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

Although sales rose at the marine products, power products, industrial machinery and robots, and other

Motorcycle sales by market

Motorcycle unit sales by market

Marine product sales by market(Billion ¥)(Thousand units)(Billion ¥)products businesses, a decline in motorcycle sales resulted in net sales being roughly flat with the previous
year, at ¥1,673.1 billion.

POINT

1,045

1,033

978

930

149

150

345

1,022

136

Others

132

120

309

5,799
5,218

587

In terms of profit, sales growth and improved profitability were unable to absorb the effects of a decline in

5,154

524

motorcycle sales in developed markets, a foreign-exchange loss, and other factors, and profit declined at629

all levels.

612

672

580

452

5,390

5,374

461

463

276
Others

Asia

668

Asia
4,819

4,307

4,286

4,558

47
16

44
19

Percentage of sales by product segment

Sales by product segment

Sales by market(Year ended December 31, 2018)(Billion ¥)(Billion ¥)Industrial machinery and robots

Other products 4.9%

4.2%

1,631
1,521

Power products

86
39
142

9.2%
Marine products 20.6%

Motorcycles

276

61.1%

73
47
169

1,503
76
47
152

1,670

1,673

Other products

82
68
152

83
70
154

Industrial
machinery androbots

345

297

139

56
47

53
46

50
41

2014

2015

2016

2017

2018

131

North America
Japan

41

181

172

(Billion ¥)Marine products
1,465

1,339

1,500

209
89
110

208
77
110

199
70
103

176
67
93

2014

2015

2016

2017

2018

North America
Japan

978

1,033

930

1,045

1,022

1,506

Overseas

(%)

1,416
1,310

1,305

Motorcycles

(%)

1,433

2015

2016

2017

2018

206

North America

Japan

27

27

28

27

28

2015

2016

2017

2018

(Billion ¥)

156
137

532

503

163

166

164

170

167

2014

2015

2016

2017

2018

Japan

Return on
assets (%)

5.6
4.8

4.6

138

136

17.6

6.6

2014

196

696

665

7.4

Japan

EuropeCash and cash equivalents at the end of
the year(Billion ¥)1,319(Year ended December 31, 2018)

10.0%

43

Asia

51

2014

575

Percentage of sales by market

17

Others19

Europe191
79
123

Net assets and % of net income toshareholders’ equity

Total assets and return on assets

1,358

39
17

41

1,673

1,503

Power products
324

309

1,670

1,631
1,521

128

72
46

41

42

4,576

Europe

136

53
46

297

39

145
116

324

108

14.6
% of net income
to shareholders’equity

16.2
12.6

12.3

Total assets

Net assets

Overseas

90.0%
2014

Operating income and operating income
marginNet income attributable to owners ofparent and ratio of net income attributable to owners of parent to net sales(Billion ¥)(Billion ¥)

(%)

(%)

149.8

140.8

101.6
6.1

Operating income
margin (%)

130.3
5.7

68.5

108.6

4.5

87.2

60.0

93.4
5.6

63.2
4.2

2017

2018

2015

2016

2017

2018

2015

2016

2017

2018

2014

2015

Cash used in investing activities

Free cash flows(Billion ¥)(Billion ¥)(Billion ¥)

2016

2017

2018

97

72

143
267

68

73

126

Net income per share—diluted
Ratio of net income
attributable toowners of parent
to net sales (%)

53
196 196172 172

Net income
per share—basic

181 181

48

47

94

21

11

59
Net income
attributable toowners of parent

2014

2015

Cash provided by operating activities

3.7
Operatingincome

2014

2014

(¥)

291
8.4

7.2

2016

Net income per share

9.0
8.0

2015

2016

2017

2018

–40
28

2014

2015

2016

2017

2018

2014

2015

2016

2017

2018

2014

2015

2016

2017

2018

2014

2015

2016

2017

2018

Note: Net income per share—diluted for fiscal 2017 and 2018
are not listed as there were no potential shares withdilutive effect.

