Five-Year Summary

Financial Data by Market

Yamaha Motor Co., Ltd. and Consolidated Subsidiaries

Yamaha Motor Co., Ltd. and Consolidated Subsidiaries

Years ended December 31, 2012, 2013, 2014, 2015 and 2016

Years ended December 31, 2015 and 2016

Millions of yen

2012
For the year:
Net sales
Sales by market:
Japan
Overseas
Sales by product:
Motorcycles
Marine products
Power products
Industrial machinery and robots
Other products
Cost of sales
Operating income
Ordinary income
Profit attributable to owners of parent
Net cash provided by (used in) 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

2013

% change

2014

2016

2015

¥1,207,675¥1,410,472¥1,521,207¥1,631,158¥1,502,834(7.9)%

152,283
1,055,391

147,806
1,262,665

162,824
1,358,383

166,017
1,465,141

164,233
1,338,601

(1.1)
(8.6)

798,676
196,320
103,588
30,81378,276
235,068
18,59827,267
7,489(2,385)(51,081)(53,466)
15,761
48,78834,278928,203
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¥ 962,329
341,561
326,976¥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

1.5
2.5
32.0
44.2
106.2

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

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

Yen

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

¥

21.45
—
881.8810.00¥

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

Millions of yen, except per share data

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

949
331,288¥1,577
550,585¥2,442
852,683

¥

¥

2,574
898,931

Persons

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

32,873
53,95829,47453,38230,416
52,662

42,031
53,150

Yamaha Motor Co., Ltd. ⎜ Annual Report 20162016/2015(0.0)%

North America

8977(13.3)(9.9)(3.9)(10.1)
0.8
4.2
(7.8)
(16.7)(18.5)
5.2
402.8(32.0)
—
—
(4.3)
(4.3)

Europe

209

208

(0.8)

Asia Note

4,286

4,307

0.5

Others524452(13.7)

Total

5,218

5,154

(1.2)%% change

Millions of yen

1.0 %
8.2
(11.2)

Japan

Note: Excluding Japan

Sales by Market
Motorcycles
Millions of yen(6.2)%(6.2)

22.8 %(0.3)

Marine products% change

2015

2016

46,289¥ 47,000

North America

72,28955,894

Europe136,185

Asia Note

Millions of yen

2015

2016

¥ 26,607¥ 28,484(22.7)

180,691

127,868(6.1)

628,705

579,594

Others149,092

Total¥1,032,560

¥

5.2 %
5.2
8.8
36.4

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.

60% change2016
110Power products

2016

7.1 %

¥ 15,586¥ 14,339(8.0)%

172,236(4.7)

116,939

104,642(10.5)

39,18740,804

4.1

17,456

16,365

(6.2)

(7.8)

18,696

17,022

(9.0)

5,931

5,118

(13.7)

119,754(19.7)

44,15538,668(12.4)

13,581

11,845(12.8)¥930,112(9.9)%¥309,337¥297,216(3.9)%¥169,495¥152,310(10.1)%

Millions of yen

1.5 %2016/20152016/2015

Other products% change

2015

2016

¥17,686¥15,979(9.7)%

North America

2,661

3,469

Europe4,463

Asia Note

Millions of yen% change

2015

2016

¥59,847¥58,429

30.4

120

219

81.9

5,306

18.9

5,301

8,571

61.7

20,877

20,481

(1.9)

3,336

4,528

35.7

Others

811

1,634

101.4

4,657

4,573

(1.8)

Total

¥46,501¥46,871¥73,262¥76,322

4.2 %

Japan

% change

2015

2016/2015

Industrial machinery and robots% change

34,21453,306

Thousand units

2015
110

% change

2,744
958,264

Thousand unitsJapan% change¥

Motorcycle Unit Sales by Market

2016/20152016/2015

0.8 %2016/2015(2.4)%

Note: Excluding Japan

Yamaha Motor Co., Ltd. ⎜ Annual Report 201661

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

Net sales declined 7.9% from the previous year, to ¥1,502.8 billion, due to the yen’s appreciation against
various currencies.

