Organization

Five-Year Summary

Yamaha Motor Co., Ltd., as of April 1, 2016

Yamaha Motor Co., Ltd. and Consolidated Subsidiaries
Years ended December 31, 2011, 2012, 2013, 2014 and 2015

General Meeting of Shareholders
Audit & Supervisory Board

Audit & Supervisory
BoardMembers’ Office

Board of Directors
President & CEO*Management Committee
Risk Management andCompliance Committee*Abbreviations:
CEO: Chief Executive Officer
IT: Information Technology
PF: Platform
CS: Customer Service
IM: Intelligent Machinery
RV: Recreational Vehicle
SPV: Smart Power Vehicle
UMS: Unmanned System

74

Millions of yen

Integrated Auditing Division

Yamaha Motor Co., Ltd. ⎜ Annual Report 2015

2011

2012

2013

2014

2015

¥1,276,159¥1,207,675¥1,410,472¥1,521,207¥1,615,350

Japan

146,503

152,283

147,806

162,824

166,017

Overseas

1,129,656

1,055,391

1,262,665

1,358,383

1,449,333

Motorcycles

887,556

798,676928,203

977,580

1,015,986

Marine products

178,929

196,320

243,362

276,367

303,433

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
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
Integrated Planning Section
Quality Assurance Section
Marine Business Operations
Marine Engine Business Unit
Development Section
Boat Business Unit
Marketing 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)

For the year ended
Net sales
Sales by market:

Sales by product:

Power products

100,257

103,588

126,722

142,204

161,450

Industrial machinery and robots

34,32630,81332,261

38,942

48,699Other products

75,08978,27679,922

86,11385,7801,000,113

972,607

1,091,706

1,148,357

1,187,927

Operating income

53,405

18,59855,137

87,249120,436

Ordinary income

63,49527,26760,092

97,279125,231

Net income

26,9607,489

44,05768,45260,023

Capital expenditures

45,04948,78856,80065,87164,064

Depreciation expenses

33,57834,27836,407

37,66744,324

Total assets¥ 900,420¥ 962,329¥1,146,591¥1,310,040¥1,305,236

Net assets

309,914

341,561

422,792

503,224

531,700

Cost of sales

At year-end

Yen

Per share amounts
Net income—basic

¥

77.23

¥

21.45

¥

126.20¥

196.06¥171.89Net income—diluted

77.23

—

126.20

196.04171.88Cash dividends

15.50

10.00

26.00

40.00

44.00

Number of employees

54,677

53,95853,382

52,66253,306

Yamaha Motor Co., Ltd. ⎜ Annual Report 201575

Financial Data by Market
Yamaha Motor Co., Ltd. and Consolidated Subsidiaries
Years ended December 31, 2014 and 2015

Motorcycle unit sales by market

Motorcycle unit sales
Thousand units

Thousand units% change

2014

2015

2015/2014

Japan

123

110

(11.1)%

North America

79

89

13.0

Europe

191

209

9.4

Asia Note

4,819

4,286

(11.1)

Others587

524(10.7)

Total

5,799

5,218

(10.0)%

Japan

North America(Thousand units)(Thousand units)

Europe(Thousand units)

160

100

240
89

123
120
101

71

75

110

109

209

79

76

191

185
180

64

165

162

2012

2013

94

80

50

120

40

25

60

Note Excluding Japan
0

2011

2012

2013

2014

0

2015

2011

2012

2013

2014

0

2015

2011

2014

2015

Sales by market
Motorcycles
Millions of yen

Marine products% change

2014

2015

Japan

¥45,987¥46,289

North
America

53,357

Europe2015/2014

Millions of yen

2014

2015

0.7%

¥26,612¥26,607

67,57526.6

145,081

116,037

136,185

17.4

Asia Note

612,159

628,705

Others150,038

Total¥977,580(0.0)%¥17,204¥15,586(9.4)%

176,488

21.6

84,467110,055

30.3

41,69739,187(6.0)

23,011

17,456(24.1)

2.7

16,051

18,696

16.5

5,723

5,931

3.6

137,231(8.5)

46,92442,454(9.5)

11,796

12,4205.3¥1,015,986

3.9%¥276,367¥303,433

9.8%¥142,204¥161,450

13.5%% change

2015¥13,776¥19,359

40.5%

North
America

2,012

2,792

Europe

5,206

Note

Others
Total

Other products
Millions of yen

2014% change

2015

2015/2014¥59,242¥58,174

38.8

2

0

(78.5)

