Financial Highlights
Yamaha Motor Co., Ltd. and Consolidated Subsidiaries
Years ended December 31

Net sales rose 11.1% from the previous year, to ¥1,670.1 billion, due to strong motorcycle sales in ASEAN

Motorcycle sales by market

Motorcycle unit sales by market

Marine product sales by market(Billion ¥)(Thousand units)(Billion ¥)

1,200

8,000

400

and the effect of yen depreciation.
978

928

POINT

900

1,045

1,033
149

930

150

142

136

6,000

120

6,014

309
5,799

590

587

600

billion, due to sales growth and improved profitability from cost reductions.

629(Year ended December 31, 2017)

Industrial machinery and robots(Billion ¥)1,521

Power products

1,410
80
32
127

1,350
Marine products

19.4%

86
39
142

Motorcycles

62.6%

73
47
169

5,077

1,503
76
47
152

1,521

276

89
50
37

116
53
46

136

2013

2014

1,503

128

139

72
46

56
47

53
46

2015

2016

2017

0

900
1,263

1,358

1,465

1,339

1,500

39

41

181

172

41
17
43

42

4,307

4,558

162
76
109

191
79
123

209
89
110

208
77
110

199
70
103

2013

2014

2015

2016

2017

0

196

145

125

26

27

27

28

27

2013

2014

2015

2016

2017

North America

Japan

North America

Japan

North America

EuropeAsia

EuropeAsia

EuropeAsia

OthersOthersCash and cash equivalents at the end of
the year

Net assets and % of net income toshareholders’ equity

Total assets and return on assets

297

43
12

39
17

Japan

1,350

900

4,286

100

Others

1,410

324

4,819

2,000

1,670

1,631

82
68
152

309

243

1,800

1,670

1,631

9.1%

0

(Billion ¥)1,800

Other products 4.9%

4.0%

Sales by market

200

47
16

44
19

324
297

37

300

Sales by product segment

452

276
243

461

4,000

672

580

612

610

5,390

5,154

524

Record profit was achieved at all levels, including a 37.9% increase in operating income, to ¥149.8

Percentage of sales by product segment

5,218

300

(Billion ¥)(%)(Billion ¥)(%)(Billion ¥)

1,600

12

800

28

200

21

150

1,416

Percentage of sales by market

978

928

450

1,033

1,310

1,045

930

450
1,200

1,305

665

1,319

156

1,147

9

(Year ended December 31, 2017)

575

600
503

7.4

Japan

0

10.2%

0
2013

2014

2015

2016

2017

Motorcycles

Marine products

Power products

Industrial machinery and robots

148

163

166

164

170

2013

2014

2015

2016

2017

Japan

17.6

137

6

108

4.6

4.2

16.2

400

4.8

12.7

400

3

200

0

0

136

120

423
5.6

800

Overseas

Other products

Overseas

532

12.3

14

100

7

50

0

0

12.6

89.8%
0
2013

Operating income and operating income
marginProfit attributable to owners of parent
and ratio of profit attributable to ownersof parent to net sales

Net income per share(Billion ¥)(Billion ¥)

(%)

(¥)

8

320

(%)

200

10.0

120

Total assets

291

101.6
6.1

7.2

150

149.8
7.5

90

6

100
3.9

60.0
5.0

87.2

60

4.5
3.1

172 172

63.2
4

4.2

80

0

0

0

0

0

60

2013

2014

2015

Free cash flows(Billion ¥)

160

80

2015

2016

2017

120
97

72
68
126

120

73

63
60

53

60
21

47

94

2016

2017

2013

2014

2015

2016

Operating income

Profit attributable to owners of parent

Net income per share—basic

Operating income margin (%)

Ratio of profit attributable to owners ofparent to net sales (%)

Net income per share—diluted

Yamaha Motor Co., Ltd. ⎜ Annual Report 20172014

Net assets

Cash used in investing activities

67

40
2017

2013

2017

(Billion ¥)

80
2

2016

2016

4

30

2015

2015

(Billion ¥)126 126

3.7

2.5

2014

2014

160

50

2013

2013

Cash provided by operating activities

181 181

44.1

55.1

2017

143
196 196

68.5

108.6

2016

Return on assets (%)

240

130.3
5.7

2015

% of net income to shareholders’ equity

9.0
8.0

2014

28

40

0

20

–60

–40

2017
0

–120

0
2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

Note: Net income per share—diluted for fiscal 2017 is
not listed as there were no potential shares withdilutive effect.

