Integrated Report 2021
Fiscal year ended December 31, 2020

Corporate Mission 

Kando* Creating Company
Offering new excitement and a more fulfilling life for people all over the world
Yamaha Motor strives to realize peoples’ dreams with ingenuity and passion, and to always be acompany people look to for the next exciting product or concept that provides exceptional value
and deep satisfaction.
* Kando is a Japanese word for the simultaneous feelings of deep satisfaction and intense excitement that we experience when
we encounter something of exceptional value.

Management Principles 

Empowered by a passion
for innovation, we create
exceptional value andexperiences that enrich thelives of our customers.

1. Creating value that surpasses customer expectations
To continue to produce value that moves people, we must remain keenly aware of customers’
evolving needs. We must strive to find success by always surpassing customer expectations withsafe, high-quality products and services.

2. Establishing a corporate environment that fosters self-esteem
We must build a corporate culture that encourages enterprise and enhances corporate vitality.
The focus will be on nurturing the creativity and ability of our employees, with an equitablesystem of evaluation and rewards.

3. Fulfilling social responsibilities globally
As a good corporate citizen, we act from a worldwide perspective and in accordance with
global standards. We must conduct our corporate activities with concern for the environmentand communities and fulfill our social responsibility with honesty and sincerity.

Action Guidelines 
Acting with Speed
Meeting change with swift and informed action

Five Shared Values

Spirit of Challenge

for Creating Kando

Courage to set higher goals without fear of failure

Persistence
Working with tenacity to achieve desired results, and then evaluating them
Stakeholders

Corporate Philosophy

Customers
Corporate Mission
Communication

Kando

Employees

Creating Company
Business Partners
Management
Principles

ActionGuidelines

The Environment

Yamaha Motor expresses the “unique style of
Yamaha” with its shared values ofInnovation, Excitement, Confidence,
Emotion, and Ties.
Incorporating the unique style of Yamaha into
all processes and levels of our corporate andbusiness activities is how we enhance thequalities that make us unique.
We believe that doing so is the way to meetcustomer expectations and the fuel tofurther raise our competitiveness.

Challenging forInnovation

Building Ties
with Customers
for Life

Captivating
Emotional
Feelings

Creating
Excitement

Ensuring
Confidence

The Community
Business Activity
Shareholders andInvestors
Sustainability Basic Policy

Yamaha Motor Co., Ltd. Integrated Report 2021

1

Contents
Introduction

About Integrated Report 2021

Yoshihiro Hidaka
President,
Chief Executive Officer andRepresentative Director

Yamaha Motor began publishing integrated reports in fiscal 2019 to help
shareholders, investors, and various other stakeholders develop a better
understanding of the Company’s efforts to create value from a medium- tolong-term perspective. I hope Integrated Report 2021 will give readers anunderstanding of Yamaha Motor’s stance toward addressing importantsocietal issues and the approach the Company takes toward creating value.
This report was created referencing the International Integrated Reporting
Council (IIRC)’s International Integrated Reporting Framework and the
Guidance for Integrated Corporate Disclosure and Company–Investor
Dialogue for Collaborative Value Creation (Guidance for Collaborative Value
Creation) released by Japan’s Ministry of Economy, Trade and Industry. Aftercompiling the policies of the Company, each department was asked fortheir earnest cooperation in creating this report, and I declare that the process of preparing it to be appropriate and the information contained herein
to be accurate.
Going forward, Yamaha Motor will continue striving to create sustainable
environmental and social value as well as raise corporate value throughconstructive interactions with its stakeholders. Upon reading this year’s
report, I ask for your honest feedback regarding its contents along with any
opinions you may have regarding the Company’s management. Thank you
for your ongoing support of Yamaha Motor.

4	A History of Creating Kando throughTechnology

52 From the Chairman of the Board of Directors

6 Yamaha Motor’s Global Business58	Directors and Audit & Supervisory Board
Members

8	Maximizing Our Environmental andSocial Value
10 Financial and Non-Financial Highlights

Reporting Period
This report covers the period from January 1 to December 31,
2020. Information on some activities taking place after January
1, 2021 is also provided.

72 Land Mobility

19 Important Societal Issues (Materiality Issues)

74 Marine Products

22 Resolving Societal Issues through ART

76 Robotics

26 Climate Change Initiatives(Disclosure Based on TCFD Recommendations)78 Financial Services

30	From the Director in Charge of Corporate
Planning and Financial Affairs

79 Other Products

Facts and Data

32 Digital Transformation

80 Eleven-Year Summary
Foundations for Creating Competitiveness42 Procurement

Structure for Information Disclosure

82 Environmental and Social Data
83	Management’s Discussion and Analysis of
Fiscal 2020 Business Results
88 Global Group Network
90 Corporate Information / Stock Information

44 Manufacturing and Production (Monozukuri)
46 Sales (Marketing)

Non-Financial Information

48 Human Resource Development
50 Topics: Yamaha Motor’s Sporting Activities

Integrated Report 2021

• Information for Investors
https://global.yamaha-motor.com/ir/• Corporate Website
https://global.yamaha-motor.com/• Securities Report (in Japanese only)
https://global.yamaha-motor.com/jp/ir/library/
security/• Technical Review
https://global.yamaha-motor.com/about/technical_review/• Fact Book
https://global.yamaha-motor.com/ir/library/factbook/• Sustainability-Related Information
https://global.yamaha-motor.com/about/csr/• Corporate Governance Reporthttps://global.yamaha-motor.com/ir/
governance/pdf/corporate_governance-e.pdf

The statements in this report, except for historical facts, are forward-looking statements about the future performance of the Company and its Group companies. These statements are based on management’s assumptions and beliefs in light of the information currently available and involve risks and uncertainties. Please be advised that actual results
may differ significantly from those discussed in the forward-looking statements.
Potential risks and uncertainties include, but are not limited to, general economic conditions in Yamaha Motor’s major markets, changing consumer preferences, and currency
exchange rate fluctuations.

Yamaha Motor Co., Ltd. Integrated Report 2021

Business Strategy

18 Yamaha Motor’s System of Strategic Policies

Key Points of Integrated Report 2021
Based on the Long-Term Vision for 2030 of ART for Human Possibilities, Integrated Report 2021 provides details on the medium- to long-term
strategies and measures being implemented to facilitate the realization of the Vision. The following key points will help develop an even deeper
understanding of Yamaha Motor’s value creation story.

1

Creation of Social Value Leveraging
Technologies and Sensibilities

2

Medium- to Long-Term Plan Progress andPolicies for Carbon Neutrality

Yamaha Motor is working to create new value by combining the corecompetencies it has refined to date with cutting-edge technologies toaddress important societal issues in line with the focus areas laid out in
its Long-Term Vision—Advancing Robotics, Rethinking Solution, andTransforming Mobility (ART).

The COVID-19 pandemic forced Yamaha Motor to rescind the performance targets of its Medium-Term Management Plan for fiscal 2020, but
steady progress is still being made in reinforcing the Company’s management platforms and implementing growth strategies. This report also
provides information on the Company’s policies and direction regarding
the accelerating shift toward electrification.

Relevant Pages 
P.8–9
Maximizing Our Environmental and Social Value
P.22–25 Resolving Societal Issues through ART

Relevant Pages 
P.12–17 From the President
P.26–29 Climate Change Initiatives(Disclosure Based on TCFD Recommendations)P.44–45 Manufacturing and Production (Monozukuri)

Notice Regarding Forward-Looking Statements

2

68 Risk Management

70 Business Overview

40 Intellectual Properties

Scope
This report covers Yamaha Motor Co., Ltd., its 142 subsidiaries,
and its 29 affiliates (as of December 31, 2020). Notification is
given when the scope used in calculating the data provided inthis report differs from this.

61 Corporate Governance

12 From the President

38 Research and Development

Financial Information

54 Dialogue between Outside Officers

Toward Sustainable Growth

34 Creative Branding & Design

Editorial Policy
This report was prepared and edited to give shareholders,investors, and other stakeholders a multifaceted understandingof Yamaha Motor’s sustainable growth.
Financial, sustainability-related, product, and other information not contained in this report is available on Yamaha Motor’s
official website. Please note that the “2021” in the title refers
to the year this report was published.

Corporate GovernanceYamaha Motor Co., Ltd. Integrated Report 2021

3

Introduction

Equal Concern for Kando and the Environment 

A History of Creating Kando through Technology

Creation of User- and Eco-Friendly Mobility

Yamaha Motor Co., Ltd. (Yamaha Motor) was founded in July 1955 when the motorcycle division of Nippon Gakki Co., Ltd.
(today’s Yamaha Corporation) was spun off to form an independent company. Since then, with the consumer-oriented
development approach of its Nippon Gakki roots as a starting point, Yamaha Motor has been continuously working tocreate new value through its motorcycles and other products in a variety of fields for over 60 years.

Founded in 1955 

Entry into the Motorcycle Industry amid
Japan’s Post-War Economic Recovery
Genichi Kawakami, the fourth president of Nippon Gakki andlater founding president of Yamaha Motor, decided to enter the
motorcycle business with the goal of building a foothold for
growth outside the realm of musical instruments. At a time whenless competitive motorcycle companies were already failing, thecompany made a bold late entry into the market, generating agreat deal of attention with its first product’s innovative coloringand design, light weight and maneuverability, and easy engine
starts—an incredibly important factor at the time. Furthermore,
motorcycle races were where makers could demonstrate theirproduct’s superiority, and Yamaha’s early entry and consistently
strong results created a reputation for technological excellence
that spread domestically and internationally.

1955
The first Yamaha motorcycle
YA-1

In 1993, Yamaha Motor launched the PAS as the world’s firstelectrically power-assisted bicycle, a new form of mobility
intended to be closely linked to user lifestyles. Promoted as auser- and eco-friendly personal commuter model placing toppriority on performance in tune with human sensibilities, the PAS
gained popularity as a form of mobility “assisting” the various
lifestyles people lead. Later, we applied the electronic control
technologies developed through PAS bicycles and the latest
human-interface technologies to successfully practicalize an ecofriendly electric commuter vehicle that produced no emissions andlittle noise. The fuel cell vehicle R&D we conducted at the sametime is also contributing to today’s development work on newforms of mobility.

Electrically power-assisted bicycles continue to see an
expansion in the range of users and uses, including
for convenient and comfortable mobility, recreation,
and well-being: PAS
1995
Wheelchair
electric power unit
JW-I

1993
Japan’s first electricallypower-assisted bicycle
PAS

1987
Industrial-use
unmanned helicopter
R50 (L09)

Japanese Economic Miracle To the Future 

Customer-Oriented Development for
Creating Kando

Uniquely Yamaha Approaches to Solve
Societal Issues

During Japan’s economic miracle, Yamaha Motor entered themarine recreation field believing that enjoying daily life would
eventually lead to more fulfilling lifestyles. Our first target wascommercial demand, specifically with fishing boats where thesigns of motorization could be seen. The Company succeeded in
expanding its business domain to include marine products byadapting the engine technologies it developed with motorcycles
to develop outboard motors and fiber-reinforced plastic (FRP)fishing boats, incorporating market input in the process.
Meanwhile, in our core business of motorcycles, we did not
restrict ourselves to preconceived norms and ideas, and analyzed
customer needs with a market-oriented approach to release the
Passol. This step-through scooter was well-suited to women riders
and created the new “soft bike” market segment in Japan.

Yamaha Motor is working to evolve and diversify its existing product lines by combining its core competencies with new cuttingedge technologies. At the same time, the Company is adapting its
expertise in unmanned technologies and systems such as industrial robots and industrial-use unmanned helicopters to contributeto laborsaving efforts and raising efficiency in a variety of fields,from industry and farming to forestry. In addition, we are helping
provide permanent access to potable water in coordination withpublic bodies and UN-affiliated organizations through projects to
install our Yamaha Clean Water Supply System in developing
countries. By searching for and identifying the root causes ofproblems on the ground and leveraging our technological prowess, the Company is moving to resolve societal issues in uniquely
Yamaha ways.

1977“Soft bike” allowing
women to ride withpeace of mind
PassolYamaha Motor Co., Ltd. Integrated Report 2021

Large outboard motor boasting
reliability and high output: F425A

Flagship model featuring the latest
technology garnered from racing: YZF-R1

Exceptional acceleration and driving sensations: SR330

1960
Our first catamaran
FRP boat
CAT-211960
Our first
outboard motor
P-7

4

2002
Electric commuter vehicle
Passol2020 Industrial-use unmanned helicopter performing an aerial forest survey
FAZER R G2

2010
Small-scale water purification system
Yamaha Clean Water Supply System

Our work to encourage the use of clean water at villages with a Yamaha Clean Water
Supply System with a picture story was recognized with an award from the committeeof judges at the 8th Good Life Awards put on by Japan’s Ministry of the Environment.

Yamaha Motor Co., Ltd. Integrated Report 2021

5

Introduction

Yamaha Motor’s Global Business

The powertrain, chassis and hull, electronic control, and manufacturing technologies and expertise we have accumulated
since our founding serve as our core competencies, and as we continue refining them, we offer a myriad of products aroundthe world that create Kando by leveraging our technologies and keen sensibilities based on the Company’s unique Jin-Ki
Kanno development ideal.

Fiscal 2020 Consolidated
Financial Results
Net sales

1,471.3¥

billionOperating income

¥

81.7

Land Mobility

billionMarine Products

Net sales (% of total)

946.5

¥

Net sales (% of total)billion (64.3%)

Operating income (% of total)

18.5

Distribution of
net sales andoperating income
by businesssegment¥

billion (22.6%)

¥

328.3

billion (22.3%)

Operating income (% of total)

50.6

¥

billion (62.0%)

billion (4.0%)¥

Operating income (% of total)¥

7.6

billion (4.7%)

Operating income (% of total)billion (9.3%)¥

1.7

billion (2.1%)

Main services Main products Golf cars, generators, multipurpose engines, snow
blowers, and electric wheelchairs

52,437
Ratio of overseas production 

40.0%

Yamaha Motor Co., Ltd. Integrated Report 2021

3.3

67.4

billion (3.1%)

Sales finance and leases related to theCompany’s products

Over

6

¥

46.1

Main products Asia(excl. Japan)

24.3%

Operating income (% of total)¥

Surface mounters, semiconductor manufacturing
equipment, industrial robots, and industrial-use
unmanned helicopters

10.6%

North
Americabillion (5.6%)

Net sales (% of total)

Outboard motors (marine engines), personal watercraft, boats, FRP pools, fishing boats, and utility boats

Number of employees(consolidated) 

14.7%

83.0

¥

Net sales (% of total)

Main products 

10.4%

EuropeNet sales (% of total)

Other Products

Motorcycles, Leaning Multi-Wheel (LMW) models,
all-terrain vehicles (ATVs), recreational off-highway
vehicles (ROVs), snowmobiles, electrically powerassisted bicycles, automobile engines, and automobile
components

Japan

Net salesby region

Financial Services

Main products 

Global Organization Creating Value as a Team

OthersRobotics

90%

Number of Consolidated Subsidiaries: 135
Total number of bases(primary roles) 
Development

17

Manufacturing

29

North America
Europe

11

Japan

24

Asia (excl. Japan)

54

Central and

Sales

53

20

Oceania9South America

17

Yamaha Motor Co., Ltd. Integrated Report 2021

7

Introduction

Maximizing Our Environmental and Social Value
Outcomes to Achieve

Yamaha Motor’s business model is to provide unique, high-quality products and services that accurately reflect societal andcustomer needs by applying its Spirit of Challenge, which has been handed down as the Company’s DNA, and the technologies it has created and refined to date. The very reason for the Company’s existence as a Kando Creating Company is to givesociety and customers experiences of Kando unique to Yamaha Motor that intertwine technologies and human sensitivities.
By expanding human possibilities and through our products and services that create Kando, we are aiming to achievesustainable growth as well as create a better society and more fulfilling lives.

Corporate Mission

Kando Creating Company• Consumer-oriented development ideal

ImportantSocietal Issues• Global R&D structure• Global sales network• Original and innovative ability toconceive new technologies

Foundations for Creating Competitiveness• Strong teamwork of dealerships,
regional sales bases, and Yamaha Motor• Creative, advanced technologicalcapabilities and core technologicalcompetencies• Marketing methods that connect
with customers over a lifetime• Proprietary product development
methods

Environmental Value
Reduction of greenhousegas emissions from ourbusiness activities

Growth Strategy Directions

Business Operations

Land Mobility

Sales
P.46

Create new value for people’s time,
mobility, and self-expression

Motorcycles

Electricallypower-assisted
bicycles

ATVs / ROVs

Three Focus Areas
P.74

P.38

Outboard motors

Pools

Excitement

P.34

Robotics

Transportation, education,and industry

P.76

Promote automation and laborsavings tofree up valuable time for people

Emotion• Design that
contributes tomanagement andbranding• Design capabilities
that express individuality

Advancing

Robotics

Leverage and evolve intelligent
technologies and robotics as a foundation
Boats

Branding

Ties

Innovation• Lower electric power consumption in production and otheractivities

Reliable and rich marine life
Toward further increasing the value of the ocean

R&D

Innovation• Reduce greenhouse gas
emissions

P.72

Marine Products
Environment andresources• Offer eco-friendly means of
personal transportation

Industrial
machinery androbotsConfidence

DesignProcurement /Manufacturing
and Production

P.34

P.42, 44

Financial Services

Industrial-use
unmannedhelicopters

Rethinking
Solution

Propose uniquely Yamaha solutions

Transforming

Social Value
Provision of safe anddependable mobility andlifestyles• Offer mobility services that aresafe and comfortable for all• Maintain and improve safety
and reliability through highquality products and services• Ensure safe water and resources

Mobility

Promote innovations in mobility

P.78

Offer services that strengthen relationships
with customers and dealerships

Financial services
Human capitalmanagement• Talented global personnel who
embody the brand• Diverse specialist skills andmanagement ability• Diversity in terms of specialization,nationality and culture, and gender

Human Resource
Development

P.48• Global production system
and inter-regional productdistribution system• Abundant plant
management expertiseand technology

Other Products

Become a close part of customers’ lives andoffer unique technology to support them

Yamaha Motor Co., Ltd. Integrated Report 2021

Economic Value
Redistribution of economic
added value to stakeholders• Strengthen earnings structure
and maintain stable financial
foundations• Leading manufacturing
technologies and strong
on-site capabilities
Electric
wheelchairs

8

P.79

Golf cars• Provide employee remuneration• Pay stable dividends toinvestors

Yamaha Motor Co., Ltd. Integrated Report 2021

9

Introduction

Financial and Non-Financial Highlights

Net Sales

Operating Income / Operating Income Margin(¥ billion)(¥ billion)

2,000

160

24

120

120

18

90

12

1,471.3

1,500

(%)

81.7

80

1,000

R&D Expenses

Capital Expenditures(¥ billion)(¥ billion)

12

80

9

60

60

6

40

6

6

30

3

20

3

0

0

0

0

94.0

12
9

53.8

1,318.4
40

500
152.9

0
2016
Japan

2017

2018

2019

5.6

0

2020

2016

Overseas

2017

Operating income

Although sales increased in the Robotics and Financial Services segments, unit sales
fell in the motorcycle business of the Land Mobility segment as well as in the Marine
Products segment due to the COVID-19 pandemic, leading to a year-on-year decline
in net sales of ¥193.5 billion, to ¥1,471.3 billion.

2018

2019

2020

2016

2017

2018

2019

2020

0
2016

2017

2018

2019

2020

Operating income margin

Operating income recorded a substantial decline in the first half of fiscal 2020 due to factors
such as foreign exchange fluctuations and a decrease in utilization rates attributable to thesuspension of factory operations in several countries that were implemented in the first halfof the fiscal year, in addition to the aforementioned decrease in net sales. Although thesecond half of fiscal 2020 saw net sales generally trend toward recovery primarily indeveloped markets, operating income was down ¥33.7 billion year on year, to ¥81.7 billion.

The Company maintained its development efforts in new business areas aimed atfuture growth and for strengthening core businesses while tightening spending overallthrough selection and concentration, recording ¥94.0 billion in R&D expenses.

Capital expenditures targeting sustainable growth and greater efficiency in existing
businesses were down ¥4.3 billion year on year, to ¥53.8 billion.

Net Income Attributable to Owners of Parent /Ratio of Net Income Attributable to Owners of Parent to Net Sales

Total Assets / Return on Assets (ROA)

CO2 Emissions (Scope 1 and Scope 2)*

Water Intake(¥ billion)

(¥ billion)

(1,000 t-CO2)(Million m3)

(%)

120

8

90

2,000

1,200

53.1
3.6

30
0
2018

2019

3.3

0

6.00

600

9

4.50

12
9
3.59

443

3

400

6

3.00

6

200

3

1.50

3

0

0

0

0
2016

Net income attributable to owners of parent

12

6

400

2020

800

9

800

0
2017

12

4
2

2016

15
1,640.9

1,600

6

60

(%)

Total assets

2017

2018

2019

2020

2016

2017

2018

2019

2020

0
2016

2017

2018

2019

2020

ROA

Ratio of net income attributable to owners of parent to net sales
Net income attributable to owners of parent declined ¥22.7 billion year on year, to¥53.1 billion, and the ratio of net income attributable to owners of parent to net sales
decreased a 0.9 percentage point year on year, to 3.6%.

Return on Equity (ROE)(%)

Total assets rose ¥108.1 billion from the previous fiscal year-end, to ¥1,640.9 billion.
Factors behind this increase included the securing of liquidity on hand as a countermeasure for the impacts of COVID-19, as well as a rise in long-term sales financereceivables as a result of the Company’s shift to greater autonomy in loan receivables
for “Prime” customers in the United States.

As a Groupwide goal, the Company has set medium- to long-term targets for­reducing the CO2 emissions generated over product life cycles and is also working to
reduce the greenhouse gas emissions produced in manufacturing.

Net Income per Share (Basic)

Number of Group Companies Joining Unified Certification Program* Scope 1 and Scope 2: Direct and indirect emissions produced by the Company’s
operations

2014(No. of companies)(¥)

15,328
20

12

360

12

60

15

9

270

9

45

6

180

6

30

3

90

3

15

0

0

0

0

10

7.5

5
0
2016

2017

2018

2019

2020

151.89

2016

2017

2018

2019

2020

10

Yamaha Motor Co., Ltd. Integrated Report 2021

Net income per share (basic) declined from the previous fiscal year due to the fall in
net income attributable to owners of parent.

2015

2016

2017

2018

2019

45

2016
Japan

The decline in net income attributable to owners of parent led to a 3.6 percentage
point decrease in ROE compared with the previous fiscal year-end.

The Company will continue to measure its global use of water resources and reduce
the amount of water intake by promoting the reuse of coolant water and watercollection (rainwater and other sources) at its factories.

2017

2018

2019

2020

Brand Ranking*30th* Brand value ranking of Japan-based brands carried out by Interbrand Japan(Best Japan Brands 2021)

Overseas

The Company has been working toward receiving ISO 14001 certification for environmental management systems at Group companies in Japan and overseas since fiscal
2012. A total of 45 companies (11 in Japan and 34 overseas) have joined the unified
certification program, mainly manufacturing companies in Asia (including Japan),
Europe, the United States, and South America.

The Yamaha brand, calculated by combining the brand value of both Yamaha Motorand Yamaha Corporation, was valued at US$1,480 million (compared with US$1,369
million in fiscal 2020 and US$1,195 million in fiscal 2019).

Yamaha Motor Co., Ltd. Integrated Report 202111

Toward Sustainable Growth

From the President

Without fearing change, we will aim to create new value
expanding human possibilities by continuing toboldly take on uniquely Yamaha challenges.
Overview of Fiscal 2020

Yoshihiro Hidaka
President, Chief Executive Officer
and Representative Director

On behalf of the Yamaha Motor Group, I would like to begin
by offering our sincere condolences to anyone who has lost
loved ones due to the COVID-19 pandemic and extending
our heartfelt thoughts to everyone otherwise affected bythis crisis. I would also like to express our deepest gratitude
and respect for all the frontline medical practitioners andworkers providing the essential services that support society.
In fiscal 2020, ended December 31, 2020—the second yearof our current Medium-Term Management Plan—I had­initially planned to set a course for achieving the plan’s­targets by orienting our focus on boosting the profitability of
our existing businesses. This is one of the two main pillars ofour basic policy of improving cash flows by raising the
profitability of existing businesses, while promoting growthstrategies and reinforcing our business platforms. However,seeing the dramatic changes in the business environment
brought about by COVID-19 led us to quickly switch into
survival mode. This decision reflected the lessons we learned
from our experiences during the global financial crisis of2008 triggered by the Lehman Brothers bankruptcy. At thesame time, in fiscal 2020 we worked together as a groupand strove to secure business continuity while keeping thewell-being and safety of all our stakeholders—including
employees, suppliers, and customers—as our top priority,suspending operations temporarily, implementing remote
working systems, and other efforts in compliance withthe directives and requests of authorities in countries aroundthe world.

In such an environment, the Company saw a decline in net
sales due to a decrease in sales of motorcycles in the Land
Mobility business and a fall in sales in the Marine Products
business in the first half of fiscal 2020. Further, the suspension of factory operations enacted in the first half of the
fiscal year under review drove down capacity utilization rates,
among other effects, and together with the impact of foreign exchange fluctuations, both operating income and net
income attributable to owners of parent recorded decreases.
On the other hand, we saw an earlier-than-anticipated risein demand. Demand has been on a recovery path since thesecond half of fiscal 2020 and our production floors are
currently operating at full capacity as we work to restore
inventory back to proper levels. Despite the decline in net
sales and operating income in fiscal 2020, I believe weachieved a certain amount of success while working topromote cost reductions, risk control, the normalizationof our supply chain, and other initiatives in the face of achallenging business environment.
Fiscal 2021 marks the final year of the current MediumTerm Management Plan, but as announced on August 6,
2020, we have withdrawn our financial targets for the plan
given the global spread of COVID-19. Nonetheless, our work
to create new businesses for future growth and our basic
policy of focusing on structural reforms for our businesses
toward improving profitability remain unchanged, and I amof the opinion that we still made steady progress in theseareas in fiscal 2020.

Changes in the Business Environment Triggered by COVID-19
COVID-19 has given rise to significant changes in people’s
lifestyles and value systems. Based on my experience withthe aforementioned financial crisis, I thought that the recreation and leisure fields would be the last of all to recover,even after the lifting of lockdowns and other restrictions.
However, despite limitations on the movement of people
and on logistics, I believe there were only a few cases in
12

Yamaha Motor Co., Ltd. Integrated Report 2021

which customers who had been considering purchasing our
products actually refrained from doing so, owing to factors
such as an increase in disposable income thanks to government support measures and subsidy programs—mainly indeveloped markets—and the absence of any lasting damage
to retail financing for consumers.
Outdoor recreation demand spiked following the lifting of
Yamaha Motor Co., Ltd. Integrated Report 202113

Toward Sustainable Growth

From the President

lockdown restrictions in developed markets. Yamaha Motorboasts a diverse product lineup and this recovery became atailwind for us, leading to more customers buying our products for the first time in such fields as motorcycles, all-terrain
vehicles (ATVs), recreational off-highway vehicles (ROVs),
outboard motors, and personal watercraft. Of particularnote was the significant rise in sales of off-road motorcycles
and entry-model ATVs as well as the higher ratio of first-timebuyers of marine products. Given these trends, to first allow
new customers to fully experience the fun of our products
firsthand, we moved to promote our initiatives that help
customers who chose to buy a Yamaha enjoy our productswith peace of mind for a lifetime, such as our bLU cRU*1
support program run primarily in Japan, the United States,
and Europe.
Also, the shift away from using public transportation in
Europe and Japan has prompted a reappraisal of the valueof personal mobility. In certain parts of Europe, customers
can ride the Tricity 300 Leaning Multi-Wheel (LMW)*2 model

we launched in fiscal 2020 with just an automobile license,
thereby opening up a customer segment entirely different
from ours to date. Furthermore, demand for electricallypower-assisted bicycles has rebounded sharply in Europe,
where concern for the environment is high.
Meanwhile, we encountered some situations on the
Monozukuri front lines during the COVID-19 pandemic that
could not be addressed by human workers. We recognize
there will be a growing need for collaborative robots that
help resolve labor shortages and prevent closed, crowded,
and close-contact settings, and we are stepping up our
initiatives to develop such robots accordingly. I view thisbusiness environment as a positive one for Yamaha Motorand an opportunity for the Company to enhance its presence by offering uniquely Yamaha value.
*1 A
 support program for amateur racers using Yamaha motorcycles*2 L eaning Multi-Wheel: Yamaha Motor’s designation for vehicles with three or more
wheels that lean like a motorcycle through turns (Japan Patent Office Trademark#5646157)

Driving Our Digital Transformation to Create New Value by Capturing Needs
Yamaha Motor is promoting a digital transformation (DX)leveraging the latest digital technology and data in a strategic manner. Amid restrictions on going outdoors and difficulties in maintaining physical customer touchpoints, weare accelerating our DX efforts based on the understandingthat using DX to capture customer needs rapidly and accurately is a pressing task.
With this in mind, we launched an online sales website formotorcycles in India in fiscal 2020. Everything from productselection to purchase can be completed entirely online andthose making a purchase can also choose their preferred
dealership as well as other options on the website. This
service also addresses the needs of consumers wishing to
avoid going outdoors by offering vehicle delivery right totheir door.
We are also advancing product innovation with theInternet of Things (IoT). In Indonesia, we launched a newconnected version of the NMAX commuter vehicle equippedwith IoT technology. Through a dedicated smartphone app,
we are building a system that connects our customers, products, and dealerships. Users can check the state of theirengine oil and track fuel consumption via their smart devices,and we have created a service whereby in the event of abreakdown, the date, time, and location are sent via email

14

Yamaha Motor Co., Ltd. Integrated Report 2021

to notify a dealership or a contact registered in advance. ­For marine products, we offer outboard motor boat control
systems using IoT technology. By installing a data communication module (DCM) on boats, we are helping facilitate theearly discovery of quality issues and preventing problems
before they occur.
Meanwhile, we are working to promote DX on our production floors. By monitoring operating equipment, managing production data in a centralized manner, and carryingout data analysis using artificial intelligence (AI), we haveclarified issues that had not previously come to light, leading
to productivity and quality improvements. Looking ahead,
we will go global with these efforts, beginning in ASEAN
markets, and share best practices through the centralized
management of global production floor data to realize highquality, cost-competitive Monozukuri.
The greatest source of Yamaha Motor’s new value creationis the creativity of its people. However, it is not possible tofully apply such creativity while under a variety of constraints.
I hope that all our employees will be able to fully flex theircreative muscles by devoting the time freed up throughDX to discussing new value creation and improving theirwork–life balance.

Focus Policies for Fiscal 2021
While there is no room for complacency, I expect that fiscal
2021 will be a year in which we see the world gradually
return to pre-COVID-19 conditions thanks to the expansionof vaccination programs, and we plan to put top priority on
delivering our products to customers. Despite the need forincreased production in the Land Mobility, Marine Products,
and Robotics businesses, we have seen our market share fallwith certain product groups and regions due to supply notkeeping pace with demand. While we operated at full
capacity in the first half of fiscal 2021 from the standpointof replenishing inventories for developed markets in theLand Mobility and Marine Products businesses, we will carefully adjust operating conditions in the second half of the
fiscal year as we scrutinize market trends. Meanwhile, we
expect the moderate recovery for motorcycles in emerging
markets to continue. At the same time, demand in China
underpinned the Robotics business in the first half of fiscal
2021 and we anticipate that demand will recover in all othermarkets in the second half of the fiscal year.
In fiscal 2021, we intend to leverage this upswing in
demand to restore and reinforce the earnings structure of
our existing businesses while promoting growth strategies
and initiatives for bolstering our business platforms in orderto achieve our numerical targets. As for structural reforms,
we are steadily moving ahead with efforts to optimize our
global production scheme, completing the consolidation of
our plants in northern India and beginning the consolidationof our plants in Taiwan in fiscal 2020. In fiscal 2021, as one
facet of the restructuring of our production bases aimed at
improving production efficiency and market adaptability inJapan, we have decided to reallocate production roles at the
Iwata Main Factory and surrounding plants in Shizuoka
Prefecture. We expect to invest ¥14 billion by fiscal 2025
and incur just under ¥3 billion to cover relocation costs andother expenses in our spending plan.

Meanwhile, we will enact measures to address issues thatcame to light in our response to COVID-19. Yamaha Motor
has thus far worked to optimize its global supply chain fromthe perspectives of quality, cost, and delivery. As a result,Indonesia and India function today as our primary global
supply bases. However, should conditions materialize inwhich lockdowns are implemented in both countries, there
is a risk that the impact would bring production at our factories around the world to a halt. In light of this, I believe wemust stabilize and reinforce our supply chain by once again
reviewing our global production scheme, logistics functions,and other aspects.
Since the 2008 global financial crisis, we have pursued
break-even-point management feeling it an imperative toshift to an earnings structure able to withstand sharp
declines in sales. Fiscal 2020 put the true value of thisapproach to the test, with the year’s events highlighting the
gap between areas of the Company that have successfully
implemented this approach over the past decade and thosethat have not. Therefore, we will conduct analyses of eachsubsidiary and department again to thoroughly implement
our break-even-point management approach.
We also saw major changes in the workstyles of ouremployees. Although we introduced new workstyles withremote working and the like, areas needing improvement
have become apparent. We will thus explore and implement
methods that strike a balance between improving the valueof our employees’ free time and enhancing corporate productivity by streamlining work processes and discussing
effective ways to use new workstyle systems. At the sametime, we will continue elevating our use of digital technologies in preparation for the post-COVID-19 era.