4,793

(7.9)

2,240

4,971

121.9

17,40920,901

20.1

3,687

3,312

(10.2)

538

851

58.3

20,94019,322(7.7)¥38,942¥48,69925.1%¥86,113¥85,780(0.4)%

2015/2014

Asia

Others(Thousand units)(Thousand units)

8,000

600

Yamaha Motor Co., Ltd. ⎜ Annual Report 2015

590

573

587

533

(1.8)%
6,059

Note Excluding Japan76

2015/2014

Japan

Asia

% change

2015

Millions of yen

2015/2014

Millions of yen

2014

Industrial machinery and robots

2014

Power products% change

6,000

5,228

524

450
5,077

4,819
4,286

4,000

300

2,000

150

0

2011

2012

2013

2014

2015

0

2011

2012

2013

2014

2015

Yamaha Motor Co., Ltd. ⎜ Annual Report 201577

Management Discussion and Analysis of Operations

Overview

Sales Performance by Business Segment

During the fiscal year ended December 31, 2015 (fiscal

Motorcycles

2015), the U.S. economy continued to show a gradual

Overall net sales of the motorcycle business rose ¥38.4

recovery driven by domestic demand, while the gradualbillion, or 3.9%, year on year, to ¥1,016.0 billion, andrecovery of the European economy also continued, led byoperating income rose ¥9.0 billion, or 39.1%, to ¥31.9

personal consumption despite a backdrop of geopoliticalbillion.

risks including terrorist attacks. Japan’s underlying tone of

In developed markets, unit sales rose in North

economic recovery continued despite weak personal

America and Europe, while in Japan unit sales of large

consumption. The impact of falling resource prices, themotorcycles rose, but unit sales of mopeds declined. Uniteconomic downturn in China and currency depreciation

sales also increased in emerging markets including

strengthened the sense of deceleration in emerging

Vietnam, the Philippines, and Taiwan, but declines werecountries such as Asia and Central and South America,

recorded in Indonesia, Brazil, and China, among otheramong others.

emerging markets.

In terms of the Company’s major markets, there wasFactors Impacting Operating Income(Billion ¥)180

Impact of increased
unit sales andimproved product mix

135

90

– 6.7

Increase in SG&A
expenses–13.9

Operatingincome+120.4
45

0

+87.2

FY14

FY15

Net sales grew on the introduction of the MT series

outboard motors in the United States, and motorcycle

higher-priced products. Operating income was boosted

Overall net sales of the power products business rosedemand rebounded in Europe. In Japan, motorcycle

by factors including increased unit sales, an improved¥19.2 billion, or 13.5%, year on year, to ¥161.5 billion,

demand declined, while demand for electrically power

product mix, and cost reductions, which offset theand operating income rose ¥6.7 billion, or 102.5%, toassisted bicycles remained flat versus the previous year.

negative effects of emerging market currency depreciation¥13.2 billion.

The emerging markets of Vietnam, the Philippines, andand higher development expenses for overall profit growth.

Taiwan experienced a growth in demand, but demand

Increased sales of recreational off-highway vehicles(ROVs), reflecting an enhanced product lineup, resulted incontracted in Indonesia, Brazil, and China, among other

Marine Products

emerging markets.

Overall net sales of the marine products business rose ¥27.1

rose ¥33.2 billion, or 38.0%, to ¥120.4 billion.

Increase indepreciation expenses+32.5

OperatingincomePower Products

year on year, to ¥1,615.4 billion, and operating income

– 6.8

+17.7

and other new products, and from increased sales ofnet sales for the fiscal year rose ¥94.1 billion, or 6.2%,

Increase in
R&D expenses

+8.5

+1.9

Cost reductions

a gradual recovery in demand for motorcycles andAgainst this backdrop, the Company’s consolidated

Impact ofexchange rate

Impact of costof raw materials

revenue and profit growth.

billion, or 9.8%, year on year, to ¥303.4 billion, and operating
income rose ¥14.4 billion, or 31.5%, to ¥60.2 billion.
Sales and profit grew in North America on increased
sales of large outboard motors and personal watercraft,
and from yen depreciation.

