Hello, everyone. I am Hidaka. Thank you very much for joining FY 2022 business results meeting of Yamaha Motor Company Limited today. I'd like to express my sincere appreciation for all stakeholders who support our activities in this difficult environment. I deeply apologize for the inconveniences caused to customers by continued production delay and inventory shortages. Let me explain the outline of the business results. Please turn to page four. In FY 2022, in addition to the robust demand, promotion of breakeven point management, and price pass-through with the cost increase benefited by foreign exchange. The company surpassed JPY 2 trillion in net sales and JPY 200 billion in operating income for the first time.
As for the financial structure, we established a stable financial base exceeding the Medium-Term Management Plan target in all indicators, with operating margin 10%, ROE 18.7%, ROIC 11.9%, and ROA 11.2%. As for the outlook for 2023, regarding the external environment, despite the temporary lull in soaring freight cost, we assume the continued rise in labor and material cost in our plan. Semiconductor shortage will gradually recover for the end of the year, but still, short supply against the demand will continue for some time. By business, in Land Mobility Business, with strong demand in motorcycles in emerging market, sales will increase and the effects of price hike from the last year will continue. In Marine Products Business, the robust demand for large outboard motors in Europe and North America will continue. In Robotics Business, automotive demand will remain firm.
The Chinese domestic demand and the CapEx demand, which have been sluggish since last year, will recover in the second half of the year. In Financial Services Business, we'll closely monitor the effects of the economic slowdown and interest rate trend and make plan with a strict risk appraisal. Finally, as for the shareholder returns, we plan the annual dividend of JPY 125 per share for FY 2022, with JPY 10 increase for the year-end dividend, and we forecast further dividend increase to JPY 130 per share in FY 2023. Please turn to page five. For FY 2022, net sales were JPY 2,248.5 billion, 124% of the previous year. Operating income was JPY 224.9 billion, 123% of the previous year.
Operating income ratio was 10%, down 3.1 points year-on-year. Ordinary income was JPY 239.3 billion, 126% of the previous year. Net income attributable to owners of parent was JPY 474.4 billion, 102% of the previous year. The actual foreign exchange rates are shown at the bottom of the table. Supported by the continued outdoor leisure demand in developed market and the economic recoveries in emerging market, we achieved the record-high net sales in all incomes. As a result of the breakeven point management, high operating income ratio of 10% was sustained. Please turn to page six for operating income change by factor for FY 2022.
Sales increase impact was +JPY 50.5 billion, and its breakdown is scale increase with demand recovery is +JPY 37.9 billion. Price raises, et cetera, was +JPY 51.2 billion. Unrealized profit due to increased inventories was -JPY 23.2 billion. Increased logistic cost for marine freight was -JPY 15.4 billion. While cost reduction impact was +JPY 23.9 billion, cost increase for raw materials and procured parts was -JPY 61.3 billion. Growth strategy expense increase was -JPY 5.7 billion. Increasing SG&A expenses, including the variable cost with volume increase, was -JPY 45.1 billion. Including the exchange effects of +JPY 80.3 billion, operating income resulted to JPY 224.9 billion.
Through the increased scale of sales and the promotion of price pass-through, we strive to offset the cost increase in SG&A negative impacts and benefited by foreign exchange profit increased. Please turn to page seven. Last slide showed the operating income change by factor. This is a change by business. Profit increased in motorcycle business, even excluding foreign exchange impact. Marine Products Business profit decreased, but excluding the unrealized profit impact with the stock replenishment, profit increased. While in many businesses affected by cost surge in material and the logistic cost, excluding the foreign exchange impact, profit decreased. Please turn to page eight.
As for the forecast for FY 2023, although situation varies by business and region and I will elaborate on later, as to overall, steady demand will continue, and we expect that sales and Operating income will exceed those in the previous year in our plan. Net sales will be JPY 2,450 billion, 109% of the previous year. Operating income will be JPY 230 billion, 102% of the previous year. Operating income ratio will be 9.4%, down 0.6 points year-on-year. Ordering income will be JPY 230 billion, 96% of the previous year. Net income attributable to owners of parent will be JPY 160 billion, 92% of the previous year. We plan to renew the record highs in Net sales and Operating income.
