Yamaha Motor Consolidated Business Results Summary ~First Quarter of Fiscal Year Ending December 31, 2015~

IWATA, May 12, 2015 – Yamaha Motor Co., Ltd. (Tokyo: 7272) announces consolidated business results for the first quarter.
Net sales for the Yamaha Motor Co., Ltd. consolidated accounting period in the first quarter of the fiscal year ending December 31, 2015 were 386.2 billion yen, (an increase of 27.5 billion yen or 7.7% compared with the same quarter of the previous fiscal year). Operating income for the same period was 34.9 billion yen (an increase of 12.8 billion yen/58.0%).
Developed markets showed increases in both sales and income thanks to several factors, including increased sales in the motorcycle business segment driven by the introduction of new models, increased sales of large models in the marine business, and the effects of yen depreciation.
In emerging markets, sales and operating income remained at a level equivalent to the previous fiscal year, with decreases in unit sales in Indonesia and other countries offset by positive results produced with the introduction of platform models.
Ordinary income was 36.1 billion yen (an increase of 13.2 billion yen/57.4% on the same period of the previous fiscal year), and net income for the period was 25.8 billion yen (an increase of 11.1 billion yen/75.5%).
For the first quarter consolidated accounting period, the U.S. dollar traded at 119 yen (a depreciation of 16 yen from the same period of the previous fiscal year), and the euro at 134 yen (an appreciation of 7 yen).

Results by Business Segment
Motorcycles:
Global net sales of motorcycle products were 243.5 billion yen (an increase of 18.0 billion yen/8.0% compared with the same period of the previous fiscal year), and operating income was 10 billion yen (an increase of 6.2 billion yen/164.2%).
Unit sales increased in developed markets such as the U.S., where demand continues to recover, and Europe where the "MT-09 TRACER" is tracking well. Conversely, in emerging markets, unit sales have decreased in Asia and Central and South America resulting in a decrease across the entire motorcycle segment.
Net sales surged significantly thanks to increased sales of products in the higher price range in developed markets. Emerging markets also generated increased income with the introduction of new products.
Operating income also increased in both developed and emerging markets with factors generating increased income, such as sales increases driven by introduction of new products, cost reductions, yen depreciation etc., absorbing negative factors such as increases in administrative expenses and development costs and currency depreciation in emerging markets.

Marine:
Net sales of the marine segment were 80.7 billion yen (an increase overall of 9.5 billion yen/13.4% compared with the same period of the previous fiscal year), and operating income was 20.3 billion yen (an increase of 7 billion yen/52.1%).

Increases in sales and income were achieved thanks to increased unit sales of large outboard motors and water vehicles in North America, as well as the effects of yen depreciation, and the resulting operating income ratio was over 20%.

Power Products:
Net sales of power products were 29.5 billion yen (a decrease of 0.4 billion yen/1.3% compared with the same period of the previous fiscal year), and operating income was 0.6 billion yen (a decrease of 0.6 billion yen/47.9%) compared with the same period of the previous fiscal year).
Unit sales of golf cars decreased due to the flow-on effect from the 2014 surge in last-minute demand prior to the consumption tax increase, and sales and income decreased as a result.
Yamaha Motor aims to achieve increased sales by bolstering the line-up with new models that include the Wolverine - the new Recreational Off-highway Vehicle (ROV) launched in March.

Industrial Machinery & Robot Products:
Net sales of the industrial machinery and robots business were 10.7 billion yen (an increase of 1.1 billion yen/11.2%), and operating income was 1.8 billion yen (an increase of 0 billion yen/2.3%).
Unit sales of surface mounters increased thanks to recovery in capital expenditure demand, particularly in Asia and Japan.

Other Products:
Net sales of the other products business overall were 21.8 billion yen (a decrease of 0.7 billion yen/3.2%), and operating income was 2.1 billion yen (an increase of 0.2 billion yen/8.0%).
Sales of automobile engines increased. Electrically power assisted bicycles showed a decrease in sales as the flow-on effect of the 2014 surge in last-minute demand prior to the consumption tax increase in the domestic market outweighed increases in export of E-kits (systems for electrically power assisted bicycles) to Europe. These circumstances resulted in a decrease in net sales across the other products segment overall.

Forecast of Consolidated Business Results:
Regarding the anticipated consolidated business results for the entire fiscal year ending December 31, 2015, no changes have been made to the forecasts that were presented in the previous fiscal year report on February 12, namely 1.7 trillion yen in net sales, 120.0 billion yen in operating income, 123.0 billion yen in ordinary income and 76.0 billion yen in net income for the fiscal year.
The figures stated here are based on the assumption that the U.S. dollar will trade at 115 yen during the period (a depreciation of 9 yen based on the ratio seen in fiscal 2014), and the euro at 130 yen (an appreciation of 10 yen based on 2014 figures).