On the Publishing of the Integrated ReportCONTENTS

We will enact reforms under the banner

On the Publishing of the Integrated Report ....................................................2“ART* for Human Possibilities” as we work toward 2030.

Creating Value

Looking at the world today, people’s values are expected to become increasingly diverse,

Company Overview .....................................................................................6and issues related to the global environment and society are seen becoming severer and

Financial and Non-Financial Highlights .........................................................8more complex. To address these social changes, efforts are being made to achieve theIdentifying Important Social Issues .............................................................10targets set in the Paris Agreement and the Sustainable Development Goals (SDGs).

A Track Record of Creating Value .................................................................4

Important Capital That Forms Yamaha Motor’s Strengths .............................14Value Created through Our Businesses .......................................................16

contribute to the resolution of social issues through their businesses.

Initiatives to Address Important Social Issues ..............................................18

Possibilities,” and formulated a new Medium-Term Management Plan to achieve this. Under
the Medium-Term Management Plan, the Long-Term Vision sets three areas of focus—
using robotics (“Advancing Robotics”) to address social issues in uniquely Yamaha ways

From the President....................................................................................20
Message from the Director, Chief General Manager ofNon-financial information

Integrated Report 2018
A report that balances ﬁnancial and non-ﬁnancial
information regarding the Yamaha Motor Group’s businessactivities in an easy-to-understand format• Securities Report(Japanese only)• Information for Investorshttps://global.yamaha-motor.
com/ir/• Fact Book

Business Strategy
Land Mobility ............................................................................................32
Marine Products .......................................................................................34

growth in existing businesses and the development of new businesses.

Robotics ...................................................................................................36*ART is made up of the initials of our three focus areas toward 2030: Advancing Robotics, Rethinking Solution, and Transforming Mobility.

Activities to Support Value Creation• Corporate Website
https://global.yamaha-motor.
com/• Technical Review
https://global.yamaha-motor.
com/about/technical_review/• Sustainability-relatedInformation
Environment-relatedInformation
https://global.yamaha-motor.
com/about/csr/

Corporate Planning & Finance Center .....................................................31(“Rethinking Solution”) and transform mobility (“Transforming Mobility”)—as themes for

We have prepared this Integrated Report as a communication tool

Financial information

Yamaha Motor’s Process for Creating Value ................................................12Companies are required to transform their businesses with a long-term outlook andAgainst this backdrop, we have set our Long-Term Vision for 2030 as “ART for HumanStructure for Information Disclosure• Corporate Governance Report

Global Brand Strategy................................................................................38

Editorial Policy

Design .....................................................................................................40

In addition to the Long-Term Vision and the strategies to achieve it contained

Research and Development .......................................................................42in the new Medium-Term Management Plan (both formulated in December2018), the Integrated Report 2018 contains a wealth of information about

to convey our activities toward achieving the Long-Term Vision.

Intellectual Property Strategy .....................................................................44
IT Strategy ................................................................................................46

governance (ESG) initiatives. This report is edited to give shareholders,

We previously issued an Annual Report each year, but from this year, we are issuing anManufacturing ..........................................................................................48

investors, and other stakeholders a multifaceted understanding of Yamaha

Integrated Report in light of the necessity of providing updates on the progress of long-termMarketing .................................................................................................50

Motor’s sustainable growth. The report was edited referencing the IIRC’smeasures and in response to increased requests from stakeholders to disclose information

Human Resources Development ................................................................52

International Integrated Reporting Framework (released in December 2013)

with a medium- to long-term perspective. This report references the International Integrated

Corporate Governance to Support GrowthReporting Framework of the International Integrated Reporting Council (IIRC) and theMessage from the Chairman of the Board of Directors.................................54

how we will grow going forward through environmental, social, andand the Ministry of Economy, Trade and Industry’s Guidance for Collaborative
Value Creation. Financial, sustainability-related, product, and other information
not contained in this report is available on Yamaha Motor’s ofﬁcial website.

Dialogue between Outside Directors ...........................................................56

Ministry of Economy, Trade and Industry’s Guidance for Collaborative Value Creation. It was

Corporate Governance ...............................................................................60

prepared sincerely and faithfully in a format that is easy to understand as a useful tool for

Directors and Audit & Supervisory Board Members......................................66

communication with all its readers.

Composition of Directors and Audit & Supervisory Board Members...............68
Executive Ofﬁcers .....................................................................................69
Risk Management .....................................................................................70

Sustainability
The Environment .......................................................................................72
Yoshihiro Hidakaa
President, Chief Executive Officerr
and Representative Directorr

The Community ........................................................................................74

forward-looking statements about the future performance of the Company

Financial and Corporate Informationand its Group companies. These are based on management’s assumptions

Financial Highlights ...................................................................................76

and beliefs in light of the information currently available, and involve risks andTen-Year Summary....................................................................................78
Management Discussion and Analysis of Operations ...................................80

2Yamaha Motor Co., Ltd.

Integrated Report 2018

Notice Regarding Forward-Looking Statements
The statements in the Integrated Report, except for historical facts, areuncertainties. 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

Organization .............................................................................................85

economic conditions in Yamaha Motor’s major markets, changing consumer

Investor Information ..................................................................................86

preferences, and currency exchange rate ﬂuctuations.

Yamaha Motor Co., Ltd.

Integrated Report 20183