Motorcycle sales by market

Motorcycle unit sales by market

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

1,200

8,000

400

928

POINT

In terms of profit, despite improved profitability as a result of cost reductions, the significant impact of
the exchange rate resulted in a 16.7% decline in operating income, to ¥108.6 billion. Profit attributable toowners of parent increased in the absence of one-time negative items recorded in the previous year.

900

142

799

978
150

1,033
930

149

6,000

120

600

Sales by product segment

Sales by market(Billion ¥)(Billion ¥)Industrial machinery and robots

3.1%

1,800

Other products 5.1%

610

1,521

Power products

1,410

10.1%

1,350

Marine products 19.8%

80
32
127

1,208
78
31
104

Motorcycles

61.9%
900

86
39
142
276

243

0

1,800

1,631

1,631
1,521

1,503

73
47
169

612

1,350

309

89
50
37

116
53
46

136
72
46

1,263

1,358

1,465

1,339

5,154

524

452

5,077

4,819

243

4,307

4,286

56
47

2012

2013

2014

2015

2016

276

196

43
12

36
11
31

37

100

125

91

128

0

165
71
94

162
76
109

191
79
123

209
89
110

208
77
110

2012

2013

2014

2015

2016

0

Percentage of sales by market

978

928

799

1,033

450

0

10.9%

2012

2013

2014

2015

0

2016

Motorcycles

Marine products

Power products

Industrial machinery and robots

152

148

163

166

164

2012

2013

2014

2015

2016

Japan

27

26

27

27

28

2013

2014

2015

2016

North America

Japan

North America

Asia

EuropeAsia

OthersCash and cash equivalents at the end of
the year

Net assets and % of net income toshareholders’ equity(Billion ¥)(%)(Billion ¥)(%)(Billion ¥)

8

720

24

160

1,147

1,305

1,319
6

5.6

962

4.6

503

4.8

4.2

800

540
423

4

360

2

180

0

0

342

16.2

532

12.6

12.7

136

137

575
18

120

12

80

6

40

0

0

120
108

106

12.3

Overseas

Other products

Overseas

172

Europe

1,200

Japan

181
145

Japan

1,600

(Year ended December 31, 2016)

41

Asia

1,310

930

39

North America

Others3917

42EuropeOthers

297

2012

1,055

450

47
16

44
19

Japan

1,208

900

5,218

200
5,228

79
42
36

1,503

297

587

300

580

Total assets and return on assets

196

309

5,799

2,000

1,410

76
47
152

590

4,000

629

300

(Year ended December 31, 2016)

6,014

533

109

533

Percentage of sales by product segment

6,090

400

89.1%
0.8
0

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

80

6.0

240

160

8.0
130.3

120

5.7

7.2
108.6

68.5
6

4.5

60

4.5

172 172

180

4

40

62

2016

2

181 181

2014

2015

2016

2012

2014

2015

2016

0

3.0

3.1

1.5

Cash used in investing activities

Free cash flows(Billion ¥)(Billion ¥)

180

80

72

120

2014

2015

94

97

60
51

47

21
4

60

40

0

20

–60

28

2016

0

0

2012

2013

2014

2015

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 2016

2016

68

60

120

0
2013

2015

120

21

0.6
2012

2014

63

20

0

2013

(Billion ¥)143

126 126

7.5
2013

2013

Net assets

Return on assets (%)

60

1.5

2012

2012

67

18.6
0

2015

Cash provided by (used in) operating
activities

55.1
40

2014

% of net income to shareholders’ equity

196 196

44.1

3.9

2013

Total assets

63.2
4.2

2012

3.7

87.2
80

60.0

2.5

2016
–60

–2

2012

2013

2014

2015

2016

0

2012

2013

2014

2015

2016

–120

–40

–53

2012

2013

2014

2015

2016

Note: Net income per share—diluted for fiscal 2012 is
not listed as there were no potential shares withdilutive effect.

