Facts and Data

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

Millions of yen

2010

2011

2012

2013

2014

2015

2016

2017

2018

¥1,294,131¥1,276,159¥1,207,675¥1,410,472¥1,521,207¥1,631,158¥1,502,834¥1,670,090¥1,673,137

For the year:
Net sales% change

2019

2020

2020/2019¥1,664,764¥1,471,298(11.6)For the year:

Sales by product:

Net sales
Sales by segment:

Motorcycles

914,211887,556

798,676928,203

977,580

1,032,560

930,112

1,045,211

1,022,174

Land Mobility

1,119,840

946,476(15.5)

Marine Products

167,141

178,929

196,320

243,362

276,367

309,337

297,216

323,838

344,658

Marine Products

350,059

328,344(6.2)

Power Products

102,968

100,257

103,588

126,722

142,204

169,495

152,310

151,622

153,778

Robotics

75,64483,005

9.7

Industrial Machinery and Robots

34,75834,32630,81332,261

38,942

46,501

46,871

67,571

69,891

Financial Services

40,92846,058

12.5

Other Products
Gross profit

75,05175,08978,27679,922

86,11373,262

76,322

81,84582,634

295,565

276,046

235,068

318,765

372,849

436,525

402,660

458,629455,173

Other Products
Gross profit

78,292

67,412(13.9)

442,331371,812(15.9)

Operating income (loss)

51,30853,405

18,59855,137

87,249130,329

108,594

149,782

140,787

Operating income (loss)

115,364

81,672(29.2)

Ordinary income (loss)

66,142

63,49527,26760,092

97,279125,231102,073

154,826

137,969

Ordinary income (loss)

119,479

87,668(26.6)Net income (loss) attributable to ownersof parent

18,30026,9607,489

44,05768,45260,02363,153

101,60393,366

Net income (loss) attributable to ownersof parent

75,73653,072(29.9)Net cash provided by (used in)operating activities

104,531

33,328(2,385)66,976

93,61828,475

143,163

126,342

58,858Net cash provided by (used in)operating activities

99,127

110,487

11.5

Net cash used in investing activities(37,632)(46,517)(51,081)(62,679)(72,470)(68,475)(46,541)(53,194)(48,274)

Net cash used in investing activities(79,662)(43,950)(44.8)

Free cash flow

66,899(13,189)(53,466)

4,296

21,148(40,000)

96,622

73,147

10,584

Free cash flow

19,46566,537241.8

Net cash provided by (used in)financing activities

5,296(51,927)

15,761

3,620(8,908)

6,845(67,627)(52,830)(26,423)

Net cash provided by (used in)financing activities(36,760)

83,668(327.6)

Capital expenditures

33,93945,04948,78856,80065,87164,064

61,33056,53255,068

Capital expenditures

58,05353,756(7.4)

Depreciation expenses

36,59433,57834,27836,407

37,66744,32442,43445,457

46,405

Depreciation expenses

49,68948,241(2.9)

Total assets¥978,343¥900,420¥962,329¥1,146,591¥1,310,040¥1,305,236¥1,318,776¥1,415,845¥1,420,854

Total assets¥1,532,810¥1,640,913

7.1

Net assets

310,809309,914

341,561

422,792

503,224

531,700

575,404

665,232

695,743

Net assets

751,828

749,158(0.0)

Interest-bearing debt

322,443274,721326,976

382,929

403,652

410,148364,381353,490356,688

Interest-bearing debt

364,951

466,935

27.9

At year-end:

At year-end:

Ratios:Ratios:Operating income margin (%)

4.0

4.2

1.5

3.9

5.7

8.0

7.2

9.0

8.4

Operating income margin (%)

6.9

5.6

Return on shareholder’s equity (ROE) (%)

7.5

9.7

2.5

12.7

16.2

12.6

12.3

17.6

14.6

Return on shareholder’s equity (ROE) (%)

11.1

7.5

Equity ratio (%)

28.0

31.2

32.0

33.5

35.1

37.6

40.5

44.0

46.3

Equity ratio (%)

46.0

43.6

Price/earnings ratio (times)

23.8

12.6

44.2

12.5

12.5

16.0

14.2

12.7

8.1

Price/earnings ratio (times)

10.2

13.9

Debt/equity ratio (%)

117.6

97.8

106.2

99.7

87.8

83.6

68.2

56.8

54.3

Debt/equity ratio (%)

