Consolidated Business Results Summary - First Nine Months of Fiscal Year Ending December 31, 2016 -

IWATA, November 2, 2016 - Yamaha Motor Co., Ltd. (Tokyo:7272) announces consolidated business results for the first nine months.

Net sales for Yamaha Motor Co., Ltd.'s consolidated accounting period for the first nine months of the fiscal year ending December 31, 2016 were 1,132.8 billion yen, (a decrease of 93.4 billion yen or 7.6% compared with the same period the previous fiscal year), and operating income was 88.9 billion yen (a decrease of 16.1 billion yen or 15.3%).
Developed markets experienced a decrease in sales and income compared with the same period the previous fiscal year due to the appreciating yen. In the emerging markets motorcycle business segment, while net sales decreased due to lower unit sales in Indonesia and Brazil, operating income increased compared to the previous year thanks to product mix improvements and the effects of cost reductions such as promotion of the platform transition.
Ordinary income was 77.6 billion yen (a decrease of 23.6 billion yen or 23.3% against the same period the previous fiscal year), and net income for the period attributable to parent company shareholders was 48.2 billion yen (a decrease of 0.8 billion yen or 1.6%).
For the first nine months consolidated accounting period, the U.S. dollar traded at 109 yen (an appreciation of 12 yen from the same period the previous fiscal year), and the euro at 121 yen (an appreciation of 14 yen).

Results by Business Segment
Motorcycles:
Net sales of motorcycle products overall were 699.2 billion yen (a decrease of 85.0 billion yen or 10.8% compared with the same period the previous fiscal year), and operating income was 28.6 billion yen (a decrease of 4.8 billion yen or 14.3%).
For unit sales in developed markets, while Japan and Europe experienced increases, the planned reductions in distribution inventories in North America led to overall unit sales on almost a similar level as the previous year.
Unit sales in emerging markets such as India, Vietnam, and the Philippines increased, but decreased in Indonesia and Brazil due to market slumps etc. These results led to an overall decrease in motorcycle business net sales.
Operating income increased in emerging markets thanks to product mix improvements and the effects of cost reductions such as promotion of the platform transition, but decreased in developed markets due to the appreciating yen, leading to a reduction in income overall.

Marine:
Net sales across the entire marine business segment were 230.5 billion yen (a decrease of 6.7 billion yen or 2.8% compared with the same period the previous fiscal year), and operating income was 45.9 billion yen (a decrease of 6.6 billion yen or 12.6%).
For unit sales of outboard motors, while sales increased in North America, principally of large models, sales decreases were seen in Europe, particularly in Russia. Although the appreciating yen led to a decrease in sales and income, the operating income ratio remained at 20%.

Power Products:
Net sales for the entire power products segment were 111.3 billion yen (a decrease of 5.3 billion yen or 4.6% compared with the same period the previous fiscal year), and operating income was 5.0 billion yen (a decrease of 5.6 billion yen or 52.9%).
The appreciating yen and decreased unit sales of snowmobiles etc. led to a decrease in sales and income.

Industrial Machinery & Robot Products:
Net sales for the entire industrial machinery and robots business segment were 34.2 billion yen (a decrease of 0.6 billion yen or 1.7% compared with the same period in the previous fiscal year), and operating income was 5.6 billion yen (a decrease of 0.5 billion yen or 7.8%).
Decreases in sales and income were due to a decrease in surface mounter unit sales in Asia and Japan etc.

Other Products:
Net sales of the other products business overall were 57.5 billion yen (an increase of 4.3 billion yen or 8.0%), and operating income was 3.8 billion yen (an increase of 1.4 billion yen or 60.1%).
For electrically power assisted bicycles, exports of E-kits (drive units for electrically power assisted bicycles) to Europe grew, and the rest of the business overall saw increased sales and income.

Forecast of Consolidated Business Results:
Regarding the anticipated consolidated business results for the fiscal year ending December 31, 2016, no changes have been made to the current forecasts that were announced with the first half-year business results on August 4, namely 1,500.0 billion yen in net sales, 105.0 billion yen in operating income, 95.0 billion yen in ordinary income, and 60.0 billion yen in net income for the fiscal year attributable to parent company shareholders.
These figures are based on unchanged currency rate forecasts, being the U.S. dollar trading at 106 yen during the fiscal year (an appreciation of 15 yen from the previous fiscal year), and the euro at 117 yen (an appreciation of 17 yen compared with the previous fiscal year).

(Note)
For the consolidated accounting period for the first quarter of the fiscal year ending December 31, 2016, sales finance-related sales, income, and expenses which had been previously recognized as "sales expenses and general administration costs", "non-operating income," and "non-operating expenses" have been changed to be recognized as "net sales", "cost of sales," and "sales expenses and general expenses".
Related aspects of the quarterly consolidated financial statements and consolidated financial statements of the consolidated accounting period for the third quarter of the previous fiscal year and the previous consolidated financial year will be reclassified in order to reflect these changes in reporting.