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A TALE OF TWO WORLDS AT YAMAHA

Yamaha’s motorcycle operations, which account for about two-thirds of its entire turnover, have grown well during the nine months of 2017 to 30 September. But profit in the developed world certainly remains an issue. BDN financial editor Roger Willis reports.

Three-quarterly bike revenue was 11.8% up to £5.24bn. Operating profit from the sector nearly doubled, climbing by 90.3% to £365.2m. But only a mere £3.4m of that was generated by activities in Yamaha’s principal developed markets of Europe, North America, Japan and the Antipodes (or Oceania, as foreign people now insist on calling it). And profit from bikes represents just 45% of Yamaha’s total earnings before interest and tax. In comparison, Revenue from marine products is a third the size of motorcycles, but that sector makes almost as much profit.

European bike shipments to dealers were 1.7% down to 170,000 units but, reflecting higher Euro 4 compliance prices, revenue from the region increased by 7.6% to £775m. North American volume dropped by 8.8% to 52,000 and revenue slid by 8.1% to £265m. Numbers declined in both Japan and Anzac territory too, with respective turnovers falling by 1.4% to £241m and 7.5% to £66m.

Asia was a different story, with unit sales 6.3% up at 3.37 million, delivering a regional revenue rise of 15.7% to £3.31bn. Emerging markets overall yielded revenue that was 15.8% up to £3.9bn.      

 

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