Consolidated Business Results Summary　- First Quarter of Fiscal Year Ending December 31, 2017 -

IWATA, May 12, 2017-Yamaha Motor Co., Ltd. (Tokyo:7272) announces consolidated business results for the first quarter.Net sales for Yamaha Motor Co., Ltd.'s consolidated accounting period for the first quarter of the fiscal year ending December 31, 2017 were 386.0 billion yen, (an increase of 3.1 billion yen or 0.8% compared with the same period the previous fiscal year), and operating income was 37.3 billion yen (an increase of 5.0 billion yen or 15.5%).
In the developed markets business, profitability improvements progressed in marine, industrial machinery & robot products, and electrically power assisted bicycles, but remaining one-off factors such as the appreciating yen and the effect of unrealized income etc. led to decreased sales and income.
Regarding the emerging markets motorcycle business, increased sales of products in the higher price range and profitability improvements through cost reductions and structural reforms etc. continued, which led to increased sales and income.
Ordinary income was 40.8 billion yen (an increase of 12.7 billion yen or 45.1% against the same period the previous fiscal year), and net income for the period attributable to parent company shareholders was 31.7 billion yen (an increase of 11.0 billion yen or 53.0%).
For the first three months consolidated accounting period, the U.S. dollar traded at 114 yen (an appreciation of 1 yen from the same period the previous fiscal year), and the euro at 121 yen (an appreciation of 6 yen).

Results by Business Segment
Motorcycles:
Net sales were 232.5 billion yen (an increase of 2.7 billion yen or 1.2% compared with the same period the previous fiscal year), and operating income was 13.9 billion yen (an increase of 6.4 billion yen or 84.0%).
Unit sales decreased in developed markets such as Europe, North America, and Japan. Unit sales in emerging markets such as Vietnam, the Philippines, and Thailand increased, but decreased in the Indonesian market etc.
Net sales decreased in developed markets due to an appreciation of the yen and lower unit sales, whereas net sales increased in emerging markets saw thanks to increases in unit sales and sales of products in the higher price range.
Operating income increased due to the effects of product mix improvements and cost reductions etc.

Marine:
Net sales were 86.5 billion yen (an increase of 2.1 billion yen or 2.5% compared with the same period the previous fiscal year), and operating income was 18.0 billion yen (a decrease of 2.0 billion yen or 10.0%).
Although there was an increase in net sales due to increased unit sales of large outboard motors and water vehicles in North America, there was a decrease in income due to the effects of the appreciating yen, and remaining unrealized income.

Power Products:
Net sales were 33.7 billion yen (a decrease of 4.6 billion yen or 12.0% compared with the same period the previous fiscal year), and operating income was 0.7 billion yen (a decrease of 1.2 billion yen or 65.2%).
The normalization of inventory of recreational off-highway vehicle (ROV) products in North America continued as planned, though sales and income decreased due to lower unit sales.

Industrial Machinery & Robot Products:
Net sales were 12.3 billion yen (an increase of 1.4 billion yen or 12.4% compared with the same period the previous fiscal year), and operating income was 2.0 billion yen (an increase of 0.4 billion yen or 24.4%).
Increases in sales and income were achieved thanks to an increase in surface mounter unit sales overseas.

Other Products:
Net sales were 21.1 billion yen (an increase of 1.6 billion yen or 8.2% compared with the same period the previous fiscal year), and operating income was 2.7 billion yen (an increase of 1.5 billion yen or 124.5%).
For electrically power assisted bicycles, sales in Japan and exports of E-kits (drive units for electrically power assisted bicycles) to Europe grew, leading to increased sales and income.

Forecast of Consolidated Business Results:
Regarding the anticipated consolidated business results for the fiscal year ending December 31, 2017, no changes have been made to the current forecasts that were announced with the previous full-year business results on February 9, 2017, namely 1,600.0 billion yen in net sales, 120.0 billion yen in operating income, 120.0 billion yen in ordinary income, and 75.0 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 110 yen during the fiscal year (a depreciation of 1 yen compared with the same period the previous fiscal year), and the euro at 115 yen (an appreciation of 5 yen).