Consolidated Business Results Summary　- First Three Months of Fiscal Year Ending December 31, 2019 -

IWATA, May 7, 2019 - 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, 2019 were 429.3 billion yen, (an increase of 23.8 billion yen or 5.9% compared with the same period the previous fiscal year), and operating income was 35.9 billion yen (a decrease of 5.3 billion yen or 12.8%).
The increase in net sales was mainly due to sales improvements in the Land Mobility and Marine Businesses. Operating income decreased due to foreign exchange losses mainly in the euro, a deterioration in the regional mix of motorcycles in emerging markets, and a decrease in the number of Robotics Business unit sales.
Ordinary income was 37.5 billion yen (a decrease of 2.6 billion yen or 6.5% compared with the same period the previous fiscal year), and net income for the period attributable to parent company shareholders was 28.3 billion yen (a decrease of 4.1 billion yen or 12.5%).
For the first three months consolidated accounting period, the U.S. dollar traded at 110 yen (a depreciation of 2 yen from the same period the previous fiscal year), and the euro at 125 yen (an appreciation of 8 yen).

Results by Business Segment

Land Mobility

Net sales were 275.9 billion yen (an increase of 10.4 billion yen or 3.9% compared with the same period the previous fiscal year), and operating income was 9.4 billion yen (a decrease of 5.6 billion yen or 37.4%).
In developed markets, motorcycle unit sales increased in Europe, however due to foreign exchange losses in the euro and increased growth strategy costs, we achieved increased sales but lower income. In emerging markets, motorcycle unit sales increased in the Philippines, Brazil, and India, but decreased in Taiwan, Vietnam, Argentina, resulting in increased sales but lower income due to the deterioration of the regional mix and foreign exchange losses.
In electrically power assisted bicycles, sales and income increased as a result of favorable sales of E-kits for Europe and child carrier models in Japan. As a result, there was overall an increase in sales but lower income across the board in the Land Mobility Business.

Marine

Net sales were 103.0 billion yen (an increase of 12.9 billion yen or 14.3% compared with the same period the previous fiscal year), and operating income was 21.5 billion yen (an increase of 1.9 billion yen or 9.5%).
Sales and income increased thanks to the full-scale production of large outboard motors.

Robotics

Net sales were 15.3 billion yen (a decrease of 2.1 billion yen or 12.0% compared with the same period the previous fiscal year), and operating income was 2.4 billion yen (a decrease of 1.9 billion yen or 43.8%).
The slowdown in machine and equipment investment in China, which was concerned about US-China trade friction, resulted in a decrease in sales volume of surface mounters and industrial robots, resulting in decreased sales and income.

Finance Service

Net sales were 10.1 billion yen (an increase of 1.5 billion yen or 17.5% 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 21.3%).
The balance of receivables expanded in all regions, resulting in increased sales and income.

Other

Net sales were 25.1 billion yen (an increase of 1.0 billion yen or 4.3% compared with the same period the previous fiscal year), and operating income was 0.7 billion yen (a decrease of 0.01 billion yen or 1.6%).
Increases in unit sales of golf cars and generators led to increased sales, however with operating income in line with last year at the same period.

Forecast of Consolidated Business Results

Regarding the anticipated consolidated business results for the fiscal year ending December 31, 2019, no changes have been made to the current forecasts that were announced with the previous full-year business results on February 12, 2019, namely 1,700.0 billion yen in net sales, 133.0 billion yen in operating income, 135.0 billion yen in ordinary income, and 85.0 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 105 yen (an appreciation of 5 yen compared with the same period the previous fiscal year), and the euro at 120 yen (a depreciation of 10 yen) during the fiscal year.