Yamaha Motor Co. President Hiroyuki Yanagi. Photographer: Tomohiro Ohsumi/Bloomberg |
IWATA, JAPAN – August 6, 2013 – Sales for Yamaha Motor Co., Ltd.’s consolidated accounting period for the first half of the fiscal year ending December 31, 2013 were 702.8 billion yen, an increase of 11.2% compared with the same period the previous fiscal year. In the second quarter (April – June), product sales have shown a level above the previous year, however, the accumulated total for the first half of the year will be slightly down on the last. Despite this, due to the depreciated state of the yen, sales have actually increased.
Regarding operating income, developed markets showed favorable conditions, including higher than expected marine sales in the US, and the effects of the depreciated yen bringing in higher income. Cost reductions also contributed to higher income out of emerging markets giving an overall total of 30.2 billion yen (45.3% increase on the previous year). Ordinary income was 30.6 billion yen (an increase of 27.0% against the same period the previous fiscal year), and net income for the period was 20.5 billion yen (an increase of 40.8%).
For the first half of the fiscal year, the U.S. dollar traded at 96 yen (a depreciation of 16 yen from the same period in the previous fiscal year), and the euro at 126 yen (a depreciation of 23 yen).
Results by Business Segment
Motorcycle Business
Global net sales of motorcycle products were 466.9 billion yen (an
increase of 12.6% compared with the same period in the previous fiscal
year), and operating income was 3.6 billion yen (a decrease of 19.4%).
Sales increased in Japan, and increased in North America in the second
quarter (April – June) compared to the previous year due the
introduction of new products and retail promotion initiatives. However,
sales in Europe decreased due to the market slump, and therefore
decreased in developed markets overall. In India, sales overall
increased due to strong sales of scooters, and in Indonesia, sales in
the second quarter (April – June) increased compared to the previous
year. However, sales in Thailand, Vietnam, and Brazil decreased due to
the economic slowdown, and therefore decreased in emerging markets
overall. As a result, while product sales decreased overall, sales
increased due to the effect of the depreciation of the yen.
Operating income in emerging markets increased due to
cost reduction measures. For developed markets, proactive development
& promotional costs have increased as well as restructuring costs in
Europe which have all exceeded the effect of the depreciating yen. As a
result, income decreased overall.
Marine Business
Net sales of the marine segment increased overall by 15.8% from the
previous fiscal year to 131.6 billion yen, and operating income
increased by 103.7% from the previous fiscal year to 21.5 billion yen.
Sales of outboard motors in the U.S.A. increased due to
the effect of introduction of new models, and an expansion of the
large-capacity model lineup, and along with the effect of the
depreciation of the yen, led to increases in sales and income.
Power Products Business
Global net sales of power products were 50.0 billion yen (an increase of 9.4% compared with the same period the previous fiscal year), and operating income was 0.4 billion yen (an increase of 67.7%).
Global net sales of power products were 50.0 billion yen (an increase of 9.4% compared with the same period the previous fiscal year), and operating income was 0.4 billion yen (an increase of 67.7%).
Increases in sales of golf cars and snowmobiles and the
effect of the depreciation of the yen absorbed the decrease in sales of
all-terrain vehicles, leading to increases in sales and income.
Industrial Machinery and Robots Business
Net sales of industrial machinery and robots decreased overall by 10.9%
from the previous fiscal year to 15.6 billion yen, and operating income
decreased by 47.8% from the previous fiscal year to 1.6 billion yen.
Sales of surface mounters decreased due to the global
decline in equipment investment demand, but in the second quarter (April
– June) returned to the same level as the previous year.
Other Products
Total net sales of other products were 38.8 billion yen (a decrease of
4.6% compared with the same period the previous fiscal year), and
operating income was 3.0 billion yen (an increase of 27.5%). While sales
of electrically power assisted bicycles increased through the effect of
introduction of new products, sales of automotive engines decreased.
Forecast for the Fiscal Year Ending December 31, 2013
While a gradual economic recovery is continuing in the U.S.A., the market slump in Europe is ongoing and the base of economic growth in emerging markets is decelerating, and so the business conditions facing the Company continue to be challenging.
Our operating income in emerging markets is holding on
our initial forecast. In developed markets, our operating income is
expected to increase overall on initial forecasts mainly due to
favorable sales of marine products in developed markets such as the US
and the effects of the depreciating yen.
The consolidated business results for the full year are
expected to be higher than what was initially forecasted, and this is
updated in the chart as shown below:
Sales | 1.45 trillion yen (14.77 billion U.S.D.) (Compared with initial estimate 3.6% Increase) (Compared with previous year 20.1% Increase) |
Operating Income | 55 billion yen (560 million U.S.D.) (Compared with initial estimate 10.0% Increase) (Compared with previous year 195.7% Increase) |
Ordinary Income | 59 billion yen (601 million U.S.D.) (Compared with initial estimate 13.5% Increase) (Compared with previous year 116.4% Increase) |
Net Income for the Year | 34 billion yen (346 Million U.S.D.) (Compared with initial estimate 21.4% Increase) (Compared with previous year 354.0% Increase) |
Note: Comparisons to initial estimates are increases or decreases against the results estimates announced on February 14, 2013.
The exchange rates for the second half of the fiscal
year are based on the U.S. dollar at 95 yen (a depreciation of 8 yen
compared with the initial plan, and a depreciation of 15 yen compared
with the same period the previous fiscal year), and the euro at 125 yen
(a depreciation of 10 yen compared with the initial plan, and a
depreciation of 23 yen compared with the same period the previous fiscal
year). The exchange rates for the whole fiscal year are based on the
U.S. dollar at 95 yen (a depreciation of 8 yen compared with the initial
plan, and a depreciation of 15 yen compared with the previous fiscal
year), and the euro at 125 yen (a depreciation of 10 yen compared with
the initial plan, and a depreciation of 22 yen compared with the
previous fiscal year).
Dividends
Recognizing that shareholders’ interests represent one
of the Company’s highest management priorities, the Company has been
striving to meet shareholder expectations by working to maximize its
corporate value through a diversity of business operations worldwide.
The Company aims to maintain a balance between proactive investment for
growth, and returns to shareholders and the repayment of borrowings, and
provide shareholder returns that reflect comprehensive consideration of
the business environment, including trends in business performance and
retained earnings, while maintaining a minimum dividend payout ratio of
20% of consolidated net income. Building on the improvement of the new
forecast for the consolidated business results for the fiscal year
ending December 31, 2013 announced today over the previous forecast, and
based on the dividend payout ratio (consolidated) of 20%, the yearly
dividend forecast has been revised to 20 yen per share (initial
forecast: 17 yen per share). Accordingly, the interim dividend is set at
10 yen per share, and the year-end dividend forecast has been revised
to 10 yen per share.
Source yamaha group by press release
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