Environmental and Social Data

Climate Change Mitigation Measures
Item

Unit

Number of fuel-injected motorcycles sold
Sales oflow-carbon
products

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

Thousandsof vehicles

2017

2018

2019

2020

2021

3,524

3,564

3,554

3,363

3,993

2,538

2,800

2,901

2,245

3,184

489

569

648

670

821

SASB Requirements
SASB Index*

Item

Unit

2021
4,375

TR-AU-000.A

Number of vehicles manufactured

Thousandsof vehicles

TR-AU-000.B

Number of vehicles soldThousandsof vehicles

4,490

TR-AU-250a.2

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

TR-AU-250a.3

Number of motorcycles recalled (in Japan)

Number

39,872

TR-AU-310a.1

Percentage of active workforce covered undercollective bargaining agreements%

61

Number of work stoppages due to strikes andlockouts

Number0

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

Man-days

0

Asia

km/L

49

EuropegCO2/km

77

North America

mpg

70

Japan

km/L

36

Oceania

km/L

26

Central andSouth America

km/L

44

Other

km/L

52

NumberNot applicable

Activity Metric

Product Safety

Facts and Data

Labor Practices
TR-AU-310a.2

81 Environmental and Social Data
82 Eleven-Year Summary
84 Management’s Discussion and Analysis of
Fiscal 2021 Business Results
88 Global Group Network
90 Corporate Information / Stock Information

TR-AU-410a.1

Sales-weighted average
passenger fleet fueleconomy, by region

Fuel Economy &Use Phase
Emissions

Number of (1) zero emission vehicles (ZEVs) sold,TR-AU-410a.2(2) hybrid vehicles (HEVs) sold, and(3) plug-in hybrid vehicles (PHEVs) soldMaterials
Sourcing

TR-AU-410a.3

Strategy for managing model-year fuel economy
and emissions risks and opportunities• Evaluation of risks and opportunities• Yamaha carbon neutrality strategies
https://global.yamaha-motor.com/about/csr/the_environment/plan-2050/

TR-AU-440a.1

Management of risks associated with theuse of critical materials• Response to supplier human rights issues• Response to procurement risks
https://global.yamaha-motor.com/about/csr/stakeholder/business-partners/

Weight of end-of-life products recoveredt

49,557

Percentage of above waste recycled

%

66.0

Weight of end-of-life products recoveredt—

Percentage of materials recycled fromend-of-life products%

97.6 (on a weight basis)* FY2022 domestic recycling results

Recyclability of products%

Target value: Set at 90%

TR-AU-440b.1

Materials
Efficiency &Recycling

TR-AU-440b.2

TR-AU-440b.3* A disclosure index for the automotive industry required by the Sustainability Accounting Standards Board (SASB)

80

Yamaha Motor Co., Ltd. Integrated Report 2022

TR: Transportation; AU: Automobiles

Yamaha Motor Co., Ltd. Integrated Report 2022

81Facts and Data

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

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 (loss)
Ordinary income (loss)
Net income (loss) attributable to ownersof parent
Net cash provided by (used in)operating activities
Net cash used in investing activities
Free cash flow
Net cash provided by (used in)financing activities
Capital expenditures
Depreciation expenses
At year-end:
Total assets
Net assets
Interest-bearing debt
Ratios:Operating income margin (%)
Return on shareholder’s equity (ROE) (%)
Equity ratio (%)
Price/earnings ratio (times)
Debt/equity ratio (%)

2011

2012

2013

2014

2015

2016

2017

2018

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

887,556
178,929
100,257
34,32675,089276,046
53,40563,49526,960798,676
196,320
103,588
30,81378,276
235,068
18,59827,267
7,489

928,203
243,362
126,722
32,261
79,922
318,765
55,13760,09244,057

977,580
276,367
142,204
38,942
86,113372,849
87,24997,27968,452

1,032,560
309,337
169,495
46,501
73,262436,525
130,329
125,23160,023930,112297,216
152,310
46,871
76,322402,660
108,594
102,073
63,153

1,045,211
323,838
151,622
67,571
81,845
458,629
149,782
154,826
101,603

1,022,174
344,658
153,778
69,891
82,634455,173
140,787
137,969
93,36633,328(2,385)66,976

93,61828,475

143,163

126,342

58,858(46,517)(13,189)(51,927)(51,081)(53,466)
15,761(62,679)
4,296
3,620

(72,470)
21,148(8,908)(68,475)(40,000)
6,845(46,541)
96,622(67,627)(53,194)
73,147(52,830)(48,274)
10,584(26,423)