Yamaha Motor Co., Ltd. Integrated Report 202115

Toward Sustainable Growth

From the President

Toward the Achievement of Our Long-Term Vision
Development of New Businesses
Amid dramatic changes in the external environment andaccelerating diversification of people’s values, Yamaha
Motor’s Long-Term Vision for 2030 of ART for Human
Possibilities clearly states the value the Company would liketo offer society and the direction in which we wish tomove forward.
In order to achieve our Long-Term Vision, over the duration of our current Medium-Term Management Plan, we
have leveraged fixed assets such as our core competencies
and positioned the plan as a period to carefully assess business areas with the potential for sustainable growth while
contributing to the resolution of societal issues, in addition
to advancing the development of new businesses. Although
our policy had been to carry out selection and concentration
during the next Medium-Term Management Plan, we
decided it best to fast-track our plans in consideration of thepossibility that we may not be able to generate themedium-term cash flows we had expected to use as
investment funds.
Mobility services, low-speed automated mobility, agriculture, and laborsavings on the medical front lines are all fields
in which we have maintained continuous involvement todate and where we can harness our strengths by applying
our technologies and expertise. We will narrow down particularly promising projects from among these fields andconcentrate our resources therein going forward. While
medical-related projects have stagnated slightly because of
COVID-19, others are progressing steadily.
In mobility services, we are seeing rising needs for lastmile deliveries and alleviating traffic congestion, particularlyin emerging markets. To meet these needs, we aim to build
a delivery and mobility service ecosystem by investing in
platform operators in Africa and promoting collaborations
that include the provision of our motorcycles, parts, and thelike. In Japan, field tests for low-speed electric mobility solutions with vehicles based on our Land Cars are underway invarious parts of the country. Also, since testing can be donein open fields, close-contact settings are not usually an issue
in agriculture, thereby significantly reducing the risks associated with COVID-19. Accordingly, we were able to carry out
various tests and other projects, helping further our technological development efforts.

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Yamaha Motor Co., Ltd. Integrated Report 2021

Carbon Neutrality
Efforts to lower carbon emissions are accelerating worldwide, and in December 2018, Yamaha Motor formulated
the Yamaha Motor Group Environmental Plan 2050, which
lays out our stance, goals, and action plan as a company
striving to realize a sustainable society. We have recently
updated the plan with new targets set for achieving carbon
neutrality not just in our business activities but throughout
the entire life cycles of our products by 2050.
For details, please read the Climate Change Initiatives
section beginning on page 26 of this report.
For a company such as Yamaha Motor, which has growninto what it is today through its engine technologies, we haveno choice but to admit that the challenge of achieving carbon
neutrality presents us with major risks. However, we will
move forward with the electrification of our existing products
from a defensive standpoint, but also go on the offensive byworking to create new and unprecedented mobility.
First, let me explain our defensive standpoint. With theelectrification of our powertrains, we must give due thought
to the two perspectives of 1) what our customers will consider as value and 2) the demands of society, such as stricter
regulations. Although electrification is technically possible,
creating a product truly in line with customer needs remains
an extremely challenging task, as it is not at present possible
to offer a product competitive in terms of cost, cruising
range, and other factors. More realistically, we intend toelectrify our existing products by carefully assessing value forcustomers, beginning with the small commuter vehicles that
support daily personal mobility. While it will be no simple task
to change these circumstances over the next 30 years, wewill make each step of the way a sure and steady one.
Next, I will turn to how we will go on the offensive. We
will aim to create new and unprecedented forms of mobility
by combining our mobility technologies based on small
powertrains—a Company strength—with the robotics bornof our production technologies. For example, our TRITOWN
standing electric micromobility model with twin front wheels
was developed wondering what we could achieve if wetargeted the last-mile mobility segment. Although we are
currently carrying out field tests, I hope to present this product to the world as a uniquely Yamaha proposal.
With our other pursuits, we are not restricting ourselves toexisting forms of motorcycles and are moving forward withthe development of a model taking our LMW platform andtechnologies, which we have been refining for many years,
even further. In a new field of mobility located between

automobiles and motorcycles, we will aim to further reduce
CO2 emissions per person.

Raising Our Corporate Value and the Mission We Must Fulfill as Yamaha Motor
On business trips to various countries around the world, I
often have the opportunity to talk with local people, fromairport staff to taxi drivers. In these interactions, after being
asked what my occupation is, the conversation becomeslively when I reply that I work for Yamaha Motor. WheneverI have these encounters, I feel genuinely proud of Yamaha
Motor as a company. Almost 130 years have passed since
the Yamaha brand was born and over 65 years have gone bysince we turned our hand to motorcycles. Over our long
journey, we have been able to establish the Yamaha brand’s
reputation across the world because our commitment tocreating the value we call Kando has been recognized bycustomers. I view this commitment as our greatest strength.
Our workforce is diverse, with employees hailing from manydifferent countries and regions, but what is shared among
all of them is a deep loyalty to the Yamaha brand and that
forms part of our corporate culture. The corporate missionof Yamaha Motor is to be a Kando Creating Company. As amember of the Company myself, I want to hold our

corporate culture up high so that each and every employee
can take pride in the Yamaha brand and continue delivering
Kando through our products and services.
The COVID-19 pandemic has brought about a sense ofstagnation throughout society, and although there is still
uncertainty about the future, people can still discover Kando
and joy under such circumstances. When I see children
across the globe riding around on the motorcycles we makefor them, I am reminded once again that delivering Kando
and delight is our most important mission.
Always delivering joy, excitement, and happiness topeople around the world through our range of products andservices also leads to our own personal, sustainable growth.
To continue creating new value, we will not fear change andaim to achieve our Long-Term Vision for 2030 of ART for
Human Possibilities by continuing to boldly take on uniquely
Yamaha challenges.

Yoshihiro Hidaka
President, Chief Executive Officer andRepresentative Director

We have no choice but to admit that thechallenge of achieving carbon neutrality
presents us with major risks, but we will stillboldly take on challenges while carefully
assessing customer needs.

Yamaha Motor Co., Ltd. Integrated Report 202117

Toward Sustainable Growth

Yamaha Motor’s System of Strategic Policies

Important Societal Issues (Materiality Issues)

Yamaha Motor has identified important societal issues (materiality issues) to address in light of significant changes in thebusiness environment as well as in terms of risks and opportunities. In order to resolve these societal issues, the Company
formulated our Long-Term Vision for 2030 to indicate the directions we will take. For details on the Company’s importantsocietal issues, the Long-Term Vision, and our various measures, please see the relevant pages.

Yamaha Motor has identified important societal issues that it will address while leveraging its strengths and promotes
initiatives to resolve those issues, with the aim of achieving sustainable growth of its corporate value as well as thesustainable development of society and the environment. The Sustainability Committee takes the lead role in advancing
these initiatives and each department monitors and manages their respective progress. Our policy is to periodically review
and revise our materiality issues in light of changes in the environment and other factors.

Corporate Mission

Offering new excitement and a more fulfilling life forpeople all over the world

Process for Identifying Important Societal Issues

STEP 1

Megatrends of particular importance for Yamaha Motor• Climate change and resource shortages(increased CO2 emissions in particular)• Population growth in emerging markets and theaging of society in developed markets• The global economic power shift from developed
markets to emerging markets• The progress of rapid urbanization and increasein urban/rural disparities• The progress of technological innovations (IoT/AI)• More traffic accidents and traffic congestion(particularly in emerging markets)• Responses to first/last-mile mobility needs• The transition from vehicle ownership to sharing
and from material goods to experiences

Issues directly affecting thesustainability of our business modelSort

We look at the wide range of societal issues referenced in the United Nations’ Sustainable Development Goals(SDGs) and the Global Risks Report, and select those that will have the greatest impact on Yamaha Motor’s use
and procurement of management resources, and for which the resolution will make the greatest contribution to
the enhancement of corporate value. We also evaluate the importance of societal issues from the perspective of
stakeholders, referencing the valuations of ESG rating institutions.

STEP 2

Environmentand resources

Important issues related tothe strengthening ofour business platforms

Categorize

Through consultation with operating divisions, functional divisions, and corporate divisions, the divisions clarify the
relationships between the issues selected in Step 1 and each division’s policies and activities, and those that should
be addressed Companywide are aggregated and categorized.

Important societal issues (materiality issues) identified by Yamaha Motor

Environment and resources

Transport, education,and industry

Innovation

STEP 3

Human capital management

Transportation,
education, andindustry

Designate

Innovation

Human capitalmanagement

All of the Company’s officers deliberate societal issues aggregated and categorized in Step 2 at Management
Committee and Board of Directors meetings and designate “important societal issues” that should be addressed
Companywide using the Company’s strengths, corporate philosophy, and unique capabilities.

STEP 4

Incorporate

Initiatives to resolve the identified important societal issues have been incorporated into the current Medium-Term
Management Plan. The rigorous implementation of these initiatives will be monitored going forward.

Selected societal issues
Important issue areas

High

Long-Term Vision• Financial crisis in important economic zones• Unmanageable inflation• Failure of national governance• Failure of regional or global governance• Inter-government conflict over regional problems• Deepened social uncertainty• Abuse of technological progress• Introduction of industrial processes taking into accountclean technologies and efficient use of resources•H eightened awareness of sustainability• P romotion of economic growth based on fair work
environments•R eduction of waste materials•C urtailment of corruption and bribery• Improved energy efficiency(including promotion of use of renewable energy)• Promotion of use of inexpensive, reliable energy• Promotion of safe and secure work environments• Advancement of diversity and inclusion• Effective use of water resources andprevention of pollution• Securing of clean water resources• Abolition of inequality• Responses to multistakeholders• Promotion of innovation(active use of global partnerships)• Implementation of fair taxation• Promotion of sustainable industrialization• E limination of discrimination against women andprotection of human rights•U se of women’s skills• S trengthened disaster prevention and response• E radication of forced labor, human trafficking,and child labor• Increased employment for socially vulnerable people• Prevention of pollution and damage fromharmful chemical substances• Strengthened measures to address climate change• Sustainable use of natural resources• Promotion of innovation(promotion of sustainable industrialization)• Promotion of innovation(promotion of sustainable forms of consumption andproduction in ­developing countries)• P romotion of protection and recovery ofland ecosystems• P rovision of a stable living environment•H alting of deforestation• P rotection and recovery of marine ecosystems• Expansion of educational systems(including vocational training)• Enhanced educational environment indeveloping countries• Promotion of social infrastructure development• Prevention of traffic accidents• Protection of small-scale agricultural andfishing industries• Advancement of sustainable fishing industry• Improved access to fishing areas and markets
in least developed countries

Advancing Robotics
Leverage and evolve intelligent technologies
and robotics as a foundation

Environmental
Plan 2050

Transforming Mobility
Promote innovations in mobility

Financialstrategy

Digitaltransformation(DX) strategy

Strategies byfunction• Strengthened support for emerging anddeveloping economies

Strategies bybusiness
Low

Specific
Measures

Rethinking Solution
Propose uniquely Yamaha solutions

Importance to stakeholders

Three Focus Areas

Low

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Yamaha Motor Co., Ltd. Integrated Report 2021

Importance to Yamaha MotorHigh

Yamaha Motor Co., Ltd. Integrated Report 2021

19

Toward Sustainable Growth

Important Societal Issues (Materiality Issues)

Targets and Progress
Important societal
issuesRisks and opportunities

Uniquely Yamaha initiatives
for resolving issues

Vision for 2030

Medium-term targets (2019 to 2021)

Progress in 2020

Initiatives to address
climate change

Reduced CO2 emissions from products and during production
activities by 25% (per unit compared with 2010)

Products: 13.75% reduction (compared with 2010)
Production activities: 17.36% reduction (compared with 2010)

Products: 15.8% reduction (compared with 2010)
Production activities: 41.2% reduction (compared with 2010)

See more
on

SDGs

P.26–

Continued development of electric motorcycles toward making
market launches
Took part in field tests organized by the Japan Automobile
Manufacturers Association (JAMA) aimed at popularizing
electric motorcycles

Environmentand resources

Transportation,
education,and industry

Innovation

Risks• Tightening of regulations and declining net sales
due to the progression of global warming• Declining profits due to rising costs• Negative impact on corporate image• Delays in the economic independence of developing countries because of marine pollution• Impact of marine pollution on the fishing industry
and marine leisureOpportunities• Growing trend of EVs replacing existing forms ofmobility• Heightening demand for smaller forms of mobility

Risks• Rising number of traffic accidents• Rise in traffic accidents caused by theelderly in developed nations• Fewer means of transportation inunderpopulated areas
Opportunities• Growing demand for motorcycles due to rising
populations and incomes in developing countries• Greater need for smaller forms ofautomated mobility• Addressing and supplementing the aging workforce
and labor shortages in the agriculture, fishing, andmanufacturing industries• Increased automation with the development ofAI technologies• New mobility demand with CASE vehicles andMobility as a Service (MaaS)

Risks• Declining competitiveness in themarket and business environment
Opportunities• New forms of mobility that drive business• Offering solutions for the agricultural
sector using robotics• Increased competitiveness due to the spurringof innovation

Creating a technology platform
for electrification

Human capitalmanagement

20

Yamaha Motor Co., Ltd. Integrated Report 2021

Launch uniquely Yamaha electric products andestablish a development platform for themReceived the Minister of Economy, Trade and Industry Award at
the Technology Management and Innovation Awards forelectrically power-assisted bicycles (PAS)
Conducted field testing for the TRITOWN standing electric
micromobility model

P.22

Conducted waterborne field tests for the HARMO electric boat
control system

P.22

Launched the YPJ-MT Pro electrically power-assisted mountainbike simultaneously in Japan and the United States (YDX-MORO
Pro) (September)

P.22

P.26–

Reduced waste generated during production activities by 18.7%(compared with 2010)

Reduce waste by 10.5% (compared with 2010)* Yamaha Motor on a non-consolidated basis

26.0% reduction (compared with 2010)* Yamaha Motor on a non-consolidated basis

Assisting in village development by contributing to the provision ofsafe water

Bring the number of water purification systems(Yamaha Clean Water Supply System) installed to 50* Target changed due to COVID-19

Number of water purification systems installed: 42* Severe installation delays due to COVID-19

Addressing the environmental problems faced by oceans

Initiatives to address the issue of ocean plastic waste

Took part in the Japan Agency for Marine-Earth Science andTechnology (JAMSTEC)’s activities for popularizing ocean literacy

Conserving marine resources

Offer a number of solution proposals in the fishing industry

Drove discussions with several companies regarding measures toaddress issues facing the fishing industry

Reduced number of fatalities due to traffic accidents

Safe riding training opportunities (Yamaha Riding Academy):
Hold 2,000 courses with 180,000 participants in 2021
Number of countries with trainers: 20

Riding safety training opportunities:
Held 3,353 courses globally with approximately 67,000 participants
Number of countries with trainers: 15* Increased the number of courses held by introducing safety
training at dealerships and through online training, despite
restrictions in various countries due to COVID-19

P.23

Selling unmanned transportation systems

Establish prospects for commercialization of low-speed mobility services

Raised awareness in rural areas through steady promotions andmade progress in identifying issues
Took part in field testing at 18 locations in Japan in various
capacities, including by providing vehicles* Switch to a fee-based service delayed due to COVID-19

P.23

Established electrically power-assisted bicycles as an alternative form ofmobility for elderly people in Japan who surrender their driving license

Supply several thousand electrically power-assisted bicycles to local
governments through cooperation with the national government

Delivered a total of 100 electrically power-assisted bicycles tolocal governments and rental operators

Equipping products with digital
devices for sound maintenance

Equipping an aggregate total of four million units by 2024
(target year)

Supply 200,000 motorcycles equipped with connecteddigital devices to the market per year

Number of motorcycles equipped with connected devices:
92,000 in total•C onnected NMAX: 74,000•C onnected AEROX: 18,000

P.23

Developing new forms of mobility

Selling new forms of mobility and having inplace a model to drive business

Market penetration of LMWs and other new-value forms of mobility by
expanding the model lineup

Launched the Tricity 300 in July in Europe and October in Japan
Conducted field testing for the TRITOWN standing electric
micromobility model

P.24

Increased production efficiency

Develop highly efficient, multifunctional platforms and high-speed
platforms for the robotics sector

Launched the YRM20 designed to be a high-efficiency­multifunctional platform (April)

P.24

Optimizing entire factories

Integrate automatic guided vehicles (AGVs) into factory floor operations

Established eve autonomy, Inc. with Tier IV as a joint venturecompany in the automated transport solutions business (February)

P.24

Become an agricultural and logistics solutions provider

Launch and use of autonomous drones

Launched the YMR-08AP (March)
Commenced operation of the Yamaha Motor Smart Agriculture
Platform (YSAP), a cloud-based spraying management system

P.25

Achieved unmanned agricultural processes forseveral varieties of crops

Establish prospects for autonomous harvesting of
more than one variety of crop

Initiatives such as proof-of-concept testing underway in Japanto address issues
Carried out two tests at a farm and testing facility

P.25

More globalized personnel

Promote activities for increasing the ratio of local talented personnel inmanagement positions to 60% at overseas subsidiaries
Continue global recruitment(over 10% of new graduates in regular positions at headquarters)

50%
10%

P.48

A leading company for women employees to work at

Number of women in management positions: 48 by 2025
(16 women were in management positions in 2014)
Obtain national certifications (Japan)

Number of women in management positions: 38 (as of January
2021)
Efforts underway toward receiving certification

Initiatives to promoteresource recycling• Bringing safe water topeople worldwide• Achieving a more sustainablemaritime society• Improving environmental issues andconserving marine resources

Training to reduce traffic accidents

Offering low-speed mobility
services and popularizing diverse
forms of mobility for the elderly

Freedom from menial work andpromotion of economic growththrough autonomization

Offering solutions for the­agricultural sector using robotics
Risks• Labor shortages from falling birth rates and aging
populations in developed nations• Unfair labor practices of suppliers and business
partners
Opportunities• Acquisition of new capabilities through the promotion of diversity and inclusion• Increased drive with the recruitment of diverse andtalented human capital from various countries

Monitoring the electric power policies and battery technology
innovations of various countries while promoting EV development inorder to launch products in a timely manner

Promotion of diversity andinclusion

Yamaha Motor Co., Ltd. Integrated Report 2021

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Toward Sustainable Growth

Resolving Societal Issues through ART

The Yamaha Motor Group strives to contribute toward resolving important societal issues through efforts in the three focus
areas of Advancing Robotics, Rethinking Solution, and Transforming Mobility in the growth strategy laid out in its LongTerm Vision. Capitalizing on its technologies, knowledge, and expertise to date, the Company is actively engaged in various
initiatives to that end together with its partners and via collaborations among industry, academia, and government.

T

AR

The TRITOWN is a standing electric micromobility model with twin
front wheels employing our Leaning Multi-Wheel (LMW) design.
To date, field tests of the TRITOWN have been run on park paths
and public roads in various locations, including a field test on
public roads in Yokosuka, Japan, in fiscal 2020. Based on user
feedback from these tests, we are assessing the feasibility for the
TRITOWN to be widelyused on public roads,
its viability as an intermodal first/last-milemobility solution, andits potential in tourism as
a new form of mobility.

Launch of High-End e-MTB

TAR

The newly launched YPJ-MT Pro is an electrically power-assisted
mountain bike (e-MTB) designed for off-road riding and wascreated utilizing the knowledge and expertise Yamaha Motor has
garnered in developing motorcycles and other mobility products.
Positioned as the flagship model for the YPJ Series, the YPJ-MT
Pro will be used to grow sales in Japan’s e-Bike market.

22

Yamaha Motor Co., Ltd. Integrated Report 2021

Field Testing an Electric Boat
Control System

T

AR

HARMO is a new boat control system that integrates an electric
propulsion unit, boat steering system, and more. Testing of thesystem began with use on the Otaru Canal Cruise route in Otaru
in Japan’s northern Hokkaido Prefecture. In the future, we aim tooffer boats with “smart packages” that allow passengers to enjoy
the higher levels of comfort made possible by the silent propulsion
only electric systems offer.

T

AR

The Company has begun accepting orders for developing prototype electric motors (35 kW class) featuring industry-leading
output density for use in automobiles and other mobility applications. These units generate high output despite their compact size
thanks to the use of high-efficiency segment conductors and thecasting and machining technologies Yamaha has honed throughits engine development.

A

Japan has the most aged society in the world and thus faces avariety of social challenges, from ensuring accessible modes oftransportation for the elderly to regional disparities between urban
and rural areas. Other countries around the world with aging
societies are paying close attention to developments in Japan. By
providing compact, low-speed forms of mobility such as its electriccarts for first/last-mile mobility solutions, the Company looks to
aid community building employing such “slow mobility” andcreate uniquely Yamaha value in mobility, and thereby not only
address important societal issues such as transportation, health,and industrial development but also introduce fun to the value ofmobility itself. Although the impacts of the COVID-19 pandemic
delayed the deployment of fee-based services in fiscal 2020, wewere able to conduct field tests in 18 locations across Japan.

Launch of New Connected NMAX
and AEROX Models

Development of Electric Motor Units
for Mobility Applications

RT

Promotion of Low-Speed Mobility Services

Environment and ResourcesStanding Electric
Micromobility Proposal

Transportation, Education, and Industry

RT

A

Beginning with the Indonesian market, Yamaha Motor launchedmodels featuring onboard connectivity and in fiscal 2020 sold
74,000 NMAX and 18,000 AEROX models with connected features in the country. Connected vehicles make it easier to visualize
and track acquired vehicle data and thereby offer personalized
services based on that data. This enables more convenient aftersales service by informing users of the appropriate timing forvehicle inspections and encouraging visits to official dealerships
for proper maintenance. We plan to roll out connected features
on a global scale going forward.

Worldwide Efforts for Riding Safety

RT

A

Under the COVID-19 pandemic, the Yamaha Riding Academy
developed and implemented methods for effective online instruction and held courses a total of 3,353 times in countries aroundthe world for some 67,000 participants. The frequency of traffic
accidents is particularly high in ASEAN nations, and from thestandpoint that traffic and riding safety education from an early
age is important, the Company offers a wide range of relevant
safety content—covering children to professional riders—in its
safety education and promotion efforts.

Yamaha Motor Co., Ltd. Integrated Report 2021

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Toward Sustainable Growth

Resolving Societal Issues through ART

InnovationT

Launch of New LMW ModelAR

The Company launched its new Tricity 300 LMW model in Europe
and Japan. This is Yamaha’s first production model to employ the
new Standing Assist system that helps the vehicle stand on its
own when stopped. In some European countries, car license
holders are able to ride the Tricity 300 without acquiring a motorcycle license, helping us reach new customers. Sales of this model
were strong in fiscal 2020, with 2,900 units sold in Europe andaround 660 units sold in Japan following its September launch.

Development of High-Efficiency,
Multifunctional Platforms

ART

Yamaha Motor completed development of the YRM20 as the firstin its YRM Series of all-new next-generation mounter platforms
embodying the Company’s Intelligent Factory concept. The
YRM20 is a new, premium, high-efficiency modular that combines
two unique technologies representing Yamaha Motor’s history of
excellence in the field: the rotary head from the ∑ Series and thein-line head primarily used with the YSM Series. Going forward,
Yamaha Motor will continue to expand its lineup of nextgeneration YRM Series mounter platforms.

24

Yamaha Motor Co., Ltd. Integrated Report 2021

ART

Launch of Automatic Flight-Capable Electric Drone

Smart agriculture brings robotics and ICT to the agriculture field
and is gaining a great deal of attention in Japan as a potential
solution to various issues faced by the country’s agriculture industry, including its shrinking and aging workforce. March 2021 saw
the addition of the YMR-08AP into Yamaha Motor’s industrial-use
multirotor drone lineup. This new offering contributes to efficiency
and laborsavings in agricultural work through automated flight.
Featuring automatic crop-dusting governed by the autopilot,
dedicated software for easy route planning, and more, the YMR08AP contributes to efficiency and laborsavings while deliveringhigh-quality spray distribution on par with our industrial-use
unmanned helicopters.

Establishment of
Joint Venture Company for
Automated Transport Solutions

RT

A

Factories’ logistics operations are finding it increasingly difficult tomaintain efficient demand-driven production systems under the
existing model of basing equipment and operations on worker
stationing due to a growing demand for high-mix, low-volume
production combined with chronic labor shortages. To tackle thisissue, Yamaha Motor and Tier IV, Inc. have established eve autonomy, Inc. as a joint venture company in the automated transport
solutions business, and transport operations commenced in
March 2020.

Agricultural Laborsaving
Proof-of-Concept Project

RT

A

Labor shortages in agriculture have become a concern for developed countries around the world and there is an urgent need forautomation and laborsavings in the sector. The Company is providing solutions for the agriculture industry through its robotics
expertise. By pairing an articulated robot arm adept at sophisticated, delicate movements via an intricate control program
together with an agricultural unmanned ground vehicle (UGV),
our aim is to achieve fully unmanned fruit harvesting, which is still
done by hand today. In fiscal 2020, we conducted a field test of
this prototype at a winery in Yamanashi Prefecture, Japan.

Joint Development of
Collaborative Robots

ART

Demand for collaborative robots—robots that work alongsidehumans—is rising both in developed and emerging countries amid
wider labor shortages, rising personnel expenses, and the need forsophisticated automation in new fields such as the Internet ofThings (IoT) and connected, autonomous, shared, and electric(CASE) systems and vehicles. Yamaha Motor has partnered with
Tokyo Robotics Inc., a specialist in the collaborative robot field,
aiming to supply clients with total collaborative robot solutions
and thereby grow the scale of its industrial robot business as wellas broaden the sectors in which it is involved.

Yamaha Motor Co., Ltd. Integrated Report 2021

25

Toward Sustainable Growth

Climate Change Initiatives(Disclosure Based on TCFD Recommendations)

In May 2019, Yamaha Motor announced its support for the recommendations of the Task Force on Climate-related Financial
Disclosures (TCFD). Since then, we have been taking steps to track and manage climate change-related opportunities and risks that
could affect our business in order to incorporate adaptive and mitigative climate change measures into our business strategies.
As environmental regulations tighten and the move to decarbonization accelerates around the world, the Company revised
the CO2 emissions targets in the Yamaha Motor Group Environmental Plan 2050 (hereinafter, “Environmental Plan 2050”) first
formulated in fiscal 2018. We are now moving forward at an even faster pace with initiatives aimed at achieving carbon neutrality.

Strategies 
The Yamaha Motor Group has set a new target of achievingcarbon neutrality throughout all of its business activities, including
across the life cycles of its products, by 2050. Climate change,
resource recycling, and biodiversity have been defined as priority
action themes, and to that end, we have laid down goals to reach

Governance 
The Board of Directors formulates policies on dealing with issues
concerning sustainability and regularly reviews their implementation status. With regard to issues concerning sustainability, theBoard of Directors oversees the Sustainability Committee, chairedby the president and chief executive officer and comprising executive officers appointed by the Board of Directors.
For these issues, we positioned the environmental field in particular as an important area to be tackled by management andestablished the Environment Committee, chaired by an executive
officer in charge of environmental activities. The Environment
Committee meets three times a year to discuss policies concerning
the environment and vision for the future, assess Environmental
Plan 2050, and conduct annual reviews of how each operating

division has performed against its targets. The committee reports
its findings to the Board of Directors at least twice a year.
Board of Directors
President, chief executive officer and representative director
Sustainability Committee
Environment Committee

Sustainability Promotion Meeting

Climate Change-Related Risks and Opportunities 
In our scenario analysis, which assumes physical risks based on a
1.5°C and a 2°C scenario, we have classified and identified the
major risks and opportunities for our businesses associated withthe transition to a low-carbon society as regulatory, information
disclosure, technological, market, reputational, and customer risks.

In addition, we have evaluated the importance of climate changerelated risks based on whether they are likely to materialize in the
short term (0–3 years), medium term (3–6 years), or long term (6+years), and the resulting estimated scale of the subsequent financial impact.

by 2050 along with targets that function as milestones to hit by2030. Efforts toward accomplishing these goals and targets are
moving forward based on three-year medium-term plans andmeeting these targets will enable us to continue delivering new
Kando and more fulfilling lives to people all over the world.

Yamaha Motor’s Initiatives 1Uniquely Yamaha Carbon Neutrality Strategies

Yamaha Motor began working to address climate change in the
1980s. We launched the PAS as the world’s first electrically powerassisted bicycle (e-Bike) in 1993 and then proposed a new form ofmobility with the Passol electric urban commuter model in 2002.
In the years that followed, we proceeded to expand our line ofelectrified mobility options in various categories, including golfcars, wheelchairs, and outboard motors. The PAS in particular wasdeveloped based on the concept of a user- and eco-friendly personal commuter model placing top priority on performance intune with human sensibilities, and it created an all-new market
outside the realms of bicycles or motorcycles. Today, Yamaha
e-Bikes are being increasingly used in place of scooters andsmaller automobiles in Japanese cities, while in Europe and theUnited States, the market is growing for e-Bikes as a new genre ofoutdoor recreation.
Toward achieving a carbon-neutral society by 2050, Yamaha Motor
will continue to create new value not only with its motorcycles but
also with new, uniquely Yamaha proposals for personal mobility.

Proposal of Smaller, Eco-Friendly Forms of Mobility
Yamaha Motor is proposing compact forms of mobility with small
environmental footprints that produce fewer CO2 emissions acrossthe entire product life cycle, from raw material procurement tomanufacturing, use, and disposal. Motorcycles, for example, useinternal combustion engines (ICEs) that emit 70% less CO2 throughout their life cycles than cars, and electric motorcycles emit 75% less.
In addition, it is possible to reduce CO2 emissions effectively by
cutting down the emissions in battery manufacturing processes andinstalling more charging facilities that use renewable energy.
Comparison of CO2 Emissions in Product Life Cycles

When driving

Energy production–70%

Vehicle production

Basic Policies 

Risks

Low-carbon society

Short
term

Costs for addressing regulations may increasesignificantly, with each country and territory moving
to tighten motorcycle emission standards and the
U.S. introducing more stringent EPA and CARB
emission standards for marine engines.

Mediumterm

Rising demand in India, Africa, and other regions
may increase CO2 emissions from the distribution of
goods, and the introduction of carbon taxes may
increase logistics costs.

Long
term

Short tomediumterm
Opportunities

Long
term

26

Heightened environmental awareness may lead todecreased sales of products that use fossil fuels,
while the introduction of carbon taxes may increase­manufacturing costs.
Sales of models with improved fuel economy may
increase. In emerging economies, motorcycles
may be widely adopted as an inexpensivemeans of transportation with minimal social
infrastructure costs.

Electric models may be widely adopted.

Yamaha Motor Co., Ltd. Integrated Report 2021

Resource recycling• Promotion of protection andrecovery of land ecosystems• Halting of deforestation• Protection and recovery ofmarine ecosystems• Transition to more efficient power sources as well as
those with lower CO2 emissions• P romote small mobility vehicles with low CO2 emissions

A society in harmony with nature

As the pace of electrification in the mobility field
accelerates, it may result in shortages of the metals
needed in storage batteries, such as nickel andcobalt, thereby driving up procurement costs.

Increased consumption of resources accompanying
the economic growth of emerging markets mayheighten procurement risks, including a shortageof resources and cost increases.

Short
term

Lightweight and compact low-speed mobility
vehicles (land cars) may be widely adopted as ameans of transportation that helps minimize useof social infrastructure resources and related costs.

MediumMotorcycle and marine rental businesses may grow.
term
Long
term

In terms of engineering, manufacturing, andmarketing, ultra-compact mobility vehicles that aresmall, lightweight, and resource-saving may beincorporated into social infrastructure.

Electric motorcycles

During assembly
組立時
廃棄時

Waste

Utilization of Smaller Forms of Mobility

Climate change may trigger abnormal weather
events, including forest fires, droughts, extreme
Shorttotemperature changes, storms, and snowfall,long term destroying the ecosystems of the oceans, mountains,and forests where our products are used.

Long
term

Electric cars

Basis for Calculations
Vehicle production: Calculated using emissions from raw material production, battery production, assembly, and disposal
Energy production: Calculated using emissions from fuel production and electricity generation
ICE and electric cars: Calculated based on International Energy Agency standards
ICE motorcycles: Calculated assuming an annual riding distance of 15,000 km and 10 years ofuse with a 125cc Yamaha vehicle
Electric motorcycles: Calculated with the same distance and use period for a model in an
equivalent performance class
Source for car data: Global EV Outlook 2020, International Energy Agency

Reduction of CO2 Emissions through Optimal Streamlining
Short
tomediumterm

ICE motorcycles

Raw materials
CO2 in EV battery production
原材料
バッテリー製造時
EV
Energy production
Whendriving

Increased awareness of the need to conserve theMarine products
BEVs

Motorcycles

Short
natural environment may trigger growth of thetooutdoor market where people seek and cherish
long terminteractions with nature.

Marine products

FCVs

Cars
BEVs
FCVs

HEVs

CO2 emissions per person

ActionThemes

ICE cars

Further reduce the amount of CO2 emissions per person

CO2 emissions per person

Important• Strengthening of measures to address
Environmental
climate change
and Societal• Improvements in energy efficiency
Issues• Promotion of water safety• Reduction of pollutants andwaste materials• Introduction of industrial processes
using clean technologies andemphasizing efficient resource use• Sustainable use of natural resources–75%
Vehicleproduction

Energy production

New market area 1

Cars

Motorcycles

BEVs
PAS

PAS

Vehicle size

New market area 2
Vehicle size

Note: ICE = Internal combustion engine, an engine that generates power through the combustion of fuel; BEV = Battery electric vehicle, a vehicle that uses the electricity stored in an onboard
rechargeable battery to power its electric motor; HEV = Hybrid electric vehicle, a vehicle that uses both an engine and an electric motor for propulsion; and FCV = Fuel cell vehicle, avehicle propelled by an electric motor using power generated by a fuel cell
Yamaha Motor Co., Ltd. Integrated Report 2021

27

Toward Sustainable Growth

Climate Change Initiatives (Disclosure Based on TCFD Recommendations)

Yamaha Motor’s Initiatives 
2

Yamaha Motor’s Initiatives M edium- to Long-Term Target: Achieve Carbon Neutrality from Business Activities

Looking at total CO2 emissions from Yamaha Motor’s operations
as well as the life cycles of its products, we see that Scope 1 andScope 2 emissions—those emitted as a direct result of the Company’sbusiness activities—only account for 1.8% of total emissions,whereas Scope 3 emissions—those from the Company’s value
chain—constitute 98.2% of emissions. The largest component of
our Scope 3 emissions is Category 11 (Use of sold products),
which represents 82.7% of total emissions. Of Category 11 emissions, motorcycles comprise 65% of total emissions while outboard motors account for 19%.
At the same time, 85% of Yamaha Motor’s motorcycle sales arein Asia, and by supplying this market with compact, convenient,and affordable mobility options, we aim to contribute to sustainable growth in accordance with the United Nations’ Sustainable
Development Goals by addressing the demand for the transportation of goods and services, helping expand the spheres of daily
life, and bringing more options and opportunities for employment
and education. Moreover, we look to develop and popularize
more fuel-efficient products to help combat climate change.
With the goal of achieving carbon neutrality on a global scale,
Yamaha Motor aspires to offer products (next-generation mobility

powered by electricity or renewable energy) presenting the mosteffective means for cutting CO2 emissions based on the government energy policies and energy mixes of each country.