Yamaha Motor Co., Ltd. ⎜ Annual Report 201663

Management Discussion and Analysis of Operations

Overview

Sales Performance by Business Segment
Motorcycles

Marine Products

Industrial Machinery and Robots

During the fiscal year ended December 31, 2016 (fiscal 2016), theNet sales declined ¥12.1 billion, or 3.9%, year on year, to ¥297.2

Net sales rose ¥0.4 billion, or 0.8%, year on year, to ¥46.9 billion, andglobal economy saw a spate of transformations from conventional

Net sales declined ¥102.4 billion, or 9.9%, year on year, to ¥930.1

billion, and operating income declined ¥8.6 billion, or 13.4%, tooperating income rose ¥0.3 billion, or 4.2%, to ¥7.5 billion.

systems and frameworks, including the U.K.’s decision to leave the E.U.

billion, and operating income declined ¥3.2 billion, or 8.1%, year on¥55.4 billion.

and anti-globalization following the U.S. presidential election. In Japan,

year, to ¥36.0 billion.
Unit sales increased in countries such as India, Vietnam and thecorporate earnings, employment and personal income conditions

While the unit sales of surface mounters decreased owing toUnit sales of outboard motors expanded in North America andsluggish economic conditions in China, increased sales of high-value-

Europe, where sales are centered on large models. Although sales andadded products, etc., led sales and profit to increase. An operating

improved against a backdrop of government economic policy and thePhilippines, remained at the same level as the previous year in

profit declined due to the effects of exchange rates in the business as

margin of 16% was achieved, and the Company’s high earnings

monetary easing policy of the Bank of Japan, but a sense of stagnation

developed markets, and declined in countries such as Indonesia, Chinaa whole, a high earnings structure with an operating margin of 19%

structure has further progressed. The Company is broadening its

remained with regard to escape from deflation and economic growth.

and Brazil. Net sales declined in the business as a whole owing to thewas maintained. For the future, the Company is creating a businesscustomer base in the next-generation solutions business, including

In terms of the Company’s major markets, a sense of economic

impact of exchange rates. Operating income rose in emerging markets

model aimed at becoming a system supplier.

high speed and multi-feature surface mounters and integrated control

stability generally continued in the developed markets. Meanwhile, indue to increased sales of higher-priced products and the effects of costthe emerging markets, the situation differed in each country. The

reductions, fell in developed markets due to the effects of exchange

Power Products

economy recovered in ASEAN countries excluding Indonesia, and India

rates, and declined in the business as a whole.

Net sales declined ¥17.2 billion, or 10.1%, year on year, to ¥152.3

Other Products

billion, and operating income declined ¥11.5 billion, or 71.8%, toNet sales rose ¥3.1 billion, or 4.2%, year on year, to ¥76.3 billion, and¥4.5 billion.

operating income rose ¥1.2 billion, or 30.1%, to ¥5.2 billion.

In developed markets, the Company is implementing initiatives

achieved favorable growth. However, economic recovery was stagnant

focusing on inventory reduction, the financial business and further

in Indonesia, and the economy was sluggish in China and Brazil.
Against this backdrop, the Company’s consolidated net sales for the

robot systems.

In electrically power assisted bicycles, exports of the E-kit (drive

ROV retail units sold increased, but the number of units produced

structural reforms. In addition, amid a robust market in India, thefiscal year under review declined ¥128.3 billion, or 7.9%, year on year,

Company continues to make efforts to proactively increase sales and atand sold declined in line with inventory adjustments. Increased

unit for electrically power assisted bicycles) to Europe and sales ofto ¥1,502.8 billion, and operating income declined ¥21.7 billion, or

the same time lower the break-even point. While sluggish economic

expenses as a result and the effects of exchange rates led to a decline

finished units in Japan grew. As a result, sales and profit increased for

16.7%, to ¥108.6 billion. Ordinary income declined ¥23.2 billion, orconditions continue in Brazil and China, the Company strives for further

in sales and profit in the business as a whole. For fiscal 2017, thethe other products business overall. In global markets, the Company is

18.5%, to ¥102.1 billion, and profit attributable to owners of parent

structural reforms.

Company will bring new platform models to market, while swiftly

further broadening its customer base.

rose ¥3.1 billion, or 5.2%, to ¥63.2 billion.

realizing business normalization.

