20.31.2
0.6
3.7
3.9
0
50
100
150
200
250
300
350
400
450
500
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
Net Sales Operating Income
(¥ Bil.)2014 1Q(103/141)
2014 1Q(103/141)
Others
Marine
Power Products
Motorcycles
2015 1Q(119/134)
2015 1Q(119/134)($/€)
*Other: Including industrial machinery & robot products
358.7
22.1
386.234.9
Details of Net Sales and Operating Income(1Q) Motorcycles: Increases in sales and income. Developed markets returned to profit. Marine: Increases in sales and income. Operating income ratio exceeded 20%. Power Products/Others: Similar to levels the previous year for the short term
due to the result of the 2014 consumption tax increase.
5
10 11
128 108
Unit Sales(10,000 units)
139
EmergingMarkets
DevelopedMarkets 52.8 68.4
172.7175.1
Net Sales(¥ Bil.)
225.5
20141Q
20151Q
20141Q
20151Q
243.5
120
-4.1
2.7
7.9
7.3
20141Q
20151Q
Operating Income(¥ Bil.)
3.8
10.0
Developed Markets: Significant increases in sales and income (return to profitability) thanks to an increase in products in the higher price range.
Emerging Markets: Similar to levels the previous year with cost reductions/results from introduction of new products absorbing the decrease in units.
Motorcycle Business: Overall Status
6
38 27
19 24
43 57
45
Europe
NorthAmerica
Oceania
Japan
104
Unit Sales(Thousand units)
20141Q
20151Q
112
YZF-R1(March 2015)
Motorcycle Business: Developed Markets U.S./Europe: Sales increases continue thanks to recovery in total demand and the results of
introduction of new products. Japan: Increases in sales of large models continue, scooter sales in a short-term decline
(after-effect of consumption tax increase)
7
61 44
7
7
15
15
4
6
Unit Sales(10,000 units)
Thailand
VietnamMalaysia -
Philippines
Indonesia
88
72
Indonesia, Thailand, Vietnam
Platform model introduction status in major countries (2015 1st quarter unit sales results)
32%
20141Q
20151Q
Motorcycle Business: ASEAN Market Sales decreased in Indonesia due to effects of a drop in total demand. Introduction of platform models and profit structure improvements to continue
from 2Q onward.
8
121 119
41 41 Exports
Domestic
162
Unit Sales(Thousand units)
160
Total demand and Yamaha Motor sales are at similar levels to the same quarter of the previous year.
Introduction of new products to continue from 2Q (April, mass market) targeting sales increases
Saluto(April 2015)
(Mass Market)Executive/Standard
20141Q
20151Q
Motorcycle Business: Indian Market
India Product Category
9
20%
30%
40%
50%
60%
市場 ヤマハYamaha Motor
42.3 48.3
10.111.49.912.28.8
8.9
OutboardMotors
Boat
Water Vehicles
Parts etc.71.1
Net Sales(¥ Bil.)
2005 2008 2011 2014
80.7Ratio of larger outboard model sales in the U.S.
(models exceeding 100HP)(12-month moving average)
OperatingIncome Ratio 18.8% 25.2%
20141Q
20151Q
Marine Products Business
Market
Operating income ratio exceeded 20%. Profitability improvements continue thanks to increases in products in the
higher price range (shift to large outboards).
10
11.8 12.6
2.4 2.014.2
ATVROV
Net Sales(¥ Bil.)
SMB
14.6
Wolverine(March 2015)2014
1Q20151Q
Recreational Vehicles Business ROV: Introduction of sports products to continue from 2Q (March, first model)
targeting sales increases. SMB: Decrease due to foreign exchange effects(Russian Ruble).
11
1Q
2014 Results 2015 Results compared with the previous year
Motorcycles 225.5 243.5 18.0Marine 71.1 80.7 9.5Power Products 29.9 29.5 -0.4Others 32.1 32.5 0.3
TOTAL 358.7 386.2 27.5
Motorcycles 3.8 10.0 6.2Marine 13.4 20.3 7.0Power Products 1.2 0.6 -0.6Others 3.7 3.9 0.2
TOTAL 22.1 34.9 12.8
Motorcycles 1.7 4.1 2.4Marine 18.8 25.2 6.4Power Products 4.0 2.1 -1.9Others 11.5 12.0 0.5
TOTAL 6.1 9.0 2.9
Net Sales (¥ Bil.)
Operating Income (¥ Bil.)
Operating Income Ratio (%)
Details of Net Sales and Operating Income (1Q)
13
38 2719 24
43 57
1,153 966
135122
1,3891,196
20141Q
20151Q
12.1 11.112.8 18.1
28.039.2
139.3142.2
33.432.9
225.5243.5
20141Q
20151Q
Net Sales(¥ Bil.)
Unit Sales(Thousand units)
Asia
EuropeNorth America
Japan
Others
(119/134)(103/141)($/€)
Motorcycle Sales Units and Net Sales (1Q)
14
19.7 19.6
0.3 0.51.6 1.8
5.5 5.2
5.1 5.4
20141Q
20151Q
7.2 6.4
37.847.3
11.4
11.93.2
3.811.5
11.2
20141Q
20151Q
4.5 2.8
16.7 18.5
4.6 4.71.8 1.42.2 2.1
20141Q
20151Q
*Other: Including industrial machinery & robot products
AsiaEurope
NorthAmerica
Japan
Others
Marine Power Products Others
(¥ Bil.)
71.1
80.7 29.9 29.5 32.1 32.5
(103/141) (119/134)($/€)
Net Sales of Marine, Power Products, and Others (1Q)
15
1Q (3-months)(¥ Bil.) US$ EURO Others Total
Currency Rate Impact on HQ Imports and Exports 6.8 -1.4 -1.0 4.4Impact on Procurement Cost(Overseas Subsidiaries)
0 0 -1.4 -1.4Impact on Gross Income(Overseas Subsidiaries)
2.2 -0.5 2.3 4.0Impact on SG&A Expenses(Overseas Subsidiaries)
-1.7 0.3 -1.9 -3.3
Impact on Operating Income 7.3 -1.6 -2.0 3.7
Foreign Exchange SensitivityAmount of impact on the operating income per yen of foreign exchange fluctuations
US$0.4 Bil.
Yen
EURO0.2 Bil.
Yen
Impact of Foreign Exchange vs. Last Year
16
2014 1QResults
2015 1QResults
Capital Expenditure 11.4 14.2
Depreciation Expenses 8.8 10.6Research and Development Expenses 20.3 21.6
Interest-bearing Debt 410.4 431.4
(of which, sales finance) 171.6 214.1
(¥ Bil.)
Capital Expenditure, Depreciation Expenses,R&D Expenses, Interest-bearing Debt
17
22.111.6
4.23.7 -0.2 -1.3
-1.9 -3.3 34.9Cost reduction
Increase inSG&A expensesEffect of
sales increase
Impact of foreign exchange
Impact ofchanges inraw materialprices
Increase in depreciation expenses
Increase in R&D expenses
2014($/€: 103/141)
2015(119/134)
(¥ Bil.)
Causes of Changes in Operating Income vs. Last Year (1Q)
18