76

Yamaha Motor Co., Ltd.

Integrated Report 2018

Yamaha Motor Co., Ltd.

Integrated Report 201877

Ten-Year Summary
Yamaha Motor Co., Ltd. and Consolidated Subsidiaries
Years ended December 31

Millions of yen% change

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2018/2017¥1,153,642¥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

0.2 %

817,058
150,113
100,577—
85,893202,292(62,580)(68,340)(216,148)
74,096(45,285)
28,810(32,022)46,03553,701

914,211167,141
102,968
34,75875,051
295,565
51,30866,142
18,300104,531(37,632)
66,8995,296
33,93936,594

887,556
178,929
100,257
34,32675,089276,046
53,40563,49526,96033,328(46,517)(13,189)(51,927)45,04933,578

798,676
196,320
103,588
30,81378,276
235,068
18,59827,267
7,489(2,385)(51,081)(53,466)
15,761
48,78834,278928,203
243,362
126,722
32,261
79,922
318,765
55,13760,09244,057
66,976(62,679)
4,296
3,620
56,80036,407

977,580
276,367
142,204
38,942
86,113372,849
87,24997,27968,452
93,618(72,470)
21,148(8,908)65,871
37,667

1,032,560
309,337
169,495
46,501
73,262436,525
130,329
125,23160,02328,475(68,475)(40,000)
6,845
64,06444,324930,112297,216
152,310
46,871
76,322402,660
108,594
102,073
63,153
143,163(46,541)
96,622(67,627)
61,33042,434

1,045,211
323,838
151,622
67,571
81,845
458,629
149,782
154,826
101,603
126,342(53,194)
73,147(52,830)
56,53245,457

1,022,174
344,658
153,778
69,891
82,634455,173
140,787
137,969
93,36658,858(48,274)
10,584(26,423)
55,06846,405

(2.2)
6.4
1.4
3.4
1.0
(0.8)
(6.0)
(10.9)(8.1)(53.4)(9.3)(85.5)(50.0)(2.6)
2.1¥ 987,077
249,266
399,942¥ 978,343
310,809322,443¥ 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¥1,433,458
695,743356,688

1.2 %
4.6
0.9

(5.4)
(71.2)
21.5
—
188.3

4.0
7.5
28.0
23.8
117.6

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
45.9
8.1
54.3

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 owners of parent
Net cash provided by (used in) operating activities
Net cash used in investing activities
Free cash ﬂows
Net cash provided by (used in) ﬁnancing activities
Capital expenditures
Depreciation expenses
At year-end:
Total assets
Net assets
Interest-bearing debt
Ratios:Operating income margin (%)
Return on equity (%)
Equity ratio (%)
Price/earnings ratio (times)
Debt/equity ratio (%)

Yen% change

Per share amounts:
Net income (loss)—basic¥

Net income—diluted
Net assets
Cash dividends(755.92)—743.04
0.00

¥

55.50
55.50
785.61
0.00

¥

77.23
77.23
804.26
15.50

¥

21.45
—
881.8810.00¥

126.20126.201,099.84
26.00¥

196.06
196.04
1,316.58
40.00¥

171.89171.88
1,405.35
44.00¥

180.84180.83
1,529.53
60.00¥

290.93—
1,783.35
88.00¥

267.35—
1,882.64
90.00

Millions of yen,
except per share data

(8.1)%—
5.6
2.3% change

Share performance (at year-end):¥

Price per share (yen)Market capitalization

1,166
333,300¥

1,323
461,855¥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

Persons(41.6)%(41.6)% change

Other data (at year-end):

