A mixture of wilfully passing costs-plus on to developed-world consumers and sorting out semiconductor procurement to absolve supply issues in emerging markets, as well as pushing up inventory levels everywhere, has put Yamaha’s motorcycle business’s in rude health. BDN financial editor Roger Willis reports.
Consolidated revenue, across three quarters of its 2023 calendar year, has grown by 11.9% to £5.763bn. This figure constitutes 58.2% of Yamaha Motor’s entire group revenue in the year to date. Even better, operating profit from the motorcycle sector was 57.1% up to £537.2m, accounting for almost half of YTD group operating profitability and trouncing the cash-cow leadership of its marine products division for the first time in eons. Operating margin climbed to 9.3% from 6.6%.
Biggest turnover contribution came from Asia, rising by 8.1% to £3.374bn, thanks to an uprated model mix. Unit sales volume only increased by 1.1% to 2.912 million. Demand was reportedly strongest in Indonesia and India. The only complete dunce was Vietnam, where sales fell by 33%.
Revenue from developed markets was 13.8% up to £1.501bn. Among main players Europe led the charge, stacking on 25.2% to £959.2m. European sales volume was 21.4% up to 187,000. North America increased by 22.8% to £307.4m as volume put on 13.2% at 60,000. Japanese domestic performance was poor. Revenue share shrank by 31.4% to £167.2m and sales fell by 22.3% to 55,000.
Latin America and other unspecified regions prospered by 25.3% to deliver revenue of £886m. Unit sales data was scarce, 4.4% growth to 450,000, but apparently Brazilian volume recovered by 37%.
Nothing approaching a full-year forecast was made available in the presentation. But a deeply inscrutable statement said: “Shipments increased. Profits rose thanks to the effects of passing on prices and other measures. Premium model segment shipments are in full swing.”
Yen-Sterling currency translation at forex rates applicable on 9 November