45,04933,57848,78834,27856,80036,40765,871
37,66764,06444,324

61,33042,43456,53245,45755,06846,405¥900,420
309,914274,721¥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¥1,415,845
665,232
353,490¥1,420,854
695,743356,688

4.2
9.7
31.2
12.6
97.8

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

9.0
17.6
44.0
12.7
56.8

8.4
14.6
46.3
8.1
54.3

For the year:
Net sales
Sales by segment:
Land Mobility
Marine Products
Robotics
Financial Services
Other Products
Gross profit
Operating income (loss)
Ordinary income (loss)
Net income (loss) attributable to ownersof parent
Net cash provided by (used in)operating activities
Net cash used in investing activities
Free cash flow
Net cash provided by (used in)financing activities
Capital expenditures
Depreciation expenses
At year-end:
Total assets
Net assets
Interest-bearing debt
Ratios:Operating income margin (%)
Return on shareholder’s equity (ROE) (%)
Equity ratio (%)
Price/earnings ratio (times)
Debt/equity ratio (%)% change

2019

2020

2021

2021/2020¥1,664,764¥1,471,298¥1,812,496

23.2

1,119,840
350,059
75,64440,92878,292442,331
115,364
119,479
75,736

946,476
328,344
83,00546,05867,412371,812
81,672
87,66853,072

1,179,736
391,130
120,280
48,64372,704
506,840
182,342
189,407
155,578

24.6
19.1
44.9
5.6
7.8
36.3
123.3
116.0
193.1

99,127

110,487

141,336

27.9(79,662)
19,465(36,760)(43,950)
66,537
83,668(51,026)
90,309(93,488)16.1
35.7(211.7)58,05349,68953,75648,241

66,96351,12924.6
6.0¥1,532,810
751,828
364,951¥1,640,913
749,158
466,935¥1,832,917
900,670
458,514

11.7
20.2
(1.8)

6.9
11.1
46.0
10.2
51.8

5.6
7.5
43.6
13.9
65.3

10.1
19.8
46.9
6.2
53.4

80.4
164.0
7.6
(55.0)Yen

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

Per share amounts:¥ 77.2377.23804.2615.50¥ 21.45—881.8810.00¥ 126.20
126.201,099.84
26.00¥ 196.06
196.04
1,316.58
40.00¥ 171.89
171.88
1,405.35
44.00¥ 180.84
180.83
1,529.53
60.00¥ 290.93—
1,783.35
88.00¥  267.35—
1,882.64
90.00

Net income (loss)—basic
Net income—diluted
Net assets
Cash dividends¥  216.83—
2,018.84
90.00¥   151.89—
2,045.15
60.00¥   445.67—
2,484.31
115.00

193.4
—
21.5
91.7

Millions of yen,
except per share data

Share performance (at year-end):
Price per share (yen)Market capitalization
Other data (at year-end):
Number of shareholders
Number of employees¥    974
340,018¥    949
331,288¥  1,577
550,585¥  2,442
852,683¥  2,744
958,264¥  2,574
898,931¥    3,695
1,290,413¥  2,159
753,989

32,25954,67732,873
53,95829,47453,38230,416
52,662

34,21453,30642,031
53,15034,56653,57951,11353,977

Share performance (at year-end):
Price per share (yen)Market capitalization
Other data (at year-end):
Number of shareholders
Number of employees¥  2,203
771,079¥  2,104
735,207¥  2,759
954,22931.1
29.8

67,741
55,25582,73052,437

79,112
51,243

(4.4)
(2.3)

• The fiscal year for each business is the 12-month period commencing on January 1 and ending on December 31. References to years other than fiscal years refer to calendar years.
• With regard to amounts stated in million yen units, amounts less than ¥1 million are truncated. For amounts stated in 0.1 billion or billion yen units, amounts less than ¥0.1 billion or¥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 thischange in the presentation method, the consolidated financial statements for the fiscal year ended December 31, 2015 have been adjusted.
• From the fiscal year ended December 31, 2019, reporting segments have changed from “Motorcycles,” “Marine products,” “Power products,” and “Industrial machinery and robots” to“Land Mobility,” “Marine Products,” “Robotics,” and “Financial Services.”• From the fiscal year ended December 31, 2020, the automobile engine and components business previously included in the Other Products segment is now included in the Land Mobility
segment, thus figures for the fiscal year ended December 31, 2019 have been adjusted to reflect this change.