Factors Impacting Operating Income

Sales by geographical segment Note 1—JapanSales by geographical segment Note 1—North America

Sales by geographical segment Note 1—Europe(Billion ¥)(Billion ¥)(Billion ¥)(Billion ¥)

180

800

500

200

135

OperatingincomeImpact of increased
sales

Cost reductions

+20.3

+10.2

Impact of exchange rate

–43.8

Impact of cost of
raw materials

Increase in R&D expenses
including investment ingrowth strategies

Decrease indepreciation
expenses

Increase in SG&A
expenses

+6.0

–3.5

+1.9

–12.8

718
659

Operatingincome

600

673

596

409

199

192

2015

2016

160
365

375

533

190

150

315

135

270
90

+130.3
45

0

64

2015

Yamaha Motor Co., Ltd. ⎜ Annual Report 2016

+108.6

2016

400

250

200

125

0

2012

2013

2014

2015

2016

0

100

206

50

2012

2013

2014

2015

2016

0

2012

2013

2014

Yamaha Motor Co., Ltd. ⎜ Annual Report 201665

Management Discussion and Analysis of Operations

Sales Performance and Operating Income byGeographical Segment Note 1
Japanprominent presence in the global market, while also pursuingforeign exchange losses of ¥8.3 billion (compared with ¥9.2 billion in

year. Unit sales of outboard motors and snowmobiles decreased mainly

customers’ changing dreams. Our technological development uses

the previous year), interest expenses of ¥4.6 billion (compared within Russia.

original and innovative ideas to provide pure enjoyment backed by¥5.7 billion in the previous year), and interest income of ¥4.3 billion

reliability, together with a refined uniqueness that people find(compared with ¥4.7 billion in the previous year).

Unit sales of motorcycles remained at the same level as the previous

Net sales in Japan declined ¥45.1 billion, or 6.3%, year on year, to¥673.2 billion, and operating income declined ¥13.5 billion, or 31.5%,

Asia

attractive. From this, our mission is to create products andto ¥29.3 billion.

Net sales in Asia (excluding Japan) declined ¥73.8 billion, or 9.6%, year

technologies that embody the unique style of Yamaha.
As we continue to take on new challenges in the three areas of

Net extraordinary income was negative in the amount of ¥2.3 billion,“creating enjoyment in personal mobility,” “socially and environmentallycompared with a negative ¥2.6 billion in the previous year. This wascreative technology” and “helping create more fulfilling lifestyles,” wemainly from an impairment loss totaling ¥1.4 billion (compared withwill pursue proactive R&D activities through particular use of our three¥0.3 billion in the previous year) and a loss on disposal of non-current

core competencies in small-engine technology, electronic control

assets of ¥1.0 billion (compared with ¥1.1 billion in the previous year)

technology, and chassis/hull technology.

at the Company and overseas subsidiaries.

on year, to ¥692.0 billion, while operating income rose ¥8.0 billion, orUnit sales of electrically power assisted bicycles and other items

20.8%, to ¥46.6 billion.

increased, but motorcycle shipments to North America and unit sales ofUnit sales of motorcycles grew in India, Vietnam, and thesurface mounters and other items decreased. In addition, unit sales ofExtraordinary Income and Lossmotorcycles in Japan remained flat versus the previous year.

Philippines, but declined in Indonesia and China.

North America

Others

Net sales in North America declined ¥44.3 billion, or 10.8%, year on

Net sales in other areas declined ¥29.4 billion, or 18.2%, year on year,

By delivering products that embody the unique style of Yamaha, weyear, to ¥364.8 billion, and operating income declined ¥20.9 billion, orto ¥132.6 billion, and operating income rose ¥0.7 billion, or 14.9%, toseek to create strong connections with customers around the world. Our

Income Taxes

56.7%, to ¥16.0 billion.

¥5.6 billion.

global R&D structure is at the core of these efforts, and we are

Income taxes decreased ¥28.7 billion, or 52.9%, year on year, to ¥25.5

proactively pursuing R&D activities in close cooperation with affiliatedbillion. This decrease reflects the absence of ¥35.6 billion in additional

companies in Japan and overseas.

payment for corporate income taxes by U.S. subsidiaries in the previous

Unit sales of motorcycles decreased in Brazil and other markets.

Unit sales of outboard motors rose; however, unit sales ofmotorcycles decreased due to the effect of planned distribution

Note 1: Net sales by geographical segment include intersegment sales.

Income and Expenses
R&D Expenses

were ¥94.9 billion.

