Yamaha 2015 Annual Report Download - page 41

Overview
During the fi scal year ended December 31, 2015 (fi scal
2015), the U.S. economy continued to show a gradual
recovery driven by domestic demand, while the gradual
recovery of the European economy also continued, led by
personal consumption despite a backdrop of geopolitical
risks including terrorist attacks. Japan’s underlying tone of
economic recovery continued despite weak personal
consumption. The impact of falling resource prices, the
economic downturn in China and currency depreciation
strengthened the sense of deceleration in emerging
countries such as Asia and Central and South America,
among others.
In terms of the Company’s major markets, there was
a gradual recovery in demand for motorcycles and
outboard motors in the United States, and motorcycle
demand rebounded in Europe. In Japan, motorcycle
demand declined, while demand for electrically power
assisted bicycles remained fl at versus the previous year.
The emerging markets of Vietnam, the Philippines, and
Taiwan experienced a growth in demand, but demand
contracted in Indonesia, Brazil, and China, among other
emerging markets.
Against this backdrop, the Company’s consolidated
net sales for the fi scal year rose ¥94.1 billion, or 6.2%,
year on year, to ¥1,615.4 billion, and operating income
rose ¥33.2 billion, or 38.0%, to ¥120.4 billion.
Sales Performance by Business Segment
Motorcycles
Overall net sales of the motorcycle business rose ¥38.4
billion, or 3.9%, year on year, to ¥1,016.0 billion, and
operating income rose ¥9.0 billion, or 39.1%, to ¥31.9
billion.
In developed markets, unit sales rose in North
America and Europe, while in Japan unit sales of large
motorcycles rose, but unit sales of mopeds declined. Unit
sales also increased in emerging markets including
Vietnam, the Philippines, and Taiwan, but declines were
recorded in Indonesia, Brazil, and China, among other
emerging markets.
Net sales grew on the introduction of the MT series
and other new products, and from increased sales of
higher-priced products. Operating income was boosted
by factors including increased unit sales, an improved
product mix, and cost reductions, which offset the
negative effects of emerging market currency depreciation
and higher development expenses for overall profi t growth.
Marine Products
Overall net sales of the marine products business rose ¥27.1
billion, or 9.8%, year on year, to ¥303.4 billion, and operating
income rose ¥14.4 billion, or 31.5%, to ¥60.2 billion.
Sales and profi t grew in North America on increased
sales of large outboard motors and personal watercraft,
and from yen depreciation.
0
90
45
135
180
Increase in SG&A
expenses
Cost reductions
Increase in
depreciation expenses
Operating
income
Increase in
R&D expenses
Impact of cost
of raw materials
Impact of
exchange rate
Operating
income
+87.2
+32.5
+17.7
+1.9 +8.5 – 6.8 – 6.7 –13.9
+120.4
FY15FY14
Impact of increased
unit sales and
improved product mix
Percentage of sales by product segment
(Year ended December 31, 2015)
Factors Impacting Operating Income
(Billion ¥)
Percentage of sales by market
(Year ended December 31, 2015)
Sales by market
(Billion ¥)
1,276 1,208
1,521
1,615
1,800
1,350
900
450
02011 2012 2013 2014 2015
1,410
1,130
147
1,055
152
1,263
148
1,358
163
1,449
166
Sales by product segment
(Billion ¥)
1,276 1,208
1,521
1,615
1,800
1,350
900
450
02011 2012 2013 2014 2015
1,410
888
179
100
78
75 78
31
104
196
799
80
80
928
243
127
86
142
276
978
75
34
32
39
86
161
303
1,016
49
Motorcycles Japan
Power products
Other products
Marine products Oversea
Industrial machinery and robots
Motorcycles
Other products
Industrial machinery
and robots
Power products
Marine products
10.0%
62.9%
18.8%
3.0% 5.3%
Japan
Overseas
89.7%
10.3%
Management Discussion and Analysis of Operations
Power Products
Overall net sales of the power products business rose
¥19.2 billion, or 13.5%, year on year, to ¥161.5 billion,
and operating income rose ¥6.7 billion, or 102.5%, to
¥13.2 billion.
Increased sales of recreational off-highway vehicles
(ROVs), refl ecting an enhanced product lineup, resulted in
revenue and profi t growth.
Yamaha Motor Co., Ltd. 󱚈 Annual Report 2015 Yamaha Motor Co., Ltd. 󱚈 Annual Report 2015
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