Yamaha Motor Co., Ltd. and Toyota Tsusho Corporation have agreed to establish a new company in Cambodia for the manufacture and marketing of motorcycles with the aim of strengthening the foundation of the motorcycle business in the Cambodian market. The new company will begin operations on October 1, 2008.

The name of the new company is Yamaha Motor Cambodia Co., Ltd. (YMKH) and its starting capital of 11,500,000 US dollars (approx. 1.2 billion yen) is invested 70% by Yamaha Motor, 20% by Toyota Tsusho and 10% by Cambodia’s Kong Nuon Import & Export Co., Ltd. plans call for the company to be officially established on August 31, 2008.

Since March 2007, Asia Motors Co., Ltd. (AMC), a joint venture company between Toyota Tsusho and Kong Nuon Import & Export, has been assembling and marketing motorcycles with parts and components supplied as semi knocked-down (SKD)* kits by Thai Yamaha Motor Co., Ltd. The new company YMKH will begin operations by taking over operations at the AMC factory and the AMC sales network and a 94,890m2 lot will be acquired in Phnom Penh’s special economic zone for the construction of a new factory. The aims of the new factory will be to reduce costs and lead time through complete knock-down (CKD) manufacturing, and plans call for operations to begin at the completed new factory in July 2009. Plans call for AMC to be dissolved following the transfer of operations to YMKH at the end of September 2008.

Yamaha Motor and Toyota Tsusho have a solid record of corporate collaboration beginning with an importer/distributor in Kenya in 1989 and subsequent tie-ups that have included distributorships and dealerships for Yamaha Motor products in the South Pacific, Kazakhstan and Russia. YMKH represents an initiative to strengthen the motorcycle business in Cambodia drawing from the synergy of Yamaha Motor’s expertise in manufacturing and marketing, Toyota Tsusho’s logistical strengths and Kong Nuon Import & Export’s expertise in building sales networks. This new company represents the first establishment of a new joint venture company by Yamaha Motor and Toyota Tsusho.

The current economic growth in Cambodia is supporting a trend of growing demand for motorcycles, which reached 130,000 units in 2007. The outlook of stable economic growth for the future and the size of the young demographic that will be potential motorcycle users point to continued growth in motorcycle demand, with forecasts of 250,000 units by 2010 and 500,000 units by 2015.

Initial targets for the new company are to expand motorcycle sales to 30,000 units at a value of 4.2 billion yen planned for 2010 after the start of production at the new factory by introducing attractive products, strengthening the sales network with examples provided by directly-managed Yamaha dealerships and promoting the Yamaha brand.

Source: Yamaha Motor Co. Ltd.

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Thai Yamaha Motor Co., Ltd. (TYM), motorcycle manufacturing subsidiary of Yamaha Motor Co., Ltd., opened the newly constructed Yamaha Riding Academy (YRA) training facility on the company’s grounds on the outskirts of Bangkok, Thailand. The 84 million baht (approx. 280 million yen) facility is the Yamaha Motor group’s first permanent training facility outside of Japan, and is designed to promote riding safety on a region-wide scale.

The YRA facility occupies an area of 18,843 m2 with a training course complete with an S-shaped track section, a successive, 90-degree cornering “crank” section and a sand track to simulate a variety of riding situations. The facility also has a large meeting room with a seating capacity of 265, lecture rooms and a riding simulator room.

Thai government dignitaries including Suwit Khunkitti, former Deputy Prime Minister and Minister of Industry, joined Yamaha Motor president and CEO Takashi Kajikawa and TYM president Takahiko Goan at the facility’s opening ceremony.

Since 2004, there have been more than 70,000 motorcycle accidents annually in Thailand. For the last 25 years, TYM has been conducting ongoing motorcycle riding safety programs, and from 2005 the company has collaborated with the Thai Ministry of Transport to hold between 40 and 50 riding safety courses throughout the country each year. Furthermore, the company holds official riding tests for civil servants, and issues approval letters to participants who pass the test, certifying them as qualified riders. Holders of approval letters are entitled to receive a motorcycle rider’s license.

