Consolidated Business Results Summary ~First Half, Fiscal Year 2015 Ending December 31~

IWATA, August 4, 2015 – Yamaha Motor Co., Ltd. (Tokyo: 7272) announces consolidated business results for the SecondQuarter (first half-year)

Net sales were 821.1 billion yen, an increase of 65.1 billion yen (+8.6%) compared with the same period the previous fiscal year. With regard to income, the profit structure of each business segment continued to improve, and operating income for the half-year was 69.7 billion yen, an increase of 20.6 billion yen (+41.9%) compared with the same period the previous fiscal year. Ordinary income was 74.4 billion yen (an increase of 25.3 billion yen/51.5% against the same period the previous fiscal year), and net income for the first half-year was 52.1 billion yen (an increase of 19.9 billion yen/61.7%).

Developed markets delivered sales and income increases. The motorcycle business segment moved into profitability thanks to structural reforms and the effect of new product launches such as the 'YZF-R1' (released in March) and the 'MT-09 TRACER'. In the marine business segment, sales of large outboard motors increased, leading to increased income..

In emerging markets, a level of results was maintained equivalent to that of the previous fiscal year. Increased sales of products in the higher price range, the effect of the introduction of platform models, and the market mix in each market etc. absorbed the effect of declining sales volumes in Indonesia and Brazil and currency depreciation in emerging markets.

For the first half consolidated accounting period, the U.S. dollar traded at 120 yen (a depreciation of 18 yen from the same period the previous fiscal year), and the euro at 134 yen (an appreciation of 6 yen).

Results by Business Segment
Motorcycles:
Global net sales of motorcycle products were 518.2 billion yen (an increase of 36.8 billion yen/7.6% compared with the same period in the previous fiscal year), and operating income was 18.6 billion yen (an increase of 7.4 billion yen/65.8%).
Unit sales increased in developed markets thanks to the effect of new product launches such as the 'YZF-R1' and the 'MT-09 TRACER', with sales in North America and Europe increasing 28% and 14% respectively over the same period in the previous fiscal year.
Unit sales in emerging markets such as Vietnam and the Philippines etc. increased (where the 'Exciter' and 'Nozza Grande' are selling strongly), but decreased due to the market slump etc. in Indonesia and Brazil.
Net sales increased thanks to sales of products in the higher price range in emerging markets and the effect of new products. Operating income also increased with factors generating increased income, such as the effect of sales increases, cost reductions, yen depreciation etc., absorbing negative factors such as increases in development costs and currency depreciation in emerging markets.

Marine:
Net sales of the marine segment were 168.8 billion yen (an increase overall of 18.1 billion yen/12.0% compared with the same period in the previous fiscal year), and operating income was 39.3 billion yen (an increase of 11.6 billion yen/41.7%).
Increases in sales and income were achieved thanks to increased unit sales of large outboard motors and water vehicles in the U.S., as well as the effects of yen depreciation etc., and the resulting operating income ratio was over 20%.

Power Products:
Net sales of power products were 66.8 billion yen (an increase of 5.8 billion yen/9.5% compared with the same period the previous fiscal year), and operating income was 4.0 billion yen (an increase of 0.7 billion yen/20.9%) compared with the same period the previous fiscal year).
Sales increased thanks to the launch of the third recreational off-highway vehicle (ROV) in North America, the 'Wolverine', leading to an increase in sales and income.

Industrial Machinery & Robot Products:
Net sales of the industrial machinery and robots business was 24.4 billion yen (an increase of 4.5 billion yen/22.7%), and operating income was 4.0 billion yen (an increase of 0.7 billion yen/20.4%).
Increases in sales and income were achieved thanks to an increase in surface mounter unit sales, aided by the global recovery of equipment investment demand.

Other Products:
Net sales of the other products business overall were 42.9 billion yen (a decrease of 0.1 billion yen/0.2%), and operating income was 3.7 billion yen (an increase of 0.2 billion yen/5.9%).
Sales of electrically power assisted bicycles increased thanks to the further launch of products in Japan featuring new technologies such as Green Core (lightweight, compact, and high-capacity drive units), and exports of E-kits (drive unit and battery kits) to Europe also grew.

Forecast of consolidated business results:
Regarding the anticipated consolidated business results for the fiscal year ending December 31, 2015, as it is forecast that factors generating increased sales and income such as the marine business segment, the motorcycle business segment in developed markets, and the motorcycle business segment in Vietnam and Taiwan will absorb factors causing decreased sales and income such as the motorcycle business segment in some markets such as Indonesia, the anticipated consolidated business results for the fiscal year have not changed from the initial forecast (net sales of 1,700 billion yen, operating income of 120.0 billion yen, ordinary income of 123.0 billion yen, and net income of 76.0 billion yen).
The exchange rates for the second half of the fiscal year are based on the U.S. dollar at 115 yen (no changes from the initial plan, and a depreciation of 6 yen compared with the same period the previous fiscal year), and the euro at 130 yen (no changes from the initial plan, and an appreciation of 10 yen compared with the same period the previous fiscal year). The exchange rates for the entire fiscal year are based on the U.S. dollar at 118 yen (a depreciation of 3 yen compared with the initial forecast, and a depreciation of 12 yen compared with the same period the previous fiscal year), and the euro at 132 yen (a depreciation of 2 yen compared with the initial forecast, and an appreciation of 8 yen compared with the same period 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. In the current medium-term management plan, the Company is maintaining a balance between proactive investment for growth, and returns to shareholders and the repayment of borrowings, and provide dividends that reflect comprehensive consideration of the business environment, including trends in business performance and retained earnings, while maintaining a minimum payout ratio of 20% of consolidated net income
Regarding dividends for the period, based on there being no changes in the anticipated consolidated business results for the fiscal year ending December 31, 2015 from the initial forecast, the forecast dividend for the year remains at the initial forecast of 44 yen per share, and the interim dividend has been determined at 22 yen per share.