51.8

65.3
Yen

Per share amounts:
Net income (loss)—basic

Per share amounts:¥ 55.50¥ 77.23¥ 21.45¥ 126.20¥ 196.06¥ 171.89¥ 180.84¥ 290.93¥  267.35

Net income—diluted

55.50

77.23

—

126.20

196.04171.88180.83——

Net assets

785.61804.26881.881,099.84

1,316.58

1,405.35

1,529.53

1,783.35

1,882.64

0.00

15.50

10.00

26.00

40.00

44.00

60.00

88.00

90.00

Cash dividends

Net income (loss)—basic
Net income—diluted
Net assets
Cash dividends¥  216.83¥   151.89

—

—

—

2,018.84

2,045.15

1.3

60.00

(33.3)

90.00(29.9)

Millions of yen,
except per share data

Share performance (at year-end):

Share performance (at year-end):

Price per share (yen)¥  1,323¥    974¥    949¥  1,577¥  2,442¥  2,744¥  2,574¥    3,695¥  2,159

Price per share (yen)¥  2,203¥  2,104(4.5)

Market capitalization

461,855

340,018

331,288

550,585

852,683

958,264

898,931

1,290,413

753,989

Market capitalization

771,079735,207(4.7)

Number of shareholders

31,61532,25932,87329,47430,41634,21442,031

34,566

51,113

Number of shareholders

67,74182,73022.1

Number of employees

52,18454,677

53,95853,382

52,66253,30653,15053,57953,977

Number of employees

55,25552,437(5.1)

Other data (at year-end):

Other data (at year-end):• 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 ¥1billion, 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.

80

Yamaha Motor Co., Ltd. Integrated Report 2021

Yamaha Motor Co., Ltd. Integrated Report 2021

81Facts and Data

Environmental and Social DataManagement’s Discussion and Analysis of Fiscal 2020 Business Results

Climate Change Mitigation Measures

Overview 

Item
Sales oflow-carbon
products

Unit

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

Thousandsof vehicles

2016

2017

2018

2019

2020

3,203

3,524

3,564

3,554

3,363

1,994

2,538

2,800

2,901

2,245

448

489

569

648

670

SASB Requirements
SASB Index*

Item

Unit

2020

TR-AU-000.A

Number of vehicles manufactured

Thousandsof vehicles

3,657

TR-AU-000.B

Number of vehicles soldThousandsof vehicles

3,802

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

106,983

TR-AU-310a.1

Percentage of active workforce covered undercollective bargaining agreements%

63

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

86

North America

mpg

56

Japan

km/L

41

Oceania

km/L

23

Central and SouthAmerica

km/L

43

Other

km/L

52

Activity Metric

Product Safety

Labor Practices
TR-AU-310a.2

TR-AU-410a.1

Sales-weighted average
passenger fleet fueleconomy, by region

Fuel Economy &Use Phase
Emissions(2) hybrid vehicles (HEVs) sold, andNumber(¥ billion)

Excluding growth strategy expenses and foreign exchange effects
Land Mobility
Business

Not applicable

Marine Products
Business(3) plug-in hybrid vehicles (PHEVs) soldMaterials
Sourcing

TR-AU-410a.3

Strategy for managing model-year fuel economy
and emissions risks and opportunities

Short-Term, Medium-Term, and Long-Term Risks and Opportunities> Short-Term Risks (0–3 Years)

TR-AU-440a.1

Management of risks associated with theuse of critical materials

Major Risks Associated with Transitioning to a Low-Carbon Society> Technological Risks

Weight of end-of-life products recoveredt

30,929Percentage of above waste recycled

%

86.6

Weight of end-of-life products recovered

t

—

–20.6

TR-AU-440b.2

TR-AU-440b.3

Financial Services
Business

+0.3

–4.1

Others+1.3

Growth Strategy
Expense Decreases+2.1

Exchange
Effects

–7.5

81.7

6.2

2019

RV

+2.7

Emerging Markets
Motorcycle Business

SPV

+0.6

2020 (FY)–30.1

Percentage of materials recycled fromend-of-life products

Recyclability of products%

97.8 (on a weight basis)

Percentage(%) bysalesweighted
metric tons(t)Target value: Set at 90%* A disclosure index for the automotive industry required by the Sustainability Accounting Standards Board (SASB)

