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Financial

19/11/2019

Yamaha’s three-quarterly 2019 results delivered few discernable improvements. BDN financial editor Roger Willis reports.

Total revenue from its recently remonikered Land Mobility division — mainly motorcycles but also incorporating relatively minor quantities of ATVs, golf carts, pedelecs, etc — fell slightly by 0.7% to £5.91bn. Within that, turnover attributable to motorcycles alone was 1.9% down at £5.27bn. Overall divisional operating profit dropped by 10.9% to £255m. Global bike sales volume over this nine-month period declined by 4.9% to 3.818 million units.

Motorcycle business revenue across developed markets decreased by 1.9% to £1.26bn. Europe was just 0.3% lower on £757m, although volume grew by 4.1% to 151,000 machines. North American dropped respectively by 4.7% to £229m and 2% to 48,000. Japan was 2.3% down at £216m with static volume of 71,000. Revenue from Oceania (Australia and New Zealand) retreated by 9.5% to £54m.

Emerging markets as a whole saw a 1.8% revenue decline to £4.02bn. Asia sank by 1.4% to £3.48bn and volume was reduced by 5.4% to 3.22 million bikes. Sales in Indonesia and the Philippines made gains but India, Vietnam and Taiwan were negative. Revenue from Latin America and other areas was 4.2% down to £537m. A recovery for Brazil was more than offset by lost ground in Argentina.

For Yamaha in its entirety, revenue was 0.4% up to £9.01bn. But operating profit fell by 13.4% to £711m and net profit was 7.5% down to £538m.