30,01349,994

Number of shareholders
Number of employees

31,61552,18432,25954,67732,873
53,95829,47453,38230,416
52,662

34,21453,30642,031
53,15034,56653,57951,11353,97747.9 %
0.7

Notes: • References to ﬁscal years are to 12-month periods commencing on January 1 and ending on December 31.
• With regard to amounts stated in million yen units, amounts less than ¥1 million are truncated. For amounts stated in 0.1 billion or billion yen units, amounts less than ¥0.1 billion or ¥1 billion,
respectively, are rounded off.
• From the ﬁscal year ended December 31, 2016, the presentation of sales ﬁnance-related income and expenses has changed from recording under “Selling, general and administrative expenses,” “Nonoperating income,” and “Non-operating expenses” to recording under “Net sales,” “Cost of sales,” and “Selling, general and administrative expenses.” To reﬂect this change in presentation method, theconsolidated ﬁnancial statements for the ﬁscal year ended December 31, 2016 and the ﬁscal year ended December 31, 2015 have been reclassiﬁed.
• Figures for the ﬁscal year ended December 31, 2009 are as per the previous segment classiﬁcations.

78

Yamaha Motor Co., Ltd.

Integrated Report 2018

Yamaha Motor Co., Ltd.

Integrated Report 201879

Management Discussion and Analysis of Operations

Overview

Sales Performance by Business Segment

During the fiscal year ended December 31, 2018 (fiscal 2018), while

Motorcycles

motors, the Company is improving production capacity throughR&D Expenses

the global economy was on a recovery trend overall, the effects of

Net sales declined ¥23.0 billion, or 2.2%, year on year, to ¥1,022.2

measures including the review of the global production layout for

The Yamaha Motor Group’s corporate objective is to be a “Kando

trade issues and currency depreciation in emerging markets werebillion, and operating income declined ¥14.3 billion, or 20.8%, year

outboard motors.

Creating Company.” We aspire to offer new excitement and a more

accompanied by a rise in U.S. interest rates that manifested in theon year, to ¥54.5 billion.

In order to flexibly respond to the growth in demand of outboard

Income and Expenses

fulfilling life for people all over the world. To this end, we provide
Power Products

unique and high-quality products and services made available throughIndonesia and Brazil, but declined in developed markets, Taiwan andNet sales increased ¥2.2 billion, or 1.4%, year on year, to ¥153.8

our technology to interweave human logic with sensibility by

improvement in corporate earnings, and other factors. The economy

Vietnam, and other countries. As a result, unit sales totaled 5.37

billion, and operating income was ¥0.2 billion, against an operating

continuously striving to achieve “the unique style of Yamaha Motor’srecovered moderately in Japan, while in Europe the economy slowed

million across the business as a whole (a year-on-year decline ofloss of ¥1.5 billion in the fiscal year ended December 31, 2017.

engineering, manufacturing and marketing,” aiming at creating “new,down. In emerging markets, economic growth continued in Vietnam0.3%), resulting in decreased sales and profits.

latter part of the year. In developed markets, economic growth wasUnit sales increased in countries such as the Philippines,

seen in the U.S. due to the increase in the number of employees,

Both sales and profits increased due to a year-on-year increase

and India, while in Brazil the economy recovered moderately. In

Profitability will be boosted by strengthening sales of high-priced

Indonesia, despite the economic expansion due to strong domestic

products in ASEAN countries and sports models in India. In developed

demand, the economy was destabilized by currency depreciation andmarkets, the Company is focusing on restructuring manufacturing andnatural disasters.

sales capabilities.

in unit sales of golf cars and multi-purpose engines as well as cost

joy and trust among customers,” “attractive designs to express

reductions for recreational off-highway vehicles (ROVs).

Refined Dynamism,” and “power to build up a lifetime relationship

The Company is working to strengthen ROV marketing capabilities
and is preparing to introduce new platform models that meet market
needs.