EuropeNet sales in Europe declined ¥7.0 billion, or 3.5%, year on year, to

The Yamaha Motor Group aims to be a “Kando Creating Company,”

Non-Operating Income and Expenses¥191.9 billion, and operating income rose ¥0.9 billion, or 8.4%, toand seeks to achieve this through continuous growth as an excellent

Net non-operating income was negative in the amount of ¥6.5 billion,¥11.1 billion.

engineering, manufacturing and marketing enterprise with acompared with a negative ¥5.1 billion in the previous year. This included

Sales by geographical segment Note 1—Others

R&D expenses and % of R&D expenses
to net sales(Billion ¥)(Billion ¥)(Billion ¥)

(%)

120

10.0

600

200

766
705

720

183

692

596

170
150

162

135

133

90

84

100

91

60

5.6

5.8

Capital expenditures and depreciation

Net assets per share and equity ratio Note 2

Current ratio

(¥)

(%)

(%)

80

2,000

80

200

66

95
7.5

167

64

1,530

61

57

60

1,500

1,317

49

5.6

44
5.0

5.4

¥14.4 billion in deferred tax assets at the Company.

(Billion ¥)

6.3

76
70

400

U.S. tax authorities regarding the Advance Pricing Agreement (APA)
pertaining to transfer pricing, as well as the additional recording ofSales by geographical segment Note 1
—Asia
800

40

34

38

36

200

0

30

50

2012

2013

2014

2015

2016

Yamaha Motor Co., Ltd. ⎜ Annual Report 2016

0

2012

2013

2014

2015

2016

0

2012

2013

2014

2015

2016

2.5

20

0

0

1,405

1,100

42
1,000

35.1

882
32.0

66

year, as a result of a mutual agreement procedure between Japan andUnder these circumstances, the Group’s overall R&D expenses

inventory reduction.

37.6

40.5

2013

2014

2015

2016

0

2012

150

40

100

20

50

0

0

137

150

148

2014

2015

33.5

500

2012

60

150

2013

2014

R&D expenses

Capital expenditures

Net assets per share% of R&D expenses to net sales

Depreciation

Equity ratio (%)

2015

2016

2012

2013

2016

Yamaha Motor Co., Ltd. ⎜ Annual Report 201667

Management Discussion and Analysis of Operations

Profit Attributable to Non-Controlling Interests

times at the end of the previous fiscal year.

billion in the previous year), due to factors including a decrease in

Cash Dividends

Profit attributable to non-controlling interests includes interests owned

Note 2: Equity ratio: (Shareholders’ equity + Accumulated other comprehensive income) /Total assets x 100 (%)

inventories.

In the current Medium-term Plan, the Company seeks to “create aby non-controlling shareholders in Yamaha Motor Vietnam Co., Ltd.,
Yamaha Motor Taiwan Co., Ltd., PT. Yamaha Indonesia Motor

Net cash used in investing activities during fiscal 2016 was ¥46.5

stable financial foundation, and increase new growth investment andbillion (compared with ¥68.5 billion used in the previous year), whichstock dividends,” and sets the benchmark at dividend payout ratio of
30% of profit attributable to owners of parent.

Manufacturing, Industria Colombiana de Motocicletas Yamaha S.A., andCapital Expenditures

included ¥50.4 billion used for purchase of property, plant andIndia Yamaha Motor Pvt. Ltd., and increased ¥2.7 billion, or 31.7%,

The Group made investments of ¥61.3 billion in total during fiscal 2016.

equipment and intangible assets (¥67.5 billion).

The motorcycle business invested ¥32.0 billion for new products infrom the previous year, to ¥11.1 billion.

The Company has a basic policy of paying an interim dividend andNet cash used in financing activities during fiscal 2016 was ¥67.6

a year-end dividend. The decision-making bodies for dividends are theJapan and overseas, and for the transfer of production facilities ofbillion (compared with ¥6.8 billion provided in the previous year), which

Board of Directors for interim dividends and the General Meeting ofCapital Resources and Liquidity
Assets, Liabilities and Total Net Assets

multi-cylinder engines to Indonesia. The marine products businessincluded the repayment of loans payable and cash dividends paid.