Yamaha Motor Co., Ltd. ⎜ Annual Report 201761

Five-Year Summary

Management Discussion and Analysis of Operations

Yamaha Motor Co., Ltd. and Consolidated Subsidiaries
Years ended December 31, 2013, 2014, 2015, 2016 and 2017

Millions of yen

For the year:
Net sales
Sales by product:
Motorcycles
Marine products
Power products
Industrial machinery and robots
Other products
Gross profit
Operating income
Ordinary income
Profit attributable to owners of parent
Net cash provided by operating activities
Net cash used in investing activities
Free cash flows
Net cash provided by (used in) financing activities
Capital expenditures
Depreciation expenses
At year-end:
Total assets
Net assets
Interest-bearing debt

% change

2013

2014

2015

2016

2017

¥1,410,472¥1,521,207¥1,631,158¥1,502,834¥1,670,090

11.1 %

928,203
243,362
126,722
32,261
79,922
318,765
55,13760,09244,057
66,976(62,679)
4,296
3,620
56,80036,407

977,580
276,367
142,204
38,942
86,113372,849
87,24997,27968,452
93,618(72,470)
21,148(8,908)65,871
37,667

1,032,560
309,337
169,495
46,501
73,262436,525
130,329
125,23160,02328,475(68,475)(40,000)
6,845
64,06444,324930,112297,216
152,310
46,871
76,322402,660
108,594
102,073
63,153
143,163(46,541)
96,622(67,627)
61,33042,434

1,045,211
323,838
151,622
67,571
81,845
458,629
149,782
154,826
101,603
126,342(53,194)
73,147(52,830)
56,53245,457

12.4
9.0
(0.5)
44.2
7.2
13.9
37.9
51.7
60.9
(11.7)
14.3(24.3)(21.9)(7.8)
7.1¥1,146,591
422,792
382,929¥1,310,040
503,224
403,652¥1,305,236
531,700
410,148¥1,318,776
575,404
364,381¥1,415,845
665,232
353,490

7.4 %
15.6
(3.0)

3.9
12.7
33.5
12.5
99.7

5.7
16.2
35.1
12.5
87.8

8.0
12.6
37.6
16.0
83.6

7.2
12.3
40.5
14.2
68.2

9.0
17.6
44.0
12.7
56.8

Ratios:Operating income margin (%)
Return on equity (%)
Equity ratio (%)
Price/earnings ratio (times)
Debt/equity ratio (%)

2017/2016

Yen

Per share amounts:
Net income—basic
Net income—diluted
Net assets
Cash dividends¥

126.20126.201,099.84
26.00¥

196.06
196.04
1,316.58
40.00¥

171.89171.88
1,405.35
44.00

180.84180.83
1,529.53
60.00¥

290.93—
1,783.35
88.00

Millions of yen, except per share data

Share performance (at year-end):
Price per share (yen)Market capitalization

Sales Performance by Business Segment

During the fiscal year ended December 31, 2017 (fiscal 2017), theMotorcycles

global economy continued to recover at a moderate pace amid a sense

Net sales rose ¥115.1 billion, or 12.4% year on year, to ¥1,045.2

of uncertainty over the future caused by geopolitical risks. In developed

billion, and operating income rose ¥32.9 billion, or 91.4% year on year,

markets, the economic recovery continued in Europe and the United

to ¥68.8 billion.

States against a backdrop of expanding personal consumption andexports, and in emerging markets, domestic demand improved due to

Taiwan and Vietnam, and declined in developed markets, Indonesia andthe recovery of prices of resources. In addition, exchange rate trends

other countries, leading to unit sales of approximately 5.4 million acrossremained stable during the year.

the business as a whole, the largest year-on-year increase since 2011.

Against this backdrop, the Company’s consolidated net sales for the

As a result, net sales increased and operating income rose significantly

fiscal year under review rose ¥167.3 billion, or 11.1% year on year, todue to expanded sales of higher-priced products in ASEAN countries,¥1,670.1 billion, and the Company achieved its highest ever operating

Brazil and other emerging markets as well as the effects of costincome, ordinary income and profit attributable to owners of parent.

reductions.