82

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Yamaha Motor Co., Ltd. Integrated Report 2022

83

Facts and DataManagement’s Discussion and Analysis of Fiscal 2021 Business Results

Overview 
During the fiscal year ended December 31, 2021, the pace of recovery
in the global economy slowed as COVID-19 case numbers once again
began to rise due to the emergence of new variants, disruptions that
hit distribution and supply chains as heightened demand accompanied
the resumption of economic activities, labor shortages, and more. At
the same time, COVID-19 vaccination rollouts moved forward in many
countries, and restrictions on economic activities were gradually easedin Europe and North America, resulting in a steady economic recovery
as consumer spending picked up and capital investment rose. Yamaha
Motor’s businesses, meanwhile, felt the impacts of ongoing shortagesof semiconductors and other parts; however, demand in businesssegments began to recover in conjunction with the lifting of lockdowns in various countries and the enactment of economic policies
based on the premise of living with COVID-19.
In this economic environment, the Company implemented management policies focusing on breaking even and exercising responsiveness. These policies guided us in pursuing our premium model
segment strategy in the motorcycle markets of emerging economies
and in advancing structural reforms at factories. In addition, theCompany was able to minimize the negative impacts of decreased

production volumes and other factors by constantly sharing information on logistics issues and shortages in the supply of parts on a global
basis and by responding according to the situation each factory faced.
As a result, Yamaha Motor posted record-high sales and income infiscal 2021. Consolidated net sales increased ¥341.2 billion (23.2%)
year on year, to ¥1,812.5 billion; operating income rose by ¥100.7
billion (123.3%) to ¥182.3 billion; ordinary income grew ¥101.7 billion(116.0%) to ¥189.4 billion; and net income attributable to owners ofparent rose ¥102.5 billion (193.1%) to ¥155.6 billion. Exchange rates
for the fiscal year were ¥110 to the U.S. dollar (up ¥3 year on year)and ¥130 to the euro (up ¥8 year on year).
Despite reduced production volumes due to supply shortages ofsemiconductors and other parts as well as personnel shortages, net
sales increased as a result of higher unit sales and unit prices.
Operating income also increased substantially owing to expanded
sales, the benefits of efforts to lower the fixed cost ratio through thegrowing prevalence of teleworking and use of digital technologies
facilitating such workstyles, and more favorable foreign exchange
rates. These factors helped absorb the impacts of soaring logistics andraw material costs.

Factors Impacting Operating Income(¥ billion)

Excluding growth strategy expenses andforeign exchange effects

Land Mobility
Business

Marine Products
Business+18.5

Robotics
Business

Financial Services
Business

+11.1

+14.1

Other Products
Business

Growth Strategy
Expense Decreases+1.7

Exchange
Effects

+11.2

182.3

–0.9

Emerging Markets
Motorcycle Business

+37.2
RV

Developed Markets
Motorcycle Business

+7.1

SPV

+0.3

+0.4

から )

2020

Net sales in the Land Mobility segment increased ¥233.3 billion(24.6%) year on year, to ¥1,179.7 billion, and operating income rose
¥50.3 billion (272.4%) year on year, to ¥68.7 billion.
Sales of motorcycles in developed markets were up due to higher
unit sales in all regions driven by a boom in outdoor and family recreから )ation. This increase resulted in a reduction in losses. Conversely, inventory shortages continued, attributable to insufficient supplies of parts
otorcycle Businesssuch as semiconductors and to logistics delays caused by a lack ofshipping containers. While these operations were unable to turn aprofit, a reduction in losses was achieved.
As for sales of motorcycles in emerging markets, demand in countries such as the Philippines, Indonesia, and Thailand increased year on
year as these countries shifted their strategies to adopt an approach
84

Yamaha Motor Co., Ltd. Integrated Report 2022

Robotics Segment
Net sales in the Robotics segment grew ¥37.3 billion (44.9%) year on
year, to ¥120.3 billion, and operating income was ¥17.6 billion, compared with ¥3.3 billion in fiscal 2020.
In the first half of fiscal 2021, capital investment was galvanized as
the effects of COVID-19 subsided, particularly in Asian markets such asemphasizing both COVID-19 countermeasures and a measured
resumption of economic activities. Although the utilization rates offactories and dealerships were down as COVID-19 case numbers once
again began to increase, the model mix improved due to the growth insales of premium segment models, resulting in higher sales and profits.
In the recreational vehicle category—all-terrain vehicles (ATVs),
recreational off-highway vehicles (ROVs), and snowmobiles—strong
leisure demand continued, even amid the resurgence of COVID-19
cases. Despite the impact of production delays due to parts supply
shortages and other factors, the segment returned to profitability as aresult of higher sales and profits thanks to increased unit sales following the strong performance of the Wolverine RMAX series.
Regarding electrically power-assisted bicycles, both sales and profits
increased due to continued strong sales of complete bicycles in Japan

China, Taiwan, and South Korea. Unit sales of surface mounters andindustrial robots increased due to the strong sales to Japan, Europe,and North America seen in the second half of the fiscal year. In addition, Yamaha Robotics Holdings Co., Ltd. returned to profitability due
to strong sales and the benefits of structural reforms. As a result, theRobotics segment achieved higher sales and profits.