Percentage of sales by product segment

Sales by product segment(Year ended December 31, 2015)(Billion ¥)(Billion ¥)

1,800

1,800

Industrial machineryand robots 3.0%

Other products

5.3%

1,615
1,521

Power products

1,410
10.0%

Marine products 18.8%

Sales by market

1,350

Motorcycles
62.9%

900

1,276
75
34
100
179

1,208
78
31
104

80
32
127

86
49
161

86
39
142

1,410
1,350

1,276

1,208

900

196

1,130

Percentage of sales by market

450

888

799

1,615

303

276

243

1,521

928

978

1,016

2013

2014

2015

1,263

1,358

1,449

1,055

450

(Year ended December 31, 2015)

Japan

10.3%

0

2011

2012

Motorcycles

Marine products

Power products

Industrial machinery and robots

0

147

152

148

163

166

2011

2012

2013

2014

2015

Japan

Oversea

Other products

Overseas
89.7%

78

Yamaha Motor Co., Ltd. ⎜ Annual Report 2015

Yamaha Motor Co., Ltd. ⎜ Annual Report 201579

Management Discussion and Analysis of Operations

Sales Performance and Operating Income byGeographical Segment Note 1

EuropeOthersOverall net sales of the industrial machinery and robots

Net sales in Europe increased ¥8.6 billion, or 4.5%, year

Net sales in other areas decreased ¥20.6 billion, or

business rose ¥9.8 billion, or 25.1%, year on year, toJapanon year, to ¥198.9 billion, and operating income increased

11.3%, year on year, to ¥162.0 billion, and operating¥48.7 billion, and operating income rose ¥2.7 billion, orNet sales in Japan increased ¥59.2 billion, or 9.0%, year

¥5.5 billion, or 114.9%, to ¥10.3 billion.

income decreased ¥5.3 billion, or 52.8%, to ¥4.7 billion.

Industrial Machinery and Robots

54.2%, to ¥7.8 billion.

Unit sales of motorcycles rose on the introduction of

on year, to ¥718.3 billion, and operating income increased

Unit sales of surface mounters grew, led by Asia andnew products including the MT series.

¥5.6 billion, or 15.1%, to ¥42.8 billion.

Japan. The business absorption via transfer of assets

and other markets.

Unit sales grew, on increased sales of motorcycles
Note 1 Net sales by geographical segment information includes intersegmentfrom the Hitachi High-Tech Group moved forward,

in developed markets driven by the MT series, large

Asia

contributing to sales growth.

outboard motors in North America, and electrically power

Net sales in Asia (excluding Japan) increased ¥45.5

assisted bicycles.

billion, or 6.3%, year on year, to ¥765.8 billion, andOther Products
North America

decreased ¥0.3 billion, or 0.4%, year on year, to ¥85.8

Net sales in North America increased ¥78.1 billion, orUnit sales of motorcycles grew in Vietnam, thebillion, and operating income increased ¥0.4 billion, or

24.8%, year on year, to ¥393.4 billion, and operating

Philippines and Taiwan but declined in Indonesia and

5.6%, to ¥7.4 billion.

income increased ¥15.4 billion, or 129.7%, to ¥27.2

China.

Unit sales of electrically power assisted bicycles roseto ¥38.5 billion.

billion.

both in Japan and overseas, as a result of new products

Unit sales grew, mainly from large outboard motors

and the cultivation of new customers.

and ROVs.

Motorcycle unit sales

Operating income and operating
income margin(Thousand units)(Billion ¥)(%)(Billion ¥)(%)(Billion ¥)(Billion ¥)

8,000

160

8

80

6.0

800

400

7.5

6,982
6,000

533

6,014
590

5,799
587

5,218

6,059

5.7

Sales by geographical segment Note 1—Japan

5,228

5,077

4,819

718

162
76
109

191
79
123

209
89
110

2011

2012

2013

2014

2015

4

40

4.5

520

1.5

2

2011

2012

300

533

150

270

190

199

160

151
135

206
3.0

400

200

1.5

200

100

0

0

100

177

2.1

20

50

7.5

18.6
0

200

315

596

600

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

393

659
60.0

3.1
27.0

55.1

53.4

Sales by geographical segment Note 1—North America

44.1

3.9

40
165
71
94

60

87.2

4.2

4,286

185
64
101

6

4.5

3.7
80

2,000

0

120.4

120

524

4,000

Net income and net income margin

68.5
6,090

sales.

operating income increased ¥11.1 billion, or 40.3%,

Overall net sales of the other products business

573

Unit sales of motorcycles declined in Brazil, Argentina,

2013

2014

2015

0

0

0.6
2011

2012

2013

Japan

North America

Operating income

Net income

EuropeAsia

Operating income margin (%)