TYM will continue to strive to improve the quality of its riding safety programs by adopting the following four official YRA curriculums.

Riding Safety Course

This classroom and practical training course provides riding safety instruction for students and general license holders.

Instructor Training Course

This “Train the Trainer” course provides training for riding safety instructors from dealerships or other organizations such as driving schools.

License Training Course

This course provides both classroom and practical training to enable participants to take a test officiated by the traffic bureau and receive an approval letter that entitles them to receive a rider’s license.

Large Motorcycle Riding Safety Course

This classroom and practical course provides riding safety instruction for owners of large motorcycles.

TYM will use YRA courses in ongoing efforts to increase the number of participants in riding safety courses, while also training dealer instructors in Thailand and other parts of the ASEAN region as a means to spread riding safety at the grassroots level through dealer instructors.

Source: Yamaha Motor Co., Ltd.

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Consolidated business results

Yamaha Motor Co., Ltd. (the “Company”) announced its consolidated business results for the first half-year ended June 30, 2008. Net sales decreased 6.6 percent from the same period of the previous year, to 869.1 billion yen, operating income fell 35.3 percent, to 46.7 billion yen, ordinary income declined 32.9%, to 51.2 billion yen, and net income reduced 47.9%, to 25.9 billion yen.

On the foreign exchange front, the average purchasing value of the yen against the U.S. dollar during the period under review appreciated by ten yen from the same period of the previous year, to 106 yen, and depreciated by eight yen against the euro, to 160 yen.

Broken down by business segment, motorcycle sales decreased 1.1 percent from the same period of previous year, to 561.9 billion yen, due to reduced sales in Europe, the United States and Japan, although sales in Asia including Indonesia, Thailand and Vietnam, and in Latin America including Brazil were favorable. Marine product sales declined 13.1 percent, to 143.2 billion yen, reflecting sluggish outboard motor and personal watercraft sales in the United States. Nevertheless, outboard motor sales in Asia (excluding Japan) and Latin America expanded substantially. Power product sales fell 21.5 percent, to 97.5 billion yen, due to a sales decline for all-terrain vehicles and other products in the United States. Sales in the “other products” segment dropped 9.5 percent, to 66.4 billion yen, in line with lower sales, especially for surface mounters.

Meanwhile, operating income decreased 14.7 percent, to 29.2 billion yen in the motorcycle segment; 46.3 percent, to 10.9 billion yen in the marine product segment; 70.1 percent, to 3.2 billion yen in the power product segment; and 50.8 percent, to 3.4 billion yen in the “other products” segment.

Positive factors affecting operating income include a decrease in selling, general and administrative expenses totaling 8.5 billion yen; cost reductions in purchasing operations totaling 4.4 billion yen; and a drop in research and development expenses totaling 0.6 billion yen. However, these positive factors were more than offset by the negative impact of fluctuations in foreign currency translation rates totaling 15.0 billion yen; hikes in raw material prices totaling 3.4 billion yen; an increase in depreciation expenses totaling 2.4 billion yen; a decline in gross profit due to decreased net sales totaling 1.5 billion yen; and the impact of a change in the product mix and related factors totaling 16.6 billion yen. As a result, operating income for the first half-year under review decreased from the same period of the previous year.

During the period under review, the Company added Yamaha Motor Argentina S.A. to its group of consolidated subsidiaries. This and other changes increased the number of consolidated subsidiaries by one from December 31, 2007, to 112 on June 30, 2008, while the number of companies accounted for by the equity method decreased by four, to 34.