82

–5.2

Robotics
Business

Developed
Markets
Motorcycle
Business

TR-AU-440b.1

Materials
Efficiency &Recycling

Meanwhile, in Europe, India, and Taiwan, where new emissions
regulations were put into effect, we expanded our lineup by
introducing new models.
As a result, consolidated net sales for the fiscal year underreview declined ¥193.5 billion (11.6%) year on year, to ¥1,471.3
billion; operating income was down ¥33.7 billion (29.2%), to¥81.7 billion; ordinary income decreased ¥31.8 billion (26.6%), to¥87.7 billion; and net income attributable to owners of parent
declined ¥22.7 billion (29.9%), to ¥53.1 billion.
In the fourth quarter (October to December), the Company wasable to partially recover from the adverse impacts of COVID-19 in
the first half of the fiscal year, achieving a ¥6.7 billion (1.7%)
increase in net sales compared with the same period in the previous fiscal year, to ¥404.2 billion, and a ¥9.9 billion (64.5%) rise inoperating income, to ¥25.3 billion. The average foreign exchange
rate for the year was ¥107/US$1 (¥2 appreciation over the previous fiscal year) and ¥122/€1 (unchanged).
Net sales fell overall despite sales growth in the Robotics andFinancial Services segments, reflecting the decrease in unit sales ofmotorcycles in the Land Mobility segment and lower unit sales in
the Marine Products segment, both due to the impacts of COVID19. Operating income was also down overall, due in part to theabovementioned decrease in net sales but also from foreignexchange fluctuations, a decline in utilization rates from the suspension of factory operations in various countries in the first halfof the fiscal year under review, and other factors.

Factors Impacting Operating Income

115.4

Number of (1) zero emission vehicles (ZEVs) sold,TR-AU-410a.2

During the fiscal year ended December 31, 2020, in addition to
the trade friction between the United States and China ongoingsince the previous fiscal year, the global spread of the COVID-19
pandemic following its outbreak at the beginning of 2020 profoundly impacted economies worldwide. While still continuing tobe affected by these developments, the Yamaha Motor Group’sbusiness performance has been on a recovery path since bottoming out in the second quarter (April to June). In developed markets, personal mobility and outdoor family recreation demandrebounded sharply from the second quarter. Meanwhile, emerging markets registered a moderate recovery, centered on ASEAN
markets, India, and South America.
Amid such circumstances, Yamaha Motor carried out management while placing top priority on efforts to stem the spread of
COVID-19, the safety and well-being of its stakeholders, andensuring proper compliance with laws and regulations in countries
around the world. Drawing on our experiences from the 2008
global financial crisis that followed the Lehman Brothers bankruptcy, we secured liquidity on hand by thoroughly reducing
expenses and procuring required funds. In R&D and investments,
the Company continued its development and investment efforts innew business areas aimed at future growth and for strengthening
its core businesses, while narrowing down those efforts overallthrough selection and concentration. In terms of production, we
promptly suspended factory operations to address an anticipateddecline in demand resulting from the spread of COVID-19. As forsales, we moved quickly to roll out marketing activities employing
digital technologies as sales efforts were restricted by COVID-19.

Yamaha Motor Co., Ltd. Integrated Report 2021

TR: Transportation; AU: Automobiles

Yamaha Motor Co., Ltd. Integrated Report 2021

83

Facts and DataManagement’s Discussion and Analysis of Fiscal 2020 Business Results