Scope 1 and Scope 2 Targets

Scope 3 Targets

CO2 emissions per unit

CO2 emissions per unit

Breakdown of CO2 Emissions for the Entire Life Cycle
Fuels used
Scope 1
0.5%

Electricity used
Scope 2
1.3%

Other
2.4%

Category 11
Breakdown by
Product

Scope 3
98.2%
Rawmaterials
13.1%

Generators /Snow blowers /Multipurpose
engines
7%2020 life cycle
CO2 emissions
23.7
million t-CO2

Category 11
Use of sold products
82.7%

Others9%Motorcycles
65%

Outboard
motors19%

Note: Calculations have been made using theEmissions Unit Value Database (Ver. 3.1)
based on the Basic Guidelines on Accounting
for Greenhouse Gas Emissions Throughout
the Supply Chain (Ver. 2.3, issued Dec. 2017)
issued by Japan’s Ministry of the Environment.

3

Specific Measures

Motorcycle Technology Strategies

Outboard Motor Technology Strategies

The Company is working toward creating a carbon-neutral society
by implementing motorcycle technology strategies centered on
1) improving the fuel efficiency of its internal combustion engines,2) the expansion of its electric model lineup and promoting theuse of electric mobility, and 3) developing renewable energycompatible powertrains.
In examining the potential effects on lowering CO2 emissions, amajor factor in introducing products as part of our electrification
strategy will be the trends seen in electricity use via renewableenergy sources and the status of the charging infrastructure inplace in different countries and regions.
We will begin by launching products in Europe where renewable energy use is high. The Company will then introduce theseproducts into the ASEAN region, where the majority of the CO2
emitted by Yamaha products originates, over the period of 2030
to 2035 in our mission to achieve carbon neutrality by 2050.

Outboard motor technology strategies for contributing to therealization of a carbon-neutral society include 1) improving thefuel efficiency of our internal combustion engines, 2) developing
all-electric models, and 3) developing models powered by hydrogen, synthetic liquid fuel, and other renewable energy sources.
Roughly 60% of the Company’s outboard motor sales are in developed markets while the remaining 40% come from emerging markets.
In developed markets, outboards are primarily used for sport fishing,watersports, and other recreational purposes, whereas in emerging
markets, they face harder use in harsher environments and are
employed mostly for commercial fishing to sustain peoples’ livelihoods.
With all-electric models, they will be introduced while carefully examining how well they fit in with the renewable energy charging infrastructure in place and the use conditions present in various countries andterritories. Accordingly, electrified models will first be launched instages throughout developed markets and subsequently introduced
into other regions. With this approach, we will contribute to achievingcarbon neutrality as the leading brand in outboard motor reliability.

Motorcycle Powertrain Projection

Outboard Motor Powertrain Projection

–16%
16%
–41%

–24%
–50% –54%
–86%

2010

Base
year

2020

2030

2035

2050
Employ internationallyrecognized carbon
offset methods

2010

Increased focus on ESG factors in investing
Transition to cleaner energy mixes

External
Environment

Employ internationallyrecognized carbon
offset methods

Expansion of
BEV product lineup

Yamaha Motor Co., Ltd. Integrated Report 2021

2030

2035

2050

BEV targets

2.6%

20.0%

90.0%

2010

BEV and FCV targets

2030

2035

2050

21.0% 30.0%

81.0%

Transition to cleaner energy mixes

Utilization of renewable energy sources (solar power, etc.)

Carbon offsets

2010

Expanded regulations for vehicle electrification

Wider use of carbon-neutral fuels(biofuel, hydrogen, synthetic liquid fuel, etc.)

Specific
Measures

Carbon-neutral
fuels

Anticipating the technological progression of powertrains using carbon-neutral fuels (hydrogen, biofuel, synthetic liquid fuel, etc.), the above assumes the rate of adoption to be 2.6% by 2030,
20% by 2035, and 30% by 2050.

Improvement of ICE fuel efficiency

Equipment upgrades andproduction process reforms

Carbon-neutral
fuels*

2050

Application of theoretical-value-based energy approach(energy-saving activities)

Use of electricity and non-fossil-fuel sources tomeet equipment heat demand

28

2035

Tightening of regulations for
ICE fuel efficiency

Institution of carbon taxes and stricter
environmental regulations

Specific
Measures2030

Note: Reduction targets for the combined emissionsof our major product categories (motorcycles,
outboard motors, industrial robots, etc.)

Greater efforts for nationally determined
contributions among countries / territories

External
Environment

2020

ICE

ICE

–90%

Base
year

BEVs and FCVs

BEV

–38%

PowerplantTechnical Measures

Benefits

Improve engine and drivetrain efficiency
Internal combustion
enginePromotion of BEV models

Electric motor

Development of carbon-neutral
fuel-compatible powertrains
Carbon offsets

Develop HEVs (electric motor as main powerplant for S-HEVs)
Begin use of carbon-neutral fuels

Improved fuel efficiency

Synthetic liquid fuels
HydrogenDevelop BEVs

Zero CO2 emissions

Develop FCVs (hydrogen fuel cells)* Carbon-neutral fuel refers to hydrogen, biofuel, synthetic liquid fuel, and other fuels from renewable sources.

Yamaha Motor Co., Ltd. Integrated Report 2021

29

Toward Sustainable Growth

From the Director in Charge of Corporate Planning and Financial Affairs
Cash Flows (Excluding Sales Finance)

Cash Conversion Cycle*(days)

We will support thecontinuation and development ofour businesses by promoting
our growth strategies while­fortifying our financial health.

Improve our earnings power and reallocate cash toward
growth investments and shareholder returns
180+¥9.2 billion+¥64.6 billion

120

60

Tatsumi Okawa
Director and Managing
Executive Officer0
Cash-In

Cash-Out2019 Results

Cash-In

Cash-Out2020 Results

Cash-In

Cash-OutNet income for the period
Increases and decreases in working capital and other items
Depreciation expenses
Growth investments
Stock dividends
Capital expenditures

Review of Fiscal 2020
In the first half of fiscal 2020, we were plunged into a crisis the likes ofwhich we have never experienced, as demand vanished on a global
scale due to the lockdowns instituted in countries around the world inresponse to the global COVID-19 pandemic. As a result, our operating
income plummeted to ¥19.1 billion in the first six months of fiscal 2020,
and this downturn in performance prompted us to take emergency
measures to procure the funds necessary to secure on-hand liquidity andimplement exhaustive cost-cutting measures. However, outdoor recreation and personal mobility demand surged back mainly in developed
countries as lockdowns were lifted in the second half of the fiscal year,
leading to an operating income of ¥62.6 billion over the final six
months. I believe these results show how Yamaha Motor’s core value of
helping families enjoy outdoor leisure on land or water matched perfectly with the demand among customers spurred by the restrictions on
activities away from home. As a result, our operating income for the full
fiscal year fell to ¥81.7 billion, but my evaluation is that our experience
with this adversity demonstrated the resilience of the Company’s diverseand globe-spanning business portfolio.
At the same time, the year’s developments did shed light on issues toaddress. We were unable to accurately predict the spike in demand,
which meant our efforts to resume and boost production fell behind,
and we are still unable to provide the supply needed to meet customer
demand. This experience has made it painfully clear that demand predictions based purely on historical performance are insufficient. Yamaha
Motor will therefore bring greater use of digital transformation methodologies to its demand projections, such as utilizing alternative data andbig data.
Meanwhile, the Company practiced careful selection and concentration of its resources to narrow down targets for investment and R&D for
future growth, continuing both to reinforce our core businesses as wellas prepare for entries into new business domains.
As a result, free cash flow was a positive ¥66.5 billion, due in part tolower inventory and the curbing of investments, and return on equity
was 7.5%.

Policies and Forecasts for Fiscal 2021
In fiscal 2021, we anticipate the continuation of strong outdoor recreation demand in developed markets and for emerging markets to also
begin seeing a recovery in demand. This outlook is prefaced, however, on
the assumption that global-scale lockdowns will not be implemented in
response to the emergence and spread of COVID-19 variants. We also
project semiconductor demand to remain high. Accordingly, the operating environment has the potential to be quite beneficial for Yamaha
Motor’s core Land Mobility, Marine Products, and Robotics businesses.
Blessed with this favorable market and operating environment, I believe
Yamaha Motor can make another upward step in its evolution if we areable to fully ingrain the exhaustive cost-cutting measures and inventory
controls instituted in response to the COVID-19 pandemic. I will touch on
this matter again later.
Moreover, we plan to transition from crisis response mode back tonormal operations in conjunction with the market recovery in fiscal 2021.

30

Yamaha Motor Co., Ltd. Integrated Report 2021

This transition will entail returning to our basic financial policy of
striking a balance between investments for new growth and returns toshareholders within the range of our cash flows. Based on this policy,
we will strive to bolster the earnings power of existing businesses,
make investments for future growth, and develop digital foundations
while maintaining a balance with shareholder returns.
In regard to shareholder returns, the Company’s dividend payout ratio
benchmark is 30% and we emphasize making consistent and ongoing
dividend payments. In fiscal 2021, we aim to live up to shareholder
expectations by returning to pre-COVID-19 levels and making ourdividend total for the year ¥90 per share. Furthermore, we are currently
reviewing the possibility of revising our dividend payout ratio target inour discussions for formulating the new Medium-Term Management
Plan, and explanations on these policies will be provided when the planis announced.

2019

2020

2021 Forecast (FY)2021 Forecast (FY)Consolidated

United States

EuropeIndonesia

India* Excluding sales finance

Growth Strategies and Fortifying Our Financial Health
Our ability to supply products has not been able to keep pace with thestrong demand. In other words, product inventory levels continue toremain low. This situation has continued since the second half of fiscal
2020 and is greatly inconveniencing our customers and distributors.
From a financial perspective, however, this situation is positive for our
cash flows, as lower inventories brought lower working capital and thus
higher cash. Also, limiting our sales promotion expenses has raised
profitability and these factors have led to positive turns for all of the
figures comprising our profit factor, balance sheet, and cash flows. In
fiscal 2020, all our businesses and bases were forced to reacknowledge
the benefits of low inventories in light of the COVID-19 pandemic. We
will take this as an opportunity to make appropriate inventory and costmanagement a part of our corporate constitution. Meanwhile, we haveseen massive improvements in the various metrics and cash conversion
cycle (CCC) we introduced as key performance indicators (KPIs) for

driving our financial strategy that emphasizes cash flows and our balance sheet. We will look to entrench these items as critical indicators of
performance for management at our major bases going forward.
At the moment, we still hold the additional on-hand funds amassed
as part of the crisis response measures enacted in fiscal 2020, and weare looking at the possibility of flexibly allocating this cash towardachieving our growth strategies. The crisis response measures we took
this time emphasized flexibility and primarily consisted of fund procurement by borrowing from banks, but we are looking to diversify our
methods for procuring funding in the future. Our policies regarding
portfolio management centered on growth (compound annual growthrate (CAGR)) and capital efficiency (return on invested capital (ROIC)) arebeing reexamined as part of the process of formulating the next
Medium-Term Management Plan, and these policies will thus be implemented in fiscal 2022.

Pursuit of Sustainable Growth
From the outset, sustainability was considered a factor when selecting
the targets for growth investments to carry out our medium- and longterm strategies. However, the recent acceleration of decarbonization
efforts has led us to introduce contributions toward carbon neutrality as
a new criteria for guiding decisions on mobility-related investments. We
have also been made glaringly aware that our current organizational
structure is insufficient for achieving our growth strategies. For thisreason, we are examining the possibility of bolstering the organizations
dedicated to accomplishing these growth strategies and of making
intent-driven fund allocations that transcend the boundaries of standard
business management decisions by clarifying the growth fields to betargeted in each of our core businesses and creating management
frameworks to that effect.
I believe that pursuing carbon neutrality will require us to go beyond
merely responding to the associated trends and to instead take theinitiative and go on the offensive. At the same time, the pursuit ofcarbon neutrality presents opportunities for Yamaha Motor to expand its
fields of operation as a comprehensive personal mobility manufacturer.
Motorcycles and three-wheeled vehicles make sense as mobility options
for their flexibility in movement, and they also boast a substantiallylower environmental impact than cars due to their compact size. I thinktransforming motorcycles and three-wheeled vehicles into carbonneutral forms of mobility through electrification and other means will
likely make them extremely welcome options among highly eco-­conscious consumers who value logical solutions, particularly among
younger generations worldwide. Yamaha Motor will also branch out
from these vehicles to introduce completely new forms of carbonneutral mobility in order to realize its Long-Term Vision of ART for
Human Possibilities.
Going forward, the Company will work to build stable financial
foundations and carry on its existing businesses while also aiming to
expand into new business domains.

Yamaha Motor Co., Ltd. Integrated Report 202131

Toward Sustainable Growth

Digital Transformation

The Company is advancing its digital transformation strategy under the “Yamaha Motor to the Next Stage” banner raised
toward achieving its Long-Term Vision. At the same time, the strategy aims to connect us with our customers in order tocreate more fans of Yamaha Motor and raise our brand value.

Yamaha Motor to the Next Stage 
Yamaha Motor is utilizing digital technologies and data together with its strengths and assets to grow its businesses in both the physical anddigital realm. Our three digital transformation initiatives—Y-DX1, Y-DX2, and Y-DX3—are being driven in a concurrent and linked manner toreinforce management platforms, increase the number of customers who become fans of Yamaha Motor, and heighten brand value.
Medium- to Long-Term Plans

Action Themes
Y-DX3

2019–2021

2022–2024

2025–2027

Search and trial

Building and implementation

Expansion

Four core domains and DAP

Application in four core domains andglobal rollout

Advance and update

Y-DX2: Strengthen the Present 
Y-DX2 initiatives are aimed at creating and utilizing customer
touchpoints for direct and ongoing interactions—including after asale—for the purpose of offering customers value personalized interms of both physical and digital aspects.
We are also developing three data platforms (Yamaha Motor
Digital Analytics Platform) to deliver new Kando to customers
through digital development and initiatives in our four core digitaldomains of Connected, Digital Marketing, Smart Operations, andData Analysis.

Using Data to Offer Greater Value to Customers

Create the
FutureY-DX2
Strengthen the
Present

Manufacturing
Procurement
Logistics

Reform Management
Platforms

Purchase
Re-purchase

Awareness
Experience

Ordering

Y-DX1

Interest
Search Visit

Smart
Operation

Global consolidated database andJapanese accounting ERP

Principal base / distributor ERP

ERP at all bases / distributors

Share

Sales
Service

Smart Operations

Connected

Data Analysis
Unit No.

Y-DX1: Reform Management Platforms We are revamping our management platforms to achieve the following three objectives:(1) Accelerate decision-making via thorough efforts to make information
visible and uniform;(2) Enhance the efficiency of back-office operations and shift resources to growth areas; and(3) Use new information to better visualize our customers and achieve
predictive management.
At the same time, by standardizing core business processes and systems, we will promote
the use of shared services and aim to enhance the productivity and quality ofcorporate operations.
Initiative Progress

DAP-FADAP-IoT

DAP-MKTG

Manufacturingrelated data
platforms

Connectivity-related
data platforms

Marketing-related
data platforms

Management Dashboard

Global production, sales,
and inventory (PSI)

Management
simulation

Consolidated model
profitability

Yamaha Motor seeks to create the future by connecting with its
200 million customers. We will form ties with new customers
through channels and collaborations beyond conventional
approaches. By gaining new perceptions and synergies, we will
create new value and a new future.

Consolidated accounting

Base / distributor layer

Linked Platforms / Global Master

Shared services

Connected
We have begun launching mobility
products with connectivity features andtheir requisite mobile apps in stages inour major markets. In addition, we will
utilize the data generated by theseconnectivity features to make proposals
that further enrich the mobility lifestyles Y-Connect-compatible Connected
NMAX scooter (Indonesia)of our customers.
Digital Marketing
Efforts are underway to develop physical and digital touchpoints with customers, such as the launch of an
e-commerce website in India, in orderto provide new customer experiences.
We also commenced operation of our
Yamaha ID platform.

E-commerce website (India)

Smart Operations
Progress was made in the automation of factory status monitoring, transport,
work processes, and inspections as well as in the automation, expedition, andenhancement of data collection and use. We also promoted the use of digitaltechnologies in demand chain management practices for delivering products tocustomers in a timely manner.
Data Analysis
Our dedicated data analysis teams are formulating solutions and improvements for various issues. We also held online data analysis training courses
and the like to foster in-house data analysis staff in order to facilitate
on-site data analyses.
Data Platforms
The DAP-MKTG, DAP-IoT, and DAP-FA platforms were put into operation.

Y-DX3: Create the Future 

Consolidated Global Database
Global layer

Customer ID* DAP: Yamaha Motor’s digital data platforms. Each data platform is linked via a unit
number and customer ID.

Unified Accounting System / Predictive Management

Consolidated Global Database
Yamaha Motor is creating a centrally managed global database compilingmanagement data from 25 domestic Group companies and 110 overseas
subsidiaries and is also preparing a management dashboard. These tools
will allow for drilldown analysis of management indicators and sales data by
product and region and thereby enable swift, predictive management
decisions based on sales projections for major products.
Global Enterprise Resource Planning System
As the first phase of launching a global enterprise resource planningsystem, the Company is preparing to introduce an SAP accounting module
for the Iwata headquarters. At the same time, we have begun consultingwith subsidiaries in Europe and the United States regarding the constructionof the work systems that will serve as global templates for each region as
well as for the accounting, sales, logistics, production, and procurement
processes that will be central to standardization at Group companies.

Digital Marketing

Initiative Progress

Differentiation
processes
Procurement

Production

Distribution

Sales

ServicesStandardization of business processes and code systems Standardized
processes(ERP)
Accounting and corporate operations

Yamaha Motor customers

Customers
who know
Yamaha Motor

Customers
who do not know
Yamaha Motor

Initiative Progress amaha Motor has begun using the Makuake
Ycrowdfunding platform to connect and co-create
with new customers. Through this platform, we
will broadly share our awareness of issues and ourdesire to contribute to society through motorcycles
in general with all customers—not just Yamaha
users—and engage in co-creation seeking possibilities for new and unprecedented businesses.
 oing forward, Yamaha Motor will expand theGscope of its efforts to create the future throughvarious new ideas, including those from theperspective of sustainability.

Collaborations with different fields
Co-creation programs

Shared services

Construction of a continuous
cycle of innovation

Y-DX2: Strengthen the Present

The FIST-AID:
Disaster-Ready Riders
project was theCompany’s first timeusing the Makuake
crowdfunding
platform.

Y-DX3: Create the Future

32

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33

Foundations for Creating Competitiveness

Creative Branding & Design
The Company believes that an important objective of management is to further raise the value of the Yamaha brand andmake it shine. Based on our view that design contributes to management and branding, we established the Design Centerin fiscal 2012 before restructuring it as the Creative Center in fiscal 2020 to boost the drivers of the brand, and we engage
in a range of initiatives aimed at enhancing brand value.

Akihiro Nagaya
Executive Officer,
Chief General Manager ofCreative Center,
Brand Committee Chairman

Branding and Design Bringing Happiness to All 
In addition to its roles in product and advanced design, the Creative Centerpromotes activities for proposing value in a new era with the aim of creatingsynergies with our brand marketing functions.
In order to achieve our Long-Term Vision for 2030 of “ART for Human
Possibilities: Let’s strive for greater happiness,” instead of viewing everything—from the formulation of management plans and the development of products
and services to marketing—as separate, individual activities, we regard them allas “branding” and carry out all of them with equal importance and creativity. I
regard this approach as our response to the expectations placed upon Yamaha
Motor—long known for its design—as well as our mission and role in bringing
greater happiness to all.

Shifting from Designing Products to
Designing “Meaning” 
Based on the unique perspective we have from our history and future prospects thatare ours alone, we engage in design while asking ourselves what kind of value holds
meaning for people’s happiness and what are truly meaningful solutions for society.
Specifically, we move our work forward by collaborating with the various businessdepartments in a workshop format.
Interpreting the new “meaning” required for the upcoming era, we conduct
design accounting for everything from business strategies and the product itself to
our touchpoints with customers and society. We believe that doing so is what willallow more people around the world to identify with the types of value and solutions
we offer. By “meaning,” we are referring to the fundamental part of value that lies
behind our products and services. This is not simply about a product being “cool” or“beautiful.” I believe there is value to be found in design that targets the feeling ofsatisfaction that comes from the sense of pride or belonging—or even social consciousness—that develops by experiencing and owning a product.
The needs of modern customers are changing and becoming increasingly sophisticated. The role of the Creative Center is to satisfy those needs and bring happinessnot just to our customers but to people and the world. To that end, we are engaged
in a diverse array of initiatives with uniquely Yamaha approaches.

Soichiro Tanaka
Deputy Chief General
Manager ofCreative Center

Branding Connecting the History of the Unique Style of Yamaha to the Future 
In conducting our internal branding, we use our Innovation Map thatlays out everything from how the unique style of Yamaha has evolved
over the years to our Long-Term Vision in a single connected visual
narrative. This highlights and describes key individual events across theCompany’s history, from our founding and onward to the future, anddisplays how they are all related, making it easy to grasp how ourtradition of innovation has evolved. Encouraging employees to feelcloser to the Company and the brand helps create a collective mindset
for achieving the Long-Term Vision.

34

Yamaha Motor Co., Ltd. Integrated Report 2021

18mm

Yamaha Motor Co., Ltd. Integrated Report 2021

35

Foundations for Creating Competitiveness

Creative Branding & Design

Autonomous Branding®—an Approach Balancing Diversity with Consistency Autonomous Branding®—the autonomization of branding activities—isan approach unique to Yamaha Motor and forms one of the foundations of its branding. Autonomous Branding® is an initiative based on
the unique style of Yamaha in which each involved party takes ownership of creating their own framework and carries out branding with theattitude of “diverse but one at heart.” We believe that the unique styleof Yamaha is the goal that we must pursue and that the methods fordoing so must also be uniquely Yamaha at the same time.
We apply this thinking in the design field as well, developing designs
that still retain consistency throughout our wide-ranging product lineup
to achieve things only Yamaha Motor can in a creative manner. This is
how we create and imbue “meaning” in our work.

Headquarters prepares a framework and branding content

Base A

Base B

Base C

Each business and base chooses from the framework anduses their choices to carry out branding autonomously

The Company prepares its BooM modular booth decoration system as show-ready content. By using it to match different events in various countries, Yamaha can project a diverse, yetconsistent booth design.

Activity Examples
Branding Activities during the COVID-19 Pandemic
We created a special logo to embody and communicate our hopesthat our stakeholders and fans around the world will overcome thiscrisis together and return to spending their days with bright smiles
and laughter.

We also held internal Yamaha Day events online around the world toraise brand awareness among employees.

Japan

ThailandCollaborations between Industry and Academia to Design “Meaning”
From our corporate mission of creating Kando, we are working together
with cutting-edge research institutes in Japan and abroad in a collaborative effort between industry and academia. This research matches
Yamaha Motor’s experience and accumulated “ART” with science to ask
what kind of Kando resonates with people’s hearts and society andwhat must be done to create it. This enables us to not only design whatbrings happiness to people and society from the core but also allows us
to design new value from possibilities that people are still not aware of.
From these endeavors, wegain an understanding ofwhat holds “new meaning”
for customers and the crucial
elements for creating experiential value and happiness forthe next generation.

Case Study of Activities with Kyoto University:
Culture Creation Process for Motorcycles
Experiences and ties
with customers

ART

Artistic thinking

New culture
creation

Changes insocial structure
Aspirations andanxieties ofindividuals

Science

Sociological analysis

Psychological analysis

Kyoto University

Designing a Sense of Stability for Urban Mobility

Yamaha Motor

Designing a Method for Leveraging the Design Development Process in Marketing

Tricity 300

Yamaha VR Marina

The great advantage of a Leaning Multi-Wheel (LMW)* model’s two front
wheels is the sense of stability and front-end confidence it offers riders. The
Tricity 300 was designed to express the dynamic performance and agility
behind that feeling as well as the meaning people seek in mobility for urban
settings.
In line with its design concept of “Your Right Hand” (for supporting yourwork or business), the Tricity 300’s design employs an inverted trapezoidsilhouette to balance the power of its 292cc engine with the sense of stability afforded by the LMW linkage.

Through a unique approach, we are moving forward with the researchand implementation of our Design DX to innovate the processes in
product development under the “Y-DX2: Strengthen the Present” action
theme.
We employed digital technology to launch the Yamaha VR Marina, avirtual showroom that we unveiled at the Japan International Boat Showin April 2020. Even those not able to visit the show in person could stillsee every detail of our boats, as if they were actually there.

* Leaning Multi-Wheel: Yamaha Motor’s designation for vehicles with three or more wheelsthat lean like a motorcycle through turns (Japan Patent Office Trademark #5646157)

36

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37

Foundations for Creating CompetitivenessResearch and Development

We will create mobility that brings greater happiness to people with
R&D aimed at addressing societal issues as our top priority. 
Yamaha Motor’s Course of Action for
Achieving Carbon Neutrality

The Fun of Mobility Itself
Is a Key Value

Various governments and numerous companies have set targets forachieving carbon neutrality between 2030 and 2060. Nonetheless, ascarbon-based emissions are deeply embedded in our lives, achieving acarbon-free world is expected to present daunting challenges. Towardachieving carbon neutrality in mobility, many technologies andapproaches are being examined, from hybrid electric vehicles (HEVs),
plug-in hybrid electric vehicles (PHEVs), and all-electric vehicles (EVs) tofuel cell vehicles (FCVs) and synthetic liquid fuel. However, when assessing things from a product life cycle perspective, the cleanliness levels of
the energy sources utilized in production processes and during productuse exert a significant environmental impact, making the shift away noeasy task. In addition, for smaller and lighter forms of mobility likemotorcycles, the issues of luggage capacity and purchase price weigh inmore heavily than they do for automobiles, which makes finding optimal solutions incredibly difficult. It will be hard to maintain the value
presented by conventional forms of personal mobility with the technological methods currently under consideration. For that very reason, we
believe we must create personal mobility with new forms that also offer
new value.

Today, as the value of mobility is being
reassessed, what lies at the center of thisis a tendency to focus on making mobility
easier and more relaxed, for example, as
symbolized by the CASE movement.
Heiji Maruyama
CASE places value on safely reaching a
Senior Executive Officer
and Director
destination by automatic means and in a
Chief General Manager
shorter time. However, we believe that aof Technical Research &key value of personal mobility is the fun
Development Centerof mobility itself. Needless to say, while
the resolution of societal issues is a toppriority, what we want to aim for is fun
and eco-friendly mobility that is there and ready for you when a sunny
day and good mood entice you to go out for a quick jaunt. The key
phrase of our Long-Term Vision is “Let’s strive for greater happiness.”
Guided by this phrase, we will create mobility that brings greater joy
while tackling societal issues in the unique style of Yamaha.

Direction of Our New Technology Development

Yamaha Motor will expand its domains ofoperation by linking Companywide­businesses and technological fields tocreate new technologies and businesses.

Yamaha Motor Co., Ltd. Integrated Report 2021

our next-­generation mobility vehicles are equipped with a simple cabin,
are self-standing thanks to automatic control technology, and can lean
through turns like a motorcycle. It goes without saying that no special
skills are required to ride or operate these vehicles. The automatic
attitude control systems governing their self-standing and leaning
capabilities are being developed using the latest model-based systems
engineering (MBSE)* methods as well as the technologies and knowhow acquired through the development of MOTOBOT—an autonomous
motorcycle-riding robot capable of circulating a racetrack at highspeed—and MOTOROiD—a proof-of-concept model equipped withartificial intelligence.
* Model-based systems engineering (MBSE): Systems engineering utilizing models

MBSE Approach for Next-Generation Mobility

Stepwise creation approach<Virtual>Requirements
analysis

Functional
designLogicaldesign<Real>

PhysicaldesignMOTOBOT
VehiclesSubsystems

Vehicle testing

Do not fall over

Chassistargets

Controltargets

Powertrain
targets

Subsystem
testing
MOTOROiD

Components

Chassiscomponent
targets

Actuator
targets

Component
targets

Component
testing

Electronic Control
GrowthTrajectory

Land Mobility Business
Operations
Marine Business
Operations• Create new technologies and businesses aimed atcreating new value

38

Yamaha Motor’s product range includes the Leaning Multi-Wheel (LMW)
category—situated between automobiles and motorcycles—and theCompany is developing next-generation mobility by applying and adapting its LMW technology. Our mobility proposals aim to improve on the
shortcomings of motorcycles—vulnerability to changes in the environment and outside interference, the possibility of falling over, and therequired skills to ride properly—while leveraging their advantages ofsmall size, minimal road and parking space requirements, a small
environmental footprint, and their ability to quickly navigate
urban areas. In addition, while not to the same extent as automobiles,

Our Four Core Competencies for Creating
Next-Generation Mobility

GrowthTrajectory• Serve as a bridge linking core technologies
among each business• Expand technologies and businesses into growing­peripheral as well as new domains in line with thefocus of each business

LMW—Next-Generation Mobility DevelopmentStepwise refinement approach

The environment for mobility is said to be undergoing a once-in-a-century revolution, including efforts to achieve carbon
neutrality, the major steps made toward “connected, autonomous, shared, and electric” (CASE) vehicles, and new electricvehicle (EV) manufacturers joining the industry. Yamaha Motor is conducting research and development to address and bringchange to a variety of mobility-related societal issues. The Company is also pursuing the development of technologies thatbring fun to mobility, one of the intrinsic values of personal mobility, while never straying from the unique style of Yamaha.

Powertrains

Chassis and Hulls

Solution Business
Operations

GrowthTrajectory

Manufacturing

Our four core competencies are our platform forcreating mobility that brings greater happiness.
We are advancing the development of next-generation
mobility by fully applying all of our competencies aswell as ensuring seamless coordination between them.

Yamaha Motor Co., Ltd. Integrated Report 2021

39

Foundations for Creating CompetitivenessIntellectual Properties
Yamaha Motor promotes its global intellectual property strategies toward creating, protecting, and utilizing its intellectual
property rights to raise both corporate and brand value.

IP for Business 
Under the banner of “IP for Business,” Yamaha Motor carries out its
intellectual property tasks based on its Four Policy Pillars of Intellectual
Property Activities.
The Company primarily views new technologies for electrification,
automated driving, and the like as well as new markets such as agriculture and medicine as advanced fields for growth that will play key
roles in securing pioneer status and market expansion. We are currently moving forward with efforts to create new value together withour business departments by capitalizing on today’s intellectual property landscape. Efforts to create, protect, and utilize the intellectual
property rights that will support the sustainable growth of Yamaha
Motor are being carried out through patent position analyses in our
major markets and regions of operation. Meanwhile, in new technological fields such as connected, autonomous, shared, and electric(CASE) vehicles and systems, we propose focus areas and co-creation
opportunities after performing SWOT (strengths, weaknesses, opportunities, and threats), STP (segmenting, targeting, and positioning),and other analyses to transform the advanced intellectual properties
powering Yamaha Motor’s value creation into corporate assets.

Four Policy Pillars of Intellectual Property Activities(1) M ove one step ahead of conventional intellectual property activities
that consist primarily of intellectual property creation linked to
product and technology development in existing businesses(2) Pursue intellectual property activities that preempt technologicaldevelopments and the expansion of business areas by looking beyond
our existing technologies and markets(3) Indicate advanced fields that target further preemption and businessarea expansion through analysis of the intellectual property
landscape(4) Contribute to management decisions and strategy formulation fromthe perspectives of intellectual property analysis and market andtechnological growth analysis

Intellectual Property Activities Underpinning Business Strategies 
Yamaha Motor utilizes an intellectual property mix combining patents,
design rights, and trademarks.
The Company prides itself on the unique designs of its products. Thus
we take proactive steps to secure not only the design rights for external
designs but also patents for external designs that serve a role from afunctional or technological perspective in order to comprehensively
protect Yamaha product designs and create unique value.
In addition to protecting the intellectual properties that underpin

Intellectual Property Mix and External Design Patent Examples for the BW’S
(2008–)(2015–)

Patents

Intellectual Property Activities Contributing to the SDGs 
Committed to contributing to society through its businesses, Yamaha
Motor has designated “Transportation, education, and industry” and“Innovation” as two of its four important societal issues (materiality
issues). The intellectual property department works to address thesesocietal issues by taking part right from the business modelV erification Testing of Mobility Support for
Persons with Limited Mobility

development phase and creating the intellectual properties that will beat the heart of these business models in order to further our work
toward achieving the United Nations’ Sustainable Development
Goals (SDGs).

Digital Transformation for Promoting Riding Safety

Yamaha Motor’s unique product designs and business activities, we
coordinate with the intellectual property authorities and other bodies ineach market to formulate a resolute response to any violations of ourintellectual property rights. Furthermore, the Yamaha brand has beenregistered as a trademark in almost every corner of the world to lead theCompany’s value creation in countries across the globe from the perspective of intellectual property.