Forecast business results for the full fiscal year

The Company has revised its forecast consolidated business results for the full fiscal year ending December 31, 2008, and now projects net sales of 1,720.0 billion yen (planned target of 1,830.0 billion yen announced on February 5, 2008; 1,756.7 billion yen in the fiscal year ended December 31, 2007 (fiscal 2007)); operating income of 78.0 billion yen (planned target of 103.0 billion yen; 127.0 billion yen in fiscal 2007); ordinary income of 92.0 billion yen (planned target of 110.0 billion yen; 140.3 billion yen in fiscal 2007); and net income of 45.0 billion yen (planned target of 59.0 billion yen; 71.2 billion yen in fiscal 2007).

These forecasts are based on the assumption that the U.S. dollar will trade at 105 yen during the period (an appreciation of 12 yen from fiscal 2007), and the euro at 158 yen (a depreciation of two yen from fiscal 2007).

Source: Yamaha Motor Co. Ltd.

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Honda Motor Co., Ltd. announced it has signed a joint venture agreement with Oriental Holdings Bhd. (OH) in Malaysia to establish a 50/50 joint venture company, Boon Siew Honda Sdn. Bhd., in September 2008, to consolidate motorcycle production and sales in Malaysia and achieve higher customer satisfaction and efficiency.

Currently, Boon Siew Sdn. Bhd. (BSW) is responsible for wholesaling Honda motorcycle products in Malaysia and contracts the final assembly of Honda motorcycles to Kah Assemblers Sdn. Bhd., a wholly-owned subsidiary of OH.

With the new agreement, Honda will obtain 50% of the outstanding shares of Kah Assemblers Sdn. Bhd. from OH, and establish a 50/50 joint venture with OH. In January 2009, wholesale operations are scheduled to be transferred from BSW to consolidate production and sales operations with the new company. While envisioning collaboration with other Honda companies in the ASEAN region, the new company will strengthen its competitiveness and strive to provide products and services which exceed customer expectations.

The overall size of the motorcycle market in Malaysia was approximately 468,000 units in 2007 (up 6% from 2006) and is expected to reach approximately 520,000 units in 2008 (up 11% from 2007). As steady growth is expected to continue, Honda will establish a new business structure which enables Honda to quickly respond to the diverse needs of customers and further grow its motorcycle business in Malaysia.

Source: Honda Motor Co. Ltd.

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Tokyo — TOYOTA MOTOR CORPORATION (TMC) held an official ceremony today to mark the beginning of construction of the second plant of its automobile production and sales company in India, Toyota Kirloskar Motor Private Limited (TKM).

The ceremony was held at the proposed plant site on the outskirts of Bangalore in India’s Karnataka State, and was attended by Chief Minister of Karnataka B. S. Yeddyurappa.

At the ceremony, TMC Senior Managing Director Akira Okabe expressed the company’s aim in the following way: “We hope to establish in Karnataka a firm base for our monozukuri culture—which combines production technologies based on the Toyota Production System and human resources development—and to be able to contribute to the growth of India through our activities in Karnataka.”

The second TKM plant is scheduled to have an annual production capacity of 100,000 passenger vehicles (including a new compact vehicle) when it begins operation in 2010.

Both TKM plants are playing an important role in TMC’s sustainable plant activities, which seek to emphasize the role of nature in creating production sites that are in harmony with their natural surroundings, by pursuing the following initiatives:

• Reducing energy consumption through the introduction of production technology with lower CO2 emissions
• Using renewable energy sources, such as biomass, solar and wind power
• Striving for a harmonious coexistence with the local community through such activities as planting trees at plants
• Reducing environmental impact through measures such as introducing a wastewater recycling system, using water-borne paints, and achieving zero landfill waste

TKM is a joint venture automobile production and sales company, established on the outskirts of Bangalore in 1997 by TMC and the Kirloskar Group.  Currently, TKM produces the “Corolla” and the IMV series “Innova” minivan, with annual production of 52,000 vehicles in 2007 (an 18% year-on-year increase).

TMC is expanding its local production in India and is actively investing to create attractive products.  Its policy is to continue to contribute to the development of India’s automotive industry and to the country’s overall economy.

Source: TOYOTA MOTOR CORPORATION

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