Against this backdrop, the Company’s consolidated net sales fororiginal and innovative ideas and messages,” “technology that createswith customers.”
We make ongoing efforts to gain recognition from our various
stakeholders that “the unique style of Yamaha Motor” constitutes thethe fiscal year under review rose ¥3.0 billion, or 0.2%, year on year,

Marine Products

to ¥1,673.1 billion, operating income declined ¥9.0 billion, or 6.0%,

Net sales rose ¥20.8 billion, or 6.4%, year on year, to ¥344.7 billion,

Industrial Machinery and Robots

preferred choice for stakeholders. We believe that these efforts willto ¥140.8 billion, ordinary income declined ¥16.9 billion, or 10.9%,

and operating income rose ¥4.2 billion, or 7.1%, to ¥63.7 billion.

Net sales rose ¥2.3 billion, or 3.4%, year on year, to ¥69.9 billion,

enable us to achieve sustainable growth and enhance our medium-to ¥138.0 billion, and net income attributable to owners of parent

Unit sales of outboard motors, personal watercraft and sportand operating income rose ¥0.8 billion, or 5.4%, to ¥16.4 billion.

to long-term corporate value.

“Yamaha” brand, and to make our products and services the lifelongboats increased year on year. In addition, also with the improvement

declined ¥8.2 billion, or 8.1%, to ¥93.4 billion.

in the product mix owing to expanded sales of large models ofoutboard motors in North America, both sales and profits increased.

Favorable sales of surface mounters for in-vehicle electronics
led to an increase in net sales and operating income.
The Company will strengthen solution proposals by new products
and services that optimize plants in their entirety and increase thevalue provided to customers.

We carry out measures to achieve sustainable growth andenhancement of corporate value under our Long-Term Vision, with aneye on 2030 and the Medium-Term Management Plan that runs forthree years from 2019.
Specifically, we carry out strategic investments for growth in such
efforts as “Rethinking Solution” unique to Yamaha and “Transforming

Other Products

Mobility,” as we implement “Advancing Robotics” as our core

Factors Impacting Operating Income

Net sales rose ¥0.8 billion, or 1.0%, year on year, to ¥82.6 billion,

technologies. We also expand human possibilities and contribute to(Billion ¥)and operating income declined ¥1.4 billion, or 19.3%, to ¥5.9 billion.

the realization of better society and more fulfilling life (through our

180
OperatingincomeImpact of increased
sales

Improved profitability

+9.0

135

+13.8

Impact of cost of
raw materials–7.0

Increase in SG&A
expenses, etc.

–10.4

Increase in R&D
expenses including
investment in growthstrategies– 6.0

In terms of electrically power-assisted bicycles, although exportsof the E-kit (drive unit for electrically power-assisted bicycles) to

Impact ofexchange rate

Europe rose, unit sales of finished bicycles in Japan decreased and– 8.3

Under these circumstances, the Group’s overall R&D expenses
were ¥102.8 billion.

the product mix deteriorated, resulting in increased sales anddecreased profits.
The Company is strengthening sales of the E-kit in Europe and90+149.8concept of “ART for Human Possibilities”).

+140.845

Capital Resources and Liquidity
Assets, Liabilities and Total Net Assets

electrically power-assisted bicycles in Japan, and promoting the

Total assets as of December 31, 2018, increased ¥17.6 billion, fromdevelopment of new markets in the U.S.

December 31, 2017, to ¥1,433.5 billion. Current assets increased¥19.2 billion, as a result of factors including an increase in inventories

080

and short-term sales finance receivables. Non-current assets
2018

2017

Yamaha Motor Co., Ltd.

Integrated Report 2018

Yamaha Motor Co., Ltd.

Integrated Report 201881

Management Discussion and Analysis of Operations

Cash Dividends

decreased ¥1.6 billion as a result of factors including a decrease in¥11.8 billion were made mainly for replacing an aging process line,

Net cash used in investing activities during fiscal 2018 wasproperty, plant and equipment and intangible assets despite an

etc. and enhancing production capacity mainly for outboard motors.

¥48.3 billion (¥53.2 billion in net cash used in the previous fiscal

The Company considers enhancing the interests of shareholders

increase in long-term sales finance receivables.