Products and Services in Each Segment

Performance by Business Segment Land Mobility Segment
In this segment, net sales were down ¥173.4 billion (15.5%) year
on year, to ¥946.5 billion, and operating income declined ¥23.2
billion (55.7%), to ¥18.5 billion. The following is an overview of
performance by business field.
Net sales of motorcycles in developed markets decreased ¥3.6
billion (1.6%) year on year, to ¥219.5 billion, while the operating
income margin improved 2.4 percentage points, to –3.9%. While
immediate aggregate demand has now recovered, unit sales ofmotorcycles in developed markets declined in fiscal 2020 as production was unable to keep pace with the sharp rebound in total
demand. Meanwhile, despite a decline in utilization rates stemming from the temporary suspension of operations at the Iwata
Main Factory and our factory in France, the operating income
margin improved due in large part to cutting expenses.
Net sales of motorcycles in emerging markets were down
¥169.8 billion (21.9%) year on year, to ¥604.0 billion, and theoperating income margin fell 3.3 percentage points, to 3.4%.
While aggregate demand is steadily recovering, sales and profits
declined primarily as a consequence of lockdowns due to COVID19, economic stagnation resulting from restrictions on social
activities, and a fall in consumer sentiment. Indonesia experienced
a substantial drop in demand, reflecting more rigorous screening
for sales financing accompanying the economic downturn andongoing large-scale social restrictions. In the Philippines, unit sales
were down as supply lagged behind the sharp recovery in immediate overall demand. In Vietnam, aggregate demand is seeing amoderate recovery, but the economic recession drove a rise in unit
sales of low-priced models that hurt the model mix. On the other
hand, in India immediate total demand has recovered and strong
sales of new models led to our results from August onward surpassing those for the previous fiscal year. In Taiwan, both aggregate demand and wholesaling recovered to levels exceeding thoseof the previous fiscal year, fueled by a government subsidy program for vehicles with internal combustion engines.
Overall unit sales of motorcycles came to 3.8 million units, a
24.8% decline compared with the previous fiscal year. Inventory
levels are low in most regions and we are experiencing market
inventory shortages in developed countries in particular. With ourrecreational vehicles—all-terrain vehicles (ATVs), recreational
off-highway vehicles (ROVs), and snowmobiles—net sales were up¥0.9 billion (1.1%) year on year, to ¥79.8 billion, and the operating income margin improved 2.8 percentage points, to –0.5%.
Sales and profits increased as a spike in outdoor recreation
demand led to sales growth in North America—the Company’s
largest market for this segment—and other key regions.
For electrically power-assisted bicycles, net sales declined ¥0.9
billion (2.0%) year on year, to ¥43.2 billion, while the operating
income margin rose 1.6 percentage points, to 16.2%. Net sales
fell from a decline in unit sales of complete Yamaha-brand bicycles
in Japan resulting from production delays and the curtailing ofsales activities due to COVID-19. However, profits were up as anincrease in e-Bike system kit sales brought about an improvementin the model mix.

Marine Products Segment
Net sales decreased ¥21.7 billion (6.2%) year on year, to ¥328.3
billion, and operating income declined ¥7.7 billion (13.3%), to¥50.6 billion.
The decline in the segment’s net sales in the first half of the
fiscal year under review can be attributed to COVID-19, which led
to the suspension of operations of boatbuilders and dealerships inNorth America, and the temporary suspensions of operations at
the Iwata Main Factory and factories in the United States.
However, following the lifting of lockdowns, sharp growth inoutdoor recreation demand drove up outboard motor and personal watercraft demand accordingly. In addition, raising utilization rates after restarting factory operations helped secure higher
outboard motor unit sales in North America and Europe in thesecond half of fiscal 2020. However, while sales of large outboard
motors continued to grow even through the COVID-19 pandemic,
overall sales and profits for the segment declined during fiscal
2020 as we were not able to compensate for the impacts sufferedin the first half of the fiscal year under review.
Robotics Segment
Net sales rose ¥7.4 billion (9.7%) year on year, to ¥83.0 billion,
while operating income declined ¥4.4 billion (57.4%), to¥3.3 billion.
Unit sales of surface mounters grew over the fiscal year underreview in Asia—including in China, Taiwan, and South Korea—
and recovered in Europe and the United States from the second
half of fiscal 2020. However, the model mix for surface mountersdeteriorated due to the curbing of investments in the automotive
industry in Japan and other countries. In addition, the Company
converted Yamaha Motor Robotics Holdings Co., Ltd. (now
Yamaha Robotics Holdings Co., Ltd. (YRH)) into a subsidiary at theend of the second quarter of fiscal 2019, the effects of which also
contributed toward the segment’s increase in net sales but
decrease in profits.
Financial Services Segment
Net sales grew ¥5.1 billion (12.5%) year on year, to ¥46.1 billion,
while operating income was down ¥0.5 billion (5.9%), to¥7.6 billion.
Despite higher sales on the back of the segment’s favorable
performance in developed markets, profits declined as a result of
foreign exchange fluctuations, an increase in the allowance for
doubtful accounts, and a decrease in receivables for wholesaling.
Other Products Segment
Net sales decreased ¥10.9 billion (13.9%) year on year, to ¥67.4
billion, while operating income was ¥1.7 billion, compared with
an operating loss of ¥0.4 billion, in the previous fiscal year.
Sales decreased due to lower unit sales of golf cars and power
generators. Operating income was recorded due to costs incurredfrom market countermeasures implemented in the previous
fiscal year.

