Thursday, April 25, 2024


Nine months into 2022, Yamaha boasted record net sales, due to continued leisure demand in developed countries and recovery in emerging economies. And it said profit, certainly at operating level, had increased thanks to cost reductions and “cost pass-through effects” — which sounds like weasel words for gratuitous wholesale and retail price inflation. BDN financial editor Roger Willis reports.

Total revenue grew by 23.1% to £9.998bn. Operating profit was 12.7% up to £1.038bn. But operating margin declined from 11.3% to 10.4%. And net profit fell by 2.8% to £792m.

However, the company has lifted its full-year forecasts. Annual turnover is now predicted to rise by 25.2%, reaching £13.519bn. Operating profit should finish 20.7% higher at £1.309bn. The bottom line will hopefully increase by 4.8% to £970m.

Yamaha’s main Land Mobility division, dominated by motorcycles, has delivered a 23% growth in turnover to £6.462bn across the three quarters of this year to date. Associated operating profit was 9.6% up £394m. 

Revenue specifically from motorcycles rose by 24.8% to £5.726bn. But worldwide unit sales volume posted only a modest 3.7% gain to 3.588 million bikes. Within that, emerging Asian countries were 25.1% up to £3.472bn in monetary terms, while volume added just 4.2% to 2.879 million. Volume spread over various other regions improved by 5.1% to 431,000, as related turnover hit a 37.4% surge to £853m. In every instance, prices were clearly racing ahead of available inventory.

The same phenomenon was evident in the developed markets of Europe, North America and Japan, where revenue climbed by 17.6% to £1.401bn, as combined volume suffered a 2.8% decline to 278,000. European numbers, of most interest to us, were 1.3% down at 154,000. In parallel, turnover was 15.1% up to £852m.

Yen-Sterling currency translation at forex rates applicable on 9 November 


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