In the power products business, investments of ¥9.1 billion wereyear), primarily reflecting ¥54.0 billion used for purchase of property,

an important management issue, and endeavors to enhance

Total liabilities decreased ¥12.9 billion, to ¥737.7 billion, mainly

made mainly for new products of recreational off-highway vehicles

plant and equipment and intangible assets (¥64.4 billion).

corporate value.

from a decrease in electronically recorded obligations – operating and(ROVs) and production facilities of new golf car products. In thenotes and accounts payable – trade.

Net cash used in financing activities during fiscal 2018 was

In regard to dividends, the Company seeks to “create a stableindustrial machinery and robots business, investments of ¥1.0 billion¥26.4 billion (¥52.8 billion in net cash used in the previous fiscal

financial foundation, and increase new growth investment and stock

Total net assets increased ¥30.5 billion, to ¥695.7 billion, whichwere made mainly for research and development of new industrial

year), primarily reflecting cash dividends paid and the repayment ofdividends,” and sets a benchmark for its dividend payout ratio as 30%

included the recording of ¥93.4 billion of net income attributable tomachinery products. In the other products business, investments ofloans payable.

of net income attributable to owners of parent.

owners of parent and ¥32.8 billion of cash dividends paid. As a result,¥3.9 billion were made mainly for research and development of

the shareholders’ equity ratio as of December 31, 2018 was 45.9%(an increase of 1.9 percentage points from the end of the previous

As a result of the activities discussed above, free cash flow for

The Company has a basic policy of paying an interim dividend

automobile engines and electrically power-assisted bicycles as wellfiscal 2018 was a positive ¥10.6 billion (a positive ¥73.1 billion forand a year-end dividend. The decision-making bodies for dividends

as production facilities of industrial multirotors.

the previous fiscal year), and interest-bearing debt at the end of theare the Board of Directors for interim dividends and the Generalfiscal year was ¥356.7 billion (an increase of ¥3.2 billion from theMeeting of Shareholders for year-end dividends. In addition, thefiscal year). The net debt-equity ratio was 0.3 times, compared with
0.3 times at the end of the previous fiscal year.

Cash Flows

end of the previous fiscal year) and cash and cash equivalents totaled

Company’s Articles of Incorporation provides that the record date forNote 1: Equity ratio: (Shareholders’ equity + Accumulated other comprehensive income)/
Total assets x 100 (%)

Net cash provided by operating activities during fiscal 2018 was¥138.2 billion (a decrease of ¥17.5 billion from the end of thethe interim dividend shall be June 30, and December 31 for the¥58.9 billion (¥126.3 billion in net cash provided in the previous fiscal

previous fiscal year). Interest-bearing debt includes ¥262.8 billion

year-end dividend.

year). This mainly reflected cash provided from ¥136.9 billion inin borrowings for sales finance (an increase of ¥14.1 billion).

Capital Expenditures

income before income taxes (¥152.3 billion), ¥46.4 billion in

The Group made investments of ¥55.1 billion in total during
fiscal 2018.
In the motorcycle business, investments of ¥29.2 billion weremade mainly for new products in Japan and overseas, maintenanceand repairs of production facilities, and enhancement of production
capacity in India. In the marine products business, investments of

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

(%)

91

95

99

6.3
5.6

5.9

depreciation (¥45.5 billion), and other factors, against cash used for

Demand for Funds

a combined increase in inventories of ¥36.6 billion (an increase of

The Group’s fund requirements are primarily to cover the cost of¥11.2 billion), an increase in notes and accounts receivable – tradeprocuring materials and parts used in product manufacturing andand sales finance receivables of ¥35.0 billion (an increase of ¥50.3

costs incurred in the manufacturing process, as well as purchasing

billion), a decrease of ¥8.3 billion in notes and accounts payable –costs for products and merchandise, SG&A expenses, working capitaltrade (an increase of ¥10.4 billion), and other factors.

and capital expenditures.

this gave a total dividend for the year of ¥90 per share.