Segment

Main products and services

Land Mobility

Motorcycles, intermediate parts for products, knockdown parts for overseas production, all-terrain vehicles,
recreational off-highway vehicles (ROVs), snowmobiles, electrically power-assisted bicycles, automobile engines,
and automobile components

Marine Products

Outboard motors, personal watercraft, boats, FRP pools, fishing boats, and utility boats

Robotics

Surface mounters, semiconductor manufacturing equipment, industrial robots, and industrial-use unmanned
helicopters

Financial Services

Sales finance and leasing related to the Company’s products

Other Products

Golf cars, generators, multi-purpose engines, small-sized snow blowers, and electric wheelchairs

R&D Expenses 
For the Yamaha Motor Group as a whole, R&D expenses amounted
to ¥94.0 billion for the fiscal year ended December 31, 2020.
The Yamaha Motor Group’s corporate mission is to be a Kando
Creating Company and offer new excitement and a more fulfilling
life 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 productswith 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 our customers. Through our technologies that interweave human logic with human sensibilities, weoffer unique and high-quality products and services.

Robotics Business¥7.8 billion(8.3%)

MarineProducts
Business¥13.7 billion(14.6%)

Other Products Business¥2.7 billion (2.9%)

R&D Expenses
by Segment

The Company believes that making a lasting effort to gain
recognition among various stakeholders that the “unique style of
Yamaha Motor” is the Yamaha brand itself and that making our
products and services the preferred choice over a lifetime is what
will enable us to not only achieve sustainable growth but alsoenhance our medium- to long-term corporate value.
We are carrying out measures to accomplish both of thesegoals under our Long-Term Vision for 2030 and the three-year
Medium-Term Management Plan that began in fiscal 2019.
Specifically, through initiatives in our three focus areas ofAdvancing Robotics, Rethinking Solution, and Transforming
Mobility, we carry out strategic investments for growth aiming tocontribute to expanding human possibilities and making society
and people’s lives better under our Long-Term Vision of ART for
Human Possibilities.

R&D Expenses and R&D Expenses to Net Sales Ratio(¥ billion)

(%)

105

10.0

100

9.0

95

¥94.0

7.0

90

billion

6.4

Land Mobility Business¥69.8 billion (74.2%)

85

6.0

0
2016
R&D expenses

84

Yamaha Motor Co., Ltd. Integrated Report 2021

8.0

94

2017

2018

2019

2020

0
(FY)

R&D expenses to net sales ratio

Yamaha Motor Co., Ltd. Integrated Report 2021

85

Facts and DataManagement’s Discussion and Analysis of Fiscal 2020 Business Results

Analysis of Financial Position 

Capital Resources and Liquidity 

Total assets at the end of the fiscal year under review stood at¥1,640.9 billion, an increase of ¥108.1 billion compared with theend of the previous fiscal year. Current assets rose ¥46.8 billion,
mainly due to securing liquidity on hand to counteract the impactsof COVID-19. This outcome was despite factors that included a
decline in inventories primarily in developed markets as supply
lagged behind the recovery in sales, a decrease in short-term sales
finance receivables that accompanied the drop in dealership inventories, and a decrease in notes and account receivables due tolower sales in ASEAN markets. Fixed assets grew ¥61.3 billion due
to factors such as the increase in long-term sales finance receivables stemming from the Company’s shift to greater autonomy inloan receivables for “Prime” customers in the United States.

Total liabilities rose ¥110.8 billion, to ¥891.8 billion, due tohigher interest-bearing debt and other factors.
Total net assets amounted to ¥749.2 billion, a decline of ¥2.7
billion despite ¥53.1 billion in net income attributable to ownersof parent due in part to ¥15.7 billion in cash dividends paid, a¥21.7 billion decrease in foreign currency conversion adjustments,
and a decline in non-controlling interests of ¥12.1 billion.
As a result, the shareholders’ equity ratio was 43.6%, compared with 46.0% at the end of the previous fiscal year, while thenet debt/equity ratio was 0.27 times, compared with 0.34 times.