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

invested ¥9.4 billion for new products, research and development, andAs a result of the activities discussed above, free cash flows for

Total assets as of December 31, 2016, increased ¥13.5 billion, fromthe restructuring of the domestic manufacturing system. The powerfiscal 2016 were a positive ¥96.6 billion (compared with a ¥40.0 billion

December 31, 2015, to ¥1,318.8 billion. Current assets fell ¥5.6 billion,

products business invested ¥7.1 billion, mainly for new products ofnegative free cash flow in fiscal 2015). Interest-bearing debt at the end

due to a decrease in inventories and other factors. Non-current assets

recreational off-highway vehicles (ROVs), and the industrial machineryof the fiscal year was ¥364.4 billion (a ¥45.8 billion decrease), andfor fiscal 2016. Added to the interim dividend (¥30 per share), this gaveincreased ¥19.1 billion as a result of factors including an increase in

and robots business invested ¥8.4 billion, primarily for the relocation of

cash and cash equivalents totaled ¥135.5 billion (a ¥27.9 billion

a total dividend for the year of ¥60 per share.

property, plant and equipment.

its office. The other products business invested ¥4.4 billion, mainly forincrease). Interest-bearing debt included ¥214.6 billion (a ¥12.2 billion

new products and research and development of electrically powerincrease) in borrowings for sales finance.

Total liabilities decreased ¥30.2 billion, to ¥743.4 billion, mainlyof Incorporation provides that the record date for the interim dividend
shall be June 30, and December 31 for the year-end dividend.
The Company decided to pay a year-end dividend of ¥30 per shareassisted bicycles.

from the repayment of interest-bearing debt.

Demand for Funds

Total net assets increased ¥43.7 billion, to ¥575.4 billion, which
included the recording of ¥63.2 billion of profit attributable to owners

Cash Flows

The Group’s fund requirements are primarily to cover the cost ofof parent, ¥18.2 billion of cash dividends paid, and a change in foreign

Net cash provided by operating activities during fiscal 2016 was ¥143.2

procuring materials and parts used in product manufacturing and costs

currency translation adjustment of ¥7.6 billion. As a result, thebillion (compared with ¥28.5 billion provided in the previous year),incurred in the manufacturing process, as well as purchasing costs forshareholders’ equity ratio as of December 31, 2016, was 40.5% (anwhich included profit before income taxes of ¥99.7 billion (¥122.6

products and merchandise, SG&A expenses, working capital and capital

improvement of 2.9 percentage points from the end of the previous

billion), depreciation of ¥42.4 billion (¥44.3 billion), and a decrease in

expenditures.

fiscal year). The net debt-equity ratio was 0.4 times, compared with 0.6

working capital of ¥9.8 billion (compared with an increase of ¥38.8

Total asset turnover

Property, plant and equipment turnover

Inventory turnover

Account receivable turnover

Interest-bearing debt anddebt/equity ratio(Times)(Times)(Times)(Times)(Billion ¥)(%)(Billion ¥)

2.0

6.0

6.0

14.0

480

200

1,000

4.6
1.5

1.3

1.3

4.7

4.8
4.3

4.5
1.2

1.2

0.5

2014

2015

2016

0

3.9

360

10.5
3.8

3.6

2013

2014

2015

2016

0

6.9

2013

2014

2015

2016

410

853
364

327
106.2

6.4

240

0

99.7

150

750

100

500

2012

2013

2014

2015

2016

0

2012

2013

899

551
87.8

83.6

68.2

120

3.5

2012

404

958

8.3
7.0

1.5

2012

383

10.9
4.3

3.0

1.5

2013

4.4

7.1
3.0

2012

4.5

1.1

1.0

0

4.9

Market capitalization

2014

2015

2016

331
50

250

0

0

2012

2013

2014

2015

2016

Interest-bearing debt
Debt/equity ratio (%)

68

Yamaha Motor Co., Ltd. ⎜ Annual Report 2016

Yamaha Motor Co., Ltd. ⎜ Annual Report 201669

Organization

Management Discussion and Analysis of Operations

Yamaha Motor Co., Ltd., as of April 1, 2017

Fund Procurement Conditions

Forecast for Fiscal 2017

Group companies acquire short-term loans payable denominated in

In the fiscal year ending December 31, 2017, the Company expects

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

market conditions and business environment continue to be similar toand equipment investment come primarily from internal reserves,

those of the previous fiscal year. Under these conditions, the Company

including paid-in capital and retained earnings.

