Yamaha Motor has formulated a new medium-term management plan for the three years from 2022 to 2024. We will improve corporate value with the basic policy of "strengthening the earning power of core businesses, investing in new businesses and growth businesses that contribute to a sustainable society, and increasing growth potential by accelerating digital and co-creation."
In the new medium-term management plan, we will clarify the position of the business based on the sales growth rate and the return on invested capital, and promote portfolio management that appropriately allocates management resources. With new businesses and growth businesses as strategic business areas, we will actively allocate management resources to grow into future core businesses.
In the new business, we will establish a new company in India and Nigeria and expand the asset management business through local collaboration. For low-speed autonomous driving, we are promoting the commercialization of goods transportation and verification of the feasibility of human transportation. By establishing autonomous driving technology under specific conditions, we aim to save labor in logistics and solve mobility issues in areas where public transportation is inaccessible. In the medical / health field and agricultural automation, we will promote efforts toward commercialization with the goal of contributing to sales by 2030.
In the robotics business, we will strengthen our product strength, production capacity, and sales structure to accelerate growth in order to further expand our business scale and domain in the growing market. In addition, the synergistic effect with Yamaha Motor Robotics Holdings, which joined the group, will be enhanced to further improve profitability.
In the SPV business, which handles electrically power assisted bicycles and wheelchairs, we aim to double sales by expanding the scale beyond market growth by customizing the drive unit "e-kit" and introducing a new model of the finished vehicle.
The motorcycle business will promote a premium strategy in emerging markets where demand is recovering and work to improve profitability. In ASEAN and India, we will target the upper middle class, which will expand rapidly in the next 10 years, to provide attractive products to the premium segment and build strong bonds with customers that combine digital and real.
In the marine business, we will expand the value we provide and maintain and strengthen our highly profitable structure. Increase business competitiveness by expanding the lineup of large outboard motors, expanding the sales ratio, and increasing production capacity. In addition, we will accelerate the development of systems that utilize connected technology by expanding R & D functions in the United States, and promote the "Marine Version CASE" strategy that provides a safe and comfortable marine life.
As a financial strategy, we aim for sales of 2.2 trillion yen or more in 2024 (annual average sales growth rate of 7% or more) and a three-year average operating income margin of 9% or more. Regarding efficiency, we will continuously generate returns that exceed the cost of capital, and aim for ROE of 15%, ROIC of 9%, and ROA of 10% (all three-year averages). Regarding shareholder returns, our basic policy is to "pay stable and continuous dividends while taking into consideration the outlook for business performance and investment for future growth," and we will give agile shareholder returns according to the scale of cash flow. Will also be implemented. Resources of 480 billion yen will be allocated to core businesses, strategic businesses, and infrastructure construction, and shareholder returns will be a total return ratio of 40% (cumulative medium-term management plan period), including share buybacks.
In the non-financial strategy (increasing social value), energy-saving and renewable energy equipment will be introduced in more than 10 countries to reduce CO2 emissions in corporate activities, and CO2-free electricity will be adopted from domestic offices in 2022. I will do it. Regarding CO2 emissions related to product use, in addition to accelerating EV conversion through a platform strategy, we are promoting development that supports various powertrains. In addition, we will accelerate the search activities for technology and business models through the newly established environmental fund.
To realize safe and secure movement, we will expand safe driving support equipment and work on support activities to improve skills. Furthermore, in order to create Yamaha fans throughout their lives, we will promote the DX strategy and expand connections with customers around the world. In the human resources strategy, we will incorporate employee engagement as an important index and promote diversity & inclusion and human resource development.