Financial Services Segment
Net sales in the Financial Services segment were up ¥2.6 billion (5.6%)
year on year, to ¥48.6 billion, and operating income rose ¥11.6 billion(153.1%) to ¥19.1 billion.
Although receivables from wholesalers decreased as a result of
shrinking inventories, sales and profits grew due to a rise in retailfinancing and a decrease in the allowance for doubtful accounts
recorded on a one-time basis.

Other Products Segment
Net sales in the Other Products segment grew ¥5.3 billion (7.8%) year
on year, to ¥72.7 billion, but operating income declined ¥1.7 billion(97.6%) to less than ¥1.0 billion.
Net sales increased due to an upturn in unit sales of golf cars andmulti-purpose engines, but operating income decreased from fiscal
2020 due to higher expenses and the absence of one-time factors
seen the previous fiscal year.

R&D Expenses 

2021

Performance by Business Segment Land Mobility Segment

Marine Products Segment
Net sales in the Marine Products segment increased ¥62.8 billion(19.1%) year on year, to ¥391.1 billion, and operating income
was up ¥26.2 billion (51.7%) to ¥76.8 billion.
Demand for large outboard motor models remained strong indeveloped markets, while outboard demand in emerging markets
also recovered. Despite the impact of shipping delays due to theglobal shortage of shipping containers, unit sales rose as a resultof an improvement in supply volumes stemming from increased
production. Unit sales of personal watercraft also grew because ofefforts to respond to delays in raw material procurement. As aresult, the Marine Products segment achieved higher sales andprofits overall.

Overall R&D expenses for the Yamaha Motor Group amounted to¥95.3 billion in fiscal 2021.
The Yamaha Motor Group’s corporate mission is to be a Kando
Creating Company and offer new excitement and more fulfilling lives
for people all over the world. To that end, we continuously take on
new challenges with our uniquely Yamaha Monozukuri approach—engineering, manufacturing, and marketing products with an emphasis on craftsmanship and excellence—which aims to create new,original, and innovative ideas and messages; technologies that bring
joy and foster trust among our customers; attractive designs that
express Refined Dynamism; and the power to forge lifelong ties with

+45.0

81.7

and e-Kits in Europe thanks to the reevaluation of the viability ofbicycles for commuting to preschools, schools, and work.

our customers. Through our technologies that interweave human logic
with human sensibilities, we offer unique, high-quality products andservices with the goals of achieving sustainable growth and improving
medium- to long-term corporate value. Moreover, we are ramping up
R&D investments targeting new and growing businesses that contribute to a more sustainable world while advancing the development of
powertrains compatible with a diverse range of energy sources. We
thereby aim to create value in a manner that is unique to Yamaha
Motor through the use of digital technologies and the acceleration ofco-creation activities.

R&D Expenses and R&D Expenses to Net Sales Ratio
Robotics Business¥8.8 billion(9.2%)

Marine Products
Business¥13.8 billion(14.5%)

Other Products Business¥2.3 billion (2.4%)(¥ billion)

9.0

100

8.0

R&D Expenses
by Segment

95

95.3 billion

90

¥

(%)

105

95

6.0
5.3

85

Land Mobility Business¥70.4 billion (73.9%)

7.0

0

5.0

0
2017

R&D expenses

2018

2019

2020

2021

R&D expenses to net sales ratio

Yamaha Motor Co., Ltd. Integrated Report 2022

85

Facts and DataManagement’s Discussion and Analysis of Fiscal 2021 Business Results

Analysis of Financial Position 

Capital Resources and Liquidity 

Total assets as of the end of fiscal 2021 amounted to ¥1,832.9 billion,
an increase of ¥192.0 billion from December 31, 2020. Current assets
were up ¥123.1 billion largely due to an increase in inventories following production and logistics delays owing to a shortage of parts aswell as to an increase in notes and accounts receivable–trade becauseof higher sales around the world. Fixed assets rose ¥68.9 billion mainly
attributable to an increase in long-term sales finance receivables inassociation with higher retail financing.
Total liabilities increased by ¥40.5 billion to ¥932.2 billion, mainly
due to a rise in notes and accounts payable–trade.
Total net assets were up ¥151.5 billion to ¥900.7 billion, despite
having recorded ¥38.4 billion in cash dividends paid, as a result of

having posted ¥155.6 billion in net income attributable to owners ofparent and of a ¥37.7 billion increase stemming from foreign currency
conversion adjustments.