Cash Flows 
Operating Cash Flow
Overall, net cash provided by operations in fiscal 2020 was ¥110.5
billion (¥99.1 billion in the previous fiscal year). This mainlyreflected cash provided from ¥85.0 billion in income before taxes,
etc., (¥120.6 billion), ¥48.2 billion in depreciation expenses (¥49.7
billion), a decrease in inventories of ¥32.7 billion (an increase of¥17.4 billion), a decrease in notes and account receivables of¥17.3 billion (a decrease of ¥2.7 billion), and an increase in notes
and accounts payable of ¥11.5 billion (a decrease of ¥7.1 billion),against cash used for an increase in sales finance receivables of¥68.3 billion (an increase of ¥32.2 billion), and other factors.
Investing Cash Flow
Net cash used for investing was ¥44.0 billion (¥79.7 billion in theprevious fiscal year), primarily reflecting ¥51.4 billion (¥58.7 b­ illion)used for purchasing fixed assets.

Financing Cash Flow
Net cash provided by financing was ¥83.7 billion (net cash used infinancing of ¥36.8 billion in the previous fiscal year), primarilyreflecting the procurement of funds through long- and short-termloans payable, despite net cash used as a result of cash dividends
paid, purchases of additional YRH shares, and other factors.
As a result of the above, free cash flow for fiscal 2020 was apositive ¥66.5 billion (a positive ¥19.5 billion in the previous fiscal
year), interest-bearing debt at the end of fiscal 2020 stood at¥466.9 billion (an increase of ¥102.0 billion compared with theprevious fiscal year-end), and cash and cash equivalents came to¥267.2 billion (an increase of ¥144.5 billion compared with theend of the previous fiscal year).

The Yamaha Motor Group’s primary capital needs are covering thecosts of procuring the materials, parts, and more used in productmanufacturing; costs incurred in the manufacturing process; thepurchasing 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,
in principle, from internal reserves, including paid-in capital andretained earnings.
On managing capital liquidity, Yamaha Motor secures necessary
liquidity by creating and updating cash flow schedules on a timely
basis and properly maintaining cash and cash equivalents on hand.
In anticipation of a need for funds in light of the impacts of
COVID-19, Company headquarters implemented crisis response

Capital Expenditures 
Capital expenditures were down ¥4.3 billion (7.4%) year on year,
to ¥53.8 billion, during the fiscal year under review.
In the Land Mobility segment, the Company spent ¥33.0 billion
on outlays such as launching new motorcycle models for overseas
markets, upgrading production equipment, expanding production
capacity in the Philippines, and reallocating production roles at theheadquarters. In the Marine Products segment, the Company

used ¥12.8 billion on launching new models centered on outboard motors, upgrading production equipment, renovating
Yamaha Marina Hamanako, and other expenditures. In the
Robotics segment, the Company spent ¥1.9 billion on R&D forsurface mounters and industrial robots, among other pursuits,
while in the Other Products segment, it invested ¥6.0 billion in
new golf car products and other expenditures.

Cash Dividends 
The Company considers enhancing the interests of shareholders
an important management issue and endeavors to improve corporate value. With a focus on striking a balance between investments for new growth and returns to shareholders within therange of its cash flows, while maintaining and reinforcing theearnings power of its existing businesses, the Company endeavors
to pay dividends in a stable and sustainable manner, setting 30%
of net income attributable to owners of 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 bodies for dividends are the Board of Directors for interim dividends and theGeneral Meeting of Shareholders for year-end dividends. The
Company’s Articles of Incorporation provides that the record dateshall be June 30 for the interim dividend and December 31 for the
year-end dividend.
The Company decided to pay a full-year dividend of ¥60 per
share for fiscal 2020.
Cash Dividends per Share and Payout Ratio

Net Assets per Share and Equity Ratio

Total Asset Turnover

Interest-Bearing Debt and Debt/Equity Ratio(¥)(%)(Times)(¥ billion)

50

1.3

480

40

1.2

1,500

30

1.1

1,000

20

1.0

500

10

0.9

0
(FY)

0

2,500

measures such as borrowing ¥170.0 billion from financial institutions in fiscal 2020. However, the decline in inventory resulting
from the suspension of factory operations and the sharp reboundin demand centered on developed markets, as well as thedecrease in investments from the postponing or freezing of projects based on priority, allowed the Company to secure positive
free cash flow. Accordingly, the Company repaid the short-termloans payable that became due during the consolidated fiscal year
under review.
The Company has adopted a financial strategy of striking abalance between investments for new growth and returns toshareholders within the range of its cash flows, while maintaining
and reinforcing the earnings power of its existing businesses. In its
cash flow plan for fiscal 2021, the Company expects to increase
working capital as it transitions from crisis response mode to abalance sheet under normal conditions.

