Hello, everyone. This is Hidaka. Thank you for watching Yamaha Motor's online financial results briefing today. Situations continue to be unpredictable due to the re-emergence of COVID-19 infections. I would like to express my deepest sympathy to those who are battling the infection and my heartfelt gratitude to the medical staff and other essential workers for their efforts. I will now give an overview of the first half-year results, followed by an explanation of each business segment by Ohkawa. Please refer to page four. First, I will explain the key points of the first half-year results. For external environment, though there are differences among countries and regions, economic activities are recovering due to the expansion of vaccinations. However, there were disruptions in the global supply chain due to shortage of semiconductors and container shortages, leading to a strain on logistics.
Raw materials prices soared as well, and our production of supply was severely constrained. In such an environment, our business environment was characterized by strong demand in all businesses. In developed markets, demand for outdoor recreation and personal mobility continued for both Land Mobility and Marine Products. As for motorcycle business in emerging markets, there is a sense of slowness in some countries due to COVID-19 resurgence, but demand has been picking up, especially in Central, South America and China since last year. For Robotics business, demand for capital investment and semiconductors are strong in all regions. The results of our effort to reduce fixed costs and implement premium strategies in emerging countries to enhance profitability are becoming apparent. Please refer to page five. This table shows our shipment volume by main products and inventory as of end June, and compares them with the results from 2020 and 2019.
First, shipments. Sales have recovered in most regions compared to 2019 before the spread of COVID-19. Supply to developed countries, which was an issue in the first quarter, has been improving since April. Nevertheless, there are many countries where inventories have not yet returned to appropriate levels, and we will continue to promote supply. Please refer to page six. I will now explain overall business indices. From the left, benchmark results from 2019 and 2020 first half are shown, along with results for 2021 first half. Further to the right are comparisons with 2019 and 2020. For 2021 first half, net sales increased 134% versus last year to JPY 920.1 billion. Operating income increased 572% to JPY 109.2 billion. Operating income ratio was plus 9.1 points, resulting to 11.9%. Ordinary income increased 555% to JPY 115.1 billion. Net income attributable to the owners of parent was JPY 93.1 billion.
For all segments, the business environment was favorable and sales grew. Impact of positive sales and improvements in mix greatly strengthened profits, and we have enjoyed a record high first six months. Actual exchange rates are shown in the lower part of the table. Please refer to page seven. This is the change in operating income compared to the first half of 2020 and 2021. It shows changes in each business, growth strategy expenses, and the impact of foreign exchange rates. In 2020, for the first half year, due to the impact of COVID-19, plants were shut down in various countries because of lockdowns. In 2021, all businesses saw a significant increase in profits as demand recovered, with emerging market motorcycles making a particularly large contribution of JPY 36.9 billion.
In addition to increased sales volume, premium strategies promoted in each country have reaped results, and there is now a shift to higher price models. Page eight, please. This page shows operating income changes by factor. As you can see, sales growth effects contribute to a large JPY 100.2 billion, of which JPY 62 billion was due to an increase in scale. Mix improvement centered around motorcycles in emerging countries, plus JPY 27.4 billion. Plus JPY 7.4 billion due to rebate reductions, plus JPY 7.3 billion due to a decrease in allowance for doubtful debts, minus JPY 3.9 billion for increase in logistics expenses. In addition, cost reductions resulted in a plus JPY 3.7 billion. On the contrary, soaring raw material prices, minus JPY 6.5 billion. Growth strategy expense decrease, plus JPY 2.8 billion. Increase in SG&A expenses inclusive of variable cost due to volume increase, minus JPY 10.7 billion.
Including exchange effects of JPY 500 million, the total was JPY 109.2 billion. To cope with negative impacts such as higher raw material prices and increased logistics costs, we promoted measures such as mix improvement and cost reduction. Please refer to page nine. We have reviewed the CO2 emission reduction target slated in the Yamaha Motor Group Environmental Plan 2050, formulated in 2018, and have set new targets to achieve carbon neutrality. Our life cycle CO2 emissions include emissions from the use of products, raw materials, transportation, and disposal by our customers and employees. Scope 3, which accounts for 98.2% and the largest source of emissions, is category 11 of Scope 3. 82.7% is emissions from product usage. 65% of these emissions are from motorcycles. For Scope 3, our reduction target is 24% by 2030, 38% by 2035, and 90% by 2050.