Net income margin (%)

2014

2015

2011

2012

2013

2014

2015

0

2011

2012

2013

2014

2015

0

2011

2012

2013

2014

2015

Others80

Yamaha Motor Co., Ltd. ⎜ Annual Report 2015

Yamaha Motor Co., Ltd. ⎜ Annual Report 201581

Management Discussion and Analysis of Operations

Income and Expenses

technologies for power sources, vehicle bodies, boats

Non-Operating Income and Expenses

Extraordinary Income and Loss

R&D Expenses

and airframes, to create products that incorporate logic

Net non-operating income was positive in the amount ofNet extraordinary income was negative in the amount of

The Yamaha Motor Group pursues continuous growth asand emotion through core technologies including high¥4.8 billion, which was ¥5.2 billion, or 52.2%, lower than

¥2.6 billion, compared with a positive ¥0.5 billion in thean excellent engineering, manufacturing and marketing

performance, light weight, fuel efficiency and compactness,in the previous year. This included ¥9.9 billion of interest

previous year. This was mainly from a loss on sales ofenterprise with a prominent presence in the global market,

with an emphasis on original styling, shape, material andincome (compared with ¥7.8 billion in the previous year),non-current assets totaling ¥1.3 billion (compared with

with the aim of being a “Kando Creating Company.” Our

appeal to fascinate our customers.

a ¥2.0 billion of gain on revaluation of sales finance assets¥0.2 billion in the previous year), a loss on disposal of

Monozukuri (engineering, manufacturing and marketing)

By delivering products that embody the unique style(compared with a year-earlier ¥0.7 billion of loss) andnon-current assets of ¥1.1 billion (compared with ¥1.0

standards are original and innovative concepts underpinnedof Yamaha, we seek to create strong connections with

¥1.9 billion of sales finance-related income (comparedbillion in the previous year), and a gain on sales of non-by outstanding technologies based on the unique style ofcustomers around the world. Our global R&D structurewith ¥0.5 billion) at North American subsidiaries, andcurrent assets of ¥0.5 billion (compared with ¥0.4 billion

Yamaha, projecting a “refined dynamism” in design. We

is at the core of these efforts, and we are proactively

foreign exchange losses of ¥9.2 billion (compared with ain the previous year) at the Company and Japanesecontinuously pursue the three areas of “fulfilling lifestyles,”pursuing R&D activities in close cooperation with affiliated¥5.1 billion gain last year) at subsidiaries in mainly Asia

subsidiaries.

“enjoyment in personal mobility,” and “innovative

companies in Japan and overseas.

and Central and South America.

Under these circumstances, the Group’s overall R&D

technologies that harmonize with people, the Earthexpenses were ¥91.3 billion.

and society” Our R&D activities seek to offer original,
innovative solutions that build on our optimal control

Sales by geographical segment Note 1—Asia

Sales by geographical segment Note 1—Others(Billion ¥)(Billion ¥)(Billion ¥)(%)(Billion ¥)(¥)(Billion ¥)

200

100

8

80

240

600

800

766
705
652

170

159

596

600

183

720

150

R&D expenses and % of R&D
expenses to net sales
91
84

162
70

75

135

Capital expenditures anddepreciation

65

5.8

5.1

66
6

5.4

5.6

57

60

5.7

100

50

4

40

200

50

25

2

20

24
503

172 172

180

450

423

49

45

400

(%)

196 196

64

76

Net assets and % of net income
to shareholders’ equity

Net income per share

44
34

36

34

38

126 126

310
300

120

532
18

16.2

342

12.6
12.7

12

9.7

77 77
150

60

6

21
2.5
0

2011

2012

2013

2014

2015

0

2011

2012

2013

2014

2015

0

2011

2012

2013

2014

2015

0

0

2011

2012

2013

2014

2015

0

2011

2012

2013

2014

2015

0

2011

2012

2013

2014

2015

R&D expenses

Capital expenditures

Net income per share—basic

Net assets% of R&D expenses to net sales

Depreciation

Net income per share—diluted% of net income to shareholders’ equity

0

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

82

Yamaha Motor Co., Ltd. ⎜ Annual Report 2015

Yamaha Motor Co., Ltd. ⎜ Annual Report 201583

Management Discussion and Analysis of Operations

Capital Resources and Liquidity

improvement of 2.5 percentage points from the end of the

Cash Flows

Income taxes increased ¥29.9 billion, or 123.0%, year on

Assets, Liabilities and Total Net Assets

previous fiscal year). The net debt-equity ratio remained at

Net cash provided by operating activities during fiscal

year, to ¥54.2 billion. This increase included the additional

Total assets as of December 31, 2015, decreased ¥4.8

0.6 times, the same as at the end of the previous fiscal year.