Assumed exchange rates for FY 2023 are JPY 125 to $1 and JPY 135 to a EUR. For emerging countries, IDR 15,500 to $1, and BRL 5.3 to $1. Please turn to page nine. This is the unit sales by major product and region in 2023 compared to those in 2022 and 2021, which serves as a basis for the annual plan presented before. Demanding motorcycles in 2023 will be strong mainly in emerging market, but situation will be varied due to semiconductor shortages. Supply shortage will be improving toward the end of the year. In the first half of the year, it will continue. PAS and electrically power-assisted bicycle, which suffered in parts procurement, are now in the recovery phase.
Sales of large outboard motors will increase year-on-year, despite the concern for the impact of U.S. port disruptions. Please turn to page 10 for operating income change by factor in FY 2023. Sales increase impact is JPY 142.9 billion. Its breakdown is scale increase with demand recovery is +JPY 68.9 billion. Price raises, et cetera, is JPY 16.1 billion. Reversal gain from unrealized profit is +JPY 51 billion. Decrease in logistic cost of marine freight is +JPY 6.9 billion. While cost reduction is +JPY 16.1 billion, cost increase in raw materials and procured parts impact is -JPY 56.2 billion. Increase in growth strategy expenses is -JPY 9.8 billion. Increase in SG&A expenses with labor cost increase and variable cost increase with foreign growth is -JPY 56.9 billion.
Including -JPY 30.9 billion from exchange effect, operating income will be JPY 230 billion. We absorb the cost increase in SG&A expenses increase by sales scaling increase, and despite the foreign exchange headwind, profit will increase. Please turn to page 11. This is the operating income change by factor in 2023. Excluding foreign exchange, profit is planned to increase in all businesses except the Financial Services Business. In the Financial Services Business, our plan is based on the strict assumption for economic slowdown impact and interest hike risk. We'll increase the growth strategy expenses to accelerate the new business development for the future and the initiatives for carbon neutrality. Please turn to page 12. I will explain the key financial indicators.
This slide shows the charts of ROE, ROIC, ROA for efficiency and equity ratio of the results of 2021, 2022, and the plan for 2023. In 2022, ROE was 18.7%, ROIC 11.9%, ROA was 11.2%, and equity ratio was 45.9%. In 2023, due to net profit decrease, each indicator falls, but they continuously exceed the Medium-Term Management Plan target. Accelerating the investment for growth, we continue to generate returns above the cost of capital. Please turn to page 13 for returns for shareholders. For FY2022, backed by strong performance, we will increase the dividend to JPY 125 per share for the full year, up JPY 10 from the previous forecast of JPY 115, and we'll put it on the agenda for the AGM.
In 2023, in addition to the JPY 130 of dividend per share, we plan to acquisition of the treasury stock of JPY 30 billion. We continue to strive for the stable and consistent returns for shareholders. Please turn to page 14. In the new Medium-Term Management Plan announced last year, we announced to aim to create value in new mobility society and toward connecting with people and thriving as a company. We put the offering of safety riding and peace of mind as one of our key priorities. Aiming for zero traffic fatalities in 2050 with customers, we established the safety vision of Jin-Ki Kanno × Jin-Ki Anzen. We believe it important to improve driving skills of riders and to connect riders and mobility in addition to the technology to support riding.
As for the progress in 2022, in the field of technology, we announced Tracer 9 GT+ equipped with Adaptive Cruise Control, the world's first millimeter wave radar-linked UBS. In the field of skills, we implemented safety training and promotional activities worldwide for 130,000 people in the with COVID environment. In the field of connectivity, we are proud of the prominent records of 920,000 connected vehicles sold and 2.6 million registered Yamaha Motor IDs as a leading performance in the industry. We continue to promote these three activities steadily and aim for the accident-free society by providing the pleasure and inspirations that will be felt through customers' enhancement of their capabilities while having fun. This concludes my presentation. Thank you for your attention.
I'm Shitara. I'll explain details by business segment. Please turn to page 16. I'll explain net sales and operating income by business.