We will offset these emissions using internationally accepted methods to achieve carbon neutrality. Please see page 10. At the heart of our strategy for carbon neutrality is the fundamental idea to further reduce CO2 emissions per person due to movement. The first step is to switch the powertrain of existing compact mobility to one with a lower environmental burden. As shown on the left, we are investigating the use of battery EVs, FCVs, and carbon-free synthetic fuels in motorcycles and marine products. We will promote CO2 reduction by improving efficiency through optimal methods. Another is in order to expand the use of mobility with lower environmental burden, we will create new areas of compact mobility. We will proceed to develop compact mobility that is between four-wheeled vehicles and motorcycles, and between motorcycles and electrically power-assisted bicycles. Please reference our integrated report, which explains specific measures for motorcycles and outboard motors.
Let us move on to details by business segment. Please refer to page 12. I would like to explain about net sales and operating income by business segment. The graphs are for the three years of 2019, 2020, and 2021. The following are results for 2021. For Land Mobility, net sales was JPY 595.9 billion, operating income, JPY 44.8 billion. Marine Products, net sales was JPY 205.9 billion, and operating income, JPY 44 billion. Robotics, net sales, JPY 59.2 billion, and operating income was JPY 9 billion. Financial Services, net sales, JPY 23.6 billion, and operating income was JPY 9.9 billion. Other businesses posted net sales of JPY 35.4 billion and operating income of JPY 1.4 billion. As you can see, compared to the previous year, all businesses increased sales and profits. Compared to pre-COVID-19 2019, sales and profits also increased in all businesses except other businesses. In the following pages, I will outline the status for main segments.
Please see page 13. This is Land Mobility's motorcycle business in developed markets. Although supply has not been able to keep up with the strong demand, unit sales increased in all regions, and net sales rose from JPY 115.3 billion to JPY 140 billion. Operating income ratio returned to profitability from -6.7% - 2.3% thanks to the reduction of rebates and expense decrease. Moving on to page 14. This is motorcycle business in emerging markets. Net sales increased from JPY 259.9 - 379.3 billion due to higher unit sales in all regions. Indonesia and India have yet to return to pre-COVID-19 levels, but in China, Brazil, Thailand, and other markets, sales have exceeded 2019 levels. On the profit front, our premium strategy propelled in each country has led to increased sales of higher priced models, resulting in a significant increase in operating income ratio from 0.5% to 8.9%. Next, page 15.
On the left, RV Business. Outdoor and family recreation demand continues to be strong. Although there was a problem of part supply shortage, it is gradually improving and production volume has increased. Unit sales increased and net sales increased from JPY 33.5 billion to JPY 50.9 billion, and operating income ratio improved significantly from -8.4% - +7.6%. We have achieved profitability. On the right is SPV Business. Demand for electrically power-assisted bicycles and e-bikes is expanding as a means of personal transportation as an easy outdoor leisure activity. Net sales increased from JPY 20.3 - 25.8 billion due to the continued strong sales of finished vehicles in Japan and e-kit for Europe. In terms of profit, the operating margin improved from 12.6% to 15.7% due to activity cost reductions. As a pioneer in electrically power-assisted bicycles, we will continue to expand our business as the market is expected to continue to grow.
Please see page 16. This is Marine Products business. Strong demand continues in developed countries. Although outboard motors were affected by shipping delays due to a shortage of containers, supply volume increased, and unit sales increased. Water vehicles were affected by production delays due to plastic part supply issues, but sales of boats and parts increased in North America and Europe, where profitability is high. As a result, overall net sales of the Marine Products business increased from JPY167 - 205.9 billion, and the operating income ratio improved significantly from 15.2% - 21.4%. Please see page 17. This is Robotics business. In addition to continued strong sales to China, sales in Europe, the U.S., and Japan also recovered, and unit sales of surface mounters increased significantly to a level exceeding 2019.
Yamaha Robotics Holdings, on top of strong sales, returned to profitability as the results of structural reforms became apparent. As a result, net sales increased from JPY 37.4 - 59.2 billion, and operating income ratio improved significantly from 1.5% - 15.3%. Excluding Yamaha Robotics Holdings, the operating income ratio of existing businesses exceeded 2019 levels. With the return of Yamaha Robotics Holdings to profitability, we are well-positioned to expand our overall business. We will continue to grow our top line without missing sales opportunities to meet increasing demand. In addition, we will aim to further improve profitability by taking advantage of synergies from business integration to reduce costs, conduct joint sales, and launch new products. We will proceed into the next phase of growth. Please refer to page 18. Finally, let us look at Financial Services business. The graph on the left shows receivables balance and its breakdown by region.