(%)

100

467

(¥)(%)

50

100

43.6
2,000

2,045

75

435
65.3
390

0
2016
Net assets per share

86

2017

2018

2019

Equity ratio

Yamaha Motor Co., Ltd. Integrated Report 2021

2020

25

0
2018

2019

2020

(FY)

60

40

30

50

345

2017

39.5

60

0.93

2016

80

2016
Interest-bearing debt

2017

2018

Debt/equity ratio

2019

2020

0
(FY)

40

20

20

10

0
2016
Cash dividends per share

2017

2018

2019

2020

0
(FY)

Payout ratio

Yamaha Motor Co., Ltd. Integrated Report 2021

87

Facts and Data

Global Group Network (As of December 31, 2020)

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.

Russia
LLC Yamaha Motor CIS (YMCIS)
GreeceMotodynamics S.A.

TurkeyYamaha Motor Sanayi ve Ticaret Limited Sirketi

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

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

FinlandInhan Tehtaat Oy Ab

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

Asia (Abbreviations) Indonesia
PT. Yamaha Indonesia Motor Manufacturing (YIMM)
PT. Yamaha Motor Parts Manufacturing Indonesia (YPMI)
PT. Yamaha Motor Nuansa Indonesia (YMNI)PT. Toyo Besq Precision Parts Indonesia (TBI)
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)
The Philippines
Yamaha Motor Philippines, Inc. (YMPH)
LIYAM Property, Inc.
Shinkawa Philippines, Inc. (SKW-PH)
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. (SYMR)
Shinkawa Thailand Co., Ltd. (SKW-TH)
Shinkawa Manufacturing Asia Co., Ltd. (SMAC)
Apic Yamada (Thailand) Co., Ltd. (AYT)
Apic Yamada Precision (Thailand) Co., Ltd. (AYPT)Malaysia
HL Yamaha Motor Research Centre Sdn. Bhd. (HLYR)
Shinkawa Malaysia Sdn. Bhd. (SKW-MY)
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)
Shinkawa Vietnam Co., Ltd. (SKW-VN)
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)

88

Yamaha Motor Co., Ltd. Integrated Report 2021

Yamaha Motor Research andDevelopment India Pvt. Ltd. (YMRI)
Yamaha Motor Solutions India Pvt. Ltd. (YMSLI)KYB Motorcycle Suspension India Pvt. Ltd. (KMSI)
Bussan Auto Finance India Pvt. Ltd. (BAF India)

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.
SUNWARD INTERNATIONAL, INC.
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
Shinkawa Technologies Ltd.
Apic Yamada Distributors Inc.
Ecole Toyohashi
Sakura Kogyo Co., Ltd.
A.I.S Corporation
JUBILO Co., LTD.
Mikasa Unyu Co., Ltd.
KYB Motorcycle Suspension Co., Ltd.
EVEC, Inc.
eve autonomy, Inc.
Copal Yamada Corporation
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.

Pakistan
Yamaha Motor Pakistan (Private) Limited (YMPK)Singapore
Yamaha Motor Asia Pte. Ltd. (YMAP)
Yamaha Motor Distribution Singapore Pte. Ltd. (YDS)
Shinkawa Singapore Pte. Ltd. (SKW-SG)
Apic Yamada Singapore Pte. Ltd. (AYS)
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)
Shinkawa Taiwan Co., Ltd. (SKW-TW)
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. (SKW-SH)
Apic Yamada Technology (Shanghai) Co., Ltd. (ATS)Shanghai Yamada Machinery Manufacturing Co., Ltd. (SYM)
Shanghai Apic Yamada Co., Ltd. (SYC)
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. (TSY)South Korea
Shinkawa Korea Co., Ltd. (SKW-KR)

Central andSouth America (Abbreviations) Oceania (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.
New Zealand
Yamaha Motor New Zealand Limited (YMNZ)
Yamaha Motor Finance New Zealand Limited (YMFNZ)
Yamaha Motor Insurance New Zealand Limited
Micronesia
TriFork Reinsurance Corporation

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)
Argentina
Yamaha Motor Argentina S.A. (YMARG)
Uruguay
Yamaha Motor Uruguay S.A. (YMUY)
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.
Yamaha Motor Personnel Service Mexico, S.A. de C.V. (YMPSMX)