Design rights

Trademark(2020–)

Patents

Patent for the front
design accounting for
air resistancePatent for the front
design for rainwater
deflection

Patent for the side
design accounting forunderseat storage
space

Patent for the side
design for increasing
passenger comfort

Design rights

PatentDesign rights

Patent application submitted thattreats the unique front cover design
as a functional part

TopicFirst-Ever Commissioner of the Japan Patent Office Award atIntellectual Property Achievement Awards

Proof-of-concept vehicle testing for a
low-speed automated driving system

Patent for technology that increases
convenience of low-speed automated driving systems

 elm Master™ Next-Generation Boat Control
H
System Bringing Automation to Boating

Patent for bow heading control system (left)Patent for joystick control system (center)40

Yamaha Motor Co., Ltd. Integrated Report 2021

Patents for digital technologies transforming how
we can communicate with riders (riding posture vs.
course traveled (left) and course traveled vs.
acceleration (right); patented only in Japan)

High-Versatility Agricultural UGV(Unmanned Ground Vehicle)

Yamaha Motor believes that product design makes significant contributions to its management and branding, and positions design alongside concepts and technologies as part of its
management foundation. To that end, we have remained committed to creating organizations and developing human resources in the field of design, and these efforts have won
recognition with the Company’s first-ever Commissioner of the Japan Patent Office Award at
the Intellectual Property Achievement Awards held in April 2021. This award signifies that
Yamaha Motor is practicing design-based management effectively utilizing intellectual property systems.
Going forward, Yamaha Motor will continue to offer new excitement and a more fulfilling
life for people all over the world as a Kando Creating Company while carrying on its initiatives
aimed at raising corporate and brand value.
Winning Points of Praise (Excerpt)• Established the Design Center in 2012 based on the president at the time’s (currently chairman of theBoard of Directors) uncompromising stance to protect the Company’s concepts and designs, andpromoted the unification of concepts and designs that previously differed by business unit
• Practices design-based management based on strong recognition of the need to communicate tocustomers the meaning and significance of purchasing a Yamaha in a world where products quickly
become commodities• In addition to having the head of design present at management meetings, designers participate informulating business strategies, thus the Company supports the process of clarifying the meaning
behind the value to be delivered to customers• Efforts taken by intellectual property departments to improve corporate value through intellectual
property activities that contribute to the business under the “IP for Business” bannerAward ceremony

MOTOROiD design rights

Patent for control system architecture enhancing versatility (left)Patent application submitted for vehicle system architecture (right)

Yamaha Motor Co., Ltd. Integrated Report 2021

41

Foundations for Creating CompetitivenessProcurement
To deliver our unique, high-performance, high-quality products throughout the world, procuring a diverse variety of quality
parts and materials with a global perspective becomes crucial. By proactively communicating with our suppliers and business
partners, we develop trusting relationships and engage in Monozukuri based on a spirit of co-creation with uniquely Yamaha
efforts that not only raise global competitiveness but also earn the respect and appreciation of society and mutually raise
the corporate value of all parties.

“Theoretical-Value-Based Procurement” and the Supply Chain 
Monozukuri Procurement Evolving amid the COVID19 Pandemic“Theoretical-value-based procurement” is an initiative unique to theCompany underway in collaboration with its business partners.
This approach—implemented with our partners—extends to procurement the theoretical-value-based production approach applied to ourmanufacturing and production processes, in other words, first drawing
up an ideal vision and then conducting improvement activities striving toachieve high-quality output.
Yamaha Motor is standardizing procedures and developing frameworks for its business partners to take independent action as the global
COVID-19 pandemic has placed significant restrictions upon on-site
activities. For example, we have begun conducting verifications andoffering support via video by connecting with business partners throughonline conference systems. We have also launched co-creative concurrent engineering activities in which we collaborate with business partners from the product planning phase utilizing actual procurement
items. Through these efforts, we aim to raise productivity and quality

Global Implementation ofTheoretical-Value-Based Production(No. of companies)

428

OverseasJapan

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

as well as reduce raw material costs, and we are also now able togenerate ideas for raising product value in the early stages of development.
As of fiscal 2020, 428 suppliers around the world have adopted ourtheoretical-value-based production approach. This has enabled us to go
beyond simply procuring the necessary components based on blueprints
and instead engage in more ideal Monozukuri with business partners
that includes consideration for materials and manufacturing processes.
By evolving our Monozukuri procurement approach even amid the
COVID-19 pandemic, we are aiming to create a more robust procurement network.

Strengthening Our Ties with Business Partners
Yamaha Motor openly shares its policies with its suppliers andexchanges of information and opinions are facilitated through various
venues to help align us toward a common goal.
As one such venue, the Company holds the annual Global Suppliers
Conference that gathers major business partners and suppliers fromaround the world. This event serves as an opportunity to share Yamaha
Motor’s vision and explain its initiatives. In addition, the conference
includes the presentation of awards to excellent partners in each business, the introduction of examples of theoretical-value-based procurement in practice, and the display of new products.
The COVID-19 pandemic forced an abrupt cancellation of the 2020
Global Suppliers Conference and the 2021 conference was held online
instead. A total of 250 business partners from 13 countries were invited
to this online conference, at which we sought ways to resolve societal
issues together with business partners through our focus areas ofAdvancing Robotics, Rethinking Solution, and Transforming Mobility,
and shared with our Monozukuri partners our dedication to co-creationthat heightens corporate value for everyone. The pandemic has impaired
our ability to hold face-to-face and group events, but we neverthelessremain committed to promoting mutual communication with an evenwider range of business partners by transitioning to virtual informationsharing and communication methods via ICT and capitalizing on thebenefits thereof.

Globally Promoting Sustainability across the Entire Supply Chain 
Based on a belief of mutual trust and mutual prosperity, the Yamaha
Motor Group seeks to avoid risks and minimize the potential damages
in crises that can affect our business partners, such as the global supply
chain disruptions wrought by the COVID-19 pandemic, natural disasters,
quality issues, and management-related circumstances.
Risks associated with management and quality issues are addressed
through annual monitoring by Yamaha Motor headquarters and comprehensive evaluations of business partners that examine business
continuity plans (BCPs) and the use of substances hazardous to theenvironment. Further, when deemed necessary, corrective measures
are implemented and their progress checked after implementation.
Moreover, a supply chain risk management system is utilized to clarify
the supply chains connecting raw materials to finished parts and components procured by the Group in order to analyze and monitor risk

factors and facilitate robust BCP management. We are also enhancing
our systems for stable procurement in preparation for emergencies tosafeguard against global procurement risks.
Furthermore, we ask our business partners to support the Yamaha
Motor Group’s Basic Policies of CSR and expect them to act on the basisof these policies. Our current Medium-Term Management Plan (2019–2021) calls for the rollout of these policies to cover approximately 90%
of our total worldwide procurement value, translating into more than
1,000 companies across the supply chain. We also plan to graduallybroaden the scope of these activities to include more countries based on
the unique human rights issues each faces while making refinements toimplementation methods.

Supply Chain-Spanning Initiatives for a Carbon-Free Society 
To achieve the Yamaha Motor Group’s goals for carbon neutrality, we
will be coordinating with industry bodies to build systems for tracking
and managing CO2 emissions across the entire supply chain.
Energy-saving initiatives targeting the production sites of suppliers were rolled out in fiscal 2019 as part of our wide-ranging activities for building a carbon-free supply chain together with ourbusiness partners. In addition, we will actively promote the effective
utilization of resources, such as the use of renewables, and practiceco-creation with business partners in the pursuit of technologicalinnovations for reducing CO2 emissions in the production of raw
materials and products.
Information on the Company’s policies for such initiatives andour trajectory forward are shared at the annual Global Suppliers
Conference in the effort to accomplish our goals together with
our partners.

Message from Management
Long-Term Procurement Policies Supporting Risk Management
and Ongoing Social Contributions
Our procurement activities must be constantly adapted to changes and societal issues.
We must not become preoccupied with improving efficiency and competitivenessthrough approaches dependent on production volumes and instead focus on constantly
enhancing the value we offer customers. Whether it is pandemics, distribution disruptions, or new regulations, risks to supply chains are growing on a global scale.
It is therefore crucial for us to work to ensure the ongoing growth of both Yamaha
Motor and its business partners alongside our efforts to strengthen our global procurement networks and boost competitiveness. It was for this reason that the Procurement
Global Executive Committee, of which I am a co-chair, established new long-term procurement policies for global rollout.

Olivier Prevost
Deputy Executive Officer, Director,
PTW Manufacturing & Engineering,
Yamaha Motor Europe N.V. (YMENV)Use of online conference systems

42

Yamaha Motor Co., Ltd. Integrated Report 2021

Sharing details on initiatives at the 2021 Global Suppliers Conference, which was held online

Yamaha Motor Co., Ltd. Integrated Report 2021

43

Foundations for Creating Competitiveness

Manufacturing and Production (Monozukuri)
We create high-quality products interweaving our technologies and sensibilities with the combination of our craftsmanship that brings added value to our products and our production processes that eliminate waste. Moreover, we will further
strengthen our production schemes through the application of new production and manufacturing technologies.

Theoretical-Value-Based Energy Concept for Generating Energy Value 
The growing severity of global warming is placing increasing
importance on reducing the emissions of greenhouse gases like
CO2. In response, the Japanese government announced its goal ofachieving carbon neutrality by 2050, sparking unprecedented
concern and efforts among companies to achieve a carbon-freesociety.
With these movements in the external environment, Yamaha
Motor announced its own goal of achieving carbon neutrality by
2050 and is working not only to minimize the energy consumed
in its business activities but also to increase its use of renewableenergy sources.
Toward minimizing energy consumption in its business activities,
the Company is putting in place initiatives based on a “theoreticalvalue-based energy” concept. This frames only the energy used
to transform materials into products as having value whileconsidering all other types of energy consumption as targets for
improvement. Applying this theoretical-value-based approach to
the energy consumed in production processes, we will identify thetypes of energy use that are truly necessary. Instead of using abuildup approach by looking at energy losses, this looks at theabsolute targets presented by theoretical ideal values and allows
us to produce a vision of the ideal energy consumption scheme.
We then work to bridge the gap between our current situationand this ideal. The Company first launched this unique approachfor theoretical-value-based energy in fiscal 2013. Now implemented at subsidiaries around the world, the program has led to
substantial success and we began encouraging our business partners to also adopt this approach in fiscal 2019. To date, we havevisited four Japanese companies and two overseas companies tocollaborate in minimizing their energy consumption. These visits
entailed diagnoses of equipment using measuring instruments
and analyzing energy losses based on the theoretical ideal toidentify and explain areas for potential improvement. Plans werethen formulated to guide co-run improvement activities over the
next year or two. In this manner, we aim to help business partners

enhance their own Monozukuri operations by reducing their CO2
emissions and energy costs.
These efforts have resulted in a 41% reduction of CO2 per unit
compared with fiscal 2010 in Groupwide CO2 emissions in fiscal
2020. This reduction translates to an average annual reduction ofaround 5%, an achievement several times over previous figures.
Furthermore, as these efforts have progressed, they have generated synergistic benefits, such as increased ease of conversation
due to lower equipment noise, cooler and more comfortableworkplaces with equipment producing less heat, and longer
maintenance intervals as equipment is used less. In that sense,
these activities not only save energy but also bring added value
welcomed on the production floor, such as making factories
quieter during breaks, increasing workplace comfort, and extending the useful life of equipment. The Company also aims to makethese energy-saving initiatives more engaging so that employees
take part in them of their own volition.
Through these initiatives, Yamaha Motor will strive to create
ultra-energy-efficient factories, contribute to preserving the global
environment, enhance the Monozukuri of its business partners,
and create more comfortable, worker-friendly production sites.

Value

Quasi-value

Equipment losses

Operational losses
No valueWorksite theoretical value

44

Yamaha Motor Co., Ltd. Integrated Report 2021

Case Studies
1

L inking of Individual Components and Their
Manufacturing Conditions to Augment Overall
Condition Management for Creating Quality Products

The technological development, systems engineering, and installation work required for successful manufacturing are all performed
in-house to ensure versatility to adapt to diversifying worksite
environments and objectives. Moreover, enhancing
our in-house technicalcapabilities also serves tostrengthen the ties between
the New Venture Business
Development & R&D Strategy
Section and investees.

2Collaborative Work between People and Robots

Yamaha Motor is building factory environments in which employees work alongside collaborative robots in work areas, so that
simple tasks are entrusted to these “cobots” while people areable to focus on value-adding processes that add to customer
satisfaction. As we automate work processes, we aim to raise
quality as well as reduce
manufacturing costs bycarefully delineating whattasks can be performed
instead by robots and workrequiring human eyes andhands for Yamaha Motor
Craftsmanship.

Launch of Three GET Manufacturing Projects
Employees of Group company in Thailand enacting our theoretical-value-basedenergy approach

Theoretical equipment efficiency

Technological theoretical value

guide theoretical-value-based activities. The Company defines a“smart factory” as a system that links and unifies data on people,
equipment, and products and information in manufacturing,markets, and engineering and which visualizes disparities andfluctuations between theoretical value and effective value in realtime. The system is utilized to have worksites apply theoreticalvalue-based thinking to address resolvable issues and to improvethe value provided to customers as well as important management indicators through theoretical-value-based activities.

Message from Management

Transformation into productsTechnology losses

Applying our Yamaha Motor Craftsmanship to Monozukuri operations at our manufacturing and production sites is essential togiving added value to products for our customers. At the sametime, the digitalization of manufacturing processes is crucial toraising the quality of each and every product and for generating
value in an efficient manner. Data can be used to drive improvements, but we believe deciphering the important messages
hidden within it requires real experience on the factory floor andtheoretical-value-based thinking.
At Yamaha Motor’s smart factories, people are the key players
in a process of utilizing data and experience gained on the floor to

Successes like the above will be deployed in Japan and overseas in the future to bring high-quality, cost-competitive Monozukuri to
our facilities worldwide.

Definition of Theoretical-Value-Based Energy

Minimum required energy

Yamaha Motor Smart Factory Initiatives 

Minimize losses by identifying
essential value

The manufacturing arm of the Global Execution Transformation (GET) team was established in fiscal 2020 and has launched three projects: 1) the evolution of the Monozukuri
Conference, 2) global manufacturing human resource development, and 3) the galvanization of key themes such as demand chain innovation (DCI),*1 theoretical-value-based
production (TVP),*2 and the Smart Factory. In the team’s first year in fiscal 2020, we
focused on making improvements to the Monozukuri Conference and setting up the
Global Manufacturing Committee to take the lead with our DCI and TVP efforts. The
Monozukuri Conference was held online last year with over 1,000 employees participating, demonstrating to us firsthand that this was an effective method to share meaningful
information. In addition to these activities, in fiscal 2021 we are formulating plans that tie
into global manufacturing human resource development and are bolstering measures for
reducing Scope 1 and Scope 2 emissions globally toward achieving carbon neutrality.
*1 An initiative aiming to maximize sales by adapting production to changes in the market while maintaining
appropriate inventory levels*2 An initiative to be carried out at all times with the participation of all employees that defines essentialfunctions from the perspective of customer value as theoretical value on the Monozukuri front lines tominimize the gap between the current state of production and theoretical value

Michael Chrzanowski
Deputy Executive Officer,
Chairman, Yamaha Motor Manufacturing
Corporation of America (YMMC)

Yamaha Motor Co., Ltd. Integrated Report 2021

45

Foundations for Creating Competitiveness

Sales (Marketing)Marketing positions customer needs as the starting point of all corporate endeavors and our endless pursuit of greater
customer satisfaction is how we seek to achieve sustainable growth.

Marketing That Showcases and Augments Yamaha Motor’s Strengths 
The Company established “The Global Yamaha Way in Marketingin Sales” to clarify our shared values for conducting marketing in
the realm of sales. The overarching vision of this manifesto is“Continuing to Create Lifetime Yamaha Customers,” and theprogram itself brings Yamaha sales bases around the world
together to globally share, teach, and learn from one another theknowledge they have cultivated individually while spurring eachother to greater heights.
Yamaha Motor divides the customer journey into its own sevensteps and conducts customer-centric activities for each. This provides a common framework for deliberation among our basesaround the world in order to define the objectives, identify thetarget customers, and thoroughly determine aims and actionsaligned with said customers. In sharing successful marketingcases, we employ a “teach and learn” approach that examines
why the case was successful, what difficulties were faced, andwhat is needed for continued success. Doing so leads to in-depth
study and discerning of the key factors of the case, and theknowledge born of the discussions is then formulated, accumulated, and shared globally, leading to new successes. Having
members from around the world who share the same values
gather in the same location for meaningful, customer-centric
discussion not only enhances teamwork but also enables theapplication of knowledge from other countries and will propel us
to the front of global competition.

Experience

Psychological
Share

Bolstering Our One-to-One Marketing and Driving Digital Transformation
with an Eye on the Post-COVID-19 New Normal 
In India, we are implementing various user experience-driven
initiatives for increasing customer touchpoints and generating
engagement benefits in preparation for the new normal to comefollowing the COVID-19 pandemic.
Specifically, we are raising the targeting accuracy of conventional means by utilizing lead marketing and customer data in
online advertisements and the like while developing online sales
systems for vehicles, parts, and accessories. Websites have been

Digital Marketing Initiatives in India Bold utilization of digital technologies for conducting communication tailored to eachindividual customer’s intent and situation
1. Website Renovation

YAMAHA
Information distribution and display
based on user area andmovement history

2. Online Sales Proactive approach from Yamaha Motor based on website
viewing history
YamahaserverAwareness

Experience

Interest

positioned as venues for stimulating the purchasing intent ofcustomers who will not—or cannot—visit dealerships and fortaking actions that lead to purchases. Content, user flow paths,
data structures, and more are being improved with this in mind.
In addition, virtual stores have been created as a new type ofcontent that accommodates the coming new normal, featuringreservation systems based on current dealership inventories, product image displays tailored to customer traits, and more.

Learn about the
product andcheck inventory

Web

Reserve

First visit

Second visit

Payment

Pickup or delivery

YAMAHA

Customer
SearchPurchase

Everything from product selection to sales talk made possible from home

Visit

Decision

ActionSeven Steps of the Customer Journey as defined by Yamaha Motor

46

Message from Management

Accelerating the Sharing of Dealership Successes:
MiS Activities Permeating Sales Efforts in Indonesia 

Dealerships in Russia Sharing Their Experiences toFacilitate Mutual Learning

Yamaha Motor’s Marketing in Sales (MiS) activities are permeating
all levels of sales in Indonesia, spreading not just among in-housesales and marketing representatives but also our dealership partners and their staff.
In these activities, dealerships in various areas come together toshare individual successes they have had based on common
themes and mutually communicate insights, teaching and learningfrom one another via discussion.
These activities were moved online and continued under the
COVID-19 pandemic for Yamaha’s One Team to continue creating
lifelong customers even in the face of market stagnation andactivity restrictions. To further accelerate such activities, theCompany plans to hold a shop manager competition in fiscal
2021 for 1,200 dealership managers selected from various regions
around Indonesia.

In Russia, we are running the Yamaha University Bus program in which we visit dealerships together with representatives from other dealerships so that they can learn fromeach other’s strengths in order to deliver better experiences to customers. Applying
lessons we learned from a successful initiative in Brazil, we are endeavoring to extend ourcustomer-oriented focus to our dealers.
During fiscal 2020, the COVID-19 pandemic forced
lockdowns and brought forth challenging businessconditions for us. However, even amid this adversity,
we have continued to promote the sharing of experiences among dealerships for mutual learning throughthe same “Teach and Learn” approach being applied
on a global scale in order to overcome our current
difficulties. By sharing successful initiatives by dealerships, we are facilitating action based on The Global
Yamaha Way in Marketing in Sales.

Yamaha Motor Co., Ltd. Integrated Report 2021

Online Area Marketing in Sales Meeting in 2020

Kyoko Shimoishi
General Director,
LLC Yamaha Motor CIS(YMCIS)

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47

Foundations for Creating Competitiveness

Human Resource Development
The Company endeavors to create work environments that serve as sources for the unique style of Yamaha Motor while
fostering and encouraging diversity and inclusion. We are aiming for even greater heights in the coming future, accelerating workstyle reforms with a global perspective in order to attract talented human resources from around the world.

Our Fundamental Beliefs As part of our global business operations, the Company is striving
to create an organizational structure with the agility required torespond to changing and evolving market needs. We believe that
if individual workers and their companies share ambitious goals
and work together to bring about not just business growth but
also personal growth, we can offer Yamaha Kando to customers
without fail. Premised on our fundamental belief that all corporate
activities begin with people, it is essential that our employees
work in harmony together and incorporate differing viewpoints
and values. Working to hone individual skills, securing specialists
in numerous technical fields, and applying our expertise in bothdeveloped and emerging markets are the types of efforts webelieve will lead to fulfilling the Company’s Long-Term Vision for2030 of ART for Human Possibilities.
As part of implementing this fundamental approach, we havecreated and put in place employee development programs aroundthe world and run training sessions that cover not only the skills
needed for the job field in question but also skills for businessadministration and strategic leadership. The skilled staff nurtured
through these programs is not limited to placements in specificregions. The Company’s policy is to examine postings around theworld where such staff can best apply their skills before restationing. Accordingly, we are building frameworks and rules appropriate for global human resources.

Human Resource Platform
Embodying the Unique Style of Yamaha Motor

Global Execution Transformation for Human Resources—Empowerment of Women Employees For Yamaha Motor to realize sustainable growth, it is absolutely
essential that we promote diversity and inclusion at a global level.
In keeping with these principles, we are developing and driving
new activities to encourage women employees who embody theunique style of Yamaha to actively communicate new businessideas and perspectives.

On International Women’s Day, March 8, 2021, the Global
Execution Transformation for Human Resources (GET-HR) initiative
was announced by GET-HR co-chair Melanie Tups as a global
undertaking. Plans to support and develop Yamaha Motor’s
woman workforce will be put into action in a stepwise manner.

Global Communication Aimed at Reform—English Proficiency Made a Promotion Criterion 
Having a workforce proficient in English with a global mindset isan essential requirement for sustainable success in our business.
The Long-Term Vision puts forward the expansion of international
collaborations, and we believe enhancing the Company’s global
communication capabilities will not only offer opportunities forfurther growth but also be an important factor for colleagues
around the world to forge closer connections among themselves
as well as in the broader community.

To facilitate smoother in-house communication and embrace
cultural diversity from numerous geographies, the decision wasmade in fiscal 2019 to make English proficiency a promotion
criterion at Yamaha Motor in Japan. We began providing English
training opportunities to staff at all levels in fiscal 2020 for raising
the level of English proficiency among headquarters employees,
and the language was made a requirement for promotion in
fiscal 2021.

Spirit of Challenge

Innovation

Excitement

Confidence

EmotionTies

Each employee working
to create Kando by boldly
taking on their own
individual challenges

Where fun andexcitement exist
at both work andin personal life

Employees withprofessionalism andindependent thinking

Employees with distinct
and diverse individual
strengths

Connected acrossborders of
every kind

Human Resource
Initiatives

Enhancement of Global Human Capital

Empowerment

Globalization

Transformation

Sustainability• Global grading(60% of management
positions filled locally)• Global transfers andpersonnel recruitment• Groupwide
remuneration policy

Materiality

Successor
management• Study abroad schemes• Selective global
development programs
Global Executive Program(GEP)
Yamaha Business School
Global (YBS-G)
Regional Development
Program (RDP)
Mentorship Program• Development of personnel toembody the brand• Rank- and departmentbased training• Empowerment of
women employees(10% in management
positions, GET-HR)• Internationalization of
headquarters workforce(10% of new graduate
career track recruits)• Employment of people
with disabilities• Engagement surveys• Global communication
enhancement
Inclusion of TOEIC score inpromotion criteria• Teleworking
Digital transformation•Yamaha Global Award

Messages from Management
Engagement and Quick Response to Drive Changes
To better clarify the internal issues we face, we completely revised our employee engagement survey in fiscal
2020 to facilitate making quicker improvements. There were three major changes: (1) the revision of key
performance indicators (change in emphasis from “employee satisfaction” to “employee engagement”), (2)the introduction of HR-Tech (online HR system), and (3) the inclusion of items pertaining to workplace dialogue (sharing of awareness and thoughts and visualization).
These new surveys revealed employees’ strong desire to contribute to the Company and to their department, two important indicators of engagement, and the scores for interpersonal relationships were very high.
Conversely, the survey cast light on a lack of understanding regarding Yamaha Motor’s vision. To address thisissue, venues were arranged for the president to explain the Company’s trajectory and for employees to give
their feedback. The benefits of these forums are already beginning to materialize. As we move forward, we willcontinue to pursue higher levels of engagement with an eye on possible global implementation in the future.

Talented Human Resources

Foundation
Workstyle reforms and human resource system development

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Yamaha Motor Co., Ltd. Integrated Report 2021

Corporate Culture

General Manager of
Human Resources Division,
Human Resources &General Affairs Center

Globalization, Diversity, and Inclusion

Diversity and Inclusion

Frameworks and Systems

Tamami Kawai

Darryl Lovegrove
General Manager of Global
Human Resources Development
Division, Human Resources &General Affairs Center

The role of global human resources finds its foundation in the development and enhancement of commercial and governance frameworks. These, in turn, embrace cultural diversity, technological advancements, andthe unique style of Yamaha in supporting dynamic global business initiatives. Developing employees in amanner that allows for agile deployment is imperative in Yamaha Motor gaining a competitive advantage.
Diversity is a cornerstone of the Yamaha brand and has been part of our organizational DNA from theoutset. By nurturing and actively developing a global workforce that reflects our society and embraces
diversity and inclusion, the Yamaha Motor Group will be well positioned to achieve sustainable growth inmeeting its customers’ evolving needs.

Yamaha Motor Co., Ltd. Integrated Report 2021

49

Yamaha Motor’s Sporting Activities

The Yamaha Motor Foundation for Sports

Since its founding, Yamaha Motor has opened new pathways forward and flourished driven by its Spirit of Challenge.
This spirit is embedded in our corporate culture and passed on from one generation to the next, rooted as an underlying
principle in not just the Company but in the hearts of all Group employees.
Playing, watching, and supporting sports contributes to the physical and mental development of young people andaids in the forming of communities. Sports also deliver social value by contributing to healthy international relations andeconomic development. Yamaha Motor’s involvement in sporting activities aims to help create this social value, to communicate the beauty of chasing one’s dreams and the dignity of tackling new challenges, and to share Kando with people
around the world through sports.

The Yamaha Motor Foundation for Sports (YMFS) wasestablished in November 2006 to commemorate Yamaha
Motor’s 50th anniversary. Since its inception, YMFS hascontinued to advance various projects for supporting
people pursuing their dreams and goals through sports.
Yamaha Motor supports YMFS and its activities as acorporate backer.

Motorcycle Racing
Sports Challenge: Grant

In motorcycle racing, riders battle each other to the checkered flag understrict rules and regulations. This motorsport therefore doubles as a testing
ground for developing cutting-edge technologies and epitomizes Yamaha
Motor’s Spirit of Challenge. Yamaha competes for championship titles invarious race categories, including the world’s premier motorcycle racing
series, MotoGP. In addition, Yamaha Motor actively works to promote thesport by nurturing and supporting up-and-coming young riders in order tofoster racing culture in countries and regions around the world.

Rugby
Yamaha Motor’s rugby club, Yamaha Motor Jubilo, competes in the Top
League—Japan’s foremost rugby league—and the team claimed the titleof No. 1 in the country in 2015 by winning the 52nd All-Japan Rugby
Football Championship. In addition, former players take the lead in running a rugby outreach program for elementary and junior high school
students, visiting local elementary schools to teach rugby classes, andmaking other contributions toward the healthy development of Japan’s
youths through the promotion of rugby.

Soccer
The Jubilo Iwata professional soccer team is a J.League club with roots in
the Yamaha Motor Soccer Club, and the team has been crowned league
champion on three occasions in its history. The Yamaha Motor Soccer Clubwas established in 1972 when the Company’s headquarters was moved to
Iwata. The club was formed with the goal of becoming a team closely
connected to and loved by the local community, and in the roughly 50
years since, it has continued to contribute to the promotion of community
sports by operating soccer schools and arranging sports competitions.

YMFS offers experience grants to support the ambitions of athletes, instructors, referees, and others as well as research grants
to support the work of sports scientists and other researchers.
To date, grants have been provided to more than 400 individuals
to support them in pursuing their dreams and achieving theirgoals. The grant programs of YMFS are designed to back people
with fiery passion and exciting future potential while offeringrobust support through a unique curriculum that includes
self-growth analysis via PDCA (plan-do-check-act) cycles andpresentation forums to promote exchanges between athletes andresearchers. This broad support accelerates the development ofpromising individuals with the potential to shine on the world stage.

Tadao Isaka
Vice President,
Ritsumeikan University
Director, Yamaha Motor
Foundation for Sports
Sports Challenge Grant
Committee Chairman

The grant programs offered by YMFS are quite unique. Forums
are arranged between athletes and researchers as opportunities
for interaction and to encourage the mutual reporting andsharing of opinions regarding each other’s ambitions. This helps
provide both with stimuli and discoveries not found in their daily
training or research. Additionally, YMFS’s programs cultivate afamily-like atmosphere in which past program participants
sometimes become assistant instructors or leaders to provide
robust support for the development of new participants. These
programs thus connect participants with opportunities to spur
their growth into world-class athletes and researchers, thereby
playing a part in shaping the futures of their fields.

Challenge UniSupo

Sports Challenge Awards

Boccia was born as a parasport but has since evolved into auniversal sport (UniSpo) that can be enjoyed by and which
encourages exchanges between people of all ages and physicalcapacities. YMFS arranges classes at elementary and junior highschools in Shizuoka Prefecture for students to experience boccia
while also doubling as opportunities for academic study.

Yamaha Motor presents awards to the unsung heroes behind thesports industry. The awards honor these individuals and highlighttheir stories to communicate to society how hard work pays off
and the respect that comes from tackling new challenges.

©JUBILO IWATA

Competitive Sailing
YAMAHA Sailing Team ‘Revs’ is a 470 Class sailing team that has
participated in numerous domestic and international sailing competitions,
including the Sailing World Championships and World Sailing’s SailingWorld Cup.
Scrum Unison was selected for the Inspiration Award at the 12th Sport Challenge Awards.

50

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51

Corporate Governance

From the Chairman of the Board of Directors

Board meetings were mostly held online in fiscal 2020, andwe received numerous comments from outside directors,
exceeding the number for the previous fiscal year. It is crucial
that a diverse range of assessments and opinions, including
those from internal and external standpoints as well as those

Yamaha Motor aims tofurther enhance its
corporate governancewhile prizing its corporate
culture of taking onchallenges to create Kando.

Initiatives by the Executive Personnel Committee

Hiroyuki Yanagi
Chairman and Director

In fiscal 2020, despite the impact of COVID-19 on our business in markets around the world, we were able to keep
decreases in sales and profits to a minimum. I would first like to record my appreciation for the concerted efforts of all
Yamaha Motor Group employees. I also want to sincerely thank our shareholders for their understanding and support.
Experiencing the massive pressure generated by major external events—from the 2008 global financial crisis and 2011
Great East Japan Earthquake to 2020’s COVID-19 pandemic—provides opportunities to engage in improving the resilienceof management. With this in mind, the Board of Directors aims to bolster the value of the Yamaha brand within the contexts of our relationship with society and our customers while continuing to support structural reforms.

Initiatives by the Board of Directors in Fiscal 2020
The Board of Directors at Yamaha Motor puts together
agenda items in a way that allows it to gain a bird’s-eye viewof corporate management in its entirety by integrating business line (vertical) and cross-functional line (horizontal) items.
Looking first at our business lines, the Board examines initiatives such as growth strategies and business model reforms
while for cross-functional lines, it scrutinizes initiatives pertaining to structural reforms and management functions towardraising competitiveness. Further, with cross-functional lines,
we have made progress with initiatives not only for working
divisions at our headquarters but also for initiatives on a
global scale, such as the Global Execution Transformation. In
particular, the Company has assigned global leaders for production, procurement, financial services, and humanresources and is moving initiatives forward while reinforcing
personnel networks. In each field, we have clarified objectives and targets as well as standardized approaches and are
now sharing achievements and knowledge.
The following outlines the major topics addressed by the
Board of Directors in fiscal 2020. I believe that deliberatingthese topics at greater length and in more detail in fiscal 2021
will put us in a better position for the next Medium-Term
Management Plan, which will commence in fiscal 2022.

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Yamaha Motor Co., Ltd. Integrated Report 2021

from perspectives shaped by different experiences and specialties, be shared and discussed to reach the best decision. I
believe that the role of the chairman is to occasionally initiate
discussions that do not fall into any particular category andthose that encourage bold decisions by executive officers.

•C ontribution to the Sustainability of Society: Deliberated on
concept creation, feasibility verification, and technologicaldevelopment for achieving carbon neutrality and what rolemobility should play in future societies.
•B usiness Portfolio Management: Deliberated on the future
vision of the Company based on the potential for growth
and return from invested capital with each business modeland the creation of new customer value.
•D igital Transformation: Deliberated on digitalization in various fields and the shift to high-value-added business models
resulting from the jump from single-point changes toacross-the-board changes with digitalization.
•H uman Resource Strategy: Deliberated on the progress of
initiatives regarding diversity, workstyles, human resource
development, and employment styles, among others.
In the course of these discussions, our outside directors andoutside Audit & Supervisory Board members offer valuableadvice and frank opinions based on their respective businessexperience and specialist knowledge to stimulate greaterawareness of the issues at hand. For each of these topics, I
want our Board meetings to serve as a forum that allows executive officers to create a uniquely Yamaha vision for the future
while helping them construct broad scenarios and specific plansto build the Company into what they want it to be.

Lively discussions also took place at meetings of the
Executive Personnel Committee, which acts as an advisory
body to the Board of Directors.
In matters related to nominations, the committee established and carried out a roundtable conference with thechief executive officer (CEO) with the objective of determining
executive officer appointments or dismissals based on areview and evaluation of the CEO’s own performance. The
conference was chaired by Takehiro Kamigama, an outside
director, and the reviews and evaluations were carried out by
six outside directors and outside Audit & Supervisory Board
members. The primary goal of the conference was toestablish corporate governance in which the best and mostsuitable members of management are tasked with runningthe business by first deciding on the appointment or
dismissal of the CEO as an absolute precondition for theappointment or dismissal of executive officers each fiscal
year. In particular, with the aim of carrying out a non-­financial
assessment regarding the CEO’s management and operational performance, the conference provided a forum for the
CEO to offer his own overview of operations and for the six
outside directors and outside Audit & Supervisory Board
members to provide candid assessments, exchanges of
opinions, and advice in response. The Executive Personnel
Committee will keep bringing improvements to the workingsof the roundtable conference going forward.
In matters related to remuneration, after first verifying theappropriateness of executive officer remuneration standards,
the Executive Personnel Committee carried out a financial
and non-financial assessment of the Company’s businessperformance in fiscal 2020, a year greatly affected by the
COVID-19 pandemic. They then deliberated on executive
officer bonuses and received approval from the Board of
Directors. Although the Company has a fiscal year-end of
December 31, it provided prior disclosure by first releasing
specific details of remuneration in its convocation notice of theOrdinary General Meeting of Shareholders instead of waiting
for the new remuneration system to come into effect.

