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YAMAHA: A PAY-OFF FROM THE DARK SIDE

Benefiting from sweeping internal reforms as much as a stout fight-back from Covid depredations, Yamaha has registered masterful full-year 2021 results. BDN financial editor Roger Willis reports.

In a record annual performance, overall turnover posted 23.2% growth to £11.66bn versus 2020 and was a significant 8.9% up on 2019’s pre-Covid revenue. Operating profit surged by 123.1% to £1.172bn, also beating 2019 by 57.9%. Operating margin hit 10.1%, against 5.6% in 2020 and 6.9% in 2019. Net profit sky-rocketed by 193% to a cool billion quid, also more than doubling the bottom line of £487m two years ago.

Yamaha’s core Land Mobility division, led by motorcycles but including off-road vehicles, snowmobiles and e-bicycles too, claimed a big slice of the bragging rights. Revenue reached £7.58bn, respectively 24.6% up on 2020 and 5.3% in front of 2019. Associated operating profit of £441m was ahead of the previous year’s pathetic £119m by 271.4% and trounced 2019 operating income by 65.1%.

Sticking purely to motorcycles, global revenue rose by 23.4% to £6.529bn and was  2% above the 2019 figure. Within that, Asian markets put on 23.8% to £4.019bn versus 2020. But they were still 4% down on turnover in 2019. Developed markets were more consistent, 13.6% up to £1.603bn and 11.8% higher than 2019. Europe was the largest contributor, yielding a 15% rise to £972m and 13.9% up on 2019. Operating profit from bikes recovered by 243.1% to £337m and outpaced 2019 by 38.9%.

Total worldwide unit sales volume reached 4.49 million powered two-wheelers, an 18.1% improvement but 11.2% down on 2019. Asia was principally responsible for that. Although its 2021 tally grew by 16.2% to 3.577 million, headcount was still 16.1% lower than in 2019. Other mainly emerging markets accounted for 558,000, recovering by 38.5% from 2020 and 21.8% higher than in 2019.

In the developed world, European sales led the way in volume as well as financial return. Numbers were 5% up to 189,000 against 2020, suggesting higher prices and improved model mix, and just 1.6% ahead of 2019. North America added 19.6% to 67,000, 6.3% up on 2019. Japan put on 15.1% to 99,000 and was 12.5% up from 2019.

For its 2022 fiscal year, Yamaha has forecast a worldwide motorcycle sales revenue increase of 9.2% to £7.133bn. Volume should grow by 8.2% to 4.858 million machines. Of course, an ongoing litany of excuses revolving around dysfunctional supply-chains, logistics and semiconducter shortages inevitably qualify such predictions.

Yen-sterling currency translation at forex rates on 14 February   

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