2015 was ¥24.0 billion (compared with ¥93.6 billion

payment of ¥35.6 billion of corporate income taxes bybillion compared with December 31, 2014, to ¥1,305.2

Income Taxes

U.S. subsidiaries as a result of a mutual agreementbillion. Current assets declined ¥1.1 billion. Despite anprocedure between Japan and U.S. tax authorities

increase in finance receivables related to the commencement

regarding the Advance Pricing Agreement pertaining toof in-house wholesale finance operations in Canada,transfer pricing (APA) and the additional recording ofdecreases in cash and deposits and the effects of foreign¥14.4 billion of deferred tax assets at the Company.

exchange rates resulted in an overall decrease. Non-provided in fiscal 2014), with income before taxes andNote 2 Equity ratio: (Shareholders’ equity + Accumulated othercomprehensive income) / Total assets x 100 (%)

than offsetting factors including a ¥66.8 billion increase

effects of foreign exchange rates.

Minority interests in income include interests owned byassociated with an increase in receivables from the

The Group made investments of ¥64.1 billion in total

commencement of in-house wholesale finance operations

during fiscal 2015.

in Canada and increased sales, and the additional

The motorcycle business invested ¥37.7 billion forcorporate income tax payment in the U.S. associatednew products and to increase production capacity in India

Total liabilities decreased ¥33.3 billion, to ¥773.5

with the APA.

and Pakistan. The marine products business invested

minority shareholders in Yamaha Motor Vietnam Co., Ltd.,billion, mainly from reductions in claims payable—trade

Yamaha Motor Taiwan Co., Ltd., PT. Yamaha Indonesia

and net defined benefit liability, as well as from the effects

Motor Manufacturing, Industria Colombiana deof foreign exchange rates.

Motocicletas Yamaha S.A., and India Yamaha Motor Pvt.

(a year-earlier ¥28.3 billion increase) in working capital

Capital Expenditures

current assets declined ¥3.7 billion, primarily from the
Minority Interests in Income

minority interests of ¥122.6 billion (¥97.8 billion) more

Net cash used in investing activities during fiscal 2015¥10.8 billion for new products, R&D, and the restructuring

was ¥64.0 billion (¥72.5 billion in net cash used duringof the domestic manufacturing system. The powerfiscal 2014), as a result of factors including ¥67.5 billion

products business invested ¥9.8 billion, which included

Total net assets increased ¥28.5 billion, to ¥531.7

Ltd., and increased ¥3.4 billion, or 66.5%, from thebillion, reflecting such factors as net income of ¥60.0

previous year, to ¥8.4 billion.

billion, dividends paid of ¥24.4 billion, and a change infor capital investments for production capacity increases

new products of ROVs. The industrial machinery andin India and purchase of intangible assets by the Company

robots business invested ¥2.1 billion, and expenditures(¥61.9 billion).

at the other products business totaled ¥3.6 billion.

Net cash provided by financing activities during fiscal

foreign currency translation adjustment of ¥27.5 billion
due to yen depreciation. As a result, the shareholders’equity ratio as of December 31, 2015 was 37.6% (anNet assets per share andequity ratio Note 2

Total assets and return on assets

Current ratio

Total asset turnover

Property, plant and equipment
turnoverInventory turnover

(¥)

(%)

(Billion ¥)

(%)

(%)

(Times)(Times)(Times)

2,000

40

1,600

8

200

2.0

6.0

6.0

37.6
31.2

32.0

33.5

1,500

35.1
1,310
1,317

1,405 30

1,200
900

1,100
1,000

804

1,147

20

882

153
6

5.6

962

5.1

1,305
150

150

137

150

148

4.6
1.5

1.4

1.3

1.3

4.6

4.9

4.7

4.7

4.5
1.2

4.7
4.5

4.4

4.3

1.2

3.9

3.8

2014

2015

4.2

800

4

100

1.0

3.0

3.0

2

50

0.5

1.5

1.5

0

0

2.9
10

500

400
0.8

0

84

2011

2012

2013

2014

2015

0

0

2011

2012

2013

Net assets per share

Total assets

Equity ratio (%)