Operating income rose ¥41.2 billion, or 37.9%, to ¥149.8 billion,

While maintaining increased profitability from platform models in

ordinary income rose ¥52.8 billion, or 51.7%, to ¥154.8 billion, and

ASEAN countries, the Company shall release models that will commandprofit attributable to owners of parent rose ¥38.5 billion, or 60.9%, toa strong presence in each market. In addition, in developed markets,¥101.6 billion.

the Company shall create new demand, while introducing models thatthat embodies Yamaha’s unique style.

60.9 %—
16.6
46.7

Factors Impacting Operating Income(Billion ¥)180

Impact of exchange rate
Impact of increased
sales

135

Operatingincome+30.8

Cost reductions

+11.9

+15.4

Impact of cost of
raw materials

–6.5

–4.3

Increase in SG&A
expenses, etc.

Increase in R&D expenses
including investment ingrowth strategies–6.0% change
90

¥

1,577
550,585¥2,442
852,683¥2,744
958,264¥

2,574
898,931¥

3,695
1,290,413

43.6 %
43.5+149.8+149.845

Persons

Other data (at year-end):
Number of shareholders
Number of employees

Unit sales increased in countries such as the Philippines, Thailand,

leverage the unique characteristics of the Yamaha brand and marketing% change¥

Overview

29,47453,38230,416
52,662

34,21453,306+108.6% change

42,031
53,15034,56653,579(17.8)%
0.8

0

2016

2017

Notes: • References to fiscal years are to 12-month periods commencing on January 1 and ending on December 31.
• 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 ¥1 billion,
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 this change inpresentation method, the consolidated financial statements for the fiscal year ended December 31, 2016 and the fiscal year ended December 31, 2015 have been reclassified.

62

Yamaha Motor Co., Ltd. ⎜ Annual Report 2017

Yamaha Motor Co., Ltd. ⎜ Annual Report 201763

Management Discussion and Analysis of Operations

Marine Products

Other Products

seek to create strong connections with customers around the world.

Extraordinary Income and Loss

Net sales rose ¥26.6 billion, or 9.0% year on year, to ¥323.8 billion,

Net sales rose ¥5.5 billion, or 7.2% year on year, to ¥81.8 billion, andOur global R&D structure is at the core of these efforts, and we are

Net extraordinary income was negative in the amount of ¥2.5 billion,

and operating income rose ¥4.1 billion, or 7.4%, to ¥59.5 billion.

operating income rose ¥2.1 billion, or 41.0%, to ¥7.3 billion.

proactively pursuing R&D activities in close cooperation with affiliatedcompared with a negative ¥2.3 billion in the previous year. This wasUnit sales of electrically power-assisted bicycles increased incompanies in Japan and overseas. Furthermore, the seeds we havemainly from an impairment loss totaling ¥2.1 billion (compared withyear on year, while in the boat business, the Company is proceeding

Japan, and exports of E-kits (drive units for electrically power-assisted

sown while pursuing our growth strategies are taking shape in the form

¥1.4 billion in the previous year) and a loss on disposal of non-current

with the acquisition of a boat builder in Europe following acquisitions inbicycles) to Europe also rose significantly, leading to an increase inof businesses that are now developing. Medical equipment and drones,

assets of ¥1.4 billion (compared with ¥1.0 billion in the previous year)

the United States, and the number of units produced increased. As asales and profits.

for example, emerged through the exploration of new areas in theat the Company and overseas subsidiaries.

Unit sales of outboard motors and personal watercraft increased

result, net sales rose and operating income also increased, partly

Looking ahead, the Company shall further broaden its customer

because the model mix improved owing to expanded sales of largebase as it increases customers among elderly people, housewives withmodels of outboard motors in North America and Europe.

children, and students, while also focusing on developing new sports

In addition, the Company is creating a business model for the future

existing domains of robotics and industrial-use helicopters.
Under these circumstances, the Group’s overall R&D expenses

Income Taxes

were ¥99.2 billion.

Income taxes increased ¥9.7 billion, or 38.1% year on year, to ¥35.2
billion.

markets.