Net assets per share and equity ratio Note 1(Billion ¥)

(¥)

（%）

1,783

103

6.1

share for fiscal 2018. Added to the interim dividend (¥45 per share),Capital expenditures and depreciation

66

64

57

55
Capital expenditures% of R&D
expenses to net
sales

44
38

Total asset turnover

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

(%)

1,883
404

410

1,530

61

84
5.6

The Company decided to pay a year-end dividend of ¥45 per

42

45

1,317

46
35.1

364

1,405

37.6

40.5

44.0

45.9

1.2

1.2

1.2

353

357

1.2

1.1

Equity ratio
(%)

87.8

Interestbearing debt

83.6
68.2
56.8

R&D expenses

2014

82

2015

2016

Yamaha Motor Co., Ltd.

2017

2018

Integrated Report 2018

Depreciation

2014

2015

2016

2017

2018

54.3

Net assets per
share

2014

2015

2016

2017

2018

2014

2015

2016

2017

2018

2014

2015

2016

Yamaha Motor Co., Ltd.

2017

Debt/equity ratio
(%)

2018

Integrated Report 201883

Management Discussion and Analysis of Operations

Organization
Yamaha Motor Co., Ltd., as of April 1, 2019

Fund Procurement Conditions

Forecast for Fiscal 2019

Group companies acquire short-term loans payable denominated in

In the fiscal year ending December 31, 2019, the Company expects

local currencies to use as working capital. Meanwhile, funds for plantthat the business environment will remain uncertain due to factors

Board of Directors

and equipment investment come primarily from internal reserves,

including the economic slowdown in Europe and trade issues between

Chairman

including paid-in capital and retained earnings.

the U.S. and China. Considering market conditions and demand

President & CEO*The annual amounts of interest-bearing debt to be repaid are as

General Meeting of Shareholders
Audit & Supervisory Board

Audit & Supervisory
Board Members’ Ofﬁce

Human Resources Division
Global Human Resources Development Division
General Affairs Division
Risk Management & Compliance Division
Legal & Intellectual Property Division
Government & Industrial Affairs Division

Management Committee
Risk Management andCompliance Committee

trends, the Company plans to maintain stable growth and profit infollows:

Integrated Auditing Division
Human Resources & General Affairs Center

Corporate Planning & Finance Center
Corporate Planning Division
Finance & Accounting Division
Business Management Division
Business Process Innovation DivisionCorporate Communication Division
Financial Service Development Divisionexisting businesses and proceed with developing new businesses.
(Billion ¥)Total

1 year or 1 to 2
less
years

2 to 3years

3 to 4years

4 to 5years

More than 5
years

The consolidated financial results forecast is as follows:(Billion ¥)1,700.0 (+26.9, 1.6%)

Net sales
Short-term loans 163.0
payable

163.0

—

—

—

—

—

Long-term loans 193.7
payable

124.3

33.1

25.7

10.2

0.4

—

Operating income

133.0 (–7.8, 5.5%)

Ordinary income

135.0 (–3.0, 2.2%)

Net income attributable to owners of parent

85.0 (–8.4, 9.0%)

IT* Center
Digital Strategy Division
Process & IT Division
Design Center
Mobility Technology Center
NPM* Business Section
EM* Development Section
Motor Sports Section
Digital Development Section

Note 3: The figures in parentheses indicate amount and percentage changes from the fiscal
year ended December 31, 2018.

Note 2: Long-term loans payable includes current portion of long-term loans payable.

Share Performance

Advanced Technology Center

The forecast is based on the assumption that the exchange rates

Price per share decreased from ¥3,695 at December 31, 2017, toare ¥105 against the U.S. dollar (an appreciation of ¥5 from the¥2,159 at December 31, 2018. The number of shares outstanding,previous fiscal year) and ¥120 against the euro (an appreciation of

excluding treasury stock, decreased from 349,232,466 shares at¥10 from the previous fiscal year).