Among other matters of importance handled by the
Executive Personnel Committee, discussions are underway
on developing future management-level human resourcesand optimizing the composition of the Board of Directors.
Looking at human resource development, despite making
progress with our global human resource hiring system andhuman resource development program, many women
empowerment issues still remain. While the Company has
surpassed its targets for promoting women to management
positions, the number of women in such positions remains
small. To address this issue, the Executive Personnel
Committee is encouraging initiatives that include long-term
recruitment and development.
The composition of the Board of Directors for fiscal 2021
has been changed and now comprises six internal directors(one fewer) and four outside directors. We also welcomed
Eriko Kawai as an outside Audit & Supervisory Board
member, bringing greater diversity to the Board alongside
Outside Director Yuko Tashiro. At the same time, this newcomposition will bring greater depth to discussions surrounding sustainability, one of the Company’s key issues forthe future. Toward fiscal 2022, we look to raise the ratio ofoutside directors on the Board even further and continueenhancing diversity with members of varying experiences,
specialties, nationalities, and more.
Amid changes seen in the value systems of society andcustomers as well as the emergence of specific sets of values,
the value of the Yamaha brand was trusted in global markets
beset by the COVID-19 pandemic. This fact has helped further
clarify the direction in which we will transform our corporate
management. While augmenting our management resilience,
it is pivotal that we build a leadership style that contributes tothe sustainability of society and births innovations. Yamaha
Motor will strive to further enhance its corporate governancewhile continuing to prize its corporate culture of taking onchallenges to create Kando, by fusing cutting-edge technologies with human sensitivities.

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53

Corporate GovernanceDialogue between Outside Officers

I serve as an outside director at other companies, but at
Yamaha Motor, my position is that of an outside Audit &Supervisory Board member. For this reason, I focus on offering
advice and pointing out issues pertaining to compliance andother aspects of internal control.
However, Yamaha Motor is engaged in a wide range ofbusinesses on a global scale, so with compliance, for example,
the relevant issues that must be considered will vary by country,
region, or business. In that sense, the scope of issues that fallunder the domain of internal control is incredibly broad, a factthat makes my job as an outside Audit & Supervisory Board
member all the more difficult. Fortunately, the staff at the Audit& Supervisory Board Members’ Office aids me by sharing a wide
range of information in a timely manner, and I coordinate wellwith the two standing Audit & Supervisory Board members,
who are well versed in Yamaha Motor’s business. This support
has proved invaluable.
Yone

Tetsuji Ohashi

Masatake Yone

Outside Director

Outside Audit &Supervisory Board Member

Ohashi Listening to the input of auditors at Board meetings, it

We will evolve our corporate governance systems
toward achieving further growth in today’s highly
unpredictable external environment.
Developments such as the global COVID-19 pandemic and the trend toward decarbonization highlight the changes
underway in the external environment. In what ways must Yamaha Motor evolve its corporate governance systems
to achieve its Long-Term Vision amid these changes? Outside Director Tetsuji Ohashi and Outside Audit & Supervisory
Board Member Masatake Yone discussed their thoughts on this topic.

Overall Assessment of Yamaha Motor’s Corporate Governance
I would like to begin by talking about the discussions
we have at meetings of the Board of Directors. As of 2021, I
am in my third year as an outside Audit & Supervisory Board
member at Yamaha Motor and I feel that every Board meetingsees open and frank discussions. This leads to my belief that
Yamaha Motor is fortunate to have such a proactive Board of
Directors.
Yone

Ohashi I agree. Board meetings present an atmosphere in which

it is easy for outside officers like myself to voice our opinions
and proceedings are highly transparent. When I pose a question, I often receive an answer on the spot, but there are also
occasions in which additional materials are prepared to provide
more in-depth explanations during the hiatus before the next
meeting. This level of diligence is a clear indicator that the54

Yamaha Motor Co., Ltd. Integrated Report 2021

Company is earnest in its reception of our input.
The basic role of outside directors is to oversee management
and the execution of duties, but I believe that finding ways topush a company forward toward sustainable growth andhigher corporate value is another important role. When I served
as the president of a company in the past, I remember receiving
multifaceted opinions from outside officers on the growthscenarios and strategies formulated by the executive team, andI found them very informative. Similarly, I believe that the perspective and insight I gained in B2B operations can offer extra
benefits to the B2C operations of Yamaha Motor. I therefore
intend to continue proactively offering my input to help
Yamaha Motor achieve more robust growth and higher
corporate value.

is clear that in-depth discussions are held on a regular basis
and that makes me confident that Yamaha Motor’s Audit &Supervisory Board is functioning effectively. However, thatalone is not sufficient for preventing compliance issues or
corporate scandals. It is vital that there be a corporate culture
in which compliance is deeply rooted, with every employee
highly aware of its importance. The types of statements madeby President Hidaka and other internal officers exude such aculture of compliance. When outside officers like ourselves
pose compliance-related questions at Board meetings, internal
officers reply with confidence while providing evidence. I havehigh praise for Yamaha Motor’s work to thoroughly instill thistype of culture.
President Hidaka is a very candid individual and I am surethat some of the points raised by us outside officers are noteasy to hear, but he is still earnest and open in how he receives
and discusses such input. Fiscal 2020 is when we began our
CEO roundtable conferences with the Board’s outside directors
Yone

and President Hidaka to decide whether or not the CEO will bereappointed based on performance reviews and evaluations.
This earnest side of President Hidaka was often clear to seeeven in these roundtable conferences as well.
Ohashi At a standard Board of Directors meeting, there are nota lot of opportunities to ask questions unrelated to agenda
items, so I found the CEO roundtable conferences to be an
intriguing undertaking. Yamaha Motor’s outside officers comefrom diverse business backgrounds, so the conferences saw
questions and input from various angles. I suspect that, for
President Hidaka, it felt much like talking directly toshareholders.
The roundtable conferences with the CEO also revealed
points to improve with how we run Board meetings. From
mid-2020, a 10-minute slot was allotted to the start of Boardof Directors meetings for President Hidaka to talk about management subjects to which he is paying particular attention,changes that have occurred since the previous Board meeting,and recent topics of interest. I think this new addition has
made it even easier to voice opinions at meetings. President
Hidaka does not limit himself to good news; he sometimes
puts the bad news first, reporting on unfavorable developments without trying to hide anything. This has made for evengreater transparency. As I recall, these 10-minute talks werestarted based on your input, Ohashi-san.
Yone

Ohashi I arranged for such talks at board meetings when I was

the president and representative director and CEO of KomatsuLtd., and outside officers told me that it made it easier forthem to speak openly. There are a lot of internal circumstancesand other matters that are not readily apparent to outside
officers. For this reason, it is incredibly beneficial to have
President Hidaka speak a little about how he views the operating environment at the moment, what changes he is currently
mindful of, and things of that nature. I am very appreciativethat the Company was so quick to incorporate a suggestion
I made at a roundtable conference with the CEO.

Response to the Global COVID-19 Pandemic
As COVID-19 evolved into a serious worldwide socioeconomic issue, Yamaha Motor’s executives took quick anddecisive action in enacting its business continuity plan in
response to the pandemic, and the results of this decisivenessshowed in the Company’s fiscal 2020 performance figures.
The worst-case scenario we anticipated threatened the very
Yone

existence of the Company, so I applaud Yamaha Motor for its
success in maintaining this level of business performance.
Ohashi I had only just become an outside director when the
pandemic struck, and I remember listening to reports on
Yamaha Motor’s March performance and its May forecast at the

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55

Corporate GovernanceDialogue between Outside Officers

Board meeting in April 2020. President Hidaka’s prompt decision to enact the business continuity plan after gleaning thehints of the great changes to come from those reports left astrong impression. Actions addressing external stakeholders
were also swift, including rescinding the business targets for the
fiscal period that had just been disclosed to shareholders andinvestors in February. I feel the speed at which Yamaha Motor
moved was much faster than its peers, especially those that also
have December fiscal year-ends. This episode exhibits the highcrisis control capabilities of Yamaha Motor’s management aswell as its ability to unite the entire Company in action.
That is true. However, I believe that the process of
responding to the COVID-19 pandemic also cast light on someof the issues Yamaha Motor faces in its global operations,specifically with the degree to which close, coordinatedrelationships have been forged between the headquarters andits overseas bases. From a legal affairs perspective, it is crucial
for all employees around the world to maintain an awarenessthat they are part of a global company and to exercise theresponsibility this represents in their daily actions. Doing so is
important because it is this awareness that allows for majorcompliance issues to be addressed swiftly and accurately,
no matter where in the world they may occur. I hope that
Yamaha Motor will increase its efforts to communicate thisimportance to employees across the globe in the future.
For example, every employee must be aware that, even if an
issue presents no violation of local laws, it may constitute a
massive problem when looking at international standards.
Yone

In running a global operation,
it is vital that we all move forwardin the same direction with our­employees around the world.

sustainability initiatives. To that end, I will continue looking at
how such moves can be made to fit in with the Company’s
growth strategies.
Ohashi I agree. Given the current global decarbonization trend,

there will likely be a need to discuss whether Yamaha Motor’s

Ongoing Efforts to Raise Corporate Value
Ohashi You touched on compliance a little while back, Yone-

san. I was made well aware of the challenges with global
operations from my experiences at Komatsu, and these difficulties extend beyond compliance. For example, climatechange is a topic of high concern in Japan, but there are someregions where it is still not seen as a high priority. So while
acknowledging that the importance of certain issues can vary
between country and region, I feel it is vital that we all move
forward with our employees around the world in the same
direction. While fostering such a sense of unity takes time, it issomething that a company operating on a global scale cannot
neglect. Significant risks may emerge if this is neglected and I
hope that Yamaha Motor will bolster its efforts to create such
unity going forward. In the meantime, I will continue to proactively offer feedback at Board meetings and other venues
based on my own experience in order to contribute to taking
Yamaha Motor’s corporate value higher.

Ohashi Fiscal 2020 was the second year of the current

Medium-Term Management Plan, and I think Yamaha Motor
was able to advance its growth strategy initiatives while striking a very good balance with management given the extreme
circumstances. Meanwhile, steady progress was made in reinforcing management platforms, making structural reforms,
promoting digital transformation, and carrying out othermeasures that will be needed to realize the Long-Term Vision
for 2030. Although the pace of some efforts did slow somewhat due to implementing COVID-19 countermeasures, ourcurrent discussions include devising ways to make up for thesedelays under the next Medium-Term Management Plan, whichis slated to begin in fiscal 2022.

current approach and speed will be sufficient to accomplish its
goals for 2030 and 2050. However, the Company has already
implemented various initiatives laying the groundwork for therealization of its Long-Term Vision, and I believe Yamaha
Motor will be able to adapt to the current trends by expanding
upon them going forward.

To conclude, I would like to speak on a matter that
goes beyond internal control. As outside officers, we are also
afforded opportunities to test-ride Yamaha Motor’s new products. These opportunities are always very exciting as they
communicate just how much the Company is constantly
coming up with new ways to offer dreams to its customers inuniquely Yamaha ways. I know that the global movement
toward carbon neutrality and other developments mean
Yamaha is facing big challenges, but I still hope that theCompany will continue to capitalize on its technological prowess and release products that deliver excitement to customers
around the world. To support these efforts, I think theCompany should actively work to increase diversity—and notjust on the Board of Directors and the Audit & Supervisory
Board—that goes beyond only gender and encompasses
diversity from a wide variety of perspectives. While this is onlya suggestion from me, Yamaha Motor’s B2C operations are
not limited only to Japanese people. In bringing such diversity,
I hope Yamaha Motor will continue to fulfill its corporate
mission as a Kando Creating Company around the world.
Yone

Raising the awareness ofeach employee is imperative tostrengthening compliance.

One concern I have is how the impacts of the COVID19 pandemic have spread to all corners of society, and as
sustainability topics like the United Nations’ Sustainable
Development Goals gain greater attention, the world is rapidlychanging course away from what has been the long-held
norm. From that, I personally feel that Yamaha Motor needs
to further accelerate its CO2 emissions reductions and other
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56

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57

Corporate GovernanceDirectors and Audit & Supervisory Board Members (As of March 25, 2021)

Directors

Chairman and Director

President, Chief Executive Officer andRepresentative Director

Hiroyuki Yanagi

Yoshihiro Hidaka

April 1978:	Joined the Company
March 2009:	Senior Executive Officer, Chief General Manager of
Manufacturing Center
November 2009:	Senior Executive Officer, Senior General Manager
of MC Business Section, MC Business Operations
March 2010:	President, Chief Executive Officer andRepresentative Director
June 2011:	Outside Director of Yamaha Corporation
January 2012:	President, Chief Executive Officer andRepresentative Director, Chief General Manager of
MC Business Operations
January 2018:	Chairman and Representative Director
March 2019:	Outside Director of AGC Inc. (to present)
March 2019:	Outside Director of Kirin Holdings Company,
Limited (to present)
March 2021:	Chairman and Director (to present)

April 1987:	Joined the Company
July 2010:	Vice President of Yamaha Motor Corporation,
U.S.A.
March 2017:	Senior Executive Officer and Director, Executive
General Manager of Corporate Planning & FinanceCenterJanuary 2018:	President, Chief Executive Officer andRepresentative Director (to present)
June 2018:	Outside Director of Yamaha Corporation (topresent)

Executive Vice President andRepresentative Director

Director
Managing Executive Officer

Katsuaki Watanabe

Katsuhito Yamaji

April 1982:	Joined the Company
March 2011:	Senior Executive Officer and Chief General
Manager of Manufacturing Center
April 2013:	Senior Executive Officer, Executive General
Manager of 1st Business Unit, MC Business
Operations and Chief General Manager of
Manufacturing Center
January 2015:	Senior Executive Officer and Director, Chief
General Manager of MC Business Operations andExecutive General Manager of 1st Business Unit,
MC Business Operations
March 2016:	Managing Executive Officer and Director, Chief
General Manager of MC Business Operations
January 2018:	Executive Vice President and Representative
Director (to present)

April 1982:	Joined the Company
April 2003:	Director of Yamaha Motor da Amazonia Ltda.
March 2015:	Senior Executive Officer, Chief General Manager of
Manufacturing Center
March 2017:	Senior Executive Officer and Director, Chief
General Manager of Manufacturing Center
March 2019:	Managing Executive Officer and Director(to present)

Director
Managing Executive Officer

Director
Senior Executive Officer

Tatsumi Okawa

Heiji Maruyama

April 1986:	Joined the Company
January 2015:	Director and President of Yamaha Motor
Corporation, U.S.A.
March 2018:	Senior Executive Officer and Director, Chief
General Manager of Corporate Planning &Finance Center
March 2021:	Managing Executive Officer and Director(to present)

April 1986:	Joined the Company
March 2019:	Senior Executive Officer, Chief General Manager ofPowertrain Unit and Senior General Manager ofPowertrain Planning Section, Powertrain Unit
January 2021:	Senior Executive Officer, Chief General Manager ofTechnical Research & Development Center
March 2021:	Senior Executive Officer and Director, Chief
General Manager of Technical Research &Development Center (to present)

Outside Director

Takuya Nakata

Outside Director

Takehiro Kamigama

April 1981:	Joined Nippon Gakki Co., Ltd.
(currently Yamaha Corporation)
October 2005:	General Manager of PA/DMI Division of
Yamaha Corporation
June 2006:	Executive Officer of Yamaha Corporation
June 2009:	Director & Executive Officer of Yamaha
Corporation
April 2010:	President of Yamaha Corporation of America
June 2010:	Senior Executive Officer of Yamaha Corporation
June 2013:	President and Representative Director of
Yamaha Corporation
March 2014:	Outside Director (to present)
June 2015:	President of Yamaha Music Foundation (to present)
June 2017:	Director, President and Representative Executive
Officer of Yamaha Corporation (to present)

April 1981:	Joined Tokyo Denki Kagaku Kogyo K.K.
(currently TDK Corporation)
June 2002:	Corporate Officer of TDK Corporation
June 2003:	Senior Vice President of TDK Corporation
June 2004:	Director & Executive Vice President of
TDK Corporation
June 2006:	President & Representative Director of
TDK Corporation
June 2016:	Chairman & Representative Director of
TDK Corporation
June 2017:	Outside Director of OMRON Corporation(to present)
March 2018:	Outside Director (to present)
June 2018:	Outside Director of SoftBank Corp. (to present)
June 2018:	Mission Executive of TDK Corporation (to present)

Outside Director

Outside Director

Yuko Tashiro

Tetsuji Ohashi

June 1986:	Joined KPMG LLPJuly 1995:	Partner of KPMG LLP
November 2000:	Sourcing Leader of GE Corporate Japan ofGeneral Electric International Inc.
July 2003:	Chief Financial Officer of
PHOENIX RESORT CO., LTD.
April 2005:	Director, Chief Operating Officer and Chief
Financial Officer of Aon Holdings Japan, Ltd.
April 2010:	Representative Director of TS Associates, Ltd.
June 2012:	Outside Director of Accordia Golf co., Ltd.
March 2016:	Auditor (External) of McDonald’s Holdings
Company (Japan), Ltd. (to present)
June 2016:	Representative Director, President and Chief
Executive Officer of Accordia Golf co., Ltd.
January 2018:	Director and Chairman of the Board of Accordia
Golf co., Ltd.
April 2018:	Representative Director, Chairman of the Board
and President, CEO of Accordia Golf co., Ltd.
(to present)
March 2019:	Outside Director of the Company (to present)
Chairperson, CEO and Representative Director ofNEXT GOLF MANAGEMENT CORPORATION(to present)

April 1977:	Joined Komatsu Ltd.
January 2004:	President and Chief Operating Officer (COO) of
Komatsu America Corp.
April 2007:	Excecutive Officer of Komatsu Ltd.
April 2008:	Senior Executive Officer of Komatsu Ltd.
June 2009:	Director and Senior Executive Officer ofKomatsu Ltd.
April 2012:	Director and Senior Executive Officer ofKomatsu Ltd.
April 2013:	President and Representative Director, andCEO of Komatsu Ltd.
April 2019:	Chairperson of the Board and Representative
Director of Komatsu Ltd. (to present)
March 2020:
Outside Director of the Company (to present)

Audit & Supervisory Board Members

58

Audit & Supervisory Board Member (Full-Time)

Audit & Supervisory Board Member (Full-Time)

Audit & Supervisory Board Member (Outside)

Audit & Supervisory Board Member (Outside)

Kenji Hironaga

Junzo Saito

Masatake Yone

Eriko Kawai

April 1982:	Joined the Company
February 2010:	General Manager of Human Resources
Development Division, Human Resources &General Affairs Section
September 2014:	Chief General Manager in charge of planning,
Audit & Supervisory Board Members’ Office
March 2015:	Audit & Supervisory Board Member (to present)

November 1985:	Joined the Company
February 2008:	General Manager of Legal & Intellectual Property
Division
April 2011:	Representative Director and President of Yamaha
Motor Espana S.A.
May 2012:	Vice President of Yamaha Motor Europe N.V.
March 2017:	Senior Executive Officer
March 2019:	Audit & Supervisory Board Member (to present)

April 1981:	Registered as an Attorney
March 1987:	Registered as a New York State Attorney
July 1987:	Joined Mori Sogo
(currently Mori Hamada & Matsumoto)January 1989:	Partner Attorney of Mori Hamada & Matsumoto(to present)
April 2000:	Lecturer at Graduate School of International
Corporate Strategy, Hitotsubashi University
September 2005:	Outside Corporate Auditor of
BANDAI NAMCO Holdings Inc.
March 2008:	Outside Director of GCA Savvian Group Corporation(currently GCA Corporation)
April 2011:	Vice President of Daini Tokyo Bar Association
June 2011:	Outside Corporate Auditor of
BANDAI NAMCO Games Inc. (currently BANDAI
NAMCO Entertainment Inc.) (to present)
June 2013:	Audit & Supervisory Board Member (External) of
Terumo Corporation
June 2015:	Independent Director (Audit & Supervisory
Committee Member) of Terumo Corporation(to present)
March 2016:	Outside Director (Audit & Supervisory Committee
Member) of GCA Corporation (to present)
March 2019:	Outside Audit & Supervisory Board Member(to present)
December 2019: Outside Director of Skymark Airlines Inc.
(to present)
January 2020:	Senior Counsel at Mori Hamada & Matsumoto(to present)

October 1981:	Joined Nomura Research Institute, Ltd.
September 1985: Management Consultant of
McKinsey & Company, Inc.
October 1986:	Fund Manager of Mercury Asset Management/
S. G. Warburg
November 1995:	Director and Chief Investment Officer (CIO) of
Yamaichi Regent ABC Polska
July 1998:	Senior Pension Funds Administrator of the
Bank for International Settlements
October 2004:	Senior Pension Funds Administrator of theOrganization for Economic Cooperation andDevelopment (OECD)
March 2008:	Representative of Kawai Global Intelligence
April 2012:	Professor of Kyoto University’s Center for the
Promotion of Excellence in Higher Education
April 2013:	Professor of Kyoto University’s Institute for
Liberal Arts and Sciences
April 2014:	Professor of Kyoto University’s Graduate School of
Advanced Integrated Studies in Human Survivability(to present)
December 2017:	External Audit and Supervisory Board Member of
CMIC HOLDINGS Co., Ltd.
June 2018:	Outside Director of Daiwa Securities Group Inc.
(to present)
December 2019: 	 Outside Director of CMIC HOLDINGS Co., Ltd.
(to present)
March 2021:	Outside Audit & Supervisory Board Member(to present)

Yamaha Motor Co., Ltd. Integrated Report 2021

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59

Corporate GovernanceCorporate GovernanceDirectors and Audit & Supervisory Board Members (As of March 25, 2021)

As a Kando Creating Company, our corporate mission is to offer new excitement and a more fulfilling life for people allover the world. To achieve this mission, Yamaha Motor aims to enhance corporate value through sustained growth
attained via its medium- and long-term strategies and measures. To this end, the Company has put into place systems andframeworks that enable rapid decision-making and the proper supervision and monitoring of business execution.

Executive Officers 
President and Chief Executive Officer

Executive Vice PresidentManaging Executive Officers

Yoshihiro Hidaka

Katsuaki Watanabe

Katsuhito Yamaji

Tatsumi Okawa

Basic Views on Corporate Governance 

Senior Executive Officers

Heiji Maruyama

Kazuhiro Kuwata

Hirofumi Usui

Satohiko Matsuyama

Minoru Morimoto

Chief General Manager ofTechnical Research &Development Center

President of Yamaha Motor
Corporation, U.S.A.

Chief General Manager ofMarine Business Operations

Chief General Manager of
Manufacturing Center

President of PT. Yamaha
Indonesia Motor
Manufacturing

Eric de Seynes

Hiroyuki Ota

Itaru Otani

Takuya Kinoshita

President of Yamaha Motor
Europe N.V.

Chief General Manager of
Solution Business Operations

Chief General Manager of
Human Resources & General
Affairs Center

Chief General Manager of Land Mobility Business Operations andExecutive General Manager of Motorcycle Business Unit,
Land Mobility Business Operations

This structure is designed to implement speedy and decisive decisionmaking as well as appropriate, transparent, and fair supervision andmonitoring as the Company’s corporate governance. Accordingly, we
have formulated Corporate Governance Guidelines and put them into
practice in an appropriate manner.

To ensure the implementation of the Company’s growth strategies for the
future, Yamaha Motor’s Board of Directors establishes an environment that
supports appropriate risk-taking and decisive decision-making by management, and it multilaterally understands and appropriately oversees issues
and risks associated with the implementation of the Company’s management strategies from the viewpoint of fulfilling responsibilities to various
stakeholders, including shareholders and investors.

For more details, please see the Corporate Governance Guidelines.
https://global.yamaha-motor.com/ir/governance/pdf/corporate_governance_guidelines-e.pdf

Executive Officers

Akihiro Nagaya

Motofumi Shitara

Dyonisius Beti

Toshihiro Nozue

Chief General Manager ofCreative Center andGeneral Manager ofBrand Marketing Division,
Creative Center

Managing Director of Yamaha Motor
India Pvt. Ltd., Managing Director ofIndia Yamaha Motor Pvt. Ltd., andManaging Director of
Yamaha Motor India Sales Pvt. Ltd.

COO of PT. Yamaha
Indonesia Motor
Manufacturing

Chief General Manager of Powertrain Unit and Senior General
Manager of Powertrain Planning Section, Powertrain Unit

History of Strengthening the Corporate Governance System
2001

Improvementof operating
structure

Satoshi Hirose

Takeo Noda

Toshiaki Ibata

Toyoshi Nishida

Norio Yamada

Chief General Manager of
Quality Assurance Center andExecutive General Manager ofCustomer Experience
Business Unit

Chief General Manager ofCorporate Planning &Finance Center

Senior General Manager ofDevelopment Section,
Marine Business Operations

Chief General Manager of
PF Model Unit and Senior
General Manager ofMotor Sports Section,
PF Model Unit

Chief General Manager of
IT Center

2007

2009

2010

Koutarou Ueda

Eishin Chihana

Chief General Manager ofProcurement Center

Chief General Manager of
Manufacturing
Technology Center

Deputy Chief General Manager of
Manufacturing and Production
Engineering Center and Senior
General Manager of
Manufacturing Section,
Manufacturing and Production
Engineering Center

Deputy Chief General Manager of Land Mobility Business Operations,
Senior General Manager of 3S Southeast & East Asia Section, Motorcycle
Business Unit, Land Mobility Business Operations, and Senior General
Manager of 3S Advanced Countries Section, Motorcycle Business Unit,
Land Mobility Business Operations

General Director of
Yamaha Motor Vietnam Co., Ltd.

2014

2015

2016

2017

2018

2019

2020

Establishment of Corporate Governance Guidelines
Implementation of the Board evaluation
Abolition of takeover defense measures
Introduction of executive officer system

Delegation agreement with executive officers

Kenichi Muraki

Deputy Chief General Manager of PF Model Unit and Senior General
Manager of PF Model Development Section, PF Model Unit2013

Appointment of outside directors

Tatsuya Masuda

Yasutaka Suzuki

2012

Operation of Board of Directors + Management Discussion meeting

Executive
structure

Shin Yokomizo

2011

Introduction of Executive Personnel Committee (Nomination / Remuneration Committee)

Appointment of women directors and Audit & Supervisory Board members
Appointment of non-Japanese executive officers
Separation of chairman of theBoard of Directors and chief
executive officer (CEO)

Number of
directors

11

11

10

10

12

11

11

13

11

11

10

Number ofinternal directors

7

8

7

7

9

8

8

10

7

7

6

Number ofoutsidedirectors

4

3

3

3

3

3

3

4

4

4

4

Independent
outsidedirectors

3

2

2

2

2

2

2

3

4

4

4

Of whom,
women directors

1

1

1

0

0

0

0

0

0

1

1

Integration of stock options into stock compensation plan

Deputy Executive Officers

Ben Speciale

Jeffrey Young

Michael Chrzanowski

Olivier Prevost

Senior Vice President of Yamaha Motor
Corporation, U.S.A., and President of U.S.
Marine Business Unit

President of Yamaha Motor FinanceCorporation, U.S.A.

Chairman of Yamaha Motor Manufacturing
Corporation of America

Director of PTW Manufacturing &Engineering, Yamaha Motor Europe N.V.

Overall revision of thesystem (compensation
further linked toperformance and forlong-term incentives)

Executive
remuneration
systemMedium-Term
Management
Plan

Stabilization of a profitablestructure (V-shaped recovery
in results)

Toward sustainable growth(expansion of business scale andenhancement of profitability)

A unique company that continues
to achieve dynamic milestones(management emphasizing ROE
and cash flows)

Taking on the renewed
challenge of achieving
net sales of ¥2 trillion

PF: Platform

60

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61

Corporate GovernanceCorporate Governance Structure 
Corporate Governance System Overview

Yamaha Motor supplies various kinds of products and services to markets
around the world, including personal mobility solutions, marine products,
industrial robots, vehicle engines, and unmanned helicopters. Overseas
sales account for approximately 90% of the Company’s consolidated net
sales. Starting with the principal concept of developing and producing
locally where the products are consumed, we engage in development,
procurement, production, sales, and other activities on the global stage.
To sustainably advance our business activities, we believe it is effective
to structure a corporate governance system consisting of the Board of
Directors, made up of internal directors who are familiar with theCompany’s customer characteristics, products, business operations, andfunctions and of outside directors who have a wealth of knowledge inglobal corporate management, as well as the Audit & Supervisory Board
whose members include outside Audit & Supervisory Board members withprofessional knowledge in areas including accounting, legal affairs, andmanagement administration. Under this corporate governance system,
executive officers are appointed to execute operational duties in a timely
manner, and the Board of Directors delegates matters related to the
execution of business operations to executive officers.

Professional Qualifications and Experience of Directors and Auditors
Company with Audit& Supervisory Board

Organizational design
Number of directors(number of outside directors)

10 (4)

Number of Board of Directors meetings infiscal 2020 (average attendance rate bydirectors)

13 (100%)

Number of Audit & Supervisory Board
members(number of outside Audit & Supervisory
Board members)

Name

4 (2)

Number of Audit & Supervisory Board
meetings in fiscal 2020
(average attendance rate by Audit &Supervisory Board members)

12 (97.9%)

Directors’ term of office

One year

Use of executive officer system

Yes

Optional committees of Board of Directors

Executive Personnel
Committee

AuditorErnst & Young
ShinNihon LLC

Directors

Corporate Governance System (As of March 25, 2021)
General Meeting of Shareholders
Appointment /Dismissal

Seeking advice /Makingrecommendations

Executive Personnel
Committee

Board of Directors
10 directors(including
4 outside directors)
Appointment /Dismissal
Supervision

Appointment /Dismissal

Audit

Appointment /Dismissal

Audit & Supervisory Board members
Audit & Supervisory Board
4 Audit & Supervisory Board members(including 2 outside Audit & Supervisory
Board members)

Reporting businessexecution situations

Audit

Coordination

Coordination

External auditor

Accounting audit

Coordination

Business Execution

Seeking advice /Makingrecommendations

Seeking advice /Making recommendations

Management Committee

Sustainability Committee

Instruction / Report

Business sectors, functional sectors, corporate sectors, and subsidiaries

62

Yamaha Motor Co., Ltd. Integrated Report 2021

Instruction /ReportIntegrated Auditing DivisionInternal audit

Audit & Supervisory Board Members

President, chief executive officer and representative director

Area(s) ofresponsibility

Corporate Manufacturing
Management / / Technology /Expertise
R&D

Sales /
MarketingAccounting /Finance / M&A

IT / Digital
Technology

Human
Resources /Legal / Risk Sustainability /Labor /
Management
ESG
Personnel
Development

GlobalExperience

Attendance atmeetings of Boardof Directors andAudit &
Supervisory Board
during FY2020

Hiroyuki
Yanagi—

Board ofDirectors: 13 / 13

Yoshihiro
Hidaka—Board ofDirectors: 13 / 13

Katsuaki
Watanabe

Quality Assurance /Land Mobility / Market
Development /Customer Experience

Board ofDirectors: 13 / 13

Katsuhito
Yamaji

Manufacturing /Manufacturing
Technology /Procurement / Solution/ Power Products

Board ofDirectors: 13 / 13

TatsumiOkawa

Human Resources &General Affairs /Corporate Planning &Finance / IT / Digital /Creative / Marine

Board ofDirectors: 13 / 13

(Newlyappointed)
Heiji
Maruyama

Powertrain Unit /Vehicle Development /Technology / ResearchAppointed in
March 2021

OutsideIndependent
TakuyaNakata—Board ofDirectors: 13 / 13

OutsideIndependent
Takehiro
Kamigama—

Board ofDirectors: 13 / 13

OutsideIndependent
Yuko Tashiro—

Board ofDirectors: 13 / 13

OutsideIndependent
Tetsuji
Ohashi—

Kenji
Hironaga—

Board of Directors:
13 / 13
Audit & Supervisory
Board: 12 / 12

Junzo Saito—

Board of Directors:
13 / 13
Audit & Supervisory
Board: 12 / 12

OutsideIndependent
Masatake
Yone—

Board of Directors:
13 / 13
Audit & Supervisory
Board: 12 / 12

(Newlyappointed)
OutsideIndependent
Eriko Kawai—

Appointed in
March 2021

Board of Directors:
10 / 10(After appointment
on March 25, 2020)

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63

Corporate GovernanceDirectors and the Board of Directors 
The Board of Directors consists of 10 directors (including four outside
directors). In principle, the Board of Directors meets monthly, and additionally from time to time as necessary. The chairman of the Board of
Directors is not in charge of any specific field and not involved in business execution.
On the basis of fiduciary responsibilities to shareholders, directors
collect adequate information, understand relevant laws and regulations
and other necessary rules, actively express opinions, and discuss andmake decisions at Board of Directors meetings, Management Discussion
meetings, and other important meetings in order to obtain sufficientknowledge on viewpoints and standpoints of various stakeholders,
including shareholders, and to achieve sustainable growth and mediumto long-term enhancement of corporate value. In fiscal 2020,
Management Discussion meetings were held seven times, and the
Executive Discussion meeting was held once.

