Japanese construction equipment manufacturer Yanmar has announced its financial results for 2014, reporting only slightly increased sales as improved revenues in Europe and the USA were cancelled out by slow or negative growth in south east Asia and China.
Overall revenues were up 0.7% at ¥655 billion (€4.7 billion), with sales outside Japan rising 16% in the year and now accounting for ¥288 billion (€2.1 billion), or 44% of net sales.
For 2015, the company’s forecast said that net revenues would increase by 11.5% to ¥730 billion (€5.2 biliion).
“The European economy has continued its recovery and the positive outlook in America is gradually increasing,” the company stated.
“In general, growth in south east Asia has somewhat slowed down in pace, while GDP growth in China has continued to decrease.
“In Japan, the aftermath of increased consumer spending and capital investments, prior to the consumption tax hike in April 2014, led to a slump in growth in the first semester.
“This was partially offset by a boost in exports arising from a weak yen and global economies regaining their ground. But negative GDP growth for fiscal 2014 indicates that on the whole the Japanese economy hasn’t been strong.
“Rising interest rates in the US could potentially be harmful to the global economy, in addition to the risks associated with geopolitical instability in Ukraine and the Middle East.”