The chart covers the results of 2021, 2022, and the forecast for 2023. As for the results of 2022, net sales increased in all businesses except Robotics Business, and operating income increased in Land Mobility Business and the Marine Products Business. As for the forecast for 2023, net sales were increased in all businesses, and operating income will increase in Marine Products Business, Robotics Business, and other product businesses. In the next page onward, I'll explain by segment. Please turn to page 17. This is a core business, the motorcycle business. Chart on the left shows sales by region of developed market and emerging market. In 2022, although we were affected by the large impact of parts procurement shortage, development, manufacturing, and sales work together to minimize its impact.
In developed market, demand continued to be firm, and the unit sales increased in Europe and America, and we achieved profitability. Emerging market demand increased with the recovery in economic activities, and the unit sales increased in Indonesia, Vietnam, and in the India, among others. As a result, net sales increased to JPY 1,291.7 billion, and operating income ratio increased to 6.6% with profit increase. In 2023, we expect that the strong demand centering on the emerging market will continue, and the unit sales will increase with supply increase. The net sales will grow to JPY 1,391 billion, while operating income ratio will be 4.8% affected by the material cost surge and the increase in SG&A expenses due to the sales scale increase.
Please turn to page 18 for core business, Marine Products Business. Left chart shows the net sales by product. In 2022, in the first half, despite the remaining logistic issues, the shipping from Japan improved, and the unit sales increased. As a result, net sales were JPY 517 billion, and operating income ratio was 21.1%. The net sales and operating income in Marine Products Business marked the record highs. In 2023, we continued the stable supply of large outboard motors for the robust demand. In 2022, unrealized profit with the inventory increases negatively affected profit by JPY 18 billion. In 2023, it will positively affect profit by JPY 34.6 billion.
As a result, as the effect of price pass-through implemented from the second half of the previous year will be materialized to the full, net sales will increase to JPY 541 billion, and operating income ratio will improve to 21.8%, expecting the record high net sales and operating income for three consecutive years. We'll double the investment for the future growth and accelerate the production capacity expansion of large outboard motors and the new model development. Please turn to page 19. For core business, RV Business in Land Mobility Business.
In 2022, partly due to price pass-through and the positive impact of depreciation of yen, net sales increased to JPY 123.3 billion, operating income ratio decreased to -2.3% due to a lower utilization at the production base in the U.S. and the increase in manufacturing cost. In 2023, through the quick improvement in utilization rate, we achieved the net sales of JPY 141 billion and recover to the profitability with 2.8% of operating income ratio. Please turn to page 20 for core business, Financial Services Business. Left chart shows the receivables balance and its regional breakdown, and the right chart shows net sales and operating income ratio. As shown by the left chart, receivables balance increased to JPY 505.5 billion at the end of 2022.
Net sales increased to JPY 62.2 billion, and on the profit front, funding rate increased, affected by the interest hike. In addition to the allowance for doubtful accounts posted, as the allowance for doubtful accounts decreased as one-off factor in the previous year, operating income ratio decreased to 28.2%. In 2023, receivables balance will increase in all regions to JPY 525 billion, and the net sales will increase to JPY 71 billion. Operating income ratio will decrease to 21.1% with stricter assumption of the interest hike risk. Please turn to page 21 for growth business, SPV business in Land Mobility Business. In 2022, production delayed substantially caused by parts shortages due to Shanghai lockdown, and despite the recovery effort, unit sales decreased. Due to the foreign exchange benefit, net sales increased slightly.
As a result, net sales in FY 2022 increased to JPY 53.3 billion, and operating income ratio was 10.6%. In FY 2023, net sales are expected to increase to JPY 79 billion, recovering the delay in production in the previous year. SG&A expenses were temporarily increased due to the sales channel expansion in Europe. Operating income ratio will be 8.9% with profit increase. Please turn to page 22 for growth business, Robotics Business. In FY 2022, sales grew in stable manner in developed market centering on Japan through the automotive-related large investment in surface mounters. CapEx demand in China and Taiwan decreased due to the delay in economic recovery besides the impact of Shanghai lockdown.
As a result, net sales decreased to JPY 115.9 billion, and operating income ratio was 10.3% due to the soaring parts and the logistics costs. In 2023, we expect the moderate recovery in China and Taiwan and the robust automotive demand in developed market, that net sales will increase to JPY 129 billion, and operating income ratio will be 10.9%. With this, I conclude my presentation. Thank you for your kind attention.