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YAMAHA FLAUNTS EUROPEAN WOES

Although Yamaha mounted an impressive recovery in the first quarter of this year, like many of its competitors, an inability to supply sufficient stock into European distribution channels stuck out like a sore thumb. BDN financial editor Roger Willis reports.

The brand’s total quarterly revenue from bikes rose by 9.9% to £1.654bn and was even 2.9% up on the equivalent pre-Covid period in 2019. Asian markets were the main driver, their combined turnover climbing by 13.6% to £1.081bn. Latin America and various other emerging locations improved by 9% to £189m.

In the developed world, North America put on 35.1% to £82m. Oceania (Australia and New Zealand) was 56% up to £26m. But Japan’s domestic contribution slipped by 2.1% to £59m. And most pertinent to us, Europe was 10.5% down at £217m.

Unit sales told an approximately similar story. Global volume increased by 8.2% to 1.215 million motorcycles and scooters. Asia led the field, adding 6.9% to 1.003 million. Within that, China, Thailand, India and the Philippines were identified as delivering the strongest growth, in that order, while Indonesia lost ground. A hotchpotch of other mainly emerging markets stacked on 22.8% to 124,000.

North America boasted the biggest rebound, a 46.2% hike to 19,000. Japanese sales were 9.5% up to 23,000, although clearly suffering from a weaker model mix money-wise. And then, once again, Yamaha Europe was the dunce with an 8% decline to 46,000.

Overall turnover for Yamaha’s Land Mobility segment — which is dominated by bikes but also includes ATVs, ORVs, golf buggies and e-bicycles — grew by 11.6% to £1.883bn. Resultant operating profit went stratospheric, 131.4% up to £129m.

For Yamaha Motor as a whole, first-quarter revenue rose by 12.2% to £2.88bn, operating profit was 89.8% higher at £313m and net profit shot up by 334.8% to 271m.

[Yen-sterling currency translation at forex rates applicable on 14 May 2021]

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