Non-Operating Income and Expenses

aimed at becoming a system supplier, including acquiring boat peripheral

Income and Expenses

Net non-operating income was positive in the amount of ¥5.0 billion,

Profit Attributable to Non-Controlling Interests

R&D Expenses

compared with a negative ¥6.5 billion in the previous year. This included

Profit attributable to non-controlling interests includes interests owned

Power Products

The Yamaha Motor Group aims to be a “Kando Creating Company,”share of profit of entities accounted for using the equity method of ¥2.8

by non-controlling shareholders in Yamaha Motor Vietnam Co., Ltd.,Net sales declined ¥0.7 billion, or 0.5% year on year, to ¥151.6 billion,

and seeks to achieve this through continuous growth as an excellent

billion (compared with ¥0.8 billion in the previous year), interest income

Yamaha Motor Taiwan Co., Ltd., PT. Yamaha Indonesia Motorand operating loss was ¥1.5 billion, against operating income of ¥4.5

engineering, manufacturing and marketing enterprise with a prominentof ¥4.6 billion (compared with ¥4.3 billion in the previous year), interest

Manufacturing, Industria Colombiana de Motocicletas Yamaha S.A., andbillion in the fiscal year ended December 31, 2016.

presence in the global market, while also pursuing customers’ changing

expenses of ¥3.9 billion (compared with ¥4.6 billion in the previous

Thai Yamaha Motor Co., Ltd., and increased ¥4.4 billion, or 39.9% fromdreams. Our technological development uses original and innovativeyear), and foreign exchange losses of ¥1.7 billion (compared with ¥8.3

the previous year, to ¥15.5 billion.

ideas to provide pure enjoyment backed by reliability, together with abillion in the previous year).

device manufacturers in North America.

Recreational off-highway vehicle (ROV) inventory adjustments werecompleted and their effects led to a decline in sales and profits.
The Company shall implement new product strategies and expand
the market sectors in which it operates.

refined uniqueness that people find attractive. From this, our mission is
to create products and technologies that embody the unique style of
Yamaha.

Industrial Machinery and Robots

We continue to take on new challenges in the three areas of

R&D expenses and % of R&D expenses
to net sales

Net sales rose ¥20.7 billion, or 44.2% year on year, to ¥67.6 billion,“fulfilling lifestyles,” “enjoyment in personal mobility” and “innovative(Billion ¥)and operating income rose ¥8.1 billion, or 107.0%, to ¥15.6 billion.

technologies that harmonize with people, society and the Earth.” Our120

A new plant began operating in March and unit sales of surface

proactive R&D activities seek to offer original, innovative solutions thatmounters and industrial robots rose significantly, which led to anbuild on our optimal control technologies for power sources, vehicle

increase in sales and profits.

bodies, boats and airframes, and to create products that incorporate

In the surface mounter business, the Company shall provide

logic and emotion through core technologies for high performance, lightcustomers with more high-efficiency solutions, as it has developed aweight, fuel efficiency and compactness, with an emphasis on original

product lineup that covers products ranging from the ultra-high-speed

styling, shapes, materials and appeal to captivate our customers.

sector to the high-speed sector, which has a large market size.

10.0

91
90

95
6.3

5.4

5.6

5.6

60

64

61
57

57

5.9

60

5.0

40

30

2.5

20

0

0

36

38

2013

2014

44

42

2015

2016

45

By delivering products that embody the unique style of Yamaha, we
2013

Yamaha Motor Co., Ltd. ⎜ Annual Report 2017

80
66

7.5

84
76

(Billion ¥)

99

0

64

Capital expenditures and depreciation
(%)

2014

2015

2016

2017

R&D expenses

Capital expenditures% of R&D expenses to net sales

Depreciation

2017

Yamaha Motor Co., Ltd. ⎜ Annual Report 201765

Management Discussion and Analysis of Operations

In the motorcycle business, investments of ¥31.2 billion were madeNet cash used in investing activities during fiscal 2017 was ¥53.2

Assets, Liabilities and Total Net Assets

for new products and research and development in Japan and overseas,billion (compared with ¥46.5 billion used in the previous year), which

In the current Medium-Term Management Plan, the Company seeks to

Total assets as of December 31, 2017 increased ¥97.1 billion, fromand enhancement of production capacity in India. In the marine

included ¥64.4 billion used for purchase of property, plant and“create a stable financial foundation, and increase new growth investment

December 31, 2016, to ¥1,415.8 billion. Current assets rose ¥60.1

products business, investments of ¥12.1 billion were made for new

equipment and intangible assets (¥50.4 billion).

and stock dividends,” and sets the benchmark at a dividend payout ratio

billion, due to increases in cash and deposits, accounts receivable -products and for enhancing domestic production capacity. In the power

trade and inventories, and other factors. Non-current assets increased

products business, investments of ¥9.1 billion were made mainly forbillion (compared with ¥67.6 billion used in the previous year), which¥37.0 billion as a result of factors including an increase in long-term

new ROV products and for developing new products of multi-purpose

included cash dividends paid and the repayment of loans payable.