In addition, the Company acquired treasury shares worth ¥11.0
billion to heighten shareholder returns and capital efficiency.
As a result, the shareholders’ equity ratio was 46.9%, comparedwith 43.6% at the end of the previous fiscal year. The net debt/equity
ratio was 0.21 times, compared with 0. 27 times at the end of theprevious fiscal year.

Cash Flows 

The Yamaha Motor Group’s primary capital needs are covering thecosts of procuring the materials, parts, and other articles used in
product manufacturing; costs incurred in the manufacturing process;the purchasing costs for products and merchandise; selling, generaland administrative expenses; working capital; and capital
expenditures.
Group companies acquire short-term loans requiring payment
within one year denominated in local currencies to use as working
capital. Meanwhile, funds for capital expenditures come primarily, inprinciple, from internal reserves, including paid-in capital and retained
earnings.

In managing capital liquidity, Yamaha Motor secures the necessary
liquidity by creating and updating cash flow schedules on a timely
basis and properly maintaining cash and cash equivalents on hand.
In fiscal 2021, the Company was able to secure a year-on-yearincrease in free cash flow, despite a rise in working capital stemmingfrom higher inventories, through favorable sales driven by robust
demand in countries around the world and proceeds from the sale ofshares held in Yamaha Corporation. In addition, treasury shares wereacquired to heighten shareholder returns and capital efficiency.
Yamaha Motor remains committed to improving corporate value
based on the recognition that increasing returns to shareholders is an
important management priority.

Capital Expenditures 

Operating Cash Flow

Investing Cash Flow

Capital expenditures in fiscal 2021 totaled ¥67.0 billion.

Overall, net cash provided by operations in fiscal 2021 was ¥141.3
billion, compared with ¥110.5 billion the previous fiscal year. Thisoutcome mainly reflected cash provided from ¥199.7 billion in income
before taxes, etc., compared with ¥85.0 billion in the previous fiscal
year; ¥51.1 billion in depreciation, compared with ¥48.2 billion; anincrease in notes and accounts payable–trade of ¥14.5 billion, compared with an increase of ¥11.5 billion; a ¥5.0 billion decrease in sales
finance receivables, compared with an increase of ¥68.3 billion; andother factors. These factors outweighed cash outflows including an
increase in inventories of ¥76.2 billion, compared with a decrease of¥32.7 billion in the previous fiscal year, and an increase in notes andaccounts receivable–trade of ¥8.6 billion, compared with a decrease of¥17.3 billion.

Net cash used for investing in fiscal 2021 was ¥51.0 billion, comparedwith ¥44.0 billion the previous fiscal year, primarily reflecting ¥66.8
billion used for the purchase of fixed assets, compared with ¥51.4
billion in the previous fiscal year.

In the Land Mobility segment, capital expenditures amounted to¥45.8 billion and included outlays for reallocating production rolesat headquarters, upgrading production equipment, launching new
motorcycle models for overseas markets, and consolidating factories in
Taiwan. In the Marine Products segment, capital expenditures totaling¥13.0 billion were conducted for the purposes of launching new

Net Assets per Share and Equity Ratio(¥)(%)

Financing Cash Flow
Net cash used in financing activities during the fiscal year under review
was ¥93.5 billion, compared with ¥83.7 billion the previous fiscal year,
mainly as a result of cash dividends paid, repayment of loans payable,
and acquisition of treasury shares.

outboard motors and other products and upgrading production equipment. In the Robotics segment, the Company spent ¥3.6 billion on
research and development for surface mounters and industrial robots
and on the launch of new products, such as unmanned helicopters. In
the Other Products segment, ¥4.5 billion was invested in upgrading
equipment related to golf cars.

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

The Company has a basic policy of paying an interim dividend and a
year-end dividend. The decision-making body for the interim dividend
is the Board of Directors, while the General Meeting of Shareholders
decides the year-end dividend. The Company’s Articles of Incorporation
provide that the record date shall be June 30 for the interim dividendand December 31 for the year-end dividend.
The Company decided to pay a full-year dividend of ¥115 per share(including an interim dividend of ¥50 per share) for fiscal 2021.