New Venture Business Development Section
Research & Development Section
Manufacturing Center
Manufacturing Planning Section
Manufacturing Section
Manufacturing Engineering Section
Manufacturing Technology Center
Procurement Center

December 31, 2017, to 349,230,730 shares at December 31, 2018.

Strategy Planning Section
Procurement Section

As a result, the market capitalization of the Company decreased fromPowertrain Unit

¥1,290.4 billion at December 31, 2017, to ¥754.0 billion atPowertrain Planning Section
Powertrain Development Section

December 31, 2018.

PF* Model Unit
Engineering Promotion Section
Electronics Technology Section
PF Model Development Section
CS* Center

Market capitalization(Billion ¥)Cash dividends per share andpayout ratio

Price/earnings ratio(¥)(Times)

(%)

88.00

Total Strategy Section
Quality Assurance Section

16.0
33.2

853

Motorcycle Business Operations
1st Business Unit
2nd Business Unit

90.00

1,290

958

Customer Quality Section
After Sales Section
Spare Parts Section

899
754

25.6

33.7
30.2

14.2
Payout ratio (%)

60.00

20.4
40.00

Marine Business Operations

12.7

12.5

8.1

44.00
Cash dividends
per share*Abbreviations:
CEO: Chief Executive Officer
IT: Information Technology

2014

2015

2016

2017

2018

2014

2015

2016

2017

2018

2014

2015

2016

2017

2018

NPM: New Personal Mobility
EM: Electric Mobility
PF: Platform
CS: Customer Service

84

Yamaha Motor Co., Ltd.

Integrated Report 2018

Planning Section
Marine Engine Section
Boat Section
Pool Business Development Section
Marketing Section
Quality Assurance Section
Automotive Business Unit
Overseas Market Development Operation Business Unit
Solution Business Operations
Robotics Business Unit
Surface Mount Technology Section
Factory Automation Section
Unmanned System Section
Smart Power Vehicle Business Unit
Yamaha Motor Powered Products Co., Ltd. (YMPC)

Yamaha Motor Co., Ltd.

Integrated Report 201885

Investor Information
As of December 31, 2018

Yamaha Motor Co., Ltd.

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

Headquarters

Share price2500 Shingai, Iwata, Shizuoka 438-8501, Japan
Telephone: +81-538-37-0134
Facsimile: +81-538-37-4250

(Yen)

4,500

Date of Establishment

3,000

July 1, 1955

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
India Yamaha Motor Pvt. Ltd.
Yamaha Motor Vietnam Co., Ltd.
Thai Yamaha Motor Co., Ltd.
Yamaha Motor Philippines, Inc.
Yamaha Motor do Brasil Ltda.

1,500

0
2014

2017

2018
(Million shares)

450

300

Authorized: 900,000,000 shares (Common stock)
Issued: 349,914,284 shares
Number of Shareholders: 51,113

150

Principal Shareholders
The Master Trust Bank of Japan, Ltd. (trust account)Yamaha Corporation
Japan Trustee Services Bank, Ltd. (trust account)
State Street Bank & Trust Company
Toyota Motor Corporation
Mitsui & Co., Ltd.
Mizuho Bank, Ltd.
Japan Trustee Services Bank, Ltd. (trust account 9)
Trust & Custody Services Bank, Ltd. (securities investment trust account)
SMBC Nikko Securities Inc.

11.21%
9.92
6.74
5.01
3.58
2.46
2.37
2.26
1.78
1.64

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

Securities ExchangeTokyo Stock Exchange, Inc.

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

Yamaha Motor Co., Ltd.

2016

Trading volume

Capital Stock

86

2015

Integrated Report 2018

0
2014

2015

2016

2017

2018

Shareholder Composition
Securities companies

Japanese individuals
and others

4.7%

8.6%
Foreign investors

26.5%

41.6%

Japanese financial institutions

18.6%
Other Japanese corporations

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

Yamaha Motor Co., Ltd.

Integrated Report 201887