The graph on the right shows net sales, mainly interest gains and operating income ratio. For receivables balance for end June 2021, in North America, retail receivables increased due to strong sales, while wholesale receivables decreased due to a reduction in market inventory, resulting in receivables remaining at the same level as the previous year. On the other hand, in other regions, the balance of receivables increased steadily and the overall balance is JPY 368.2 billion. Net sales in 2021 was JPY 23.6 billion, an increase from the previous year. For profit, operating income ratio increased to 41.8%, largely due to a decrease in the allowance for doubtful accounts. Lastly, let us look at the future outlook. Please refer to page 20. The left shows the forecast of unit sales by major products for 2021 compared to 2020, and the right side shows comparisons to 2019.
For many products and regions, we expect unit sales to exceed our initial forecast, not only for the first half but also for the second half. On the other hand, in some countries, such as Indonesia, we see the risk of COVID-19 resurgence, but we will aim to maximize sales by capturing the opportunity of market recovery. Please refer to page 21. We have upwardly revised our forecast, taking into account the strong performance in all businesses. Net sales, JPY 1,850 billion, up 126% from the previous year. Operating income, JPY 160 billion, up 196%. Operating income ratio 8.6%, up three points. Ordinary income is revised upward by 188% to JPY 165 billion. Net income attributable to owners of parent is revised upward by 211% to JPY 112 billion. We will aim to achieve record-high net sales and operating income.
Exchange rates for the full year will be JPY 109 to the USD, JPY 130 to the EUR. Emerging currencies have been revised to USD 1 14,300 Indonesia rupiah and USD 1 5.3 Brazilian real. Please refer to page 22. This graph shows the factors that will impact changes in operating income for the full year of 2021 compared to the initial forecast by business segment. In comparison to our initial forecast, all businesses will exceed our sales recovery expectations. With continued expense reduction, we anticipate that all businesses will overachieve. However, in the second half, we also anticipate a large impact from the resurgence of COVID infections in Indonesia and other countries, along with a hike in raw material prices. Please see page 23. This is a graph showing comparisons with the initial forecast by factor. Following the first half, we expect the business environment to remain favorable.
From the initial forecast of JPY 110 billion, sales increase is expected to be JPY 43.3 billion due to the better-than-expected sales recovery. Breakdown is as follows, increased scale, +JPY 28.9 billion. Price raises, model mix improvements, +JPY 22.8 billion. Increase in logistics costs will result in a negative JPY 8.4 billion. Cost reductions, +JPY 0.6 billion. Raw materials, - JPY 21.2 billion due to significant impact of surging prices in the second half. Growth strategy expenses will decrease +JPY 0.7 billion. Decreases in SG&A expenses, +JPY 10 billion. Aside from the just described inclusive exchange impact of JPY 16.6 billion, we are forecasting JPY 160 billion. Please refer to page 24. Next, I will outline shareholder returns. Regarding dividends, we will maintain a balance between investment in growth and shareholder returns within the scope of our cash flow and will pay stable and continuous dividends with a target payout ratio of 30%.
The graph on the right shows cash flow excluding sales finance. For 2021, based on the revised earnings forecast, the annual dividend forecast is JPY 100 per share, an increase of JPY 10 from the initial forecast. Please refer to page 25. I would like to explain our future outlook for next year and beyond. We will take advantage of favorable business opportunities to expand our top line. For outboard motors, water vehicles, and RVs, which have been severely affected by supply issues such as logistics and parts shortages, we expect production and shipments to increase in the second half and into the next year. In SPV and Robotics, we expect the market to expand over the medium term, and our target is to grow faster than the market.
We will also aim to further strengthen our profitability by improving our corporate structure, solidifying cost reduction through leveraging digitalization, continuing our motorcycle premium segment strategy in emerging markets, and for developed market motorcycles and Recreational Vehicles, which already enjoys profit, we will continue structural reform to further improve profitability. As for risks, we will respond quickly and appropriately by maintaining close communication with our sites and field. Finally, in light of post-COVID-19, we will promote growth strategies to realize new businesses. We will also accelerate our efforts to embrace carbon neutral in a very unique Yamaha Motor way, being conscious of the environment and through creating safe and fun solutions. This concludes the presentation. Thank you for your kind attention.