Yamaha Motor’s Standards for Independence
In addition to the required standards for independence established by
Tokyo Stock Exchange, Inc., the Company has stipulated its own
Standards for Selecting Independent Outside Directors / Outside Audit &Supervisory Board Members to objectively assess the independence of its
outside directors and outside Audit & Supervisory Board members.
For the full text of the Standards for Selecting Independent
Outside Directors / Outside Audit & Supervisory Board
Members, please refer to our website.
https://global.yamaha-motor.com/ir/governance/pdf/independent_en.pdf

strategies and personnel requirements for their implementation, among
other tasks.
In fiscal 2020, as part of its efforts to improve corporate governance,
the Company established and carried out a roundtable conference with
the CEO in a system for determining executive officer appointments or
dismissals based on a review and evaluation of the CEO’s own performance. Through strategic dialogue with CEO Yoshihiro Hidaka, theroundtable conference (composed of six outside directors and Audit &Supervisory Board members and chaired by Outside Director Takehiro
Kamigama) carried out a non-financial evaluation that included Hidaka’s
operational performance as a member of management from the perspective of whether he possesses the qualities required to serve as the
CEO and if he properly demonstrates those qualities. The outcome of theconference was reported to the Board of Directors by the Executive
Personnel Committee, at which the appointment of executive

officers—including the CEO—was finalized. In this way, through a process whereby objectivity and fairness are ensured, we will continuebuilding up our corporate governance in which the best and most suitable members of management execute business operations.
In its role related to remuneration, the committee deliberates on anddecides the evaluation standards and remuneration system for the CEO,directors, and executive officers. The committee also evaluates theperformance of the Company overall and individuals based on theircontributions to medium- to long-term corporate growth and businessperformance for the fiscal year in question. In addition, the committee
deliberates on compensation linked to performance for theabovementioned senior management personnel within the limits of thetotal remuneration amount resolved at the Ordinary General Meetingof Shareholders.

Audit & Supervisory Board Members and the Audit & Supervisory Board 
Board Effectiveness Evaluation 
The Board of Directors analyzes and evaluates the effectiveness of theroles and responsibilities of the Board as a whole on a yearly basis with
the Corporate Planning Division acting as the administrative office.

The analysis and evaluation are carried out from the following perspectives and a summary of the results is disclosed appropriately.

Evaluation Process

Evaluation Results from Fiscal 2020

• Conduct a self-evaluation by questionnaire updated based on theseven evaluation perspectives for the aims of the Board of Directors aswell as past evaluation results• Confirm the status of improvements by comparing the results against
the evaluation implemented in fiscal 2019
• Share the analysis-based results of the effectiveness evaluation anddeliberate the issues to be addressed at Board meetings

Amid dramatic changes in the management environment, it was confirmed that the Board of Directors continued to proactively hold effective
discussions and implement creative initiatives to realize the medium- tolong-term enhancement of corporate value and sustainable growth. It wasalso confirmed that the Board of Directors was sufficiently effective inmaking progress toward the Company’s Long-Term Vision that looks
ahead to 2030 and in achieving the Medium-Term Management Plan thatbegan in 2019.
As in the previous fiscal year’s evaluation, it was recognized thatcomments made by outside directors and Audit & Supervisory Board
members were properly respected by the Board, a climate exists in whichconstructive discussion and exchange of opinions are carried out, and theroles of directors and the Board of Directors are clear and understoodamong members. It was also confirmed that key issues regarding
Yamaha Motor’s management strategies were appropriately discussed.
In light of this evaluation, we will continue to promote ongoing
improvements to address the issues identified and periodically involve athird party in the evaluation process to further improve the effectivenessof the Board of Directors.

Evaluation Perspectives
1. Roles and responsibilities of directors and the Board of Directors
2. R elationships between the Board of Directors and senior management(executive officers)
3. O rganizational design and composition of the Board of Directors, etc.
4. Q ualifications held and knowledge of directors and the Board of
Directors
5. Deliberation at meetings of the Board of Directors
6. Relationships and dialogue with shareholders
7. Dealings with stakeholders other than shareholders

The Audit & Supervisory Board is made up of two standing Audit &Supervisory Board members and two independent outside Audit &Supervisory Board members. In principle, the Audit & Supervisory Board
meets monthly, and additionally from time to time as necessary. On thebasis of fiduciary responsibilities to shareholders, Audit & Supervisory
Board members and the Audit & Supervisory Board, as a body independent of the Board of Directors, request the Company and its subsidiaries
to submit reports on their business activities in accordance with laws andregulations, survey the status of business operations and properties,
exercise rights in respect of appointing or dismissing an external auditor
and audit compensation, attend meetings of the Board of Directors andother important meetings, and provide opinions as needed. Throughthese tasks, Audit & Supervisory Board members and the Audit &Supervisory Board audit the legality and appropriateness of directors’
execution of duties, internal control systems, and the performance andfinancial position of the Company and its subsidiaries. The Audit &Supervisory Board Members’ Office, with a dedicated staff of two
people, has been established to assist Audit & Supervisory Board­members with their audit and supervisory operations.

Collaboration between Audit & Supervisory Board
Members, Outside Auditors, and Internal Audit Section
Audit & Supervisory Board members (including outside Audit &Supervisory Board members) work with the external auditor to facilitate
audits based on appropriateness and receive accounting audit reports inaccordance with laws and regulations. Through collaboration that
includes the mutual exchange of information as needed and related
opinions with the internal audit section, Audit & Supervisory Board
members receive reports about internal audit plans and theiroutcomes, with the ultimate aim of improving the effectiveness andefficiency of audits.

Executive Officers and Management Committee, etc. 
The Company has 32 executive officers, of whom five serve concurrently
as directors. The Management Committee, comprising 10 executive
officers with specific posts, has been established to deliberate on mattersof business execution, speeding up the Company’s decision-making
process. In principle, the Management Committee meets at least
monthly, and additionally from time to time as necessary. In fiscal 2020,
26 meetings of the Management Committee were held.
In addition, the Global Executive Committee has been established todeliberate on important management policies and issues related to theGroup’s management. The Global Executive Committee includes theCompany’s representative director, all executive officers with specificposts, and senior local managers of major Group companies, and has
46 members, of whom 28 are Japanese and 18 are non-Japanese. In
principle, the committee meets at least once annually, and additionallyfrom time to time as necessary. In fiscal 2020, two meetings of the
Global Executive Committee were held.

Executive Personnel Committee Yamaha Motor established the Executive Personnel Committee as avoluntary advisory body concerning the nomination and remuneration ofmembers of the Board of Directors in order to improve the transparency andappropriateness of executive appointments and dismissals and the determination of their remuneration, among other objectives. Matters deliberated
by the Executive Personnel Committee are reported to the Board of
Directors. Furthermore, to ensure the transparency and effectiveness of thedeliberation process—the primary purpose for establishing the64

Yamaha Motor Co., Ltd. Integrated Report 2021

committee—as well as the appropriateness of matters reported to the Boardof Directors, the Executive Personnel Committee is composed of a majorityof outside directors and meets at least six times a year, in principle.
In its role related to nominations, the committee deliberates on theappointment and dismissal of the chief executive officer (CEO), directors,
Audit & Supervisory Board members, and executive officers, as well as on
the selection of candidates for such senior management positions andtheir development plans, all while confirming future management

Sustainability Committee Yamaha Motor has established the Sustainability Committee, comprising
10 executive officers with specific posts, as an entity to deliberate measures related to risk management and compliance as well as to address
issues concerning sustainability. In principle, the Sustainability Committee
meets twice a year, and also holds additional meetings if necessary.

Internal Auditing 
The Integrated Auditing Division, with 27 members and which reports
directly to the president and chief executive officer, has been established
as an internal auditing body to audit the appropriateness of operational
activities by the Company and its subsidiaries. In addition, internal audit
functions have been installed at major subsidiaries, working together with
the Company’s internal auditing body to audit divisions and subsidiaries.

Yamaha Motor Co., Ltd. Integrated Report 2021

65

Corporate GovernanceIndicators Related to the ROA Evaluation Coefficient

Cross-Shareholdings 
Yamaha Motor conducts development, procurement, production, andsales globally, and we believe that strengthening the business relationships with our partners and maintaining stable relationships with financial institutions and other parties are necessities for achieving sustainablegrowth going forward. In considering our business strategies, business
relationships with our partners, the reinforcement of our financial foundations, and other factors, we hold cross-shareholdings only when it isdeemed necessary and appropriate in order to enhance corporate value
from a medium- to long-term perspective.
The Board of Directors examines each cross-shareholding annually todetermine whether the purpose of the shareholdings is appropriate, if
the benefits and risks associated with the shareholdings are commensurate with capital costs, among others. The Board of Directors then appropriately discloses a summary of the results. In addition, Yamaha Motor
upholds a policy to reduce cross-shareholdings if, as an outcome of theexamination, the shareholdings cannot be justified.

Based on this policy, in fiscal 2020 the Board of Directors verified theappropriateness of holding certain individual stocks and the Company
sold a portion of its cross-shareholdings.

1.0

Shareholdings of Yamaha Corporation
Yamaha Motor was established by spinning off the motorcycle divisionfrom Nippon Gakki Co., Ltd. (currently Yamaha Corporation). Today, thetwo companies’ management is conducted separately, with both using
the same Yamaha brand. We are undertaking various measures in collaboration with Yamaha Corporation through the Joint Brand Committee
and under the Yamaha Brand Charter and Joint Brand Regulations. Bothcompanies appropriately monitor measures for mutual sustainablegrowth through shareholdings and by dispatching directors. We believethat maintaining and improving the shared value of the Yamaha brandby building a relationship of monitoring and collaboration with Yamaha
Corporation will contribute to the medium- to long-term enhancementof Yamaha Motor’s corporate value.

0

2.5%

Basic Policy• To be a Kando Creating Company, Yamaha Motor encourages its­executives to the maximum extent possible to perform their duties inaccordance with its Management Principles and Action Guidelines.
• Toward realizing the Company’s Long-Term Vision, executive remuneration
shall offer strong motivation for achieving management targets in theMedium-Term Management Plan and other plans.

66

Yamaha Motor Co., Ltd. Integrated Report 2021

6.5%

12% ROA

Breakdown of Compensation Linked to Consolidated Performance

Compensation Linked to Individual Performance
0–2x of base amount relative to achievement of andprogress toward predetermined indicators

Compensation Linked toConsolidated Performance
Pool of funds
Net income attributable to owners of parent
x Preset percentage of 0.19%(0.08% for executive officers
who do not serve concurrently as directors)

Remuneration System for Executives Remuneration for directors and executive officers is composed of basecompensation (monthly fixed remuneration), performance-based compensation, and share-based compensation. For the president and representative director, the ratios of base compensation, performance-based
compensation, and share-based compensation are set at roughly 50%,
30%, and 20% of the base amounts, respectively. Ratios of compensation for other directors and executive officers are determined based on
the compensation for the president and representative director in consideration of their responsibilities, remuneration levels, and other factors,
with an upper limit of 60% set for the ratio of base compensation. As
the role of outside directors and outside Audit & Supervisory Board
members is to provide supervision and advice regarding managementfrom an objective and independent perspective, they are only paid a fixedbase compensation.
In order to ensure the appropriateness as well as the transparency andfeasibility of the deliberation process regarding items relating to executive
remuneration, the Executive Personnel Committee voluntarily establishedby the Company conducts pertinent examinations and reports its findings
to the Board of Directors. The remuneration amounts for directors andother executives are decided at Board meetings based on these reports,
but the representative director is responsible for deciding the distributionof Companywide performance-based bonuses based on the coefficientsin place for each executive position. In addition, Audit & Supervisory
Board members discuss and determine the specific amounts of their basecompensation.

The Company stipulates the three-year average of return on assets (ROA)
as indicated in the graph.
Adjustments are made according to each indicator after deliberations by
the Executive Personnel Committee.
• Level of achievement for consolidated net sales and consolidated
operating income targets• Level of progress with the Medium-Term Management Plan aimed atrealizing the Long-Term Vision• Other events affecting corporate value and brand value

2.0

x Evaluation coefficient based on ROA
0–2x (including adjustments based onother business performance metrics)• In order to function as a healthy incentive for achieving the sustainablegrowth of the Company, the ratio of remuneration linked to short-term
results and performance of duties (performance-based compensation)and the ratio of remuneration linked to medium- to long-term results
and corporate value (share-based remuneration) shall be set at an
appropriate level.
• Remuneration amounts shall be set at a level capable of securing andretaining outstanding human resources suitable for the roles and responsibilities to be carried out by the Company’s executives.

An annual base compensation is set for each executive position, onetwelfth of which is paid in cash on a monthly basis.

Performance-Based Compensation
The representative director shall only be paid the Companywide­performance-based bonus. Performance-based compensation for otherdirectors and executive officers shall comprise a Companywide performance-based bonus and an individual performance-based bonus. The
total amount of the Companywide performance-based bonus for­directors shall be payable up to 0.5% of the net income attributable toowners of parent recorded in the previous fiscal year. The individual­performance-based bonus will be determined within the scope of 0–2
times the base amount stipulated for each executive position, taking into
account the degree of progress in achieving various predeterminedevaluation indicators.

Share-Based Compensation
With the aim of encouraging executives to share a common interest withshareholders and achieve sustainable improvements in corporate value,
the Company shall issue restricted stock once a year in accordance withthe base amount stipulated for each executive position. Executives are
not able to transfer, establish security interests in the issued shares, ordispose in any other way of the issued shares until resigning from theirposition as a director or other positions held.

Non-Financial Evaluation
Takes into account degree of progress
on initiatives in the Medium-Term
Management Plan, grooming of future
executive officers and candidates forsenior management positions, andcontributions to corporate value andbrand value

Ratio of financial and non-financial evaluation• Directors: 1 to 1 (Executive officers: 1 to 1)

Ratio of compensation linked to consolidated performance and compensation linked to individual performance• Representative director: 1 to 0 • Directors: 2 to 1 (Executive officers: 1 to 3)

Executive Compensation in Fiscal 2020
Remuneration Structure
Base Compensation

Financial Evaluation
Takes into account year-on-yearcomparisons and degree of target
achievement for net sales, operating
income, and ROA in the division forwhich they are responsible

In fiscal 2020, the Company’s three-year ROA average was 7.7%.
However, the long-term loans payable urgently raised to address theimpacts of the COVID-19 pandemic have been excluded from the calculation. In accordance with remuneration rules, the ROA evaluation coefficient was set at 1.25 after carrying out a comprehensive assessment ofbusiness performance, including management efforts amid the effects of
COVID-19 on the global market.

As a result, the total amount for the Companywide performancebased bonus came to ¥126 million (net income attributable to owners ofparent of ¥53,072 million × fixed ratio of 0.19% × evaluation coefficientof 1.25). The total amount was distributed among executives in accordance with the coefficients determined for each position.
For individual performance-based bonuses, comprehensive assessments of each director were carried out and amounts were determinedin consideration of predetermined financial and non-financial
evaluation indicators.

(¥ million)

Compensation linked to performance
Basic compensation

Companywide­performance-based
bonus

Individual­performance-based
bonus

Remuneration ofshares with­restriction
on transfer

Total

Directors (12)

318

126

23

61

529

 Of whom, outside directors (5)

(62)

—

—

—

(62)

Audit & Supervisory Board
members (4)

98

—

—

—

98

 Of whom, outside Audit &Supervisory Board members (2)

(31)

—

—

—

(31)

Total

417

126

23

61

628

Officer classification

Notes 1. The Companywide performance-based bonus component of performance-based compensation is the amount scheduled to be paid.
2. Figures include those for a director who retired on March 25, 2020.
3. Regarding the maximum compensation amount for directors (approved at the 84th Ordinary General Meeting of Shareholders held on March 27, 2019), base compensation shallbe within a yearly limit of ¥500 million (of which, a yearly limit of ¥100 million for outside directors), the Companywide performance-based bonus shall be within a limit of 0.5%of net income attributable to owners of parent, the individual performance-based bonus shall be within a yearly limit of ¥100 million, and restricted stock compensation shall bewithin a yearly limit of ¥200 million.
4. Maximum compensation for Audit & Supervisory Board members (also approved at the 84th Ordinary General Meeting of Shareholders) shall be within a yearly limit of ¥120 million.

Yamaha Motor Co., Ltd. Integrated Report 2021

67

Corporate GovernanceRisk Management

Please visit our corporate website for more information on risk management.
https://global.yamaha-motor.com/about/csr/risk/

The Yamaha Motor Group is working on risk management, crisis management, and business continuity as follows.

Risk Management Structure 

President and chief executive officer

Based on the Rules of Risk Management, the risk management structure
works toward the thorough reduction of risks on a Groupwide basis andis led by the Sustainability Committee and its subordinate council, theSustainability Promotion Meeting, which comprises the risk management
supervising section and divisions in charge of risk management. The
Sustainability Committee, chaired by the president and chief executive
officer, monitors risks on a Groupwide basis while also designating
significant risks at the Group level to be tackled as priorities and checking
on activities to address risks.

Seeking of advice

Making of recommendations

Sustainability Committee

Sustainability Promotion Meeting(a subordinate council of the Sustainability Committee)• Thorough implementation of policies• Reporting of important matters• Management based on rules• Reporting of urgent matters• Monitoring of activities• Consultation on individual issues

Headquarters’ divisions and Group companies

Risk Management Activity Cycle Risk management activities are promoted through the repetition of theplan-do-check-act (PDCA) cycle as detailed on the right. The Yamaha
Motor Group has prepared a risk management ledger of all risks thatneed to be covered, and it works to reduce risks by appropriately managing and operating the risk management ledger.

• Analysis of information frominside and outside the Company• Designation of significant
risks at the Group level• Assessment of risk
management ledger• Formulation of activity
policies and plans• Review of risk management ledger• Incorporation of changes into
activity plan for the next fiscal year
• Review of activity results

Plan

Do

Act

Check

• Implementation ofactivities toaddress risks• Monitoring of activities

Significant Risks at the Group Level Each year, risks that need to be prevented and addressed as special
priorities are determined to be significant risks at the Group level. In
addition to the results of risk assessments at the Group level, significant
risks at said level can be comprehensively judged and designated based

68

on the Group’s business strategy, legal and regulatory changes inside oroutside the Group, or other developments including information concerning the likelihood of a risk event occurring or changes to the operating environment.

Background

Measures

Damage caused bynatural disasters

Many manufacturing plants in Japan are concentrated near the epicenter of the predicted
Nankai Trough megaquake, and measures must be taken to prepare for typhoons,localized torrential rains, and other natural disasters that far exceed previous assumptions.
Damage caused by natural disasters has, therefore, been designated a significant risk.

The Group is promoting measures to prevent damage from a Nankai Trough megaquake or flooding
due to heavy rains and measures to raise awareness about the need for disaster preparedness.

Major accidents
involving
Yamaha products

Major accidents involving Yamaha products are one of the causes of market penalties suchas large-scale recalls. The Group must make continuous efforts to ensure zero incidencesof such accidents.

The Group is promoting information-gathering activities related to product accidents and making
efforts to raise quality awareness among all employees.

Cybersecurity

The degree of reliance on and the importance of information systems within the Group’sbusiness activities are increasing. Measures are needed to prevent leaks of personal or
confidential information, information system failures, etc., caused by cyberattacks andcomputer virus infections.

The Group has established a Cybersecurity Policy and is taking measures covering both the tangible
and intangible aspects of cybersecurity to increase its defenses against external attacks, to detectattacks at an early stage, and to minimize damage in the event of an attack.

Violation of laws
and regulations
concerning
product quality

Compliance with regard to product quality is a fundamental and important issue for
manufacturers. Further strengthening the structures put in place by the Group to preventthe violation of laws and regulations is necessary.

The Group collects information regarding the establishment of and changes to laws and regulations
concerning product quality. In addition, the Group is creating systems that reflect this information
appropriately in internal regulations and standards while advancing improvement activities andother efforts.

Products containing
environmentallyhazardous
substancesCountries around the world have been steadily tightening regulations on environmentallyhazardous substances, and the Group must strengthen control structures to prevent
violations of laws and regulations by the products it manufactures.

The Group takes steps for early prevention of violations of laws, regulations, and ordinances bymaintaining an accurate understanding of legal information in relevant countries, by communicating
accurate information internally and externally to relevant departments, by conducting rank-based
training, by promoting the proper management systems as well as standardizing the steps forhandling increasingly complex laws and regulations, and by efficiently utilizing IT systems.

Improper import/
export procedures

In light of the growing number of bilateral and multilateral free trade agreements and theincreasing need for import/export procedures for global logistics among Group companies, the Group must further enhance its system for preventing violations of laws,
regulations, and ordinances.

Groupwide structures are being developed to prevent violations of laws, regulations, and ordinancesby tracking information pertaining to the enactment and revision of free trade agreements, bystandardizing work processes and properly educating relevant personnel in line with the management
frameworks stipulated in the Group rules, and by monitoring the implementation status of thesemeasures on a daily and regular basis.

Pandemics

The Group has experienced a pandemic with COVID-19, and in order to ensure business
continuity while safeguarding the health of employees, there is a need to reexamine theeffectiveness of internal rules by reviewing the activities carried out thus far.

The Group will alter its countermeasures in response to risks of the pandemic’s spread, review thedefinitions of various items, revise level-based pandemic countermeasures, and otherwise improve theeffectiveness of its internal rules to ensure a uniform level of countermeasures for both domestic andoverseas Group companies.

Violation of
copyright laws
regardingsoftware licenses

Computer software is protected as copyrighted work and requires proper management.
However, due to the diversification of workstyles and changes in the operating environment, such as cloud computing, licensing systems are becoming more complicated andthe risk of violating laws and regulations, even without intention, is increasing.

For the early prevention of software license violations, the Group is working to minimize risks by
educating employees in order to raise their levels of awareness and strengthening IT asset management systems and their operating practices.

BriberyAnti-corruption initiatives are being ramped up in every country and region, and as the Group
conducts business activities on a global scale, there is a need to implement an effective
system for early prevention of regulatory violations and to strengthen anti-bribery measures.

Based on the Yamaha Motor Group Anti-Bribery Policy, the Group is adhering to its anti-bribery
commitment and implementing related management systems on a global basis. It also conducts
training, monitoring, and risk assessments to address anti-bribery more effectively and systematically.

Yamaha Motor Co., Ltd. Integrated Report 2021

Crisis Management Structure and Activities 
The Yamaha Motor Group works to minimize the damage from andquickly resolve crisis situations as per the Rules for Initial Response to
an Emergency.
In the event of a disaster, accident, or compliance-related incident at
the Group, the division involved will report to the risk management
supervisory section or the divisions in charge of risk management as perstandards for determining the level of reporting, which are set inadvance. If the reported event is of a scale significant enough to warrant

the involvement of Group management or multiple divisions and/or
companies, the risk management supervisory section will refer the matterto a response team designated in advance, and an Emergency
Countermeasure Headquarters, chaired by the president, will be established. The headquarters will work to understand the situation andformulate a provisional response and, if necessary, will promptly reporton the matter to customers and related parties.

Business Continuity Planning 
To prepare against envisioned risks that could impact the continuity of its
business, Yamaha Motor has formulated the Rules of Business Continuity
and responds as per those rules.
Yamaha Motor’s primary operations are concentrated in Shizuoka
Prefecture and could be affected if a major earthquake were to occur in
the Nankai Trough. To prepare for this, we have formulated a business
continuity plan (BCP) to maintain the continuity of business operations,based on the damage projected by government bodies, and are placing
foremost priority on the lives and safety of our employees.
Specifically, buildings and equipment have been made earthquake- andtsunami-resistant; emergency stockpiles of food, water, and other essentials are maintained; emergency methods for telecommunications are inplace; and Companywide evacuation drills, night drills, and safety confirmation drills are carried out regularly at both the headquarters and Group
companies located nearby. Also, regular initial response drills are held atboth headquarters and individual business units, procedures to restore
operations have been clarified, and a system for gathering supply chain
information is in place. These and other measures addressing both tangible
and intangible effects are carried out comprehensively and continuously.

Another concern is the potential outbreak of global pandemics. To
prepare for such events, Group companies have developed infection
prevention measures and identified issues that could affect the continuityof their operations in order to formulate response plans. Drills simulating
actions to be taken in the case of a pandemic are carried out, and systems are in place to guarantee that businesses are able to continue operating.
In regard to the global COVID-19 pandemic that has wrought havoc in
fiscal 2020, we took measures in accordance with our BusinessContinuity Guidelines (Novel Influenza Version) and set up a COVID-19
Task Force headed by the president, which collected information, set
response policies, and disseminated directives and information. We
instructed Yamaha Motor employees and their families stationed overseas in certain countries to return to Japan based on the spread of
COVID-19 infections and local medical risks. For employees working at
the headquarters, we adopted teleworking and staggered office hours.
We also prepared an intranet site for sharing information between
headquarters and Group companies and implemented a thorough rangeof other measures to prevent infections.

Cybersecurity Efforts 
Cyberattacks have become increasingly advanced and sophisticated inrecent years, and businesses are faced with a heightened risk of infection
by computer viruses, leakage of personal and confidential information,and information system failures. The Yamaha Motor Group has thus
established a Cybersecurity Policy with the aim of protecting the products
and services used by its customers as well as its information assets.
In addition to the basic defensive measures already in place, such as amonthly vulnerability analysis that includes anti-malware measures, theGroup has a Security Operation Center (SOC) that monitors for irregularities to enable early detection and response and a Computer Security
Incident Response Team (CSIRT) that responds to incidents to prepare forcontingencies. The Group also provides training to increase employees’cybersecurity literacy, conducts assessments to ascertain the situation ateach Group company and to develop improvement plans, and makesother ongoing efforts to reduce cybersecurity risks.

Information Management Initiatives 
In fiscal 2013, the Yamaha Motor Group established its GroupOperational Guidelines that stipulate Groupwide policies related to allareas of information management, including confidentiality management, document control, protection of personal information, and management of disclosed information. We have been carrying out activities
in line with these guidelines since. The development of communications
technologies and greater use of big data as well as the enactment of
new personal information protection laws in Europe in fiscal 2018 triggered the gradual ratification of strict personal information laws andordinances in various countries. In response, Yamaha Motor revised its
Information Management Group Operations Guidelines in fiscal 2020,
laying out provisions on the handling of personal information and designating organizational roles, in particular. Yamaha Motor and its Group
companies in countries around the world are working together toachieve global compliance with the new guidelines. The Yamaha Motor
Group Global Privacy Policy was also revised in fiscal 2020 to promotecompliance with personal information protection laws in the countries
we operate in.
In relation to information management, each year, we monitor how
information is handled among Group companies and make recommendations based on the results. At the same time, we conduct grouptraining sessions, e-learning seminars, and other educational and­awareness-building activities to ensure the appropriate handling of
information.
In fiscal 2020, there were no allegations recognized by regulatory
authorities as being violations of our customers’ privacy.

Yamaha Motor Co., Ltd. Integrated Report 2021

69

Business Strategy

Business Overview

Land Mobility
Primarily composed of the motorcycle, recreational
vehicle (RV), and Smart Power Vehicle (SPV) businesses,
the Land Mobility business offers its diverse range of
products—spanning practical, everyday means oftransportation and recreational products to products forcommercial use and motorsport—to markets in line with
their individual characteristics, and is building businessplatforms to be ready for a new era of mobility.

Medium-Term Priority Initiatives 

Net Sales / Operating Income / Operating Income Margin

Building business platforms ready for theshift to a new era of mobility• Revamp current capabilities to boost the efficiency of
manufacturing and sales operations• Promote swifter management to improve the speed ofdecision-making• Accelerate the shift toward new business fields(¥ billion)

1,500(¥ billion)

60

3.7%

3.3%

1,000

40

Net Sales Breakdown by Major Product Category(Fiscal 2020)
Smart Power Vehicles

4.6%

Recreational
vehicles

8.4%

23.2%

2.0%
20

500

0
2019
Net sales

Developed market
motorcycle
business

2020

Operating income (right axis)

2021 (Forecast)

0(FY)

Emerging market
motorcycle business

Operating income margin

63.8%

Marine Products
The Marine Products business’ portfolio includes marine
engines, boats, personal watercraft, and pools. The
business has built a presence as a global leader in themarine products market and is working to strengthen its
high-profit business structure as well as establish
platforms for sustainable growth.

Robotics
Our Robotics business traces its roots back to technologies used in the production of our motorcycles. Today,the business offers industrial robots for factory automation, surface mount technology (SMT) equipment for
manufacturing printed circuit boards, semiconductor
manufacturing equipment, industrial-use unmanned
helicopters and drones leveraging Yamaha Motor’s corecompetency in electronic control technologies, and otherproducts for a variety of clients. The priorities of thisbusiness are expanding its scale and domains ofoperation alongside bolstering profitability.

Financial Services
The Financial Services business offers retail andwholesale financing, leasing, and insurance packages
for dealerships and customers with the goal ofstrengthening Yamaha Motor’s business operation
platforms. This business aims to ensure stable earnings
by strengthening our ties with customers.

Medium-Term Priority Initiatives 

Net Sales / Operating Income / Operating Income Margin(¥ billion)

Strengthening the business’ high-profit
structure and building platforms for­sustainable growth400

Medium-Term Priority Initiatives • Accelerate factory automation• Contribute to laborsaving in new fields• Build robust business platforms through in-house technologies
and organizational reinforcement

60

200

40

100

20

0
2019

2020

Operating income (right axis)

2021 (Forecast)

Net Sales / Operating Income / Operating Income Margin(¥ billion)

(¥ billion)

19.6%

15

10

16.4%

20

5

54.4%

45.6%

Net Sales Breakdown by Major Product Category(Fiscal 2020)

15

10.2%

12

Yamaha Robotics
Holdings Co., Ltd.

9

23.6%

10.0%

60
40

SMT equipment,
industrial robots,
unmanned
systems

6
4.0%

20

Net sales

Outboard motors

0(FY)(¥ billion)

100
80

Personal watercraft, boats,etc.

Operating income margin(¥ billion)

0

40

14.5%

Net Sales / Operating Income / Operating Income Margin

Expanding business scale and domains andbolstering profitability

19.6%

15.4%

300

Net sales

Net Sales Breakdown by Major Product Category(Fiscal 2020)

80
16.7%

• Realize the Marine Long-Term Vision• Promote a global production scheme for outboard motors• Progress as a system supplier through a comprehensive marine
business strategy• Work on product development strategies to offer more
­attractive products and services

60(¥ billion)

2019

2020

Operating income (right axis)

32021 (Forecast)

76.4%

0
(FY)

Operating income margin

Other Products
The Other Products business manufactures and sells
electric wheelchairs for supporting people’s daily lives,
the golf cars found at golf courses and resort facilities,
portable generators and multipurpose engines adapting
Yamaha Motor’s small-engine technologies, snow blowers for regions with heavy snowfall, and other products.

Net Sales / Operating Income (Loss) / Operating Income Margin(¥ billion)

(¥ billion)

120

2.0

90

1.5

2.5%

60

1.0

30

1.4%

0.5

0
0
Net sales

70

Yamaha Motor Co., Ltd. Integrated Report 2021

2019

2020

Operating income (right axis)

2021 (Forecast)
Operating income margin

0
(FY)

–30
Net sales

0
–0.4%
2019

2020

Operating income (loss) (right axis)

2021 (Forecast)

–0.5
(FY)

Operating income margin

Yamaha Motor Co., Ltd. Integrated Report 2021

71

Business Strategy

Land Mobility

Overview of Fiscal 2020 

We will redefine the value of mobility andstrive to create Kando that goes beyond theboundaries of mobility.

Takuya Kinoshita
Senior Executive Officer,
Chief General Manager of Land Mobility Business Operations,and Executive General Manager of Motorcycle Business Unit,
Land Mobility Business Operations

Strengths• Diverse and global product lineup combining
both high performance and quality throughour cultivated core technologies• Established global brand position for motorcycles• Pedigree of constantly pioneering new markets
by creating new forms of mobility• Expansion of middle-income markets in
ASEAN and other emerging economies

Opportunities• Global rollout of models compliant withemissions regulations• Evolution of marketing throughdigital technologies• Tighter emissions regulations in each country

Risks• Structural shift in the industry fromnew technologies and competitors• Shift away from mobility andvehicle ownership among younger
generations in Japan

We had a difficult year in fiscal 2020 with sales and profits both falling
due to the COVID-19 pandemic. However, thanks to managing risks
while adapting to market trends and endeavoring to cut expenses at thesame time, our results show that we were able to avoid the worst-casescenario we projected for April 2020 that estimated the impacts of thevirus on our business. That being said, Yamaha Motor’s demand chain
management practices traditionally keep product inventory to a minimum in line with demand, so the drastic demand fluctuations seen in
fiscal 2020 made it very difficult for us to respond. This made the immediate issues with our production planning and supply capabilities clear,
and we will address these matters with vigor going forward.
The progression of technology and environmental regulations as wellas the value placed on day-to-day life and life in general have growneven more diverse amid the pandemic, and the view on what constitutes “mobility” has also greatly changed. Under these circumstances,
thinking about what users are really looking for as well as the reasons
why is part of Yamaha’s corporate agenda. At the same time, I think it isvital that, with our products, we redefine the value they provide toelevate them beyond being just a way to move from one place toanother. Whether it is musical instruments or mobility, owning a
Yamaha-brand product is about fun and the user’s happiness. I believe
redefining the value of mobility to go beyond simple “use of a consumer
product” is key to delivering value that connects to the human happiness expressed in our Long-Term Vision of ART for Human Possibilities.
Simply raising product performance will not suffice. As we redefine
mobility and think about the kind of Kando we want to deliver to ourcustomers, we also need to ponder where the source of our future
Kando will come from.
Yamaha Motor developed the world’s first electrically power-assisted
bicycle and brought the side-by-side ROV to market, providing users
with fresh experiential value over the years. In this way, it is in our DNA
to pioneer new markets by creating new forms of mobility, and by doing
so, we have established a firm position in each of our fields. Whilecoordinating our efforts internally and externally, we will apply theunique advantages, technologies, and know-how we have accumulated
from engaging in a wide range of segments—from electrically powerassisted products to low- and high-speed mobility—toward creating
new forms of mobility that embody our corporate values and thereby
ensure we seize any opportunities that arise.