Total Asset Turnover

Interest-Bearing Debt and Debt/Equity Ratio

Cash Dividends per Share and Payout Ratio(Times)(¥ billion)

50

1.3

500

2,000

40

1.2

1,500

30

1.1

2,484

2,500

As a result of the above activities, free cash flow for fiscal 2021 wasa positive ¥90.3 billion, compared with a positive ¥66.5 billion in theprevious fiscal year. Cash and cash equivalents totaled ¥274.9 billion,
an increase of ¥7.8 billion from the end of the previous fiscal year.
Meanwhile, interest-bearing debt on March 31, 2022 was ¥458.5
billion, a decrease of ¥8.4 billion from the end of the previous fiscal year.

(%)(¥)(%)

100

120

450

75

90

45

400

53.4 50

60

32.8*
30

350

25

30

15

0

0

60

115

46.9
459

1.04
1,000

20

1.0

500

10

0.9

0

0

0
2017
Net assets per share

2018

2019

Equity ratio

2020

2021

0
2017

2018

2019

2020

2021

2017
Interest-bearing debt

2018

2019

Debt/equity ratio

2020

2021

0
2017

Cash dividends per share

2018

2019

2020

2021

Payout ratio* Total Payout Ratio (includes acquisition of treasure shares)

86

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Yamaha Motor Co., Ltd. Integrated Report 2022

87

Facts and Data

Global Group Network (As of January 1, 2022)

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

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

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

FinlandInhan Tehtaat Oy Ab
Russia
LLC Yamaha Motor CIS (YMCIS)

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

TurkeyYamaha Motor Sanayi ve Ticaret Limited Sirketi

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

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

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

Asia (Abbreviations) Indonesia
PT. Yamaha Indonesia Motor Manufacturing (YIMM)
PT. Yamaha Motor Parts Manufacturing Indonesia(YPMI)
PT. Yamaha Motor Nuansa Indonesia (YMNI)PT. Yamaha Motor Electronics Indonesia (YEID)
PT. Yamaha Motor Mold Indonesia (YMMID)
PT. Yamaha Motor R&D Indonesia (YMRID)
PT. Sakura Java Indonesia
PT. Kyowa Indonesia
PT. Bussan Auto Finance (BAF Indonesia)

Yamaha Motor Solutions India Pvt. Ltd. (YMSLI)
MOTO BUSINESS SERVICE INDIA PRIVATE LIMITEDKYB Motorcycle Suspension India Pvt. Ltd. (KMSI)
Bussan Auto Finance India Pvt. Ltd. (BAF India)

The Philippines
Yamaha Motor Philippines, Inc. (YMPH)
LIYAM Property, Inc.
Yamaha Robotics Philippines, Inc.

TaiwanYamaha Motor Taiwan Co., Ltd. (YMT)
Topmost Consulting Co., Ltd. (TCC)
Yamaha Motor R&D Taiwan Co., Ltd. (YMRT)Yamaha Motor Taiwan Trading Co., Ltd. (YMTT)Yamaha Motor Electronics Taiwan Co., Ltd. (YETW)
Yamaha Robotics Taiwan Co., Ltd.

ThailandThai Yamaha Motor Co., Ltd. (TYM)
Yamaha Motor Parts Manufacturing(Thailand) Co., Ltd. (YPMT)TYMA Co., Ltd.
Yamaha Motor Electronics Thailand Co., Ltd. (YETH)
Yamaha Motor Asian Center Co., Ltd. (YMAC)
Siam Yamaha Motor Robotics Co., Ltd.
Yamaha Robotics (Thailand) Co., Ltd.
Yamaha Robotics Manufacturing Asia Co., Ltd.
Apic Yamada Precision (Thailand) Co., Ltd.
Malaysia
HL Yamaha Motor Research Centre Sdn. Bhd. (HLYR)
Yamaha Robotics (Malaysia) Sdn. Bhd.
Hong Leong Yamaha Motor Sdn. Bhd. (HLYM)
Vietnam
Yamaha Motor Vietnam Co., Ltd. (YMVN)
Yamaha Motor Parts Manufacturing Vietnam Co., Ltd.
(YPMV)
Yamaha Motor Electronics Vietnam Co., Ltd. (YEVN)
Yamaha Robotics Engineering Asia Co., Ltd.
India
Yamaha Motor India Pvt. Ltd. (YMI)
India Yamaha Motor Pvt. Ltd. (IYM)
Yamaha Motor India Sales Pvt. Ltd. (YMIS)Yamaha Motor Electronics India PVT. Ltd. (YEIN)
Yamaha Motor Research andDevelopment India Pvt. Ltd. (YMRI)

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Pakistan
Yamaha Motor Pakistan (Private) Limited (YMPK)Singapore
Yamaha Motor Asia Pte. Ltd. (YMAP)
Yamaha Motor Distribution Singapore Pte. Ltd. (YDS)
Yamaha Robotics Asia Pte. Ltd.