Return on assets (%)

Yamaha Motor Co., Ltd. ⎜ Annual Report 2015

2014

2015

2011

2012

2013

2014

2015

0

2011

2012

2013

2014

2015

0

2011

2012

2013

2014

2015

0

2011

2012

2013

Yamaha Motor Co., Ltd. ⎜ Annual Report 201585

Management Discussion and Analysis of Operations

2015 was ¥6.8 billion (¥8.9 billion in net cash used during

Demand for Funds

Cash Dividends

Fund Procurement Conditions

fiscal 2014), due to factors including fund procurement for

The Group’s fund requirements are primarily to cover the

Recognizing that shareholders’ interests represent one ofGroup companies acquire short-term loans payable

working capital and sales finance.

cost of procuring materials and parts used in productthe Company’s highest management priorities, thedenominated in local currencies to use as working capital.

As a result of the activities discussed above, free cash

manufacturing and costs incurred in the manufacturing

Company has been striving to meet shareholder

Meanwhile, funds for plant and equipment investment

flows for fiscal 2015 were a negative ¥40.0 billion

process, as well as purchasing costs for products andexpectations by working to maximize its corporate value.

come primarily from internal reserves, including paid-in(compared with a ¥21.1 billion positive free cash flow inmerchandise, SG&A expenses, working capital and

The Company aims to provide shareholder returns

fiscal 2014). Interest-bearing debt at the end of the fiscal

capital expenditures.

capital and retained earnings.

through comprehensive consideration of the business

The annual amounts of interest-bearing debt to beyear was ¥410.1 billion (a ¥6.5 billion increase), and cash

environment, including business performance, retained

and cash equivalents totaled ¥107.6 billion (a ¥29.7 billion

earnings, and a balance between aggressive growthdecrease). Interest-bearing debt included ¥202.5 billion (ainvestments and stock dividends and loan repayments,¥15.8 billion increase) in borrowings for sales finance.

while maintaining a minimum dividend payout ratio of 20%

repaid are as follows:

Total
Short-termloans payable 220.7

of consolidated net income for fiscal 2015.

Long-termloans payable 189.5

The Company decided to pay a year-end dividend of¥22 per share for fiscal 2015. Added to the interim dividend

1 year 1 to 2
or less years

2 to 3years

3 to 4years(Billion ¥)4 to 5 More thanyears
5 years

220.7

—

—

—

—

—

39.2

54.8

48.7

41.8

0.9

4.2

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

(¥22 per share), this gave a total dividend for the year of¥44 per share.

Account receivable turnover

Cash provided by (used in)operating activities

Cash used in investing activities

Free cash flows

Cash and cash equivalents at
the end of the year

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

(%)

10.0

120

80

60

160

480

200

72

94
7.1

7.5

6.9

80
6.4

60

67

30
47

5.0

40

2.5

0

33

24

383

120

120

21

51

6.1

137

134

64

63

7.7

108

106

360

40

0

20

–30

80

240

40

120

410
150

327
275

4

404

106.2

99.7

97.8

87.8

83.6

100

–13
–2

50

–40
0

2011

2012

2013

2014

2015

–40

2011

2012

2013

2014

2015

0

2011

2012

2013

2014

2015

–60

2011

–53
2012

2013

2014

2015

0

2011

2012

2013

2014

2015

0

2011

2012

2013

2014

2015

0

Interest-bearing debt
Debt/equity ratio (%)

86

Yamaha Motor Co., Ltd. ⎜ Annual Report 2015

Yamaha Motor Co., Ltd. ⎜ Annual Report 201587

Investor Information

Management Discussion and Analysis of Operations

As of December 31, 2015

Share Performancemarine products business, and strengthening the sports

Price per share increased from ¥2,442 at December 31,

segment for ROVs in the power products business. These

2014 to ¥2,744 at December 31, 2015. The number of

earnings will then be invested to facilitate lasting growth,shares outstanding, excluding treasury stock, increased

with the aim of evolving into “a unique company thatfrom 349,174,408 shares at December 31, 2014 tocontinues to achieve dynamic milestones.”
The forecast is based on the assumption that the349,221,663 shares at December 31, 2015.