Priority
Initiatives• Transferred ownership shares to an Italian motorcycle engine manufacturer and began reallocating production duties at the Iwata
Main Factory and surrounding factories as part of production base structural reforms aimed at raising production efficiency andmarket adaptability• Developed and launched the Wolverine RMAX 1000 as an ROV platform model• Released a flagship e-MTB model incorporating knowledge gained through motorcycle development, etc.
• Began accepting commissions for prototype electric motor development for EVs

Fiscal 2021 Initiatives 
As motorcycles continue to be reassessed for their role in personal
mobility and commuting, we will ramp up launches of products
tailored to the individual market characteristics of each country
and build platforms for profitability in the growth areas unique toour brand to capture rising demand. For the motorcycle andrecreational vehicle (RV) businesses in developed markets, we will

aim to improve profitability through structural reforms and therelease of new models. With electrically power-assisted bicycles,
we plan to develop new products using novel technologies andleverage strategic partnerships to offer value across-the-board inorder to expand the business on a global basis.

Future Measures for Realizing Our Long-Term Vision 
Produce Synergy between the Motorcycle and SPV Businesses
A strength of the Land Mobility business is its full lineup of products available around the world. To boost competitiveness, theSmart Power Vehicle Business Unit was merged with ourMotorcycle Business Operations in fiscal 2020 in an organizational
restructuring that formed our Land Mobility Business Operations.
With fiscal 2021 as the final year of the current Medium-Term
Management Plan, our target figures and the like remain thesame. For the next plan, however, we will move forward withinitiatives to produce synergy between the motorcycle and SPV
businesses. There will be difficulties in integrating two different
business systems, but we are committed to furthering ourstrengths in order to drive not only product electrification but also
the creation of new forms of mobility.

Accelerate Our Digital Transformation Strategies to Better Connect with Customers
The Land Mobility business is moving forward with its digitaltransformation strategies for both products and marketing, andthese are aimed at delivering the following types of value by
forming connections among products, customers, and traffic
environments.
1. E ven greater convenience and value in mobility
2. A safer, more secure mobility experience by constructing aconnected traffic environment

3. Support for self-actualization by providing data and evaluations
on vehicle operation
4. Community building to strengthen ties with customers
Work to implement the strategies with our products is being
carried out in stages while integration methods and deployment
timetables for services offered around the world, such as the
Yamaha Riding Academy riding safety program and the bLU cRU
amateur racer support program, are under consideration.

Message from Management

countries and product lines and has carved out a position among the top three motorcycle brands in the 41 countries served

Markets and conditions at Yamaha Motor

Main competitors

Motorcycles andcommuter vehicles fordeveloped markets

Overall demand has remained largely flat since the 2008 global financial crisis.
Demand decreased in the first half of fiscal 2020 as a result of the lockdowns
instituted in response to the COVID-19 pandemic, but demand for outdoor
recreation and personal mobility offered a boost in the second half of the year.

Honda, Suzuki, Kawasaki, Harley-Davidson,
BMW, Ducati, Triumph, KTM, Aprilia, Piaggio,
KYMCO

Motorcycles and commutervehicles for emerging markets

Unit sales fell in our mainstay market of Indonesia and other markets across theglobe due to the COVID-19 pandemic.

Honda, Suzuki, Kawasaki, Hero, Bajaj

ROVs / ATVs

The North American market accounts for the majority of demand. A rise indemand was seen prior to the summer season of 2020.

Polaris, BRP, Honda, Kawasaki

Electrically power-assisted
bicycles and OEM drive units

Yamaha Motor is the pioneer of e-Bikes, demand for which is recovering in
eco-conscious Europe.

Panasonic, Bosch, Shimano

Yamaha Motor Co., Ltd. Integrated Report 2021

Progress ofhelped minimize the damage to our numbers despite lower sales
and profits. However, product stock remains at a low level inalmost all regions and in fiscal 2021 we intend to realign our
production plans to meet the surge in demand.

With years of respect and widespread recognition in the European market, the Yamaha brand is the market leader in certain

Overview of Primary Products and Main Competitors

72

The spread of COVID-19 led to a fall in sales volume and expenses
and product inventory decreased in turn. In developed markets,
the swift recovery of demand for outdoor recreation and personal
mobility following the lifting of lockdowns became a tailwind thatby Yamaha Motor Europe. The strength of the brand and our products helped us establish our monobrand network that
accounts for over 80% of our sales in those countries.
We are also now seeing new additions to our customer base and higher expectations for our products as solutions that
improve our customers’ quality of life. Yamaha Motor products are answers to expectations that include 1) new electric andeco-friendly (Euro 5-compliant) mobility, 2) mobility providing new freedom in a post-COVID-19 world, and 3) mobility creating the better world our customers hope for. At the same time, they support both the market of today and of tomorrow.
Thanks to our distribution networks, high level of technical expertise, and, of course, our competitive lineup, Yamaha
Motor already enjoys a trustworthy reputation in the market, so from here it is up to us to build a bright future for the brandin Europe.

Eric de Seynes
Senior Executive Officer,
President,
Yamaha Motor Europe N.V.
(YMENV)

Yamaha Motor Co., Ltd. Integrated Report 2021

73

Business Strategy

Marine Products

Overview of Fiscal 2020 and Fiscal 2021 Initiatives Seeing dramatic market changes asopportunities, we will seek to offer
experiences with higher added value.

Hirofumi Usui
Senior Executive Officer,
Chief General Manager of Marine Business Operations• Unquestioned product reliability centeredon integrated control technologies

Strengths• Overall business strength supported bywide-ranging business domains and an
expansive product lineup• Sales and service capabilities spanning the
global market• Growing demand for large outboard motors
centered on developed markets

Opportunities• Expansion of peripheral equipment business due toadvances with integrated control technologies• Changing sense of value pertaining tomarine recreation spurred by staycation demand• Dramatic market changes against the backdrop ofclimate change, rapid technological innovation, etc.

Risks

• Making flexibility adjustments to manufacturing andsales structures in response to recent demand
fluctuations due to the COVID-19 pandemic, etc.

In fiscal 2020, the COVID-19 pandemic drastically affected ourbusiness and our performance suffered as a result. Nevertheless,we were still able to make steady progress with the priority initiatives outlined in our current Medium-Term Management Plan.
These run from continuing our transformation into a system
supplier with the launch of the new Helm Master™ EX boat
steering system in developed markets and reinforcing our development structure with R&D functions in North America to engaging
in new IoT-powered initiatives for early issue detection and predictive maintenance services.
Further, as demand for outdoor recreation rose in developed
markets, positive developments also emerged, such as consumer
reevaluations of marine recreation, seeing it as an accessible formof leisure requiring little to no long-distance travel. We can also
expect future trade-in demand with more people purchasing a
Yamaha marine product for the time, hence I the roots of ourbusiness are growing. In fiscal 2021, we will accurately gauge thevarious levels of demand and bolster our product supply systems,
as well as move forward with our new Marine CASE strategy as
our business policy for the future.
This strategy is centered on achieving our Marine Long-Term
Vision of a “Reliable and rich marine life” and incorporates thepriority initiatives we have engaged in thus far. It is aimed attransforming customers’ marine lifestyles with experiences thatprovide even greater peace of mind and comfort. We will respondto the drastic market changes taking place against the backdropof thwarting climate change, rapid technological innovation, andother developments, as well as take on the challenge of lowering
the hurdles to marine product ownership—expensive productprices, costly maintenance, and the required boating skills—all inline with our CASE approach. Doing so will turn risks into opportunities and we will leverage our strengths as a manufacturer as
we strive to build greater marine product demand from theground up. Through our CASE strategy, we will seek to offer
enriching marine lifestyles as we create higher-value-added experiences and transition to a business model that fosters customer
self-actualization.

• Creating a business structure resilient againstchanges in exchange rates and regulations

The effects of COVID-19 in the first half of fiscal 2020 caused
North American boatbuilders to halt operations, dealers to close
their doors, and the temporary shutdowns of the Iwata Main
Factory in Japan and our manufacturing facilities in the UnitedStates, driving down sales. However, following the lifting of lockdowns, demand for outdoor recreation spiked and by ramping up
capacity utilization rates, we were able to post higher outboard
motor unit sales in North America and Europe in the latter half ofthe fiscal year. Still, the Company was unable to fully recoup theresults of the first half and recorded lower sales and profits forfiscal 2020 overall. For fiscal 2021, we will gauge the growing
demand for outboard motors and personal watercraft—driven byrising outdoor recreation demand—and will swiftly and flexibly
enact adjustments to our production and sales plans in order toadapt to demand fluctuations. At the same time, to make further
progress with our system supplier strategy, we will carry out our
product and technology strategies to expand our marine businessacross the board.

• Investments for augmenting large outboard motor production capacity mostly complete
Progress ofPriority
Initiatives• Field testing of the new HARMO boat control system, which combines an electric propulsion unit, steering system, and more,
underway in Otaru in Hokkaido Prefecture, Japan• Launched the F/FL425A 4-stroke outboard motor, Yamaha’s most powerful offering at 425 hp and released to industry acclaim in
the United States, in the Japanese market• Developed an all-new single-rider SuperJet stand-up PWC model, improving its performance, eco-friendliness, and fun factor

Future Measures for Realizing Our Long-Term Vision Promotion of Marine CASE Strategy
We will move forward with our Marine CASE strategy, which
aggregates the various initiatives we have carried out to date aspart of our growth strategy, and plan to position it at the centerof our work under the duration of the next Medium-Term
Management Plan covering fiscal 2022 and onward.
With Connected, we will provide ample peace of mind bybringing connectivity to time on the water using engine information. For Autonomous, we will create systems that deliver smooth,
intuitive boat control for user assurance and comfort.
Electrification will yield quieter operation and, subsequently,
increased comfort. These measures remain congruent with our

original system supplier strategy, and we will implement each withan eye on combining them all into a single system in the future.
Furthermore, we will put the products incorporating the aforementioned advancements to use in our membership-based SeaStyle boat rental club and offer more opportunities to experiencethe marine lifestyle through Shared. Under the key theme ofproviding peace of mind, comfort, and experiences, we will apply
the latest technologies toward transforming the marine lifestylesof our customers into experiences with even greater peace ofmind and comfort to help enrich their marine lifestyles as a whole.

Marine CASE Strategy

Connected

Connected for peace of mind

Investment in Siren Marine, LLC
Development of technologies for
IoT-ready connected boats

SharedAutonomous Comfortable, worry-free, and accessible marine recreation
New boat control system
Developed market launch complete

From experience to self-fulfillment

Sea-Style memberships
Up 13% from 2018
Boating license course participants
Up 12% from 2018

Electric

Quiet times and spaces

Field testing with Otaru
Canal Cruise services

Message from Management
Fiscal 2020 showed that the marine industry can thrive even in the most challenging economic environment. Yamaha
Marine customers upgraded or replaced their products and first-time Yamaha Marine product buyers nearly doubled,

Overview of Primary Products and Main Competitors
Main competitors

manufacturing capacity and flexibility to better suit this more dynamic market at each of our U.S. manufacturing facilities.

Outboard motors

Outdoor and family recreation demand surged after the end of lockdowns,
mainly in North America. We will build a global production scheme with theflexibility to keep pace with demand growth.

Mercury Marine, Suzuki, Honda, Tohatsu,
Evinrudeplatform, we are now bringing these big-horsepower integrated systems to 250- to 300-horsepower V6 Offshore models.

Boats

The domestic boat market is relatively stable and we will offer higher-value-added
pleasure-use boats. With Sea-Style and our other service-based businesses, we will
strengthen our development of services in line with customer preferences.

Yanmar, Toyota, Suzuki, Tohatsu

The North American market accounts for the majority of demand and is growing
in scale yearly as uses for personal watercraft broaden.

BRP, Kawasaki

Personal watercraft74

returning the industry to pre-recession volumes. We are seeing continued growth in fiscal 2021, and we will be aligning ourMarkets and conditions at Yamaha Motor

Yamaha Motor Co., Ltd. Integrated Report 2021

We are also bolstering our product lineups. Following the successful launch of the 425-horsepower XTO Offshore integrated
Along with the new Helm Master™ EX, we are creating new value and excitement for Yamaha Marine product owners.
Further, adding CASE to our integration strategy will enrich the consumer experience and provide even more reliability.
I will continue to support our experienced Yamaha Marine team to meet market demand and create new Yamaha brandvalue for the future.

Ben Speciale
Deputy Executive Officer,
Senior Vice President,
Yamaha Motor Corporation,
U.S.A. (YMUS), President,
U.S. Marine Business Unit

Yamaha Motor Co., Ltd. Integrated Report 2021

75

Business Strategy

Robotics

Overview of Fiscal 2020 

We aim to expand business synergies while
offering customers optimal solutions.

Hiroyuki Ota
Senior Executive Officer,
Chief General Manager of Solution Business Operations• Technological and production capabilities deliveringhigh-quality, low-cost, and timely supply

Strengths• A mixture of technologies via businessintegration with YRH and provision ofcomplete solutions for clients• Co-creative capacities founded on strong
relationships with business partners

Up until fiscal 2021, the Robotics business has acted in accordance with our medium-term priority initiative of expanding
business scale and areas as well as bolstering profitability. Basedon this, we have proceeded to reinforce our lineup of products
and services for accelerating factory automation while contributing to laborsaving in new and other fields outside of factories. The
chief mission of the Robotics business is to free up time for clientsby providing laborsaving solutions through our robot technologies
and to thereby help create environments where people can continue working as people. This objective coincides with the aims of
the Long-Term Vision.
In light of the recent rise in automation needs, we are working
to transition to in-house options for our core technologies while
implementing our platform strategies to provide our signature
One-Stop Smart Solution. Moving our core technologies in-housewill enable swifter responses to client needs while achieving highly
functional machine-to-machine communications between Yamaha
Motor equipment—especially in the SMT equipment field—andwill make it possible to bring higher added value to automation
and autonomization.
We faced difficulties developing our overseas operations in the
agriculture field during fiscal 2020 due to the COVID-19 pandemic, but steady progress was made in Japan. Looking ahead,
we plan to aggressively launch drones and other new productsthat leverage the knowledge and experience we have accrued todate in Japan in order to contribute to greater laborsavings andimproved productivity in agriculture. We will also continue toexpand our overseas operations while accounting for COVID-19
developments.

• Progression of more advanced automation in line with thedevelopment of new fields such as IoT and “connected,
autonomous, shared, and electric” (CASE) vehicles• Deterioration of demand due to changes in world affairs

Risks

Progress ofPriority
Initiatives• Intensifying competition resulting fromnew players entering the market

throughout the year in China, Taiwan, South Korea, and otherparts of Asia, and sales volumes began recovering in Europe andthe United States in the second half of the fiscal year. In thismanner, we are seeing an upward trend in profit margins.
Progress was also made with structural reforms at YRH and wehave a clear idea of when the company will achieve profitability.

• Reinforced sales and service systems for all three fields—surface mount technology (SMT) devices and equipment, factory automation(industrial robots), and semiconductor manufacturing equipment—through reorganization and augmentation of sales bases in South
China to grow the business and build foundations• Entered collaborative robot field through a technical tie-up with Tokyo Robotics Inc. with the goal of expanding industrial robot
operations• Advanced development of next-generation mounter platforms and released the YRM20 premium, high-efficiency modular• Launched YMR-08AP industrial-use multirotor drone to contribute to laborsavings and higher efficiency in farm work throughautomatic flight

Fiscal 2021 Initiatives 
To accelerate the offering of bundled product proposals and mutual
sales channel utilization by leveraging the synergies born of businessintegration, the Robotics Business Unit will approach new customers
through region- and product-focused cross-selling strategies in fiscal
2021 while developing new products with an eye on the next
Medium-Term Management Plan. Meanwhile, we are engaged injoint development with Tokyo Robotics Inc. in the collaborative
robot field and will make sure steps forward toward launchingproducts in fiscal 2022, targeting a 10% market share in the future.
Also, we carried out an organizational restructuring in January offiscal 2021 to allow for more robust implementation of growthstrategies for the Unmanned Systems business. By positioning theUnmanned System Business Development Section under the direct
jurisdiction of our Solution Business Operations, we have created anorganization to swiftly provide the unmanned systems the market
demands, which will be utilized to improve product competitivenessas well as to grow the business domestically and internationally.
We have an approximate timetable for the completion of structural reforms aimed at recovering the financial health of YRH, andwe will look to speed up the growth of this company throughmanagement integration going forward. Focuses at YRH in fiscal
2021 will be on achieving profitability on a full-fiscal-year basis
and developing new models by capitalizing on the recovery of thesemiconductor market.

Future Measures for Realizing Our Long-Term Vision Promote Our Platform Strategy
Solution Business Operations is an organization unique even at
Yamaha Motor due to it singularly possessing all of the requisite
functions to operate, from development, procurement, and production to sales and after-sales services. To ensure that we use theorganization’s advantages to propose and provide optimal solutions to our clients, we are carrying out a platform strategy
focused on promoting commonization and raising efficiency inmanufacturing. By introducing shared hardware and software, we• Growing need for automation due to labor shortages inJapan and rising labor costs in emerging markets

Opportunities

In fiscal 2020, the curbing of investments in the automotive sector
in Japan and other markets led to a less beneficial model mix forour mainstay surface mounters. This factor, coupled with theimpacts of making Yamaha Robotics Holdings Co., Ltd. (YRH)(name changed from Yamaha Motor Robotics Holdings Co., Ltd.
on January 1, 2021) a new subsidiary, resulted in a rise in sales but
a decline in profits. Conversely, surface mounter sales grew

will not only reduce development lead times and achieve greaterpart sharing but also provide more value to clients with reduced
upkeep costs, standardized operations, and shorter equipment
delivery times.
Through this platform strategy, we will roll out highly effective
products and contribute to fully optimized, labor-efficient andautonomous operations for a wide variety of clients.

Message from Management
Overview of Primary Products and Main Competitors

76

Markets and conditions at Yamaha Motor

Main competitors

Surface mount technology(SMT)

Demand continues to grow for printed circuit boards, including those for IoT,
5G, and CASE applications. We are pursuing both product and service commonalities under our platform strategy to expand our business scale and reinforce
our profitability.

Fuji Machine, Panasonic, ASM Pacific Technology,
JUKI, Hanwha Techwin

Industrial robots (factory
automation)

Automation needs are rising rapidly amid soaring personnel expenses and labor
shortages. We are strengthening model variations while pursuing both productand service commonalities to expand our business scale and reinforce our
profitability.

Epson, Mitsubishi, Denso, IAI

Unmanned helicopters anddronesWe are launching multirotor drones in addition to our proven unmanned
helicopters and will also establish a track record for precision agriculture.

DJI

Semiconductor
post-processing equipment

Semiconductors are becoming increasingly scarce. We are working to further
build our customer base by building a seamless collaborative system that offers
one-stop proposals that cover the entire semiconductor manufacturing process.

ASM, Besi, K&S, Towa

Yamaha Motor Co., Ltd. Integrated Report 2021

Based on our Yamaha One-Stop Smart Solution concept, the Robotics Business Unit helps automate and autonomize operations at client production sites with a robust lineup of products in the surface mount technology field (surface mounters andrelated electronic component mounting equipment), factory automation (industrial robots), and semiconductor manufacturing. Doing so is how we contribute to the resolution of societal issues such as medium- to long-term labor shortages andsoaring personnel expenses. To ensure we continue to deliver products and services that allow people to continue working
as people as well as attain greater happiness, we are sharing and evolving common-element technologies and insights
within the Robotics Group and accelerating the commonization of components. Furthermore, frameworks for developing
new technologies are being enhanced to build solid business platforms and drive sustainable growth.

Ayako EgashiraExecutive Chief General
Manager of Robotics
Business Unit,
Solution Business Operations

Yamaha Motor Co., Ltd. Integrated Report 2021

77

Business Strategy

Financial Services

Other Products

Overview To create an environment that makes it easier for dealerships tosell Yamaha Motor products and easier for customers to purchase
them, the Financial Services business offers retail and wholesale
financing, leasing, and insurance packages for dealerships andcustomers through sales finance subsidiaries in the United States,
Canada, Australia, France, Mexico, Brazil, and other markets. In
addition, the Financial Services business is conducted throughapproaches tailored to the various regions in which we operate via
our own operations, local partnerships, and other means in orderto stay in line with local business environments, regulations, andother factors.
The Financial Services business is involved in all of the Company’sbusinesses and products, including motorcycles, all-terrain vehicles(ATVs), recreational off-highway vehicles (ROVs), and marine
products. With this in mind, the Company has positioned the
Financial Services business as one of its key medium- to long-term
strategies and is aiming to enhance its ties with dealerships andcustomers while securing stable earnings.

Overview of Fiscal 2020 
In January 2020, Yamaha Motor Finance Corporation, U.S.A.
(YMFUS) replaced its financing program for “Prime” customers,
which it had hitherto operated in a tie-up with U.S. financial
institutions, with an in-house service. This change enabled YMFUS
to supply a full-line of services for all customer groups while cutting costs. The outstanding receivables balance rose as a result of
this transition, climbing to ¥350.4 billion at the end of fiscal 2020,
an increase of 14.9% year on year, while net sales grew by 12.5%
year on year, to ¥46.1 billion. Conversely, operating income wasdown 5.9% year on year, to ¥7.6 billion, and the operating
income margin was 16.4% as a result of foreign exchange influences, an increase in allowance for doubtful accounts, and adecrease in receivables from wholesale sales.

Fiscal 2021 Initiatives 
In fiscal 2021, the outstanding receivables balance is expected torise to ¥416.0 billion due to increases in receivables from wholesale and retail sales, and operating income is projected to surpassthe levels seen in fiscal 2019.
By continuing to put forward attractive financing programs,
Yamaha Motor will establish an environment facilitating the purchase of its products to help increase sales and thus drive thesustainable growth of the Financial Services business.

The Other Products business engages in the development and sale of golf cars, portable generators, snow blowers,­multipurpose engines, electric wheelchairs, and other products. The following are two of the many products that fallunder this segment.

Power ProductsFirst created by adapting the Company’s small-engine technology,
Yamaha generators are utilized not only for camping and otherrecreational activities but also as a backup power source in timesof emergency, such as during power outages or in disasterafflicted areas. We also manufacture and sell products such as
snow blowers—a welcome tool in regions with heavy snowfall—
and multipurpose engines to enrich people’s lives and bring thempeace of mind.
Yamaha golf cars, which originated from the development ofland cars for resort facilities, are produced in Japan, the UnitedStates, and Thailand. North America in particular accounts forover 75% of global demand, making it the leading market forgolf cars and the focus of the Company’s sales. In recent years,
our golf cars have been increasingly used outside of golf courses
and resort facilities as a means of mobility for underpopulatedareas and villages with narrow roads, thereby contributing to the
spread of mobility and its culture.

Message from Management
Electric Wheelchairs

As the Financial Services business continues to mature and we reflect on the changes in the lending industry due to theglobal COVID-19 pandemic, we are accelerating our efforts in the following three key areas:
1. Customers: Through expansion of our digital transformation efforts, we will keep pace with the growing trend ofomni-channel purchasing habits. Adapting our “in-store” financing model (where we are) to a “mobile” one (where
our customers are) will ensure Yamaha Financial Services maintains its strong value proposition for its business unit
partners, dealers, and end-consumers. We are also transforming our business model to reflect the future long-term
growth strategy. As part of the ART in our Long-Term Vision, the Financial Services business must rethink its own
solutions to ensure strong long-term support of Yamaha Motor’s business.
2. Investors: We will continue to refine and strengthen our enterprise risk management framework to ensure strong andeffective corporate governance. More coordinated, global risk assessments will be a key pillar of our business
management.
3. Employees: We are building a more connected global financial services community. Fully leveraging the strength of
our greatest strategic asset, talented personnel, through a new management system and our ongoing Global Execution

Jeffrey Young
Deputy Executive Officer,
President,
Yamaha Motor FinanceCorporation, U.S.A. (YMFUS)

By adapting the Company’s technologies for electronic control,
drivetrains, and more to develop power units for converting
manual wheelchairs into electric ones, we created a new market
for simpler electric wheelchairs that are foldable and easy to carry.
In addition to fully electric wheelchairs, we currently manufactureand sell electrically power-assisted units for installation on manual
wheelchairs as well as complete electrically power-assisted­wheelchairs, both employing technologies from our powerassisted bicycles.
Through such products, we will facilitate the mobility of theelderly and persons with disabilities, seek to deliver greater comfort and convenience for users, and help alleviate the burdens
placed on caregivers, among other goals.

Transformation (GET) efforts will be the key enabler of all of our future initiatives.

78

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Yamaha Motor Co., Ltd. Integrated Report 2021

79

Facts and Data

Eleven-Year Summary
Yamaha Motor Co., Ltd. and Consolidated Subsidiaries (Years Ended December 31)

Millions of yen

2010

2011

2012

2013

2014

2015

2016

2017

2018

¥1,294,131¥1,276,159¥1,207,675¥1,410,472¥1,521,207¥1,631,158¥1,502,834¥1,670,090¥1,673,137

For the year:
Net sales% change

2019

2020

2020/2019¥1,664,764¥1,471,298(11.6)For the year:

Sales by product:

Net sales
Sales by segment:

Motorcycles

914,211887,556

798,676928,203

977,580

1,032,560

930,112

1,045,211

1,022,174

Land Mobility

1,119,840

946,476(15.5)

Marine Products

167,141

178,929

196,320

243,362

276,367

309,337

297,216

323,838

344,658

Marine Products

350,059

328,344(6.2)

Power Products

102,968

100,257

103,588

126,722

142,204

169,495

152,310

151,622

153,778

Robotics

75,64483,005

9.7

Industrial Machinery and Robots

34,75834,32630,81332,261

38,942

46,501

46,871

67,571

69,891

Financial Services

40,92846,058

12.5

Other Products
Gross profit

75,05175,08978,27679,922

86,11373,262

76,322

81,84582,634

295,565

276,046

235,068

318,765

372,849

436,525

402,660

458,629455,173

Other Products
Gross profit

78,292

67,412(13.9)

442,331371,812(15.9)

Operating income (loss)

51,30853,405

18,59855,137

87,249130,329

108,594

149,782

140,787

Operating income (loss)

115,364

81,672(29.2)

Ordinary income (loss)

66,142

63,49527,26760,092

97,279125,231102,073

154,826

137,969

Ordinary income (loss)

119,479

87,668(26.6)Net income (loss) attributable to ownersof parent

18,30026,9607,489

44,05768,45260,02363,153

101,60393,366

Net income (loss) attributable to ownersof parent

75,73653,072(29.9)Net cash provided by (used in)operating activities

104,531

33,328(2,385)66,976

93,61828,475

143,163

126,342

58,858Net cash provided by (used in)operating activities

99,127

110,487

11.5

Net cash used in investing activities(37,632)(46,517)(51,081)(62,679)(72,470)(68,475)(46,541)(53,194)(48,274)

Net cash used in investing activities(79,662)(43,950)(44.8)

Free cash flow

66,899(13,189)(53,466)

4,296

21,148(40,000)

96,622

73,147

10,584

Free cash flow

19,46566,537241.8

Net cash provided by (used in)financing activities

5,296(51,927)

15,761

3,620(8,908)

6,845(67,627)(52,830)(26,423)

Net cash provided by (used in)financing activities(36,760)

83,668(327.6)

Capital expenditures

33,93945,04948,78856,80065,87164,064

61,33056,53255,068

Capital expenditures

58,05353,756(7.4)

Depreciation expenses

36,59433,57834,27836,407

37,66744,32442,43445,457

46,405

Depreciation expenses

49,68948,241(2.9)

Total assets¥978,343¥900,420¥962,329¥1,146,591¥1,310,040¥1,305,236¥1,318,776¥1,415,845¥1,420,854

Total assets¥1,532,810¥1,640,913

7.1

Net assets

310,809309,914

341,561

422,792

503,224

531,700

575,404

665,232

695,743

Net assets

751,828

749,158(0.0)

Interest-bearing debt

322,443274,721326,976

382,929

403,652

410,148364,381353,490356,688

Interest-bearing debt

364,951

466,935

27.9

At year-end:

At year-end:

Ratios:Ratios:Operating income margin (%)

4.0

4.2

1.5

3.9

5.7

8.0

7.2

9.0

8.4

Operating income margin (%)

6.9

5.6

Return on shareholder’s equity (ROE) (%)

7.5

9.7

2.5

12.7

16.2

12.6

12.3

17.6

14.6

Return on shareholder’s equity (ROE) (%)

11.1

7.5

Equity ratio (%)

28.0

31.2

32.0

33.5

35.1

37.6

40.5

44.0

46.3

Equity ratio (%)

46.0

43.6

Price/earnings ratio (times)

23.8

12.6

44.2

12.5

12.5

16.0

14.2

12.7

8.1

Price/earnings ratio (times)

10.2

13.9

Debt/equity ratio (%)

117.6

97.8

106.2

99.7

87.8

83.6

68.2

56.8

54.3

Debt/equity ratio (%)

51.8

65.3
Yen

Per share amounts:
Net income (loss)—basic

Per share amounts:¥ 55.50¥ 77.23¥ 21.45¥ 126.20¥ 196.06¥ 171.89¥ 180.84¥ 290.93¥  267.35

Net income—diluted

55.50

77.23

—

126.20

196.04171.88180.83——

Net assets

785.61804.26881.881,099.84

1,316.58

1,405.35

1,529.53

1,783.35

1,882.64

0.00

15.50

10.00

26.00

40.00

44.00

60.00

88.00

90.00

Cash dividends

Net income (loss)—basic
Net income—diluted
Net assets
Cash dividends¥  216.83¥   151.89

—

—

—

2,018.84

2,045.15

1.3

60.00

(33.3)

90.00(29.9)

Millions of yen,
except per share data

Share performance (at year-end):

Share performance (at year-end):

Price per share (yen)¥  1,323¥    974¥    949¥  1,577¥  2,442¥  2,744¥  2,574¥    3,695¥  2,159

Price per share (yen)¥  2,203¥  2,104(4.5)

Market capitalization

461,855

340,018

331,288

550,585

852,683

958,264

898,931

1,290,413

753,989

Market capitalization

771,079735,207(4.7)

Number of shareholders

31,61532,25932,87329,47430,41634,21442,031

34,566

51,113

Number of shareholders

67,74182,73022.1

Number of employees

52,18454,677

53,95853,382

52,66253,30653,15053,57953,977

Number of employees

55,25552,437(5.1)

Other data (at year-end):

Other data (at year-end):• The fiscal year for each business is the 12-month period commencing on January 1 and ending on December 31. References to years other than fiscal years refer to calendar years.
• With regard to amounts stated in million yen units, amounts less than ¥1 million are truncated. For amounts stated in 0.1 billion or billion yen units, amounts less than ¥0.1 billion or ¥1billion, respectively, are rounded off.
• From the fiscal year ended December 31, 2016, the presentation of sales finance-related income and expenses has changed from recording under “Selling, general and administrative
expenses,” “Non-operating income,” and “Non-operating expenses” to recording under “Net sales,” “Cost of sales,” and “Selling, general and administrative expenses.” To reflect thischange in the presentation method, the consolidated financial statements for the fiscal year ended December 31, 2015 have been adjusted.
• From the fiscal year ended December 31, 2019, reporting segments have changed from “Motorcycles,” “Marine products,” “Power products,” and “Industrial machinery and robots” to“Land Mobility,” “Marine Products,” “Robotics,” and “Financial Services.”• From the fiscal year ended December 31, 2020, the automobile engine and components business previously included in the Other Products segment is now included in the Land Mobility
segment, thus figures for the fiscal year ended December 31, 2019 have been adjusted to reflect this change.

80

Yamaha Motor Co., Ltd. Integrated Report 2021

Yamaha Motor Co., Ltd. Integrated Report 2021

81Facts and Data

Environmental and Social DataManagement’s Discussion and Analysis of Fiscal 2020 Business Results

Climate Change Mitigation Measures

Overview 

Item
Sales oflow-carbon
products

Unit

Number of fuel-injected motorcycles soldNumber of motorcycles featuring a “BLUE CORE” engine soldNumber of electrically power-assisted bicycles sold (including
number of drive units)

Thousandsof vehicles

2016

2017

2018

2019

2020

3,203

3,524

3,564

3,554

3,363

1,994

2,538

2,800

2,901

2,245

448

489

569

648

670

SASB Requirements
SASB Index*

Item

Unit

2020

TR-AU-000.A

Number of vehicles manufactured

Thousandsof vehicles

3,657

TR-AU-000.B

Number of vehicles soldThousandsof vehicles

3,802

TR-AU-250a.2

Number of safety-related defect complaints,
percentage investigated%100* Investigated all complaints that the Ministry of Land, Infrastructure,
Transport and Tourism of Japan had requested to investigate

TR-AU-250a.3

Number of motorcycles recalled (in Japan)

Number

106,983

TR-AU-310a.1

Percentage of active workforce covered undercollective bargaining agreements%

63

Number of work stoppages due to strikes andlockouts

Number0

Number of workers involved in work stoppages,
multiplied by number of days idle

Man-days

0

Asia

km/L

49

EuropegCO2/km

86

North America

mpg

56

Japan

km/L

41

Oceania

km/L

23

Central and SouthAmerica

km/L

43

Other

km/L

52

Activity Metric

Product Safety

Labor Practices
TR-AU-310a.2

TR-AU-410a.1

Sales-weighted average
passenger fleet fueleconomy, by region

Fuel Economy &Use Phase
Emissions(2) hybrid vehicles (HEVs) sold, andNumber(¥ billion)

Excluding growth strategy expenses and foreign exchange effects
Land Mobility
Business

Not applicable

Marine Products
Business(3) plug-in hybrid vehicles (PHEVs) soldMaterials
Sourcing

TR-AU-410a.3

Strategy for managing model-year fuel economy
and emissions risks and opportunities

Short-Term, Medium-Term, and Long-Term Risks and Opportunities> Short-Term Risks (0–3 Years)

TR-AU-440a.1

Management of risks associated with theuse of critical materials

Major Risks Associated with Transitioning to a Low-Carbon Society> Technological Risks

Weight of end-of-life products recoveredt

30,929Percentage of above waste recycled

%

86.6

Weight of end-of-life products recovered

t

—

–20.6

TR-AU-440b.2

TR-AU-440b.3

Financial Services
Business

+0.3

–4.1

Others+1.3

Growth Strategy
Expense Decreases+2.1

Exchange
Effects

–7.5

81.7

6.2

2019

RV

+2.7

Emerging Markets
Motorcycle Business

SPV

+0.6

2020 (FY)–30.1

Percentage of materials recycled fromend-of-life products

Recyclability of products%

97.8 (on a weight basis)

Percentage(%) bysalesweighted
metric tons(t)Target value: Set at 90%* A disclosure index for the automotive industry required by the Sustainability Accounting Standards Board (SASB)

82

–5.2

Robotics
Business

Developed
Markets
Motorcycle
Business

TR-AU-440b.1

Materials
Efficiency &Recycling

Meanwhile, in Europe, India, and Taiwan, where new emissions
regulations were put into effect, we expanded our lineup by
introducing new models.
As a result, consolidated net sales for the fiscal year, underreview declined ¥193.5 billion (11.6%) year on year, to ¥1,471.3
billion; operating income was down ¥33.7 billion (29.2%), to¥81.7 billion; ordinary income decreased ¥31.8 billion (26.6%), to¥87.7 billion; and net income attributable to owners of parent
declined ¥22.7 billion (29.9%), to ¥53.1 billion.
In the fourth quarter (October to December), the Company wasable to partially recover from the adverse impacts of COVID-19 in
the first half of the fiscal year, achieving a ¥6.7 billion (1.7%)
increase in net sales compared with the same period in the previous fiscal year, to ¥404.2 billion, and a ¥9.9 billion (64.5%) rise inoperating income, to ¥25.3 billion. The average foreign exchange
rate for the year was ¥107/US$1 (¥2 appreciation over the previous fiscal year) and ¥122/€1 (unchanged).
Net sales fell overall despite sales growth in the Robotics andFinancial Services segments, reflecting the decrease in unit sales ofmotorcycles in the Land Mobility segment and lower unit sales in
the Marine Products segment, both due to the impacts of COVID19. Operating income was also down overall, due in part to theabovementioned decrease in net sales but also from foreignexchange fluctuations, a decline in utilization rates from the suspension of factory operations in various countries in the first halfof the fiscal year under review, and other factors.