China
Yamaha Motor (China) Co., Ltd. (YMCN)
Shanghai Yamaha Jianshe Motor Marketing Co., Ltd.
(YMSM)
Zhuzhou Yamaha Motor Shock-absorber Co., Ltd.
(ZYS)
Yamaha Motor R&D Shanghai Co., Ltd. (YMRS)Yamaha Motor Powered Products Jiangsu Co., Ltd.
(YMPJ)
Yamaha Motor Electronics Suzhou Co., Ltd. (YESZ)
Yamaha Motor Solutions Co., Ltd. Xiamen (YMSLX)
Yamaha Motor IM (Suzhou) Co., Ltd. (YIMS)
Shinkawa (Shanghai) Co., Ltd.
Apic Yamada Technology (Shanghai) Co., Ltd.
Shanghai Yamada Machinery Manufacturing Co., Ltd.
Shanghai Apic Yamada Co., Ltd.
Chongqing Jianshe Yamaha Motor Co., Ltd. (CJYM)
Zhuzhou Jianshe Yamaha Motor Co., Ltd. (ZJYM)
Jiangsu Linhai Yamaha Motor Co., Ltd. (LYM)
Sichuan Huachuan Yamaha Motor Parts
Manufacturing Co., Ltd. (SHY)
Tongling Sanjia Yamada Technology Co., Ltd.
South Korea
Yamaha Robotics Korea Co., Ltd.

Central andSouth America (Abbreviations) Australia
Yamaha Motor Australia Pty Limited (YMA)
Ficeda Pty Limited
Yamaha Motor Finance Australia Pty Limited (YMFA)
Australian Motorcycle and Marine Finance Pty Ltd.
Yamaha Motor Insurance Australia Pty. Ltd.

BrazilYamaha Motor do Brasil Ltda. (YMDB)Yamaha Motor da Amazonia Ltda. (YMDA)
Yamaha Motor Componentes da Amazonia Ltda.
(YMCDA)
Yamaha Motor Electronics do Brasil Ltda. (YEBR)
Yamaha Administradora de Consorcio Ltda. (YAC)
Yamaha Motor do Brasil Servicos Financeiros
Participacoes Ltda.
Banco Yamaha Motor do Brasil S.A. (BYMD)
Yamaha Motor do Brasil Corretora de Seguros Ltda.
(YMDCS)
Yamaha Motor do Brasil Logistica Ltda. (YMBL)

New Zealand
Yamaha Motor New Zealand Limited (YMNZ)
Yamaha Motor Finance New Zealand Limited (YMFNZ)
Yamaha Motor Insurance New Zealand Limited

Argentina
Yamaha Motor Argentina S.A. (YMARG)
Yamaha Motor Plan Argentina S.A. de Ahorro para
Fines Determinados

Micronesia
TriFork Reinsurance Corporation

Uruguay
Yamaha Motor Uruguay S.A. (YMUY)

Oceania (Abbreviations) PeruYamaha Motor del Peru S.A. (YMDP)
Yamaha Motor Selva del Peru S.A. (YMSP)Colombia
Industria Colombiana de Motocicletas Yamaha S.A.
(Incolmotos Yamaha)
MexicoYamaha Motor de Mexico, S.A. de C.V. (YMMEX)
Yamaha Motor Consorcio Mexico, S.A. de C.V.

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Facts and Data

Corporate Information / Stock Information (As of December 31, 2021)

Company nameYamaha Motor Co., Ltd.

Headquarters

2500 Shingai, Iwata, Shizuoka 438-8501, Japan

Date of establishment

July 1, 1955

Capital¥86,100 million

Number of employees

Consolidated: 51,243
Non-consolidated: 10,154
Tokyo Stock Exchange

Stock code

7272

Transfer agent forcapital stock

Sumitomo Mitsui Trust Bank, Limited
4-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-8233,
Japan
Ernst & Young ShinNihon LLC

Inclusion in major
indices

Nikkei 225, JPX-Nikkei 400

Major consolidated
subsidiaries

Yamaha Motorcycle Sales Japan Co., Ltd.