sales finance receivables.

engines resulting from technology transfer. In the industrial machinery

As a result of the activities discussed above, free cash flows forand robots business, investments of ¥0.4 billion were made mainly forfiscal 2017 were a positive ¥73.1 billion (compared with a ¥96.6 billion

Shareholders for year-end dividends. In addition, the Company’s Articles

new products. In the other products business, investments of ¥3.6

positive free cash flow in fiscal 2016). Interest-bearing debt at the endof Incorporation provides that the record date for the interim dividend

billion were made mainly for research and development of automobileof the fiscal year was ¥353.5 billion (a ¥10.9 billion decrease), andshall be June 30, and December 31 for the year-end dividend.

engines and electrically power-assisted bicycles.

cash and cash equivalents totaled ¥155.6 billion (a ¥20.1 billion

Capital Resources and Liquidity

Total liabilities increased ¥7.2 billion to ¥750.6 billion, mainly froman increase in accounts payable - trade.
Total net assets increased ¥89.8 billion to ¥665.2 billion, which
included the recording of ¥101.6 billion of profit attributable to ownersof parent and ¥24.1 billion of cash dividends paid. As a result, theNet cash used in financing activities during fiscal 2017 was ¥52.8

of 30% of profit attributable to owners of parent.
The Company has a basic policy of paying an interim dividend anda year-end dividend. The decision-making bodies for dividends are theBoard of Directors for interim dividends and the General Meeting of

The Company decided to pay a year-end dividend of ¥49 per share

increase). Interest-bearing debt included ¥248.7 billion (a ¥34.1 billion

for fiscal 2017. Added to the interim dividend (¥39 per share), this gaveincrease) in borrowings for sales finance.

a total dividend for the year of ¥88 per share.

shareholders’ equity ratio as of December 31, 2017 was 44.0% (anCash Flows

improvement of 3.5 percentage points from the end of the previous

Net cash provided by operating activities during fiscal 2017 was ¥126.3

fiscal year). The net debt-equity ratio was 0.3 times, compared with 0.4

billion (compared with ¥143.2 billion provided in the previous year).

Demand for Funds

times at the end of the previous fiscal year.

This mainly reflected cash provided from profit before income taxes of

The Group’s fund requirements are primarily to cover the cost of

Note 1: Equity ratio: (Shareholders’ equity + Accumulated other comprehensive income) /Total assets x 100 (%)¥152.3 billion (¥99.7 billion) and depreciation of ¥45.5 billion (¥42.4

procuring materials and parts used in product manufacturing and costs

billion), against cash used for a combined increase in notes andincurred in the manufacturing process, as well as purchasing costs foraccounts receivable - trade and sales finance receivables of ¥50.3

products and merchandise, SG&A expenses, working capital and capitalbillion (compared with an increase of ¥2.2 billion in the previous year).

expenditures.

Capital Expenditures

Cash Dividends

The Group made investments of ¥56.5 billion in total during fiscal 2017.

Net assets per share and equity ratio Note 1

Total asset turnover

Interest-bearing debt anddebt /equity ratio

(¥)

(%)

(Times)(Billion ¥)

80

2.0

480

2,000
1,783

404
1,500

1,317

60

1,405

1.5

1.2
1,100
1,000

35.1

37.6

40.5

1.2

(¥)

200

1,600

100

353

150

1,200

40

1.2

1.0

958
240

853

99.7
87.8

100

0
2014

2015

2016

0

0

2017

83.6

899

25.6
50

0
2014

2015

2016

2017

2013

2014

2015

2016

2017

50

400

40.00

0

0

25

2013

2014

2015

2016

2017

26.00

0
2013

2014

14.2

15

12.7

12.5 12.5
24

10

12

5

0

0

44.00

2015

Net assets per share

Interest-bearing debt

Cash dividends per share

Equity ratio (%)

Debt/equity ratio (%)

Payout ratio (%)

Yamaha Motor Co., Ltd. ⎜ Annual Report 2017

20

60.00

20.4

20.6

551

120

2013

48

36

33.2

56.8
0.5

(Times)

30.2

800

68.2
20

Price/earnings ratio
(%)

16.0
75

1.1

44.0

500

66

(Billion ¥)

1,290
364

33.5

2013

(%)