Yamaha Motor Co., Ltd. Integrated Report 2021

89

Facts and Data

Corporate Information / Stock Information (As of December 31, 2020)

Company name
Headquarters

Date of establishment
Capital
Number of employees
Stock listing
Stock code
Transfer agent for­capital stock
AuditorInclusion in major
indices
Major consolidated
subsidiaries

Yamaha Motor Co., Ltd.
2500 Shingai, Iwata, Shizuoka 438-8501, Japan
Telephone: +81-538-37-0134
Fax: +81-538-37-4250
July 1, 1955
¥85,973 million
Consolidated: 52,437
Non-consolidated: 10,359
Tokyo Stock Exchange
7272
Sumitomo Mitsui Trust Bank, Limited
4-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-8233,
Japan
Ernst & Young ShinNihon LLC
Nikkei 225, JPX-Nikkei 400

Capital Stock

External Recognition 

Principal Shareholders

Authorized

900,000,000 shares (common stock)

FTSE4Good Index Series

Shareholder

Issued350,122,835 shares

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

11.82

FTSE Blossom Japan Index

Number of shareholders

82,730

Yamaha Corporation

9.91

Custody Bank of Japan, Ltd. (trust account)

5.90

Toyota Motor Corporation

3.58

SSBTC CLIENT OMNIBUS ACCOUNT

3.58

Japanese individuals and others

SMBC Nikko Securities Inc.

2.78

11.3%

Mizuho Bank, Ltd.

2.37

The Shizuoka Bank, Ltd.

1.62

Custody Bank of Japan, Ltd. (trust account 9)

1.59

Mitsui & Co., Ltd.

1.56

Dow Jones Sustainability Asia Pacific Index
S&P Japan 500 ESG
Securities
companies

SNAM Sustainability Index
Digital Transformation (DX) Stocks Selection (2021)

5.1%

Certified in 2021 Health & Productivity Management
Organization Recognition Program(Large Enterprise Category)—White 500

Foreigninvestors

Shareholder
Composition

27.9%

Yamaha Motorcycle Sales Japan Co., Ltd.

Note: Percentage of ownership is calculated excluding treasury shares.

Japanesefinancial
institutions

Shareholder Notes

37.8%

YAMAHA MOTOR POWERED PRODUCTS Co., Ltd.
Yamaha Motor Corporation, U.S.A.
Other Japanese corporations

Yamaha Motor Manufacturing Corporation of America

17.9%

Yamaha Motor Europe N.V.

Ownership (%)

PT. Yamaha Indonesia Motor Manufacturing
India Yamaha Motor Pvt. Ltd.

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 Vietnam Co., Ltd.
Thai Yamaha Motor Co., Ltd.
Yamaha Motor Philippines, Inc.

Continuing on from fiscal 2020,
we have been selected as a Digital
Transformation Stock (DX Stock) 2021,
which is a program organized jointly by
Japan’s Ministry of Economy, Trade andIndustry and the Tokyo Stock Exchange.

Yamaha Motor do Brasil Ltda.
Yamaha Motor Australlia Pty. Ltd.

Design Awards Won in 2020 
Ténéré 700
Motorcycle

YMR-08Industrial-use multirotor drone

YNF-01
Low-speed mobility vehicle(Concept model)• Red Dot Award 2020 | Winner• iF Design Award 2020
• JIDA Design Museum Selection
Vol. 22• Red Dot Award 2020 | Winner• International Design ExcellenceAwards 2020 | Finalist• iF Design Award 2020

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

2016
Tricity 300
Motorcycle

TRITOWN
Commuter vehicle (Concept model)• Good Design Award 2020

• German Design Award 2021 |Winner

MT-15
Motorcycle

Share price

2017

2018

2019

2020

(FY)

Trading volume• India Design
Mark 2020

For further information, please contact:
Yamaha Motor Co., Ltd.
IR/SR Group, Corporate Communication Division
FZS-FI

90

Yamaha Motor Co., Ltd. Integrated Report 2021

2500 Shingai, Iwata, Shizuoka 438-8501, Japan
Telephone: +81-538-37-0134
Fax: +81-538-37-4250
https://global.yamaha-motor.com/ir/
Yamaha Motor Co., Ltd. Integrated Report 2021

91