Capital Stock

Principal Shareholders

Authorized

900,000,000 shares (common stock)

Shareholder

Issued350,217,467 shares

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

16.21

Number of shareholders

79,112Custody Bank of Japan, Ltd. (trust account)

5.14

Yamaha Corporation

4.52

MSCI ESG RATINGS (AAA rating)*1

Toyota Motor Corporation

3.61

MSCI ESG Leaders Indexes /MSCI Japan ESG Select Leaders Index*2

SSBTC CLIENT OMNIBUS ACCOUNT

2.84

SMBC Nikko Securities Inc.

2.79

Mizuho Bank, Ltd.

2.39

JPMorgan Securities Japan Co., Ltd.

1.88

The Shizuoka Bank, Ltd.

1.63

State Street Bank West Client Treaty 505234

1.57

FTSE Blossom Japan Index

Stock listing

AuditorExternal Recognition 
FTSE4Good Index Series
FTSE Blossom Japan Sector Relative Index

Securities companies

CDP (B grade in the climate change report category)

7.3%

S&P Japan 500 ESG

Japanese individuals and others

11.5%

SNAM Sustainability Index 2022
Foreign investors

Certified in 2022 Health & Productivity Management
Organization Recognition Program(Large Enterprise Category)

Note: Percentage of ownership is calculated excluding treasury shares.

33.7%

Shareholder
Composition

Japanese financial
institutions

Shareholder Notes

35.9%

Yamaha Motor Electronics Co., Ltd.
Yamaha Motor Corporation, U.S.A.
Yamaha Motor Manufacturing Corporation of America
Other Japanese corporations

Yamaha Motor Europe N.V.
PT. Yamaha Indonesia Motor Manufacturing
India Yamaha Motor Pvt. Ltd.
Thai Yamaha Motor Co., Ltd.
Yamaha Motor Philippines, Inc.
Yamaha Motor Vietnam Co., Ltd
Yamaha Motor Taiwan Co., Ltd.
Yamaha Motor do Brasil Ltda.

11.6%*1 THE USE BY YAMAHA MOTOR OFANY MSCI ESGRESEARCH LLC OR ITS AFFILIATES (“MSCI”) DATA, AND
THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE MARKSOR INDEX NAMES HEREIN, DO NOT CONSTITUTE ASPONSORSHIP, ENDORSEMENT, RECOMMENDATION, OR
PROMOTION OF YAMAHA MOTOR BY MSCI. MSCISERVICES AND DATA ARE THE PROPERTY OF MSCI OR ITSINFORMATION PROVIDERS, AND ARE PROVIDED ‘AS-IS’
AND WITHOUT WARRANTY. MSCI NAMES AND LOGOSARE TRADEMARKS OR SERVICE MARKS OF MSCI.
*2 THE INCLUSION OF YAMAHA MOTOR IN ANY MSCI INDEX,AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICEMARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE ASPONSORSHIP, ENDORSEMENT OR PROMOTION OF
YAMAHA MOTOR BY MSCI OR ANY OF ITS AFFILIATES. THE
MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI.
MSCI AND THE MSCI INDEX NAMES AND LOGOS ARE
TRADEMARKS OR SERVICE MARKS OF MSCI OR ITSAFFILIATES.

Design Awards Won in 2021 
Tricity 300
Motorcycle

LCMR200
Industrial robot

YDX-MORO Pro (YPJ-MT Pro in Japan)
Electrically power-assisted mountain bike• Red Dot Award 2021 |Winner• iF Design Award 2021

• Red Dot Award 2021 | Winner• iF Design Award 2021

• International Design ExcellenceAwards 2021 | Finalist• Good Design Award 2021

Ownership (%)

Fiscal year

January 1 to December 31

Reference date for­allocation of surplus for
dividends

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

General Meeting of
Shareholders

March

Share unit number

100 shares

Method of public notice

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

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

4,000

400

3,000

300

2,000

200

1,000

100

0

0

2017
YZF-R7
Motorcycle

Aerial forest survey
Unmanned System

Yamaha Marina Hamanako
Marina Clubhouse• Good Design Award 2021

• Good Design Award 2021

• Good Design Award 2021

Share price

2018

2019

2020

2021

(FY)

Trading volume

For further information, please contact:
Yamaha Motor Co., Ltd.
Corporate Communication Division
2500 Shingai, Iwata, Shizuoka 438-8501, Japan
Telephone: +81-538-32-1145
Fax: +81-538-37-4250
https://global.yamaha-motor.com/ir/
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