88.00

360

1.3

Cash dividends per share andpayout ratio

410

383

1,530

Market capitalization

2016

2017

2013

2014

2015

2016

2017

Yamaha Motor Co., Ltd. ⎜ Annual Report 201767

Management Discussion and Analysis of Operations

Organization
Yamaha Motor Co., Ltd., as of April 1, 2018

Fund Procurement Conditions

Forecast for Fiscal 2018

General Meeting of Shareholders
Audit & Supervisory Board

Group companies acquire short-term loans payable denominated in

In the fiscal year ending December 31, 2018, the Company expects that

local currencies to use as working capital. Meanwhile, funds for plant

the business environment will be uncertain. Still, considering market

and equipment investment come primarily from internal reserves,conditions and demand trends, the Company plans to maintain stable

Chairman

including paid-in capital and retained earnings.

profits while steadily implementing medium- to long-term initiatives. The

President & CEO*The annual amounts of interest-bearing debt to be repaid are as

1,700.0 (+29.9, 1.8%)

Total
Short-term loans 133.7
payable1 year or 1 to 2
less
years

133.7

Long-term loans 219.8
payable—57.2 122.3

2 to 3
years

—
27.2

3 to 4
years

—
12.8

4 to 5years

Operating income

150.0 (+0.2, 0.1%)

Ordinary income

155.0 (+0.2, 0.1%)—

Profit attributable to owners of parent

103.0 (+1.4, 1.4%)—

Note 3: The figures in parentheses indicate amount and percentage changes from the fiscal
year ended December 31, 2017.

More than 5
years

—
0.2

Note 2: Long-term loans payable includes current portion of long-term loans payable.

Human Resources Division
Global Human Resources Development Division
General Affairs Division
Risk Management & Compliance Division
Legal & Intellectual Property Division
Government & Industrial Affairs Division

Management Committee
Risk Management andCompliance Committee

consolidated financial results forecast is as follows:
Net sales(Billion ¥)Human Resources & General Affairs Center

Board of Directors(Billion ¥)follows:

Integrated Auditing Division
Audit & Supervisory
Board Members’ Office

Corporate Planning & Finance Center
Corporate Planning Division
Finance & Accounting Division
Business Management Division
Process & IT* DivisionCorporate Communication Division
Financial Service Development Division
Design Center
Mobility Technology Center
NPM* Business Section
EM* Development Section
Motor Sports Section
Advanced Technology Center

The forecast is based on the assumption that the exchange rates are

New Venture Business Development Section
Research & Development Section
Technology Planning Section¥105 against the U.S. dollar (an appreciation of ¥7 from the previous
fiscal year) and ¥130 against the euro (a depreciation of ¥3 from the

Share Performance

Manufacturing Center

previous fiscal year).

Manufacturing Planning Section
Body Manufacturing Section
Engine Manufacturing Section

Price per share increased from ¥2,574 at December 31, 2016, toProcurement Center¥3,695 at December 31, 2017. The number of shares outstanding,

Strategy Planning Section
Procurement Section

excluding treasury stock, decreased from 349,235,122 shares at
Powertrain Unit

December 31, 2016, to 349,232,466 shares at December 31, 2017.

Powertrain Development Section
Component Section

As a result, the market capitalization of the Company increased from

PF* Model Unit
Engineering Promotion Section
PF Model Development Section
Component Section¥898.9 billion at December 31, 2016, to ¥1,290.4 billion at December
31, 2017.
CS* Center

After Sales Section
Spare Parts Section
Motorcycle Business Operations
1st Business Unit
2nd Business Unit
Total Strategy Section
Quality Assurance Section*Abbreviations:
CEO: Chief Executive Officer
IT: Information Technology
NPM: New Personal Mobility
EM: Electric Mobility
PF: Platform
CS: Customer Service

68

Yamaha Motor Co., Ltd. ⎜ Annual Report 2017

Marine Business Operations
Marine Engine Business Unit
Development Section
Boat Business Unit
Marine Business Unit
Planning Section
Marketing Section
Automotive Business Unit
Overseas Market Development Operation Business Unit
Solution Business Operations
Robotics Business Unit
Surface Mount Technology Section
Factory Automation Section
Unmanned System Section
Smart Power Vehicle Business Unit
Pool Business Development Section
Yamaha Motor Powered Products Co., Ltd. (YMPC)

Yamaha Motor Co., Ltd. ⎜ Annual Report 201769