plans to maintain stable profits while steadily implementing medium-term

The annual amounts of interest-bearing debt to be repaid are as

Audit & Supervisory Board

Total
Short-term loans
128.5
payable1 year or 1 to 2
less
years

128.5

Long-term loans
235.9
payable53.9

2 to 3years

3 to 4years

4 to 5
years

—

—

—

—

—

51.1 102.5

11.8

16.5

—

Operating income

120.0 (+11.4, 10.5%)

Ordinary income

120.0 (+17.9, 17.6%)

Profit attributable to owners of parent

75.0 (+11.8, 18.8%)

Management Committee
Risk Management andCompliance Committee(Billion ¥)1,600.0 (+97.2, 6.5%)

Net sales

Note: The figures in parentheses indicate amount and percentage changes from the fiscal
year ended December 31, 2016.

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

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

Share Performance¥110 against the U.S. dollar (a depreciation of ¥1 from the previous fiscal

Price per share decreased from ¥2,744 at December 31, 2015, toyear) and ¥115 against the euro (an appreciation of ¥5 from the previous¥2,574 at December 31, 2016. The number of shares outstanding,fiscal year).

excluding treasury stock, increased from 349,221,663 shares at
December 31, 2015, to 349,235,122 shares at December 31, 2016.
As a result, the market capitalization of the Company decreased from¥958.3 billion at December 31, 2015, to ¥898.9 billion at December
31, 2016.

Interest coverage

Cash dividends per share andpayout ratio(Times)(¥)(%)(Times)80 46.6

48

48

60.00
33.2 36

36

24

24

32

29.5

24

60

16

40
9.6

40.00
20.6
26.00

11.1

Price/earnings ratio*Abbreviations:

20.4

16.0

20

8

44.2

44.00
25.6

12

12.5 12.5

12

14.2

NPM: New Personal Mobility

10.00
0

2012

2013

2014

2015

CEO: Chief Executive Officer
IT: Information Technology

5.0

PF: Platform
2016

Note: Interest coverage for fiscal 2012 is not listed, due
to the negative status of cash flow from operating
activities during the period.

0

2012

2013

2014

Cash dividends per share
Payout ratio (%)

2015

2016

0

0

2012

2013

2014

2015

2016

CS: Customer Service
IM: Intelligent Machinery
RV: Recreational Vehicle
SPV: Smart Power Vehicle
UMS: Unmanned System

70

Yamaha Motor Co., Ltd. ⎜ Annual Report 2016

Audit & Supervisory
Board Members’ Office

Board of Directors
President & CEO*initiatives. Consolidated financial results forecast is as follows.

follows:(Billion ¥)More than 5
years

Integrated Auditing Division

General Meeting of Shareholders
New Business Development Center

New Land Vehicle Business Development Section
New Venture Business Development Section
Financial Service Business Development Section
Human Resources & General Affairs Center
Human Resources Division
Global Human Resources Development Division
General Affairs Division
Risk Management & Compliance Division
Legal & Intellectual Property Division
Government & Industrial Affairs DivisionCorporate Planning & Finance Center
Corporate Planning Division
Finance & Accounting Division
Business Management Division
Process & IT* DivisionCorporate Communication Division
Design Center
Technology Center
Research & Development Section
Technology Planning Section
NPM* Business Section
Manufacturing Center
Manufacturing Planning Section
Body Manufacturing Section
Engine Manufacturing Section
Procurement Center
Engine Unit
Engine Development Section
Component Section
PF* Model Unit
Engineering Promotion Section
PF Model Development Section
Cost Innovation Section
Component Section
CS* Center
After Sales Section
Spare Parts Section
Motorcycle Business Operations
1st Business Unit
2nd Business Unit
Total Strategy Section
Quality Assurance Section
Marine Business Operations
Marine Engine Business Unit
Development Section
Boat Business Unit
Marine Business Section
Automotive Business Unit
Overseas Market Development Operation Business Unit
Vehicle & Solution Business Operations
IM* Business Unit
RV* Business Unit
SPV* Business Unit
UMS* Business Development Section
Pool Business Development Section
Yamaha Motor Powered Products Co., Ltd. (YMPC)

Yamaha Motor Co., Ltd. ⎜ Annual Report 2016

71