Factors Impacting Operating Income

115.4

Number of (1) zero emission vehicles (ZEVs) sold,TR-AU-410a.2

During the fiscal year ended December 31, 2020, in addition to
the trade friction between the United States and China ongoingsince the previous fiscal year, the global spread of the COVID-19
pandemic following its outbreak at the beginning of 2020 profoundly impacted economies worldwide. While still continuing tobe affected by these developments, the Yamaha Motor Group’sbusiness performance has been on a recovery path since bottoming out in the second quarter (April to June). In developed markets, personal mobility and outdoor family recreation demandrebounded sharply from the second quarter. Meanwhile, emerging markets registered a moderate recovery, centered on ASEAN
markets, India, and South America.
Amid such circumstances, Yamaha Motor carried out management while placing top priority on efforts to stem the spread of
COVID-19, the safety and well-being of its stakeholders, andensuring proper compliance with laws and regulations in countries
around the world. Drawing on our experiences from the 2008
global financial crisis that followed the Lehman Brothers bankruptcy, we secured liquidity on hand by thoroughly reducing
expenses and procuring required funds. In R&D and investments,
the Company continued its development and investment efforts innew business areas aimed at future growth and for strengthening
its core businesses, while narrowing down those efforts overallthrough selection and concentration. In terms of production, we
promptly suspended factory operations to address an anticipateddecline in demand resulting from the spread of COVID-19. As forsales, we moved quickly to roll out marketing activities employing
digital technologies as sales efforts were restricted by COVID-19.

Yamaha Motor Co., Ltd. Integrated Report 2021

TR: Transportation; AU: Automobiles

Yamaha Motor Co., Ltd. Integrated Report 2021

83

Facts and DataManagement’s Discussion and Analysis of Fiscal 2020 Business Results

Products and Services in Each Segment

Performance by Business Segment Land Mobility Segment
In this segment, net sales were down ¥173.4 billion (15.5%) year
on year, to ¥946.5 billion, and operating income declined ¥23.2
billion (55.7%), to ¥18.5 billion. The following is an overview of
performance by business field.
Net sales of motorcycles in developed markets decreased ¥3.6
billion (1.6%) year on year, to ¥219.5 billion, while the operating
income margin improved 2.4 percentage points, to –3.9%. While
immediate aggregate demand has now recovered, unit sales ofmotorcycles in developed markets declined in fiscal 2020 as production was unable to keep pace with the sharp rebound in total
demand. Meanwhile, despite a decline in utilization rates stemming from the temporary suspension of operations at the Iwata
Main Factory and our factory in France, the operating income
margin improved due in large part to cutting expenses.
Net sales of motorcycles in emerging markets were down
¥169.8 billion (21.9%) year on year, to ¥604.0 billion, and theoperating income margin fell 3.3 percentage points, to 3.4%.
While aggregate demand is steadily recovering, sales and profits
declined primarily as a consequence of lockdowns due to COVID19, economic stagnation resulting from restrictions on social
activities, and a fall in consumer sentiment. Indonesia experienced
a substantial drop in demand, reflecting more rigorous screening
for sales financing accompanying the economic downturn andongoing large-scale social restrictions. In the Philippines, unit sales
were down as supply lagged behind the sharp recovery in immediate overall demand. In Vietnam, aggregate demand is seeing amoderate recovery, but the economic recession drove a rise in unit
sales of low-priced models that hurt the model mix. On the other
hand, in India immediate total demand has recovered and strong
sales of new models led to our results from August onward surpassing those for the previous fiscal year. In Taiwan, both aggregate demand and wholesaling recovered to levels exceeding thoseof the previous fiscal year, fueled by a government subsidy program for vehicles with internal combustion engines.
Overall unit sales of motorcycles came to 3.8 million units, a
24.8% decline compared with the previous fiscal year. Inventory
levels are low in most regions and we are experiencing market
inventory shortages in developed countries in particular. With ourrecreational vehicles—all-terrain vehicles (ATVs), recreational
off-highway vehicles (ROVs), and snowmobiles—net sales were up¥0.9 billion (1.1%) year on year, to ¥79.8 billion, and the operating income margin improved 2.8 percentage points, to –0.5%.
Sales and profits increased as a spike in outdoor recreation
demand led to sales growth in North America—the Company’s
largest market for this segment—and other key regions.
For electrically power-assisted bicycles, net sales declined ¥0.9
billion (2.0%) year on year, to ¥43.2 billion, while the operating
income margin rose 1.6 percentage points, to 16.2%. Net sales
fell from a decline in unit sales of complete Yamaha-brand bicycles
in Japan resulting from production delays and the curtailing ofsales activities due to COVID-19. However, profits were up as anincrease in e-Bike system kit sales brought about an improvementin the model mix.

Marine Products Segment
Net sales decreased ¥21.7 billion (6.2%) year on year, to ¥328.3
billion, and operating income declined ¥7.7 billion (13.3%), to¥50.6 billion.
The decline in the segment’s net sales in the first half of the
fiscal year under review can be attributed to COVID-19, which led
to the suspension of operations of boatbuilders and dealerships inNorth America, and the temporary suspensions of operations at
the Iwata Main Factory and factories in the United States.
However, following the lifting of lockdowns, sharp growth inoutdoor recreation demand drove up outboard motor and personal watercraft demand accordingly. In addition, raising utilization rates after restarting factory operations helped secure higher
outboard motor unit sales in North America and Europe in thesecond half of fiscal 2020. However, while sales of large outboard
motors continued to grow even through the COVID-19 pandemic,
overall sales and profits for the segment declined during fiscal
2020 as we were not able to compensate for the impacts sufferedin the first half of the fiscal year under review.
Robotics Segment
Net sales rose ¥7.4 billion (9.7%) year on year, to ¥83.0 billion,
while operating income declined ¥4.4 billion (57.4%), to¥3.3 billion.
Unit sales of surface mounters grew over the fiscal year underreview in Asia—including in China, Taiwan, and South Korea—
and recovered in Europe and the United States from the second
half of fiscal 2020. However, the model mix for surface mountersdeteriorated due to the curbing of investments in the automotive
industry in Japan and other countries. In addition, the Company
converted Yamaha Motor Robotics Holdings Co., Ltd. (now
Yamaha Robotics Holdings Co., Ltd. (YRH)) into a subsidiary at theend of the second quarter of fiscal 2019, the effects of which also
contributed toward the segment’s increase in net sales but
decrease in profits.
Financial Services Segment
Net sales grew ¥5.1 billion (12.5%) year on year, to ¥46.1 billion,
while operating income was down ¥0.5 billion (5.9%), to¥7.6 billion.
Despite higher sales on the back of the segment’s favorable
performance in developed markets, profits declined as a result of
foreign exchange fluctuations, an increase in the allowance for
doubtful accounts, and a decrease in receivables for wholesaling.
Other Products Segment
Net sales decreased ¥10.9 billion (13.9%) year on year, to ¥67.4
billion, while operating income was ¥1.7 billion, compared with
an operating loss of ¥0.4 billion, in the previous fiscal year.
Sales decreased due to lower unit sales of golf cars and power
generators. Operating income was recorded due to costs incurredfrom market countermeasures implemented in the previous
fiscal year.

Segment

Main products and services

Land Mobility

Motorcycles, intermediate parts for products, knockdown parts for overseas production, all-terrain vehicles,
recreational off-highway vehicles (ROVs), snowmobiles, electrically power-assisted bicycles, automobile engines,
and automobile components

Marine Products

Outboard motors, personal watercraft, boats, FRP pools, fishing boats, and utility boats

Robotics

Surface mounters, semiconductor manufacturing equipment, industrial robots, and industrial-use unmanned
helicopters

Financial Services

Sales finance and leasing related to the Company’s products

Other Products

Golf cars, generators, multi-purpose engines, small-sized snow blowers, and electric wheelchairs

R&D Expenses 
For the Yamaha Motor Group as a whole, R&D expenses amounted
to ¥94.0 billion for the fiscal year ended December 31, 2020.
The Yamaha Motor Group’s corporate mission is to be a Kando
Creating Company and offer new excitement and a more fulfilling
life for people all over the world. To that end, we continuously
take on new challenges with our uniquely Yamaha Monozukuri
approach—engineering, manufacturing, and marketing productswith an emphasis on craftsmanship and excellence—which aims
to create new, original, and innovative ideas and messages; technologies that bring joy and foster trust among our customers;
attractive designs that express Refined Dynamism; and the power
to forge lifelong ties with our customers. Through our technologies that interweave human logic with human sensibilities, weoffer unique and high-quality products and services.

Robotics Business¥7.8 billion(8.3%)

MarineProducts
Business¥13.7 billion(14.6%)

Other Products Business¥2.7 billion (2.9%)

R&D Expenses
by Segment

The Company believes that making a lasting effort to gain
recognition among various stakeholders that the “unique style of
Yamaha Motor” is the Yamaha brand itself and that making our
products and services the preferred choice over a lifetime is what
will enable us to not only achieve sustainable growth but alsoenhance our medium- to long-term corporate value.
We are carrying out measures to accomplish both of thesegoals under our Long-Term Vision for 2030 and the three-year
Medium-Term Management Plan that began in fiscal 2019.
Specifically, through initiatives in our three focus areas ofAdvancing Robotics, Rethinking Solution, and Transforming
Mobility, we carry out strategic investments for growth aiming tocontribute to expanding human possibilities and making society
and people’s lives better under our Long-Term Vision of ART for
Human Possibilities.

R&D Expenses and R&D Expenses to Net Sales Ratio(¥ billion)

(%)

105

10.0

100

9.0

95

¥94.0

7.0

90

billion

6.4

Land Mobility Business¥69.8 billion (74.2%)

85

6.0

0
2016
R&D expenses

84

Yamaha Motor Co., Ltd. Integrated Report 2021

8.0

94

2017

2018

2019

2020

0
(FY)

R&D expenses to net sales ratio

Yamaha Motor Co., Ltd. Integrated Report 2021

85

Facts and DataManagement’s Discussion and Analysis of Fiscal 2020 Business Results

Analysis of Financial Position 

Capital Resources and Liquidity 

Total assets at the end of the fiscal year under review stood at¥1,640.9 billion, an increase of ¥108.1 billion compared with theend of the previous fiscal year. Current assets rose ¥46.8 billion,
mainly due to securing liquidity on hand to counteract the impactsof COVID-19. This outcome was despite factors that included a
decline in inventories primarily in developed markets as supply
lagged behind the recovery in sales, a decrease in short-term sales
finance receivables that accompanied the drop in dealership inventories, and a decrease in notes and account receivables due tolower sales in ASEAN markets. Fixed assets grew ¥61.3 billion due
to factors such as the increase in long-term sales finance receivables stemming from the Company’s shift to greater autonomy inloan receivables for “Prime” customers in the United States.

Total liabilities rose ¥110.8 billion, to ¥891.8 billion, due tohigher interest-bearing debt and other factors.
Total net assets amounted to ¥749.2 billion, a decline of ¥2.7
billion despite ¥53.1 billion in net income attributable to ownersof parent due in part to ¥15.7 billion in cash dividends paid, a¥21.7 billion decrease in foreign currency conversion adjustments,
and a decline in non-controlling interests of ¥12.1 billion.
As a result, the shareholders’ equity ratio was 43.6%, compared with 46.0% at the end of the previous fiscal year, while thenet debt/equity ratio was 0.27 times, compared with 0.34 times.

Cash Flows 
Operating Cash Flow
Overall, net cash provided by operations in fiscal 2020 was ¥110.5
billion (¥99.1 billion in the previous fiscal year). This mainlyreflected cash provided from ¥85.0 billion in income before taxes,
etc., (¥120.6 billion), ¥48.2 billion in depreciation expenses (¥49.7
billion), a decrease in inventories of ¥32.7 billion (an increase of¥17.4 billion), a decrease in notes and account receivables of¥17.3 billion (a decrease of ¥2.7 billion), and an increase in notes
and accounts payable of ¥11.5 billion (a decrease of ¥7.1 billion),against cash used for an increase in sales finance receivables of¥68.3 billion (an increase of ¥32.2 billion), and other factors.
Investing Cash Flow
Net cash used for investing was ¥44.0 billion (¥79.7 billion in theprevious fiscal year), primarily reflecting ¥51.4 billion (¥58.7 b­ illion)used for purchasing fixed assets.

Financing Cash Flow
Net cash provided by financing was ¥83.7 billion (net cash used infinancing of ¥36.8 billion in the previous fiscal year), primarilyreflecting the procurement of funds through long- and short-termloans payable, despite net cash used as a result of cash dividends
paid, purchases of additional YRH shares, and other factors.
As a result of the above, free cash flow for fiscal 2020 was apositive ¥66.5 billion (a positive ¥19.5 billion in the previous fiscal
year), interest-bearing debt at the end of fiscal 2020 stood at¥466.9 billion (an increase of ¥102.0 billion compared with theprevious fiscal year-end), and cash and cash equivalents came to¥267.2 billion (an increase of ¥144.5 billion compared with theend of the previous fiscal year).

The Yamaha Motor Group’s primary capital needs are covering thecosts of procuring the materials, parts, and more used in productmanufacturing; costs incurred in the manufacturing process; thepurchasing costs for products and merchandise; selling, generaland administrative expenses; working capital; and capital
expenditures.
Group companies acquire short-term loans requiring payment
within one year denominated in local currencies to use as working
capital. Meanwhile, funds for capital expenditures come primarily,
in principle, from internal reserves, including paid-in capital andretained earnings.
On managing capital liquidity, Yamaha Motor secures necessary
liquidity by creating and updating cash flow schedules on a timely
basis and properly maintaining cash and cash equivalents on hand.
In anticipation of a need for funds in light of the impacts of
COVID-19, Company headquarters implemented crisis response

Capital Expenditures 
Capital expenditures were down ¥4.3 billion (7.4%) year on year,
to ¥53.8 billion, during the fiscal year under review.
In the Land Mobility segment, the Company spent ¥33.0 billion
on outlays such as launching new motorcycle models for overseas
markets, upgrading production equipment, expanding production
capacity in the Philippines, and reallocating production roles at theheadquarters. In the Marine Products segment, the Company

used ¥12.8 billion on launching new models centered on outboard motors, upgrading production equipment, renovating
Yamaha Marina Hamanako, and other expenditures. In the
Robotics segment, the Company spent ¥1.9 billion on R&D forsurface mounters and industrial robots, among other pursuits,
while in the Other Products segment, it invested ¥6.0 billion in
new golf car products and other expenditures.

Cash Dividends 
The Company considers enhancing the interests of shareholders
an important management issue and endeavors to improve corporate value. With a focus on striking a balance between investments for new growth and returns to shareholders within therange of its cash flows, while maintaining and reinforcing theearnings power of its existing businesses, the Company endeavors
to pay dividends in a stable and sustainable manner, setting 30%
of net income attributable to owners of parent as a benchmark
for its dividend payout ratio.

The Company has a basic policy of paying an interim dividend
and a year-end dividend. The decision-making bodies for dividends are the Board of Directors for interim dividends and theGeneral Meeting of Shareholders for year-end dividends. The
Company’s Articles of Incorporation provides that the record dateshall be June 30 for the interim dividend and December 31 for the
year-end dividend.
The Company decided to pay a full-year dividend of ¥60 per
share for fiscal 2020.
Cash Dividends per Share and Payout Ratio

Net Assets per Share and Equity Ratio

Total Asset Turnover

Interest-Bearing Debt and Debt/Equity Ratio(¥)(%)(Times)(¥ billion)

50

1.3

480

40

1.2

1,500

30

1.1

1,000

20

1.0

500

10

0.9

0
(FY)

0

2,500

measures such as borrowing ¥170.0 billion from financial institutions in fiscal 2020. However, the decline in inventory resulting
from the suspension of factory operations and the sharp reboundin demand centered on developed markets, as well as thedecrease in investments from the postponing or freezing of projects based on priority, allowed the Company to secure positive
free cash flow. Accordingly, the Company repaid the short-termloans payable that became due during the consolidated fiscal year
under review.
The Company has adopted a financial strategy of striking abalance between investments for new growth and returns toshareholders within the range of its cash flows, while maintaining
and reinforcing the earnings power of its existing businesses. In its
cash flow plan for fiscal 2021, the Company expects to increase
working capital as it transitions from crisis response mode to abalance sheet under normal conditions.

(%)

100

467

(¥)(%)

50

100

43.6
2,000

2,045

75

435
65.3
390

0
2016
Net assets per share

86

2017

2018

2019

Equity ratio

Yamaha Motor Co., Ltd. Integrated Report 2021

2020

25

0
2018

2019

2020

(FY)

60

40

30

50

345

2017

39.5

60

0.93

2016

80

2016
Interest-bearing debt

2017

2018

Debt/equity ratio

2019

2020

0
(FY)

40

20

20

10

0
2016
Cash dividends per share

2017

2018

2019

2020

0
(FY)

Payout ratio

Yamaha Motor Co., Ltd. Integrated Report 2021

87

Facts and Data

Global Group Network (As of December 31, 2020)

Yamaha Motor’s diverse range of products, offered by its consolidated subsidiaries and equity-method affiliates in
30 countries and regions, are sold in over 180 countries and regions around the world. The Company’s main subsidiaries
and affiliates engaged in global operations are listed below.

Europe (Abbreviations) 
The Netherlands
Yamaha Motor Europe N.V. (YMENV)
Germany
Yamaha Motor Deutschland GmbH (YMG)
Italy
Yamaha Motor Research &Development Europe S.r.l. (YMRE)Yamaha Motor Racing S.r.l. (YMR)

FranceMBK Industrie
YAMAHA MOTOR FINANCE FRANCE SAS (YMFF)
Spain
Motor Center BCN S.A.

Russia
LLC Yamaha Motor CIS (YMCIS)
GreeceMotodynamics S.A.

TurkeyYamaha Motor Sanayi ve Ticaret Limited Sirketi

North America (Abbreviations) 
United States
Yamaha Motor Corporation, U.S.A. (YMUS)
Yamaha Motor Manufacturing Corporation ofAmerica (YMMC)
Yamaha Marine Systems Company Inc.
Skeeter Products, Inc.
Yamaha Jet Boat Manufacturing U.S.A., Inc. (YJBM)
Yamaha Golf-Car Company (YGC)
INDUSTRIAL POWER PRODUCTS OF
AMERICA, INC.
Yamaha Motor Finance Corporation, U.S.A. (YMFUS)

Japan Yamaha Motor Ventures & Laboratory Silicon Valley, Inc.
(YMVSV)
Yamaha Motor Exploratory Fund GP, L.L.C. (YFGP)
Yamaha Motor Distribution Latin America, Inc.
(YDLA)
Yamaha Motor Installment Receivables Corporation(YMIR)
Shinkawa U.S.A., Inc. (SKW-US)
CanadaYamaha Motor Canada Ltd. (YMCA)
Yamaha Motor Finance Canada Ltd.

FinlandInhan Tehtaat Oy Ab

Africa (Abbreviation) Nigeria
CFAO Yamaha Motor Nigeria Ltd. (CYMNG)

Asia (Abbreviations) Indonesia
PT. Yamaha Indonesia Motor Manufacturing (YIMM)
PT. Yamaha Motor Parts Manufacturing Indonesia (YPMI)
PT. Yamaha Motor Nuansa Indonesia (YMNI)PT. Toyo Besq Precision Parts Indonesia (TBI)
PT. Yamaha Motor Electronics Indonesia (YEID)
PT. Yamaha Motor Mold Indonesia (YMMID)
PT. Yamaha Motor R&D Indonesia (YMRID)
PT. Sakura Java Indonesia
PT. Kyowa Indonesia
PT. Bussan Auto Finance (BAF Indonesia)
The Philippines
Yamaha Motor Philippines, Inc. (YMPH)
LIYAM Property, Inc.
Shinkawa Philippines, Inc. (SKW-PH)
ThailandThai Yamaha Motor Co., Ltd. (TYM)
Yamaha Motor Parts Manufacturing(Thailand) Co., Ltd. (YPMT)TYMA Co., Ltd.
Yamaha Motor Electronics Thailand Co., Ltd. (YETH)
Yamaha Motor Asian Center Co., Ltd. (YMAC)
Siam Yamaha Motor Robotics Co., Ltd. (SYMR)
Shinkawa Thailand Co., Ltd. (SKW-TH)
Shinkawa Manufacturing Asia Co., Ltd. (SMAC)
Apic Yamada (Thailand) Co., Ltd. (AYT)
Apic Yamada Precision (Thailand) Co., Ltd. (AYPT)Malaysia
HL Yamaha Motor Research Centre Sdn. Bhd. (HLYR)
Shinkawa Malaysia Sdn. Bhd. (SKW-MY)
Hong Leong Yamaha Motor Sdn. Bhd. (HLYM)
Vietnam
Yamaha Motor Vietnam Co., Ltd. (YMVN)
Yamaha Motor Parts Manufacturing Vietnam Co., Ltd.
(YPMV)
Yamaha Motor Electronics Vietnam Co., Ltd. (YEVN)
Shinkawa Vietnam Co., Ltd. (SKW-VN)
India
Yamaha Motor India Pvt. Ltd. (YMI)
India Yamaha Motor Pvt. Ltd. (IYM)
Yamaha Motor India Sales Pvt. Ltd. (YMIS)Yamaha Motor Electronics India Pvt. Ltd. (YEIN)

88

Yamaha Motor Co., Ltd. Integrated Report 2021

Yamaha Motor Research andDevelopment India Pvt. Ltd. (YMRI)
Yamaha Motor Solutions India Pvt. Ltd. (YMSLI)KYB Motorcycle Suspension India Pvt. Ltd. (KMSI)
Bussan Auto Finance India Pvt. Ltd. (BAF India)

Yamaha Motorcycle Sales Japan Co., Ltd.
YAMAHA MOTOR ENGINEERING CO., LTD.
SUGO CO., LTD.
YAMAHA KUMAMOTO PRODUCTS CO., LTD.
Yamaha Marine Hokkaido Manufacturing Co., Ltd.
Yamaha Amakusa Manufacturing Co., Ltd.
Yamaha Marina CO., LTD.
Y’S GEAR Co., Ltd.
YAMAHA MOTOR POWERED PRODUCTS Co., Ltd.
Nishi Nippon Skytech Co., Ltd.
YAMAHA MOTOR ELECTRONICS CO., LTD.
SUNWARD INTERNATIONAL, INC.
YAMAHA MOTOR PRECISION PARTS
MANUFACTURING CO., LTD.
HAMAKITA INDUSTRY CO., LTD.
YAMAHA MOTOR HYDRAULIC SYSTEM Co., Ltd.
Yamaha Motor Biz Partner Co., Ltd.
YAMAHA MOTOR MIRAI CO., LTD.
YAMAHA MOTOR SOLUTIONS Co., Ltd.
YAMAHA ROBOTICS HOLDINGS CO., LTD.
SHINKAWA LTD.
APIC YAMADA CORPORATIONPFA Corporation
Shinkawa Technologies Ltd.
Apic Yamada Distributors Inc.
Ecole Toyohashi
Sakura Kogyo Co., Ltd.
A.I.S Corporation
JUBILO Co., LTD.
Mikasa Unyu Co., Ltd.
KYB Motorcycle Suspension Co., Ltd.
EVEC, Inc.
eve autonomy, Inc.
Copal Yamada Corporation
Izumisano Waterfront Co., Ltd.
Marine Wave Otaru, Co., Ltd.
Choshi Marina, Inc.
Marina Akita, Co., Ltd.
Hayama Marina, Co., Ltd.
Yokohama Bayside Marina Co., Ltd.

Pakistan
Yamaha Motor Pakistan (Private) Limited (YMPK)Singapore
Yamaha Motor Asia Pte. Ltd. (YMAP)
Yamaha Motor Distribution Singapore Pte. Ltd. (YDS)
Shinkawa Singapore Pte. Ltd. (SKW-SG)
Apic Yamada Singapore Pte. Ltd. (AYS)
TaiwanYamaha Motor Taiwan Co., Ltd. (YMT)
Topmost Consulting Co., Ltd. (TCC)
Yamaha Motor R&D Taiwan Co., Ltd. (YMRT)Yamaha Motor Taiwan Trading Co., Ltd. (YMTT)Yamaha Motor Electronics Taiwan Co., Ltd. (YETW)
Shinkawa Taiwan Co., Ltd. (SKW-TW)
China
Yamaha Motor (China) Co., Ltd. (YMCN)
Shanghai Yamaha Jianshe Motor Marketing Co., Ltd.
(YMSM)
Zhuzhou Yamaha Motor Shock-absorber Co., Ltd. (ZYS)
Yamaha Motor R&D Shanghai Co., Ltd. (YMRS)Yamaha Motor Powered Products Jiangsu Co., Ltd. (YMPJ)
Yamaha Motor Electronics Suzhou Co., Ltd. (YESZ)
Yamaha Motor Solutions Co., Ltd. Xiamen (YMSLX)
Yamaha Motor IM (Suzhou) Co., Ltd. (YIMS)
Shinkawa (Shanghai) Co., Ltd. (SKW-SH)
Apic Yamada Technology (Shanghai) Co., Ltd. (ATS)Shanghai Yamada Machinery Manufacturing Co., Ltd. (SYM)
Shanghai Apic Yamada Co., Ltd. (SYC)
Chongqing Jianshe Yamaha Motor Co., Ltd. (CJYM)
Zhuzhou Jianshe Yamaha Motor Co., Ltd. (ZJYM)
Jiangsu Linhai Yamaha Motor Co., Ltd. (LYM)
Sichuan Huachuan Yamaha Motor Parts
Manufacturing Co., Ltd. (SHY)
Tongling Sanjia Yamada Technology Co., Ltd. (TSY)South Korea
Shinkawa Korea Co., Ltd. (SKW-KR)

Central andSouth America (Abbreviations) Oceania (Abbreviations) Australia
Yamaha Motor Australia Pty Limited (YMA)
Ficeda Pty Limited
Yamaha Motor Finance Australia Pty Limited (YMFA)
Australian Motorcycle and Marine Finance Pty Ltd.
Yamaha Motor Insurance Australia Pty. Ltd.
New Zealand
Yamaha Motor New Zealand Limited (YMNZ)
Yamaha Motor Finance New Zealand Limited (YMFNZ)
Yamaha Motor Insurance New Zealand Limited
Micronesia
TriFork Reinsurance Corporation

BrazilYamaha Motor do Brasil Ltda. (YMDB)Yamaha Motor da Amazonia Ltda. (YMDA)
Yamaha Motor Componentes da Amazonia Ltda.
(YMCDA)
Yamaha Motor Electronics do Brasil Ltda. (YEBR)
Yamaha Administradora de Consorcio Ltda. (YAC)
Yamaha Motor do Brasil Servicos Financeiros
Participacoes Ltda.
Banco Yamaha Motor do Brasil S.A. (BYMD)
Yamaha Motor do Brasil Corretora de Seguros Ltda. (YMDCS)
Yamaha Motor do Brasil Logistica Ltda. (YMBL)
Argentina
Yamaha Motor Argentina S.A. (YMARG)
Uruguay
Yamaha Motor Uruguay S.A. (YMUY)
PeruYamaha Motor del Peru S.A. (YMDP)
Yamaha Motor Selva del Peru S.A. (YMSP)Colombia
Industria Colombiana de Motocicletas Yamaha S.A.
(Incolmotos Yamaha)
MexicoYamaha Motor de Mexico, S.A. de C.V. (YMMEX)
Yamaha Motor Consorcio Mexico, S.A. de C.V.
Yamaha Motor Personnel Service Mexico, S.A. de C.V. (YMPSMX)

Yamaha Motor Co., Ltd. Integrated Report 2021

89

Facts and Data

Corporate Information / Stock Information (As of December 31, 2020)

Company name
Headquarters

Date of establishment
Capital
Number of employees
Stock listing
Stock code
Transfer agent for­capital stock
AuditorInclusion in major
indices
Major consolidated
subsidiaries

Yamaha Motor Co., Ltd.
2500 Shingai, Iwata, Shizuoka 438-8501, Japan
Telephone: +81-538-37-0134
Fax: +81-538-37-4250
July 1, 1955
¥85,973 million
Consolidated: 52,437
Non-consolidated: 10,359
Tokyo Stock Exchange
7272
Sumitomo Mitsui Trust Bank, Limited
4-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-8233,
Japan
Ernst & Young ShinNihon LLC
Nikkei 225, JPX-Nikkei 400

Capital Stock

External Recognition 

Principal Shareholders

Authorized

900,000,000 shares (common stock)

FTSE4Good Index Series

Shareholder

Issued350,122,835 shares

The Master Trust Bank of Japan, Ltd. (trust account)

11.82

FTSE Blossom Japan Index

Number of shareholders

82,730

Yamaha Corporation

9.91

Custody Bank of Japan, Ltd. (trust account)

5.90

Toyota Motor Corporation

3.58

SSBTC CLIENT OMNIBUS ACCOUNT

3.58

Japanese individuals and others

SMBC Nikko Securities Inc.

2.78

11.3%

Mizuho Bank, Ltd.

2.37

The Shizuoka Bank, Ltd.

1.62

Custody Bank of Japan, Ltd. (trust account 9)

1.59

Mitsui & Co., Ltd.

1.56

Dow Jones Sustainability Asia Pacific Index
S&P Japan 500 ESG
Securities
companies

SNAM Sustainability Index
Digital Transformation (DX) Stocks Selection (2021)

5.1%

Certified in 2021 Health & Productivity Management
Organization Recognition Program(Large Enterprise Category)—White 500

Foreigninvestors

Shareholder
Composition

27.9%

Yamaha Motorcycle Sales Japan Co., Ltd.

Note: Percentage of ownership is calculated excluding treasury shares.

Japanesefinancial
institutions

Shareholder Notes

37.8%

YAMAHA MOTOR POWERED PRODUCTS Co., Ltd.
Yamaha Motor Corporation, U.S.A.
Other Japanese corporations

Yamaha Motor Manufacturing Corporation of America

17.9%

Yamaha Motor Europe N.V.

Ownership (%)

PT. Yamaha Indonesia Motor Manufacturing
India Yamaha Motor Pvt. Ltd.

Fiscal year

January 1 to December 31

Reference date for­allocation of surplus for
dividends

Year-end dividends: December 31
Interim dividends: June 30

General Meeting of
Shareholders

March

Share unit number

100 shares

Method of public notice

Public notices are given by electronic notice.
In unforeseen circumstances where electronic
notices are impossible, public notice is madein the Nihon Keizai Shimbun.

Yamaha Motor Vietnam Co., Ltd.
Thai Yamaha Motor Co., Ltd.
Yamaha Motor Philippines, Inc.

Continuing on from fiscal 2020,
we have been selected as a Digital
Transformation Stock (DX Stock) 2021,
which is a program organized jointly by
Japan’s Ministry of Economy, Trade andIndustry and the Tokyo Stock Exchange.

Yamaha Motor do Brasil Ltda.
Yamaha Motor Australlia Pty. Ltd.

Design Awards Won in 2020 
Ténéré 700
Motorcycle

YMR-08Industrial-use multirotor drone

YNF-01
Low-speed mobility vehicle(Concept model)• Red Dot Award 2020 | Winner• iF Design Award 2020
• JIDA Design Museum Selection
Vol. 22• Red Dot Award 2020 | Winner• International Design ExcellenceAwards 2020 | Finalist• iF Design Award 2020

Yamaha Motor’s Share Price and Trading Volume on the Tokyo Stock Exchange(¥)(Million shares)

4,000

400

3,000

300

2,000

200

1,000

100

0

0

2016
Tricity 300
Motorcycle

TRITOWN
Commuter vehicle (Concept model)• Good Design Award 2020

• German Design Award 2021 |Winner

MT-15
Motorcycle

Share price

2017

2018

2019

2020

(FY)

Trading volume• India Design
Mark 2020

For further information, please contact:
Yamaha Motor Co., Ltd.
IR/SR Group, Corporate Communication Division
FZS-FI

90

Yamaha Motor Co., Ltd. Integrated Report 2021

2500 Shingai, Iwata, Shizuoka 438-8501, Japan
Telephone: +81-538-37-0134
Fax: +81-538-37-4250
https://global.yamaha-motor.com/ir/
Yamaha Motor Co., Ltd. Integrated Report 2021

91

YAMAHA MOTOR CO., LTD.
2500 SHINGAI, IWATA, SHIZUOKA, JAPANhttps://global.yamaha-motor.com/

Printed in Japan