Yamaha Motor Co., Ltd.
Headquarters
2500 Shingai, Iwata, Shizuoka 438-8501, Japan
Telephone: +81-538-37-0134
Facsimile: +81-538-37-4250

increased from ¥852.7 billion at December 31, 2014 toappreciation of ¥4 from fiscal 2015) and ¥127 against the¥958.3 billion at December 31, 2015.

euro (an appreciation of ¥7 from fiscal 2015).

Forecast for Fiscal 2016
The Company’s demand forecast for major businesses in2016 is for continued solid macroeconomic conditions indeveloped markets, but with uncertainty continuing inemerging markets due to declining resource prices andweaker currencies in countries like Indonesia and Brazil.

Date of Establishment
July 1, 1955

increase the earnings power of all its businesses. This will
be achieved by further developing the market for platform

Major Consolidated Subsidiaries
Yamaha Motorcycle Sales Japan Co., Ltd.
Yamaha Motor Powered Products Co., Ltd.
Yamaha Motor Corporation, U.S.A.
Yamaha Motor Manufacturing Corporation of America
Yamaha Motor Europe N.V.
PT. Yamaha Indonesia Motor Manufacturing
Yamaha Motor Vietnam Co., Ltd.
Yamaha Motor Taiwan Co., Ltd.
India Yamaha Motor Pvt. Ltd.
Thai Yamaha Motor Co., Ltd.
Yamaha Motor do Brasil Ltda.

models in the motorcycle business, leveraging thePrincipal Shareholders

strength of the brand to maintain high profitability in the

Yamaha Corporation
State Street Bank & Trust Company
Japan Trustee Services Bank, Ltd. (trust account)
The Master Trust Bank of Japan, Ltd. (trust account)Toyota Motor Corporation
Mizuho Bank, Ltd.
Mitsui & Co., Ltd.
The Shizuoka Bank, Ltd.
Japan Trustee Services Bank, Ltd. (trust account 9)
State Street Bank West Client Treaty 505234

Interest coverage

Cash dividends per share andpayout ratio(Times)

(¥)

48

46.6

44.00

Price/earnings ratio(%)(Times)

48

48

36

36

24

5.0
3.3

3

0

2011

25.6

20.1
15.50

2012

2013

2014

2015

Note Interest coverage for fiscal 2012 is not listed, due to thenegative status of cash flow from operating activities during

0

20.6

2011

2012

2013

Cash dividends per share
Payout ratio (%)

2011

24

36

Securities ExchangeTokyo Stock Exchange, Inc.

24
16.0

2014

2015

12

12

0

0

12.5 12.5
12.6

2011

2012

2012

2013

2014

2015

2013

2014

Trading volume

2015(Million shares)

300

200

12.19%
10.80
5.47
4.31
3.57
3.38
2.45
1.95
1.72
1.16

Annual Meeting of Shareholders
The Ordinary General Meeting of Shareholders is held in March each year in
Iwata, Shizuoka, Japan.

20.4

10.00

12

0

100

0
2011

2012

2013

2014

2015

Shareholder Composition
Securities companies

1.3%

26.00
6

1,500

44.2

40.00

9.6
9

(Yen)

3,000

Capital Stock
Authorized: 900,000,000 shares
Issued: 349,898,284 shares
Number of Shareholders: 34,214

Given these expectations, the Company plans to

11.1

Share price

4,500

exchange rates are ¥117 against the U.S. dollar (anAs a result, the market capitalization of the Company

12

Yamaha Motor’s Share Price and Trading Volume on theTokyo Stock Exchange

Japanese individuals
and others

7.1%

Foreign investors

40.8%

30.0%

Japanese financial institutions

20.8%
Other Japanese corporations

Transfer Agent for Capital Stock
Sumitomo Mitsui Trust Bank, Limited
4-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-8233, Japan
AuditorErnst & Young ShinNihon LLC

For further information, please contact:
Yamaha Motor Co., Ltd.
IR/SR Group, Corporate Communication Division
2500 Shingai, Iwata, Shizuoka 438-8501, Japan
Telephone: +81-538-37-0134
Facsimile: +81-538-37-4250
http://global.yamaha-motor.com/ir/

the period.

You are also invited to review the Fact Book and Financial Dataon Yamaha Motor’s website at http://global.yamaha-motor.com/

88

Yamaha Motor Co., Ltd. ⎜ Annual Report 2015

Yamaha Motor Co., Ltd. ⎜ Annual Report 201589